<SEC-DOCUMENT>0001104659-23-039505.txt : 20230331
<SEC-HEADER>0001104659-23-039505.hdr.sgml : 20230331
<ACCEPTANCE-DATETIME>20230331060300
ACCESSION NUMBER:		0001104659-23-039505
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		11
FILED AS OF DATE:		20230331
DATE AS OF CHANGE:		20230331

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TH International Ltd
		CENTRAL INDEX KEY:			0001877333
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-EATING PLACES [5812]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-267864
		FILM NUMBER:		23782999

	BUSINESS ADDRESS:	
		STREET 1:		C/O CARTESIAN CAPITAL GROUP LLC
		STREET 2:		505 5TH AVENUE, 15TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		(1) 917 294 1353

	MAIL ADDRESS:	
		STREET 1:		C/O CARTESIAN CAPITAL GROUP LLC
		STREET 2:		505 5TH AVENUE, 15TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B3
<SEQUENCE>1
<FILENAME>tm2311103-1_424b3.htm
<DESCRIPTION>424B3
<TEXT>
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    <title>tm2311103-1_424b3 - none - 1.734369s</title>
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      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">&#8203;</div>
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          <font style="letter-spacing:-0.2pt;">&#8202;Filed Pursuant to Rule&#160;424(b)(3)</font>
          <br >
          <font style="letter-spacing:-0.2pt;">&#8202;Registration No. 333-267864</font>&#8203;</div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">PROSPECTUS SUPPLEMENT NO. 2</font> <br ><font style="letter-spacing:-0.2pt;">(to prospectus dated December&#160;23, 2022)</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font></div>
        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:16pt;font-weight:bold;font-size:14pt;">
          <font style="letter-spacing:-0.28pt;">Up to 22,900,000 Ordinary Shares issuable upon the exercise</font>
          <br >
          <font style="letter-spacing:-0.28pt;">of warrants </font>
          <br >
          <font style="letter-spacing:-0.28pt;">Up to 62,151,365 Ordinary Shares and 5,650,000 Warrants to</font>
          <br >
          <font style="letter-spacing:-0.28pt;">purchase Ordinary Shares offered by Selling Securityholders </font>
          <br >
          <font style="letter-spacing:-0.28pt;">of</font><font style="font-weight:normal;letter-spacing:0.28pt;"> </font>
        </div>
        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:18pt;font-weight:bold;font-size:16pt;">
          <font style="letter-spacing:-0.32pt;">TH International Limited</font><font style="font-weight:normal;letter-spacing:0.32pt;"> </font>
        </div>
        <div style="margin-top:19.167pt; text-align:center; width:456pt;">
          <div style="margin-left: 38.158%; margin-right: 38.158%; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style="text-indent:20pt; margin-top:18pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">This prospectus supplement updates, amends and supplements the prospectus dated December&#160;23, 2022 (as supplemented or amended from time to time, the &#8220;Prospectus&#8221;), which forms a part of our Registration Statement on Form F-1 (Registration No. 333-267864), with the information contained in the Current Report on Form 6-K furnished to the U.S. Securities and Exchange Commission (&#8220;SEC&#8221;) on March&#160;30, 2023, which is set forth below. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">This prospectus supplement is not complete without the Prospectus. This prospectus supplement should be read in conjunction with the Prospectus, which is to be delivered with this prospectus supplement, and is qualified by reference thereto, except to the extent that the information in this prospectus supplement updates or supersedes the information contained in the Prospectus. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Our ordinary shares and warrants are listed on the Nasdaq Stock Market LLC (&#8220;Nasdaq&#8221;) under the trading symbols &#8220;THCH&#8221; and &#8220;THCHW,&#8221; respectively. On March 30, 2023, the closing price of our ordinary shares on Nasdaq was $3.93 per share, and the closing price of our warrants on Nasdaq was $0.488 per warrant. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Neither the SEC nor any state securities commission has approved or disapproved of the securities or passed upon the accuracy or adequacy of the Prospectus or this prospectus supplement. Any representation to the contrary is a criminal offense.</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Investing in our securities involves a high degree of risk. Before buying any of our securities, you should carefully read the discussion of material risks of investing in such securities under &#8220;Risk Factors&#8221; beginning on page 39 of the Prospectus.</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:240pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The date of this prospectus supplement is March 31, 2023.</font>
        </div>
      </div>
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          <font style="letter-spacing:-0.32pt;">UNITED STATES </font>
          <br >
          <font style="letter-spacing:-0.32pt;">SECURITIES AND EXCHANGE COMMISSION</font><font style="font-weight:normal;letter-spacing:0.32pt;"> </font>
        </div>
        <div style="margin-top:1pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">WASHINGTON, D.C. 20549</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <div style="margin-left: 38.158%; margin-right: 38.158%; margin-top: 10.5pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
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        <div style="margin-top:16pt; text-align:center; width:456pt; line-height:18pt;font-weight:bold;font-size:16pt;">
          <font style="letter-spacing:-0.32pt;">FORM 6-K</font><font style="font-weight:normal;letter-spacing:0.32pt;"> </font>
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        <div style="margin-top:11.167pt; text-align:center; width:456pt;">
          <div style="margin-left: 38.158%; margin-right: 38.158%; margin-top: 11.1666666666667pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
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        <div style="margin-top:16pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Report of Foreign Private Issuer </font>
          <br >
          <font style="letter-spacing:-0.2pt;">Pursuant to Rule&#160;13a-16 or 15d-16 </font>
          <br >
          <font style="letter-spacing:-0.2pt;">under the Securities Exchange Act of 1934</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">For the month of March&#160;2023</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Commission File Number: 001-41516</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:18pt;font-weight:bold;font-size:16pt;">
          <font style="letter-spacing:-0.32pt;">TH International Limited</font><font style="font-weight:normal;letter-spacing:0.32pt;"> </font>
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        <div style="margin-top:11.167pt; text-align:center; width:456pt;">
          <div style="margin-left: 38.158%; margin-right: 38.158%; margin-top: 11.1666666666667pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
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        <div style="margin-top:16pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">2501 Central Plaza </font>
          <br >
          <font style="letter-spacing:-0.2pt;">227 Huangpi North Road </font>
          <br >
          <font style="letter-spacing:-0.2pt;">Shanghai, People&#8217;s Republic of China, 200003 </font>
          <br >
          <font style="letter-spacing:-0.2pt;">+86-021-6136-6616</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:2pt; text-align:center; width:456pt; line-height:10pt;font-size:8pt;">
          <font style="letter-spacing:0.16pt;">(Address of principal executive offices) </font>
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          <div style="margin-left: 38.158%; margin-right: 38.158%; margin-top: 16.5pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
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        <div style="text-indent:20pt; margin-top:12pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Indicate by check mark whether the registrant files or will file annual reports under cover of Form&#160;20-F or Form 40-F. Form 20-F &#9746; Form 40-F &#9744; </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation&#160;S-T Rule&#160;101(b)(1): &#9744; </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation&#160;S-T Rule&#160;101(b)(7): &#9744;</font>
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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          <font style="letter-spacing:-0.2pt;">EXPLANATORY NOTE</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">On March&#160;30, 2023, TH International Limited (the &#8220;Company&#8221;) entered into a share purchase agreement (the &#8220;Share Purchase Agreement&#8221;) with Pangaea Three Acquisition Holdings IV, Limited, a Cayman Islands exempted company, PLKC International Limited, a Cayman Islands exempted company (&#8220;Popeyes China&#8221;), and PLK APAC Pte. Ltd., a company organized and existing under the laws of Singapore. The transaction values Popeyes China at an up-front equity value of $35.1&#160;million. Up-front transaction consideration comprises newly-issued ordinary shares of the Company, priced at 85% of the trailing 40-trading-day VWAP (as defined in the Share Purchase Agreement) from the date of announcement of the transaction (February&#160;8, 2023), resulting in the issuance of 12.1&#160;million ordinary shares of the Company, of which 5% will be reserved for an employee stock option plan. In addition to the up-front transaction consideration, shareholders of Popeyes China will receive deferred contingent consideration (&#8220;DCC&#8221;) equal to 3% of the revenue of the Popeyes China business going forward, with a buy-out right exercisable at any time by the Company for $35&#160;million. The DCC (including the buy-out payment, if any) will be paid in newly issued ordinary shares of the Company, priced at 85% of the trailing 40-trading-day VWAP from the end of the trailing fiscal year, or in case of a buy-out, from the date of the buy-out election by the Company. A copy of the Share Purchase Agreement is attached hereto as exhibit 10.1. The foregoing summary of the Share Purchase Agreement is subject to, and qualified in its entirety by reference to, such exhibit. The transaction was approved by the independent directors of the Company&#8217;s audit committee and a fairness opinion was obtained from Kroll, LLC, independent financial advisor to the audit committee, that the consideration paid by the Company in the transaction is fair from a financial point of view to the Company. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">On March&#160;30, 2023, the Company issued a press release announcing the closing of the transaction. A copy of the press release regarding the transaction is attached hereto as Exhibit&#160;99.1.</font>
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          <font style="letter-spacing:-0.2pt;">INDEX TO EXHIBITS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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                <font style="letter-spacing:-0.16pt;">Exhibit</font>
                <br >
                <font style="letter-spacing:-0.16pt;">Number </font>
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                <font style="letter-spacing:-0.16pt;">Exhibit&#160;Title </font>
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                <font style="letter-spacing:0.2pt;">10.1 </font>
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                <a style="-sec-extract:exhibit" href="tm2311103d2_ex10-1.htm">Share Purchase Agreement.</a>
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                <font style="letter-spacing:0.2pt;">99.1 </font>
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              <div style="letter-spacing:0.2pt;">
                <a style="-sec-extract:exhibit" href="tm2311103d2_ex99-1.htm">Press Release.</a>
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          <font style="letter-spacing:-0.2pt;">SIGNATURES</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. </font>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
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              <font style="letter-spacing:-0.2pt;">TH International Limited</font>
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              <font style="letter-spacing:0.2pt;">Date: March&#160;30, 2023 </font>
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                <font style="letter-spacing:0.2pt;">/s/ Yongchen Lu</font>
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              <div style="margin-top:2pt;">
                <font style="letter-spacing:0.2pt;">Yongchen Lu </font>
                <br >
                <font style="letter-spacing:0.2pt;">Chief Executive Officer</font>
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>tm2311103d2_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="margin: 0pt"></P>

<P STYLE="text-align: right; margin: 0pt"><B>Exhibit 10.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; background-color: white"><FONT STYLE="text-transform: uppercase">Confidential</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">SHARE PURCHASE AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">dated March&nbsp;30,
2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">by and among</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">EACH OF THE SELLERS LISTED
ON <U>SCHEDULE 1</U> ATTACHED HERETO</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="text-transform: uppercase">TH
International Limited</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">PLKC INTERNATIONAL LIMITED</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 55%; text-align: center"></TD>
    <TD STYLE="text-align: right; width: 45%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Page</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Article&nbsp;I</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitions</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; width: 12%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;1.1</FONT></TD>
    <TD STYLE="width: 78%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain Definitions</FONT></TD>
    <TD STYLE="text-align: right; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;1.2</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interpretation and Rules&nbsp;of Construction</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 76%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Article&nbsp;II
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Purchase and Sale of Target Shares; Closing</FONT></TD>
    <TD STYLE="text-align: right; width: 24%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; width: 12%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;2.1</FONT></TD>
    <TD STYLE="width: 78%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Purchase and Sale.</FONT></TD>
    <TD STYLE="text-align: right; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;2.2</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Closing</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;2.3</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sellers Closing Deliverables</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;2.4</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Purchaser Closing Deliverables</FONT></TD>
    <TD STYLE="text-align: right">9</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 76%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Article&nbsp;III
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Representations and Warranties of the Sellers</FONT></TD>
    <TD STYLE="text-align: right; width: 24%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; width: 12%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.1</FONT></TD>
    <TD STYLE="width: 78%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Organization and Standing of Seller</FONT></TD>
    <TD STYLE="text-align: right; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.2</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authority and Enforceability of Seller</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.3</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Organization, Standing and Qualification of the Company</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.4</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No Conflicts</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.5</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Target Shares</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.6</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Capitalization of the Company</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.7</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No Subsidiaries</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.8</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Undisclosed Liabilities</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.9</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Absence of Certain Changes, Events, and Conditions</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.10</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compliance with Laws</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.11</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No Litigation</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.12</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intellectual Property</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.13</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Properties</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.14</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employees and Employee Benefit Plans</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.15</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contracts</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.16</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxes</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.17</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment Purposes and Seller&rsquo;s Status</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.18</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Broker&rsquo;s Fees</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.19</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No Other Warranties</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 76%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Article&nbsp;IV
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Representation and Warranties of Purchaser</FONT></TD>
    <TD STYLE="text-align: right; width: 24%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; width: 12%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.1</FONT></TD>
    <TD STYLE="width: 78%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Organization and Standing</FONT></TD>
    <TD STYLE="text-align: right; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.2</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due Authorization and Enforceability</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.3</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Capitalization of the Purchaser</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.4</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No Conflicts</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.5</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment Purposes</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.6</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Broker&rsquo;s Fees</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.7</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No Other Warranties</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 55%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Article&nbsp;V
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Covenants and Agreements</FONT></TD>
    <TD STYLE="text-align: right; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; width: 12%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.1</FONT></TD>
    <TD STYLE="width: 78%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Commercially Reasonable Efforts;
    Further Assurances</FONT></TD>
    <TD STYLE="text-align: right; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.2</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unvested Shares</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.3</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred Contingent Consideration</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.4</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ESOP</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.5</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lock-up Arrangement</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.6</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Required Audit Committee Approval</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.7</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">China Operation Company</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.8</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Absence of Certain Changes; Notification Obligations</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 55%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Article&nbsp;VI
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conditions</FONT></TD>
    <TD STYLE="text-align: right; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; width: 12%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.1</FONT></TD>
    <TD STYLE="width: 78%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conditions to the Obligation of
    each Party</FONT></TD>
    <TD STYLE="text-align: right; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.2</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conditions to the Purchaser&rsquo;s Obligations</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.3</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conditions to the Sellers&rsquo; Obligations</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.4</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No other Conditions</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 55%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Article&nbsp;VII
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indemnification</FONT></TD>
    <TD STYLE="text-align: right; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; width: 12%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.1</FONT></TD>
    <TD STYLE="width: 78%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indemnification by the Sellers</FONT></TD>
    <TD STYLE="text-align: right; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.2</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indemnification by the Purchaser</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.3</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Survival</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.4</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Right to Cure</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.5</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limitation of Liability</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.6</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exclusive Remedy</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 55%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Article&nbsp;VIII
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Termination</FONT></TD>
    <TD STYLE="text-align: right; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; width: 12%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;8.1</FONT></TD>
    <TD STYLE="width: 78%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Grounds for Termination</FONT></TD>
    <TD STYLE="text-align: right; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;8.2</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effect of Termination</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 55%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Article&nbsp;IX
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Miscellaneous</FONT></TD>
    <TD STYLE="text-align: right; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; width: 12%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;9.1</FONT></TD>
    <TD STYLE="width: 78%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Governing Law; Jurisdiction</FONT></TD>
    <TD STYLE="text-align: right; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;9.2</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">WAIVER OF JURY TRIAL</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;9.3</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Specific Performance</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;9.4</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Entire Agreement</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;9.5</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Successors and Assigns</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;9.6</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notices</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;9.7</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendments and Waivers</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;9.8</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delays or Omissions</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;9.9</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interpretation; Titles and Subtitles</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;9.10</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Counterparts</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;9.11</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Severability</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;9.12</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expenses</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; width: 12%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;9.13</FONT></TD>
    <TD STYLE="width: 78%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Confidentiality; Publicity.</FONT></TD>
    <TD STYLE="text-align: right; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; width: 12%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule 1</FONT></TD>
    <TD STYLE="width: 78%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">List of the Sellers</FONT></TD>
    <TD STYLE="text-align: right; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule 2</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred Contingent Consideration</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule 3</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Address for Notices</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; width: 76%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit&nbsp;A
    Amended and Restated Master Development Agreement</FONT></TD>
    <TD STYLE="text-align: right; width: 24%">1</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit&nbsp;B Form&nbsp;of
    the Company Franchise Agreement</FONT></TD>
    <TD STYLE="text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit&nbsp;C General
    Release of Actions</FONT></TD>
    <TD STYLE="text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit&nbsp;D Termination
    Agreement of Joint Venture and Investment Agreement</FONT></TD>
    <TD STYLE="text-align: right">1</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>SHARE PURCHASE AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THIS
</FONT>SHARE PURCHASE AGREEMENT (this &ldquo;<U>Agreement</U>&rdquo;) is dated as of March&nbsp;30, 2023, by and among:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;each
of th</FONT>e Persons listed on column 1 of <U>Part&nbsp;A of Schedule 1</U> attached hereto (each such Person, a &ldquo;<U>Seller</U>&rdquo;
and collectively, the &ldquo;<U>Sellers</U>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>TH
International Limited, a Cayman Islands exempted company (the &ldquo;<U>Purchaser</U>&rdquo;); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;PLKC
International Limited, </FONT>a Cayman Islands exempted company (the &ldquo;<U>Company</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each of the Sellers, the
Purchaser and the Company is hereinafter referred to as a &ldquo;<U>Party</U>&rdquo; and collectively as the &ldquo;<U>Parties</U>&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>RECITALS</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
immediately prior to the consummation of the transaction contemplated by this Agreement, each Seller will hold such number of Ordinary
Shares and/or Redeemable Shares (as applicable) as set forth opposite such Seller&rsquo;s name in column 2 in <U>Part&nbsp;A of </U></FONT><U>Schedule
1</U> attached hereto (such Seller&rsquo;s &ldquo;<U>Target Shares</U>&rdquo; and the aggregate Target Shares to be held by both of the
Sellers, collectively, the &ldquo;<U>Aggregate Target Shares</U>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
each Seller desires to sell to the Purchaser, and the Purchaser desires to purchase from such Seller </FONT>all of its Target Shares,
with the Aggregate Target Shares representing 100% of the issued share capital of the Company, pursuant to the terms and subject to the
conditions set forth in this Agreement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">WHEREAS,
the Parties desire to enter into this Agreement on the terms and conditions set forth herein and to make the respective representations,
warranties, covenants and agreements set forth herein on the terms and conditions set forth herein in connection with the transactions
contemplated hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, in consideration
of the foregoing recitals, the mutual promises hereinafter set forth, and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Parties hereby agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Article&nbsp;I</FONT><U><BR>
Definitions</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;1.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Certain
Definitions</U>. For purposes of this Agreement, the following terms shall have the meanings specified in this <U>Section&nbsp;1.1</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Action</U>&rdquo;
means </FONT>claim, action, suit, proceeding, arbitration, complaint, charge or other investigation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Affiliate</U>&rdquo;
of a Person (the &ldquo;<U>Subject Person</U>&rdquo;) means (a)&nbsp;in the case of a Subject Person other than a natural Person, a Person
who, directly or indirectly through one or more intermediaries, Controls, is Controlled by, or is under common Control with, such Subject
Person and (b)&nbsp;in the case of a Subject Person who is a natural Person, a Person who is such Subject Person&rsquo;s Relative, or
is directly or indirectly Controlled by such Subject Person and/or such Relatives, or is a trust for the benefit of such Subject Person
and/or such Relatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;</FONT><U>Aggregate
Consideration</U>&rdquo; has the meaning ascribed to it in <U>Section&nbsp;2.1</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;</FONT><U>Aggregate
Target Shares</U>&rdquo; has the meaning ascribed to it in the Recitals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;</FONT><U>Agreement</U>&rdquo;
has the meaning ascribed to it in the Preamble.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Amended
and Restated Master Development Agreement</U>&rdquo; means the Amended and Restated Master Development Agreement to be executed and delivered
by and among PLK, the Purchaser and other parties named therein on the Closing Date substantially in the form set forth in <U>Exhibit&nbsp;A
</U></FONT>hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Annual
Deferred Contingent Consideration</U>&rdquo;</FONT> has the meaning ascribed to it in <U>Section&nbsp;5.3(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Approvals</U>&rdquo;
has the meaning ascribed to it in <U>Section&nbsp;3.4</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Audit
Committee</U>&rdquo; means </FONT>the audit committee established by the board of directors of the Purchaser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Benefit Plans</U>&rdquo;
of any Person means any deferred compensation, incentive compensation, equity purchase or other equity-based compensation plan, employment,
severance or termination pay, holiday, vacation or other bonus plan or practice, hospitalization or other medical, life or other welfare
benefit insurance, profit sharing, pension, or retirement plan and each other employee benefit plan, program, agreement or arrangement
(whether written or unwritten), including each &ldquo;employee benefit plan&rdquo; as such term is defined under Section&nbsp;3(3)&nbsp;of
ERISA (whether or not subject to ERISA), maintained, sponsored or contributed to, or required to be contributed to, by a Person for the
benefit of any current or former employee or individual service provider of such Person, or with respect to which such Person has any
Liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Business Day</U>&rdquo;
means any day other than a Saturday, Sunday or a legal holiday on which commercial banking institutions in New York City, New York; Hong
Kong; or the Cayman Islands are authorized to close for business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Cartesian</U>&rdquo;
means Pangaea Three Acquisition Holdings IV, Limited, an exempted company incorporated under the Laws of the Cayman Islands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Cayman Act</U>&rdquo;
means the Cayman Islands Companies Act (2023 Revision), as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Charter Documents</U>&rdquo;
means, with respect to a particular legal entity, the articles of incorporation, certificate of incorporation, formation or registration
(including, if applicable, certificates of change of name), shareholders&rsquo; agreement, memorandum of association, articles of association,
bylaws, articles of organization, limited liability company agreement, trust deed, trust instrument, operating agreement, joint venture
agreement, business license, or similar or other constitutive, governing, or charter documents, or equivalent documents, as applicable,
of such legal entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>China Opco</U>&rdquo;
has the meaning ascribed to it in <U>Section&nbsp;5.7</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Closing</U>&rdquo;
has the meaning ascribed to it in <U>Section&nbsp;2.2</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Closing Date</U>&rdquo;
has the meaning ascribed to it in <U>Section&nbsp;2.2</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Company</U>&rdquo;
</FONT>has the meaning ascribed to it in the Preamble.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Company
Franchise Agreement</U>&rdquo; means the Company Franchise Agreement to be executed and delivered by PLK, the Purchaser and the other
parties named therein pursuant to <U>Section&nbsp;5.7</U> substantially in the form set forth in <U>Exhibit&nbsp;B</U></FONT> hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Company Intellectual
Property</U>&rdquo; has the meaning ascribed to it in <U>Section&nbsp;3.12(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Company Shares</U>&rdquo;
means, collectively, the Ordinary Shares and the Redeemable Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Confidential
Information</U>&rdquo; means, </FONT>the terms and conditions of the Transaction Documents, including their existence, and with respect
to any Person, any information, knowledge or data of such Person, including any data, information, ideas, knowledge and materials concerning
the organization, business, technology, safety records, investment, finance, transactions, customers, products or affairs of such Person,
but excluding any information that is or becomes available in the public domain other than by reason of the breach of the confidentiality
obligations hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Contract</U>&rdquo;
means a contract, agreement, understanding, indenture, note, bond, loan, instrument, lease, mortgage, franchise, license, commitment,
purchase order, and other legally binding arrangement, whether written or oral.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Control</U>&rdquo;
</FONT>means, as used with respect to any Person, the possession, directly or indirectly, of the power or authority to direct or cause
the direction of the management and policies of such Person, whether through the ownership of voting securities, by Contract or otherwise;
for the avoidance of doubt, such power or authority shall conclusively be presumed to exist by possession of (a)&nbsp;the beneficial
ownership or power to direct the vote of more than fifty percent (50%) of the votes entitled to be casted at a meeting of the members
or shareholders of such Person, or (b)&nbsp;the power to appoint or elect a majority of the members of the board of directors or equivalent
governing body of such Person. The terms &ldquo;<U>Controlled by</U>&rdquo; and &ldquo;<U>under common Control with</U>&rdquo; shall
have correlative meanings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>CST</U>&rdquo; means
Continental Stock Transfer&nbsp;&amp; Trust Company, a New York corporation, as transfer agent of the Purchaser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Deferred Contingent
Consideration</U>&rdquo; means the newly issued Purchaser Shares that are payable to each Seller pursuant to <U>Section&nbsp;5.3(a)</U>&nbsp;and
<U>Section&nbsp;5.3(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;</FONT><U>Equity
Securities</U>&rdquo; means (a)&nbsp;with respect to the Company, the equity securities in the Company, including the Ordinary Shares,
the Redeemable Shares and other equity securities (including any securities convertible into, exchangeable for or exercisable for any
equity securities or any equity-linked securities), and (b)&nbsp;with respect to any other Person, the equity securities (including any
securities convertible into, exchangeable for or exercisable for any equity securities or any equity-linked securities) of such Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>ESOP</U>&rdquo; has
the meaning ascribed to it in <U>Section&nbsp;5.4(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>ESOP Shares</U>&rdquo;
has the meaning ascribed to it in <U>Section&nbsp;5.4(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Exchange Act</U>&rdquo;
means the Securities Exchange Act of 1934, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Exercise Date</U>&rdquo;
has the meaning ascribed to it in <U>Section&nbsp;5.3(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Existing
Contracts</U>&rdquo; </FONT>has the meaning ascribed to it in <U>Section&nbsp;3.15</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Forfeiture
Event</U>&rdquo;</FONT> has the meaning ascribed to it in <U>Section&nbsp;5.3(c)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>General
Waiver and Release Letter</U>&rdquo; means the General Release of Actions against PLK to be issued by the Company and the Purchaser on
the Closing Date substantially in the form set forth in <U>Exhibit&nbsp;C</U></FONT> hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Governmental Authority</U>&rdquo;
means any nation or government or any province or state or any other political subdivision thereof, or any entity, authority or body
exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, including any government
authority, agency, department, board, commission or instrumentality or any political subdivision thereof, any court, tribunal or arbitrator,
and any self-regulatory organization or national or international stock exchange on which the securities of the applicable Party or its
Affiliates are listed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Hong Kong</U>&rdquo;
means the Hong Kong Special Administrative Region of the People&rsquo;s Republic of China.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Indemnifiable Loss</U>&rdquo;
means, with respect to any Person, any damage, expense, liability, loss or penalty (and in any event excluding any loss of profits or
other consequential, indirect, exemplary, speculative or punitive damages), together with all reasonable and documented legal fees and
expenses incurred in the prosecution and defense of claims therefor and amounts paid in settlement thereof, that are actually imposed
on or otherwise actually incurred or suffered by such Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Injunction</U>&rdquo;
has the meaning ascribed to it in <U>Section&nbsp;6.1(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Intellectual Property</U>&rdquo;
means any and all of the following in any jurisdiction throughout the world: (i)&nbsp;issued patents and patent applications; (ii)&nbsp;trademarks,
service marks, trade names, and other similar indicia of source or origin, whether registered or unregistered, together with the goodwill
connected with the use thereof and symbolized thereby, including all registrations, applications for registration, and renewals of, any
of the foregoing; (iii)&nbsp;copyrights, copyrightable materials and works of authorship, whether registered or unregistered, including
all applications and registrations of any of the foregoing; (iv)&nbsp;trade secrets, know-how, inventions (whether or not patentable),
technology and proprietary or confidential information and all rights therein; (v)&nbsp;rights in software, data, databases and documents
relating to any of the foregoing; (vi)&nbsp;internet domain names and social media accounts and pages; and (vii)&nbsp;other intellectual
or industrial property and related proprietary rights, interests, and protections.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>JVIA</U>&rdquo; means
the Joint Venture and Investment Agreement, dated as of March&nbsp;30, 2023, entered into by and among Cartesian, PLK, the Company and
Pangaea Three-B, LP, a legal entity organized and existing under the laws of the Cayman Islands with file registration number of MC-96696.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>JVIA
Termination Agreement</U>&rdquo; means the termination agreement of the JVIA to be executed and delivered by the parties named therein
on the Closing Date substantially in the form set forth in <U>Exhibit&nbsp;D</U></FONT> hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Laws</U>&rdquo; means
any federal, state, territorial, foreign or local law, common law, statute, ordinance, rule, regulation, code, measure, notice, circular,
opinion or order of any Governmental Authority, including any rules&nbsp;promulgated by a stock exchange or regulatory body.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Liabilities</U>&rdquo;
</FONT>has the meaning ascribed to it in <U>Section&nbsp;3.8</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Lien</U>&rdquo; means
any encumbrance, right, interest or restriction, including any mortgage, judgment lien, materialman&rsquo;s lien, mechanic&rsquo;s lien,
other lien (statutory or otherwise), charge, security interest, pledge, hypothecation, encroachment, easement, title defect, title retention
agreement, voting trust agreement, right of pre-emption, right of first refusal, claim, option, limitation, forfeiture, penalty, equity,
adverse interest or other third party right or security interest of any kind or an agreement, arrangement or obligation to create any
of the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Locked-Up
Period</U>&rdquo; </FONT>has the meaning ascribed to it in <U>Section&nbsp;5.5(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Locked-Up
Restrictions</U>&rdquo; </FONT>has the meaning ascribed to it in <U>Section&nbsp;5.5(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Locked-Up
Shares</U>&rdquo; </FONT>has the meaning ascribed to it in <U>Section&nbsp;5.5(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Long Stop Date</U>&rdquo;
has the meaning ascribed to it in <U>Section&nbsp;8.1(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Master Franchisee</U>&rdquo;
means PLKC HK International Limited, a limited liability company organized and existing under the laws of Hong Kong and having a principal
place of business at 5/F Manulife Place 348 Kwun Tong Road, Kowloon, Hong Kong.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Minimum
Subsequent Contribution</U>&rdquo; </FONT>has the meaning ascribed to it in <U>Section&nbsp;5.2(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Non-Contingent Consideration</U>&rdquo;
has the meaning ascribed to it in <U>Section&nbsp;2.1</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Ordinary
Shares</U>&rdquo; means </FONT>the ordinary shares with a par value of US$0.0001 per share in the share capital of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Party</U>&rdquo;
</FONT>has the meaning ascribed to it in the Preamble.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Person</U>&rdquo;
means any individual or any partnership, firm, corporation, limited liability company, association, trust, unincorporated organization
or other entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>PLK</U>&rdquo; means
PLK APAC Pte. Ltd., a company organized and existing under the laws of Singapore and having a principal place of business at 8 Cross
St, Manulife Tower, #28-01/07, Singapore 048424.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>PRC</U>&rdquo; means
the People&rsquo;s Republic of China, and solely for the purpose of this Agreement, excludes Hong Kong, Macau, and Taiwan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Purchaser</U>&rdquo;
</FONT>has the meaning set forth in the Preamble.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Purchaser Indemnified
Party</U>&rdquo; has the meaning ascribed to it in <U>Section&nbsp;7.1</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Purchaser
Shares</U>&rdquo; </FONT>has the meaning ascribed to it in <U>Section&nbsp;2.1</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Purchaser&rsquo;s
Fundamental Representations</U>&rdquo; means the representations and warranties set forth in <U>Section&nbsp;4.1</U>, <U>Section&nbsp;4.2</U>,
<U>Section&nbsp;4.3</U>, <U>Section&nbsp;4.4</U></FONT> and <U>Section&nbsp;4.6</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Redeemable Shares</U>&rdquo;
means the class of redeemable shares with a par value of $0.0001 in the share capital of the Company having voting rights and other rights
set out in the Charter Documents of the Company, which by their terms of issue are redeemable by the Company in accordance with the terms
of the Charter Documents of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Relative</U>&rdquo;
of a natural Person means the spouse of such Person and any parent, step-parent, grandparent, child, step-child, grandchild, sibling,
step-sibling, cousin, in-law, uncle, aunt, nephew, niece or great-grandparent of such Person or such Person&rsquo;s spouse.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Representative</U>&rdquo;
means, with respect to a Party, its Affiliates, its or its Affiliates&rsquo; respective directors, officers, members, employees, current
or bona fide prospective investors, limited or general partners, lenders, accountants, auditors, business or financial advisors, and
attorneys.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Required
Audit Committee Approval</U>&rdquo; </FONT>has the meaning ascribed to it in <U>Section&nbsp;5.6</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Securities
Act</U>&rdquo; means </FONT>the United States Securities Act of 1933, as amended, or any successor federal statute, and the rules&nbsp;and
regulations thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Seller</U>&rdquo;
or &ldquo;<U>Sellers</U>&rdquo; has the meaning </FONT>ascribed to it in the Preamble.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Seller
Disclosure Schedule</U>&rdquo; </FONT>has the meaning ascribed to it in <U>Article&nbsp;III</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Seller
Indemnified Party</U>&rdquo; </FONT>has the meaning ascribed to it in <U>Section&nbsp;7.2</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Seller&rsquo;s Fundamental
Representations</U>&rdquo; means the representations and warranties set forth in <U>Section&nbsp;3.1</U>, <U>Section&nbsp;3.2</U>, <U>Section&nbsp;3.4</U>,
<U>Section&nbsp;3.5</U>, <U>Section&nbsp;3.17</U>, <U>Section&nbsp;3.18</U> and <U>Section&nbsp;3.19</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Sellers&rsquo; Knowledge</U>&rdquo;
means, with respect to matters pertaining to the Company, the actual knowledge of (a)&nbsp;Peter Yu and Gregory Armstrong (in respect
of Cartesian as a Seller) and (b)&nbsp;Rafael Odorizzi and Gordon Tam (in respect of PLK as a Seller).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Subsidiary</U>&rdquo;
means, with respect to any Person, each other Person in which the first Person (a)&nbsp;owns, directly or indirectly, share capital or
other equity interests representing more than fifty percent (50%) of the outstanding voting stock or other equity interests; (b)&nbsp;holds,
directly or indirectly, the rights to more than fifty percent (50%) of the economic interest of such other Person, including interests
held through a nominee holding structure; (c)&nbsp;has a relationship such that the financial statements of the other Person may be consolidated
into the financial statements of the first Person under applicable accounting conventions; or (d)&nbsp;otherwise Controls such other
Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;</FONT><U>Target
Shares</U>&rdquo; has the meaning ascribed to it in the Recitals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Tax</U>&rdquo; or
 &ldquo;<U>Taxes</U>&rdquo; means any national, provincial, municipal, or local taxes, charges, fees, levies, or other assessments, including
all net income (including enterprise income tax and individual income withholding tax), turnover (including value-added tax, business
tax, and consumption tax), resource (including urban and township land use tax), special purpose (including land value-added tax, urban
maintenance and construction tax, and additional education tax), property (including urban real estate tax and land use taxes), documentation
(including stamp duty and deed tax), filing, recording, social insurance (including pension, medical, unemployment, housing, and other
social insurance withholding), tariffs (including import duty and import value-added tax), and estimated and provisional taxes of any
kind whatsoever, and all interest, penalties (administrative, civil or criminal), or additional amounts imposed by any Governmental Authority
in connection with any of the foregoing tax items.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Tax Return</U>&rdquo;
means any return, report or statement showing Taxes, used to pay Taxes, or required to be filed with respect to any Tax (including any
elections, declarations, schedules or attachments thereto, and any amendment thereof), including any information return, claim for refund,
amended return or declaration of estimated or provisional Tax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Trading
Plan</U>&rdquo; </FONT>has the meaning ascribed to it in <U>Section&nbsp;5.5(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Transaction Documents</U>&rdquo;
means this Agreement, Amended and Restated Master Development Agreement, General Waiver and Release Letter, JVIA Termination Agreement
and any other agreement, document or instrument expressly required to be executed and delivered in connection with the transactions contemplated
by this Agreement, Amended and Restated Master Development Agreement, General Waiver and Release Letter or JVIA Termination Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Transfer</U>&rdquo;
</FONT>has the meaning ascribed to it in <U>Section&nbsp;5.5(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Unvested
Shares</U>&rdquo; </FONT>has the meaning ascribed to it in <U>Section&nbsp;5.2(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>US$</U>&rdquo; or
 &ldquo;<U>U.S. dollars</U>&rdquo; means the lawful currency of the United States of America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;1.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Interpretation
and Rules&nbsp;of Construction</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Unless
otherwise expressly provided, for purposes of this Agreement, the following rules&nbsp;of interpretation shall apply:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
provision of a Table of Contents, the division of this Agreement into Articles, Sections and other subdivisions and the insertion of
headings are for convenience of reference only and shall not affect or be utilized in construing or interpreting this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>any
reference in this Agreement to an Article, Section, Exhibit&nbsp;or Schedule is to an Article&nbsp;or Section&nbsp;of, or a Schedule
or Exhibit&nbsp;to, this Agreement, unless otherwise indicated. All Exhibits and Schedules hereto or referred to herein are hereby incorporated
in and made a part of this Agreement as if set forth in full herein;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>any
reference in this Agreement to gender shall include all genders, and words imparting the singular number only shall include the plural
and <I>vice versa</I>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
word &ldquo;including&rdquo; or any variation thereof means (unless the context of its usage otherwise requires) &ldquo;including, without
limitation&rdquo; and shall not be construed to limit any general statement that it follows to the specific or similar items or matters
immediately following it;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
term &ldquo;or&rdquo; is not exclusive;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>words
such as &ldquo;herein,&rdquo; &ldquo;hereinafter,&rdquo; &ldquo;hereof&rdquo; and &ldquo;hereunder&rdquo; refer to this Agreement as
a whole and not merely to a subdivision in which such words appear unless the context otherwise requires;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>when
calculating the period of time before which, within which or following which any act is to be done or step taken pursuant to this Agreement,
the date that is the reference date in calculating such period shall be excluded;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(viii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>references
to &ldquo;writing,&rdquo; &ldquo;written&rdquo; and comparable expressions include any mode of reproducing words in a legible and non-transitory
form including emails and faxes, provided the sender complies with the provisions of <U>Section&nbsp;9.6</U>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ix)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
word &ldquo;extent&rdquo; in the phrase &ldquo;to the extent&rdquo; means the degree to which a subject or other thing extends and such
phrase shall not mean simply &ldquo;if&rdquo;;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(x)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>references
to &ldquo;day&rdquo; mean a calendar day unless otherwise indicated as a &ldquo;Business Day&rdquo;;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xi)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>if
any payment hereunder would have been, but for this <U>Section&nbsp;1.2(a)(xi)</U>, due and payable on a date that is not a Business
Day, then such payment shall instead be due and payable on the first Business Day after such date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
term &ldquo;non-assessable,&rdquo; when used with respect to any shares, means that no further sums are required to be paid by the holders
thereof in connection with the issue thereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xiii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>any
share number or share price calculation shall be appropriately adjusted to take into account any share split, share dividends, share
consolidation, share combination, recapitalization, bonus issue or similar event; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xiv)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>references
to any agreement, Contract or document are references to that agreement, Contract or document as may be amended, restated, consolidated,
supplemented, novated, replaced or otherwise modified from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>In
the event an ambiguity or question of intent or interpretation arises, no presumption or burden of proof shall arise favoring or disfavoring
any Party by virtue of the authorship of any provision of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Article&nbsp;II</FONT><U><BR>
Purchase and Sale of Target Shares; Closing</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;2.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Purchase
and Sale</U>. Subject to the terms and conditions hereof, at the Closing, each Seller hereby agrees to sell to the Purchaser, and the
Purchaser hereby agrees to purchase from such Seller, such Seller&rsquo;s Target Shares in exchange for (i)&nbsp;the number of ordinary
shares, par value of $0.00000939586994067732 per share, of the Purchaser (the &ldquo;<U>Purchaser Shares</U>&rdquo;) as set forth opposite
such Seller&rsquo;s name under column 3 titled &ldquo;Non-Contingent Consideration&rdquo; of <U>Part&nbsp;A of </U>Schedule 1 attached
hereto (the newly issued Purchaser Shares that are payable to each Seller, its &ldquo;<U>Non-Contingent Consideration</U>&rdquo;); and
(ii)&nbsp;the Deferred Contingent Consideration, if any, that may become due and payable in accordance with the terms and conditions
set forth in <U>Section&nbsp;5.3</U> (the aggregate of consideration payable to such Seller pursuant to (i)&nbsp;and (ii), the &ldquo;<U>Aggregate
Consideration</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;2.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Closing</U>.
Subject to the terms and conditions of this Agreement, the sale and purchase of the Target Shares (the &ldquo;<U>Closing</U>&rdquo;)
shall take place via the remote exchange of electronic documents and signatures on the date that is the next Business Day after the satisfaction
or valid waiver of each of the conditions set forth in <U>Section&nbsp;6.1</U>, <U>Section&nbsp;6.2</U> and <U>Section&nbsp;6.3</U> (other
than those conditions to be satisfied at the Closing, but subject to the satisfaction or waiver thereof at the Closing) or such other
time as the Sellers and the Purchaser shall mutually agree (the date on which the Closing occurs shall be referred to as the &ldquo;<U>Closing
Date</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;2.3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Sellers
Closing Deliverables</U>. At the Closing, each Seller shall and shall direct the Company to deliver or cause to be delivered to the Purchaser:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>copies
of the duly adopted board resolutions of the Company approving the transactions contemplated hereby and any other relevant documents
required or necessary for the consummation of the transactions contemplated hereby in accordance with the existing Charter Documents
of the Company, instructing the registered office provider of the Company to update the register of members of the Company to reflect
the transfer of the Aggregate Target Shares to the Purchaser;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>a
copy of the register of members of the Company, dated as of the Closing Date and duly certified by a director of the Company or the registered
office provider of the Company, evidencing that the Purchaser is the record owner of the Aggregate Target Shares as of the Closing Date;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>a
copy of the General Waiver and Release Letter, the JVIA Termination Agreement and the Amended and Restated Master Development Agreement,
each being executed by the Sellers and/or the Company to which it is a party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;2.4&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Purchaser
Closing Deliverables</U>. At the Closing, the Purchaser shall deliver or cause to be delivered, with respect to each Seller:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>copies
of (i)&nbsp;the Required Audit Committee Approval and (ii)&nbsp;the duly adopted resolutions of the board of directors of the Purchaser
approving the transactions contemplated hereby and any other relevant documents required or necessary for the consummation of the transactions
contemplated hereby in accordance with the existing Charter Documents of the Purchaser, instructing CST to update the share register
of the Purchaser to reflect the issuance of corresponding Non-Contingent Consideration to such Seller;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>reasonably
satisfactory evidence from CST, dated as of the Closing Date, reflecting the corresponding Non-Contingent Consideration registered in
the name of such Seller (or its nominee in accordance with its delivery instructions) in book entry form as of the Closing Date; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>a
copy of the General Waiver and Release Letter, the JVIA Termination Agreement and the Amended and Restated Master Development Agreement,
each being executed by the Purchaser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Article&nbsp;III</FONT><U><BR>
Representations and Warranties of the Sellers</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as set forth in the disclosure schedules delivered by the Sellers to the Purchaser on the date of this Agreement (the &ldquo;<U>Seller
Disclosure Schedule</U>&rdquo;), each section of which qualifies the correspondingly numbered representation or warranty specified therein
and such other representation or warranty where its relevance as an exception to (or disclosure for purposes of) such other representation
or warranty is reasonably apparent on the face of such disclosure, (i)&nbsp;each Seller, severally but not jointly (and for the avoidance
of doubt, not &ldquo;jointly and severally&rdquo;),</FONT> represents and warrants to the Purchaser, as of the date hereof and as of
the Closing Date (except for such warranties that speak as of a specified date, in which case, such warranties shall be made as of such
specified date) the Seller&rsquo;s Fundamental Representations; and (ii)&nbsp;Cartesian hereby further represents and warrants to the
Purchaser, as of the date hereof and as of the Closing Date (except for such warranties that speak as of a specified date, in which case,
such warranties shall be made as of such specified date), the representations set forth in <U>Section&nbsp;3.3</U> and <U>Section&nbsp;3.6
</U>through <U>Section&nbsp;3.16</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Organization
and Standing of Seller</U>. Such Seller is duly incorporated, validly existing and in good standing (or equivalent status in the relevant
jurisdiction) under the Laws of the jurisdiction of its incorporation or establishment, and has all requisite corporate power and authority
to own its properties and assets and to carry on its business as now conducted, and to perform each of its obligations hereunder and
under any other Transaction Document to which it is a party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Authority
and Enforceability of Seller</U>. Such Seller has all requisite power and authority to execute and deliver the Transaction Documents
to which it is a party and to carry out and perform its obligations thereunder. All corporate action on the part of such Seller necessary
to authorize the execution and delivery by such Seller of the Transaction Documents to which it is a party, the performance of all obligations
of such Seller thereunder, and the sale of the Target Shares from such Seller to the Purchaser has been taken or will be taken prior
to the Closing. All corporate actions on the part of the Company necessary for such Seller to execute and deliver the Transaction Documents
to which it is a party, the performance of all obligations of such Seller thereunder, and the sale of such Seller&rsquo;s Target Shares
to the Purchaser has been taken or will be taken prior to the Closing. This Agreement has been duly executed and delivered by such Seller,
and each of the other Transaction Documents to which such Seller is a party will be duly executed and delivered by such Seller. This
Agreement and each of the other Transaction Documents are, or when executed and delivered by such Seller shall be (assuming due execution
and delivery by each of the other parties thereto), valid and legally binding obligations of such Seller enforceable against such Seller
in accordance with its terms, except (a)&nbsp;as limited by applicable bankruptcy, insolvency, reorganization, moratorium, and other
laws of general application affecting enforcement of creditors&rsquo; rights generally, and (b)&nbsp;as limited by laws relating to the
availability of specific performance, injunctive relief or other equitable remedies and to general equity principles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Organization,
Standing and Qualification of the Company</U>. The Company is duly incorporated, validly existing and in good standing (or equivalent
status in the relevant jurisdiction) under the Laws of the jurisdiction of its incorporation or establishment, and has all requisite
corporate power and authority to own its properties and assets and to carry on its business as now conducted, and to perform each of
its obligations hereunder and under any other Transaction Document to which it is a party. Except as in <U>Section&nbsp;3.3 of the Seller
Disclosure Schedule</U> or as would not reasonably be expected to have a material adverse effect on the Company or materially impair
or delay the ability of the Sellers to consummate the Transactions contemplated by this Agreement and the other Transaction Documents,
the Company is duly qualified or licensed and in good standing to do business in each jurisdiction in which the character of the property
to be owned, leased or operated by it or the nature of the business to be conducted by it makes such qualification or licensing necessary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.4&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>No
Conflicts</U>. Neither the execution, delivery or performance of and compliance with this Agreement and other Transaction Documents to
which such Seller is a party, nor the consummation of the transactions contemplated hereby or thereby by such Seller, will (a)&nbsp;result
in any violation or breach of the Company&rsquo;s Charter Documents, (b)&nbsp;result in any violation, breach or default under any material
Contract to which such Seller or the Company is a party, (c)&nbsp;violate any applicable Law in any material respect on the part of such
Seller or the Company, or (d)&nbsp;require any consents, waivers, permits, approvals, orders, licenses, authorizations, registrations,
qualifications, designations, declarations or filings (collectively, &ldquo;<U>Approvals</U>&rdquo;) by or with any Governmental Authority
or any third party on the part of such Seller or the Company, except in each of the foregoing cases under (b), (c)&nbsp;and (d), as would
not, individually or in the aggregate, reasonably be expected to have a material adverse effect on the Company or materially impair or
delay the ability of the Seller to consummate the Transactions contemplated by this Agreement and the other Transaction Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.5&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Target
Shares</U>. Immediately prior to the Closing, such Seller will be the sole and beneficial owner of such Seller&rsquo;s Target Shares,
and has valid and marketable title to such Target Shares, free and clear of any Liens other than those specified or contemplated under
the existing Charter Documents of the Company or under applicable Laws. Upon the transfer, assignment, and delivery of the Target Shares
and payment therefor in accordance with the terms of this Agreement, the Purchaser shall own all of the Target Shares, free and clear
of all Liens other than those specified or contemplated under the existing Charter documents of the Company or under applicable Laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.6&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Capitalization
of the Company</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
authorized share capital of the Company consists of (i)&nbsp;200,000,000 Ordinary Shares, of which 40,000 Ordinary Shares are issued
and outstanding; and (ii)&nbsp;300,000,000 Redeemable Shares, of which 60,000 Redeemable Shares are issued and outstanding and together
constitute the Aggregate Target Shares. Immediately prior to the Closing, all of the Target Shares will be duly authorized, are validly
issued, fully paid and nonassessable, and will be owned of record and beneficially by Sellers as set forth on Part&nbsp;A of Schedule
1, free and clear of all Liens and the Aggregate Target Shares will represent 100% of the issued share capital of the Company. All of
the Target Shares will be issued in compliance with applicable Laws. None of the Target Shares will be issued in violation of any agreement
or commitment to which such Seller or the Company is a party or is subject to or in violation of any preemptive or similar rights of
any Governmental Authority or any other Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Other
than set forth in <U>Section&nbsp;3.6(a)</U>, there are no outstanding or authorized Equity Securities, or other rights, agreements,
or commitments relating to Equity Securities of the Company or obligating any Seller or the Company to issue or sell any Equity Securities
of, or any other interest in, the Company. Except as set forth in <U>Section&nbsp;3.6(b)&nbsp;of the Seller Disclosure Schedule</U>,
there are no voting trusts, shareholder agreements, proxies, or other agreements in effect with respect to the voting or transfer of
any of the Target Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.7&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>No
Subsidiaries</U>. As of the date of this Agreement, except as set forth in <U>Section&nbsp;3.7 of the Seller Disclosure Schedule</U>,
the Company does not have, or have the right to acquire, an ownership interest in any other Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.8&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Undisclosed
Liabilities</U>. The Company has no material liabilities, obligations, or commitments of any nature whatsoever, whether asserted or unasserted,
known or unknown, absolute or contingent, accrued or unaccrued, matured or unmatured, liquidated or unliquidated or otherwise (collectively,
 &ldquo;<U>Liabilities</U>&rdquo;), except for (a)&nbsp;Liabilities under the executory portion of any Existing Contract and (b)&nbsp;Liabilities
under any of the Transaction Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.9&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Absence
of Certain Changes, Events, and Conditions</U>. As of the date of this Agreement, the Company has (a)&nbsp;except as set forth on <U>Section&nbsp;3.9
of the Seller Disclosure Schedule</U>, since its formation, conducted no business other than its formation, and (b)&nbsp;since its formation,
not been subject to any change, event, condition, or development that is, or could reasonably be expected to be, individually or in the
aggregate, adverse in any material respect to the business, results of operations, condition (financial or otherwise), or assets of the
Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.10&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Compliance
with Laws</U>. The Company is, and has since its formation been, in compliance in all material respects with all Laws applicable to it
and the conduct of its business, and the Company has not received written notice or involved in any Action alleging any violation of
applicable Laws in any respect by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.11&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>No
Litigation</U>. There is no Action pending or, to the Sellers&rsquo; Knowledge, threatened against the Company or any of its Affiliates
(i)&nbsp;relating to or affecting the Company or any of the Company&rsquo;s properties or assets or (ii)&nbsp;that challenges or seeks
to prevent, enjoin or otherwise delay the transactions contemplated by this Agreement and the other Transaction Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.12&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Intellectual
Property</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Except
as set forth in <U>Section&nbsp;3.12 of the Seller Disclosure Schedule</U>, the Company does not own, license or otherwise have any right,
title or interest in any Intellectual Property used or held for use in or necessary for the conduct of the Company&rsquo;s business as
currently conducted or as proposed to be conducted (the &ldquo;<U>Company Intellectual Property</U>&rdquo;). The Company&rsquo;s Subsidiary
has the valid and enforceable right to use the Company Intellectual Property in accordance with the terms and conditions of the Amended
and Restated Master Development Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Company has not received any written or, to the Sellers&rsquo; Knowledge, oral notice from any third Person alleging that the conduct
of the Company&rsquo;s business as currently or formerly conducted or as proposed to be conducted has infringed, misappropriated, or
otherwise violated, infringes, misappropriates or otherwise violates, or will infringe, misappropriate, or otherwise violate, the Intellectual
Property or other rights of such third Person. The business to be conducted by the Company does not infringe, misappropriate or otherwise
violate, any Intellectual Property or other rights of any Person. To the Sellers&rsquo; Knowledge, no third Person has infringed, misappropriated,
or otherwise violated, or infringes, misappropriates or violates, any Company Intellectual Property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.13&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Properties</U>.
The Company does not own or lease any real property or any machinery, equipment, tools, vehicles, furniture, leasehold improvements,
office equipment, plant, parts or other tangible personal property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.14&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Employees
and Employee Benefit Plans</U>. The Company does not (a)&nbsp;have any employees or (b)&nbsp;maintain, sponsor, contribute to or otherwise
have any Liability under, any Benefit Plans. Neither the execution and delivery of this Agreement or the Transaction Documents nor the
consummation of the transactions contemplated by this Agreement and the other Transaction Documents will (i)&nbsp;result in any payment
or benefit (including severance, unemployment compensation, golden parachute, bonus or otherwise) becoming due to any director, officer,
employee or other service provider of the Company, (ii)&nbsp;result in the acceleration of the time of payment or vesting of any such
payment or benefit, or (iii)&nbsp;result in any &ldquo;parachute payment&rdquo; under Section&nbsp;280G of the United States Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.15&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Contracts</U>.
Except for this Agreement and the other Transaction Documents and the agreements set forth in <U>Section&nbsp;3.15 of the Seller Disclosure
Schedule</U> (the &ldquo;<U>Existing Contracts</U>&rdquo;), there is no Contract to which the Company is a party or by which any of its
properties or assets may be bound, subject or affected. Each Existing Contract is legal, valid and binding on the Company in accordance
with its terms and is in full force and effect. None of the Company or, to the Sellers&rsquo; Knowledge, any other party thereto is in
breach of or default under (or is alleged to be in breach of or default under), or has provided or received any written notice of any
intention to terminate, any Existing Contract. Complete and correct copies of each Existing Contract (including all modifications, amendments,
and supplements thereto and waivers thereunder) have been made available to the Purchaser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.16&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Taxes</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>There
is no Tax Return required to be filed by the Company on or before the Closing Date. There is no Tax due and owing by the Company (whether
or not shown on any Tax Return). No extensions or waivers of statutes of limitations have been given or requested with respect to any
Taxes of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Company has not been a member of an affiliated, combined, consolidated, or unitary Tax group for Tax purposes. The Company has no Liability
for Taxes of any Person (other than the Company), as transferee or successor, by contract, or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Company has complied in all material respects with all applicable Laws relating to the withholding of Taxes and there is no Tax is required
to be withheld and paid over to the proper Taxing Authority under all applicable Laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Company has not received any notice of deficiency or proposed adjustment in writing for any material Tax owed by the Company that has
not been paid in full or otherwise resolved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Company has not requested or received a ruling, technical advice memorandum or similar document in writing from any Taxing Authority,
or has signed a closing agreement with any Taxing Authority, in each case, that would have an adverse effect after the Closing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>No
jurisdiction in which the Company does not file a Tax Return has made a material claim or assertion in writing on or after the date of
its formation that the Company is required to file a Tax Return in such jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>There
are no Liens for Taxes upon the assets of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.17&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Investment
Purposes and Seller&rsquo;s Status</U>. Such Seller is receiving its corresponding Aggregate Consideration solely for its own account
for investment purposes and not with a view to, or for offer or sale in connection with, any distribution thereof or any other security
related thereto within the meaning of the Securities Act. Such Seller acknowledges that none of the Aggregate Consideration will be registered
for offer and sale under the Securities Act or any state securities Laws at the time of its issuance, and that such Aggregate Consideration
may not be pledged, transferred, sold, offered for sale, hypothecated, or otherwise disposed of except pursuant to the registration provisions
of the Securities Act or pursuant to an applicable exemption therefrom and subject to state securities laws and regulations, as applicable.
Such Seller is an &ldquo;accredited investor&rdquo; as defined in Regulation D promulgated under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.18&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Broker&rsquo;s
Fees</U>. No Seller has any Liability or obligation to pay any fees or commissions to any broker, finder, or agent with respect to the
transactions contemplated by this Agreement or other Transaction Documents for which the Purchaser could become liable or obligated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.19&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>No
Other Warranties</U>. Except for the warranties contained in this <U>Article&nbsp;III</U>, neither Seller makes any express or implied
representation or warranty, and each Seller hereby disclaims any such representation and warranty. In furtherance of the foregoing, no
material or information provided by or communications made by such Seller or any of its Affiliates, or by any advisor thereof, whether
by use of a &ldquo;data room,&rdquo; or in any information memorandum, disclosure document or otherwise, will cause or create any warranty,
express or implied, as to or in respect of the Company, or the title, condition, value or quality of the Company and its assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Article&nbsp;IV</FONT><U><BR>
Representation and Warranties of Purchaser</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Purchaser hereby warrants to each Seller </FONT>as of the date hereof and as of the Closing Date (except for such warranties that speak
as of a specified date, in which case, such representations and warranties shall be made as of such specified date) as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Organization
and Standing</U>. The Purchaser is duly organized, validly existing and in good standing (or equivalent status in the relevant jurisdiction)
under, and by virtue of, the Laws of the place of its incorporation or establishment, and has all requisite corporate power and authority
to own its properties and assets and to carry on its business as now conducted and as proposed to be conducted, and to perform each of
its obligations hereunder and under any agreement contemplated hereunder to which it is a party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Due
Authorization and Enforceability</U>. The Purchaser has all requisite corporate power and authority to execute and deliver the Transaction
Documents to which the Purchaser is a party and to carry out and perform its obligations hereunder and thereunder, subject to obtaining
the Required Audit Committee Approval. All action on the part of the Purchaser (and, as applicable, its officers, directors and/or shareholders)
necessary to authorize the execution and delivery of the Transaction Documents to which it is a party and the performance of all obligations
of the Purchaser thereunder, has been taken or will be taken prior to the Closing. This Agreement has been, and each of the other Transaction
Documents to which the Purchaser is a party will be, duly executed and delivered by the Purchaser. This Agreement and each of the other
Transaction Documents to which the Purchaser is a party are, or when executed and delivered by it, will be (assuming due execution and
delivery by each of the other parties thereto) valid and legally binding obligations of the Purchaser and enforceable against it in accordance
with its terms, except (a)&nbsp;as limited by applicable bankruptcy, insolvency, reorganization, moratorium and other Laws of general
application affecting creditors&rsquo; rights generally, and (b)&nbsp;as limited by Laws relating to the availability of specific performance,
injunctive relief or other equitable remedies and to general equitable principles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Capitalization
of the Purchaser</U>. As of the Closing Date, all of the Purchaser Shares will be duly authorized. Upon consummation of the transactions
contemplated by this Agreement, each of the Sellers shall own all of the Purchaser Shares as set forth opposite such Seller&rsquo;s name
under column 3 titled &ldquo;Non-Contingent Consideration&rdquo; of <U>Part&nbsp;A of Schedule 1</U> attached hereto, free and clear
of all Encumbrances, other than restrictions on transfer under this Agreement or the other Transaction Documents, any of the applicable
Charter Documents of the Purchaser, any of the existing restrictions set forth in the Purchaser Shares as of the Closing Date or any
state and federal securities Laws and all of the Purchaser Shares shall be validly issued, fully paid and non-assessable. The Purchaser
has, and will continue to have through the Closing, sufficient authorized but unissued Equity Securities of the Purchaser to meet its
obligation to deliver the Purchaser Shares under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.4&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>No
Conflicts</U>. Neither the execution, delivery or performance by the Purchaser of, or compliance by the Purchaser with, this Agreement
and the other Transaction Documents to which it is a party, nor the consummation of the transactions contemplated hereby or thereby,
will (a)&nbsp;result in any violation or breach by the Purchaser of any of its Charter Documents, (b)&nbsp;result in any violation, breach
of default under any material Contract to which the Purchaser is party, (c)&nbsp;result in any violation of any applicable Law on the
part of the Purchaser, or (d)&nbsp;require any Approvals by or with any Governmental Authority or any third party, except in each of
the foregoing cases under (b), (c)&nbsp;and (d), as would not, individually or in the aggregate, reasonably be expected to materially
impair or delay the ability of the Purchaser to consummate the Transactions contemplated by this Agreement and the other Transaction
Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.5&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Investment
Purposes</U>. The Purchaser is acquiring the Aggregate Target Shares solely for its own account for investment purposes and not with
a view to, or for offer or sale in connection with, any distribution thereof or any other security related thereto within the meaning
of the Securities Act. The Purchaser acknowledges that the Aggregate Target Shares have not been registered for offer and sale under
the Securities Act or any state securities laws, and that the Aggregate Target Shares may not be pledged, transferred, sold, offered
for sale, hypothecated, or otherwise disposed of except pursuant to the registration provisions of the Securities Act or pursuant to
an applicable exemption therefrom and subject to state securities laws and regulations, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.6&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Broker&rsquo;s
Fees</U>. The Purchaser has no Liability or obligation to pay any fees or commissions to any broker, finder, or agent with respect to
the transactions contemplated by this Agreement or other Transaction Documents for which any Seller could become liable or obligated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.7&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>No
Other Warranties</U>. Except for the warranties contained in this <U>Article&nbsp;IV</U>, the Purchaser does not make any express or
implied representation or warranty pursuant to this Agreement, and the Purchaser hereby disclaims any such representation and warranty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Article&nbsp;V</FONT><U><BR>
Covenants and Agreements</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Commercially
Reasonable Efforts; Further Assurances</U>. Each Party hereto shall from time to time and at all times hereafter, use its commercially
reasonable efforts to make, do or execute, or cause or procure to be made, done or executed, such further acts, deeds, conveyances, consents
and assurances without further consideration, which may reasonably be required to effect the transactions contemplated by this Agreement
and other Transaction Documents, and to comply as promptly as practicable with any requirement of a Governmental Authority applicable
to the transactions contemplated by this Agreement and the other Transaction Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Unvested
Shares</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>At
Closing, 1,547,988 Purchaser Shares, representing fifteen percent (15%) of the Non-Contingent Consideration (rounded down to the nearest
whole Purchaser Share), received by Cartesian pursuant to this Agreement shall be unvested shares (the &ldquo;<U>Unvested Shares</U>&rdquo;)
and shall be subject to the vesting and forfeiture terms set forth in this <U>Section&nbsp;5.2</U>. Each Unvested Share shall not be
transferable until such Unvested Share vests pursuant to this <U>Section&nbsp;5.2</U>. Until such Unvested Share vests pursuant to this
Agreement, (i)&nbsp;the book entry position representing the Unvested Shares will bear or reflect, as applicable, a legend that such
Unvested Share is subject to forfeiture pursuant to the provisions of this Agreement, and (ii)&nbsp;CST, or any other transfer agent
for the Purchaser, will be given appropriate stop transfer orders that will be applicable until such Unvested Share vests pursuant to
this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Subject
to <U>Section&nbsp;5.2(c)</U>, by the first (1st) anniversary of the Closing, if neither Cartesian nor the Purchaser has contributed,
or provided reasonable evidence to PLK (in its reasonable discretion) verifying that it has contributed, to the Company at least US$20,000,000
for the sole purpose of developing and operating the Popeyes&reg; business in the PRC (the &ldquo;<U>Minimum Subsequent Contribution</U>&rdquo;),
(i)&nbsp;Cartesian shall surrender all the Unvested Shares to the Purchaser for no consideration upon which such Unvested Shares will
immediately get forfeited; and (ii)&nbsp;upon the consummation of the surrender and forfeiture by Cartesian set forth in (i)&nbsp;above,
the Purchaser shall issue Purchaser Shares in the same number equal to the Unvested Shares to PLK for no consideration. For the avoidance
of doubt, any forfeiture of Purchaser Shares and all references to the forfeiture of Purchaser Shares shall take effect as a surrender
of such shares for no consideration under the Cayman Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Unvested Shares shall become fully vested (and shall not be subject to the restrictions and forfeiture provisions set forth in this <U>Section&nbsp;5.2</U>,
including, for the avoidance of doubt, <U>Section&nbsp;5.2(b)</U>) upon consummation of the Minimum Subsequent Contribution to the Company
by Cartesian or the Purchaser (or any other Person designated by Cartesian or the Purchaser) on or prior to the first (1st) anniversary
of the Closing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Notwithstanding
anything to the contrary set forth herein, Cartesian shall be entitled to enjoy all of the rights (save for the right of transfer set
forth in <U>Section&nbsp;5.2(a)</U>) attached to the Unvested Shares, including to (i)&nbsp;exercise voting rights carried by such Unvested
Shares and (ii)&nbsp;receive any dividends or other distributions in respect of such Unvested Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Deferred
Contingent Consideration</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Unless
a written notice has been delivered to the Sellers pursuant to <U>Section&nbsp;5.3(b)</U>, then within twenty (20) Business Days or as
soon as reasonably practicable after each fiscal year, the Purchaser shall issue to each Seller the number of the Purchaser Shares set
forth opposite such Seller&rsquo;s name under column 2 titled &ldquo;Annual Deferred Contingent Consideration&rdquo; of <U>Schedule 2
</U>attached hereto for the entirety of the immediately preceding fiscal year (the &ldquo;<U>Annual Deferred Contingent Consideration</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>At
any time, subject to the prior written consent of the disinterested directors of the Audit Committee, the Purchaser may elect in its
sole discretion to issue a written notice to each Seller (the issuance date of such notice, the &ldquo;<U>Exercise Date</U>&rdquo;),
exercising the option to pay all remaining deferred consideration owed to the Sellers through an issuance, within twenty (20) Business
Days or as soon as reasonably practicable after the Exercise Date, to each Seller of the number of the Purchaser Shares set forth opposite
such Seller&rsquo;s name under column 3 titled &ldquo;Lumpsum Deferred Contingent Consideration&rdquo; of <U>Schedule 2</U> attached
hereto, plus any unpaid Annual Deferred Contingent Consideration that has accrued for the current fiscal year up to the Exercise Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>In
the event that after the Closing and prior to the Exercise Date, (i)&nbsp;any liquidation, dissolution or winding up of the Company (whether
voluntary or involuntary) is initiated; (ii)&nbsp;any bankruptcy, reorganization, debt arrangement or similar proceeding under any bankruptcy,
insolvency or similar law, or any dissolution or liquidation proceeding, is initiated by or against the Company, or a receiver is appointed
for the Company or a substantial part of its assets or properties; or (iii)&nbsp;the Company makes an assignment for the benefit of creditors,
or petitions or applies to any Governmental Authority for, or consents or acquiesces to, the appointment of a custodian, receiver or
trustee for all or substantially all of its assets or properties (each of clauses (i)&nbsp;through (iii), a &ldquo;<U>Forfeiture Event</U>&rdquo;),
then the rights of each Seller to receive any Deferred Contingent Consideration pursuant to <U>Section&nbsp;5.3(a)</U>&nbsp;and <U>Section&nbsp;5.3(b)</U>&nbsp;shall
be immediately forfeited without any further action by any Party hereto; and the obligation of the Company to issue any further Deferred
Contingent Consideration shall terminate upon the date of such Forfeiture Event and, for the avoidance of doubt, any unpaid Annual Deferred
Contingent Consideration that has accrued for the current fiscal year up to the date of the Forfeiture Event shall be forfeit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>With
respect to any issuance of Purchaser Shares pursuant to either <U>Section&nbsp;5.3(a)</U>&nbsp;or <U>Section&nbsp;5.3(b)</U>, no fraction
of a Purchaser Share will be issued, and each Seller who would otherwise be entitled to a fraction of a Purchaser Share (after aggregating
all fractional shares of the Purchaser Shares that otherwise would be received by such Seller) shall instead have the number of Purchaser
Shares issued to such Seller rounded down in the aggregate to the nearest whole Purchaser Share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>At
all times following the Closing, the Purchaser shall reserve and keep available for issuance its reasonable estimate of the sufficient
number of authorized and unissued Purchaser Shares to permit the Purchaser to satisfy its issuance obligations set forth in this <U>Section&nbsp;5.3
</U>and shall take all actions required to increase the authorized number of Purchaser Shares if at any time there shall be insufficient
authorized and unissued Purchaser Shares to permit such reservation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Purchaser shall </FONT>take <FONT STYLE="font-family: Times New Roman, Times, Serif">such actions as are reasonably requested by the
Sellers to evidence the issuances pursuant to this </FONT><U>Section&nbsp;5.3</U><FONT STYLE="font-family: Times New Roman, Times, Serif">,
including (if requested) providing reasonably satisfactory evidence from CST reflecting the corresponding Deferred Contingent Consideration
registered in the name of such Seller (or its nominee in accordance with its delivery instructions) in book entry form following any
such issuance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
right of the Sellers to receive the Deferred Contingent Consideration shall not entitle the holder thereof to any voting or dividend
rights otherwise granted to holders of Deferred Contingent Consideration (if any) prior to the issuance of such shares. For the avoidance
of doubt, the Purchaser shall not be required to issue the Deferred Contingent Consideration to the extent not permitted to do so by
applicable Law, including by way of an exemption from registration under applicable securities Laws; provided that, in such case, the
Purchaser and the Sellers shall reasonably cooperate to establish an alternative arrangement which would enable the Sellers to enjoy
the same economic benefit as they would have received had the Purchaser been permitted to issue the Deferred Contingent Consideration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.4&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>ESOP</U><FONT STYLE="font-size: 10pt">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>As
soon as practicable following the Closing Date, in lieu of providing Purchaser Shares as Non-Contingent Consideration to the Sellers
that the Sellers would otherwise have been entitled to based upon their ownership percentages of the Company prior to the Closing, the
Purchaser shall establish a separate employee stock option plan (the &ldquo;<U>ESOP</U>&rdquo;), which is to be provided as an incentive
and benefit for the employees, officers, consultants, and/or directors of the Company and its Subsidiaries from time to time<FONT STYLE="font-size: 10pt">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>In
connection with the implementation of the ESOP following the Closing, the Purchaser shall reserve for issuance pursuant to the ESOP the
number of the Purchaser Shares set forth opposite name of the ESOP under column 2 titled &ldquo;Reserved Purchaser Shares&rdquo; of <U>Part&nbsp;B
of Schedule 1</U> attached hereto (the &ldquo;<U>ESOP Shares</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Purchaser hereby undertakes that the ESOP Shares that are issued pursuant to the ESOP from time to time will be subject to the Locked-Up
Restrictions in accordance with <U>Section&nbsp;5.5</U> for eighteen (18) months from and after the date of issuance of such ESOP Shares<FONT STYLE="font-size: 10pt">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.5&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Lock-up
Arrangement</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Subject
to the exceptions set forth in <U>Section&nbsp;5.5(b)</U>, during the applicable Locked-Up Period, each Seller agrees not to, without
the prior written consent of the disinterested directors of the Audit Committee: (i)&nbsp;sell, offer to sell, contract or agree to sell,
hypothecate, pledge, grant any option, right or warrant to purchase or otherwise transfer or dispose of, or agree to transfer or dispose
of, directly or indirectly, or establish or increase a put equivalent position or liquidate or decrease a call equivalent position within
the meaning of Section&nbsp;16 of the Exchange Act, and the rules&nbsp;and regulations of the Securities and Exchange Commission promulgated
thereunder, any of the Aggregate Consideration (the &ldquo;<U>Locked-Up Shares</U>&rdquo;); (ii)&nbsp;enter into any swap or other arrangement
that transfers to another, in whole or in part, any of the economic consequences of ownership of any of such Locked-Up Shares, whether
any such transaction is to be settled by delivery of such securities, in cash or otherwise; or (iii)&nbsp;publicly announce any intention
to effect any transaction specified in clause (i)&nbsp;or (ii)&nbsp;(the actions specified in clauses (i)-(iii), collectively, &ldquo;<U>Transfer</U>&rdquo;).
With respect to each Seller, the foregoing limitations shall remain in full force and effect for a period of: (x)&nbsp;with respect to
the Non-Contingent Consideration, eighteen (18) months from and after the Closing Date; and (y)&nbsp;with respect to each Purchaser Share
issued as part of the Deferred Contingent Consideration, eighteen (18) months from and after the date of issuance of such Purchaser Share
(such periods set forth in the foregoing clauses (x)&nbsp;through (y), as applicable, the &ldquo;<U>Locked-Up Period</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>With
respect to each Seller, the restrictions set forth in <U>Section&nbsp;5.5(a)</U>&nbsp;(the &ldquo;<U>Locked-Up Restrictions</U>&rdquo;)
shall not apply to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;in
the case of an entity, Transfers to (A)&nbsp;such entity&rsquo;s officers or directors or any affiliate (as defined below) or immediate
family (as defined below) of any of such entity&rsquo;s officers or directors, (B)&nbsp;any shareholder, partner or member of such entity
or their affiliates, (C)&nbsp;any affiliate of such entity, or (D)&nbsp;any employees of such entity or of its affiliates;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;in
the case of an individual, Transfers by gift to members of the individual&rsquo;s immediate family or to a trust, the beneficiary of
which is a member of the individual&rsquo;s immediate family or to an affiliate of such person;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;in
the case of an individual, Transfers by virtue of laws of descent and distribution upon death of the individual;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(iv)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;in
the case of an individual, Transfers by operation of law or pursuant to a court order, such as a qualified domestic relations order,
divorce decree or separation agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(v)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;in
the case of an individual, Transfers to a partnership, limited liability company or other entity of which the undersigned and/or the
immediate family of the undersigned are the legal and beneficial owner of all of the outstanding equity securities or similar interests;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(vi)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;in
the case of an entity that is a trust, to a trustor or beneficiary of the trust or to the estate of a beneficiary of such trust;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;in
the case of an entity, Transfers by virtue of the laws of the state of the entity&rsquo;s </FONT>organization and the entity&rsquo;s
organizational documents upon dissolution of the entity;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(viii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;pledges
of any </FONT>Locked-Up Shares to a financial institution that create a mere security interest in such Locked-Up Shares pursuant to a
bona fide loan or indebtedness transaction so long as such Seller continues to control the exercise of the voting rights of such pledged
Locked-Up Shares as well as any foreclosures on such pledged Locked-Up Shares;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(ix)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Transfers
to the Purchaser to satisfy tax withholding obligations;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(x)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
establishment of a trading plan that meets the requirements of Rule&nbsp;10b5-1(c)&nbsp;under the Exchange Act (a &ldquo;<U>Trading Plan</U>&rdquo;);
<I>provided</I>, <I>however</I>, that no sales of Locked-Up Shares, shall be made by such Seller pursuant to such Trading Plan during
the applicable Locked-Up Period and no public announcement or filing is voluntarily made regarding such plan during the applicable Locked-Up
Period; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xi)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Transfers
made in connection with a liquidation, merger, share exchange or other similar transaction that results in all of the Purchaser&rsquo;s
shareholders having the right to exchange their Purchaser Shares for cash, securities or other property subsequent to the Closing Date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>provided,
however</I></FONT>, that in the case of clauses (i)&nbsp;through (viii), these permitted transferees must enter into a written agreement,
in substantially the form of this Agreement, agreeing to be bound by the Locked-Up Restrictions and shall have the same rights and benefits
under this Agreement. For purposes of this paragraph, &ldquo;immediate family&rdquo; shall mean a spouse, domestic partner, child, grandchild
or other lineal descendant (including by adoption), father, mother, brother or sister of an individual; and &ldquo;affiliate&rdquo; shall
have the meaning set forth in Rule&nbsp;405 under the Securities Act of 1933, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Notwithstanding
anything to the contrary set forth herein, each Seller shall be entitled to enjoy all of the rights (save for the Locked-Up Restrictions
set forth in <U>Section&nbsp;5.5(a)</U>) attached to any Locked-Up Shares that have been issued by the Purchaser to such Seller, including
to (i)&nbsp;exercise voting rights carried by such issued Locked-Up Shares and (ii)&nbsp;receive any dividends or other distributions
in respect of such issued Locked-Up Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>In
furtherance of the foregoing, the Purchaser, and any duly appointed transfer agent for the registration or transfer of the Locked-Up
Shares, are hereby authorized to decline to make any transfer of securities if such Transfer would constitute a violation or breach of
the Locked-Up Restrictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.6&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Required
Audit Committee Approval</U>. The Parties acknowledge and agree that the transactions contemplated by the Transaction Documents constitute
transactions with related person (as defined in Item 404 of Regulation S-K) and remain subject to review and approval by the Audit Committee
pursuant to the Charter Documents of the Purchaser (the &ldquo;<U>Required Audit Committee Approval</U>&rdquo;) as of the date of this
Agreement. The Parties agree to use its reasonable best efforts to cooperate with the Audit Committee (including providing all materials
reasonably requested by the Audit Committee) to facilitate its review and evaluate the transactions contemplated by the Transaction Documents,
together with Kroll LLC, as its independent financial advisor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.7&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>China
Operation Company</U>. Promptly after the Closing, the Purchaser shall cause the Company to: (i)&nbsp;form and incorporate a limited
liability company under the Laws of the PRC (the &ldquo;<U>China Opco</U>&rdquo;) directly and wholly owned by the Master Franchisee
in a form reasonably satisfactory to each of Cartesian and PLK; and (ii)&nbsp;provide Cartesian and PLK with written materials evidencing
the formation of the China Opco in forms reasonably satisfactory to each of Cartesian and PLK. Upon formation of the China Opco, the
Parties shall cause PLK and/or its Affiliates, the Master Franchisee (acting as the &ldquo;Parent&rdquo; under the Company Franchise
Agreement) and the China Opco (acting as the &ldquo;Franchisee&rdquo; under the Company Franchise Agreement) to execute and deliver to
each of the other Parties the Company Franchise Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.8&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Absence
of Certain Changes; Notification Obligations</U>. From the date of this Agreement until the Closing, except (a)&nbsp;as specifically
required by this Agreement or any of the Transaction Documents, or (b)&nbsp;with the prior written consent of the Purchaser, each of
the Sellers shall use its reasonable best efforts to refrain the Company from any change, event, condition, or development that is, or
could reasonably be expected to be, individually or in the aggregate, adverse in any material respect to the business, results of operations,
condition (financial or otherwise), or assets (if any) of the Company. The Sellers shall give prompt notice to the Purchaser of (a)&nbsp;the
occurrence or non-occurrence of any event, the occurrence or non-occurrence of which is likely to cause any representation or warranty
of any of the Sellers contained in this Agreement to be untrue or inaccurate at or prior to the Closing Date and (b)&nbsp;any failure
of any of the Sellers to comply with or satisfy any covenant, condition or agreement to be complied with or satisfied by it hereunder;
provided, however, that the delivery of any notice pursuant to this <U>Section&nbsp;5.8 </U>shall not limit or otherwise affect any remedies
available to the Purchaser receiving such notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Article&nbsp;VI</FONT><U><BR>
Conditions</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Conditions
to the Obligation of each Party</U>. The obligations of each Party to proceed to the Closing is subject to the satisfaction or waiver
(where legally permissible) of the following conditions on or prior to the Closing:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>no
applicable Laws shall have been adopted or promulgated after the date of this Agreement by any Governmental Authority, and no temporary
restraining order, preliminary or permanent injunction or other order issued by any Governmental Authority of competent jurisdiction
(an &ldquo;<U>Injunction</U>&rdquo;) shall be in effect, in any case having the effect of making the transactions contemplated hereby
illegal or otherwise prohibiting the consummation of the transactions contemplated hereby;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>no
Action shall have been initiated or threatened by any Governmental Authority seeking an Injunction having the effect of making the transactions
contemplated hereby illegal or otherwise prohibiting the consummation of the transactions contemplated hereby;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Closing (as defined in the JVIA) shall have been consummated pursuant to the JVIA; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Purchaser shall have obtained the Required Audit Committee Approval.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Conditions
to the Purchaser&rsquo;s Obligations</U>. The obligation of the Purchaser to proceed to the Closing is subject to the satisfaction or
waiver of the following conditions on or prior to the Closing:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>each
of the warranties of each Seller contained in <U>Article&nbsp;III</U> shall be true and correct in all material respects when made and
at the Closing as if made anew as of such time (except to the extent any such warranty expressly relates to an earlier date, as of such
earlier date);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>each
Seller shall have performed in all material respects all of the covenants and agreements under this Agreement that are required to be
performed by it at or prior to the Closing; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>each
Seller shall have delivered to the Purchaser a certificate signed by an authorized director or officer of such Seller, dated the Closing
Date, certifying that, to the knowledge and belief of such director or officer, the conditions specified in <U>Section&nbsp;6.2(a)</U>&nbsp;and
<U>Section&nbsp;6.2(b)</U>&nbsp;have been fulfilled.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Conditions
to the Sellers&rsquo; Obligations</U>. The obligation of the Sellers to proceed to the Closing is subject to the satisfaction or waiver
of the following conditions on or prior to the Closing:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>each
of the warranties of the Purchaser contained in <U>Article&nbsp;IV</U> shall be true and correct in all material respects when made and
at the Closing as if made anew as of such time (except to the extent any such warranty expressly relates to an earlier date, as of such
earlier date);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Purchaser shall have performed in all material respects all of the covenants and agreements under this Agreement that are required to
be performed by it at or prior to the Closing; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Purchaser shall have delivered to the Sellers a certificate signed by an authorized director or officer of the Purchaser, dated the Closing
Date, certifying that, to the knowledge and belief of such director or officer, the conditions specified in <U>Section&nbsp;6.3(a)</U>&nbsp;and
<U>Section&nbsp;6.3(b)</U>&nbsp;have been fulfilled.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.4&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>No
other Conditions</U>. Each Party agrees that, except as may be otherwise agreed in writing between the Sellers and the Purchaser, the
Closing is not subject to any conditions (including any condition as to availability of financing to the Purchaser) other than those
conditions expressly set forth in this <U>Article&nbsp;VI</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Article&nbsp;VII</FONT><FONT STYLE="text-transform: uppercase"><U><BR>
</U></FONT><U>Indemnification</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Indemnification
by the Sellers</U>. Each Seller hereby agrees to, from and after the Closing, severally but not jointly (and for the avoidance of doubt,
not &ldquo;jointly and severally&rdquo;), indemnify and hold harmless the Purchaser and its successors and permitted assigns and any
of its Affiliates, and their respective officers, directors, and employees (each, a &ldquo;<U>Purchaser Indemnified Party</U>&rdquo;)
from and against any and all Indemnifiable Losses that were actually suffered by such Purchaser Indemnified Party as a result of, or
arising from any breach of or inaccuracy in any Seller&rsquo;s Fundamental Representation made by such Seller in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Indemnification
by the Purchaser</U>. The Purchaser hereby agrees to, from and after the Closing, indemnify and hold harmless the Sellers and their respective
successors and permitted assigns and any of its Affiliates, and their respective officers, directors, and employees (each, a &ldquo;<U>Seller
Indemnified Party</U>&rdquo;) from and against any and all Indemnifiable Losses that were actually suffered by such Seller Indemnified
Party as a result of, or arising from any breach of or inaccuracy in any Purchaser Fundamental Representation made by the Purchaser in
this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Survival</U>.
Each of the representations and warranties of each Seller set forth in <U>Article&nbsp;III</U> and the Purchaser set forth in <U>Article&nbsp;IV
</U>shall survive the Closing until the third (3rd) anniversary of the Closing Date and those covenants and agreements contained in <U>Article&nbsp;V
</U>that by their terms expressly apply in whole or in part at or after the Closing shall survive the Closing in accordance with their
respective terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.4&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Right
to Cure</U>. None of the Sellers and the Purchaser shall be liable for any claim made by a Purchaser Indemnified Party or a Seller Indemnified
Party (as applicable) pursuant to this <U>Article&nbsp;VII</U> to the extent any breach or circumstances underlying such claim has been
remedied or otherwise cured by such Seller or the Purchaser (as applicable) after such claim is made (to the extent that, as a result
of such cure, such Purchaser Indemnified Party or Seller Indemnified Party (as applicable) has not actually suffered Indemnifiable Losses
in connection with or attributable to the matters giving rise to such claim).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.5&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Limitation
of Liability; Exclusive Remedy</U>. Each Seller&rsquo;s aggregate liability in respect of all claims against it under or in connection
with the terms of this Agreement shall not exceed the value of the Aggregate Consideration (received by such Seller) at the time of issuance
pursuant to the terms and conditions hereof. With respect to each Seller, the Purchaser&rsquo;s aggregate liability for the benefit of
such Seller in respect of all claims against the Purchaser under or in connection with the terms of this Agreement shall not exceed the
Aggregate Consideration (received by such Seller) at the time of issuance pursuant to the terms and conditions hereof. The Parties agree
that, in the event the Closing occurs, with respect to PLK only, the remedies provided for in this <U>Article&nbsp;VII</U> shall be the
Purchaser&rsquo;s sole and exclusive remedies for any breach of the representations and warranties provided by PLK under this Agreement
or any claims against PLK relating to this Agreement, other documents, certificates, agreements delivered in connection with this Agreement,
the Company, or any Law or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Article&nbsp;VIII</FONT><U><BR>
Termination</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;8.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Grounds
for Termination</U>. This Agreement may be terminated as between the Parties:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>at
any time prior to the occurrence of the Closing by the mutual written consent of the Sellers, on one hand, and the Purchaser, on the
other hand;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>by
the Sellers (acting collectively) or the Purchaser if the Closing shall not have been consummated on or before June&nbsp;30, 2024 or
such other date as may be agreed by the Sellers and the Purchaser in writing (the &ldquo;<U>Long Stop Date</U>&rdquo;), <U>provided</U>,
<U>however</U>, that the Sellers or the Purchaser, as applicable, shall not be entitled to terminate this Agreement pursuant to this
<U>Section&nbsp;8.1(b)</U>&nbsp;if, (i)&nbsp;with respect to the termination right of the Sellers, any Seller, or (ii)&nbsp;with respect
to the termination right of the Purchaser, the Purchaser, has breached this Agreement and such breach has resulted in the Closing not
having been consummated on or before the Long Stop Date; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>by
any Seller or the Purchaser if there has been a material misrepresentation or material breach of a representation, warranty, covenant
or agreement contained in this Agreement on the part of the Purchaser (in case of termination by a Seller) or a Seller (in case of termination
by the Purchaser), and such breach is not curable or, if curable, has not been cured within thirty (30) days after the delivery of notice
of breach by the non-breaching Party, <U>provided</U> however that the right to terminate this Agreement pursuant to this <U>Section&nbsp;8.1(c)</U>&nbsp;shall
not be available to a Seller or the Purchaser (as the case may be), if such Party is then in material breach of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;8.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Effect
of Termination</U>. Upon any termination of this Agreement pursuant to <U>Section&nbsp;8.1</U>, this Agreement shall forthwith become
wholly void and of no effect with respect to the applicable Parties and such Parties shall be released from all future obligations hereunder,
<U>provided</U> that (i)&nbsp;nothing herein shall relieve any such Party from liability for any breach of this Agreement occurring prior
to such termination, and (ii)&nbsp;the provisions of <U>Article&nbsp;I</U>, <U>Article&nbsp;VII</U>, this <U>Article&nbsp;VIII</U> and
<U>Article&nbsp;IX</U> shall remain in full force and effect pursuant to their terms and survive any termination of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Article&nbsp;IX</FONT><U><BR>
Miscellaneous</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;9.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Governing
Law; Jurisdiction</U>. This Agreement and all Actions (whether in contract, tort or otherwise) that may be based upon, arise out of or
relate to this Agreement or the negotiation, execution or performance hereof shall be governed by, construed and enforced in accordance
with the Laws of the State of New York, without regard to the conflict of laws principles thereof, except that the internal affairs of
the Purchaser and any provisions of this Agreement that are expressly or otherwise required to be governed by the Cayman Act, shall be
governed by the Laws of the Cayman Islands (without giving effect to choice of law principles thereof) in respect of which the Parties
irrevocably submit to the non-exclusive jurisdiction of the Courts of the Cayman Islands. Subject to the immediately preceding sentence,
all Actions arising out of or relating to this Agreement, the other Transaction Documents, or the transactions contemplated hereby or
thereby shall be heard and determined exclusively in the Court of Chancery of the State of New York, or to the extent such Court does
not have subject matter jurisdiction, any federal court within the State of New York (and any courts having jurisdiction over appeals
therefrom), and each Party irrevocably submits to the exclusive jurisdiction of such courts in any such Action.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;9.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="text-transform: uppercase"><U>WAIVER
OF JURY TRIAL</U> . EACH OF THE PARTIES HERETO HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY&nbsp;HAVE
TO A TRIAL BY JURY WITH RESPECT TO ANY ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT, the
other Transaction Documents OR THE TRANSACTIONS CONTEMPLATED HEREBY and thereby,&nbsp;IN EACH CASE, WHETHER NOW EXISTING OR HEREAFTER
ARISING, AND WHETHER IN CONTRACT, TORT, EQUITY, OR OTHERWISE. EACH PARTY HERETO (A)&nbsp;CERTIFIES THAT NO REPRESENTATIVE OF ANY OTHER
PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT,&nbsp;IN THE EVENT OF ANY ACTION, SEEK TO ENFORCE THAT
FOREGOING WAIVER AND (B)&nbsp;ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG
OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS <U>Section&nbsp;9.2</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;9.3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Specific
Performance</U>. Each Party hereto acknowledges that money damages would not be an adequate remedy in the event that any of the covenants
or agreements in this Agreement are not performed in accordance with its terms, and it is therefore agreed that in addition to and without
limitation to any other remedy or right it may have, the non-breaching Party will have the right to seek an injunction, temporary restraining
order or other equitable relief in any court of competent jurisdiction enjoining any such breach and enforcing specifically the terms
and provisions hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;9.4&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Entire
Agreement</U>. This Agreement, the other Transaction Documents and the schedules and exhibits hereto and thereto, which are hereby expressly
incorporated herein by this reference, and any other written agreements entered into concurrently with this Agreement in connection with
the transactions contemplated hereby or thereby, constitute the entire understanding and agreement between the Parties with respect to
the subject matter hereof and thereof and supersede all prior agreements, understandings, and warranties, whether written or oral, among
the Parties hereto with respect to the subject matter hereof; <U>provided</U>, <U>however</U>, that nothing in this Agreement or the
other Transaction Documents shall be deemed to terminate or supersede the provisions of any confidentiality and nondisclosure agreements
executed by the Purchaser or any of its Affiliates thereof prior to the date of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;9.5&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Successors
and Assigns</U>. Except as otherwise expressly provided herein, the provisions hereof shall inure to the benefit of, and be binding upon,
the successors, permitted assigns, heirs, executors and administrators of the Parties hereto whose rights or obligations hereunder are
affected by such amendments. This Agreement and the rights and obligations hereunder may not be assigned by any Party without the prior
written consent of the other Parties. Notwithstanding the foregoing, this Agreement and the rights and obligations herein may be assigned
by the Purchaser or any Seller to any of their respective Affiliates, provided that such Affiliate agrees in writing to be bound by and
subject to all the terms and conditions of this Agreement, and that no such assignment shall relieve the Purchaser or such Seller, as
applicable, of its obligations hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;9.6&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Notices</U>.
Except as may be otherwise provided herein, all notices, requests, waivers and other communications made pursuant to this Agreement shall
be in writing to the number or address set forth in <U>Schedule 3</U> hereto, and shall be conclusively deemed to have been duly given
(a)&nbsp;when hand-delivered to the other Parties, upon delivery; (b)&nbsp;when sent by electronic mail, upon receipt of confirmation
of error-free transmission or, in the case of electronic mail, upon such mail being sent unless the sending Party subsequently learns
that such electronic mail was not successfully delivered; or (c)&nbsp;three (3)&nbsp;Business Days after deposit with an overnight delivery
service, postage prepaid with next-business-day delivery guaranteed, <U>provided</U> that the sending Party receives a confirmation of
delivery from the delivery service provider. A Party may change or supplement the addresses given above, or designate additional addresses,
for purposes of this <U>Section&nbsp;9.6</U>, by giving the other Parties written notice of the new address in the manner set forth above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;9.7&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Amendments
and Waivers</U>. Any term of this Agreement may be amended only with the written consent of each Seller and the Purchaser. Any term of
this Agreement may be waived only with the written consent of the Party against whom such waiver is effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;9.8&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Delays
or Omissions</U>. No delay or omission to exercise any right, power or remedy accruing to any Party hereto upon any breach or default
of any other Party hereto under this Agreement shall impair any such right, power or remedy of such Party, nor shall it be construed
to be a waiver of any such breach or default, or of an acquiescence therein, or of any similar breach or default thereafter occurring;
nor shall it be construed to be any waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent
or approval of any kind or character on the part of any Party hereto of any breach or default under this Agreement or any waiver on the
part of any Party hereto of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent
specifically set forth in such writing. All remedies, either under this Agreement or by law or otherwise afforded to any Party hereto,
shall be cumulative and not alternative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;9.9&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Interpretation;
Titles and Subtitles</U>. This Agreement shall be construed according to its fair language. The rule&nbsp;of construction to the effect
that ambiguities are to be resolved against the drafting Party shall not be employed in interpreting this Agreement. The titles of the
sections and subsections of this Agreement are for convenience of reference only and are not to be considered in construing this Agreement.
Unless otherwise expressly provided herein, all references to Sections, Schedules and Exhibits herein are to Sections, Schedules and
Exhibits of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;9.10&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Counterparts</U>.
This Agreement may be executed in any number of counterparts, each of which shall be an original, but all of which together shall constitute
one instrument. Facsimile and e-mailed copies of signatures in portable document format (PDF) shall be deemed to be originals for purposes
of the effectiveness of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;9.11&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Severability</U>.
If any provision of this Agreement is found to be invalid or unenforceable, then such provision shall be construed, to the extent feasible,
so as to render the provision enforceable and to provide for the consummation of the transactions contemplated hereby on substantially
the same terms as originally set forth herein, and if no feasible interpretation would save such provision, it shall be severed from
the remainder of this Agreement, which shall remain in full force and effect unless the severed provision is essential to the rights
or benefits intended by the Parties. In such event, the Parties shall use their best efforts to negotiate, in good faith, a substitute,
valid and enforceable provision or agreement which most nearly reflects the Parties&rsquo; intent in entering into this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;9.12&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Expenses</U>.
Except as set forth in the JVIA Termination Agreement, each Party hereto will bear its own legal, accounting and other costs and expenses
incurred by such Party in connection with the negotiation, execution and delivery of this Agreement and the other Transactionl Documents
and the consummation of the transactions contemplated hereby and thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;9.13&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Confidentiality;
Publicity</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Each
Party hereto undertakes to each other Party that, it shall not disclose (including through its Representatives) to any third party any
Confidential Information concerning such other Party or the transactions contemplated hereby except that (i)&nbsp;each Party, as appropriate,
may disclose any of the Confidential Information to its Representatives on an as-needed basis in connection with the negotiation and
consummation of the transactions contemplated hereby, in each case only where such Representatives are under appropriate nondisclosure
obligations; and (ii)&nbsp;if any Party is requested or becomes legally compelled (including without limitation, pursuant to securities
Laws) to disclose the existence or content of any of the Confidential Information in contravention of the provisions of this section,
such Party shall promptly provide such other Party with written notice of that fact so that such other Party may seek a protective order,
confidential treatment or other appropriate remedy and in any event shall furnish only that portion of the information that is legally
required and shall exercise reasonable efforts to obtain reliable assurance that confidential treatment will be accorded such information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>No
Party shall make, or cause to be made, any press release or public announcement in respect of this Agreement, the other Transaction Documents
or the transactions contemplated hereby and thereby or otherwise communicate with any news media in respect of the same without the prior
written consent of the other Parties (which consent shall not be unreasonably withheld, conditioned or delayed), unless otherwise required
by Law, in which case each Party shall have the right to review and comment on such press release or announcement prior to publication
(to the extent permissible by Law).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
confidentiality provisions contained in this <U>Section&nbsp;9.13</U> shall not abridge or modify the obligations of any of the parties
to the Amended and Restated Master Development Agreement, and the Parties hereto agree that to the extent a conflict arises between this
Agreement and the Amended and Restated Master Development Agreement, the provisions of the Amended and Restated Master Development Agreement
shall control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">** REMAINDER OF THIS PAGE LEFT INTENTIONALLY BLANK
**</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">IN WITNESS WHEREOF, the Parties
hereto have caused their respective duly authorized representatives to execute this Agreement as of the date first above written.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase"><FONT STYLE="font-size: 10pt"><U>Seller:</U></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase"><FONT STYLE="font-size: 10pt">Pangaea Three
    Acquisition Holdings IV, Limited</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">[<I>Signature Page&nbsp;to
Share Purchase Agreement</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">IN WITNESS WHEREOF, the Parties
hereto have caused their respective duly authorized representatives to execute this Agreement as of the date first above written.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase"><FONT STYLE="font-size: 10pt"><U>Seller:</U></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase"><FONT STYLE="font-size: 10pt">PLK APAC Pte.
    Ltd.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">[<I>Signature Page&nbsp;to
Share Purchase Agreement</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">IN WITNESS WHEREOF, the Parties
hereto have caused their respective duly authorized representatives to execute this Agreement as of the date first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><U>PURCHASER:</U></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase"><FONT STYLE="font-size: 10pt">TH
    International Limited</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title: Authorized Signatory</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">[<I>Signature Page&nbsp;to
Share Purchase Agreement</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">IN WITNESS WHEREOF, the Parties
hereto have caused their respective duly authorized representatives to execute this Agreement as of the date first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><U>COMPANY:</U></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase"><FONT STYLE="font-size: 10pt">PLKC
    International Limited</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title: Authorized Signatory</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">[<I>Signature Page&nbsp;to
Share Purchase Agreement</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Schedule 1</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Part&nbsp;A - List of the Sellers</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 28%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name</B></FONT></TD>
    <TD STYLE="width: 32%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number
    of Target Shares</B></FONT></TD>
    <TD STYLE="width: 40%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Non-Contingent
    Consideration*</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Cartesian</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30,000
    Ordinary Shares and 60,000 Redeemable Shares</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,319,917
    Purchaser Shares</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PLK</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,000
    Ordinary Shares</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,146,657
    Purchaser Shares</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40,000
    Ordinary Shares and 60,000 Redeemable Shares</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11,466,574
    Purchaser Shares</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><U>&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><U>Part&nbsp;B - ESOP
Arrangement</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name</B></FONT></TD>
    <TD STYLE="width: 50%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Reserved
    Purchaser Shares*</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ESOP</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">603,503
    Purchaser Shares</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>*<U>Drafting
Notes</U></B></FONT>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Non-Contingent Consideration to be received
by each of Cartesian and PLK and the number of reserved Purchaser Shares to be issuable pursuant to the ESOP has been calculated pursuant
to the following formula:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">US$35.087719 million, <I>divided by</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">US$2.9070, which represents 85% of the volume-weighted
                                            average price (VWAP) of Purchaser Shares during the forty (40) trading days ended as of February&nbsp;8,
                                            2023, and <I>multiplied by</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify">for Cartesian, 85.5%; for PLK, 9.5%; and for
                                            the ESOP, 5%; with</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">4.</TD><TD STYLE="text-align: justify">each fractional share being rounded down to
                                            the nearest whole Purchaser Share.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Schedule 1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Schedule 2</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Deferred Contingent Consideration</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Type
    of Deferred <BR>
    Contingent Consideration</B></FONT></TD>
    <TD STYLE="width: 37%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Annual
    Deferred Contingent <BR>
    Consideration</B></FONT></TD>
    <TD STYLE="width: 38%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Lumpsum
    Deferred Contingent <BR>
    Consideration</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Cartesian</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A
                                            number of Purchaser Shares calculated pursuant to the following formula:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.35pt; text-align: justify; text-indent: -22.35pt">1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;3%
    of the gross revenue attributable to the Company for each day in the applicable fiscal year, <I>divided by</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.35pt; text-align: justify; text-indent: -22.35pt">2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;85%
    of the volume-weighted average price (VWAP) of Purchaser Shares during the forty (40) trading days ended (i)&nbsp;in case of issuance
    pursuant to <U>Section&nbsp;5.3(a)</U>, as of the last trading day of the immediate preceding fiscal year or; (ii)&nbsp;in case of
    issuance pursuant to <U>Section&nbsp;5.3(b)</U>, as of the Exercise Date (or to the extent the Exercise Date is not a trading day,
    the last trading day immediately prior to the Exercise Date), and <I>multiplied by</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.35pt; text-align: justify; text-indent: -22.35pt">3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;90%.</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A
                                            number of Purchaser Shares calculated pursuant to the following formula:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.35pt; text-align: justify; text-indent: -22.35pt">1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;US$35,000,0000,
    <I>divided by</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.35pt; text-align: justify; text-indent: -22.35pt">2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;85%
    of the volume-weighted average price (VWAP) of Purchaser Shares during the forty (40) trading days ended as of the Exercise Date
    (or to the extent the Exercise Date is not a trading day, the last trading day immediately prior to the Exercise Date), and <I>multiplied
    by</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.35pt; text-align: justify; text-indent: -22.35pt">3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;90%.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PLK</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A
                                            number of Purchaser Shares calculated pursuant to the following formula:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.9pt; text-align: justify; text-indent: -0.25in">1.&#8239;&#8239;&#8239;&#8239;&#8239;3%
    of the gross revenue attributable to the Company for each day in the applicable fiscal year, <I>divided by</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.9pt; text-align: justify; text-indent: -0.25in">2.&#8239;&#8239;&#8239;&#8239;&#8239;85%
    of the volume-weighted average price (VWAP) of Purchaser Shares during the forty (40) trading days ended (i)&nbsp;in case of issuance
    pursuant to <U>Section&nbsp;5.3(a)</U>, as of the last trading day of the immediate preceding fiscal year or; (ii)&nbsp;in case of
    issuance pursuant to <U>Section&nbsp;5.3(b)</U>, as of the Exercise Date (or to the extent the Exercise Date is not a trading day,
    the last trading day immediately prior to the Exercise Date), and <I>multiplied by</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.9pt; text-align: justify; text-indent: -0.25in">3.&#8239;&#8239;&#8239;&#8239;&#8239;10%.</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A
                                            number of Purchaser Shares calculated pursuant to the following formula:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.35pt; text-align: justify; text-indent: -22.35pt">1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;US$35,000,0000,
    <I>divided by</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.35pt; text-align: justify; text-indent: -22.35pt">2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;85%
    of the volume-weighted average price (VWAP) of Purchaser Shares during the forty (40) trading days ended as of the Exercise Date
    (or to the extent the Exercise Date is not a trading day, the last trading day immediately prior to the Exercise Date), and <I>multiplied
    by</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.35pt; text-align: justify; text-indent: -22.35pt">3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;10%.</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Schedule 2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Schedule 3</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Address for Notices</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 44%; padding: 0.15pt 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>If
                                            to Cartesian to:</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">c/o Cartesian Capital Group, LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">505 Fifth Avenue, 15th Floor</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">New York, NY 10017</P></TD>
    <TD STYLE="width: 56%; padding: 0.15pt 5.4pt"></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.15pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.15pt 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.15pt 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>If
                                      to PLK to:</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">8 Cross Street, Manulife Tower, #28-021,
    Singapore 048424</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Attention: [***]<BR>
    Email: [***]</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P></TD>
    <TD STYLE="padding: 0.15pt 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><I>with
                                      a copy (which will not constitute notice) to:</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Legal Department</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Email: [***]</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.15pt 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>If
                                      to the Purchaser to:</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">2501 Central Plaza, 227 Huangpi North
    Road, Shanghai, People&rsquo;s Republic of China</P></TD>
    <TD STYLE="padding: 0.15pt 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><I>with
                                      a copy (which will not constitute notice) to:</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Kirkland&nbsp;&amp; Ellis</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Attention: Armand A. Della Monica / Jesse
    Sheley / Joseph Raymond Casey / Min Lu</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Address: 26th Floor, Gloucester Tower,
    The Landmark, 15 Queen's Road, Central, Hong Kong</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email:
    armand.dellamonica@kirkland.com; <U>JSheley@kirkland.com</U></FONT><U>; joseph.casey@kirkland.com;</U> min.lu@kirkland.com</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.15pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.15pt 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.15pt 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>If
                                      to the Company to:</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Mourant Governance Services (Cayman)
    Limited, 94 Solaris Avenue, Camana Bay, P.O.&nbsp;Box 1348, Grand Cayman KY1-1108, Cayman Islands</P></TD>
    <TD STYLE="padding: 0.15pt 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><I>with
                                      a copy (which will not constitute notice) to:</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">c/o Cartesian Capital Group, LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">505 Fifth Avenue, 15th Floor</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">New York, NY 10017</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">Schedule 3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Exhibit&nbsp;A<BR>
Amended and Restated Master Development Agreement</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">Exhibit&nbsp;A</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>EXECUTION VERSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AMENDED AND RESTATED MASTER DEVELOPMENT AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>THIS AGREEMENT
</U></B></FONT>dated March&nbsp;30, 2023 (the &ldquo;<B>Original Commencement Date</B>&rdquo;) has been amended and restated on March&nbsp;30,
2023 (the &ldquo;<B>A&amp;R Effective Date</B>&rdquo;) by and among:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: justify">PLK APAC PTE. LTD., a company organized and
                                            existing under the laws of Singapore and having a principal place of business at 8 Cross
                                            St, Manulife Tower, #28-01/07, Singapore 048424 (&ldquo;<B>PLK</B>&rdquo;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: justify">PLKC HK INTERNATIONAL LIMITED, a limited liability
                                            company organized under the laws of Hong Kong (the &ldquo;<B>Master Franchisee</B>&rdquo;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: justify">PLKC INTERNATIONAL LIMITED, a company organized
                                            under the laws of Cayman Islands (the &ldquo;<B>JVC</B>&rdquo;); and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(4)</TD><TD STYLE="text-align: justify">TH INTERNATIONAL LIMITED, a limited company
                                            organized under the laws of Cayman Islands having a principal place of business at PO Box
                                            309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands (the &ldquo;<B>Shareholder</B>&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the purposes of this Agreement, the above
parties shall be individually referred to as a &quot;<B>Party</B>&quot; and collectively referred to as the &quot;<B>Parties</B>&quot;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>INTRODUCTION</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">A.</TD><TD STYLE="text-align: justify">PLK has the exclusive right to use, and possesses
                                            the right to license and/or permit third parties to use, the unique Popeyes System and the
                                            Popeyes Marks for the development and operation of Quick Service Restaurants known as Popeyes
                                            Restaurants throughout the Region.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">B.</TD><TD STYLE="text-align: justify">PLK is engaged in the business of developing,
                                            operating and granting franchises to operate Popeyes Restaurants throughout the Region using
                                            the Popeyes System and the Popeyes Marks and such other marks as PLK or its Affiliates may
                                            authorize from time to time for use in connection with Popeyes Restaurants.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">C.</TD><TD STYLE="text-align: justify">PLK and its Affiliates have established a reputation
                                            and image with the public as to the quality of products and services available at Popeyes
                                            Restaurants, which reputation and image have been, and continue to be, a unique benefit to
                                            PLK, its Affiliates and its franchisees.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">D.</TD><TD STYLE="text-align: justify">On the Original Commencement Date, PLK, Pangaea
                                            Three Acquisition Holdings IV, Limited (&ldquo;<B>Investor</B>&rdquo;), and Cartesian agreed
                                            to develop Popeyes Restaurants in the Territory, and for this purpose the JVC was established
                                            as a joint venture company (the &ldquo;<B>Transaction</B>&rdquo;). Upon consummation of the
                                            Transaction, PLK owned 10% of the Equity Securities of the JVC and the Investor owned 90%
                                            of the Equity Securities of the JVC. Master Franchisee is a wholly-owned subsidiary of the
                                            JVC.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">E.</TD><TD STYLE="text-align: justify">On the Original Commencement Date, PLK and
                                            Master Franchisee entered into the Original Agreement, pursuant to which PLK granted to Master
                                            Franchisee and Master Franchisee obtained the exclusive right to develop, open and operate
                                            (through itself and the Approved Subsidiaries), and to license Franchisees to develop, open
                                            and operate, Popeyes Restaurants in the Territory.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">F.</TD><TD STYLE="text-align: justify">On the A&amp;R Effective Date, as a result
                                            of the Combination, the Shareholder owns one hundred percent (100%) of the Equity Securities
                                            of the JVC, and the JVC owns one hundred percent (100%) of the Equity Securities of Master
                                            Franchisee.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 36 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">G.</TD><TD STYLE="text-align: justify">Master Franchisee recognizes, acknowledges,
                                            declares and confirms that (i)&nbsp;the benefits to be derived from being identified with
                                            and licensed by PLK and being able to utilize the Popeyes System including the Popeyes Marks
                                            which PLK makes available to its franchisees are substantial, and (ii)&nbsp;without such
                                            benefits being granted by PLK, Master Franchisee would not be in a position to establish
                                            and operate a food chain business in the Territory of the nature, reputation and quality
                                            of the Popeyes Restaurants and, as such, Master Franchisee has been provided a business opportunity
                                            that would not otherwise be available to Master Franchisee.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">H.</TD><TD STYLE="text-align: justify">In connection with the granting of the Development
                                            Rights to Master Franchisee to ensure that the Standards shall be complied with and maintained,
                                            Master Franchisee has agreed to provide services and operational support to all Popeyes Restaurants
                                            operating within the Territory.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">I.</TD><TD STYLE="text-align: justify">Master Franchisee acknowledges that it entered
                                            into the Original Agreement and is entering into this Agreement after having made an independent
                                            investigation of PLK's operations, and not upon any representation as to the profits and/or
                                            sales volumes which it might be expected to realize, nor upon any representations or promises
                                            made by PLK or any Person on its behalf which are not contained in this Agreement, except
                                            for such representations, warranties, covenants and agreements contained in the Transaction
                                            Agreements.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">J.</TD><TD STYLE="text-align: justify">It is the intent of PLK and Master Franchisee
                                            to preserve continuing customer confidence in the reliability and quality of all products
                                            sold at Popeyes Restaurants.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">K.</TD><TD STYLE="text-align: justify">The Parties now desire to enter into this Agreement,
                                            which Agreement will amend, restate, supersede and replace the Original Agreement with effect
                                            from the A&amp;R Effective Date.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">L.</TD><TD STYLE="text-align: justify">PLK has delivered to Master Franchisee a pre-contractual
                                            disclosure document as required under the applicable Law of the Territory, and Master Franchisee
                                            acknowledges that it has received such pre-contractual disclosure document in fulfilment
                                            of the requirements of applicable Law of the Territory.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NOW THEREFORE, in consideration
of the mutual promises, agreements, obligations and covenants contained in this Agreement and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>1&#8239;&#8239;&#8239;&#8239;<U>INTERPRETATION</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.1</TD><TD STYLE="text-align: justify"><U>Definitions</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In this Agreement, the terms below have the following
meanings. Any of such terms, unless the context otherwise requires, may be used in the singular or plural, depending upon the context.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>A&amp;R Effective Date</B>&rdquo; has
the meaning set out in the preamble.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Accounting
Principles</B>&rdquo; means the accounting principles of the </FONT>Shareholder consistent with US GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Acquired Restaurant</B>&rdquo; has
the meaning set out in clause 6.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Ad Fund Account</B>&rdquo; has the
meaning set out in clause 11.1(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Ad Fund Breach</B>&rdquo; has the meaning
set out in clause 11.7.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Administrative Expenses</B>&rdquo;
means all general and administrative expenses and overhead associated with managing, administering and maintaining the Advertising Fund,
including, without limitation, salaries of relevant employees of Master Franchisee and/or its Affiliates, and the salaries of relevant
employees of PLK and its Affiliates if PLK terminates Master Franchisee&rsquo;s right to manage the Advertising Fund and provide the
Marketing Services and Advertising Services pursuant to clause 11.7.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Advertising Contributions</B>&rdquo;
has the meaning set out in clause 11.1(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Advertising Fund</B>&rdquo; means the
advertising fund formed by Master Franchisee by combining the Advertising Contributions paid by Master Franchisee and Franchisees under
the Company Franchise Agreement and the Franchise Agreements, as applicable, in respect of all Popeyes Restaurants in the Territory,
which advertising fund shall be used for the purposes and in the manner stipulated in this Agreement, the Company Franchise Agreement
and the Franchise Agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Advertising Fund Audit</B>&rdquo; has
the meaning set out in clause 11.9.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Advertising Services</B>&rdquo; has
the meaning set out in clause 11.5.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Affected Area</B>&rdquo; has the meaning
set out in clause 10.2.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&quot;<B>Affiliate</B>&quot; means any Person
that directly or indirectly Controls, is Controlled by, or is under common Control with another Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Agreement</B>&rdquo; means this Amended
and Restated Master Development Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Annual Cap</B>&rdquo; has the meaning
set out in clause 10.2.4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Annual Opening Target</B>&rdquo; has
the meaning set out in the Development Schedule.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Anti-Corruption Laws</B>&rdquo; means
the FCPA, the CFPOA, the Corruption and Disobedience sections of the Canadian Criminal Code, RSC 1985, c C-46, and all other anti-corruption,
fraud, kickback, anti-money laundering, anti-boycott laws, regulations or orders, and all similar laws, or regulations or orders applicable
to the Parties of this Agreement in the Territory and any other relevant jurisdictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Anti-Terrorism Laws</B>&rdquo; means
Executive Order 13224 issued by the President of the United States, the Terrorism Sanctions Regulations (Title 31, Part&nbsp;595 of the
U.S. Code of Federal Regulations), the Foreign Terrorist Organizations Sanctions Regulations (Title 31, Part&nbsp;597 of the U.S. Code
of Federal Regulations), the Cuban Assets Control Regulations (Title 31, Part&nbsp;515 of the U.S. Code of Federal Regulations), the
USA PATRIOT Act, and all other present and future federal, state, provincial and local laws, ordinances, regulations, policies, lists
and any other requirements of any governmental authority (including, without limitation, the United States Department of Treasury Office
of Foreign Assets Control and any government agency outside the U.S.) addressing or in any way relating to terrorist acts and/or acts
of war, including without limitation any applicable Canadian and UK anti-terrorism legislation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Applicable Royalty</B>&rdquo; has the
meaning set out in clause 9.5.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Approvals</B>&rdquo; has the meaning
set out in clause 35.1.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Approved Facility</B>&rdquo; means
the specific facility of an Approved Supplier that is approved by PLK in writing to manufacture and/or distribute the Approved Products
in the Territory.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Approved Plans and Specifications</B>&rdquo;
means the general plans and specifications for the construction and fit-out of a new or remodelled Restaurant in the Territory (including
requirements as to signage and equipment) which may be approved from time to time by PLK in its sole discretion, which, for the avoidance
of doubt are not specific to an individual site or Restaurant location.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Approved Products</B>&rdquo; has the
meaning set out in the Company Franchise Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Approved Subsidiary</B>&rdquo; means
any entity (a)&nbsp;which will be and remain at all times wholly-owned by Master Franchisee, (b)&nbsp;which will be established in the
Territory while the Development Rights are in effect, (c)&nbsp;the business of which will be limited to the operation of Popeyes Restaurants
in the Territory, (d)&nbsp;which PLK will license the right to operate Direct-Owned Restaurants in the Territory pursuant to the Company
Franchise Agreement, and (e)&nbsp;which will deliver to PLK a Joinder Agreement. An Approved Subsidiary may operate Direct-Owned Restaurants
pursuant to the Company Franchise Agreement, subject to compliance with this Agreement and the Company Franchise Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Approved Suppliers</B>&rdquo; has the
meaning set out in the Company Franchise Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Audit Report</B>&rdquo; has the meaning
set out in clause 10.3.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Authority</B>&rdquo; means any federal,
state, municipal, local or other governmental department, regulatory body, commission, board, bureau, agency or instrumentality, or any
administrative, judicial or arbitral court or panel, with jurisdiction over the applicable matter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Background Check Provider</B>&rdquo;
means Guidehouse,&nbsp;Inc. or any similar service provider with reputable standing and relevant experience acceptable to PLK.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Basic Training Program</B>&rdquo; has
the meaning set out in clause 15.1.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Board Meetings</B>&rdquo; has the meaning
set out in clause 2.15.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Business Day</B>&rdquo; means a day,
other than a Saturday, Sunday or public holiday in the Territory and Singapore on which banks are open in the Territory and Singapore
for general commercial business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Cartesian</B>&rdquo; means, collectively,
PANGAEA THREE-B, LP, a legal entity organized and existing under the laws of the Cayman Islands with file registration number of MC-96696,
and its Affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Cash and Cash Equivalents</B>&rdquo;
means, as of any date of determination, the aggregate amount of cash, cash equivalents and marketable securities (including deposits)
of the China Group as of such date, determined on a consolidated basis in accordance with the Accounting Principles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>CFPOA</B>&rdquo; means the Canadian
Corruption of Foreign Public Officials Act, S.C. 1998, c. 34, as amended or superseded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Chicken Competitive Business</B>&rdquo;
means a Quick Service Restaurant business (a)&nbsp;based in and/or operating within the Region, where the combined sales of Chicken Products
constitute twenty percent (20%) or more of its overall food and beverage sales and/or total menu items, or (b)&nbsp;based outside and/or
operating solely outside the Region, where the combined sales of Chicken Products constitute thirty percent (30%) or more of its overall
food and beverage sales and/or total menu items. A Chicken Competitive Business includes businesses that grant franchises or licenses
to others to operate any of the types of businesses described in the preceding sentence. Without limiting the generality of the foregoing,
the restaurant chains listed on <U>Schedule 1</U> shall each be considered a Chicken Competitive Business for purposes of this Agreement
and the Company Franchise Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Chicken Products</B>&rdquo; means any
food products intended for human consumption that are (a)&nbsp;made with poultry or poultry parts or cuts, whether fresh or frozen, skinned
or unskinned, boned or boneless, including domesticated chickens, turkeys and quails, or (b)&nbsp;intended to be sold as poultry substitutes,
including plant-based poultry substitutes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>China Group</B>&rdquo; means the Shareholder,
together with all subsidiaries of the Shareholder and all entities Controlled by the Shareholder. A &ldquo;<B>China Group Company</B>&rdquo;
shall mean any of them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>China Group Debt</B>&rdquo; has the
meaning set out in clause 2.14.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Claim</B>&rdquo; means any lawsuit,
litigation, dispute, claim, arbitration, mediation, action, hearing, proceeding, investigation, charge, complaint, demand, injunction,
judgment, order, decree, ruling or any other proceeding before a judicial, administrative or arbitral court or panel, whether known or
unknown, liquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal or equitable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Co-Branded Location</B>&rdquo; means
a location where a Popeyes Restaurant and another restaurant business under another brand (the &ldquo;<B>Other Restaurant Business</B>&rdquo;)
co-exist and any one of the following characteristics is present: (i)&nbsp;the Popeyes Restaurant and the Other Restaurant Business are
staffed with the same employees, or (ii)&nbsp;the Popeyes Restaurant and the Other Restaurant Business share any one of the following:
(a)&nbsp;the POS Systems, (b)&nbsp;kitchen or kitchen equipment, (c)&nbsp;seating areas (except that if the Popeyes Restaurant and the
Other Restaurant Business are located in a food court, both businesses may share a common seating area), or (d)&nbsp;d&eacute;cor packages.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Combination</B>&rdquo; means the sale
of one hundred percent (100%) of the Equity Securities of the JVC to the Shareholder on the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Company Franchise Agreement</B>&rdquo;
means the PRC Company Franchise Agreement. The form of Company Franchise Agreement is attached as Exhibit&nbsp;A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Competitor</B>&rdquo;
means </FONT>any Person who (or which), whether directly or indirectly, owns or operates, or licenses to any other Person the right to
own and/or operate, (a)&nbsp;any Chicken Competitive Business, and/or (b)&nbsp;any Seafood Competitive Business. For purposes of this
definition, the term &ldquo;<B>Competitor</B>&rdquo; shall also include (i)&nbsp;any Affiliate of such Person, (ii)&nbsp;any director
or officer of such Person or Affiliate, (iii)&nbsp;any entity Controlled by such Person or Affiliate, either through the direct or indirect
ownership of Equity Securities, a contractual arrangement with one or more holders of Equity Securities or otherwise, and (iv)&nbsp;any
immediate family member of such Person (or any Affiliate of any of the foregoing). Notwithstanding the foregoing, the Existing Businesses
are excluded from the definition of &ldquo;Competitor&rdquo; for the purposes of this Agreement and the other Transaction Agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Compliance Plan</B>&rdquo; is the compliance
program and code of business ethics maintained by the JVC (with such modifications and updates as may be agreed to with PLK from time
to time) to establish internal controls and reporting mechanisms to prevent, detect, identify, investigate and correct unethical, illegal
or improper business practices, including violations of applicable Anti-Corruption Laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Concept Approval</B>&rdquo; has the
meaning described in clause 10.2.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Concept Approval Notice</B>&rdquo;
has the meaning described in clause 10.2.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Confidential Information</B>&rdquo;
has the meaning set out in clause 19.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Confidential Operating Manual</B>&rdquo;
means such sets of manuals, guides and video training materials, memoranda, bulletins, directives, computer programs, and other materials
whether stored in a retrieval system or in paper format and whether documented or communicated in writing or electronically, as may exist
or be changed by PLK and/or its Affiliates from time to time, in their sole discretion, which together create and maintain uniform standards
and specifications of use of the Popeyes Marks and the operation of Restaurants and the Popeyes System.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Control</B>&rdquo; or &ldquo;<B>Controlled</B>&rdquo;
means the direct or indirect ownership, whether by ownership of Equity Securities, contract, proxy or otherwise, of shareholding or contractual
rights of a Person that assures (a)&nbsp;the majority of the votes in the resolutions of such Person, or (b)&nbsp;the power to appoint
the majority of the managers or directors of such Person, or (c)&nbsp;the power to direct or cause the direction of the management or
policies of such Person, and the related terms &ldquo;<B>Controlled by</B>&rdquo; &ldquo;<B>Controlling</B>&rdquo; or &ldquo;<B>under
common Control with</B>&rdquo; shall be read accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Conversion
Rate&rdquo;</B></FONT> means the official exchange rate published by Bloomberg L.P. (or if this rate is unavailable or is no longer published,
the rate published by <U>The Wall Street Journal</U> or such other internationally recognized third party financial information publisher
designated by PLK from time to time) for the exchange of the currency in question on the date applicable to any currency conversion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Core Menu Items</B>&rdquo; means the
items set out in <U>Schedule 5</U>, and such other essential menu items as may be determined by PLK and/or its Affiliates acting in good
faith, in their sole discretion, for the Popeyes System globally and not solely with respect to the Territory, from time to time and
communicated in writing to Master Franchisee. The publication of any changes to the Core Menu Items in the Confidential Operating Manual
shall be considered a &ldquo;writing&rdquo; for purposes hereof. PLK shall provide Master Franchisee with reasonable time to implement
any new Core Menu Item.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Core Menu Item Removal Notice</B>&rdquo;
has the meaning set out in clause 10.4.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Cumulative Opening Targets</B>&rdquo;
has the meaning set forth in the Development Schedule.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Current
Image</B>&rdquo; means </FONT>the internal and external physical appearance of new or remodeled Popeyes Restaurants including, without
limitation, as it relates to signage, fascia, color schemes, menu boards, lighting, furniture, finishes, d&eacute;cor, materials, equipment
and other matters generally applicable to PLK&rsquo;s operations in the Territory as may be changed from time to time by PLK and/or its
Affiliates in their sole discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Days</B>&rdquo; or &ldquo;<B>Day</B>&rdquo;
means calendar day or days, unless otherwise expressly provided.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Debt</B>&rdquo; means, with respect
to China Group, on a consolidated basis, and without duplication, the outstanding principal amount of, together with accrued and unpaid
interest on, any (a)&nbsp;indebtedness for borrowed money; (b)&nbsp;other obligations evidenced by any note, bond, debenture or other
debt security; and (c)&nbsp;guarantees of any indebtedness of a third party of the type described in the foregoing (a)&nbsp;and (b).
 &ldquo;Debt&rdquo; shall not include (x)&nbsp;any obligations under operating leases or real property leases, (y)&nbsp;any obligations
with respect to surety bonds or undrawn letters of credit, or (z)&nbsp;any intercompany obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Definitive Agreements</B>&rdquo; has
the meaning set out in clause 4.10.5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Delivery Aggregator</B>&rdquo; means
a business that (a)&nbsp;permits a customer to place an order for products provided by a Popeyes Restaurant through an online portal,
Mobile Application, call center or other electronic means, (b)&nbsp;transmits such order to the Restaurant for fulfillment, and (c)&nbsp;provides
additional services in connection therewith (including delivery and pickup services). The terms of any arrangements between Master Franchisee
and a Delivery Aggregator (and any amendments thereto) are subject to approval by PLK (not to be unreasonably withheld or delayed).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Delivery Aggregator Information</B>&rdquo;
means the data and information arising out of the utilization of a Delivery Aggregator by Master Franchisee and/or Franchisees or otherwise
provided to Master Franchisee by the Delivery Aggregator. Delivery Aggregator Information includes sales data, aggregated, per order
and per SKU sales and order accuracy data (food subtotal, tax amounts,&nbsp;etc.), Delivery Fees, customer ratings and feedback, metrics
relevant to improve in-store performance, including online time, wait time at pickup, total delivery time, unaccepted or canceled orders,
time to accept orders, preparation time and completed and failed orders, and such other information that PLK may from time to time request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Delivery Fee</B>&rdquo; means the full
amount of the commission, service fee or other charge paid to Delivery Aggregators and other third parties in connection with the Delivery
Program.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Delivery Program</B>&rdquo; means a
PLK-approved program pursuant to which customers can order Approved Products (as defined in the Company Franchise Agreement) to be delivered
to their home or office through any means, including an online portal which is accessible via a computer or a Mobile Application, call
center or other electronic means. Each participating Popeyes Restaurant will (a)&nbsp;manage the Delivery Program in the manner prescribed
by PLK from time to time (which is currently through a web-based delivery manager portal), including the management of delivery zones,
orders, drivers, product availability and pricing, (b)&nbsp;purchase special equipment approved by PLK from time to time (to the extent
applicable to all franchisees in the Region) in order to maintain temperature of the Approved Products and to connect the POS System
to the then approved delivery system (currently, the delivery manager portal), and (c)&nbsp;pay all applicable fees to the third party
vendor, if any, which is approved by PLK from time to time to administer all or any portion of the Delivery Program, including the online
portal, call center and delivery manager portal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Delivery Requirements</B>&rdquo; means
the rules, policies, guidelines and Standards established by PLK, in its sole discretion, from time to time in connection with a Delivery
Program, taking into consideration local norms, customs and practices, and recommendations from Master Franchisee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Development Cure Period</B>&rdquo;
means for any Shortfall Year, a six (6)&nbsp;month period commencing on January&nbsp;1<SUP>st</SUP> of the Development Year immediately
following such Shortfall Year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Development Default</B>&rdquo; has
the meaning set out in clause 6.8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Development Rights</B>&rdquo; has the
meaning set out in clause 4.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Development Schedule</B>&rdquo; means
the schedule attached to this Agreement as <U>Schedule 2</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Development
Services</B>&rdquo;</FONT> has the meaning set out in clause 9.13.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&quot;<B>Development Year</B>&quot; or &ldquo;<B>Year</B>&rdquo;
means each calendar year during the Term, except for the first Development Year, which began on the Original Commencement Date and shall
end on December&nbsp;31, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Direct-Owned Restaurants</B>&rdquo;
means the Popeyes Restaurants owned, established and operated by Master Franchisee and/or Approved Subsidiaries in the Territory pursuant
to this Agreement and the Company Franchise Agreement. Direct-Owned Restaurants include any Acquired Restaurants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Direct-Owned Restaurant Fee Credit</B>&rdquo;
has the meaning set out in clause 8.6.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Direct-Owned Restaurant Limitation</B>&rdquo;
has the meaning set out in clause 6.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Direct-Owned Restaurant Unit Fee</B>&rdquo;
has the meaning set out in clause 8.5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Dispute</B>&rdquo; has the meaning
set out in clause 29.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>DTT</B>&rdquo; has the meaning set
out in clause 22.6.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Early Closure Request</B>&rdquo; has
the meaning set out in clause 6.6.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Equity Securities</B>&rdquo; means,
with respect to a Person that is a legal entity, any and all shares of the capital stock or other equity interests of such Person, securities
of such Person convertible into, or exchangeable or exercisable for, such shares or other equity interests, and options, warrants or
other rights, including, but not limited to, subscription rights, to acquire such shares or other equity interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Events of Default</B>&rdquo; means
those events set out in clause 18.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Exclusivity Exclusions</B>&rdquo; has
the meaning set out in clause 4.5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Existing Businesses</B>&rdquo; has
the meaning set out in clause 14.3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Export Control Laws</B>&rdquo; means
the various export control statutes, regulations, decrees, orders, guidelines and policies of the United States Government and the Government
of Canada, collectively referred to as &ldquo;Export Control Laws,&rdquo; including, but not limited, to the International Traffic in
Arms Regulations (22 C.F.R. Parts 120-130 (2016)) of the U.S. Department of State, the Export Administration Regulations (&quot;EAR&quot;)
(15 C.F.R. Parts 730-774 (2016)) of the U.S. Department of Commerce; the U.S. anti-boycott regulations and guidelines, including those
under the EAR and U.S. Department of the Treasury regulations; the various economic sanctions regulations and guidelines of the U.S.
Department of the Treasury, Office of Foreign Assets Control, as amended, the equivalent laws and regulations of Canada; and restrictions
against dealings with certain prohibited, debarred, denied or specially designated entities or individuals under statutes, regulations,
orders, and decrees of various agencies of the United States Government or Government of Canada.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Extension Notice</B>&rdquo; has the
meaning set forth in clause 5.1.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Extension Period</B>&rdquo; has the
meaning set forth in clause 5.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Extension Period Targets</B>&rdquo;
has the meaning set out in the Development Schedule.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>FCPA</B>&rdquo; means the U.S. Foreign
Corrupt Practices Act of 1977, as amended or superseded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Final Judgment</B>&rdquo; has the meaning
set out in clause 20.5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Final Proposal</B>&rdquo; has the meaning
set out in clause 4.10.5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Financial Year</B>&rdquo; means the
fiscal year of the Shareholder and its subsidiaries, including Master Franchisee and the Approved Subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>First Deadline</B>&rdquo; has the meaning
set out in clause 4.10.3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Force Majeure Event</B>&rdquo; has
the meaning set out in clause 6.9.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Franchise Agreement</B>&rdquo; means
a franchise agreement authorized by PLK to be used in the Territory and entered into between Master Franchisee, as franchisor, and a
Franchisee, as franchisee, during the Term which grants Franchisee the right to operate a Franchised Restaurant at a specific location
in the Territory. Prior to entering into the Franchise Agreement with respect to the first Franchised Restaurant in the Territory, the
final form of Franchise Agreement shall be approved in writing by PLK. In addition, PLK shall approve any changes to the form of Franchise
Agreement from time to time and may require Master Franchisee to implement changes to the form in the event that PLK&rsquo;s requirements
change from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Franchised Restaurants</B>&rdquo; means,
collectively, the Popeyes Restaurants operated by Franchisees pursuant to Franchise Agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Franchised Restaurant Unit Fee</B>&rdquo;
has the meaning set out in clause 9.4.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Franchisee</B>&rdquo; means a Person
that is not an Affiliate of Master Franchisee who is licensed by Master Franchisee to open and operate a Popeyes Restaurant in the Territory
pursuant to a Franchise Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Funding
Breach</B>&rdquo; </FONT>has the meaning set forth in clause 2.17.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>FSC</B>&rdquo; has the meaning set
out in clause 20.9.6.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>FSR</B>&rdquo; has the meaning set
out in clause 20.9.6.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Global Marketing Policy</B>&rdquo;
means the Global Marketing Policy, as such policy may be amended or supplemented by PLK and/or its Affiliates from time to time in their
sole discretion. The current version of the Global Marketing Policy is attached as Exhibit&nbsp;F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Goods and Services</B>&rdquo; means
the goods and services in respect of which the Popeyes Marks are registered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Gross
Sales</B>&rdquo; </FONT>includes all sums charged or received in cash or by credit (and regardless of collection in the case of credit)
for all goods and merchandise sold or otherwise disposed of, or services provided or performed at or from a Restaurant, including all
premiums unless exempted by PLK, and all other revenue and income of every kind and nature related to the Restaurant. The sale of Popeyes
products away from a Restaurant is not authorized; however, should any such sales, including off-premises services such as catering and
delivery, occur or be approved in the future, they will be included within the definition of Gross Sales. For the avoidance of doubt,
Gross Sales includes all sums charged or received in cash or by credit by Master Franchisee or a Franchisee for goods or merchandise
sold through the provision of delivery or catering services, whether such delivery or catering services are provided by Master Franchisee,
a Franchisee or another third party. For further clarity, if the delivery or catering services are provided by a Delivery Aggregator
or other third party and a portion of the sum charged to or received in cash or by credit from customers must be paid by Master Franchisee
or the Franchisee to the Delivery Aggregator or other third party as a Delivery Fee, such Delivery Fee shall not be deducted from the
calculation of Gross Sales. Finally, any fees or costs relating to loyalty programs of Master Franchisee or a third party, including,
without limitation, fees paid on the issuance of loyalty points or similar award units, whether or not such fees or costs are paid directly
to any loyalty program administrator or service provider or are deducted from amounts otherwise due to Master Franchisee by such loyalty
program administrator or service provider for the sale of Popeyes products at a Restaurant, shall not be deducted from the calculation
of Gross Sales. Gross Sales excludes taxes that are required by applicable Law: (a)&nbsp;to be levied on the customer at the time of
each sales transaction; (b)&nbsp;to be collected by Master Franchisee or a Franchisee and remitted to the Tax Authority by such Persons;
and (c)&nbsp;to be based upon the amount of the sale. Gross Sales also excludes cash received as payment in credit transactions where
the extension of credit itself has already been included in the figure upon which the Royalty and Advertising Contribution is calculated.
In addition, and for certainty only, taxes based on gross income or gross revenue of Master Franchisee or a Franchisee shall not be deducted
from the calculation of Gross Sales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>HK$</B>&rdquo; means Hong Kong Dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>HK Development Rights</B>&rdquo; has
the meaning set out in clause 4.10.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>ICC Rules</B>&rdquo; has the meaning set out in clause 29.3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Indirect Tax</B>&rdquo; or &ldquo;<B>Indirect
Taxes</B>&rdquo; means sales and use tax, goods and services tax, value added tax, ad valorem tax, excise tax, duty, levy or other governmental
charges, and other obligations of the same or of a similar nature to any of the foregoing (together with any penalties, interest, or
other similar amounts thereon) levied by a Tax Authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Initial Term</B>&rdquo; has the meaning set out in clause
5.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: -2.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: -2.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Intellectual Property Claims</B>&rdquo; has the meaning
set out in clause 20.2.4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Interest Notice</B>&rdquo; has the
meaning set out in clause 4.10.3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Interim FA</B>&rdquo; means that certain
franchise agreement to be entered into by and between PLK and Mr.&nbsp;Peng Zhang with respect to the Popeyes Marks and/or the Popeyes
Restaurants in the Territory.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Investor</B>&rdquo; has the meaning
set out in Recital D.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>IP Transferee</B>&rdquo; has the meaning set out in clause
21.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>IT Systems</B>&rdquo;
</FONT>means POS Systems, Order Systems or any other technology for the purpose of (a)&nbsp;communicating with customers of Popeyes Restaurants
in the Territory, or (b)&nbsp;collecting, managing, processing, storing and using Popeyes Restaurant data, as well as any other data
and information collected from or relating to customers of Popeyes Restaurants in the Territory, which may be mandated or approved by
PLK or any of its Affiliates from time to time during the Term, and including any system, equipment, network, wiring, hardware and software
in connection with any of the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Joinder Agreement</B>&rdquo; means
the Joinder Agreement executed by Master Franchisee and an Approved Subsidiary and delivered to PLK, pursuant to which the Approved Subsidiary
agrees to be bound by the Company Franchise Agreement and jointly and severally liable with Master Franchisee and all other Approved
Subsidiaries for all of the liabilities and obligations of Franchisee (as defined in the Company Franchise Agreement) pursuant to the
Company Franchise Agreement and each Unit Addendum issued thereunder. The form of Joinder Agreement is attached as Schedule E to the
Company Franchise Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>JVC</B>&rdquo; has the meaning set
out in the preamble.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Law</B>&rdquo; or &ldquo;<B>law</B>&rdquo;
means, collectively, any laws, rules, statutes, decrees, regulations, circulars, writs, injunctions, ordinances or orders, including
all applicable public, environmental, and competition laws, and regulations; and any administrative decisions, judgments and other pronouncements
enacted, issued, promulgated, enforced or entered by any Authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Level
2 Background Check</B>&rdquo; means </FONT>the final report issued by the Background Check Provider based on the level 2 background check
to be conducted by the Background Check Provider, which will be limited to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">the standard scope of work of Guidehouse,&nbsp;Inc.
                                            for a Level 2 Background Check, a copy of which is in the agreed form attached as Exhibit&nbsp;B
                                            hereto, as such scope may be modified by applicable Law (the &ldquo;<B><U>Level 2 Agreed
                                            Scope</U></B>&rdquo;); or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">to the extent that Guidehouse,&nbsp;Inc. from
                                            time to time amends its standard scope for work for completing a background check of an equivalent
                                            level to that contemplated by the Level 2 Agreed Scope, such amended scope; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">to the extent that a provider other than Guidehouse,&nbsp;Inc.
                                            is used, its standard scope of work at the relevant time for completing a background check
                                            of an equivalent level to that contemplated by the Level 2 Agreed Scope.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Local Currency</B>&rdquo; has the meaning
set out in clause 22.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Losses</B>&rdquo; means any losses,
amounts paid in settlement, penalties, fines, damages (including special, indirect and consequential damages), lost profits, liabilities,
costs and expenses (including reasonable attorneys&rsquo; fees and expenses incurred in investigating, preparing or defending any Claims
covered hereby).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>LTM EBITDA</B>&rdquo; means, as of
any date of determination, the consolidated earnings before interest, taxes, depreciation and amortization of China Group for the 12-month
period ending as of the last day of the month ended immediately prior to such date, determined in accordance with the Accounting Principles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Mainland
China</B></FONT>&rdquo; means the PRC, excluding Taiwan and the Special Administrative Regions of Hong Kong and Macau.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Marketing Agencies</B>&rdquo; means
all service providers or agencies retained directly or indirectly by Master Franchisee to provide Marketing Services during the Term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Marketing Calendar</B>&rdquo; means
the annual marketing calendar for the Territory, to be delivered to PLK and/or its Affiliates under clause 11.4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Marketing
Services</B>&rdquo; </FONT>has the meaning set out in clause 11.5.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Master Franchisee</B>&rdquo; means
the Party designated in the preamble above as Master Franchisee, its successors and permitted assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Material Change in Ownership</B>&rdquo;
has the meaning set out in clause 18.9.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>MDA Termination Event</B>&rdquo; means
the (a)&nbsp;expiration of this Agreement, or (b)&nbsp;termination of this Agreement or the termination of the Development Rights, whichever
occurs first.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Mobile Application</B>&rdquo; means
any application software, platform, application or functionality embedded within social media applications or platforms or any other
software configurations or systems designed to run on smartphones, tablets, computers and other mobile devices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>MOFCOM</B>&rdquo; means the Ministry
of Commerce of the PRC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: -2.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Monitoring Services</B>&rdquo; has the meaning set out in
clause 16.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>MOP</B>&rdquo; means Macanese pataca,
the currency of the Macau Special Administrative Region of the PRC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Net Debt</B>&rdquo; means, as of any
date of determination, the aggregate amount of Debt of China Group outstanding as of such date, minus the aggregate amount of Cash and
Cash Equivalents of China Group as of such date, in each case determined on a consolidated basis in accordance with the Accounting Principles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Notice of Completion</B>&rdquo; means
a written notice from Master Franchisee to PLK, advising PLK that Master Franchisee or an Approved Subsidiary will open a Direct-Owned
Restaurant and providing the scheduled opening date and location of the Direct-Owned Restaurant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Notice of Dispute</B>&rdquo; has the
meaning set out in clause 29.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Offer Date</B>&rdquo; has the meaning
set out in clause 4.10.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Offer Notice</B>&rdquo; has the meaning
set out in clause 4.10.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Opening Supervision Services</B>&rdquo;
has the meaning set out in clause 15.4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Optional Training Programs</B>&rdquo;
has the meaning set out in clause 15.1.3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Original Agreement</B>&rdquo; means
the Master Development Agreement dated March&nbsp;30, 2023 by and between PLK and Master Franchisee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Original Commencement Date</B>&rdquo;
has the meaning set out in the preamble.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Order Systems</B>&rdquo; means any
technology-based methods of taking, processing, routing and delivering orders or receiving payment for such orders as mandated or approved
by PLK or any of its Affiliates from time to time during the Term, including restaurant kiosks, websites, and Mobile Applications.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Other Brands&rdquo; </B>has the meaning
set out in clause 4.4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Other Distribution Channels</B>&rdquo;
means distribution channels other than Popeyes Restaurants, such as retail channels, including supermarkets, grocery and convenience
stores, catering and unmanned machines and petrol filling stations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Other Marks</B>&rdquo; means worldwide
trademarks, service marks, trade names, trade dress, logos, slogans, designs, copyrights, other intellectual property and other commercial
symbols and source-identifying indicia (and the goodwill associated therewith) that are similar, either in whole or in part, to those
of any PLK Affiliate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>P&amp;L Information</B>&rdquo; means
the following information, by hard copy or electronic format prescribed by or otherwise acceptable to PLK: (a)&nbsp;monthly, quarterly
and fiscal year-to-date profit and loss statements prepared as management accounts in accordance with generally accepted accounting principles
in the Territory for each Direct-Owned Restaurant or Franchised Restaurant and the total operations of Master Franchisee and the applicable
Franchisees, as the case may be, including, without limitation, all Popeyes Restaurants operated by Franchisee which for the avoidance
of doubt includes the main office function and any distribution function and (b)&nbsp;such other information and records of any kind
as PLK may reasonably require from time to time, including, without limitation, quarterly balance sheets and income statements and copies
of any other documentation provided to the Tax Authorities relating to the Direct-Owned Restaurants or Franchised Restaurants, as the
case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Parent</B>&rdquo; has the meaning set
out in clause 18.2(d).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Party</B>&rdquo; and &ldquo;<B>Parties</B>&rdquo;
has the meaning set out in the preamble above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Payment Restriction</B>&rdquo; has
the meaning set out in clause 22.4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Permitted Closure Restaurant</B>&rdquo;
has the meaning set out in clause 6.7.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Person</B>&rdquo; means any natural
person, corporation, limited liability company, trust, joint venture, association, company, partnership, Authority, statutory organization
or other entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>PLK</B>&rdquo; means the Party designated
in the preamble above as PLK, its successors and assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>PLK Designee</B>&rdquo; has the meaning
set out in clause 2.15.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>PLK Indemnified Parties</B>&rdquo;
means PLK, its Affiliates and their respective directors, officers, employees, shareholders, advisors and agents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Polling Information</B>&rdquo; means
information or data about Popeyes Restaurants and customers of Popeyes Restaurants that is transmitted to or from an IT System operated
by Master Franchisee, a Franchisee or their respective agents into a computer or system operated by PLK or its agents in the manner and
format prescribed by or on behalf of PLK from time to time. For the avoidance of doubt, Polling Information includes, without limitation,
daily sales, daily transaction level data, number of items sold and their respective prices, coupon data, sales per visit, digital sales
and products and combinations of products sold, otherwise known as product mix data or &ldquo;PMIX&rdquo; and inventory data, as well
as any other data and information collected from or relating to customers of Popeyes Restaurants in the Territory.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Popeyes Advertising Materials</B>&rdquo;
means all advertising, marketing, promotional, and public relations materials used to advertise or promote Popeyes Restaurants, including
video, audio, print, mobile, digital, and electronic advertisements, pamphlets, brochures, collateral materials, merchandising and in-restaurant
point of purchase materials, and internet materials (including websites), created, developed or obtained by Master Franchisee in connection
with the provision of the Services during the Term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Popeyes Core Marks</B>&rdquo; means
the marks set forth on <U>Schedule 4A</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Popeyes Curriculum</B>&rdquo; means
those training manuals, lesson plans and other guidelines, in hard copy or electronic format, including online training materials, in
relation to the provision of Training Services which have been developed or approved by PLK and/or its Affiliates and made available
in writing to Master Franchisee from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Popeyes Domain Names</B>&rdquo; means
all internet or global computing network addresses or locations, including all top-level domains (and the goodwill associated therewith)
used to advertise or promote Popeyes Restaurants, including domain names developed, acquired or used by Master Franchisee in connection
with the operation of the Restaurants and the provision of the Services during the Term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Popeyes Global Initiatives</B>&rdquo;
means global, regional and other advertising, promotional, marketing and research initiatives intended for the benefit of the Popeyes
System, as determined by PLK and its Affiliates, from time to time in their sole discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Popeyes
Intellectual Property Rights</B>&rdquo; means all industrial and intellectual property rights subsisting (but excluding any industrial
and intellectual property rights that may be owned by third parties) in the Popeyes System, Popeyes Curriculum, Popeyes Advertising Materials,
Popeyes Packaging Materials, and any other material or information provided to Master Franchisee or any Franchisee under this Agreement,
the Company Franchise Agreement, any Franchise Agreement or any other agreement (excluding the Popeyes Marks and Popeyes Domain Names).
</FONT>For purposes of this Agreement, the Popeyes Intellectual Property Rights shall also include social media accounts (including Facebook,
Twitter, Google, Pinterest,&nbsp;Instagram and YouTube) and other digital assets currently administered by Master Franchisee as of the
Original Commencement Date and those which may be administered by Master Franchisee on and after the Original Commencement Date and (to
the extent permitted by applicable Law), all User Data.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Popeyes Logo</B>&rdquo; means the principal
logo used by PLK and/or its Affiliates from time to time in respect of the Popeyes System.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&quot;<B>Popeyes Marks</B>&quot; means the worldwide
trademarks, service marks, trade names, trade dress, logos (including, but not limited to, the Popeyes Logo), slogans, designs and other
commercial symbols and source-identifying indicia (and the goodwill associated therewith) used in the operation of the Restaurants and
the Popeyes System, whether registered, applied for or unregistered.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Popeyes Master GTCs</B>&rdquo; means
the Master General Terms and Conditions of Supply for PLK governing the supply of Approved Products to the Popeyes System in the Territory
as determined by PLK and/or its Affiliates from time to time in their sole discretion. All Approved Suppliers shall accept the Popeyes
Master GTCs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Popeyes
Packaging Materials</B></FONT>&rdquo; means and includes all tags, labels, cartons, bags, containers, wrapping, and other materials used
in the Restaurants, including, but not limited to packaging materials developed, acquired or used by Master Franchisee in connection
with the operation of the Restaurants and the provision of the Services during the Term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Popeyes QA Program</B>&rdquo; means
all written quality assurance processes, testing procedures and other requirements of PLK and/or its Affiliates relating to the design,
manufacture and/or distribution of Approved Products in the Popeyes System, including, but not limited to, the Product Specifications
and all documents and procedures referenced or incorporated therein, as any and/all of the same shall be amended from time to time by
PLK and/or its Affiliates in its and/or their sole discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Popeyes Restaurants</B>&rdquo; and
 &ldquo;<B>Restaurants</B>&rdquo; means restaurants operating under the Popeyes System and utilizing the Popeyes Marks in a format approved
by PLK and/or its Affiliates, in their sole discretion. A &ldquo;<B>Popeyes Restaurant</B>&rdquo; or &ldquo;<B>Restaurant</B>&rdquo;
means any of them. Popeyes Restaurants include Direct-Owned Restaurants and Franchised Restaurants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Popeyes System</B>&rdquo; means the
unique restaurant format and operating system developed or owned by PLK and/or its Affiliates for the development and operation of Quick
Service Restaurants, and to which PLK has the right to license in the Territory, including proprietary designs and colour schemes for
restaurant buildings, equipment, layout and d&eacute;cor, proprietary menu and food preparation and service formats, uniform product
and quality specifications, training programs, restaurant operations manuals, bookkeeping and report formats, marketing and advertising
formats, promotional marketing items and procedures for inventory and management control, and also includes the Current Image and Popeyes
Marks, Popeyes Domain Names, Popeyes Intellectual Property Rights, Popeyes Logo and all Confidential Information, other proprietary information,
copyrights and other intellectual property rights relating to the system, and any modifications, amendments, improvements and/or other
changes PLK and/or any of its Affiliates may make to the system from time to time, in their sole discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>POS System</B>&rdquo; means a point
of sale system approved by PLK and/or an Affiliate of PLK in its sole discretion, after consultation with Master Franchisee, for use
in the Territory consisting of electronic hardware and software technology (including hardware and software updates approved and prescribed
by PLK and/or its Affiliates after consultation with Master Franchisee), which captures, records and transmits sales, taxes on sales,
type and price of each item sold, coupon redemptions, number, date and time of transactions, products and combinations of products sold
and employees using the system and such other related information as may be required by PLK from time to time, in its sole discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>PRC</B>&rdquo; means the People&rsquo;s
Republic of China.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>PRC Company
Franchise Agreement</B>&rdquo; means the Company Franchise Agreement, of even date herewith, by and among PLK, as franchisor, Master
Franchisee, as parent, and an Approved Subsidiary, as franchisee, pursuant to which, among other things, PLK will grant the franchisee
a license to use the Popeyes Marks in connection with the operation of Direct-Owned Restaurants in Mainland China and Macau</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Pre-Opening Services</B>&rdquo; has the meaning set out
in clause 15.4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -2.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Prior Agreements</B>&rdquo; has the meaning set out in clause
18.6.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -2.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Product Approval Notice</B>&rdquo; has the meaning set out
in clause 10.3.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Product Specifications</B>&rdquo; means
(i)&nbsp;all written processes, procedures and requirements of PLK and/or its Affiliates as they relate to the design, development and
manufacture of Approved Products, as they may be amended by PLK and/or its Affiliates from time to time in their sole discretion; and
(ii)&nbsp;all product descriptions, as may be amended by PLK and/or its Affiliates from time to time in their sole discretion (e.g.,
commodity type, raw materials and ingredient listing, finished product standards, product formulation, processing control points, packaging,
labelling and nutritional information, if applicable).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Product Supplier Documents</B>&rdquo;
has the meaning set out in clause 10.3.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Prohibited
Person</B>&rdquo; means a Person </FONT>(a)&nbsp;for whom evidence exists that such Person has been blacklisted or identified as a defaulting
entity or its equivalent by any Authority, (b)&nbsp;that has engaged in prior or current criminal activity which would (or would reasonably
be expected to) rise to the level of an offense punishable by imprisonment, (c)&nbsp;for whom evidence exists of moral turpitude or reputational
issues, or (d)&nbsp;that has been accused by a competent regulator, voluntarily disclosed or admitted to, or has otherwise been found
by a court of competent jurisdiction to have violated, attempted to violate, aided or abetted another party to violate, or conspired
to violate, any of the Anti-Corruption Laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Proposal</B>&rdquo; has the meaning
set out in clause 4.10.3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Public Company</B>&rdquo; means a Person
that has listed its Equity Securities on a recognized stock exchange and complies with the applicable reporting requirements of such
stock exchange and any applicable Authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Qualified Expenditures</B>&rdquo; means
those expenditures that may be paid out of the Advertising Fund, as more particularly described in the Global Marketing Policy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Quick Service Restaurant</B>&rdquo;
means any restaurant that does not offer table service as its principal method of ordering or food delivery.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>RBI</B>&rdquo; means Restaurant Brands
International Inc., a public company incorporated under the laws of Canada, and the indirect parent company of PLK.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>RBI Brands</B>&rdquo; means the restaurant
brands and franchise systems or trademarks owned, operated, licensed or acquired at any time by RBI or an Affiliate of RBI. The current
RBI Brands are BURGER KING&reg;, TIM HORTONS&reg;, POPEYES&reg;, and FIREHOUSE SUBS&reg;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>RBI Franchisee</B>&rdquo; means (a)&nbsp;a
Person that holds (or formerly held) one or more licenses (whether exclusive or non-exclusive) to own, operate or subfranchise any of
the RBI Brands, and (b)&nbsp;an Affiliate of such Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Region</B>&rdquo; means the Asia and
the Pacific region (as defined by PLK from time to time, in its sole discretion), which includes the Territory.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Relevant Persons</B>&rdquo; has the
meaning set out in clause 4.10.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Renewal
Fee</B>&rdquo; means the sum of [****] to be paid by Master Franchisee to PLK upon renewal of a Unit Addendum or a Franchise
Agreement </FONT>for a twenty (20) year term (which amount will be prorated if the term of the applicable Renewal Unit Addendum or
Franchise Agreement renewal is less than twenty (20) years).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Replacement Restaurant</B>&rdquo; has
the meaning set out in clause 8.6.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Required Country</B>&rdquo; has the
meaning set out in clause 22.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Required Currency</B>&rdquo; has the
meaning set out in clause 22.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Reserve Account</B>&rdquo; has the
meaning set out in clause 22.4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Restaurant Management</B>&rdquo; means
restaurant managers, assistant managers and shift supervisors in respect of a Popeyes Restaurant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Retail Opportunity</B>&rdquo; has the
meaning set out in clause 4.6.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Retail Opportunity Notice</B>&rdquo;
has the meaning set out in clause 4.6.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Right of First Offer</B>&rdquo; has
the meaning set out in clause 4.10.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>RMB</B>&rdquo; means the lawful currency
of the PRC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Royalty</B>&rdquo; or &ldquo;<B>Royalty
Fee</B>&rdquo; means the non-refundable amounts payable by Master Franchisee to PLK or its designee pursuant to clauses 8.7 and 9.5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Sales Report</B>&rdquo; means the monthly
overview of sales provided by Franchisees with respect to each of their Franchised Restaurants pursuant to their respective Franchise
Agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Seafood Competitive Business</B>&rdquo;
means any Quick Service Restaurant business where the combined sales of Seafood Products constitute twenty percent (20%) or more of its
overall food and beverage sales and/or total menu items. A Seafood Competitive Business includes businesses that grant franchises or
licenses to others to operate any of the types of businesses described in the preceding sentence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Seafood Products</B>&rdquo; means any
food products intended for human consumption that are (i)&nbsp;made with fish or shellfish, or fish or shellfish parts or cuts, whether
fresh or frozen, skinned or unskinned, boned or boneless, including marine or freshwater fish, shrimp or crawfish, or (ii)&nbsp;intended
to be sold as seafood substitutes, including plant-based seafood substitutes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Second Deadline</B>&rdquo; has the
meaning set out in clause 4.10.3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Services</B>&rdquo; means the services
to be provided by Master Franchisee to Direct-Owned Restaurants and Franchised Restaurants in accordance with this Agreement, in each
case including Advertising Services, Marketing Services, Training Services, Monitoring Services, Development Services, Opening Supervision
Services and Pre-Opening Services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Shareholder</B>&rdquo; has the meaning
set out in the preamble.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Shareholder Board</B>&rdquo; has the
meaning set out in clause 2.15.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Shortfall Year</B>&rdquo; has the meaning
set out in clause 6.8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Site Approval</B>&rdquo; has the meaning
set out in clause 7.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Site Information</B>&rdquo; has the
meaning set out in clause 7.3.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Standards</B>&rdquo; means the standards,
including the operating standards established from time to time by PLK and/or its Affiliates as to quality of service, cleanliness, health
and sanitation, requirements, specifications and procedures for Popeyes Restaurants issued, directed and amended by PLK and/or its Affiliates
from time to time, in their sole discretion, including those contained from time to time in the Confidential Operating Manual (and such
superseding or additional documents as may be issued by PLK and/or its Affiliates from time to time).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Subsidiary</B>&rdquo; means a wholly
owned direct subsidiary of Master Franchisee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Substitute Master Franchisee</B>&rdquo;
has the meaning set out in clause 22.4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Survey Program</B>&rdquo; has the meaning
set out in clause 11.2.4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Surviving Provisions</B>&rdquo; means
the provisions of this Agreement that shall survive an MDA Termination Event. The Surviving Provisions are the following: clause 1.1
(Definitions); clause 1.2 (Construction); clause 2 (Master Franchisee), except for clause 2.2; clause 4.1.2, but only with respect to
the Prior Agreements, it being understood that the reference to &ldquo;Franchise Agreements&rdquo; in such clause shall refer to &ldquo;Prior
Agreements&quot; and that no right to license Franchisees to develop, establish, own and operate any Franchised Restaurants after the
Termination Date shall be conferred on Master Franchisee pursuant hereto; clause 9.2.5 through clause 9.3.3 (inclusive), clause 9.5 through
clause 9.10 (inclusive) and clause 9.12, it being understood that all references in such clauses to &ldquo;Franchise Agreements&rdquo;
shall refer to &ldquo;Prior Agreements&rdquo;; clause 12 (Popeyes Marks and Popeyes Domain Names); clause 13 (Popeyes Intellectual Property
Rights); clause 14 (Competition); clause 18.4, 18.6, 18.7 and 18.8; clause 19 (Confidentiality); clause 20 (Indemnification and Insurance);
clause 22 (Currency, Exchange Control and Taxation); clause 23 (Audit Rights); clause 24 (Severability); clause 26 (Notices); clause
27 (Non-Waiver); clause 28 (Relationship of Parties); clause 29 (Governing Law&nbsp;&amp; Jurisdiction; Language); clause 30 (No Third
Party Enforcement Rights); clause 31 (Survival); clause 32 (Parties to This Agreement All Legally Advised); and clause 33 (Interest).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Targets</B>&rdquo; means, collectively,
the Cumulative Opening Targets, Annual Opening Targets and Extension Period Targets (if applicable).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>tax</B>&rdquo; or &ldquo;<B>taxes</B>&rdquo;
means all taxes, however denominated, including any interest, penalties, or other additions that may become payable in respect thereof,
imposed by any Tax Authority, which taxes shall include all income or profits taxes (including federal income taxes and provincial or
state income taxes), capital taxes, withholding taxes, payroll and employee withholding taxes, employment insurance (including provincial
health insurance, old age benefits, welfare funds, pensions and annuities and disability insurance), social insurance taxes,&nbsp;Indirect
Taxes, customs duties, tariffs, franchise taxes, gross receipts taxes, business license taxes, occupation taxes, real and personal property
taxes, stamp taxes, environmental taxes, transfer taxes, workers' compensation, other governmental charges, and other obligations of
the same or of a similar nature to any of the foregoing (together with any penalties, interest, or other similar amounts thereon).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Tax Authority</B>&rdquo; means any
Authority having or purporting to have power to impose, administer or collect any tax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Term</B>&rdquo; has the meaning set
out in clause 5.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Termination Date</B>&rdquo; has the
meaning set out in clause 18.4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Termination Notice</B>&rdquo; has the
meaning set out in clause 18.3.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Termination Period</B>&rdquo; has the
meaning set out in clause 18.3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Territory&rdquo;</B> means the de jure
boundaries of the PRC (as depicted in the map attached as <U>Schedule&nbsp;3</U>), which for the purposes of this Agreement excludes
Taiwan and the Special Administrative Region of Hong Kong, but includes the Special Administrative Region of Macau.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Territory Development Agreements</B>&rdquo;
has the meaning set out in clause 4.1.4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Third Deadline</B>&rdquo; has the meaning
set out in clause 4.10.5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Total
Equity Contribution</B>&rdquo;</FONT>has the meaning set forth in clause 2.17.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Training Services</B>&rdquo; has the
meaning set out in clause 15.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Transaction</B>&rdquo; has the meaning
set out in the Recitals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Transaction Agreements</B>&rdquo; means
this Agreement, the Company Franchise Agreement, each Unit Addendum and any other written agreement between the Parties entered into
in connection with the Transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Transfer</B>&rdquo; and &ldquo;<B>Transferred</B>&rdquo;
have the meaning set out in clause 21.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Transition Period</B>&rdquo; has the
meaning set out in clause 18.7.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Unit Addendum</B>&rdquo; means Schedule
B to the Company Franchise Agreement, which will identify the location of a Direct-Owned Restaurant and any Renewal Unit Addendum (as
defined in the Company Franchise Agreement) with respect thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Unit Addendum Term</B>&rdquo; has the meaning set out in
clause 8.4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[****]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Unregistered Marks</B>&rdquo; has the
meaning set out in clause 12.1.4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>US$</B>&rdquo; means United States
Dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>US GAAP</B>&rdquo; means generally
accepted accounting principles in the United States of America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>User Data</B>&rdquo; means all log-in
information and personal data of all users/fans/followers of the Popeyes Intellectual Property Rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>VAT</B>&rdquo; means the value added
tax payable under applicable Law of the Territory.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">[****]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Withholding
Income Tax</B>&rdquo; </FONT>means a retention tax on income, to be paid to a Tax Authority by the payor of the income rather than the
recipient of the income. Withholding Income Tax is withheld or deducted by the payor from the income due to the recipient.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">1.2</FONT></TD><TD STYLE="text-align: justify"><U>Construction</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">Capitalized terms used herein, which are not
                                            defined in this Agreement but are defined in the Company Franchise Agreement shall have the
                                            same meaning as in the Company Franchise Agreement unless the context otherwise requires.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">In this Agreement, unless otherwise specified
                                            (i)&nbsp;singular words include the plural and plural words include the singular; (ii)&nbsp;words
                                            importing any gender include the other gender; (iii)&nbsp;references to any Law include all
                                            applicable rules, regulations and orders adopted or made thereunder and all statutes or other
                                            laws amending, consolidating or replacing the statute or law referred to; (iv)&nbsp;references
                                            to any agreement or other document, including this Agreement, include all subsequent amendments,
                                            modifications or supplements to such agreement or document made in accordance with the terms
                                            hereof and thereof; (v)&nbsp;references to clauses, Exhibits and Schedules are to the clauses,
                                            Exhibits and Schedules of this Agreement, unless the context otherwise requires; (vi)&nbsp;numberings
                                            and headings of clauses, Exhibits and Schedules are inserted as a matter of convenience and
                                            shall not affect the construction of this Agreement; (vii)&nbsp;the term &ldquo;including&rdquo;
                                            as used herein means &ldquo;including but not limited to&rdquo;; and (viii)&nbsp;all Exhibits
                                            and Schedules to this Agreement are incorporated herein by this reference thereto as if fully
                                            set forth herein, and all references herein to this Agreement shall be deemed to include
                                            all such incorporated Exhibits and Schedules.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">In all cases where Master Franchisee is required
                                            to obtain PLK&rsquo;s prior consent, authorization or approval, such consent, authorization
                                            or approval shall be granted or withheld in the sole and absolute discretion of PLK, unless
                                            otherwise indicated, and any such consent, authorization or approval must be in a writing
                                            signed by a duly authorized officer of PLK.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">References to a Party shall include such Party&rsquo;s
                                            permitted successors and assigns.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">Reference to any specific standard, policy,
                                            procedure, form, agreement or process of PLK and/or any of its Affiliates includes a reference
                                            to any policy, procedure, form, agreement or process described by any other name which has
                                            been issued by PLK and/or any of its Affiliates in substitution thereof or with substantially
                                            similar effect.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(f)</FONT></TD><TD STYLE="text-align: justify">The headings
                                            as to contents of particular clauses are inserted only for convenience and reference and
                                            are in no way to be construed as part of this Agreement or as a limitation on the scope of
                                            any of the terms or provisions of this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify">A writing includes any mode of representing
                                            or reproducing words in tangible and permanently visible forms, and includes electronic mail
                                            and, with respect to PLK, the posting on PLK&rsquo;s intranet.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify">In the event that any Day on which a payment
                                            is due from Master Franchisee under this Agreement falls on a day other than a Business Day,
                                            then Master Franchisee shall make such payment on the prior Business Day.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">References to Master Franchisee, including
                                            the references in clause 8 and clause 22, shall be deemed, where appropriate, to include
                                            the Approved Subsidiaries, and references to the development, establishment, ownership, operation
                                            and/or closure of Direct-Owned Restaurants by Master Franchisee shall be deemed, where appropriate,
                                            to include the development, establishment, ownership, operation and/or closure of such Restaurants
                                            by Approved Subsidiaries; <U>provided</U>, <U>however</U>, that Master Franchisee and any
                                            such Approved Subsidiary shall have executed a Joinder Agreement and delivered such executed
                                            Joinder Agreement to PLK in accordance with the terms of this Agreement and the Company Franchise
                                            Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>MASTER
FRANCHISEE</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.1</TD><TD STYLE="text-align: justify">Upon PLK&rsquo;s request, Master Franchisee
                                            shall, at Master Franchisee&rsquo;s expense, within ten (10)&nbsp;Business Days following
                                            receipt of the request, furnish PLK with certified copies of any amendments to, or restatements
                                            of, articles of incorporation, bylaws and other governing documents of Master Franchisee
                                            and the Approved Subsidiaries.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.2</TD><TD STYLE="text-align: justify">Master Franchisee shall at all times during
                                            the Term, at its sole cost and expense, maintain a business office and premises within the
                                            Territory. The business office and premises will be located so as to permit Master Franchisee
                                            to adequately (a)&nbsp;sell franchises for Popeyes Restaurants within the Territory, (b)&nbsp;supervise
                                            and promote Popeyes Restaurants within the Territory, and (c)&nbsp;provide the Services to
                                            Direct-Owned Restaurants and Franchised Restaurants in accordance with this Agreement. For
                                            the avoidance of doubt, Master Franchisee may not solicit Franchisees for business of any
                                            kind except as approved by PLK in writing in its sole discretion.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">2.3</FONT></TD><TD STYLE="text-align: justify">PLK hereby
                                            engages Master Franchisee to provide the Services in the Territory in accordance with this
                                            Agreement, and Master Franchisee hereby accepts such engagement. Master Franchisee will at
                                            all times provide the Services in compliance with this Agreement and the Franchise Agreements
                                            to ensure that the Standards shall be complied with and maintained, and Master Franchisee
                                            understands and acknowledges that the foundation of the Popeyes System is the adherence to
                                            the Standards by Franchisees, including Master Franchisee, and provides the basis for the
                                            valuable good will and wide acceptance of the Popeyes System.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">2.4</FONT></TD><TD STYLE="text-align: justify">Master
                                            Franchisee shall secure and maintain in force in all material respects all licenses, permits
                                            and certificates relating to the operation of the Direct-Owned Restaurants, pay promptly
                                            or ensure payment of all material taxes and assessments when due and operate or ensure operation
                                            of the Direct-Owned Restaurants in compliance with all applicable Laws in all material respects,
                                            including those relating to occupational hazards, health, workers&rsquo; compensation insurance,
                                            unemployment insurance, payment of taxes owed to any Authority, and the Anti-Corruption Laws.
                                            If applicable, Master Franchisee agrees that it shall register for VAT with the applicable
                                            Authority and stay registered for VAT and require that Franchisees register for VAT with
                                            the applicable Authority and stay registered for VAT. Master Franchisee shall provide PLK
                                            with evidence of such tax registrations upon PLK&rsquo;s request.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">2.5</FONT></TD><TD STYLE="text-align: justify">Master
                                            Franchisee shall use commercially reasonable efforts to procure that all Franchisees shall
                                            secure and maintain in force all required licenses, registrations, approvals, permits and
                                            certificates relating to the operation of the Franchised Restaurants. Further, Master Franchisee
                                            shall use commercially reasonable efforts to procure that all Franchisees, (a)&nbsp;pay promptly
                                            or ensure payment of all taxes and assessments when due, retain proof of such payment for
                                            review by PLK, and (b)&nbsp;ensure operation of the Franchised Restaurants in full compliance
                                            with all applicable Law, including those relating to occupational hazards, health, workers&rsquo;
                                            compensation insurance, payment of taxes owed to any Authority, and/or Anti-Corruption Laws.
                                            Master Franchisee shall require Franchisees to register for all applicable taxes with the
                                            applicable Authority and stay registered for such taxes. Master Franchisee shall provide
                                            PLK with evidence of such tax registrations upon PLK&rsquo;s request.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">2.6</FONT></TD><TD STYLE="text-align: justify">Master
                                            Franchisee shall notify PLK in writing as soon as Master Franchisee learns of the commencement
                                            of any action, proceeding or suit, or the issuance of any order, writ, injunction, award
                                            or decree of any court, agency or other Authority, that might have a material adverse effect
                                            on the operation or financial condition of the Popeyes System in the Territory.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.7</TD><TD STYLE="text-align: justify">Prior to entering into the first Franchise
                                            Agreement with a Franchisee in the Territory, Master Franchisee shall complete the commercial
                                            franchise filing with MOFCOM required for Master Franchisee to be a duly qualified and filed
                                            franchisor in the PRC and shall submit such first Franchise Agreement to MOFCOM within the
                                            time period specified by applicable Law. Thereafter, Master Franchisee shall comply with
                                            all applicable Laws necessary for the maintenance of its status as a duly qualified and filed
                                            franchisor in the PRC, including the timely submission of the annual reporting form through
                                            the Filing System of Commercial Franchises of MOFCOM. In addition, Master Franchisee shall
                                            comply with all franchising codes and any other Law applicable to the offering and sale of
                                            franchises in effect in the Territory as well as any and all other applicable Law (including
                                            personal data legislation). Master Franchisee shall ensure that all necessary consents are
                                            obtained to process personal data as contemplated under this Agreement in connection with
                                            the operations of Master Franchisee and its Affiliates. Under no circumstances will PLK or
                                            any of its Affiliates be liable for any act, omission, debt or other obligation of Master
                                            Franchisee or Affiliates thereof or any Franchisee or any Affiliates thereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">2.8</FONT></TD><TD STYLE="text-align: justify">Master
                                            Franchisee (a)&nbsp;has conducted such due diligence and investigation as it desires; (b)&nbsp;recognizes
                                            that the business venture described in this Agreement involves business and commercial risks;
                                            and (c)&nbsp;acknowledges that the success of such business venture is dependent upon Master
                                            Franchisee&rsquo;s performance of its obligations hereunder. PLK EXPRESSLY DISCLAIMS THE
                                            MAKING OF, AND MASTER FRANCHISEE ACKNOWLEDGES THAT IT HAS NOT RECEIVED OR RELIED UPON, ANY
                                            REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, AS TO THE POTENTIAL PERFORMANCE OR VIABILITY
                                            OF THE BUSINESS VENTURE CONTEMPLATED BY THIS AGREEMENT.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.9</TD><TD STYLE="text-align: justify">Master Franchisee acknowledges that it has
                                            received, read and understands this Agreement and the documents referred to herein and the
                                            Schedules and Exhibits to this Agreement. All such Schedules and Exhibits are deemed part
                                            of this Agreement. Master Franchisee also acknowledges that it has had ample time and opportunity
                                            to consult with its advisors concerning the potential benefits and risks of entering into
                                            this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">2.10</FONT></TD><TD STYLE="text-align: justify">Master
                                            Franchisee may not, and will procure that its Affiliates will not, include any of the following
                                            words/expressions in its name without the prior written consent of PLK or its Affiliates:
                                            the initials &ldquo;RBI&rdquo;, the words &ldquo;Restaurant Brands&rdquo;, &ldquo;Restaurant
                                            Brands International&rdquo;, &ldquo;Popeyes&rdquo;, &ldquo;Popeyes Louisiana Kitchen&rdquo;,
                                            the initials &ldquo;PLK&rdquo; or anything similar to or resembling the same in appearance,
                                            sound, or in any other way.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">2.11</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Master
                                            Franchisee hereby represents and warrants to PLK that this Agreement constitutes a valid
                                            and binding obligation of Master Franchisee, enforceable against it in accordance with the
                                            terms hereof. Master Franchisee further represents and warrants that neither the execution
                                            of this Agreement nor the performance by it of its obligations hereunder violate any provision
                                            of any applicable Law or results in a material breach or material default under any indenture,
                                            contract, commitment or restriction to which Master Franchisee or any of its Affiliates is
                                            a party or by which Master Franchisee or any of its Affiliates is bound. Master Franchisee
                                            further represents and warrants that no consent, approval, filing or authorization from any
                                            Authority is necessary or shall be obtained for the signature and performance by Master Franchisee
                                            of this Agreement, except as would not, or would not reasonably be expected to, individually
                                            or in the aggregate, materially impair or delay Master Franchisee&rsquo;s ability to perform
                                            its obligations hereunder. Master Franchisee further represents and warrants that </FONT>it
                                            complies with the Anti-Corruption Laws as well as any other Law binding upon it intended
                                            to control, prohibit and/or penalize bribery, kickbacks, the giving of unlawful gratuities
                                            and benefits and other similar unlaws practices, no notice has been received by nor has any
                                            investigation commenced against it or any of its Affiliates related to breach of the Anti-Corruption
                                            Laws as in effect in the Territory and/or any other Law applicable to it intended to control,
                                            prohibit and/or penalize bribery, kickbacks, the giving of unlawful gratuities and benefits,
                                            and other similar unlawful practices under such Laws, and it is not currently subject to
                                            or in violation of any Export Control Laws or owned or Controlled in any manner by any Person
                                            that is subject to, or in violation of, any Export Control Laws.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 56; Value: 2 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.12</TD><TD STYLE="text-align: justify">During the Term, PLK may request P&amp;L
                                            Information, and Master Franchisee shall provide the requested information, in a format acceptable
                                            to PLK, within thirty (30) Days from receipt of such request.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.13</TD><TD STYLE="text-align: justify">Master Franchisee shall promptly notify PLK
                                            of any potential improvements or new features which it intends to use or identifies as capable
                                            of benefiting the Popeyes System. Master Franchisee agrees that all right, title and interest
                                            in and to such potential improvements or new features are hereby transferred to, vest in
                                            and remain the exclusive property of PLK on and from their creation, without payment by PLK,
                                            and PLK and/or its Affiliates may evaluate, modify and introduce any such potential improvements
                                            or new features into the Popeyes System for the benefit of PLK and other franchisees. Master
                                            Franchisee shall do all things and sign all documents necessary to give effect to this clause
                                            2.13. PLK shall have no obligation to use the improvements or new features. Master Franchisee
                                            shall not use potential improvements or new features at any of the Direct-Owned Restaurants
                                            unless and until first approved by PLK.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.14</TD><TD STYLE="text-align: justify">After the third (3rd) anniversary of the
                                            A&amp;R Effective Date, the members of the China Group shall be entitled to incur Debt (such
                                            borrowing, the &ldquo;<B>China Group Debt</B>&rdquo;) provided that (a)&nbsp;immediately
                                            after the incurrence of such Debt, the ratio of Net Debt to LTM EBITDA does not exceed 3.0
                                            to 1.0 except and solely to the extent approved in writing by PLK, (b)&nbsp;the terms of
                                            such Debt are non-recourse to PLK or THRI (or any of their permitted successors and assigns),
                                            and (c)&nbsp;such Debt is not secured by a pledge, hypothecation, mortgage or other lien
                                            on the Equity Securities of any member of the China Group. The China Group shall use the
                                            proceeds of the China Group Debt to expand the business of the China Group, to finance the
                                            working capital needs of the China Group and for other corporate purposes consistent with
                                            such activities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.15</TD><TD STYLE="text-align: justify">The Shareholder agrees that all shares of
                                            the Shareholder received by PLK in connection with the Combination and pursuant to that certain
                                            Share Purchase Agreement, dated as of March&nbsp;30, 2023 (the &ldquo;<B>SPA</B>&rdquo;),
                                            by and among PLK,&nbsp;Investor and the Shareholder (including shares received as Aggregate
                                            Consideration (as defined in the SPA) and any additional shares of the Shareholder issued
                                            to PLK pursuant to Section&nbsp;5.2 (<I>Unvested Shares</I>) of the SPA) shall be considered
                                            together with the shares of the Shareholder held by any of PLK&rsquo;s Affiliates (including
                                            Tim Hortons Restaurants International GmbH (&ldquo;<B>THRI</B>&rdquo;)) for purposes of satisfying
                                            the threshold for THRI to remain entitled to nominate one director of the board of the Shareholder
                                            (the &ldquo;<B>Shareholder Board</B>&rdquo;) pursuant to that certain Amended and Restated
                                            Master Development Agreement, by and among THRI, the Shareholder and the other parties signatory
                                            thereto, dated as of August&nbsp;13, 2021, as amended from time to time.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.16</TD><TD STYLE="text-align: justify">Without prejudice to PLK&rsquo;s right in
                                            clause 2.15, the Shareholder will permit a person designated by PLK to attend all meetings
                                            of the Shareholder Board or any committee of the Shareholder Board as an observer, and the
                                            Shareholder Board (or the applicable committee) shall furnish to such observer, at the same
                                            time and in the same manner as furnished to the directors of the Shareholder Board or members
                                            of any applicable committee, notice of each such meeting, including such meeting&rsquo;s
                                            time and place and any materials relevant to such meeting.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 57; Value: 2 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">2.17</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The
                                            Shareholder undertakes and agrees to contribute an aggregate amount of sixty million United
                                            States Dollars (US$60,000,000) (the &ldquo;<B>Shareholder Equity Contribution</B>&rdquo;),
                                            and the JVC acknowledges and agrees that on or prior to the A&amp;R Effective Date it has
                                            already contributed an aggregate amount of thirty million United States Dollars (US$30,000,000)
                                            (such US$30,000,000 together with the Shareholder Equity Contribution, the &ldquo;<B>Total
                                            Equity Contribution</B>&rdquo;) into Master Franchisee to be used to fund the growth of the
                                            Popeyes business in the Territory and for no other purpose. The Shareholder Equity Contribution
                                            will be made in two (2)&nbsp;installments as follows: (a)&nbsp;thirty million United States
                                            Dollars (US$30,000,000) on or before the first anniversary of the A&amp;R Effective Date;
                                            and (b)&nbsp;an additional thirty million United States Dollars (US$30,000,000) on or before
                                            the second anniversary of the A&amp;R Effective Date. On or prior to the applicable payment
                                            date of each installment of the Shareholder Equity Contribution, </FONT>the Shareholder shall
                                            provide evidence proving that such installment of the Shareholder Equity Contribution has
                                            been made in accordance with this clause 2.17. Failure to make any installment of the Shareholder
                                            Equity Contribution within thirty (30) days after such payment becomes due, or to provide
                                            evidence of payment of each installment of the Shareholder Equity Contribution within thirty
                                            (30) days after such payment becomes due (in each case, a &ldquo;<B>Funding Breach</B>&rdquo;)
                                            will be an Event of Default under this Agreement and cause for termination of this Agreement
                                            with immediate effect, and none of Master Franchisee, the JVC or the Shareholder will have
                                            any ability to cure. In the event of a Funding Breach, Master Franchisee, JVC and the Shareholder,
                                            on behalf of themselves and their respective Affiliates, successors and permitted assigns,
                                            (a)&nbsp;agree not to dispute the termination of this Agreement or the Development Rights
                                            due to a Funding Breach, (b)&nbsp;knowingly and voluntarily waive and relinquish all Claims
                                            against PLK and its Affiliates purportedly arising from or in connection with PLK&rsquo;s
                                            termination of this Agreement or the Development Rights as a result of the Funding Breach,
                                            and (c)&nbsp;release and fully discharge PLK and its Affiliates from any liability of any
                                            kind arising out of or related to the termination of this Agreement or the Development Rights
                                            as a result of the Funding Breach.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>3&#8239;&#8239;&#8239;&#8239;&#8239;<U>PLK</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">3.1</FONT></TD><TD STYLE="text-align: justify">PLK hereby
                                            represents and warrants that this Agreement constitutes a valid and binding obligation of
                                            PLK, enforceable against it in accordance with the terms hereof. Except for MOFCOM Approval,
                                            no consent, approval, filing or authorization from any Authority is necessary or shall be
                                            obtained for the signature and performance by PLK of this Agreement, except as would not,
                                            or would not reasonably be expected to, individually or in the aggregate, materially impair
                                            or delay the ability of it to perform its obligations hereunder.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.2</TD><TD STYLE="text-align: justify">PLK represents and warrants as of the date
                                            hereof that (a)&nbsp;to PLK&rsquo;s actual knowledge, there are no pending or threatened
                                            Claims against PLK relating to the grant of rights to develop Popeyes brand restaurants in
                                            the Territory; and (b)&nbsp;except for the Interim FA, no other Person has the right to develop
                                            and operate, or license to another Person the right to develop and operate, Popeyes brand
                                            restaurants in the Territory.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.3</TD><TD STYLE="text-align: justify">PLK shall comply in all material respects
                                            with all material applicable Laws necessary for the maintenance of its status as a duly qualified
                                            and filed franchisor in the PRC, including the timely submission of the annual reporting
                                            form through the Filing System of Commercial Franchises of MOFCOM.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;4&#8239;&#8239;&#8239;&#8239;<U>GRANT</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.1</TD><TD STYLE="text-align: justify">PLK hereby grants to Master Franchisee the
                                            exclusive right, except for the Interim FA, subject to the limitations set out in this Agreement,
                                            and Master Franchisee hereby accepts the obligation, pursuant to the terms and conditions
                                            of this Agreement, to (together, the &ldquo;<B>Development Rights</B>&rdquo;):</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">4.1.1</TD><TD STYLE="text-align: justify">Develop, establish, own and operate Direct-Owned
                                            Restaurants in the Territory, subject to the terms of this Agreement and the Company Franchise
                                            Agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">4.1.2</TD><TD STYLE="text-align: justify">License to Franchisees the right to develop,
                                            establish, own and operate Franchised Restaurants in the Territory (which license does not
                                            include the right to license Franchisees to grant sublicenses for Restaurants in the Territory),
                                            subject to the terms of this Agreement and the Franchise Agreements;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">4.1.3</TD><TD STYLE="text-align: justify">Use and permit Franchisees to use (subject
                                            to the terms of this Agreement, the Company Franchise Agreement and the Franchise Agreements)
                                            the Popeyes Marks and the Popeyes System in its capacity as Master Franchisee or Franchisee
                                            in the Territory, as the case may be, in order to engage in the activities described above;
                                            and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">4.1.4</TD><TD STYLE="text-align: justify">Enter into exclusive or non-exclusive
                                            development agreements with Franchisees in the Territory (the &ldquo;<B>Territory Development
                                            Agreements</B>&rdquo;), provided that such Territory Development Agreements provide for their
                                            termination in accordance with clause 18.4.4 upon the occurrence of an MDA Termination Event
                                            and provided further that no Territory Development Agreement shall provide for the grant
                                            of any rights that are inconsistent with the terms and conditions of this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.2</TD><TD STYLE="text-align: justify">For purposes of this Agreement and the grant
                                            of the Development Rights, operations at a Popeyes Restaurant include dine-in, take-out,
                                            delivery and catering from a Popeyes Restaurant, provided that, in the case of delivery and
                                            catering, PLK has approved the Delivery Requirements in its sole discretion. Accordingly,
                                            subject to the provisions of clause 4.8, Master Franchisee and its Franchisees will have
                                            the right to conduct delivery and catering operations and services at or from each Popeyes
                                            Restaurants during the Term of this Agreement, the Company Franchise Agreement, or any Franchise
                                            Agreement, as applicable.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.3</TD><TD STYLE="text-align: justify">By no later than nine (9)&nbsp;months after
                                            the A&amp;R Effective Date, and in any event prior to the opening of the first Direct-Owned
                                            Restaurant pursuant to this Agreement, PLK, Master Franchisee and an Approved Subsidiary
                                            will enter into the PRC Company Franchise Agreement, which agreement shall further define
                                            the rights and obligations of Master Franchisee and the Approved Subsidiaries, in establishing,
                                            owning and operating Direct-Owned Restaurants. Upon formation of a new Approved Subsidiary,
                                            Master Franchisee and the Approved Subsidiary will execute the Joinder Agreement and deliver
                                            a copy of such agreement to PLK. Prior to the opening of the first Direct-Owned Restaurant,
                                            Master Franchisee and an Approved Subsidiary will execute and deliver to PLK the PRC Company
                                            Franchise Agreement, and prior to the opening of each Direct-Owned Restaurant, Master Franchisee
                                            or the applicable Approved Subsidiary will execute and deliver to PLK a Unit Addendum for
                                            such Direct-Owned Restaurant.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.4</TD><TD STYLE="text-align: justify">PLK, on behalf of itself, its Affiliates and
                                            its designees, reserves all rights not expressly granted to Master Franchisee under this
                                            Agreement, and Master Franchisee hereby accepts and acknowledges such reserved rights of
                                            PLK, its Affiliates and designees. Accordingly, except as described below, nothing in this
                                            Agreement or at Law shall prevent PLK, its Affiliates, designees and licensees or any other
                                            Person from one or all of the following: (a)&nbsp;operating or granting to any Person a franchise
                                            or license to operate Popeyes Restaurants outside the Territory, (b)&nbsp;operating or granting
                                            to any Person a franchise or license to operate, in or outside the Territory, a restaurant
                                            business using one or more of the other brands and franchise systems or trademarks now or
                                            hereafter owned or licensed by PLK or any Affiliate of PLK (the &ldquo;<B>Other Brands</B>&rdquo;),
                                            regardless of whether such business is in competition with the Popeyes System or its menu
                                            items or located in close proximity to any Restaurant; or (c)&nbsp;subject to clause 4.6,
                                            distributing, selling or offering or granting to any Person the right to distribute, sell
                                            or offer, in the Territory, menu or other items or services which are the same as or similar
                                            to Popeyes menu items, using the Popeyes System and the Popeyes Marks through Other Distribution
                                            Channels, whether located in close proximity to any Restaurant or otherwise, of a temporary
                                            or permanent nature; provided, however, that such distribution, sale or offering through
                                            Other Distribution Channels shall not include the distribution, sale or offering of such
                                            item by means of sales or distribution at a Popeyes Restaurant or by catering or delivery
                                            from a Popeyes Restaurant anywhere in the Territory, which the Parties acknowledge and agree
                                            are reserved to Master Franchisee and its Franchisees, subject to clause 4.7.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.5</TD><TD STYLE="text-align: justify">The Development Rights will not apply with
                                            respect to PLK&rsquo;s global and regional operation and promotion of the Popeyes System,
                                            including (a)&nbsp;any global and/or regional activities of PLK and/or its Affiliates such
                                            as global and/or regional marketing and promotional campaigns, public relations or other
                                            activities of PLK and/or its Affiliates relating to the Popeyes System globally and/or regionally
                                            (including any programs pursuant to which any gift cards are provided to guests in the Territory);
                                            or (b)&nbsp;any global and/or regional Internet-related activity of PLK and/or its Affiliates
                                            or global and/or regional internet activities of a third party authorized by PLK (collectively,
                                            the &ldquo;<B>Exclusivity Exclusions</B>&rdquo;). Master Franchisee acknowledges and agrees
                                            that in connection with the Exclusivity Exclusions set forth above, PLK may authorize third
                                            party vendors, contractors, suppliers and promotional parties to use elements of the Popeyes
                                            System, including the Popeyes Marks, Popeyes Domain Names and Popeyes Intellectual Property
                                            Rights, in connection with the global and/or regional activities of PLK and/or its Affiliates
                                            and that such use may include the Territory. Nothing herein shall prevent PLK from appropriately
                                            responding to any consumer, governmental body, regulatory body and/or other matters relating
                                            to the Popeyes System in the Territory where PLK is required to do so by Law and/or to otherwise
                                            appropriately manage PLK&rsquo;s brand reputation. For the avoidance of doubt, use of the
                                            term regional or regionally in this clause 4.4 shall refer to the Region of which the Territory
                                            is a part but shall not refer exclusively to the Territory.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.6</TD><TD STYLE="text-align: justify">During the Term, if PLK, in its sole discretion,
                                            elects to distribute or sell Approved Products using the Popeyes System and the Popeyes Marks
                                            in the Territory through any designated Retail Distribution Channel (a &ldquo;<B>Retail Opportunity</B>&rdquo;),
                                            PLK will first approach Master Franchisee by providing Master Franchisee with a written notice
                                            containing the proposed terms of the Retail Opportunity (the &ldquo;<B>Retail Opportunity
                                            Notice</B>&rdquo;). For a period of up to ninety (90) Days after the date that Master Franchisee
                                            receives the Retail Opportunity Notice, Master Franchisee and PLK shall enter into discussions
                                            regarding the Retail Opportunity, it being understood that PLK shall not be obligated to
                                            enter into the Retail Opportunity with Master Franchisee. If the Parties fail to enter into
                                            a written agreement with respect to the terms of the Retail Opportunity within the ninety
                                            (90) Day period, (a)&nbsp;PLK may cease all discussions with Master Franchisee regarding
                                            the Retail Opportunity, and (b)&nbsp;PLK or an Affiliate of PLK may immediately enter into
                                            the Retail Opportunity either on its own or with any other party or parties.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.7</TD><TD STYLE="text-align: justify">Master Franchisee may at any time request
                                            to exercise its right to distribute, sell or offer Approved Products in the Territory through
                                            a Delivery Program. PLK agrees to work with Master Franchisee to develop the Delivery Requirements
                                            for implementing a Delivery Program in the Territory and, once such Delivery Requirements
                                            are approved by PLK, in its sole discretion, Master Franchisee may sell Approved Products
                                            in the Territory through such Delivery Program in compliance with such Delivery Requirements.
                                            Master Franchisee agrees not to implement a Delivery Program until PLK has approved, in its
                                            sole discretion, the Delivery Requirements applicable to such Delivery Program.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.8</TD><TD STYLE="text-align: justify">While the Development Rights are in effect,
                                            PLK will not itself operate, or franchise, license or authorize any Person other than Master
                                            Franchisee to operate, Restaurants in the Territory.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.9</TD><TD STYLE="text-align: justify">The Parties agree that in the event of conflict
                                            or confusion as to the exact boundaries of the Territory, the description of the boundaries
                                            in, and the map attached to, <U>Schedule 3</U> will prevail.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.10</TD><TD STYLE="text-align: justify">PLK may, in its sole discretion, grant a
                                            license to develop, establish, own, open and operate Popeyes Restaurants in the Special Administrative
                                            Region of Hong Kong (the &ldquo;<B>HK Development Rights</B>&rdquo;), subject to the following
                                            right of first offer which shall be available to Master Franchisee on the terms and conditions
                                            contained in this clause 4.10.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">4.10.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">PLK
                                            shall not grant the HK Development Rights to any Person unless and until PLK shall have first
                                            offered the HK Development Rights to Master Franchisee in accordance with this clause 4.10
                                            (the &ldquo;<B>Right of First Offer</B>&rdquo;); </FONT><U>provided, that</U> (a)&nbsp;the
                                            Development Rights remain in effect from the date hereof through the Offer Date (as defined
                                            below), (b)&nbsp;Master Franchisee is in compliance with the Cumulative Opening Targets as
                                            set forth in the Development Schedule as of the Offer Date, (c)&nbsp;there has not been an
                                            uncured Event of Default at any time during the one (1)&nbsp;year period prior to the Offer
                                            Date, and (d)&nbsp;the results of updated background checks conducted at PLK&rsquo;s request
                                            and at Master Franchisee&rsquo;s sole expense by a service provider acceptable to PLK on
                                            Master Franchisee, Principal and their respective shareholders (collectively, the &ldquo;<B>Relevant
                                            Persons</B>&rdquo; and, individually, a &ldquo;<B>Relevant Person</B>&rdquo;) must be satisfactory
                                            to PLK, in its sole discretion.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">4.10.2</TD><TD STYLE="text-align: justify">If PLK desires to grant the HK Development
                                            Rights to any Person, PLK will deliver written notice thereof to Master Franchisee (the &ldquo;<B>Offer
                                            Notice</B>&rdquo;). The date of the Offer Notice is referred to as the &ldquo;<B>Offer Date</B>&rdquo;.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">4.10.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Master
                                            Franchisee</FONT> shall have a period of ten (10)&nbsp;days following the Offer Date (the
                                            &ldquo;<B>First Deadline</B>&rdquo;) to inform PLK in writing of its interest in the HK Development
                                            Rights (the &ldquo;<B>Interest Notice</B>&rdquo;). PLK and Master Franchisee shall then negotiate,
                                            on an exclusive basis, for a period of up to thirty (30) days from the date of the Interest
                                            Notice (the &ldquo;<B>Second Deadline</B>&rdquo;), the financial and other material terms
                                            upon which Master Franchisee would offer PLK to acquire the HK Development Rights. On or
                                            prior to the Second Deadline, Master Franchisee will present a binding written offer to PLK
                                            (the &ldquo;<B>Proposal</B>&rdquo;) for the acquisition of the HK Development Rights. The
                                            Proposal shall set forth the financial and other material terms and conditions for the HK
                                            Development Rights, including the proposal development plan.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">4.10.4</TD><TD STYLE="text-align: justify">The failure by Master Franchisee (a)&nbsp;to
                                            provide an Interest Notice by the First Deadline or (b)&nbsp;submit a Proposal by the Second
                                            Deadline shall each be deemed an irrevocable waiver by Master Franchisee of the Right of
                                            First Offer, and PLK and/or any of its Affiliates may grant all or any portion of the HK
                                            Development Rights to any Person on any terms and conditions whatsoever.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">4.10.5</FONT></TD><TD STYLE="text-align: justify">PLK
                                            shall have the unrestricted right to reject any Proposal, in its sole discretion. If PLK
                                            elects, in its sole discretion, to grant the HK Development Rights (or any portion thereof)
                                            to Master Franchisee following receipt of the Proposal, the Proposal, as may be modified
                                            by Master Franchisee and PLK through their negotiations will become binding and enforceable
                                            on Master Franchisee (the &ldquo;<B>Final Proposal</B>&rdquo;), and the relevant parties
                                            will use commercially reasonable efforts to enter into final and binding agreements incorporating
                                            the commercial terms set forth in the Final Proposal (the &ldquo;<B>Definitive Agreements</B>&rdquo;)
                                            within forty-five (45) Days of the date of the Final Proposal (the &ldquo;<B>Third Deadline</B>&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">4.10.6</FONT></TD><TD STYLE="text-align: justify">If
                                            (a)&nbsp;PLK elects, in its sole discretion, not to grant the HK Development Rights following
                                            receipt of the Proposal, or (b)&nbsp;the relevant parties fail to enter into Definitive Agreements
                                            by the Third Deadline, PLK and/or its Affiliates may grant all or any portion of the HK Development
                                            Rights (on either an exclusive or non-exclusive basis) to any Person on terms no less favorable
                                            to PLK than the commercial terms set forth in the Proposal or the Final Proposal, as applicable.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">4.10.7</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">For
                                            the avoidance of doubt, if </FONT>Master Franchisee has not been in compliance with the Development
                                            Schedule at all times prior to the signing of the Definitive Agreements, PLK shall have no
                                            obligation to comply with the foregoing Right of First Offer.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">4.10.8</FONT></TD><TD STYLE="text-align: justify">Master
                                            Franchisee acknowledges and agrees that PLK is under no obligation to grant to Master Franchisee
                                            or any Affiliate thereof the HK Development Rights and such decision will be made by PLK
                                            in its sole discretion.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>5&#8239;&#8239;&#8239;&#8239;DURATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.1</TD><TD STYLE="text-align: justify">The initial term of this Agreement shall be
                                            for a period of twenty (20) years commencing on the Original Commencement Date, subject to
                                            earlier termination in accordance with the terms of this Agreement (the &ldquo;<B>Initial
                                            Term</B>&rdquo;). Master Franchisee shall have the option to extend the Initial Term for
                                            ten (10)&nbsp;years, subject to earlier termination in accordance with the terms of this
                                            Agreement (the &ldquo;<B>Extension Period</B>&rdquo;, and together with the Initial Term,
                                            the &ldquo;<B>Term</B>&rdquo;), provided that:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">5.1.1</TD><TD STYLE="text-align: justify">Master Franchisee has given PLK and/or
                                            its Affiliates written notice of its intention to exercise its option to extend this Agreement
                                            no later than the first Day of Development Year 19 (the &ldquo;<B>Extension Notice</B>&rdquo;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">5.1.2</TD><TD STYLE="text-align: justify">Master Franchisee has, as determined on
                                            the date of the Extension Notice and the last Day of the Initial Term, fully complied with
                                            the applicable Targets set forth in the Development Schedule;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">5.1.3</TD><TD STYLE="text-align: justify">there has been no uncured Event of Default
                                            during the one (1)&nbsp;year period prior to the date of the Extension Notice or during the
                                            period commencing on the date of the Extension Notice and ending on the last Day of the Initial
                                            Term;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">5.1.4</TD><TD STYLE="text-align: justify">there has been no uncured default (for
                                            which Master Franchisee received a formal notice of default) under the Company Franchise
                                            Agreement or any Unit Addendum during the one (1)&nbsp;year period prior to the date of the
                                            Extension Notice and during the period commencing on the date of the Extension Notice and
                                            ending on the last Day of the Initial Term;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">5.1.5</TD><TD STYLE="text-align: justify">Master Franchisee, on behalf of itself
                                            and its Affiliates, executes a general release in favor of PLK and its Affiliates, in form
                                            and substance acceptable to PLK.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If all of the foregoing conditions are not satisfied,
this Agreement shall expire at the end of the Initial Term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;6&#8239;&#8239;&#8239;&#8239;&#8239;<U>DEVELOPMENT
OBLIGATIONS</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.1</TD><TD STYLE="text-align: justify">Master Franchisee shall (a)&nbsp;develop and
                                            open for business (and keep open to the extent required hereby), and (b)&nbsp;license Franchisees
                                            to develop and open for business (and keep open to the extent required hereby) a minimum
                                            number of new Popeyes Restaurants within the Territory in strict compliance with the Development
                                            Schedule, and such new Restaurants may be either Direct-Owned Restaurants or Franchised Restaurants;
                                            provided, however, that for each Development Year, the aggregate number of Direct-Owned Restaurants
                                            shall be at least sixty percent (60%) of the total number of Popeyes Restaurants open and
                                            operating in the Territory on a cumulative basis (rounded up to the nearest whole number),
                                            as determined on the last Day of such Development Year (the &ldquo;<B>Direct-Owned Restaurant
                                            Limitation</B>&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.2</TD><TD STYLE="text-align: justify">For the avoidance of doubt, any Franchised
                                            Restaurants purchased or otherwise acquired by Master Franchisee or any of its Affiliates
                                            (the &ldquo;<B>Acquired Restaurants</B>&rdquo;) shall not be included for purposes of determining
                                            Master Franchisee&rsquo;s compliance with the Targets set forth in the Development Schedule;
                                            provided, however, that such Acquired Restaurants shall be counted as Direct-Owned Restaurants
                                            for purposes of satisfying the Direct-Owned Restaurant Limitation.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.3</TD><TD STYLE="text-align: justify">All of the Targets set forth in the Development
                                            Schedule are net of closures, without distinction as to the reason for such closure (expiration,
                                            early termination, [****] or otherwise),
                                            and without distinction between closures of Direct-Owned Restaurants or Franchised Restaurants.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.4</TD><TD STYLE="text-align: justify">Master Franchisee may develop Restaurants
                                            at a faster rate than as set out in the Development Schedule. Any Restaurants developed faster
                                            than as provided for in the Development Schedule shall be included in determining Master
                                            Franchisee&rsquo;s compliance with the Development Schedule and shall carry forward to be
                                            used in calculating the satisfaction of the next Development Year&rsquo;s Target.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.5</TD><TD STYLE="text-align: justify">Master Franchisee will not develop any Restaurant
                                            in a Co-Branded Location without the prior written consent of PLK.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.6</TD><TD STYLE="text-align: justify">Except as set forth in clause 6.7, if Master
                                            Franchisee desires to close a Direct-Owned Restaurant prior to the expiration of the term
                                            of the applicable Unit Addendum, Master Franchisee will provide written notice to PLK at
                                            least ninety (90) Days prior to the proposed closure date setting out the reasons for the
                                            closure of the Direct-Owned Restaurant and documentary evidence supporting any reasons cited
                                            in support of closure (the &ldquo;<B>Early Closure Request</B>&rdquo;). PLK may either approve
                                            or disapprove an Early Closure Request in its reasonable discretion. PLK will respond in
                                            writing within thirty (30) Days as to whether it approves or disapproves the Early Closure
                                            Request and, if PLK decides, in its reasonable discretion, to disapprove the Early Closure
                                            Request, PLK will specify a reason therefor. If PLK requests further information or documents
                                            in relation to the Early Closure Request, Master Franchisee will provide such further information
                                            or documents to PLK within a reasonable period, and PLK will render its decision within thirty
                                            (30) Days of receipt from Master Franchisee of such further information or documents. If
                                            PLK does not respond to an Early Closure Request within the thirty (30) Day period, the Early
                                            Closure Request shall be deemed to be denied.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.7</TD><TD STYLE="text-align: justify">Notwithstanding the foregoing (but subject to clause 6.3), Master Franchisee may close (a)&nbsp;up
                                                           to ten (10)&nbsp;Direct-Owned Restaurants during each Development Year of the Term (each, a &ldquo;<B>Permitted Closure
                                                           Restaurant</B>&rdquo;), [****] without PLK&rsquo;s consent and without penalty or other payment to PLK, except for amounts due and
                                                           payable to PLK prior to the closing date of the Permitted Closure Restaurant [****]. Upon the occurrence of an MDA Termination Event,
                                                           Master Franchisee&rsquo;s right to close Direct-Owned Restaurants in the Territory pursuant to this clause 6.7 will automatically
                                                           terminate. Master Franchisee has the sole discretion to determine which Direct-Owned Restaurants are designated as Permitted Closure
                                                           Restaurants [****]. For the avoidance of doubt, if PLK approves the closure of a Direct-Owned Restaurant pursuant to clause 6.6, such
                                                           Direct-Owned Restaurant shall not be counted as a Permitted Closure Restaurant for purposes of this clause 6.7; provided, however,
                                                           that the closure of such Direct-Owned Restaurant will not modify or extend any of the Targets, and Master Franchisee will replace
                                                           any such Direct-Owned Restaurant by the end of the Development Year in which such Direct-Owned Restaurant was closed.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">6.8</FONT></TD><TD STYLE="text-align: justify">If Master
                                            Franchisee fails to achieve the Target specified in the Development Schedule for any Development
                                            Year commencing with Development Year 3 (a &ldquo;<B>Development Default</B>&rdquo;) on or
                                            before the last Day of such Development Year (a &ldquo;<B>Shortfall Year</B>&rdquo;), Master
                                            Franchisee will have until the expiration of the Development Cure Period to achieve the Target
                                            for the Shortfall Year. If Master Franchisee fails to achieve the Target for the Shortfall
                                            Year by the expiration of the Development Cure Period, then, in addition to any other legal
                                            rights and remedies available to PLK set out in this Agreement or at Law, PLK may, in its
                                            sole discretion, terminate the Development Rights or terminate this Agreement in its entirety.
                                            PLK will not be required to provide any notice (whether oral or written) to Master Franchisee
                                            of a Development Default or the commencement of the Development Cure Period. For the avoidance
                                            of doubt, if a Restaurant is counted for purposes of determining Master Franchisee&rsquo;s
                                            compliance with the applicable Annual Opening Target or Extension Period Target, if applicable,
                                            for a Shortfall Year, it will not be counted for purposes of determining compliance with
                                            the applicable Annual Opening Target or Extension Period Target for the Development Year
                                            in which the Restaurant actually opened.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.9</TD><TD STYLE="text-align: justify">Notwithstanding the foregoing, provided that
                                            it has complied with all of the provisions of this clause 6, Master Franchisee shall not
                                            be deemed to be in breach of the Development Schedule if its failure to perform its obligations
                                            as set out in the Development Schedule results from any of the following events, which must
                                            have a continuous impact on any of the major metropolitan areas centered on or around Shanghai,
                                            Beijing or Shenzhen for a period of two (2)&nbsp;months or more, and make it impossible or
                                            commercially impracticable to achieve any of the Targets by the applicable deadlines set
                                            forth in the Development Schedule (a &ldquo;<B>Force Majeure Event</B>&rdquo;):</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">6.9.1</TD><TD STYLE="text-align: justify">compliance with any Law, ruling, order,
                                            regulation, requirement, instruction of any Authority or governmentally imposed moratorium
                                            that prohibits such performance;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 64; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">6.9.2</TD><TD STYLE="text-align: justify">acts of God, earthquake, blizzard or
                                            flood; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">6.9.3</TD><TD STYLE="text-align: justify">fires, strikes, actions of labor unions,
                                            embargoes, technological disaster, war, riot or terrorist acts, release of nuclear radiation
                                            or bio-toxic or bio-chemical agents.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Any delay in Master Franchisee&rsquo;s
performance of its obligations set out in the Development Schedule resulting from any of these Force Majeure Events will extend performance
or excuse performance, in whole or in part, as reasonably determined by PLK according to the circumstances, but shall not in any event
extend performance by more than one (1)&nbsp;Development Year. Notwithstanding the foregoing, no Force Majeure Event will relieve or
suspend any payment obligation of Master Franchisee, and currency restrictions, fluctuations or devaluations will not be deemed to be
Force Majeure Events.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.10</TD><TD STYLE="text-align: justify">Upon the occurrence of a Force Majeure Event,
                                            Master Franchisee shall comply with the following:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">6.10.1</TD><TD STYLE="text-align: justify">it shall promptly notify PLK in writing
                                            of the nature and extent of the Force Majeure Event causing its failure or delay in performance;
                                            and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">6.10.2</TD><TD STYLE="text-align: justify">it shall use all commercially reasonable
                                            efforts to mitigate the effect of the Force Majeure Event to carry out its obligations under
                                            the Development Schedule in any way that is reasonably practicable and to resume the performance
                                            of its obligations as soon as reasonably possible.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>7&#8239;&#8239;&#8239;&#8239;<U>DEVELOPMENT
PROCEDURES FOR DIRECT-OWNED RESTAURANTS</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.1</TD><TD STYLE="text-align: justify">This Agreement is not a franchise for the
                                            operation of Popeyes Restaurants. The terms and conditions applicable to Master Franchisee
                                            for the operation of each Direct-Owned Restaurant are set forth in the Company Franchise
                                            Agreement and Unit Addendum for such Direct-Owned Restaurant, and the terms and conditions
                                            applicable to Franchisees for the operation of each Franchised Restaurant are set forth in
                                            the Franchise Agreement for such Franchised Restaurant.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.2</TD><TD STYLE="text-align: justify">Until the occurrence of an MDA Termination
                                            Event, Master Franchisee will not be required to obtain PLK&rsquo;s prior written approval
                                            for the development of any potential site in the Territory (&ldquo;<B>Site Approval</B>&rdquo;).
                                            After the occurrence of an MDA Termination Event, Master Franchisee shall have no further
                                            right or entitlement to develop and establish Direct-Owned Restaurants in the Territory,
                                            or to license to Franchisees the right to establish and operate Franchised Restaurants in
                                            the Territory, without first receiving Site Approval from PLK, which PLK may withhold in
                                            its sole discretion. If, after the occurrence of an MDA Termination Event, Master Franchisee
                                            enters into any legally binding commitment with vendors or lessors of a potential site before
                                            PLK has granted Site Approval, then Master Franchisee shall bear the entire risk of loss
                                            or damage resulting from a subsequent decision of PLK not to give Site Approval.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.3</TD><TD STYLE="text-align: justify">The following requirements relating to site
                                            acquisition and construction of Direct-Owned Restaurants shall apply throughout the Term:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">7.3.1</TD><TD STYLE="text-align: justify">For each Direct-Owned Restaurant, Master
                                            Franchisee shall provide PLK, prior to filing for permit applications with the relevant Authorities
                                            to construct the Direct-Owned Restaurant, with the following detailed information regarding
                                            the proposed site and the market around the site in a format prescribed by PLK: (i)&nbsp;profit
                                            and loss projections for five (5)&nbsp;years, (ii)&nbsp;capital expense breakdown, (iii)&nbsp;trade
                                            area information, including information regarding customers, (iv)&nbsp;interior and exterior
                                            renderings of the proposed site, complete with signage, (v)&nbsp;aerial maps of the proposed
                                            site and pictures of the main access point for the direction of the traffic flow, if applicable,
                                            and (vi)&nbsp;to the extent available, such other information as PLK may from time to time
                                            reasonably request in electronic format or any other formats prescribed by PLK from time
                                            to time (the &ldquo;<B>Site Information</B>&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">7.3.2</TD><TD STYLE="text-align: justify">Master Franchisee shall notify PLK when
                                            a Direct-Owned Restaurant is under construction so that PLK can issue the unique identifier
                                            for the Direct-Owned Restaurant.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">7.3.3</TD><TD STYLE="text-align: justify">Master Franchisee assumes all cost, liability,
                                            expense and responsibility in procuring the location, acquisition and development of sites
                                            and the construction of Direct-Owned Restaurants. Master Franchisee shall provide copies
                                            of all documents related to title and possession of each site at PLK&rsquo;s request.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">7.3.4</TD><TD STYLE="text-align: justify">All Direct-Owned Restaurants shall be
                                            constructed, equipped and furnished in accordance with plans and specifications in compliance
                                            with Approved Plans and Specifications. These plans and specifications shall include the
                                            architectural design of the building, style, size and interior d&eacute;cor and colour schemes,
                                            internal and external signage as well as the proposed kitchen layout, service format and
                                            equipment. If, and to the extent that, Master Franchisee requires architectural and engineering
                                            services, it will contract for those services independently at its own expense and obtain
                                            all necessary approvals and permissions from the relevant Authority for such purposes.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.4</TD><TD STYLE="text-align: justify">Master Franchisee agrees that PLK is not and
                                            shall not be deemed to be making, and no Affiliate of PLK or any Person on behalf of PLK
                                            is or shall be deemed to be making, any representation or warranty relating directly or indirectly
                                            to the success or viability of, or any other matter relating to, a Direct-Owned Restaurant,
                                            and any such representation or warranty is hereby expressly excluded, including in the event
                                            that PLK has granted Site Approval or provided Approved Plans and Specifications or of any
                                            other matter relating to the development of the Direct-Owned Restaurant. No reliance shall
                                            be placed by Master Franchisee or any of its Affiliates on any warranty, representation or
                                            advice that may be given by any Person by or on behalf of PLK and/or its Affiliates unless
                                            such representation, warranty or advice is expressly given in writing by PLK.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.5</TD><TD STYLE="text-align: justify">PLK shall have the right to require Master
                                            Franchisee to use commercially reasonable efforts to have the landlord of any Direct-Owned
                                            Restaurant include any or all of the following provisions in the lease or purchase agreement,
                                            which will:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">7.5.1</TD><TD STYLE="text-align: justify">Allow Master Franchisee and PLK the right
                                            to elect to assign the leasehold interest and the lease contract to PLK or an Affiliate or
                                            a franchisee of PLK and/or Master Franchisee, in each case, without landlord consent or any
                                            increase in rent or change in any other material term; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">7.5.2</TD><TD STYLE="text-align: justify">in case of lease of the site, require
                                            the lessor to provide PLK with a copy of any notice of deficiency under the lease sent to
                                            Master Franchisee, at the same time as such notice is sent to Master Franchisee (as the lessee
                                            under the lease), and which grants PLK the right (but not the obligation) to cure any of
                                            Master Franchisee&rsquo;s deficiencies under the lease within fifteen (15) business Days
                                            after the expiration of the period in which Master Franchisee has to cure any such default,
                                            should Master Franchisee fail to do so.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 66; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>8&#8239;&#8239;&#8239;&#8239;<U>GRANT OF FRANCHISE
FOR DIRECT-OWNED RESTAURANTS</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.1</TD><TD STYLE="text-align: justify"><U>Direct-Owned Restaurants</U>. Upon fulfilment
                                            of the following conditions precedent in relation to each proposed Direct-Owned Restaurant,
                                            PLK shall grant Master Franchisee or the relevant Approved Subsidiary, as applicable, a license
                                            to operate the relevant Direct-Owned Restaurant on the terms set out in the Company Franchise
                                            Agreement and Unit Addendum for the relevant Direct-Owned Restaurant:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">8.1.1</TD><TD STYLE="text-align: justify">completion of the construction and fitting
                                            out of the Direct-Owned Restaurant in accordance with PLK&rsquo;s then current Approved Plans
                                            and Specifications;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">8.1.2</TD><TD STYLE="text-align: justify">delivery to PLK of a Notice of Completion
                                            at least ten (10)&nbsp;Days prior to the scheduled opening date of the Direct-Owned Restaurant,
                                            which Notice of Completion will identify the operator of the Direct-Owned Restaurant;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">8.1.3</TD><TD STYLE="text-align: justify">payment to PLK or its designee of the
                                            applicable Direct-Owned Restaurant Unit Fee required in respect of the Direct-Owned Restaurant
                                            to be opened as specified in clause 8.5 below;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">8.1.4</TD><TD STYLE="text-align: justify">Master Franchisee having provided PLK
                                            with a fully executed Joinder Agreement (if the operator of the Direct-Owned Restaurant is
                                            a new Approved Subsidiary) at least thirty (30) Days prior to the scheduled opening date
                                            of the Direct-Owned Restaurant;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">8.1.5</TD><TD STYLE="text-align: justify">Master Franchisee having provided PLK
                                            with at least two (2)&nbsp;original counterparts of the Unit Addendum for the Direct-Owned
                                            Restaurant executed by Master Franchisee or the Approved Subsidiary, such counterparts to
                                            be delivered to PLK at least thirty (30) Days prior to the scheduled opening date of the
                                            Direct-Owned Restaurant;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">8.1.6</TD><TD STYLE="text-align: justify">evidence, satisfactory to PLK in its sole
                                            discretion of compliance in all material respects by Master Franchisee with the requirements
                                            of this Agreement and the Company Franchise Agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">8.1.7</TD><TD STYLE="text-align: justify">evidence of property control, reasonably
                                            satisfactory to PLK, for the Unit Addendum Term (defined below); and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">8.1.8</TD><TD STYLE="text-align: justify">Master Franchisee or the Approved Subsidiary
                                            having obtained and continuing to hold all relevant approvals, permits and licenses required
                                            by applicable Law to operate the Direct-Owned Restaurant.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In addition, by not later than the
later to occur of (i)&nbsp;the first (1st) Business Day of the month following the month in which a Direct-Owned Restaurant was opened
or (ii)&nbsp;five (5)&nbsp;Business Days following the date on which a Direct-Owned Restaurant was opened, Master Franchisee will provide
PLK with a written communication advising of the date that the Direct-Owned Restaurant opened for business, together with digital photographs
(geotagged with the location of the Direct-Owned Restaurant) of the interior and exterior of the Direct-Owned Restaurant, showing that
such Direct-Owned Restaurant is open and serving guests and that the kitchen is stocked with food and supplies adequate to serve such
guests. Additionally Master Franchisee will comply with all requirements established by PLK from time to time to evidence the opening
of new Direct-Owned Restaurants in the Territory.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.2</TD><TD STYLE="text-align: justify"><U>Acquired Restaurants</U>. Upon the purchase
                                            of an Acquired Restaurant by Master Franchisee or an Approved Subsidiary, PLK, Master Franchisee
                                            or the Approved Subsidiary and the applicable Franchisee will enter into an agreement to
                                            terminate the Franchise Agreement for such Acquired Restaurants in a form to be provided
                                            by PLK, and Master Franchisee will provide to PLK at least two (2)&nbsp;original counterparts
                                            of the Unit Addendum for the Acquired Restaurant executed by Master Franchisee or the Approved
                                            Subsidiary, such counterparts to be delivered to PLK on the acquisition date of the Acquired
                                            Restaurant.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 67; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.3</TD><TD STYLE="text-align: justify"><U>Unit Addendum</U>. Until the Unit Addendum
                                            has been executed and delivered to PLK pursuant to clause 8.1.5 for a particular Direct-Owned
                                            Restaurant and the applicable Direct-Owned Restaurant Unit Fee has been paid, the proposed
                                            Direct-Owned Restaurant shall not open for business.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.4</TD><TD STYLE="text-align: justify"><U>Unit Addendum Term</U>. The term of each
                                            Unit Addendum will be up to twenty (20) years from the commencement date of the Unit Addendum
                                            (the &ldquo;<B>Unit Addendum Term</B>&rdquo;), with a minimum term of five (5)&nbsp;years
                                            (subject to renewal in accordance with clause 2.5 of the Company Franchise Agreement). The
                                            Unit Addendum Term for an Acquired Restaurant will be the remaining term of the relevant
                                            Franchise Agreement for such Acquired Restaurant.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.5</TD><TD STYLE="text-align: justify"><U>Direct-Owned Restaurant Unit Fee</U>. During the Term, Master Franchisee will pay the following
                                                           fee to PLK or its designee for the opening of each Direct-Owned Restaurant: (a)&nbsp;[****] for each Direct-Owned Restaurant opened
                                                           during Development Year 1, Development Year 2 and Development Year 3, and (b)&nbsp;[****] for each Direct-Owned Restaurant opened
                                                           during Development Year 4 and at any time thereafter (the &ldquo;<B>Direct-Owned Restaurant Unit Fee</B>&rdquo;), each for a twenty
                                                           (20) year term (which amount will be prorated if the term of the applicable Unit Addendum is less than twenty (20) years). The
                                                           Direct-Owned Restaurant Unit Fee will be due and payable no later than five (5)&nbsp;Days after receipt of an invoice from PLK
                                                           and/or an Affiliate or five (5)&nbsp;Days after the opening of the Direct-Owned Restaurant, whichever is earlier. Upon the renewal
                                                           of any Unit Addendum of a Direct-Owned Restaurant in accordance with the terms of the Company Franchise Agreement, Master Franchisee
                                                           will pay the Renewal Fee to PLK or its designee prior to the expiration of the Unit Addendum for the applicable Direct-Owned
                                                           Restaurant.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.6</TD><TD STYLE="text-align: justify"><U>Direct-Owned Restaurant Fee Credit</U>.
                                            While the Development Rights are in effect, Master Franchisee will be entitled to receive
                                            a credit in the amount of the unused portion of the Direct-Owned Restaurant Unit Fee paid
                                            for a Permitted Closure Restaurant previously operated by Master Franchisee (the &ldquo;<B>Direct-Owned
                                            Restaurant Fee Credit</B>&rdquo;). The Direct-Owned Restaurant Fee Credit will be applied
                                            to the applicable Direct-Owned Restaurant Unit Fee charged in connection with the next Direct-Owned
                                            Restaurant opened by Master Franchisee located in the province, autonomous region or direct-controlled
                                            municipality in which the Permitted Closure Restaurant was located (the &ldquo;<B>Replacement
                                            Restaurant</B>&rdquo;); <U>provided</U>, <U>however</U>, that if Master Franchisee fails
                                            to open a Direct-Owned Restaurant located in such province, autonomous region or direct-controlled
                                            municipality within a period of eighteen (18) months after the closure of the Permitted Closure
                                            Restaurant, Master Franchisee will have no right to receive the Direct-Owned Restaurant Fee
                                            Credit and, in the event Master Franchisee opens a Direct-Owned Restaurant located in such
                                            province, autonomous region or direct-controlled municipality after the expiration of the
                                            18-month period, Master Franchisee will pay the full amount of the applicable Direct-Owned
                                            Restaurant Unit Fee in connection therewith. The Direct-Owned Restaurant Fee Credit will
                                            be calculated on a pro rata basis as follows: the Direct-Owned Restaurant Unit Fee originally
                                            paid by Master Franchisee for the Permitted Closure Restaurant divided by the number of years
                                            of the Unit Addendum Term for the Permitted Closure Restaurant, multiplied by the full period
                                            remaining in the term of the Permitted Closure Restaurant. The result is subtracted from
                                            the Direct-Owned Restaurant Unit Fee (as set forth above) to arrive at the Direct-Owned Restaurant
                                            Unit Fee for the Replacement Restaurant. For the avoidance of doubt, the Direct-Owned Restaurant
                                            Fee Credit will not be available to Master Franchisee after the occurrence of an MDA Termination
                                            Event. By way of illustration only, if the Direct-Owned Restaurant Unit Fee was [***],
                                            the initial term was 20 years, and the Permitted Closure Restaurant closed at the end of
                                            the second year of the term, the Direct-Owned Restaurant Fee Credit would be [***] &divide;
                                            20, and that amount ([***]) would be multiplied by 18 (the unused portion of the term),
                                            to obtain a Direct-Owned Restaurant Fee Credit of [***]. If the next Direct-Owned Restaurant
                                            required a Direct-Owned Restaurant Unit Fee of [***], Master Franchisee would receive a
                                            credit of [***] and would be obligated to pay [***].</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.7</TD><TD STYLE="text-align: justify"><U>Royalty</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">8.7.1</TD><TD STYLE="text-align: justify">During the Term, Master Franchisee will
                                            pay a monthly fee (the &ldquo;<B>Royalty Fee</B>&rdquo;) for each Direct-Owned Restaurant
                                            to PLK or its designee as follows: [****]</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">8.7.2</TD><TD STYLE="text-align: justify">During the Unit Addendum Term for each
                                            Acquired Restaurant, the Royalty Fee due in respect of such Acquired Restaurant will be the
                                            Royalty Fee set forth in the relevant Franchise Agreement for such Acquired Restaurant.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">8.7.3</TD><TD STYLE="text-align: justify">Master Franchisee will pay the Royalty
                                            Fee due in respect of each Direct-Owned Restaurant to PLK or its designee by no later than
                                            the tenth (10<SUP>th</SUP>) day of each month for the entire Unit Addendum Term (and any
                                            renewal term, if applicable) based on Gross Sales for the preceding month in accordance with
                                            the Company Franchise Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">8.7.4</TD><TD STYLE="text-align: justify">In the event that applicable Law requires
                                            the calculation of the Royalty Fee payable pursuant to this clause 8.7 to be based on any
                                            figure other than monthly Gross Sales, which calculation results in a sum payable to PLK
                                            which is less than what would have been payable had the Royalty Fee been calculated based
                                            on monthly Gross Sales, then Master Franchisee undertakes and agrees to pay such difference
                                            from its global assets and bank accounts so that the final amount paid to PLK amounts to
                                            the Royalty Fee calculated based on monthly Gross Sales.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.8</TD><TD STYLE="text-align: justify"><U>Advertising Contribution</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">8.8.1</TD><TD STYLE="text-align: justify">During the Term, Master Franchisee will
                                            pay an Advertising Contribution in respect of each Direct-Owned Restaurant calculated by
                                            multiplying the monthly Gross Sales at the Direct-Owned Restaurant by five percent (5.0%)
                                            for the entire Unit Addendum Term (and any renewal term, if applicable), subject to clause
                                            11.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">8.8.2</TD><TD STYLE="text-align: justify">During the Term, the Advertising Contribution
                                            for Direct-Owned Restaurants will be contributed by no later than the tenth (10<SUP>th</SUP>)
                                            day of each month to the Advertising Fund to be managed by Master Franchisee, subject to
                                            clause 11 of this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>9&#8239;&#8239;&#8239;&#8239;<U>GRANT OF FRANCHISE
FOR FRANCHISED RESTAURANTS</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">9.1</TD><TD STYLE="text-align: justify"><U>General</U>. The Development Rights include
                                            the right during the Term for Master Franchisee to enter into Franchise Agreements with Franchisees
                                            for the operation of Franchised Restaurants in the Territory. Master Franchisee will provide
                                            the Services to Franchisees and Franchised Restaurants in the Territory in strict compliance
                                            with the terms of this Agreement. Master Franchisee shall use commercially reasonable efforts
                                            to ensure compliance by Franchisees with the Popeyes System in the Territory and enforce
                                            all of the obligations of Franchisees as set forth in the Franchise Agreements. Except as
                                            set forth in this Agreement, Master Franchisee shall not charge any fees or other amounts
                                            to Franchisees without the prior written consent of PLK.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">9.2</FONT></TD><TD STYLE="text-align: justify"><U>Approval
                                            of Franchisees and Franchise Agreements</U>. Master Franchisee will utilize PLK&rsquo;s guidelines
                                            for approving Franchisees. In addition, Master Franchisee will, at its sole cost and expense
                                            procure mandatory Level 2 Background Checks conducted by the Background Check Provider on
                                            each proposed Franchisee and all principals and shareholders thereof, and provide copies
                                            of the background checks to PLK for review. Master Franchisee will not enter into a Franchise
                                            Agreement with any proposed Franchisee if the results of the background check reveal, in
                                            PLK&rsquo;s sole judgment, that the proposed Franchisee or any of the principals or shareholders
                                            thereof is (i)&nbsp;a Competitor, (ii)&nbsp;a Person that directly or indirectly provides
                                            marketing, advertising, training, monitoring, development, reporting and/or collection or
                                            similar services to a Competitor; (iii)&nbsp;a Person which acts as a franchisee or master
                                            franchisee for any Competitor, or (iv)&nbsp;a Prohibited Person, as determined in PLK&rsquo;s
                                            sole judgment based on the background check and any follow-up or additional diligence, if
                                            any, required by PLK based on the background check. In addition, Master Franchisee will not
                                            enter into a Franchise Agreement with any current or former RBI Franchisee without the prior
                                            written consent of PLK. The failure to comply with this provision is a material default under
                                            this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">9.2.1</TD><TD STYLE="text-align: justify">Franchisees who desire to open Franchised
                                            Restaurants will enter into a Franchise Agreement with Master Franchisee for each Franchised
                                            Restaurant opened in the Territory during the Term. If Master Franchisee desires to sell,
                                            transfer or otherwise dispose of a Direct-Owned Restaurant to a Franchisee, then PLK and
                                            Master Franchisee will terminate the Unit Addendum with respect to such Direct-Owned Restaurant
                                            prior to Master Franchisee entering into a Franchise Agreement with respect to such Restaurant.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">9.2.2</TD><TD STYLE="text-align: justify">The term of each Franchise Agreement will
                                            be up to twenty (20) years from the date on which such Franchise Agreement is signed, as
                                            determined by Master Franchisee, in its sole discretion, with a minimum term of five (5)&nbsp;years
                                            and with one (1)&nbsp;option to renew for ten (10)&nbsp;years on the condition that Master
                                            Franchisee will consult with PLK before such renewal.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">9.2.3</TD><TD STYLE="text-align: justify">Master Franchisee will provide PLK with
                                            the Site Information for each proposed Franchised Restaurant within ten (10)&nbsp;Days after
                                            receipt of same from the relevant Franchisee.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">9.2.4</TD><TD STYLE="text-align: justify">Master Franchisee will provide PLK with
                                            written notice of the opening of a Franchised Restaurant within five (5)&nbsp;Days of the
                                            opening date. Master Franchisee will provide PLK with one (1)&nbsp;copy of each Franchise
                                            Agreement on or prior to the opening of the Franchised Restaurant, together with a signed
                                            acknowledgment from each Franchisee certifying in the manner set out in the Franchise Agreement
                                            that all applicable franchise disclosures, if any were required under applicable Law, were
                                            made by Master Franchisee to each Franchisee on a timely basis. Additionally, by not later
                                            than the later to occur of (i)&nbsp;the first (1st) Business Day of the month following the
                                            month in which a Franchised Restaurant was opened or (ii)&nbsp;five (5)&nbsp;Business Days
                                            following the date on which a Franchised Restaurant was opened, Master Franchisee will provide
                                            PLK with digital photographs (geotagged with the location of the Franchised Restaurant) of
                                            the interior and exterior of the Franchised Restaurant, showing that such Franchised Restaurant
                                            is open and operating and is serving guests and that the kitchen is stocked with food and
                                            supplies adequate to serve such guests. Additionally, Master Franchisee will comply with,
                                            and will cause all Franchisees to comply with, all requirements established by PLK from time
                                            to time to evidence the opening of new Franchised Restaurants in the Territory.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">9.2.5</TD><TD STYLE="text-align: justify">Master Franchisee will not amend a Franchise
                                            Agreement in any material respect, nor waive a Franchisee&rsquo;s obligation to comply with
                                            a material condition under a Franchise Agreement, without PLK&rsquo;s prior written consent.
                                            Master Franchisee will provide to PLK in advance a copy of any such amendment or statement
                                            describing a waiver to be granted. In addition, at PLK&rsquo;s request, Master Franchisee
                                            will provide to PLK a signed copy of each such amendment within ten (10)&nbsp;Days after
                                            such amendment is signed. Without limiting the generality of the foregoing, Master Franchisee
                                            will not amend a Franchise Agreement to delete PLK and its Affiliates as &ldquo;FRANCHISOR
                                            INDEMNIFIED PARTIES&rdquo; thereunder.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">9.2.6</TD><TD STYLE="text-align: justify">Master Franchisee will ensure that PLK
                                            or any employee, agent or designee of PLK, shall have the unrestricted right to enter the
                                            Franchised Restaurants to conduct such inspections and other activities as PLK deems necessary
                                            to ascertain or ensure compliance with the Standards, including without limitation, to conduct
                                            interviews with Franchisee&rsquo;s employees. The inspections and other activities may be
                                            conducted without prior notice at any time determined by PLK, subject to the requirement
                                            that PLK will use commercially reasonable efforts to ensure that the inspections and other
                                            activities will not disrupt the normal business operations of the Franchised Restaurants.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">9.2.7</TD><TD STYLE="text-align: justify">Master Franchisee will fulfil all of the
                                            duties of the &ldquo;Franchisor&rdquo; under each Franchise Agreement executed pursuant to
                                            this Agreement and will use best efforts to maintain compliance by each Franchisee under,
                                            and enforce, each Franchise Agreement. However, Master Franchisee will not without PLK&rsquo;s
                                            prior written consent;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.75in">9.2.7.1</TD><TD STYLE="text-align: justify">Approve any changes to the Approved
                                            Plans and Specifications;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.75in">9.2.7.2</TD><TD STYLE="text-align: justify">Authorize any alteration, addition
                                            or improvement to the interior or exterior of a Franchised Restaurant not in compliance with
                                            the Standards;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.75in">9.2.7.3</TD><TD STYLE="text-align: justify">Make any material changes to the
                                            form of the Franchise Agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.75in">9.2.7.4</TD><TD STYLE="text-align: justify">Approve the use of any products,
                                            fixtures, furnishings, signs, equipment, interior or exterior design, or methods of operation
                                            not specified in the Confidential Operating Manual or otherwise approved in writing by PLK;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.75in">9.2.7.5</TD><TD STYLE="text-align: justify">Approve or disapprove suppliers or
                                            distributors to the Franchised Restaurant;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.75in">9.2.7.6</TD><TD STYLE="text-align: justify">Approve the sale or use in a Franchised
                                            Restaurant of any product that has not previously been approved in writing by PLK or that
                                            has been disapproved by PLK for sale or use in the Franchised Restaurant; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.75in">9.2.7.7</TD><TD STYLE="text-align: justify">Except as otherwise permitted or
                                            authorized by PLK in writing, knowingly permit any material deviation by a Franchisee from
                                            the Standards.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">9.2.8</TD><TD STYLE="text-align: justify">Master Franchisee will ensure that all
                                            Franchisees install equipment in their Franchised Restaurants as required by PLK.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">9.2.9</TD><TD STYLE="text-align: justify">Master Franchisee will use commercially
                                            reasonable efforts to obtain P&amp;L Information from each Franchisee. Master Franchisee
                                            will provide PLK with P&amp;L Information provided to Master Franchisee by each Franchisee
                                            pursuant to its Franchise Agreements at such times as PLK designates and in an electronic
                                            format prescribed by or otherwise acceptable to PLK. The Franchise Agreement shall require
                                            each Franchisee to provide Master Franchisee with P&amp;L Information and authorize Master
                                            Franchisee to provide such P&amp;L Information to PLK.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">9.2.10</TD><TD STYLE="text-align: justify">Master Franchisee&rsquo;s failure to
                                            perform in a diligent and timely manner any material obligation owed to any Franchisee will
                                            constitute a breach of this Agreement, such breach to be cured within sixty (60) Days after
                                            written notification from PLK to Master Franchisee. Failure to cure following notification
                                            will constitute a material breach of this Agreement, and PLK may after giving reasonable
                                            consideration to the nature of the relevant default, either terminate the Development Rights
                                            or terminate this Agreement in its entirety.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">9.2.11</TD><TD STYLE="text-align: justify">If Master Franchisee fails to carry out
                                            its material obligations under a Franchise Agreement within the time provided in the Franchise
                                            Agreement and in a manner consistent with the terms of the Franchise Agreement, PLK may,
                                            with the written approval of Master Franchisee (which shall not be unreasonably withheld)
                                            itself take such steps necessary to enforce the terms and conditions of the Franchise Agreement.
                                            Master Franchisee will cooperate with PLK to give effect to this clause, including, by providing
                                            and executing such documents deemed necessary by PLK.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">9.2.12</TD><TD STYLE="text-align: justify">Each Franchised Restaurant shall be operated
                                            according to the Franchise Agreement and the Standards. Master Franchisee will immediately
                                            report to PLK any termination or renewal of, or refusal to renew, any Franchise Agreement,
                                            including any notice of intent not to renew by any Franchisee, and all information PLK may
                                            reasonably request concerning any termination, renewal or refusal to renew.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">9.2.13</TD><TD STYLE="text-align: justify">If Master Franchisee fails to operate
                                            any Franchised Restaurant in compliance with the terms of the Franchise Agreement, PLK may
                                            direct, as it deems best, Master Franchisee to terminate the Franchise Agreement for that
                                            Franchised Restaurant and/or require the closure (either temporary or permanent) of the Franchised
                                            Restaurant.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">9.2.14</TD><TD STYLE="text-align: justify">If Master Franchisee fails to pay PLK
                                            (or its designee) (other than a failure to pay due to a Payment Restriction which shall be
                                            governed by the terms of clause 22.4) when due any amounts payable under clause 9.4 or clause
                                            9.5 at any time with respect to any Franchised Restaurant, either during the Term or, if
                                            applicable, thereafter, and does not cure such failure within twenty (20) Days of written
                                            notice from PLK, then PLK may notify, or may direct Master Franchisee to notify, Franchisees
                                            in writing to pay the Franchised Restaurant Unit Fee and/or Royalty Fee and submit Sales
                                            Reports directly to PLK or its designee with respect to all periods after the date of such
                                            notice. The Franchise Agreements shall provide for payment of such amounts and the submission
                                            of Sales Reports directly to PLK upon receipt of written notice from PLK or Master Franchisee.
                                            For purposes of enforcing this provision, PLK will be named as a third party beneficiary
                                            under the Franchise Agreements. Master Franchisee shall be liable and shall pay or reimburse
                                            PLK on demand for all reasonable costs, including legal costs, incurred by PLK in connection
                                            with the enforcement of PLK&rsquo;s third party beneficiary rights under the Franchise Agreements.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">9.2.15</TD><TD STYLE="text-align: justify">If at any time, Master Franchisee receives
                                            a termination payment or other amount from a Franchisee or any other Person for future royalties
                                            as a result of the closure of a Franchised Restaurant or termination of the Franchise Agreement,
                                            Master Franchisee and PLK will share such payment (reduced by the amount of any documented
                                            out of pocket collection costs incurred by Master Franchisee) pro rata in accordance with
                                            their respective Royalty Fee percentages. Master Franchisee will promptly notify PLK and
                                            remit payment to PLK within thirty (30) Days after receipt thereof. For the avoidance of
                                            doubt, Master Franchisee will have no obligation to pursue collection of a termination payment
                                            or other amount as a result of the closure of a Franchised Restaurant or termination of a
                                            Franchise Agreement and may determine in its sole discretion whether or not to initiate such
                                            collection activities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">9.3</TD><TD STYLE="text-align: justify"><U>IT Systems<I>.</I></U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">9.3.1</TD><TD STYLE="text-align: justify">Master Franchisee will, at its sole cost
                                            and expense, provide PLK with Polling Information and Delivery Aggregator Information (to
                                            the extent received from Delivery Aggregators) at such time or times as may be reasonably
                                            required by PLK and ensure that Master Franchisee and all Franchisees install POS Systems
                                            and adopt polling and data collection systems prescribed by PLK. Master Franchisee will only
                                            use the information received from the Franchisees&rsquo; POS Systems and Franchisees&rsquo;
                                            Polling Information in order to provide the Services.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">9.3.2</TD><TD STYLE="text-align: justify">PLK may at any time prescribe a POS System
                                            for use in the Territory so long as (i)&nbsp;such POS System is at least equivalent in functionality
                                            to the POS System currently in use in the Territory and (ii)&nbsp;the cost of such POS System
                                            is equivalent to or less than comparable POS Systems available in the Territory from third
                                            parties.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">9.3.3</TD><TD STYLE="text-align: justify">PLK shall have the right to approve the
                                            vendor that Master Franchisee engages to develop any website, applications, including Mobile
                                            Applications, or other digital assets for use in the Territory. Such approval shall not be
                                            unreasonably withheld. In addition, upon written notice to Master Franchisee, PLK may require
                                            Master Franchisee to purchase websites, applications or other digital assets from PLK, an
                                            Affiliate of PLK or a vendor approved by PLK.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">9.4</TD><TD STYLE="text-align: justify"><U>Franchised Restaurant Unit Fee.</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">9.4.1</TD><TD STYLE="text-align: justify">During the Term, Master Franchisee will
                                            pay to PLK or its designee (a)&nbsp;US$[****] for each Franchised Restaurant opened during
                                            Development Year 1, Development Year 2 and Development Year 3, and (b)&nbsp;US$[****] for
                                            each Franchised Restaurant opened during Development Year 4 and at any time thereafter (the
                                            &ldquo;<B>Franchised Restaurant Unit Fee</B>&rdquo;), each for a twenty (20) year term (which
                                            amount will be prorated if the term of the applicable Franchise Agreement is less than twenty
                                            (20) years), whether or not Master Franchisee actually charges or collects a franchise fee
                                            for such Franchised Restaurant.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">9.4.2</TD><TD STYLE="text-align: justify">The Franchised Restaurant Unit Fee will
                                            be due and payable no later than five (5)&nbsp;Days after the receipt of an invoice from
                                            PLK and/or an Affiliate of PLK or five (5)&nbsp;Days after the scheduled opening date of
                                            the Franchised Restaurant, whichever occurs first.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">9.4.3</TD><TD STYLE="text-align: justify">Upon renewal of the Franchise Agreement
                                            for any Franchised Restaurant Master Franchisee will pay the Renewal Fee to PLK prior to
                                            the expiration of the term of the Franchise Agreement, whether or not Master Franchisee actually
                                            charges or collects a renewal fee for such Franchised Restaurant.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">9.4.4</TD><TD STYLE="text-align: justify">For the avoidance of doubt, Master Franchisee
                                            may not charge a Franchised Restaurant Unit Fee or Renewal Fee in an amount in excess of
                                            the amount set forth in clause 9.4.1 or as set forth in the definition of &ldquo;Renewal
                                            Fee&rdquo;, respectively, it being understood that PLK will receive the entire amount of
                                            the fee paid by the Franchisee in connection with the opening of a Franchised Restaurant
                                            or the renewal of a Franchise Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">9.5</TD><TD STYLE="text-align: justify"><U>Royalty Fee.</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">9.5.1</TD><TD STYLE="text-align: justify">In consideration of the license and other
                                            rights granted under this Agreement during the Term, Master Franchisee will pay a Royalty
                                            Fee for each new Franchised Restaurant to PLK or its designee [****].</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">9.5.2</TD><TD STYLE="text-align: justify">The maximum royalty Master Franchisee
                                            may charge a Franchisee under a Franchise Agreement is [****]. Notwithstanding the foregoing, the Parties agree to discuss
                                            and consider in good faith any future proposals by Master Franchisee for an increase to the
                                            maximum royalty that Master Franchisee may charge Franchisees. Unless otherwise authorized
                                            by PLK in writing, the portion of the royalty fee collected and retained by Master Franchisee
                                            will be Master Franchisee&rsquo;s sole compensation related to the Franchise Agreements and
                                            the Services to be provided to Franchisees. For the avoidance of doubt, regardless of the
                                            royalty Master Franchisee charges for a Franchised Restaurant, Master Franchisee will pay
                                            PLK (or its designee) the full amount of the Royalty Fee required under clause 9.5.1, even
                                            if the royalty Master Franchisee actually charges Franchisee is less and regardless of whether
                                            or not Master Franchisee charges and/or collects a fee for such Franchised Restaurant.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">9.5.3</TD><TD STYLE="text-align: justify">In the event that applicable Law requires
                                            the calculation of the Royalty Fee payable pursuant to this clause 9.5 to be based on any
                                            figure other than monthly Gross Sales, which calculation results in a sum payable to PLK
                                            which is less than what would have been payable had the Royalty Fee been calculated based
                                            on monthly Gross Sales, then Master Franchisee undertakes and agrees to pay such difference
                                            from its global assets and bank accounts so that the final amount paid to PLK amounts to
                                            the Royalty Fee calculated based on monthly Gross Sales.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">9.6</TD><TD STYLE="text-align: justify"><U>Advertising Contribution</U>. Master Franchisee
                                            will require each Franchisee to contribute no less than five percent (5.0%) of Gross Sales
                                            on a monthly basis, beginning the first month after each Franchised Restaurant has commenced
                                            operations, to an Advertising Fund to be managed by Master Franchisee during the Term pursuant
                                            to clause 11 of this Agreement. Master Franchisee will deposit all Advertising Contributions
                                            received pursuant to the Franchise Agreements into the Ad Fund Account. To the extent that
                                            the amount remitted by a Franchisee or Affiliate in connection with a Franchised Restaurant
                                            is insufficient to pay the Royalty Fee required under clause 9.5.1 and Advertising Contribution,
                                            the payment will be applied first to the Royalty Fee and the balance, if any, will be applied
                                            to the Advertising Contribution.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">9.7</TD><TD STYLE="text-align: justify"><U>Invoices; Taxes</U>. On a monthly basis,
                                            Master Franchisee will calculate the royalties for all Franchised Restaurants based on the
                                            Sales Reports provide by Franchisees. Master Franchisee will provide PLK with a copy of the
                                            Sales Reports within five (5)&nbsp;Business Days from receipt thereof. Master Franchisee
                                            will invoice Franchisees for royalties, together with any taxes (including applicable VAT)
                                            which Master Franchisee is required by applicable Law to collect and remit to the Tax Authority
                                            in the Territory. Master Franchisee agrees to indemnify the PLK Indemnified Parties for any
                                            Claims or Losses, including penalties and interest, resulting from Master Franchisee&rsquo;s
                                            failure to properly remit any such tax payment (including applicable VAT) collected from
                                            Franchisees. Notwithstanding the foregoing, Master Franchisee shall procure that Franchisees
                                            provide the Sales Report for each month utilizing such sales reporting and invoicing process
                                            as may be implemented by PLK for franchisees in the Territory from time to time. The failure
                                            of any Franchisee to submit a Sales Report on three (3)&nbsp;or more occasions during any
                                            twelve (12) month period shall be an event of default under the Franchise Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 75; Value: 2 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">9.8</FONT></TD><TD STYLE="text-align: justify"><U>Method
                                            of Payment</U>. PLK may, at its option, and provided the same is permissible under the applicable
                                            Law of the Territory, require payment of the Royalty and/or Advertising Contribution and
                                            any other amount payable under this Agreement (including pursuant to clause 8 and 9 hereof)
                                            by such method or methods as may best align or accord with PLK&rsquo;s global payment policy
                                            standards in effect from time to time, including, without limitation, by international wire
                                            transfer, electronic funds transfer, ACH credit transfer, international drawdown and/or by
                                            direct weekly or monthly withdrawals in the form of an electronic, wire, automated transfer
                                            or other similar electronic funds transfer in the appropriate amount(s)&nbsp;from Master
                                            Franchisee&rsquo;s bank or other financial institution account. If PLK exercises the latter
                                            option to automatically pull funds from Master Franchisee&rsquo;s bank account, Master Franchisee
                                            will: (a)&nbsp;execute and deliver to its financial institution and to PLK those documents
                                            necessary to authorize such withdrawals and to make payment or deposit as directed by PLK;
                                            (b)&nbsp;not thereafter terminate such authorization so long as any payments are owed to
                                            PLK hereunder or any other agreement with PLK, whether this Agreement is in effect or this
                                            Agreement has expired or been terminated or any other such agreement is in effect or has
                                            expired or been terminated, without the prior approval of PLK; (c)&nbsp;not close such account
                                            without prior notice to PLK and the establishment of a substitute account permitting such
                                            withdrawals; and (d)&nbsp;take all reasonable and necessary steps to establish an account
                                            at a financial institution which has a direct electronic funds transfer or other withdrawal
                                            program if such a program is not available at Master Franchisee&rsquo;s financial institution.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">9.9</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Master
                                            Franchisee Must Not Withhold Payment</U>. Master Franchisee shall not, unless required by
                                            </FONT>Law, for any reason withhold or offset payment of any amount due to PLK under this
                                            Agreement (including pursuant to clause 8 and 9 hereof). This applies even if Master Franchisee
                                            alleges that PLK has not performed or is not performing an obligation imposed upon it under
                                            this Agreement or any other agreement with PLK. PLK may accept any partial payment without
                                            prejudice to its right to recover the balance due or pursue any other remedy.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">9.10</TD><TD STYLE="text-align: justify"><U>Application of Payments</U>. PLK, in its
                                            sole discretion, may apply any payment received from Master Franchisee or from any other
                                            Person on behalf of Master Franchisee against any past due indebtedness of Master Franchisee
                                            as PLK may see fit, notwithstanding any contrary instruction or designation given by Master
                                            Franchisee or any other Person as to the application or imputation of any such payment.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">9.11</FONT></TD><TD STYLE="text-align: justify"><U>Marketing
                                            Plan</U>. Master Franchisee will develop a marketing plan to attract qualified Franchisee
                                            candidates within the Territory. Master Franchisee will consult with PLK about the plan and
                                            provide a copy of the plan to PLK.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">9.12</TD><TD STYLE="text-align: justify"><U>Mobile Applications</U>. If PLK approves
                                            the use of any Mobile Applications in the Territory, Master Franchisee shall comply with,
                                            and shall cause Franchisees to comply with, such standards PLK may require for the use of
                                            Mobile Applications.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">9.13</TD><TD STYLE="text-align: justify"><U>Development Services</U>. Master Franchisee
                                            will provide, at Master Franchisee&rsquo;s sole cost and expense, the following development
                                            services (the &ldquo;<B>Development Services</B>&rdquo;) to Franchisees:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">9.13.1</TD><TD STYLE="text-align: justify">Administer PLK&rsquo;s development processes
                                            and procedures as described in Exhibit&nbsp;C attached hereto;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">9.13.2</TD><TD STYLE="text-align: justify">Provide the Approved Plans and Specifications
                                            for all types of Restaurants;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">9.13.3</TD><TD STYLE="text-align: justify">Provide architectural advice and consultation
                                            as necessary on plan revisions, layout and signs;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">9.13.4</TD><TD STYLE="text-align: justify">Provide assistance, advice and consultation
                                            on zoning and other matters conducive to the development of a Restaurant for the approved
                                            location; provided, however, that none of these responsibilities should be construed to suggest
                                            that it is Master Franchisee&rsquo;s responsibility to perform the tasks of, or undertake
                                            tasks normally undertaken by, any kind of engineer, architect, surveyor or other professional
                                            Person or to otherwise provide any engineering, architectural, quantity surveying or other
                                            professional services;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">9.13.5</TD><TD STYLE="text-align: justify">analyze site packages prepared by Franchisees,
                                            administer PLK&rsquo;s site selection policies in relation to proposed sites of Franchisees
                                            and grant Site Approval (subject to compliance with Exhibit&nbsp;C) for a proposed location
                                            of a Popeyes Restaurant; provided, however, that upon the occurrence of an MDA Termination
                                            Event, at PLK&rsquo;s option and upon notice to Master Franchisee, PLK may terminate Master
                                            Franchisee&rsquo;s right to grant Site Approval pursuant hereto;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">9.13.6</TD><TD STYLE="text-align: justify">Conduct all necessary site-related studies
                                            (or procure that Franchisees conduct such studies), as may be called for by the Popeyes System
                                            or are otherwise appropriate, such as demographics and traffic studies;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">9.13.7</TD><TD STYLE="text-align: justify">Inspect such site during construction
                                            and provide advice to Franchisees as necessary in relation to the franchise requirements;
                                            and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">9.13.8</TD><TD STYLE="text-align: justify">Verify that each Franchised Restaurant
                                            has been constructed in accordance with the Approved Plans and Specifications.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>10&nbsp;&nbsp;<U>RIGHTS
AND OBLIGATIONS OF MASTER FRANCHISEE IN RELATION TO MENU AND SUPPLIERS</U></B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">10.1</TD><TD STYLE="text-align: justify"><U>Approved Suppliers and Approved Products.</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">10.1.1</TD><TD STYLE="text-align: justify">To ensure goods and services meet PLK&rsquo;s
                                            Standards, Master Franchisee shall only procure such goods and services from Approved Suppliers
                                            in connection with the development, improvement or operation of the Restaurants. Such goods
                                            include the Approved Products, including, without limitation, food and supplies, packaging
                                            and paper products, furnishings, fixtures, signage, equipment, uniforms and premiums. The
                                            decision to approve or disapprove proposed suppliers and/or distributors shall be made by
                                            PLK in its sole discretion. PLK may consider any factors it deems relevant in establishing
                                            specifications and standards and in approving suppliers and/or distributors, and is not obligated
                                            to approve multiple suppliers and/or distributors of any good or service. To the extent that
                                            PLK or any of its Affiliates negotiates any cost recovery fees with Approved Suppliers after
                                            the Original Commencement Date, PLK may use these funds in its sole discretion.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">10.1.2</TD><TD STYLE="text-align: justify">Additionally, Master Franchisee agrees
                                            to implement, at its sole cost and expense, the complaint reporting system approved by PLK
                                            and/or its Affiliates for use in the Popeyes System, for all Popeyes Restaurants in the Territory,
                                            prior to the shipment of any products from an Approved Facility to a Popeyes Restaurant in
                                            the Territory. Such complaint reporting system must be operated at Master Franchisee&rsquo;s
                                            sole cost and expense, by such Approved Facility, the Master Franchisee or a third party
                                            approved by PLK. Master Franchisee must also implement, at its sole cost and expense, a customer
                                            complaint system, approved by PLK, for the purposes of receiving and addressing customer
                                            complaints and ensuring compliance with the Standards. Master Franchisee shall provide PLK
                                            with PLK-required customer complaint reports, monthly, or more frequently upon PLK&rsquo;s
                                            request in a format approved by PLK.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">10.1.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Master
                                            F</FONT>ranchisee may negotiate pricing and other terms and conditions with Approved Suppliers
                                            in the Territory regarding Approved Products. Notwithstanding the foregoing, Master Franchisee
                                            may not negotiate terms and conditions with any Approved Supplier in the Territory which
                                            would negate or conflict with any agreements that PLK has with such Approved Supplier without
                                            PLK&rsquo;s prior written consent. Master Franchisee may negotiate with Approved Suppliers
                                            for rebates and/or supply chain and/or marketing allowances to be paid directly to the Advertising
                                            Fund for the benefit of all of the PLK Restaurants in the Territory; provided, however, that
                                            Master Franchisee will promptly disclose to PLK the terms of any such rebates and/or supply
                                            chain and/or marketing allowances. For the avoidance of doubt, the rights granted to Master
                                            Franchisee pursuant to this clause 10.1.3 will automatically terminate upon the occurrence
                                            of an MDA Termination Event.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">10.2</TD><TD STYLE="text-align: justify"><U>Local Menu Customization</U>. During the
                                            Term and without prejudice to the rights reserved to PLK in this Agreement and the Company
                                            Franchise Agreement, Master Franchisee may seek to establish local menu items for Restaurants
                                            operating within the Territory; provided that (i)&nbsp;all of the Core Menu Items are required
                                            to be offered for sale at all Restaurants in the Territory, (ii)&nbsp;all suppliers and product
                                            ingredients are approved by PLK in writing in accordance with PLK&rsquo;s standard processes
                                            and procedures for such approval, as supplemented below, and (iii)&nbsp;all local menu items
                                            are approved by PLK in accordance with the procedures set forth below.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">10.2.1</TD><TD STYLE="text-align: justify">If Master Franchisee wishes to establish
                                            a local menu item, it must undertake (i)&nbsp;an analysis to assess the financial feasibility
                                            to Restaurants and (ii)&nbsp;consumer research in the part of the Territory in which Master
                                            Franchisee wishes to introduce the local menu item (the &ldquo;<B>Affected Area</B>&rdquo;)
                                            to assess whether that menu item has &ldquo;concept appeal&rdquo; and &ldquo;taste ratings&rdquo;
                                            in the Territory which are reasonably equivalent to the level of concept appeal and taste
                                            ratings of the Core Menu Items and local menu items already implemented in accordance with
                                            these procedures. Master Franchisee will permit PLK to review the financial analysis and
                                            consumer research conducted by Master Franchisee pursuant to this clause 10.2.1. Master Franchisee
                                            will submit its request for concept approval of the local menu item in the Affected Area
                                            (&ldquo;<B>Concept Approval</B>&rdquo;) to PLK in writing (the &ldquo;<B>Concept Approval
                                            Notice</B>&rdquo;), which PLK may approve or disapprove in its sole discretion. PLK will
                                            review the Concept Approval Notice and use commercially reasonable efforts to notify Master
                                            Franchisee within thirty (30) Days of its decision or that it requires additional time in
                                            order to review the Concept Approval Notice. Unless PLK approves any request for Concept
                                            Approval in writing, such request shall be deemed disapproved. Failure to notify Master Franchisee
                                            of its decision within thirty (30) Days shall not operate as a deemed consent by PLK in respect
                                            of the local menu item. If PLK decides to disapprove the local menu item, PLK will provide
                                            Master Franchisee with written notice of such disapproval, specifying the reasons for such
                                            determination, which reasons may not be challenged or appealed by Master Franchisee.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">10.2.2</TD><TD STYLE="text-align: justify">For the avoidance of doubt, the rights
                                            granted to Master Franchisee pursuant to this clause 10.2 shall terminate in the event that
                                            the Development Rights are terminated for any reason or this Agreement expires or terminates.
                                            Termination shall not affect rights granted to Master Franchisee pursuant to this clause
                                            10.2 prior to such termination, subject always to PLK&rsquo;s discretion to revoke or terminate
                                            any such prior approval given to Master Franchisee in the event that the required Standards
                                            in respect of such local menu items are not maintained by Master Franchisee and/or any suppliers
                                            as determined by the Popeyes QA Program.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">10.2.3</TD><TD STYLE="text-align: justify">Master Franchisee shall require that,
                                            upon PLK&rsquo;s request, Approved Suppliers of the ingredients for such local menu item
                                            shall promptly submit samples of the Approved Products or samples of any components of the
                                            Approved Products to a third party laboratory facility identified by PLK for analytical testing
                                            and/or specifications technical review according to the Popeyes QA Program. PLK may also
                                            authorize the laboratory facility to obtain such samples directly from Approved Suppliers
                                            or Popeyes Restaurants pursuant to a testing schedule established by PLK. Master Franchisee
                                            shall pay, or ensure that Approved Suppliers pay, all costs and expenses in connection with
                                            such analytical testing and/or specifications technical review according to the Popeyes QA
                                            Program.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">10.2.4</TD><TD STYLE="text-align: justify">Any trademarks or other intellectual
                                            property rights created or subsisting in connection with the establishment of any local menu
                                            item, including any pre-existing marks or intellectual property rights of Master Franchisee,
                                            will become Popeyes Marks and Popeyes Intellectual Property Rights hereunder. Master Franchisee
                                            hereby disclaims any right or interest in or to such Popeyes Marks and/or Popeyes Intellectual
                                            Property Rights, and Master Franchisee hereby assigns to PLK such rights (if any) which Master
                                            Franchisee has or may acquire in such Popeyes Marks and/or Popeyes Intellectual Property
                                            Rights. If PLK elects to register the assignment or such trademarks or other intellectual
                                            property rights under applicable Law, PLK will be responsible for any costs associated with
                                            any such recordal or registration. Notwithstanding the foregoing, Master Franchisee will
                                            bear the cost of screening the potential new trademarks for use in the Territory in an amount
                                            not to exceed US$30,000 annually (the &ldquo;<B>Annual Cap</B>&rdquo;), which amount may
                                            be paid out of the Advertising Fund at Master Franchisee&rsquo;s sole discretion. For the
                                            avoidance of doubt, if the Annual Cap is exhausted, PLK may deny approval of any further
                                            proposed marks, slogans or product names for that year, it being understood that PLK will
                                            not be responsible for the cost of any trademark screenings for the Territory.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">10.2.5</TD><TD STYLE="text-align: justify">Master Franchisee agrees that it shall
                                            not enter into a supply or distribution agreement or any other commercial agreement with
                                            a supplier and/or distributor until such supplier and/or distributor is an Approved Supplier.
                                            If Master Franchisee enters into any legally binding commitment with a supplier and/or distributor
                                            before such supplier and/or distributor is an Approved Supplier, then Master Franchisee shall
                                            bear the entire risk of loss or damage resulting from a subsequent decision of PLK not to
                                            approve such supplier and/or distributor. Additionally, Master Franchisee may not enter into
                                            any supply or distribution agreement or any other commercial agreement with an Approved Supplier
                                            with terms inconsistent with or contradictory to the Popeyes Master GTCs.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">10.3</TD><TD STYLE="text-align: justify"><U>Approval of Local Menu Ingredients and
                                            Suppliers.</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">10.3.1</FONT></TD><TD STYLE="text-align: justify">If
                                            PLK has granted Concept Approval for a local menu item, Master Franchisee will identify proposed
                                            suppliers of the ingredients for such local menu item and provide PLK with the written report
                                            of an independent audit company approved by PLK, confirming that, with respect to each such
                                            supplier, the supplier&rsquo;s products and the facilities where such products will be manufactured
                                            comply with the Popeyes QA Program (the &ldquo;<B>Audit Report</B>&rdquo;). Additionally,
                                            if Master Franchisee proposes that PLK approve a new supplier of Approved Products, Master
                                            Franchisee will identify the proposed suppliers and provide PLK with the Audit Report. Master
                                            Franchisee will be responsible for the fees of the independent audit company if the supplier
                                            does not agree to pay such fees. Alternatively, PLK may, in its sole discretion, perform
                                            the audit itself, in which case Master Franchisee will be responsible for PLK&rsquo;s costs
                                            incurred in conducting the audit and all incidental out-of-pocket expenses. Master Franchisee
                                            will submit this information to PLK, together with the notice in the form attached as Exhibit&nbsp;D
                                            hereto (the &ldquo;<B>Product Approval Notice</B>&rdquo;), and provide any additional information
                                            reasonably requested by PLK. For purposes of this Agreement, the Product Approval Notice,
                                            Audit Report, Popeyes Master GTCs executed by the proposed supplier, together with all other
                                            information reasonably requested by PLK, are collectively referred to as the &ldquo;<B>Product
                                            Supplier Documents</B>&rdquo;.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">10.3.2</TD><TD STYLE="text-align: justify">PLK will use commercially reasonable
                                            efforts to notify Master Franchisee of its decision regarding a new supplier within sixty
                                            (60) Days following the receipt of the Product Supplier Documents. Failure by PLK to notify
                                            Master Franchisee of its decision during such sixty (60) Day period shall not operate as
                                            a deemed consent of the proposed supplier(s). If PLK disapproves of the proposed supplier(s),
                                            PLK will provide Master Franchisee with written notice of such disapproval, specifying the
                                            reasons for such disapproval, which reasons may not be challenged or appealed by Master Franchisee.
                                            Unless PLK approves any request for a proposed supplier in writing, such request shall be
                                            deemed disapproved. For the avoidance of doubt, the rights granted to Master Franchisee pursuant
                                            to this clause 10.3 shall terminate in the event that the Development Rights are terminated
                                            for any reason or this Agreement expires or terminates. Termination shall not affect rights
                                            granted to Master Franchisee pursuant to this clause 10.3 prior to such termination, subject
                                            always to PLK&rsquo;s discretion to revoke or terminate any such prior approval given to
                                            Master Franchisee in the event that the required Standards are not maintained by any such
                                            Approved Suppliers as determined by the Popeyes QA Program.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">10.3.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Any
                                            trademarks or other intellectual property rights created in connection with the establishment
                                            of proposed suppliers shall become Popeyes Marks and Popeyes Intellectual Property Rights
                                            hereunder </FONT>unless Master Franchisee and PLK agree otherwise. Master Franchisee hereby
                                            disclaims any right or interest in or to such Popeyes Marks and/or Popeyes Intellectual Property
                                            Rights, and Master Franchisee hereby assigns to PLK or its designee such rights (if any)
                                            which Master Franchisee has or may acquire in such Popeyes Marks and/or Popeyes Intellectual
                                            Property Rights. Master Franchisee shall assist in the recordal or registration of such assignment(s)&nbsp;as
                                            required under applicable Law.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">10.4</TD><TD STYLE="text-align: justify"><U>Removal of Core Menu Items</U>. During
                                            the Term, all of the Core Menu Items are required to be offered for sale at all Restaurants
                                            in the Territory. Notwithstanding the foregoing Master Franchisee may request the removal
                                            of a Core Menu Item in the Territory pursuant to this clause 10.4.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">10.4.1</TD><TD STYLE="text-align: justify">If Master Franchisee wishes to discontinue
                                            selling a Core Menu Item, Master Franchisee will submit its request for removal of the Core
                                            Menu Item to PLK in writing (the &ldquo;<B>Core Menu Item Removal Notice</B>&rdquo;), which
                                            PLK may approve or disapprove in its sole discretion based on the following factors: (i)&nbsp;Master
                                            Franchisee and Franchisee profitability in the Territory, (ii)&nbsp;appeal of the Core Menu
                                            Item in the Territory, (iii)&nbsp;historical sales data for the applicable Core Menu Item,
                                            (iv)&nbsp;advertising and promotional efforts in the Territory related to such Core Menu
                                            Item, (v)&nbsp;Popeyes global brand identity and essence, and/or (vi)&nbsp;such other factors
                                            as PLK deems relevant, in its sole discretion. PLK will review the Core Menu Item Removal
                                            Notice and use commercially reasonable efforts to notify Master Franchisee within thirty
                                            (30) Days of its decision or that it requires additional time in order to review the Core
                                            Menu Item Removal Notice. Failure to notify Master Franchisee of its decision within thirty
                                            (30) Days shall not operate as a deemed consent by PLK in respect of the removal of such
                                            Core Menu Item. If PLK decides to disapprove the removal of the Core Menu Item, PLK will
                                            provide Master Franchisee with written notice of such disapproval, specifying the reasons
                                            for such determination, which reasons may not be challenged or appealed by Master Franchisee.
                                            Otherwise, PLK will give approval to Master Franchise to remove the Core Menu Item in the
                                            Territory.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">10.4.2</TD><TD STYLE="text-align: justify">For the avoidance of doubt, the rights
                                            granted to Master Franchisee pursuant to this clause 10.4 shall terminate upon the occurrence
                                            of an MDA Termination Event. Termination shall not affect rights granted to Master Franchisee
                                            pursuant to this clause 10.4 prior to such termination, subject always to PLK&rsquo;s discretion
                                            to revoke or terminate any such prior approval.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">10.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Prices</U>.
                                            </FONT>To the extent permitted under applicable Law, and provided that the Development Rights
                                            are in effect, Master Franchisee shall have the right to determine and adjust at its sole
                                            discretion the prices of all products and services offered in any of the Restaurants in the
                                            Territory. However, once the Development Rights expire or are terminated, Master Franchisee
                                            will participate in national promotions sponsored by PLK in the Territory at the recommended
                                            price point.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>11 &#8239;<U>MARKETING
AND ADVERTISING SERVICES</U></B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">11.1</FONT></TD><TD STYLE="text-align: justify"><U>Advertising
                                            Fund</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">Master Franchisee will pay, and will ensure
                                            that each Franchisee in the Territory will pay, a monthly advertising contribution (the &ldquo;<B>Advertising
                                            Contributions</B>&rdquo;) into an account to be owned and maintained (until, if ever, such
                                            rights are terminated pursuant to clause 11.7 or upon the occurrence of an MDA Termination
                                            Event) by Master Franchisee (the &ldquo;<B>Ad Fund Account</B>&rdquo;). The Advertising Fund
                                            is made up of the Advertising Contributions deposited by Master Franchisee pursuant to the
                                            Company Franchise Agreement, and Franchisees pursuant to their respective Franchise Agreements,
                                            plus any interest earned on such amounts. Master Franchisee will at all times keep the Ad
                                            Fund Account separate from and not commingle the Ad Fund Account with any other bank accounts.
                                            Master Franchisee will not utilize such Ad Fund Account for any other purpose or in any other
                                            manner other than the purposes and manner stipulated in this Agreement and in the Company
                                            Franchise Agreement. Master Franchisee acknowledges that PLK has no obligation to contribute
                                            to the Advertising Fund or to make any payment if there are insufficient funds in the Ad
                                            Fund Account to satisfy Advertising Fund expenditures, and Master Franchisee will be responsible
                                            for managing the Advertising Fund to ensure that it is able to discharge all of its liabilities,
                                            obligations and commitments.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">Notwithstanding the foregoing, Master
                                            Franchisee may delegate to an Approved Subsidiary the rights and obligations under this clause
                                            11 with respect to the management of the Advertising Fund to be established in Mainland China;
                                            provided, however, that (a)&nbsp;Master Franchisee will provide prior written notice to PLK
                                            of any such delegation to an Approved Subsidiary; (b)&nbsp;such arrangement complies with
                                            the relevant Franchise Agreements and the applicable Law in Mainland China; (c)&nbsp;Master
                                            Franchisee will provide PLK with an undertaking signed by such Approved Subsidiary in favour
                                            of PLK, pursuant to which such Approved Subsidiary agrees to comply with the terms and conditions
                                            of this clause 11 in all respects; and (d)&nbsp;no such delegation will relieve Master Franchisee
                                            from liability for its obligations hereunder.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">11.2</TD><TD STYLE="text-align: justify"><U>Management of Advertising Fund; Withdrawals
                                            from Ad Fund Account</U>. Master Franchisee agrees to manage the Advertising Fund on the
                                            following terms and conditions:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">11.2.1</TD><TD STYLE="text-align: justify">Other than as described in clause 11.2.5
                                            below, Master Franchisee may withdraw sums from the Ad Fund Account only in connection with
                                            Marketing Services and for payment or reimbursement of Qualified Expenditures pursuant to
                                            the Company Franchise Agreement, the Global Marketing Policy and the applicable provisions
                                            of the Franchise Agreements;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">11.2.2</TD><TD STYLE="text-align: justify">Franchisees shall never be required to
                                            contribute more to the Advertising Fund in respect of any Franchised Restaurant than the
                                            advertising contribution as set forth in the Franchise Agreement for such Franchised Restaurant;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">11.2.3</TD><TD STYLE="text-align: justify">Master Franchisee may pay Administrative
                                            Expenses from the Advertising Fund, subject to the limitations set forth in the Global Marketing
                                            Policy. The Parties agree that: (i)&nbsp;for each of Development Year 1 through and including
                                            Development Year 3, the Administrative Expenses must not exceed in the aggregate fifty percent
                                            (50%) of the aggregate Advertising Contributions during such Development Year and (ii)&nbsp;for
                                            Development Year 4 and each Development Year thereafter, the Administrative Expenses must
                                            not exceed in the aggregate fifteen percent (15%) of the aggregate Advertising Contributions
                                            during such Development Year, without the written consent of PLK.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">11.2.4</TD><TD STYLE="text-align: justify">At PLK&rsquo;s request, Master Franchisee
                                            shall implement a guest experience survey program (the &ldquo;<B>Survey Program</B>&rdquo;)
                                            approved by PLK for the Territory and the costs associated with the implementation and management
                                            of the Survey Program shall be paid out of the Ad Fund Account;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">11.2.5</TD><TD STYLE="text-align: justify">Master Franchisee shall remit to PLK
                                            or its designee from the Advertising Fund on a monthly basis, two percent (2%) of the total
                                            amount of Advertising Contributions for all of the Restaurants in the Territory to fund the
                                            Popeyes Global Initiatives, such payment to be made by the fifteenth (15<SUP>th</SUP>) day
                                            of each month based on Gross Sales for the previous month;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">11.2.6</TD><TD STYLE="text-align: justify">Master Franchisee shall comply in all
                                            respects with the Global Marketing Policy; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">11.2.7</TD><TD STYLE="text-align: justify">Master Franchisee and the Direct-Owned
                                            Restaurants will not receive any direct or indirect benefit in respect of the management
                                            of the Advertising Fund which is not afforded to the Franchisees.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">11.3</TD><TD STYLE="text-align: justify"><U>Invoices; Taxes</U>. On a monthly basis,
                                            Master Franchisee will calculate the Advertising Contributions for all of the Franchised
                                            Restaurants owned by a Franchisee based on the Sales Report provided by Franchisee. Master
                                            Franchisee will invoice each Franchisee for Advertising Contributions, together with any
                                            taxes (including applicable VAT) which Master Franchisee is required by applicable Laws to
                                            collect and remit to the Tax Authorities in the Territory. Master Franchisee agrees to indemnify
                                            the PLK Indemnified Parties for any Claims or Losses, including penalties and interest, resulting
                                            from Master Franchisee&rsquo;s failure to properly remit any such tax payment collected from
                                            Franchisees.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">11.4</TD><TD STYLE="text-align: justify"><U>Marketing Calendar</U>. Master Franchisee
                                            will establish the Marketing Calendar for all Restaurants in the Territory prior to the beginning
                                            of each calendar year and submit a copy to PLK for review. If Master Franchisee makes any
                                            material changes to the Marketing Calendar, it will promptly provide a copy of the revised
                                            Marketing Calendar to PLK.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">11.5</TD><TD STYLE="text-align: justify"><U>Provision of Marketing Services and Advertising
                                            Services</U>. Master Franchisee must provide Marketing Services and Advertising Services
                                            with respect to Direct-Owned Restaurants and Franchised Restaurants as follows:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">11.5.1</TD><TD STYLE="text-align: justify"><U>Marketing Services</U>. Except as
                                            otherwise provided herein, Master Franchisee shall provide the following marketing services
                                            in respect of all Restaurants in the Territory (collectively, the &ldquo;<B>Marketing Services</B>&rdquo;):
                                            (i)&nbsp;advertising, sales promotion, media buying, design, development, and public relations
                                            for the benefit of Franchisees and the Restaurants located in the Territory; (ii)&nbsp;administering
                                            the Advertising Fund; and (iii)&nbsp;any other related services required to be performed
                                            by Master Franchisee pursuant to the Company Franchise Agreement and the Franchise Agreements
                                            with Franchisees.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">11.5.2</TD><TD STYLE="text-align: justify"><U>Advertising Services</U>. Master Franchisee
                                            shall provide the following services in connection with the administration of the Advertising
                                            Fund (collectively, the &ldquo;<B>Advertising Services</B>&rdquo;):</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 1in">11.5.2.1</TD><TD STYLE="text-align: justify">Seek to spend the Advertising Fund
                                            on a fair and reasonable basis for suitable advertising, sales promotions and public relations
                                            in or affecting the market area in which a particular contributing Restaurant is located
                                            and on a local, state or national basis;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 1in">11.5.2.2</TD><TD STYLE="text-align: justify">Seek to allocate expenditures on a
                                            fair and reasonable basis for advertising of the Direct-Owned Restaurants and advertising
                                            of Franchised Restaurants;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 1in">11.5.2.3</TD><TD STYLE="text-align: justify">Comply with and perform all obligations
                                            of applicable Laws in the Territory which relate to a marketing, advertising or other cooperative
                                            fund;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 1in">11.5.2.4</TD><TD STYLE="text-align: justify">Comply with the Advertising Fund financial
                                            reporting requirements set forth in the Global Marketing Policy;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 83; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->48<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 1in">11.5.2.5</TD><TD STYLE="text-align: justify">Keep track of the Advertising Fund's
                                            receipts and expenses as required by any applicable Laws;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 1in">11.5.2.6</TD><TD STYLE="text-align: justify">Keep records of and in relation to
                                            the Advertising Fund expenses during each year, including details of the percentage spent
                                            on production, advertising, administration and other stated expenses;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 1in">11.5.2.7</TD><TD STYLE="text-align: justify">Prepare and deliver to PLK an annual
                                            financial statement of the Advertising Fund expenses for each Development Year and all other
                                            financial information required under the Global Marketing Policy or as otherwise reasonably
                                            requested by PLK;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 1in">11.5.2.8</TD><TD STYLE="text-align: justify">Provide to Franchisees such statements
                                            and information in relation to the Advertising Fund, which Master Franchisee is obligated
                                            to provide under any Franchise Agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 1in">11.5.2.9</TD><TD STYLE="text-align: justify">Consider any submissions by Franchisees
                                            on planning of advertising, sales promotions and public relations;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 1in">11.5.2.10</TD><TD STYLE="text-align: justify">Comply with any reasonable directions
                                            of PLK in relation to the financial administration of the Advertising Fund;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 1in">11.5.2.11</TD><TD STYLE="text-align: justify">Use its commercially reasonable efforts
                                            to cause Franchisees to deposit their Advertising Contributions into the Advertising Fund;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 1in">11.5.2.12</TD><TD STYLE="text-align: justify">Use its commercially reasonable efforts
                                            to ensure that no marketing, promotion or advertising material is objectionable, obscene,
                                            offensive or otherwise likely, in the reasonable opinion of PLK, to bring the Popeyes Marks
                                            or Popeyes System (or any part thereof) into disrepute;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 1in">11.5.2.13</TD><TD STYLE="text-align: justify">Provide Franchisees with reasonable
                                            assistance in the development of local marketing calendars and budget planning process;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 1in">11.5.2.14</TD><TD STYLE="text-align: justify">Seek to identify, develop and implement
                                            new product and/or promotional opportunities that will build the Popeyes brand while increasing
                                            sales and traffic;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 1in; text-align: left">11.5.2.15</TD><TD STYLE="text-align: justify">Track and report
                                            country pre/post promotion analysis; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 1in">11.5.2.16</TD><TD STYLE="text-align: justify">Assist in the identification and execution
                                            of local sales building and public relations opportunities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">11.6</TD><TD STYLE="text-align: justify"><U>Advertising Standards.</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">11.6.1</TD><TD STYLE="text-align: justify">Master Franchisee must comply with all
                                            applicable Laws and industry codes of practice in relation to advertising, marketing, sales
                                            promotion and public relations in all material respects and to the advertising, marketing,
                                            sales promotion and public relations standards of PLK described herein in all material respects.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 84; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->49<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">11.6.2</TD><TD STYLE="text-align: justify">Master Franchisee must request PLK&rsquo;s
                                            prior approval of all Popeyes Advertising Materials and Popeyes Packaging Materials which
                                            contain one or more of the Popeyes Marks and/or Popeyes Domain Names. Requests for the approval
                                            of Popeyes Advertising Materials and Popeyes Packaging Materials shall be simultaneously
                                            sent to the marketing and legal representative designated by PLK, for approval on behalf
                                            of PLK in accordance with the procedures set forth in clause 11.6.3. Approval of the materials
                                            shall be evidenced by the signature of a representative of each respective functional director
                                            designated by PLK. PLK&rsquo;s review and approval of any materials prepared under this Agreement
                                            shall not constitute a waiver by PLK of Master Franchisee&rsquo;s other obligations hereunder.
                                            Master Franchisee agrees that any or all of its rights and interests in relation to the Popeyes
                                            Advertising Materials and Popeyes Packaging Materials are hereby transferred to, vest in
                                            and remain the exclusive property of PLK on and from their creation, as part of the consideration
                                            from PLK for this Agreement and without any further payment by PLK. Master Franchisee will
                                            do all things and sign all documents necessary to give effect to this clause.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">11.6.3</TD><TD STYLE="text-align: justify">Without limiting clause 11.6.1 and PLK's
                                            rights under clause 11.6.2 Master Franchisee must comply with the review mechanism for adherence
                                            to PLK&rsquo;s advertising, marketing and sales promotion standards set forth below:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 1in">11.6.3.1</TD><TD STYLE="text-align: justify">Prior to the first use of any Popeyes
                                            Advertising Materials, Popeyes Packaging Materials or any other advertising or sales promotional
                                            material in respect of the Restaurants or the Popeyes System or which includes one or more
                                            of the Popeyes Marks, Master Franchisee must provide to PLK a copy of all such material,
                                            and:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 2.75in"></TD><TD STYLE="width: 0.5in; text-align: left">(A)</TD><TD STYLE="text-align: justify">in the case of television
                                            or radio material, a recording of the relevant material together with a transcript of its
                                            content translated into English, if applicable; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 2.75in"></TD><TD STYLE="width: 0.5in; text-align: left">(B)</TD><TD STYLE="text-align: justify">in the case of material
                                            made available on the Internet, a print out of all material made available in this manner
                                            translated into English, if applicable.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 1in">11.6.3.2</TD><TD STYLE="text-align: justify">PLK shall have five (5)&nbsp;Business
                                            Days in which to approve or disapprove the Popeyes Marketing Materials or Popeyes Packaging
                                            Materials. If PLK withholds approval of the Popeyes Advertising Materials or Popeyes Packaging
                                            Materials, Master Franchisee must promptly arrange for the removal and discontinuation of
                                            the use of any advertising, marketing, sales promotional or public relations material where
                                            PLK has given notice to Master Franchisee that such material does not comply with its Standards.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 1in">11.6.3.3</TD><TD STYLE="text-align: justify">Master Franchisee shall at all times
                                            adhere to PLK's generally applicable policies and procedures relating to advertising, marketing
                                            and/or promotional matters, as may be modified by PLK, from time to time, and communicated
                                            to Master Franchisee. Master Franchisee shall use reasonable efforts to ensure that each
                                            Marketing Agency does not commence work unless and until the Marketing Agency has signed
                                            PLK&rsquo;s Terms&nbsp;&amp; Conditions of Supply of Marketing Services attached as Exhibit&nbsp;E
                                            to this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 85; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->50<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 1in">11.6.3.4</TD><TD STYLE="text-align: justify">Master Franchisee acknowledges that
                                            all advertising and promotional materials developed by Master Franchisee, its employees,
                                            Affiliates, vendors and subcontractors shall belong to PLK. Master Franchisee hereby irrevocably
                                            agrees that it shall, at PLK&rsquo;s written request, assign to PLK any interest, property
                                            and rights it may have to any advertising and promotional materials developed by Master Franchisee,
                                            whether or not such materials are specifically approved for use by PLK in the Territory,
                                            and Master Franchisee further agrees that PLK may in its sole discretion, use or approve
                                            other franchisees in other territories to use such advertising and promotional materials
                                            developed by Master Franchisee in any such territories.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">11.7</TD><TD STYLE="text-align: justify"><U>Termination of Rights</U>. If Master Franchisee
                                            commits a material breach of its material obligations in relation to any one or more of the
                                            following: the Advertising Fund, the provision of Marketing Services, the provision of Advertising
                                            Services, or the advertising standards set out above (an &ldquo;<B>Ad Fund Breach</B>&rdquo;),
                                            and such breach is not cured within sixty (60) Days after PLK&rsquo;s written notice, PLK
                                            shall be entitled to terminate Master Franchisee&rsquo;s right to manage the Advertising
                                            Fund and provide the Marketing Services and Advertising Services and, in such event, the
                                            provisions of clause 11.8 shall apply. The Parties agree that the remedy set forth in this
                                            clause 11.7 shall be PLK&rsquo;s exclusive remedy for an Ad Fund Breach unless the Ad Fund
                                            Breach relates to (i)&nbsp;the failure of Master Franchisee to contribute the Advertising
                                            Contributions to the Ad Fund Account, (ii)&nbsp;the failure of Master Franchisee to maintain
                                            the Ad Fund in a separate account, or (iii)&nbsp;the misappropriation of the Advertising
                                            Contributions and/or Ad Fund Account.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">11.8</TD><TD STYLE="text-align: justify"><U>Administration of Advertising Fund upon
                                            Certain Events</U>. Following the termination of rights pursuant to clause 11.7 or upon the
                                            occurrence of an MDA Termination Event, Master Franchisee shall, at PLK&rsquo;s request,
                                            immediately and irrevocably designate PLK or its designee to administer the Advertising Fund
                                            and to provide the Marketing Services and Advertising Services for Master Franchisee and
                                            Franchisees, in place of Master Franchisee, with all of the rights and privileges of Master
                                            Franchisee in relation thereto under the Company Franchise Agreement and the Franchise Agreements.
                                            In such event, at PLK&rsquo;s option and as directed by PLK, (a)&nbsp;Master Franchisee shall
                                            notify Franchisees in writing of PLK&rsquo;s assumption of responsibility for the administration
                                            of the Advertising Fund and direct Franchisees to pay their Advertising Contributions to
                                            PLK or its designee with respect to all periods thereafter, and (b)&nbsp;Master Franchisee
                                            shall immediately cease to withdraw funds from the Ad Fund Account, notwithstanding any provision
                                            to the contrary set forth in any Franchise Agreements, it being the intention of the Parties
                                            that the administration of the Advertising Fund shall revert to PLK or its designee. Master
                                            Franchisee hereby provides an irrevocable power of attorney to PLK (and hereby commits to
                                            renew and separately document such power of attorney at any time upon PLK&rsquo;s request)
                                            to grant PLK or its designee access to the Advertising Fund Account under the circumstances
                                            set forth in the previous sentence, and will, at PLK&rsquo;s request, execute any and all
                                            documents and take any and all necessary action to transfer the Ad Fund Account to PLK or
                                            its designee. PLK shall as far as practicable take over and assume all future rights, obligations
                                            and liabilities under any agreement, arrangement or contract entered into by Master Franchisee
                                            for marketing and advertising consistent with approvals given by PLK up to a level of commitment
                                            consistent with the annual Marketing Calendar. In such event, Master Franchisee shall, upon
                                            demand, assign to PLK or its designee all right, title and interest of Master Franchisee
                                            in any agreement, arrangement or contract entered into by Master Franchisee for marketing
                                            or advertising for the benefit of Master Franchisee or Franchisees in the Territory except
                                            that any non-transferable contract or commitment will be carried to completion by Master
                                            Franchisee and paid for by PLK. This clause 11.8 shall survive the termination or expiration
                                            of this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 86; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->51<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">11.9</TD><TD STYLE="text-align: justify"><U>Audits</U>. PLK may audit the Advertising
                                            Fund at any time in order to verify the appropriate application of the funds in connection
                                            with marketing and advertising activities (the &ldquo;<B>Advertising Fund Audit</B>&rdquo;).
                                            The results of such an audit shall be disclosed to Master Franchisee and Franchisees upon
                                            request, provided that no more than one (1)&nbsp;Advertising Fund Audit shall be performed
                                            during any calendar year. Where the Advertising Fund Audit reveals that Master Franchisee
                                            has not maintained or administered the Advertising Fund in material compliance with this
                                            Agreement and the Global Marketing Policy, Master Franchisee shall reimburse PLK for all
                                            costs incurred by PLK in conducting such audit. Otherwise, PLK will be responsible for all
                                            such audit costs.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>12&nbsp;&nbsp;<U>POPEYES
MARKS AND POPEYES DOMAIN NAMES</U></B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">12.1</TD><TD STYLE="text-align: justify"><U>Ownership/Validity</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">12.1.1</TD><TD STYLE="text-align: justify">Master Franchisee acknowledges that it
                                            has had no part in the creation or development of the Popeyes Marks and disclaims any right
                                            or interest in the Popeyes Marks and Popeyes Domain Names, and to the goodwill in and to
                                            the Popeyes Marks and Popeyes Domain Names. Master Franchisee hereby confirms that during
                                            the Term, all such Popeyes Marks and Popeyes Domain Names, are and shall have at all times
                                            been the sole and exclusive property of PLK and/or its Affiliates, and shall so remain after
                                            the termination of this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">12.1.2</TD><TD STYLE="text-align: justify">Master Franchisee shall not obtain or
                                            attempt to obtain, or allow any Marketing Agency or Franchisee to obtain or attempt to obtain
                                            during the Term, or at any time thereafter, any right, title or interest in or to any Popeyes
                                            Domain Names. In addition, Master Franchisee shall not obtain or attempt to obtain or allow
                                            any Marketing Agency or Franchisee to obtain or attempt to obtain during the Term, or at
                                            any time thereafter, any right, title or interest in or to any Popeyes Marks. Master Franchisee
                                            must not at any time during the Term or thereafter question, oppose, dispute or attack the
                                            validity, right, title or interest of PLK and/or its Affiliates as to the Popeyes Marks and
                                            Popeyes Domain Names.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">12.1.3</TD><TD STYLE="text-align: justify">Master Franchisee acknowledges and agrees
                                            that: (i)&nbsp;it shall in no way contest or deny the validity of, or the right or title
                                            of PLK and/or its Affiliates in or to the Popeyes Marks and Popeyes Domain Names and shall
                                            not encourage or assist others directly or indirectly to do so, during the Term and thereafter;
                                            (ii)&nbsp;any unauthorized use of the Popeyes Marks and Popeyes Domain Names by it shall
                                            constitute a breach of this Agreement and an infringement of the rights of PLK and/or its
                                            Affiliates in and to the Popeyes Marks and Popeyes Domain Names, as the case may be; (iii)&nbsp;it
                                            shall at all times use its commercially reasonable efforts to promote the value and validity
                                            of the Popeyes Marks and Popeyes Domain Names, and to protect the rights and reputation of
                                            PLK and its Affiliates in the Popeyes Marks and Popeyes Domain Names in the Territory; (iv)&nbsp;all
                                            use of the Popeyes Marks and Popeyes Domain Names by Master Franchisee and any Franchisee
                                            inures to the benefit of PLK exclusively; (v)&nbsp;any and all goodwill connected with the
                                            Popeyes Marks and Popeyes Domain Names as a result of Master Franchisee&rsquo;s use or any
                                            Franchisee&rsquo;s use, excluding the accounting goodwill value associated with Master Franchisee
                                            and its assets, inures to the exclusive benefit of PLK and its applicable Affiliates; (vi)&nbsp;upon
                                            termination of this Agreement, PLK is not required to make any payment to Master Franchisee
                                            for any goodwill associated with Master Franchisee&rsquo;s use or any Franchisee&rsquo;s
                                            use of the Popeyes Marks and Popeyes Domain Names; and (vii)&nbsp;Master Franchisee shall
                                            include in its contracts with third-party suppliers, including any Marketing Agency, a provision
                                            prohibiting the unauthorized use of the Popeyes Marks and Popeyes Domain Names. Upon termination
                                            of this Agreement in accordance with its terms, Master Franchisee shall immediately terminate
                                            all use of the Popeyes Marks and Popeyes Domain Names in connection with the Development
                                            Rights and the Services. Upon termination of this Agreement in accordance with its terms,
                                            Master Franchisee shall immediately terminate all use of the Popeyes Marks and Popeyes Domain
                                            Names in connection with the Development Rights and the Services; provided, that Master Franchisee
                                            shall be authorized to use the Popeyes Marks and the Popeyes Domain Names solely for the
                                            purpose of operating Direct-Owned Restaurants, subject to the terms and conditions of the
                                            Company Franchise Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">12.1.4</TD><TD STYLE="text-align: justify">Without derogating from clause 12.1.1,
                                            Master Franchisee hereby absolutely assigns to PLK and/or its applicable Affiliates such
                                            rights (if any) which Master Franchisee has or may acquire in the Popeyes Marks and Popeyes
                                            Domain Names. PLK makes no express or implied warranty with respect to the validity, subsistence
                                            or otherwise of any of the Popeyes Marks and Popeyes Domain Names. Master Franchisee acknowledges
                                            that it may (but shall have no obligation to) conduct business utilizing some Popeyes Marks
                                            which have not been registered (&ldquo;<B>Unregistered Marks</B>&rdquo;) and that registration
                                            may not be granted for the Unregistered Marks.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">12.1.5</TD><TD STYLE="text-align: justify">PLK represents that the Popeyes Marks
                                            set out in Schedule 4 are registered as stated in <U>Schedule 4</U> as of the Original Commencement
                                            Date, but makes no express or implied warranty with respect to the validity of any of the
                                            Popeyes Marks, except as specifically disclosed in <U>Schedule 4</U>. As of the Commencement
                                            Date, the Popeyes Marks disclosed in <U>Schedule 4</U> are subsisting and in full force and
                                            effect and have not been cancelled, expired or abandoned. Except as would not be reasonably
                                            expected to adversely affect the business to be conducted by Master Franchisee, and except
                                            as specifically disclosed in <U>Schedule 4</U>, the Popeyes Marks specified in <U>Schedule
                                            4</U> do not infringe upon any intellectual property rights of third parties. In the event
                                            any Popeyes Marks infringe, or PLK or Master Franchisee has received notice that the Popeyes
                                            Marks are likely to infringe, upon the intellectual property rights of third parties, Master
                                            Franchisee will not be required to use such marks. Master Franchisee acknowledges that it
                                            may be conducting business utilizing Popeyes Marks which have not been registered and that
                                            registration may not be granted for Unregistered Marks, and that some of the Popeyes Marks
                                            may be subject to use by third parties unauthorized by PLK.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">12.1.6</TD><TD STYLE="text-align: justify">PLK grants to Master Franchisee a royalty-free
                                            license to use the User Data throughout the Term in the Territory solely in connection with
                                            its performance under this Agreement provided such use is in compliance with applicable Law
                                            and this Agreement. PLK will make the User Data available at no additional charge to the
                                            permitted Person or Persons who (or which) acquire Master Franchisee or the business of Master
                                            Franchisee in the Territory in accordance with the terms of the Transaction Agreements, provided
                                            that such Person or Persons uses the User Data solely in connection with its performance
                                            under the Transaction Agreements provided such use is in compliance with applicable Law and
                                            the terms of the Transaction Agreements. PLK agrees and acknowledges that Master Franchisee
                                            may, or may cause any of its Approved Subsidiaries to, seek to enter into contractual agreements
                                            with one or more third parties, with respect to the ownership, assignment, use, processing
                                            or storage of User Data with PLK&rsquo;s prior written consent (such consent not to be unreasonably
                                            withheld if such contractual agreements are on substantially similar terms as those entered
                                            into in connection with the transfer of user data of TH International Limited, as described
                                            in its filings with the US Securities and Exchange Commission on or prior to the date hereof).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">12.2</TD><TD STYLE="text-align: justify"><U>Use.</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Master Franchisee must not
use the Popeyes Marks and the Popeyes Domain Names which are registered in relation to any goods or services other than the Goods and
Services. Master Franchisee must use the Popeyes Marks and the Popeyes Domain Names which are applied for or registered continuously
throughout the Term in respect of the Goods and Services and notify PLK in writing promptly if it intends to cease using or ceases using
any of the Popeyes Marks and/or Popeyes Domain Names for any period of time. It is acknowledged and agreed as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">12.2.1</TD><TD STYLE="text-align: justify">Master Franchisee may use the Popeyes
                                            Marks and Popeyes Domain Names only in such manner as PLK in its absolute discretion approves
                                            and must comply with any directions of PLK concerning the use of the Popeyes Marks and Popeyes
                                            Domain Names.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">12.2.2</TD><TD STYLE="text-align: justify">Master Franchisee must ensure that the
                                            Popeyes Logo appears in all advertisements in the form approved by PLK and/or its Affiliates.
                                            Master Franchisee must ensure that, in all television advertisements, the Popeyes Logo appears
                                            in the tag line or final frames of the commercials in a manner acceptable to PLK and/or its
                                            Affiliates.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">12.2.3</TD><TD STYLE="text-align: justify">Master Franchisee shall not use or display
                                            the Popeyes Marks and/or Popeyes Domain Names in a manner that is detrimental to the interests
                                            of PLK and/or its Affiliates.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">12.2.4</TD><TD STYLE="text-align: justify">Master Franchisee shall place PLK&rsquo;s
                                            copyright and PLK&rsquo;s trademark notices on all materials prepared by Master Franchisee
                                            hereunder which utilize such rights. Placement of the relevant copyright and trademark notices
                                            shall be in such locations and styles as PLK may direct. Master Franchisee must not alter
                                            or deface the Popeyes Marks or Popeyes Domain Names in any manner.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">12.2.5</TD><TD STYLE="text-align: justify">Master Franchisee may not use the Popeyes
                                            Marks and/or the Popeyes Domain Names pursuant to this Agreement in any manner likely to
                                            deceive or cause confusion, or use the Popeyes Marks and/or Popeyes Domain Names together
                                            with any other logos, names or trading styles, without PLK&rsquo;s prior written consent,
                                            or use any other trademark or domain name which is identical or confusingly similar to the
                                            Popeyes Marks or Popeyes Domain Names.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">12.3</TD><TD STYLE="text-align: justify"><U>Control.</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Master Franchisee shall ensure
that the character and quality of the Goods and Services sold or provided by Franchisees using the Popeyes Marks and/or Popeyes Domain
Names satisfy the Standards as modified by PLK from time to time. PLK has the right to require Master Franchisee to submit to PLK for
approval samples of the goods and of all documents, labels, packaging and other matter on which any Popeyes Mark and/or Popeyes Domain
Name will appear before use of such goods and as and when requested by PLK while such use continues. At all reasonable times and with
reasonable prior notice, PLK may inspect the premises and operations of Master Franchisee to assess whether the Popeyes Marks and Popeyes
Domain Names are being used in accordance with the terms and conditions of this Agreement, including, but not limited to the Standards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">12.4</TD><TD STYLE="text-align: justify"><U>Infringement.</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">12.4.1</TD><TD STYLE="text-align: justify">If Master Franchisee becomes aware of
                                            any infringement or threatened infringement of any of the Popeyes Marks and/or Popeyes Domain
                                            Names, or of any conduct in relation to any of the Popeyes Marks and/or Popeyes Domain Names
                                            that might constitute passing off or misleading and deceptive conduct pursuant to applicable
                                            Law, or any Claim by a third party that use of any of the Popeyes Marks and/or Popeyes Domain
                                            Names is likely to deceive or cause confusion, infringes a third party&rsquo;s rights, or
                                            constitutes passing off or misleading and deceptive conduct, Master Franchisee shall promptly
                                            notify PLK in writing giving PLK all the information concerning the Claim and shall not take
                                            any other steps in relation to the matters referred to in this clause 12.4.1 without the
                                            prior written consent of PLK.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">12.4.2</TD><TD STYLE="text-align: justify">PLK and/or its Affiliates may, in its
                                            absolute discretion, commence proceedings in respect of any infringement of any Popeyes Mark
                                            and/or Popeyes Domain Name, or any other cause of action connected with a Popeyes Mark and/or
                                            Popeyes Domain Name, and, subject to clause 12.4.3, will have the full conduct of such proceedings.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">12.4.3</TD><TD STYLE="text-align: justify">Master Franchisee shall join and assist
                                            in any action relating to the right to use or the validity of the Popeyes Marks and Popeyes
                                            Domain Names where requested by PLK and at PLK&rsquo;s sole cost and expense. Master Franchisee
                                            may not institute any legal action or other proceeding based upon the Popeyes Marks and/or
                                            the Popeyes Domain Names without the prior written approval of PLK and except on the terms
                                            permitted by PLK.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">12.5</TD><TD STYLE="text-align: justify"><U>Remedies.</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Should Master Franchisee,
having been notified by PLK that it is in default under this clause 12, fail to remedy the default as instructed by PLK, PLK may, without
limiting any other right or remedy PLK may have under or in connection with this Agreement, by its authorized representative take such
steps as it considers necessary to remedy the default, including the affixing of appropriate decals and the giving of instructions to
the Marketing Agency involved in an improper use of the Popeyes Marks and/or Popeyes Domain Names.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>13&nbsp;&nbsp;<U>POPEYES
INTELLECTUAL PROPERTY RIGHTS</U></B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">13.1</TD><TD STYLE="text-align: justify"><U>Ownership/Validity.</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Master Franchisee disclaims any right
or interest in and to the Popeyes Intellectual Property Rights. Master Franchisee hereby confirms that during the Term, all Popeyes Intellectual
Property Rights are and have at all times been the sole and exclusive property of PLK and/or its Affiliates, and shall remain so after
the termination of this Agreement. Master Franchisee may not at any time during the Term or thereafter, (a)&nbsp;question, oppose, dispute
or attack the validity, right, title or interest of PLK and/or any of its Affiliates in the Popeyes Intellectual Property Rights, (b)&nbsp;create
and develop any trademarks and/or other intellectual property rights which are identical or similar to the Popeyes Intellectual Property
Rights, nor (c)&nbsp;file any application or register any trademarks and/or other intellectual property rights which are identical or
similar to the Popeyes Intellectual Property Rights. Master Franchisee acknowledges and agrees that it shall at all times use its commercially
reasonable efforts to promote the value and validity of the Popeyes Intellectual Property Rights and protect the rights and reputation
of PLK in the Popeyes Intellectual Property Rights. Without derogating from this clause 13.1, Master Franchisee agrees to assign and
does hereby assign to PLK and/or its Affiliates such rights (if any) which Master Franchisee has or may acquire in the Popeyes Intellectual
Property Rights. PLK and/or its Affiliates make no express or implied warranty with respect to the validity, subsistence or otherwise
of any of the Popeyes Intellectual Property Rights. Any unauthorized use of the Popeyes Intellectual Property Rights by Master Franchisee
shall constitute a material breach of this Agreement and an infringement of the rights of PLK and/or its Affiliates in and to PLK&rsquo;s
Intellectual Property Rights. Master Franchisee shall include in its contracts with third-party suppliers, including any Marketing Agency,
a provision prohibiting the unauthorized use of the Popeyes Intellectual Property Rights. Upon termination of this Agreement, Master
Franchisee shall immediately terminate all use of the Popeyes Intellectual Property Rights, in connection with rendering the Services.
If Master Franchisee or its Affiliates, or their respective employees, develop any potential new trademark related to the Popeyes System
for use in any Popeyes Restaurant operated by Master Franchisee or a Franchisee, prior to using such trademark, Master Franchisee shall
seek the prior written permission of PLK and/or its Affiliates. Master Franchisee shall bear the cost of screening the potential new
trademarks for use in the Territory. PLK and/or its Affiliates shall determine in their sole discretion whether to register such trademark,
and if so, PLK shall be responsible for the costs of such registration. PLK and/or its Affiliates shall own any such trademarks and shall
take all steps reasonably necessary, at PLK&rsquo;s sole cost and expense, to register and thereafter maintain such trademarks for use
in the Territory and such trademarks shall thereby be deemed to be on <U>Schedule 4</U>. Master Franchisee will cooperate with the Company
in such trademark registration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">13.2</TD><TD STYLE="text-align: justify"><U>Use/Control.</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Master Franchisee agrees not to use
the Popeyes Intellectual Property Rights other than for the purposes set out in this Agreement. Master Franchisee shall at all times,
both during the Term and following its termination, maintain in strict confidence the Standards and the operational manuals, marketing
information and methods, policies, procedures of PLK and/or its Affiliates and all information and knowledge relating to the methods
of operating and the functional know-how applicable to Popeyes Restaurants and the Popeyes System revealed to Master Franchisee by PLK
or any of its Affiliates, representatives or agents. Master Franchisee may not disclose the information of PLK and/or its Affiliates
referred to in this clause 13.2 to any third party, nor shall Master Franchisee use or permit any third party to use this information
or any part thereof for any purpose whatsoever, except that during the Term, Master Franchisee may disclose to its employees, Franchisees
and Marketing Agencies such of this information as may be necessary for carrying out its obligations under this Agreement, subject to
the terms and conditions of this Agreement. Master Franchisee shall ensure that each of its employees to whom it discloses such information
is aware of the confidential nature of such information and does not disclose such information to any third parties, except as permitted
by this clause 13.2. Master Franchisee shall also ensure that it will not disclose any information to any Marketing Agencies without
a signed written agreement from such Marketing Agencies to protect the confidentiality of such information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">13.3</TD><TD STYLE="text-align: justify"><U>Infringement.</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">13.3.1</TD><TD STYLE="text-align: justify">If Master Franchisee becomes aware of
                                            any infringement or threatened infringement of any of the Popeyes Intellectual Property Rights,
                                            Master Franchisee must promptly notify PLK in writing giving PLK all the information concerning
                                            the claim and must not take any other steps in relation to that infringement without the
                                            prior written consent of PLK.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 91; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->56<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">13.3.2</TD><TD STYLE="text-align: justify">PLK and/or its Affiliates may, in their
                                            absolute discretion, commence proceedings in respect of any infringement of any of the Popeyes
                                            Intellectual Property Rights, or any other cause of action connected with Popeyes Intellectual
                                            Property Rights and will have the full conduct of such proceedings.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">13.3.3</TD><TD STYLE="text-align: justify">Master Franchisee must join and assist
                                            in any action relating to the right to use or the validity of the Popeyes Intellectual Property
                                            Rights where requested by PLK and at PLK&rsquo;s sole cost and expense. Master Franchisee
                                            may not institute any legal action or other proceeding based upon the Popeyes Intellectual
                                            Property Rights without the prior written approval of PLK and except on the terms permitted
                                            by PLK.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>14&#8239;&#8239;<U>COMPETITION</U></B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">14.1</TD><TD STYLE="text-align: justify">Master Franchisee acknowledges and agrees
                                            that the Popeyes System is unique, especially in the areas of building design, food preparation
                                            format, service format, menu, training program, audit routines, restaurant operations and
                                            related manuals, bookkeeping, marketing and advertising formats and in other areas not listed
                                            above, and PLK has valuable goodwill which it develops and maintains relating to these matters.
                                            Master Franchisee has no and shall have no proprietary interest whatsoever in the Popeyes
                                            System or any element thereof. Master Franchisee acknowledges further that no license has
                                            been or will be granted to them to use any part of the Popeyes System for any purpose other
                                            than the purposes contemplated by this Agreement and by the Company Franchise Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">14.2</FONT></TD><TD STYLE="text-align: justify">Except
                                            as described below in clause 14.3<B>,</B> Master Franchisee agrees, on behalf of itself and
                                            its Affiliates, that it shall not at any time acquire or own any ownership interest in, consult,
                                            open, operate or act as a franchisee for any Competitor, whether directly or indirectly,
                                            within the Territory or elsewhere, with the exception of purely financial investments where
                                            Master Franchisee or its Affiliates hold a passive stake of less than three percent (3%)
                                            in any publicly listed company without the ability to control the strategy and business of
                                            such company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">14.3</TD><TD STYLE="text-align: justify">Notwithstanding the foregoing or anything
                                            in this Agreement to the contrary, PLK acknowledges that Cartesian and/or its Affiliates,
                                            as of the date of this Agreement, operate the restaurant businesses set forth in <U>Schedule
                                            5</U> and shall be permitted to continue to operate such restaurant businesses in the Territory
                                            (the &ldquo;<B>Existing Businesses</B>&rdquo;). In respect of the Existing Businesses operated
                                            by Master Franchisee, and in the event that PLK permits Master Franchisee or an Affiliate
                                            of Master Franchisee to build, own or operate other businesses (which decision PLK may make
                                            in its absolute discretion), and whether or not such Existing Businesses or businesses constitute
                                            a Competitor, Master Franchisee represents and warrants that it shall have obtained all necessary
                                            consents and approvals from the owners of such other Existing Businesses, businesses or contracting
                                            parties related to those businesses (e.g., landlords, licensors, suppliers, service providers,&nbsp;etc.)
                                            to enter into this Agreement and own and operate the Restaurants as contemplated in this
                                            Agreement. Master Franchisee shall fully defend, indemnify and hold harmless the PLK Indemnified
                                            Parties against all Losses sustained or incurred by any PLK Indemnified Party arising directly
                                            or indirectly from any failure by Master Franchisee to obtain such consents and approvals.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">14.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Master
                                            Franchisee agrees that the restrictions in this clause 14 are reasonable and necessary to
                                            avoid any real or potential conflict of interest and to protect the Popeyes System and the
                                            Confidential Information </FONT>and other proprietary information of PLK and the legitimate
                                            business interests of PLK, as Master Franchisee has been specifically granted the right by
                                            PLK to establish and operate the food chain business using the Popeyes System, the Popeyes
                                            Marks and the Popeyes Intellectual Property Rights in the Territory, which incorporates all
                                            requisite information, technical know-how, expertise and guidance which Master Franchisee
                                            could not have otherwise acquired except through the rights and obligations set forth in
                                            this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">14.5</FONT></TD><TD STYLE="text-align: justify">This
                                            clause 14 shall remain in effect during the Term and the term of the Company Franchise Agreement
                                            and the Unit Addenda and shall continue for a period of one (1)&nbsp;year following the expiration
                                            or termination of this Agreement, the Company Franchise Agreement or any Unit Addenda, whichever
                                            is the last to expire or terminate.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>15&#8239;&#8239;<U>TRAINING
AND OTHER SERVICES</U></B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">15.1</TD><TD STYLE="text-align: justify"><U>Training Services.</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Master Franchisee shall provide at
its sole cost and expense, the following training services and courses (the <B>&ldquo;Training Services</B>&rdquo;) in respect of all
Direct-Owned Restaurants and Franchised Restaurants to ensure compliance with the Standards:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">15.1.1</TD><TD STYLE="text-align: justify">An initial training program to be completed
                                            by operations directors and other above-restaurant and multi-unit managers, Restaurant Management
                                            teams and crew employed by Master Franchisee and Franchisees (the &ldquo;<B>Basic Training
                                            Program</B>&rdquo;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">15.1.2</TD><TD STYLE="text-align: justify">Continuing training programs to be completed
                                            by operations directors and other above-restaurant and multi-unit managers, Restaurant Management
                                            teams and crew at Direct-Owned Restaurants and Franchised Restaurants, including product
                                            and equipment training, in accordance with the Popeyes Curriculum or as may otherwise be
                                            required by PLK to ensure compliance with the Standards, such training to be in the form
                                            that PLK, in its sole discretion, deems to be most appropriate in the circumstances, including
                                            on-line training and other forms of electronic training;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">15.1.3</TD><TD STYLE="text-align: justify">At Master Franchisee&rsquo;s option,
                                            leadership training, soft skills, multi-unit management training, problem-solving methodology
                                            and other training programs, as determined by Master Franchisee (collectively, &ldquo;<B>Optional
                                            Training Programs</B>&rdquo;); provided, however, that if Master Franchisee offers any Optional
                                            Training Programs, such programs must be aligned with the Basic Training Program and Master
                                            Franchisee must use PLK&rsquo;s modules and content, if available;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">15.1.4</TD><TD STYLE="text-align: justify">Training and monitoring of trainers engaged
                                            by Master Franchisee and Franchisees who own multiple Franchised Restaurants;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">15.1.5</TD><TD STYLE="text-align: justify">Seek to ensure that any certified training
                                            restaurants comply with the Standards; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">15.1.6</TD><TD STYLE="text-align: justify">Follow up on the training recommendations
                                            made by PLK on the training needs of Master Franchisee&rsquo;s and any Franchisee&rsquo;s
                                            employees and/or management.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 93; Value: 2 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">15.2</TD><TD STYLE="text-align: justify"><U>Basic Training Program</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">15.2.1</TD><TD STYLE="text-align: justify">The Basic Training Program shall be in
                                            the form that PLK, in its sole discretion, deems to be most appropriate in the circumstances
                                            to enable the Direct-Owned Restaurants and Franchised Restaurants to comply with the Standards
                                            and may be accomplished through, among other means, in-restaurant training, on-line and other
                                            electronic training, visits made by operations consultants, through printed and filmed reports,
                                            seminars and/or newsletter mailings or through electronic communications, including email.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">15.2.2</TD><TD STYLE="text-align: justify">The Basic Training Program shall be conducted
                                            at training facilities and/or certified Restaurants approved by PLK and operated by Master
                                            Franchisee in the Territory, or, if no such certified training restaurants exist, at certified
                                            training restaurants owned by third parties at such location(s)&nbsp;determined by PLK. PLK
                                            reserves the right to modify the Basic Training Program, in its sole and complete discretion.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">15.2.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">For
                                            the avoidance of doubt, Master Franchisee shall be responsible for the cost of all Training
                                            Services, including all training materials, such as workbooks, online and/or electronic content
                                            (whether such amounts are due and payable to PLK or its Affiliates or a third party designated
                                            by PLK), all travel and living expenses relating to personnel of Master Franchisee to attend
                                            the Basic Training Program, </FONT>other personal expenses incurred and materials provided
                                            to such personnel, and all fees and expenses charged by the operators of Popeyes Restaurants
                                            where the Basic Training Program is conducted. In particular, Master Franchisee shall be
                                            responsible for the costs of all training materials provided by PLK or third parties designated
                                            by PLK in connection with Popeyes Academy, PLK&rsquo;s current online training platform.
                                            Master Franchisee shall remit payment of all amounts invoiced to Master Franchisee for Popeyes
                                            Academy by PLK or a third party designated by PLK within ten (10)&nbsp;Days of receipt of
                                            such invoice.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">15.2.4</TD><TD STYLE="text-align: justify">A Restaurant must not open unless the
                                            operations director, Restaurant Management team and such other members of Master Franchisee&rsquo;s
                                            or Franchisee's staff (as the case may be) charged with the responsibility for the day-to-day
                                            operation of such Restaurant have successfully completed the Basic Training Program.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">15.3</TD><TD STYLE="text-align: justify"><U>Popeyes Curriculum.</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">Master
Franchisee must use reasonable efforts to ensure that the Training Services referred to in this clause 15 are provided in strict compliance
with the Popeyes Curriculum. Once it is made available, PLK will provide Master Franchisee with the Confidential Operating Manual, Popeyes
Curriculum and other training aids to assist Master Franchisee in carrying out the Training Services referred to in this clause 15. PLK
will provide Master Franchisee with any necessary translations that PLK has prepared with respect to the Confidential Operating Manual,
Popeyes Curriculum and other training aids. </FONT>If no such translations of the Confidential Operating Manual, Popeyes Curriculum and
other training aids are available on the Commencement Date, PLK, or with PLK&rsquo;s approval, Master Franchisee, will translate the
Confidential Operating Manual, Popeyes Curriculum and other training aids into the applicable language of the Territory at Master Franchisee&rsquo;s
sole cost and expense for the use of Master Franchisee and the Franchisees in the Territory (and provided that Master Franchisee will
not use such translations until reviewed and approved by PLK or its designee, and the cost of such translation review shall be at Master
Franchisee&rsquo;s sole cost and expense). Any copyright or other proprietary rights in and to any translated version of the Confidential
Operating Manual, Popeyes Curriculum and other training aids shall be the exclusive property of PLK. PLK authorizes Master Franchisee
to reproduce the training manuals and other training aids for the purposes of carrying out its obligations under this clause 15 at Master
Franchisee&rsquo;s cost and expense.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">15.4</TD><TD STYLE="text-align: justify"><U>Pre-Opening and Opening Services.</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Master Franchisee must provide Pre-Opening
Services and Opening Supervision Services as required under the Franchise Agreement in respect of all Franchisees. <B>&ldquo;Pre-Opening
Services</B>&rdquo; and &ldquo;<B>Opening Supervision Services</B>&rdquo; consist of such pre-opening and opening supervision and assistance
required by the Standards, including the standards, requirements and procedures from time to time in the PLK Confidential Operating Manual
applicable to the Territory, as modified by PLK from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">15.5</TD><TD STYLE="text-align: justify"><U>Anti-Corruption Training; Audit.</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">Master
Franchisee shall, at its sole cost and expense, attend and participate in any training required by PLK regarding compliance with Anti-Corruption
Laws, and Master Franchisee shall, and shall cause each Franchisee to, allow PLK and/or its representatives and consultants to audit
the books and records of Master Franchisee and each Franchisee to confirm compliance with any such Anti-Corruption Laws and/or other
laws. </FONT>Master Franchisee agrees to cooperate, and to ensure that Franchisees cooperate, with PLK and/or its representatives and
consultants in the performance of any such audit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>16&#8239;&#8239;<U>MONITORING
SERVICES</U></B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">16.1</TD><TD STYLE="text-align: justify">Master Franchisee shall provide, at its sole
                                            cost and expense and at PLK&rsquo;s request, the following day-to-day monitoring services
                                            (collectively, the &ldquo;<B>Monitoring Services</B>&rdquo;) in respect of the Direct-Owned
                                            Restaurants and Franchised Restaurants to ensure compliance with the Standards:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">16.1.1</TD><TD STYLE="text-align: justify">Subject, to clause 17.2, conduct, at
                                            a minimum, three visits per year of each Direct-Owned Restaurant and Franchised Restaurant
                                            and otherwise administer the process required by PLK to evaluate compliance by Master Franchisee
                                            and Franchisees with the Standards in the operation of their Popeyes Restaurants. PLK may
                                            require the use of third party vendors approved by PLK to perform such visits and Master
                                            Franchisee will engage such vendors to perform the services at Master Franchisee&rsquo;s
                                            sole expense, provided that Master Franchisee may require Franchisees to reimburse Master
                                            Franchisee for the costs of such third party vendor with respect to their Franchised Restaurants
                                            (without any mark-up or other charges);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">16.1.2</TD><TD STYLE="text-align: justify">Perform a periodic review of the operational
                                            and financial performance of each such Restaurant (which, in the case of multi-unit Franchisees,
                                            must be at least semi-annual);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">16.1.3</TD><TD STYLE="text-align: justify">Provide ongoing advice about Restaurant
                                            operations, accounting cost control and inventory control systems;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">16.1.4</TD><TD STYLE="text-align: justify">Communicate new developments, techniques
                                            and improvements of PLK in food preparation, equipment, products, packaging and restaurant
                                            management;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">16.1.5</TD><TD STYLE="text-align: justify">Monitor sales performance and evaluate
                                            success of sales building activities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->60<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">16.1.6</TD><TD STYLE="text-align: justify">Develop monthly forecasts for sales and
                                            ticket count for each market within the Territory;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">16.1.7</TD><TD STYLE="text-align: justify">Ensure customer complaints are dealt
                                            with appropriately;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">16.1.8</TD><TD STYLE="text-align: justify">Develop yearly business plans with Master
                                            Franchisee and Franchisees and formally review such plans on a quarterly basis;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">16.1.9</TD><TD STYLE="text-align: justify">Integrate plans proposed by Master Franchisee
                                            and Franchisees into overall plan for the market, with a focus on sales and financial performance;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">16.1.10</TD><TD STYLE="text-align: justify">Identify opportunities and priorities
                                            to ensure proper allocation of existing resources to achieve goals;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">16.1.11</TD><TD STYLE="text-align: justify">Provide general consulting advice in
                                            order to maintain safe, clean, and high quality Restaurant operations in the Territory;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">16.1.12</TD><TD STYLE="text-align: justify">Provide consulting services regarding
                                            payroll processing, information technology support and business advice in finance, accounting
                                            and treasury activities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">16.1.13</TD><TD STYLE="text-align: justify">Provide advice regarding market planning
                                            and targeting; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">16.1.14</TD><TD STYLE="text-align: justify">Evaluate local suppliers to improve
                                            terms of supply.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>17&#8239;&#8239;<U>SERVICES
BY PLK</U></B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">17.1</TD><TD STYLE="text-align: justify">PLK shall make the following available for
                                            use by Master Franchisee:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">17.1.1</TD><TD STYLE="text-align: justify">the benefit of such new products and
                                            cooking techniques as PLK may approve from time to time;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">17.1.2</TD><TD STYLE="text-align: justify">the benefit of PLK&rsquo;s marketing
                                            ideas and concepts developed by or for PLK for use by the Popeyes System, provided that all
                                            of PLK&rsquo;s obligations to make these elements available shall be limited to the extent
                                            that PLK, in its sole discretion, deems them appropriate for use in the Territory, and, where
                                            intellectual property rights of third parties are involved, to the extent that such third
                                            parties have consented to the use of such rights in the Territory;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">17.1.3</TD><TD STYLE="text-align: justify">advice regarding the choice of Marketing
                                            Agency;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">17.1.4</TD><TD STYLE="text-align: justify">the provision of supply quality assurance
                                            standards to evaluate and approve the suppliers and distributors proposed by Master Franchisee
                                            in the Territory;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">17.1.5</TD><TD STYLE="text-align: justify">collaboration and advice in the preparation
                                            of an annual Marketing Calendar in accordance with the Global Marketing Policy;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">17.1.6</TD><TD STYLE="text-align: justify">advice regarding the parameters within
                                            which Master Franchisee may from time to time authorize marketing and promotional concepts
                                            and materials; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">17.1.7</TD><TD STYLE="text-align: justify">technical support and advice to enable
                                            local suppliers to become Approved Suppliers.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 96; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->61<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">17.2</TD><TD STYLE="text-align: justify">Notwithstanding anything to the contrary
                                            set forth in this Agreement, for a period of six (6)&nbsp;years after the opening of the
                                            first Direct-Owned Restaurant in the Territory, PLK will, (a)&nbsp;engage a vendor, at PLK&rsquo;s
                                            sole cost and expense, to conduct visits of each Direct-Owned Restaurant three times per
                                            year to evaluate Master Franchisee&rsquo;s compliance with the Standards in the operation
                                            of such Direct-Owned Restaurant, and (b)&nbsp;use commercially reasonable efforts to cause
                                            such vendor to charge the same fee per visit to conduct inspections of Franchised Restaurants
                                            as PLK pays for the Direct-Owned Restaurants, which fee, as between PLK and Master Franchisee,
                                            shall be the sole responsibility of Master Franchisee at all times; provided that Franchisees
                                            may reimburse Master Franchisee for the costs of such third party vendor with respect to
                                            their Franchised Restaurants (without any mark-up or other charges).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">17.3</TD><TD STYLE="text-align: justify">The contemplated services will be rendered
                                            by PLK outside of the Territory. PLK shall make available all of the foregoing to Master
                                            Franchisee which shall in turn have sole responsibility for passing on to all Franchisees
                                            in the Territory the benefit of the information and guidance provided by PLK.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>18&#8239;&#8239;<U>DEFAULT
AND TERMINATION</U></B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">18.1</TD><TD STYLE="text-align: justify">Without prejudice to any other rights or
                                            remedies of PLK under this Agreement or at Law, upon the occurrence of any of the following
                                            events (each, an &ldquo;<B>Event of Default</B>&rdquo;), Master Franchisee shall be in default
                                            of this Agreement and PLK may, at its election, by written notice to Master Franchisee, terminate
                                            the Development Rights or this Agreement in its entirety with immediate effect (but with
                                            due regard for the cure periods set forth below, if any):</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">18.1.1</TD><TD STYLE="text-align: justify">if Master Franchisee (or any Approved
                                            Subsidiary) fails to pay to PLK (or its designee) when due any amounts payable under this
                                            Agreement in excess of US$25,000 and does not cure such failure within thirty (30) Days of
                                            written notice from PLK;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">18.1.2</TD><TD STYLE="text-align: justify">if Master Franchisee does not receive
                                            any portion or all of the Total Equity Contribution on or prior to the applicable payment
                                            date set forth in clause 2.17 , or if Master Franchisee fails to provide evidence to PLK
                                            that each instalment of the Total Equity Contribution has been made on or prior to the applicable
                                            payment date set forth in clause 2.17;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">18.1.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">if
                                            Master Franchisee fails to achieve the applicable Target </FONT>for any Development Year,
                                            subject to the provisions of this Agreement and the Development Schedule;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">18.1.4</TD><TD STYLE="text-align: justify">if Master Franchisee fails to comply
                                            with any of the other obligations in clause 6 <I>(Development Obligations)</I>;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">18.1.5</TD><TD STYLE="text-align: justify">if (i)&nbsp;Master Franchisee assigns,
                                            transfers, charges, encumbers, sublicenses or otherwise disposes of this Agreement or the
                                            Development Rights granted to Master Franchisee hereunder in violation of clause 21 (<I>Assignment
                                            and Transfer</I>), (ii)&nbsp;Master Franchisee or any Affiliate thereof duplicates or attempts
                                            to duplicate the Popeyes System or any Other Brands owned by PLK or any Affiliate of PLK,
                                            (iii)&nbsp;Master Franchisee or any Affiliate thereof violates any of the provisions set
                                            forth in clause 19 (<I>Confidentiality</I>), or (iv)&nbsp;Master Franchisee acquires an interest
                                            in a Competitor or otherwise violates any of the provisions set forth in clause 14 (<I>Competition</I>);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">18.1.6</FONT></TD><TD STYLE="text-align: justify">if
                                            Master Franchisee (including, for certainty, an Approved Subsidiary) fails (i)&nbsp;to pay
                                            to PLK (or its designee) when due any amounts payable under the Company Franchise Agreement
                                            or any Unit Addendum and does not cure such failure within sixty (60) Days from written notice
                                            by PLK, or (ii)&nbsp;to comply in any material respect with the other terms of the Company
                                            Franchise Agreement (which failure to comply is not cured within the applicable cure period
                                            set forth in the Company Franchise Agreement);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">18.1.7</TD><TD STYLE="text-align: justify">if a Franchisee is in breach of any material
                                            term of any Franchise Agreement (excluding any breach cured within the applicable cure period
                                            set out in the respective Franchise Agreement) and where such breach is not cured during
                                            the applicable cure period, PLK then directs Master Franchisee to terminate the relevant
                                            Franchise Agreement and Master Franchisee fails to issue a notice of termination to the Franchisee
                                            within thirty (30) Days after PLK notifies Master Franchisee in writing thereof;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">18.1.8</TD><TD STYLE="text-align: justify">if Master Franchisee fails to provide
                                            in a material respect any of the Services in compliance with the terms and conditions of
                                            this Agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">18.1.9</TD><TD STYLE="text-align: justify">if Master Franchisee or any Approved
                                            Subsidiary seeks any type of relief under the provisions of a bankruptcy or insolvency law;
                                            or if Master Franchisee or any Approved Subsidiary becomes insolvent or makes a general assignment
                                            for the benefit of creditors or there is a similar arrangement among Master Franchisee&rsquo;s
                                            or any Approved Subsidiary&rsquo;s creditors; or any Person files a petition or application
                                            seeking to have Master Franchisee or any Approved Subsidiary adjudicated bankrupt or insolvent
                                            or if proceedings for a composition with creditors under the applicable Law is instituted
                                            by or against Master Franchisee or any Approved Subsidiary, and the action is not dismissed
                                            within ninety (90) Days after it is filed; or Master Franchisee or any Approved Subsidiary
                                            admits in writing the inability to pay any debts as they fall due; or a receiver or other
                                            administrator (permanent or temporary) is appointed over all or any of the assets of Master
                                            Franchisee or any Approved Subsidiary; or any administrator or liquidator is appointed over
                                            Master Franchisee or any Approved Subsidiary by any competent court or under any Law including
                                            under an order for a suspension of proceedings or Master Franchisee or any Approved Subsidiary
                                            takes any action to liquidate or wind up;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">18.1.10</TD><TD STYLE="text-align: justify">if Master Franchisee (directly or through
                                            any Affiliate), challenges the validity of any of the Popeyes Marks or copyright or other
                                            Popeyes Intellectual Property Rights or Other Marks;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">18.1.11</TD><TD STYLE="text-align: justify">if any information, representation or
                                            warranty provided by Master Franchisee or its shareholders to PLK or its Affiliates is materially
                                            false or misleading when provided;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">18.1.12</TD><TD STYLE="text-align: justify">any wilful and material misappropriation
                                            or misuse of the Advertising Fund, Ad Fund Account, Advertising Contributions or any part
                                            thereof by Master Franchisee or its designee (including an Approved Subsidiary);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">18.1.13</TD><TD STYLE="text-align: justify">if Master Franchisee, or any board member
                                            or senior officer of Master Franchisee or any Affiliate thereof engages in any conduct which
                                            is materially deleterious to, or could reasonably be expected to have a material adverse
                                            effect on the reputation of Master Franchisee, such Affiliate, PLK or the Popeyes brand,
                                            and the senior officer or board member is not removed from his or her position within thirty
                                            (30) Days after PLK notifies Master Franchisee in writing thereof (it being understood that
                                            such person may not be reinstated without PLK&rsquo;s prior written approval);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">18.1.14</TD><TD STYLE="text-align: justify">if Master Franchisee fails to comply
                                            in any material respect with any of the other terms, provisions or conditions of this Agreement
                                            and fails to rectify the same within sixty (60) Days after PLK notifies Master Franchisee
                                            in writing thereof, subject to clause 11.7;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">18.1.15</TD><TD STYLE="text-align: justify">if Master Franchisee fails to comply
                                            with clause 2.14 and such failure is not remedied within twenty (20) Days following written
                                            notice thereof by PLK to Master Franchisee;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">18.1.16</TD><TD STYLE="text-align: justify">if Master Franchisee (a)&nbsp;fails
                                            to form an Approved Subsidiary prior to the date that is nine (9)&nbsp;months after the A&amp;R
                                            Effective Date, and/or such Approved Subsidiary fails to execute and deliver to PLK the Company
                                            Franchise Agreement prior to the date that is nine (9)&nbsp;months after the A&amp;R Effective
                                            Date, or (b)&nbsp;any of THIL, Master Franchisee and/or an Approved Subsidiary opens a Popeyes
                                            Restaurant in the Territory prior to the execution of the Company Franchise Agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">18.1.17</TD><TD STYLE="text-align: justify">if the Shareholder or any member of
                                            the China Group breaches the Compliance Plan;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">18.1.18</TD><TD STYLE="text-align: justify">if Master Franchisee or an Affiliate
                                            thereof directly or indirectly acquires any ownership interest in another RBI Franchisee
                                            (whether through the acquisition of assets or Equity Securities of, or by consolidation,
                                            merger, reorganization, amalgamation or similar combination with, such RBI Franchisee or
                                            any parent holding company thereof), without the prior written consent of PLK; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">18.1.19</TD><TD STYLE="text-align: justify">if another RBI Franchisee thereof directly
                                            or indirectly acquires any ownership interest in Master Franchisee, an Approved Subsidiary
                                            or any parent holding company of Master Franchisee (whether through the acquisition of assets
                                            or Equity Securities of, or by consolidation, merger, reorganization, amalgamation or similar
                                            combination with, Master Franchisee, the Approved Subsidiary or any such parent holding company),
                                            without the prior written consent of PLK.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">18.2</TD><TD STYLE="text-align: justify">Upon the occurrence of any of the events
                                            set out below in this clause 18.2, Master Franchisee may by giving written notice to PLK
                                            by registered letter, return receipt required, terminate this Agreement in its entirety before
                                            the expiry of the Term:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">if PLK assigns, transfers, charges, encumbers,
                                            sublicenses or otherwise disposes of this Agreement in violation of clause 21;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">if
                                            a court or</FONT> tribunal of competent jurisdiction issues a final and non-appealable judgment
                                            determining that the Popeyes Core Mark materially infringes the Intellectual Property Rights
                                            of any third party in the Territory and PLK is unable to procure for Master Franchisee the
                                            continued right to use the relevant Popeyes Core Mark or a valid substitute thereof in the
                                            Territory on substantially the same terms and for the purposes envisaged in this Agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">if
                                            PLK terminates the Company Franchise Agreement in its entirety; or</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">if any circumstance, event or fact leads
                                            to (i)&nbsp;a material deterioration in the reputation of the Popeyes brand (other than a
                                            deterioration which arises from any act or omission by Master Franchisee or any of its Affiliates);
                                            and (ii)&nbsp;as a result thereof, the ultimate parent of PLK (the &ldquo;<B>Parent</B>&rdquo;)
                                            seeks any type of relief under the provisions of a bankruptcy or insolvency law; or if there
                                            is an arrangement among the Parent&rsquo;s creditors; or any Person files a petition or application
                                            seeking to have the Parent adjudicated bankrupt and the action is not dismissed within sixty
                                            (60) Days after it is filed; or the Parent admits in writing or upon sworn oath the inability
                                            to pay any debts as they fall due; or a receiver or other administrator (permanent or temporary)
                                            is appointed over all or any of the assets of the Parent; or any administrator or liquidator
                                            is appointed over the Parent by any competent bankruptcy court or under any other law including
                                            under an order for a suspension of proceedings or the Parent takes any action to liquidate
                                            or wind up.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">18.3</TD><TD STYLE="text-align: justify">Master Franchisee, may, pursuant to Article&nbsp;12
                                            of the Commercial Franchise Administration Regulation promulgated by the State Council of
                                            China and effective as of May&nbsp;1, 2007, terminate this Agreement within seven (7)&nbsp;days
                                            after the signing date of this Agreement (&ldquo;<B>Termination Period</B>&rdquo;). Master
                                            Franchisee further acknowledges that the foregoing seven-day Termination Period has been
                                            agreed to by PLK and Master Franchisee based on their negotiations and reflects a truthful
                                            allocation of risks and liabilities after taking into account all of the relevant factors
                                            in entering into this Agreement. In the event that Master Franchisee elects to terminate
                                            this Agreement pursuant to this clause 18.3:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">18.3.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Master
                                            Franchisee shall, within the foregoing Termination Period, send the original copy of a written
                                            notice to terminate this Agreement (&ldquo;<B>Termination Notice</B>&rdquo;) to PLK by hand-delivery
                                            or registered air mail, postage fully prepaid. Master Franchisee shall clearly state its
                                            decision to terminate this Agreement in such Termination Notice, which shall be signed by
                                            the legal representative of Master Franchisee and affixed with the corporate </FONT>seal
                                            of Master Franchisee. This Agreement may be terminated pursuant to this clause 18.3 only
                                            after PLK actually receives the original copy of the Termination Notice that meets the foregoing
                                            requirements. For the avoidance of doubt, if PLK does not receive the Termination Notice
                                            that meets all of the foregoing requirements, this Agreement shall not be terminated and
                                            shall continue in full force and effect and be binding upon PLK and Master Franchisee.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">18.3.2</TD><TD STYLE="text-align: justify">If this Agreement is terminated pursuant
                                            to this clause 18.3, Master Franchisee shall comply with all relevant responsibilities herein
                                            upon termination of this Agreement (including, without limitation, the obligations provided
                                            in clause 18.4 below).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">18.4</FONT></TD><TD STYLE="text-align: justify">Upon
                                            the occurrence of an MDA Termination Event, all rights granted to Master Franchisee under
                                            this Agreement shall terminate, subject to the Surviving Provisions. From and after the date
                                            of the MDA Termination Event (the &ldquo;<B>Termination Date</B>&rdquo;) and without prejudice
                                            to all other rights and remedies available to PLK under applicable Law or in equity:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">18.4.1</TD><TD STYLE="text-align: justify">Master Franchisee shall have no further
                                            right or entitlement to develop, establish and operate new Direct-Owned Restaurants in the
                                            Territory without PLK&rsquo;s prior written approval, which PLK may withhold in its sole
                                            discretion.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">18.4.2</TD><TD STYLE="text-align: justify">Master Franchisee shall have no further
                                            right or entitlement to license to Franchisees the right to develop, establish and operate
                                            new Franchised Restaurants in the Territory, without PLK&rsquo;s prior written approval,
                                            which PLK may withhold in its sole discretion.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">18.4.3</TD><TD STYLE="text-align: justify">PLK and/or its designee may develop,
                                            open, operate or approve third parties to develop, open and operate new Popeyes Restaurants
                                            in the Territory, and Master Franchisee shall not oppose or otherwise interfere with such
                                            business by PLK and/or its designee in any manner whatsoever.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 100; Value: 2 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">18.4.4</TD><TD STYLE="text-align: justify">For the avoidance of doubt, if Master
                                            Franchisee has entered into any Territory Development Agreements prior to the occurrence
                                            of an MDA Termination Event, the Territory Development Agreements shall automatically terminate
                                            effective as of the Termination Date. Master Franchisee shall ensure that all Territory Development
                                            Agreements shall provide for termination upon the occurrence of an MDA Termination Event.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">18.5</TD><TD STYLE="text-align: justify">In the event that PLK, in its sole discretion,
                                            determines that Export Control Laws restrict specific activities contemplated pursuant to
                                            this Agreement, PLK may suspend performance of this Agreement as may be required to comply
                                            with Export Control Laws. Master Franchisee will cooperate with PLK and provide any information
                                            or documentation reasonably requested to assist in such determinations. Any act or refusal
                                            to act by either Party that is required for compliance with Export Control Laws shall not
                                            be considered a breach of this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">18.6</TD><TD STYLE="text-align: justify">Notwithstanding the occurrence of an MDA
                                            Termination Event, (a)&nbsp;the rights and obligations of Master Franchisee under the Company
                                            Franchise Agreement shall remain unaffected solely by reason of such termination, and (b)&nbsp;any
                                            Franchise Agreements in effect as of the Termination Date (such agreements, the &ldquo;<B>Prior
                                            Agreements</B>&rdquo;) shall remain in full force and effect, and Master Franchisee shall
                                            be entitled to continue to receive payments thereunder; provided, however, that (i)&nbsp;the
                                            Surviving Provisions shall survive the expiration or termination of this Agreement and remain
                                            in full force and effect until the expiration or termination of the last remaining Prior
                                            Agreement, and (ii)&nbsp;Master Franchisee shall have no right to renew or extend the term
                                            of any Prior Agreement after the expiration date of such Prior Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">18.7</TD><TD STYLE="text-align: justify">After the Termination Date, at PLK&rsquo;s
                                            request, the Parties will work together and use commercially reasonable efforts to establish
                                            and agree on a transition plan for the orderly transition of the Services from Master Franchisee
                                            to PLK or its designee. The transition period shall commence as soon as practicable following
                                            the Termination Date and continue until PLK notifies Master Franchisee that it no longer
                                            desires Master Franchisee to provide the Services (such period, the &ldquo;<B>Transition
                                            Period</B>&rdquo;). During the Transition Period, Master Franchisee shall continue to provide
                                            the Services to all of the Restaurants in the Territory in accordance with the terms of this
                                            Agreement at its sole expense. Should PLK elect or deem it necessary to provide any of the
                                            Services during the Transition Period, Master Franchisee shall as far as possible make available
                                            to PLK or its designee, at PLK&rsquo;s cost, those of its staff as are directly suited to
                                            be engaged by PLK or its designee in the service roles which it is taking over from Master
                                            Franchisee.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">18.8</TD><TD STYLE="text-align: justify">Except as otherwise expressly permitted under
                                            the Company Franchise Agreement and each Unit Addendum or as otherwise set forth herein,
                                            upon termination of this Agreement:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">18.8.1</TD><TD STYLE="text-align: justify">All rights of Master Franchisee under
                                            this Agreement shall terminate, and Master Franchisee must promptly cease all use of the
                                            Popeyes Marks, the Popeyes Domain Names, the Popeyes Intellectual Property Rights and the
                                            Popeyes System; promptly cease any sales or distribution of Goods and Services bearing any
                                            of the Popeyes Marks or Popeyes Domain Names; promptly discontinue use of letterhead, advertising,
                                            invoices, labels or packaging on which any of the Popeyes Marks or Popeyes Domain Names appear
                                            or which embody any of the Popeyes Intellectual Property Rights.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">18.8.2</TD><TD STYLE="text-align: justify">Regardless of any dispute among the Parties
                                            hereto, including disputes concerning the payment of money, Master Franchisee shall transfer
                                            and assign, together with any copyrights thereon, and shall ship or deliver to PLK (or if
                                            PLK prefers, to any other entity) all property and materials belonging to or purchased for
                                            PLK that are in the possession or control of Master Franchisee, including all materials (whether
                                            in paper and/or electronic format) containing the Popeyes Marks, Popeyes Domain Names and
                                            the Popeyes Intellectual Property Rights, all manuals, artwork, colour separations, research,
                                            Popeyes Advertising Materials and all other materials, layouts, scripts, websites, commercials
                                            and computerized data files, Confidential Information and all other information regarding
                                            PLK&rsquo;s advertising, sales, market surveys and all rights and claims thereto within thirty
                                            (30) Days after the Termination Date, or shall destroy under PLK&rsquo;s supervision all
                                            copies thereof, at PLK&rsquo;s option, and allow PLK access to same, it being understood
                                            that no extra compensation is to be paid to Master Franchisee for its services in connection
                                            with this transfer or access.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">18.8.3</TD><TD STYLE="text-align: justify">Master Franchisee must, within thirty
                                            (30) Days of the Termination Date, do all things necessary to de-register or transfer to
                                            PLK, at PLK&rsquo;s sole discretion and Master Franchisee&rsquo;s sole cost and expense,
                                            any domain names registered to or held or used by Master Franchisee which include or incorporate
                                            any Popeyes Marks or words substantially identical with or deceptively similar to any Popeyes
                                            Marks and any Popeyes Domain Names.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">18.8.4</TD><TD STYLE="text-align: justify">If Master Franchisee is unable or fails
                                            to execute any document, which is necessary to carry out Master Franchisee&rsquo;s obligations
                                            under this clause 18.8 following termination of this Agreement, Master Franchisee hereby
                                            irrevocably appoints PLK as its attorney to execute such document on its behalf, with the
                                            right to do any and all acts and things reasonably necessary to give effect to such document.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">18.8.5</TD><TD STYLE="text-align: justify">All obligations of Master Franchisee
                                            under this clause 18.8 must be performed by Master Franchisee at its sole cost.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">18.8.6</TD><TD STYLE="text-align: justify">The failure of PLK to terminate this
                                            Agreement or the Development Rights upon the occurrence of one or more Events of Default
                                            shall not constitute a waiver or otherwise affect the right of PLK to terminate this Agreement
                                            or the Development Rights because of a continuing or subsequent failure to cure one or more
                                            Events of Default or otherwise limit PLK&rsquo;s right to pursue any and all other remedies
                                            available at Law or in equity.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">18.9</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Notwithstanding
                                            anything contained in this Agreement to the contrary, so long as the Master Franchisee, or
                                            any of its direct and/or indirect holding companies, is a Public Company, Master Franchisee
                                            shall not issue and no Person shall Transfer, any of Equity Securities of Master Franchisee,
                                            whether directly or indirectly, and whether in one or more transactions, to any Person that
                                            is (i)&nbsp;a Competitor; or (ii)&nbsp;a Prohibited Person or any Affiliate thereof who,
                                            as a result of such issuance or Transfer, (a)&nbsp;will have the right to nominate and/or
                                            appoint a member of the Shareholder Board or any committee thereof, or (b)&nbsp;will obtain
                                            the ability to direct or cause the direction of the strategy, management or policies of Master
                                            Franchisee (in each case of (a)&nbsp;and (b)&nbsp;a &ldquo;</FONT><B>Material Change in Ownership</B>&rdquo;),
                                            and the Parties agree that a Material Change in Ownership shall constitute a material default
                                            hereunder and good cause for termination of the Transaction Agreements by PLK. To the extent
                                            that Master Franchisee or any of its Affiliates (including the Shareholder) becomes aware
                                            of any potential Material Change in Ownership, then Master Franchisee shall promptly inform
                                            and consult with PLK and arrange for such Level 2 Background Checks (or other related follow-up
                                            on additional due diligence) as may be reasonably required related to the potential transferee
                                            and its principals and shareholders to confirm whether such issuance or Transfer would constitute
                                            a Material Change in Ownership, and Master Franchisee will be solely responsible for all
                                            reasonable costs with respect to Level 2 Background Checks and additional due diligence,
                                            if applicable, in connection with the proposed Transfer or issuance of Equity Securities
                                            contemplated in this clause 18.9, including attorneys&rsquo; fees and the costs to engage
                                            the Background Check Provider. To the extent Master Franchisee or any of its Affiliates (including
                                            the Shareholder) becomes aware of any potential Material Change in Ownership before the proposed
                                            Material Change in Ownership is consummated, Master Franchisee will notify PLK in writing
                                            of such proposed Material Change in Ownership, and shall provide all information and documentation
                                            relating to the proposed Transfer or issuance. Master Franchisee shall use its commercially
                                            reasonable efforts to restrict the transfer of Confidential Information relating to operational
                                            matters and/or brand know-how to any such potential transferee until the Level 2 Background
                                            Checks and additional diligence are completed in accordance with this clause 18.9. If the
                                            Shareholder ceases to be a Public Company (or if Master Franchisee ceases to be held directly
                                            or indirectly by a Public Company), including in the case of a take-private transaction,
                                            the Transfer or issuance of any Equity Securities of the Master Franchisee, directly or indirectly,
                                            to any Person that is a Competitor, a Prohibited Person and/or an RBI Franchisee, in either
                                            case without obtaining the prior written approval of PLK shall be prohibited. Any transaction
                                            attempted without compliance with the terms hereof shall be void and of no effect and shall
                                            constitute a material default hereunder and good cause for termination of the Transaction
                                            Agreements by PLK.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>19&#8239;&#8239;<U>CONFIDENTIALITY</U></B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">19.1</TD><TD STYLE="text-align: justify">The term &ldquo;<B>Confidential Information</B>&rdquo;
                                            as used in this Agreement means all confidential and proprietary information of PLK or any
                                            of its Affiliates, including without limitation, PLK&rsquo;s or any of its Affiliates&rsquo;
                                            trade dress, restaurant and packaging design specifications and strategies, brand standards,
                                            any information relating to business plans, branding and design, equipment, operations manuals,
                                            including the Confidential Operating Manual, and other Standards, specifications and operating
                                            procedures, training material, marketing and business information, marketing strategy and
                                            marketing programs, plans and methods, food specifications (including recipes, prepared mixtures
                                            or blends of spices and other food products), details of suppliers and distributors, and
                                            sources of supply and distribution, sales, contractual and financial arrangements of PLK
                                            and its Affiliates and service providers, User Data and all other information and knowledge
                                            relating to the methods of operating and the functional know-how applicable to Popeyes Restaurants
                                            and the Popeyes System and any other system or brand operated by PLK or any of its Affiliates
                                            revealed by or at the direction of PLK or any of its Affiliates to Master Franchisee or any
                                            of its Affiliates.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">19.2</TD><TD STYLE="text-align: justify">Master Franchisee acknowledges the uniqueness
                                            of the Popeyes System and that PLK and/or its Affiliates are making the Confidential Information
                                            available to Master Franchisee for the purpose of operating the Restaurants. Master Franchisee
                                            agrees that it would be an unfair method of competition for Master Franchisee to use or duplicate
                                            or to allow others to use or duplicate any of the Confidential Information. Master Franchisee,
                                            therefore, must:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">19.2.1</TD><TD STYLE="text-align: justify">at all times, both during the Term and
                                            following its termination or expiration, maintain the Confidential Information in strict
                                            confidence;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">19.2.2</TD><TD STYLE="text-align: justify">use the Confidential Information only
                                            in the operation, franchising and development of the Restaurants;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">19.2.3</TD><TD STYLE="text-align: justify">not disclose the Confidential Information
                                            to any Person except those officers, employees and professional advisers of Master Franchisee
                                            who have a specific need to have access to it for the operation of the Restaurants or provision
                                            of the Services, who have been made aware of the terms on which it has been disclosed to
                                            Master Franchisee, and who agree to maintain its confidentiality. Master Franchisee is responsible
                                            for any unauthorized disclosure of the Confidential Information by Persons to whom Master
                                            Franchisee has disclosed it;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">19.2.4</TD><TD STYLE="text-align: justify">approve internal documents required for
                                            all employees of Master Franchisee containing the rules&nbsp;pertaining to the use of Confidential
                                            Information and impose an obligation not to disclose the Confidential Information in the
                                            employment agreements signed with its employees;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">19.2.5</TD><TD STYLE="text-align: justify">not permit anyone to reproduce, copy
                                            or exhibit any portion of the Confidential Operating Manual or any other Confidential Information
                                            received from PLK;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">19.2.6</TD><TD STYLE="text-align: justify">if none of this Agreement, the Company
                                            Franchise Agreement, any Unit Addenda, or any Franchise Agreement is in effect, return, delete
                                            or destroy the Confidential Information received from PLK immediately upon receipt of a request
                                            from PLK to do so;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">19.2.7</TD><TD STYLE="text-align: justify">at PLK&rsquo;s request, execute an agreement
                                            similar in substance to this clause in a form acceptable to PLK and naming PLK as a third
                                            party beneficiary with the independent right to enforce such agreement; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">19.2.8</TD><TD STYLE="text-align: justify">fulfil all other formalities required
                                            under applicable Law in order to ensure the trade secret regime in respect of any information
                                            and documents related to the Popeyes System.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">19.3</TD><TD STYLE="text-align: justify">Master Franchisee will not disclose the terms
                                            and conditions of this Agreement or any other Transaction Agreement to any Person whatsoever,
                                            other than Master Franchisee&rsquo;s professional advisors with a need to know such information,
                                            without the prior written consent of PLK, which consent may be withheld in PLK&rsquo;s sole
                                            discretion.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">19.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Master
                                            Franchisee agrees that it shall not, at any time, issue any press release or any other statement,
                                            broadcast, podcast, advertisement, circular, newsletter or other forms of information in
                                            relation to this Agreement, any other Transaction Agreement, including the Company Franchise
                                            Agreement or any Unit Addendum or the Popeyes business in the Territory to the public unless
                                            the contents of such information release have been approved in writing by PLK prior to dissemination.
                                            </FONT>Master Franchisee must submit a request in writing for approval of PLK for all public
                                            relations material (for example, press releases or information statements) relating to any
                                            aspect of the Popeyes System, ingredients in menu items, public health issues, nutritional
                                            issues, or any other matter which may reasonably be expected to have an adverse impact on
                                            the public perception of the brand or reputation of PLK before using any such material, and
                                            PLK shall use commercially reasonable efforts to respond to such request for approval within
                                            two (2)&nbsp;Business Days.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">19.5</TD><TD STYLE="text-align: justify">Notwithstanding the foregoing, &ldquo;<B>Confidential
                                            Information</B>&rdquo; shall not include the following (and, for greater certainty only,
                                            in such circumstances the obligations of confidentiality stipulated under this clause 19,
                                            as well as the penalties or remedies related to a breach thereof, shall not apply):</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">19.5.1</TD><TD STYLE="text-align: justify">Information existing in the public domain
                                            by or through public use, publication, general knowledge or the like;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">19.5.2</TD><TD STYLE="text-align: justify">Information properly obtained by the
                                            receiving party from a third party having no obligation of confidentiality to the disclosing
                                            party;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">19.5.3</TD><TD STYLE="text-align: justify">Information legally required to be disclosed
                                            pursuant to a subpoena, or order of a court or administrative agency, provided the receiving
                                            party immediately notifies the disclosing party of such subpoena or order so that the disclosing
                                            party can seek a protective order or take other appropriate action;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">19.5.4</TD><TD STYLE="text-align: justify">Information which can be shown to be
                                            properly in the receiving party&rsquo;s possession before receipt from the disclosing party;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">19.5.5</TD><TD STYLE="text-align: justify">Information which is disclosed by the
                                            disclosing party to a third party without a duty of confidentiality on the third party;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">19.5.6</TD><TD STYLE="text-align: justify">User Data shared with or transferred
                                            to a third party pursuant to a contractual arrangement contemplated in clause 12.1.6; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">19.5.7</TD><TD STYLE="text-align: justify">Information which is disclosed by the
                                            receiving party with the disclosing party&rsquo;s prior written consent.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B><I>20</I></B></FONT><B>&#8239;&#8239;<U>INDEMNIFICATION
AND INSURANCE</U></B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">20.1</TD><TD STYLE="text-align: justify">Master Franchisee shall, at its own expense,
                                            defend, indemnify and hold harmless the PLK Indemnified Parties, with counsel reasonably
                                            acceptable to PLK, from and against any and all Losses sustained or incurred by the PLK Indemnified
                                            Parties, or any one or more of them, based upon or arising directly or indirectly out of
                                            any breach of this Agreement or negligent act, error or omission in connection with this
                                            Agreement by Master Franchisee or its employees or agents; and any Claim by or liability
                                            to any Franchisee in the Territory by reason of any material failure by Master Franchisee
                                            to provide Services in accordance with this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">20.2</TD><TD STYLE="text-align: justify">Without limiting the generality of the foregoing,
                                            Master Franchisee shall defend, indemnify and hold harmless the PLK Indemnified Parties from
                                            and against Losses arising out of or in connection with one or more of the following:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">20.2.1</TD><TD STYLE="text-align: justify">Master Franchisee&rsquo;s offering or
                                            sale of franchises for Franchised Restaurants;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">20.2.2</TD><TD STYLE="text-align: justify">the performance of Master Franchisee
                                            under the Company Franchise Agreement, under any of the Territory Development Agreements
                                            and the Franchise Agreements, the operation of Direct-Owned Restaurants and Franchised Restaurants,
                                            including any action taken by Master Franchisee to enforce compliance by Franchisees with
                                            the obligations under the Franchise Agreements, and any product liability Claims;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">20.2.3</TD><TD STYLE="text-align: justify">the quality or quantity of advertising
                                            or promotional materials produced and paid for from the Advertising Fund, to the extent not
                                            substantially compliant with this Agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">20.2.4</TD><TD STYLE="text-align: justify">any material prepared or supplied by
                                            Master Franchisee or any Affiliate thereof under this Agreement or any material prepared
                                            or supplied by PLK for a market other than the Territory that PLK has made available to Master
                                            Franchisee for use in the Territory, including, but not limited to, Claims, causes of action
                                            and suits alleging libel, slander, defamation, invasion of privacy, plagiarism, piracy, idea
                                            or trade secret misappropriation, trademark or copyright infringement, other violations of
                                            intellectual property rights or any other failure of Master Franchisee or any Affiliate thereof
                                            to comply with any applicable Laws, notwithstanding the fact that the material may have been
                                            approved by PLK (hereinafter, &ldquo;<B>Intellectual Property Claims</B>&rdquo;), but excluding
                                            any Intellectual Property Claims relating to ownership and validity of the Popeyes Marks
                                            or the Popeyes Domain Names;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">20.2.5</TD><TD STYLE="text-align: justify">any failure of Master Franchisee or its
                                            designee (including an Approved Subsidiary) to properly manage the Advertising Fund in accordance
                                            with this Agreement, the Company Franchise Agreement and the Franchise Agreements, including
                                            any misappropriation or misuse of the Advertising Fund, Advertising Contributions or any
                                            part thereof by Master Franchisee or its designee;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">20.2.6</TD><TD STYLE="text-align: justify">deceptive or fraudulent activities, corporate
                                            malfeasance, negligence or misconduct in connection with Master Franchisee&rsquo;s performance
                                            under this Agreement, which is determined by a final court judgment or arbitral award;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">20.2.7</TD><TD STYLE="text-align: justify">any material Claim, action or demand
                                            of any kind or nature whatsoever brought by any employee, agent, subcontractor or independent
                                            contractor of Master Franchisee, any employee of any agent, subcontractor or independent
                                            contract of Master Franchisee, or an Affiliate thereof;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">20.2.8</TD><TD STYLE="text-align: justify">any Claims by a Franchisee that the development
                                            of a new Restaurant has encroached upon any of its Restaurants, resulted in reduced sales
                                            and/or profitability or otherwise caused damage or harm to any such Restaurant or the Franchisee;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">20.2.9</TD><TD STYLE="text-align: justify">any injury or death to natural persons,
                                            or injury or damage to property, during the rendering of Services required of Master Franchisee
                                            hereunder, if it is ruled by a final court judgment or arbitral award that such injury occurred
                                            in whole or in part as a result of acts of Master Franchisee or its employees or agents,
                                            whether said loss is sustained by PLK or any other Person(s)&nbsp;or third parties;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">20.2.10</TD><TD STYLE="text-align: justify">any failure of Master Franchisee or
                                            any of its Affiliates to properly remit any tax payments required hereunder.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">20.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Master
                                            Franchisee&rsquo;s indemnification obligations hereunder shall be in effect from the </FONT>A&amp;R
                                            Effective Date and shall survive the termination of this Agreement and continue for one (1)&nbsp;year
                                            after the expiry of the statute of limitations applicable to any such Claim on the condition
                                            that a matter covered by this indemnity has arisen before the termination of this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">20.4</TD><TD STYLE="text-align: justify">The right to indemnity hereunder shall exist
                                            notwithstanding that joint or several liability may be imposed upon the PLK Indemnified Parties
                                            by statute, ordinance, regulation or judicial decision. Master Franchisee&rsquo;s obligation
                                            to defend and indemnify the PLK Indemnified Parties is separate and distinct from its obligation
                                            to maintain insurance under this Agreement and the Company Franchise Agreement, and is not
                                            limited by the amount of insurance required by PLK under this Agreement and the Company Franchise
                                            Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">20.5</TD><TD STYLE="text-align: justify">Notwithstanding the foregoing, no PLK Indemnified
                                            Party shall be indemnified or held harmless from any Losses to the extent that such Losses
                                            result from the negligence or willful misconduct of any such PLK Indemnified Party, as determined
                                            by a court of competent jurisdiction pursuant to a final and unappealable judgment (a &ldquo;<B>Final
                                            Judgment</B>&rdquo;), provided that (i)&nbsp;if Master Franchisee has assumed the defense
                                            of the Claim, Master Franchisee will advance all costs and expenses in connection with the
                                            defense of the Claim as such costs and expenses are incurred until such time as there is
                                            a Final Judgment, (ii)&nbsp;if the PLK Indemnified Party assumes the defense of the Claim,
                                            Master Franchisee will pay all costs and expenses in connection with the defense of the Claim
                                            as such costs and expenses are incurred until such time as there is a Final Judgment; and
                                            (iii)&nbsp;if the Final Judgment determines that any PLK Indemnified Party has contributed
                                            to the Losses through its own contributory negligence or willful misconduct, PLK shall repay
                                            to Master Franchisee a portion of the amount advanced by Master Franchisee or paid to the
                                            PLK Indemnified Party in proportion to the degree of contributory negligence of such PLK
                                            Indemnified Party, as determined in such Final Judgment.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->71<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">20.6</TD><TD STYLE="text-align: justify">Notwithstanding anything to the contrary
                                            in this clause 20, any sum recovered by the relevant PLK Indemnified Party through insurance
                                            or otherwise (less any reasonable out-of-pocket expenses incurred by such PLK Indemnified
                                            Party in recovering the sum and any tax attributable to or suffered in respect of the sum
                                            recovered) will reduce the amount of the Losses in respect of which a Claim can be made under
                                            clause 20.1 or clause 20.2 by an equivalent amount.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">20.7</TD><TD STYLE="text-align: justify">PLK shall advise Master Franchisee if it
                                            receives notice that a Claim has been or will be filed with respect to a matter covered by
                                            this indemnity and provide Master Franchisee with such information as Master Franchisee may
                                            reasonably require to assume the defense of the Claim. In such event, Master Franchisee shall
                                            be given the opportunity to assume the defense thereof with counsel reasonably acceptable
                                            to PLK, and PLK shall have the right to participate in the defense of any Claim against PLK
                                            that is assumed by Master Franchisee at PLK&rsquo;s own cost and expense. PLK and Master
                                            Franchisee shall consult with counsel in connection with any proposed settlement to assess
                                            and determine the viability of any Claim and the appropriate amount of the proposed settlement.
                                            Master Franchisee shall not, without the prior written consent of the applicable PLK Indemnified
                                            Parties, settle, compromise or offer to settle or compromise any such Claim unless the terms
                                            of such settlement provide for (a)&nbsp;a full and unqualified release of the PLK Indemnified
                                            Parties, (b)&nbsp;no admission of liability, fault or violation of Law or contract, and (c)&nbsp;no
                                            relief other than payments of monetary damages that are not to be paid by the PLK Indemnified
                                            Parties, subject to clause 20.5.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">20.8</TD><TD STYLE="text-align: justify">Notwithstanding the foregoing, at PLK&rsquo;s
                                            option, PLK may hire attorneys of its own choice, to manage and defend any Claim, at Master
                                            Franchisee&rsquo;s cost, risk and expense; provided, however, that PLK will not consent to
                                            the entry of any judgment or enter into any settlement without Master Franchisee&rsquo;s
                                            prior written consent, which consent will not be unreasonably withheld or delayed.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">20.9</TD><TD STYLE="text-align: justify">For as long as this Agreement remains in
                                            effect and for three years thereafter (which may be satisfied by a prepaid tail policy),
                                            Master Franchisee shall maintain the following insurance:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">20.9.1</TD><TD STYLE="text-align: justify">Commercial General Liability coverage
                                            on a per occurrence form, that includes broad form coverage for &ldquo;contractual liability,&ldquo;
                                            &ldquo;property damage,&ldquo; &ldquo;products liability,&ldquo; &ldquo;bodily injury,&ldquo;
                                            &ldquo;advertising injury,&ldquo; and &ldquo;personal injury&ldquo; liability as those terms
                                            are defined in Insurance Services Office (ISO) Form&nbsp;CG00-01 or its equivalent. The policies
                                            shall provide the minimum limits of no less than the amounts set forth below, contain a waiver
                                            subrogation in favour of the PLK Indemnified Parties, and name as additional insureds by
                                            policy endorsement the PLK Indemnified Parties. Advertising injury coverage provided under
                                            the Commercial General Liability insurance must include coverage for Claims arising out of
                                            or related to: (i)&nbsp;invasion or infringement or interference with the right of privacy
                                            or publicity, whether under common law or statutory law; (ii)&nbsp;infringement of copyright
                                            or trademark, whether under statutory or common law; (iii)&nbsp;libel, slander or other forms
                                            of defamation; and (iv)&nbsp;plagiarism, piracy or unfair competition resulting from the
                                            alleged unauthorized use of titles, formats, ideas, characters, plots, performers, or other
                                            material.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 107; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->72<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">20.9.2</TD><TD STYLE="text-align: justify">Workers&rsquo; Compensation coverage
                                            that includes all coverage required under the laws of each province or part of the Territory
                                            in which Master Franchisee conducts business operations in any way related to the PLK Indemnified
                                            Parties and should contain a waiver subrogation in favour of the PLK Indemnified Parties.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">20.9.3</TD><TD STYLE="text-align: justify">Prior to the opening of the first Franchised
                                            Restaurant, Error and Omissions or Advertising Agency Professional Liability Insurance insuring
                                            the contractual liability assumed by Master Franchisee under this Agreement, with respect
                                            to Intellectual Property Claims. The policy shall provide the minimum limits of no less than
                                            the amounts set forth below, contain a waiver subrogation in favour of the PLK Indemnified
                                            Parties, and name the PLK Indemnified Parties as additional insureds by policy endorsement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">20.9.4</TD><TD STYLE="text-align: justify">All risks property insurance, providing
                                            coverage for fire, lightning, explosion, windstorm, typhoon, flood and earthquake or other
                                            natural or man-made disaster, shall be maintained for the full replacement value of a Direct-Owned
                                            Restaurant which is sufficient to satisfy any co-insurance clause contained in the policy,
                                            provided that where the Direct-Owned Restaurant is a leasehold, cover rental insurance shall
                                            not be required.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">20.9.5</TD><TD STYLE="text-align: justify">Business interruption insurance to insure
                                            Master Franchisee for losses incurred as a result of business interruption, providing coverage
                                            for fire, lightning, explosion, windstorm, typhoon, flood, earthquake or other natural or
                                            man-made disaster, which causes the Direct-Owned Restaurant (or any part of them) to be closed
                                            for a period of time. Such business interruption insurance policy will, at a minimum, provide
                                            a level of coverage to Master Franchisee sufficient for Master Franchisee to be able to pay
                                            to PLK, on a monthly basis, the estimated Royalty Fees that Master Franchisee would have
                                            been obligated to pay had the business interruption not occurred. The foregoing amount is
                                            calculated by taking the average monthly Gross Sales of the Direct-Owned Restaurant(s)&nbsp;over
                                            the twelve (12) months immediately preceding the date of the business interruption (or in
                                            the case where the Direct-Owned Restaurant has not been open for twelve (12) months, Master
                                            Franchisee&rsquo;s estimate of the average monthly Gross Sales) and multiplying such number
                                            by the Royalty Percentage.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">20.9.6</TD><TD STYLE="text-align: justify">All insurance policies required pursuant
                                            to this Agreement shall provide the minimum limits of no less than the amounts set forth
                                            below and shall not be sub-limited with respect to PLK, Affiliates of PLK or this Agreement.
                                            Additionally, the policies shall contain a waiver of subrogation in favour of the PLK Indemnified
                                            Parties, and name as additional insureds by policy endorsement the PLK Indemnified Parties.
                                            Further, all insurance shall be provided on a primary basis and shall not seek contribution
                                            from any separate insurance maintained by PLK or any PLK Affiliates, regardless of the &ldquo;other
                                            insurance&rdquo; or similar provisions of the respective policies of insurance. All insurance
                                            coverage required herein shall be provided by an insurance company or companies with minimum
                                            AM Best ratings of &quot;A(X)&quot; or &ldquo;A10&rdquo;, where &ldquo;A&rdquo; is the Financial
                                            Strength Rating (&quot;<B>FSR</B>&quot;) and (X)&nbsp;or (10)&nbsp;is the Financial Size
                                            Category (&quot;<B>FSC</B>&quot;). In the event that an AM Best rating is not available,
                                            a minimum Standard and Poor&rsquo;s FSR of &ldquo;A&rdquo; and an FSC (surplus) at least
                                            equal to an AM Best rating of &quot;X&rdquo; is required, which may be supplied by a PLK
                                            approved credit rating agency. Each policy shall provide for thirty (30) Days&rsquo; notice
                                            to PLK from the insurer by registered mail, return receipt requested, in the event of any
                                            unrestricted prior written notice of cancellation, non-renewal or change in coverage.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 108; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->73<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">20.9.7</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Each
                                            and every policy required pursuant to this Agreement, except as noted, shall have maximum
                                            deductibles of Fifty Thousand Dollars </FONT>US$50,000 subject to approval by PLK and shall
                                            have the coverage limits set out in <U>Schedule 7</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">20.9.8</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The
                                            addition of the PLK Indemnified Parties as additional insureds or its equivalents shall be
                                            effectuated through an endorsement to Master Franchisee&rsquo;s insurance policies, without
                                            any language of limitation affecting coverage. All certificates of insurance and policy endorsements
                                            required herein shall be provided by Master Franchisee to PLK at </FONT>8 Cross St, Manulife
                                            Tower, #28-01/07, Singapore 048424, with a copy to General Counsel at 5707 Blue Lagoon Drive,
                                            Miami, FL, 33126 (or to the address of the third party designee of PLK) in the manner required
                                            for written notices hereunder, or to such other address as may be designated by PLK. All
                                            policies must be renewed, and a renewal certificate of insurance must be provided to PLK
                                            or its designated agent prior to the expiration date(s)&nbsp;of the policies.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">20.9.9</TD><TD STYLE="text-align: justify">Master Franchisee must not do nor omit
                                            to do any act which is or may render any of the insurance policies void or voidable. If PLK
                                            determines that a particular insurer is unacceptable to PLK and so notifies Master Franchisee,
                                            Master Franchisee will use all reasonable efforts to obtain alternative or additional insurance
                                            from an insurer acceptable to PLK prior to the expiration of the relevant policy and furnish
                                            to PLK certificates of insurance evidencing that such alternative or additional insurance
                                            coverage is in effect. The insurance afforded by the policy or policies required under this
                                            Agreement shall be primary and not contributory with PLK&rsquo;s insurance and shall not
                                            be limited in any way by reason of the insurance which may be maintained by PLK.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">20.9.10</TD><TD STYLE="text-align: justify">Master Franchisee shall require its
                                            Affiliates to, and use best efforts to require all third party subcontractors and suppliers
                                            to, maintain insurance coverages consistent with the requirements and amounts set forth in
                                            this clause 20.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">20.9.11</TD><TD STYLE="text-align: justify">Master Franchisee&rsquo;s failure to
                                            secure and maintain proper insurance coverage for itself and its Affiliates as required in
                                            the preceding sub-clause, or failure to use reasonable efforts to ensure that all of Master
                                            Franchisee&rsquo;s third party subcontractors and suppliers have the proper insurance coverage
                                            as required in the preceding sub-clause, will not relieve Master Franchisee of its responsibility
                                            to indemnify and defend a PLK Indemnified Party, and shall, of itself, constitute a material
                                            breach of this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>21&#8239;&#8239;<U>ASSIGNMENT
AND TRANSFER</U></B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">21.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Except
                                            with respect to assignment or transfer to a wholly-owned subsidiary or parent company that
                                            owns all of the interests in Master Franchisee (which subsidiary or parent company, as applicable,
                                            must be, and remain during the Term, a single-purpose entity, the business of which is limited
                                            to the development, operation and servicing of Popeyes Restaurants and any activities ancillary
                                            thereto), this Agreement and the Development Rights granted to Master Franchisee may not
                                            be sold, assigned, transferred, leased, licensed or sub-licensed, charged, mortgaged, pledged,
                                            hypothecated, encumbered or otherwise disposed of, whether directly or indirectly (&ldquo;<B>Transferred</B>&rdquo;)
                                            by Master Franchisee, in whole or in part, voluntarily or involuntarily by operation of law
                                            or otherwise, nor shall Master Franchisee have any right to sub-license any of the rights
                                            granted under this Agreement except as expressly provided herein, nor shall Master Franchisee
                                            be permitted to subcontract the whole or any substantial part of its obligations under this
                                            Agreement, or to transfer any material assets that are necessary for Master Franchisee or
                                            any Affiliate thereof to operate its Direct-Owned Restaurants or fulfil its other material
                                            obligations under any of the Transaction Agreements or Franchise Agreements, without the
                                            prior written consent of PLK</FONT>, which consent may be withheld at PLK&rsquo;s sole and
                                            complete discretion. Any Transfer described in this clause 21.1 without compliance with the
                                            terms hereof shall be void and of no effect.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 109; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->74<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">21.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">In
                                            the event that PLK sells, transfers, assigns, licenses or otherwise conveys the rights to
                                            the Popeyes Marks, Popeyes Domain Names and/or Popeyes Intellectual Property Rights previously
                                            licensed by PLK for the operation of the Popeyes System in the Territory to any Person (an
                                            &ldquo;<B>IP Transferee</B>&rdquo;), PLK shall assign this Agreement, and all the rights
                                            and obligations of PLK hereunder, to such IP Transferee, in which case the IP Transferee
                                            shall license such intellectual property to Master Franchisee as contemplated in this Agreement,
                                            and Master Franchisee&rsquo;s rights and obligations hereunder shall remain in full force
                                            and effect. Subject to the foregoing, PLK may transfer or assign this Agreement, and all
                                            of the rights and obligations of PLK hereunder to (a)&nbsp;an Affiliate of PLK or (b)&nbsp;an
                                            IP Transferee, and each of Master Franchisee, the JVC and </FONT>the Shareholder hereby grants
                                            its prior and irrevocable consent to such assignment, and waives any requirement of prior
                                            notice. PLK will provide Master Franchisee, the JVC and the Shareholder with formal written
                                            notice of the assignment within fifteen (15) Days following its completion. Master Franchisee,
                                            the JVC and the Shareholder shall take all such actions as PLK shall reasonably require or
                                            as required by applicable Law to effect such transfer.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>22&#8239;&#8239;<U>CURRENCY,
EXCHANGE CONTROL AND TAXATION</U></B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">22.1</FONT></TD><TD STYLE="text-align: justify">All
                                            payments to PLK required under this Agreement shall be made in US$ (the <B>&ldquo;Required
                                            Currency</B>&rdquo;) into such bank account in Singapore, or such other place as PLK shall
                                            designate (the <B>&ldquo;Required Country</B>&rdquo;). Master Franchisee shall, at its expense,
                                            make all necessary and appropriate applications to such Authorities as may be requested by
                                            PLK or as may be required by Law for transmittal and payment of the Required Currency to
                                            PLK. Such payment shall be made by such method as PLK may from time to time stipulate. Each
                                            conversion from the RMBand/or MOP (&ldquo;<B>Local Currency</B>&rdquo;) to the Required Currency
                                            shall be made at the Conversion Rate for the purchase of the Required Currency as of the
                                            last bank trading Day of the month on which the payment is based, or in the case of the Direct-Owned
                                            Restaurant Unit Fee and Franchised Restaurant Unit Fee, as of the close of business on the
                                            last bank trading Day preceding the invoice date for the respective Direct-Owned Restaurant
                                            Unit Fee and Franchised Restaurant Unit Fee. At Master Franchisee&rsquo;s request, PLK will
                                            provide Master Franchisee with confirmation of the applicable Conversion Rate. To the extent
                                            such application to the Authorities is denied or the convertibility of each Local Currency
                                            to the Required Currency is insufficient to make any of the required payments to PLK pursuant
                                            to this Agreement, Master Franchisee undertakes and agrees to pay such monies in the Required
                                            Currency from Master Franchisee or its subsidiaries&rsquo; global assets.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">22.2</TD><TD STYLE="text-align: justify">As and when any consent is required under
                                            any applicable Law for the remittance of royalties and other payments to PLK or to an Affiliate
                                            of PLK nominated by PLK, Master Franchisee will at its own expense make all necessary and
                                            appropriate applications to such Authorities as may be necessary or desirable to facilitate
                                            the transmittal and payment of sums due under this Agreement in accordance with the time
                                            frames set forth herein.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">22.3</TD><TD STYLE="text-align: justify">In the event that Master Franchisee shall
                                            at any time be prohibited from making any payment in US$ outside of the Territory, Master
                                            Franchisee shall immediately notify PLK of this fact and such payment shall thereupon be
                                            made to such place and in such currency as may be selected by PLK and acceptable to the appropriate
                                            Authorities, all in accordance with remittance instructions furnished by PLK. The acceptance
                                            by PLK of any payment in a currency other than that of the Required Currency or in a territory
                                            other than the Required Country or a destination as specified by PLK does not release Master
                                            Franchisee from its obligation to make future payments in the Required Currency to the Required
                                            Country or a destination as specified by PLK.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 110; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->75<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">22.4</TD><TD STYLE="text-align: justify">If at any time there exists an exchange control,
                                            governmental regulation or any Law which prohibits the payment to PLK of the amounts due
                                            to PLK under this Agreement, the Company Franchise Agreement and/or any Unit Addendum in
                                            the Required Currency and the Required Country (&ldquo;<B>Payment Restriction</B>&rdquo;),
                                            Master Franchisee shall immediately reserve and keep in a separate account such amounts for
                                            the benefit of PLK (the &ldquo;<B>Reserve Account</B>&rdquo;) or, at the option of PLK, pay
                                            such amounts in the Local Currency to a Person designated by PLK. For a period of at least
                                            six (6)&nbsp;months, PLK and Master Franchisee shall use commercially reasonable efforts
                                            to reach an agreement regarding payment of the applicable amounts due to PLK in the Required
                                            Currency and the Required Country. If such efforts are not successful after such six (6)&nbsp;month
                                            period, PLK and Master Franchisee shall use commercially reasonable efforts over a three
                                            (3)&nbsp;month period to agree to form a new master franchisee with the same beneficial ownership
                                            as the Master Franchisee (the &ldquo;<B>Substitute Master Franchisee</B>&rdquo;) and transfer
                                            the rights and obligations of Master Franchisee to such Substitute Master Franchisee to permit
                                            such payments to resume. If such efforts are not successful after such three (3)&nbsp;month
                                            period, PLK and Master Franchisee shall use commercially reasonable efforts to agree to make
                                            the payments in an alternative form, including the use of alternative currencies, entrance
                                            into new service or delivery contracts, or payment of extraordinary dividends. As soon as
                                            the Payment Restriction is no longer in effect, Master Franchisee shall make payments from
                                            the Reserve Account to PLK or PLK&rsquo;s designee in an aggregate amount equal to the amounts
                                            subject to the Payment Restriction, less any amounts paid by the Substitute Master Franchisee
                                            or in an alternative form, if applicable. Master Franchisee agrees not to make any dividend
                                            payments or similar payments to its shareholders until (or simultaneously with) the payment
                                            to PLK of all amounts subject to the Payment Restriction, less any amounts paid by the Substitute
                                            Master Franchisee or in an alternative form, if applicable. Master Franchisee shall bear
                                            all costs associated with the formation of a Substitute Master Franchisee or any alternate
                                            method of payment pursuant to this clause 22.4. Notwithstanding the foregoing, in the event
                                            that (i)&nbsp;PLK reasonably determines that any other Person similarly situated to Master
                                            Franchisee has been able to make payments in the Required Currency notwithstanding the Payment
                                            Restriction, has determined the means by which such other Person is making such payments,
                                            has given Master Franchisee ninety (90) days to implement the same or similar measures to
                                            make payments in the Required Currency, and Master Franchisee continues to be unable to make
                                            payments after receiving written notice from PLK, or (ii)&nbsp;the Payment Restriction is
                                            in effect for a period of more than three (3)&nbsp;years, PLK may terminate this Agreement
                                            immediately upon notice to Master Franchisee.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">22.5</FONT></TD><TD STYLE="text-align: justify">It is
                                            understood and agreed by the Parties that Master Franchisee (including, for certainty, the
                                            Approved Subsidiaries) will be responsible for complying with any Indirect Tax obligation
                                            in respect of any payment made by Master Franchisee (including, for certainty, the Approved
                                            Subsidiaries) pursuant to this Agreement and any and all other tax liabilities except Indirect
                                            Taxes arising out of this Agreement will be the responsibility of the Party owing such Taxes.
                                            Notwithstanding the foregoing or anything else herein, the Parties have agreed that all amounts
                                            payable pursuant to this Agreement by Master Franchisee do not include Indirect Tax and,
                                            in the event Indirect Tax applies under either existing law or a future change in statute
                                            or interpretation that results in Indirect Tax on such amounts, Master Franchisee will bear
                                            the economic burden of such Indirect Tax either through payment of the Indirect Tax to PLK
                                            or, if Master Franchisee is required by Law to deduct and pay the applicable Indirect tax
                                            to the relevant Tax Authority, Master Franchisee will gross up all amounts payable pursuant
                                            to this Agreement by the applicable Indirect Tax and remit payment of the applicable Indirect
                                            Tax amount to the relevant Tax Authority, without any deduction from amounts payable under
                                            this Agreement. For greater clarity, all payments made under this Agreement shall be made
                                            in full, free of any deduction or set off whatsoever, except Withholding Income Tax as required
                                            by the applicable Law of the Territory.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 111; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->76<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">22.6</FONT></TD><TD STYLE="text-align: justify">In the
                                            event that Master Franchisee (including, for certainty, the Approved Subsidiaries) is required
                                            to withhold an amount in respect of Withholding Income Tax liability of a payee as a result
                                            of any of the payments set out in this Agreement made by or on behalf of Master Franchisee,
                                            Master Franchisee shall withhold from such payments such Withholding Income Taxes as are
                                            required by Law and remit payment of all amounts in respect of Withholding Income Tax liability,
                                            with all necessary forms, to the applicable Tax Authority in the Territory in accordance
                                            with applicable Law. To the extent that any Authority imposes a penalty and/or interest for
                                            failure to properly withhold and remit Withholding Income Tax in connection with any payment
                                            made by Master Franchisee to PLK, Master Franchisee will be solely responsible for the payment
                                            of such penalties and related interest and PLK shall have no responsibility or liability
                                            therefor. For the avoidance of doubt, the amount so withheld for Withholding Income Tax shall
                                            be deducted from the amount required to be paid by Master Franchisee to PLK hereunder. Master
                                            Franchisee shall provide PLK with corresponding receipts from the relevant Tax Authority
                                            in the Territory to evidence such payments or amounts withheld to support a Claim against
                                            PLK&rsquo;s Singapore (or other country&rsquo;s) income taxes with respect to the taxes withheld
                                            and paid by Master Franchisee.&nbsp; In the event a Double Tax Treaty (&ldquo;<B>DTT</B>&rdquo;)
                                            exists between the payor and the payee jurisdiction, the payee will provide the necessary
                                            documentation to confirm eligibility to receive the benefits of the DTT by the required due
                                            date. Master Franchisee agrees to comply with the requirements of the DTT and file any required
                                            documentation with the applicable Tax Authority. Additionally, Master Franchisee agrees to
                                            cooperate with PLK by providing PLK with any information requested by PLK from Master Franchisee
                                            in order for PLK to comply with the requirements of the DTT.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">22.7</FONT></TD><TD STYLE="text-align: justify">If there
                                            is an exemption in the Territory for the application of Withholding Income Taxes or Indirect
                                            Taxes to any payments made by Master Franchisee to PLK or its designee, Master Franchisee
                                            will cooperate in good faith with PLK and take all reasonable steps necessary to ensure that
                                            PLK or its designee will be eligible for such exemption, including by applying for the exemption
                                            with the applicable Tax Authority.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>23&#8239;&#8239;<U>AUDIT
RIGHTS</U></B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">23.1</TD><TD STYLE="text-align: justify">During the Term and for one (1)&nbsp;year
                                            thereafter, PLK shall be entitled to inspect, and make copies, during normal business hours
                                            upon three (3)&nbsp;Business Days&rsquo; notice (and without giving notice in the case of
                                            emergency or suspecting malfeasance) any records and books of Master Franchisee and Master
                                            Franchisee must timely make all such books and records available to PLK at PLK&rsquo;s request
                                            and deliver any copies of such books and records at PLK&rsquo;s request. PLK shall not exercise
                                            this inspection right more frequently than three (3)&nbsp;times during any year. Master Franchisee
                                            must permit a representative of PLK to enter its offices and any training facility during
                                            normal business hours and without prior notice. PLK shall exercise commercially reasonable
                                            efforts to minimize disruption to the normal operation of Master Franchisee&rsquo;s business.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">23.2</TD><TD STYLE="text-align: justify">PLK may, on reasonable notice and with such
                                            professional assistance as PLK may require, conduct an annual audit at its expense during
                                            each calendar year to ensure that Master Franchisee is complying with the Global Marketing
                                            Policy and providing the Services in accordance with this Agreement. Master Franchisee must
                                            cooperate in the conduct of any such audit, including by complying with its obligations under
                                            clause 23.1 and promptly and fully answering any questions and providing any information
                                            reasonably required by PLK.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 112; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->77<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">23.3</TD><TD STYLE="text-align: justify">PLK may from time to time (but not more than
                                            once in any 12-month period unless it reasonably believes the circumstances warrant otherwise)
                                            require that an audit or review of the business affairs of any member of the China Group
                                            is carried out, and shall in such case, be entitled to designate an individual as PLK&rsquo;s
                                            representative to carry out such audit or review on its behalf and at its sole cost and expense.
                                            PLK&rsquo;s representative shall be entitled to: (a)&nbsp;visit and inspect any premises
                                            of the China Group and to discuss the affairs, finances and accounts of the China Group with
                                            its officers and directors; (b)&nbsp;access, examine and retain copies (at PLK&rsquo;s sole
                                            cost and expense) of any books, records, accounts or other documents and information relating
                                            to the affairs of the China Group; provided that such examination shall be done during normal
                                            business hours without disruption to the business of the China Group and with reasonable
                                            prior notice; and (c)&nbsp;such access and cooperation from each member of the China Group
                                            as may be reasonable under the circumstances to facilitate the carrying out of such audit
                                            or review.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">23.4</TD><TD STYLE="text-align: justify">The Shareholder shall, and shall procure
                                            that each other member of the China Group shall, reasonably cooperate with PLK and provide
                                            PLK and/or its representatives and consultants with all documents, information, assistance
                                            (including reasonable access to the officers and employees of the Shareholder and each other
                                            member of the China Group but subject to legal privilege protection) in connection with any
                                            ethics or compliance investigations or audits relating to compliance with the Anti-Corruption
                                            Laws and/or other laws.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">23.5</TD><TD STYLE="text-align: justify">The Shareholder shall provide PLK with copies
                                            of the following information in accordance with the Accounting Principles: (a)&nbsp;monthly
                                            unaudited consolidated revenue and gross profit reports of the China Group within thirty
                                            (30) Business Days after the respective month end; (b)&nbsp;quarterly unaudited consolidated
                                            balance sheets and cash flow statements of the China Group within thirty (30) Business Days
                                            after the respective quarter end; (c)&nbsp;audited annual consolidated financial statements
                                            of the China Group (copying with all relevant legal requirements) which shall be prepared
                                            and reported on by the auditors of the Shareholder within a reasonable time and in any event
                                            within five (5)&nbsp;months after the end of the Financial Year in question; and (d)&nbsp;an
                                            itemized revenue and capital budget for each Financial Year covering each member of the China
                                            Group and showing proposed trading and cash flow figures, manning levels and all material
                                            proposed acquisitions, disposals and other commitments for that Financial Year.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>23A&#8239;&#8239;&#8239;<U>ANTI-CORRUPTION
LAWS AND COMPLIANCE</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">23A.1</TD><TD STYLE="text-align: justify">The Shareholder shall maintain a Compliance
                                            Plan, and the Shareholder shall cause each other member of the China Group to adopt such
                                            Compliance Plan. By January&nbsp;15 of each Development Year, the Shareholder shall, upon
                                            PLK&rsquo;s request, deliver to PLK a certificate duly executed by the Chief Executive Officer
                                            of the Shareholder certifying that each member of the China Group is in compliance with the
                                            Compliance Plan and that there has been no breach thereof during the prior Development Year.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">23A.2</TD><TD STYLE="text-align: justify">The Shareholder shall, and shall cause each
                                            other member of the China Group to, (a)&nbsp;provide anti-corruption training to its employees,
                                            officers and directors on a regular basis, and (b)&nbsp;comply with the accounting control
                                            provisions (if any) of the Anti-Corruption Laws.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">23A.3</FONT></TD><TD STYLE="text-align: justify">The
                                            Shareholder shall, and shall cause each other member of the China Group to, undertake that
                                            neither it, nor any of its Subsidiaries, nor any of their respective directors, officers,
                                            agents or employees or any other Person affiliated with or acting for or on behalf of them
                                            shall, (a)&nbsp;directly or indirectly, use or offer to use any corporate funds for contributions,
                                            gifts, entertainment or other payments relating to political activity, in each case, which
                                            are not in compliance with applicable Anti-Corruption Laws; (b)&nbsp;make any unlawful payment
                                            to a foreign or domestic government official (including employees of wholly state-owned or
                                            partially state-owned entities) or to foreign or domestic political parties or campaigns
                                            in violation of any applicable Anti-Corruption Laws; (c)&nbsp;make any bribe, rebate, payoff,
                                            influence payment, kickback or other similar payments or establish or maintain any unrecorded
                                            funds, in each case, which are not in compliance with all applicable Anti-Corruption Laws;
                                            or (d)&nbsp;agree to give any fit or similar benefit to any customer, supplier or other Person
                                            in violation of any applicable Anti-Corruption Laws.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 113; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->78<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">23A.4</TD><TD STYLE="text-align: justify">The Shareholder shall devise and maintain
                                            a system of internal accounting controls for itself and other members of the China Group
                                            sufficient to provide reasonable assurances that: (a)&nbsp;transactions are executed in accordance
                                            with management&rsquo;s general or specific authorization; (b)&nbsp;transactions are recorded
                                            as necessary (x)&nbsp;to permit preparation of financial statements in conformity with the
                                            Accounting Principles or any other criteria applicable to such statements, and (y)&nbsp;to
                                            maintain accountability for assets; (c)&nbsp;access to assets is permitted only in accordance
                                            with management&rsquo;s general or specific authorization; and (d)&nbsp;the recorded accountability
                                            for assets is compared with the existing assets at reasonable intervals and appropriate action
                                            is taken with respect to any differences.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>24&#8239;&#8239;<U>SEVERABILITY</U></B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each of the Parties agrees that if any provisions
of this Agreement may be construed in more than one way, one or more of which would render the provision illegal or otherwise voidable
or unenforceable, and one of which would render the provision valid and enforceable, such provision shall have the meaning which renders
it valid and enforceable. The language of all provisions of this Agreement shall be construed according to its fair meaning and not strictly
against any Party. It is the intent of the Parties that the provisions of this Agreement be enforced to the fullest extent and should
any court or other Authority determine that any provision herein is not enforceable as written in this Agreement, the Parties shall use
their best endeavors to amend it consistent with the intent of the Parties so that it is enforceable to the fullest extent permissible
under the laws and public policies of the jurisdiction in which the enforcement is sought. Subject to the preceding sentence, the provisions
of this Agreement are severable and this Agreement shall be interpreted and enforced as if all completely invalid or unenforceable provisions
were not contained in this Agreement, and partially valid and enforceable provisions shall be enforced to the extent that they are valid
and enforceable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>25&#8239;&#8239;<U>ENTIRE
AGREEMENT</U></B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Agreement, together with the Company Franchise
Agreement and each Unit Addendum entered into pursuant to this Agreement, and the other Transaction Agreements, constitute the entire
agreement and understanding of the Parties with respect to the development and franchising of Popeyes Restaurants and related matters
set out in the Transaction Agreements and supersedes all prior negotiations, commitments, representations, warranties and undertakings
of the Parties (if any) with respect to the development and franchising of Popeyes Restaurants and related matters set out in the Transaction
Agreements, whether written or oral, including the Original Agreement. The Parties acknowledge that they are not relying upon any representations,
warranties, conditions, agreements or understandings, written or oral, made by the Parties as their agents or representatives, except
as herein or therein specified. Neither this Agreement nor any term or provision of it may be changed, waived, discharged, or modified
other than in writing and signed by the Parties. If there is a conflict between this Agreement and the Company Franchise Agreement, any
Unit Addendum, any other Transaction Agreement, the Standards or any Exhibit&nbsp;or Schedule to this Agreement (other than the Development
Schedule), the provisions contained in the body of this Agreement will control. If there is a conflict between the body of this Agreement
and the Development Schedule, the Development Schedule will control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>26&#8239;&#8239;<U>NOTICES</U></B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any notice, demand, request, consent, approval,
authorization, designation, specification or other communication given or made, or required to be given or made hereunder, to or by a
Party to this Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 114; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->79<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">26.1</TD><TD STYLE="text-align: justify">must be in writing and in English addressed:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in">&nbsp;</TD><TD STYLE="text-align: left; width: 3in">(a)&#8239;<FONT STYLE="font-size: 10pt">if to PLK:</FONT></TD>
                            <TD STYLE="text-align: left">PLK APAC PTE. LTD.</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
                            <TD STYLE="text-align: left">8&#8239;Cross St, Manulife Tower, #28-01/07,</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
                            <TD STYLE="text-align: left">Singapore 048424</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
                            <TD STYLE="text-align: left">Attention: Head of Popeyes International; and</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
                            <TD STYLE="text-align: left">Head of Legal,&nbsp;International</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
                            <TD STYLE="text-align: left">Email: sdean@rbi.com</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
                            <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">With a copy to</TD>
                            <TD STYLE="text-align: left">Popeyes Louisiana Kitchen,&nbsp;Inc</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
                            <TD STYLE="text-align: left">5707 Blue Lagoon Drive</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
                            <TD STYLE="text-align: left">Miami,&#8239;FL 33126</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
                            <TD STYLE="text-align: left">Attention:&#8239;General Counsel</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 3in; text-align: left">&nbsp;</TD>
                            <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Email:</FONT><B>jgranat@rbi.com;</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 1in">&nbsp;</TD>
  <TD STYLE="width: 3in">&nbsp;</TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>gonzalez1@rbi.com</B></TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>(b)&#8239;if to Master Franchisee&#8239;</TD>
  <TD><B>PLKC HK International Limited</B></TD>
  <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 4in"></TD><TD STYLE="text-align: left">c/o Cartesian Capital Group, LLC</TD>
</TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">505 Fifth Avenue, 15th Floor</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">New York, NY 10017</TD></TR>
     </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 1in">&nbsp;</TD>
  <TD STYLE="white-space: nowrap; width: 3in">or as specified to the sender by any Party by notice; and</TD>
  <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">26.2</TD><TD STYLE="text-align: justify">is regarded as being given by the sender
                                            and received by the addressee: (i)&nbsp;if by delivery in person (including by overnight
                                            courier service), when delivered to the addressee; (ii)&nbsp;if by certified, return receipt
                                            mail, on the earlier of actual receipt or the tenth (10<SUP>th</SUP>) Day after being deposited
                                            in the mail; or (iii)&nbsp;if by email, along with a PDF copy of all relevant attachments,
                                            when the sender receives evidence of delivery.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>27&#8239;&#8239;<U>NON-WAIVER</U></B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The failure or
delay on the part of a Party to exercise any right or option given to it under this Agreement, or to insist on strict compliance by the
other Party with the terms of this Agreement, shall not constitute a waiver of any terms or conditions of this Agreement with respect
to any other or subsequent breach, nor a waiver by the first Party of its right at any time thereafter to require exact and strict compliance
with all the terms of this Agreement</FONT>, nor shall acceptance by PLK of any money paid on behalf of Master Franchisee under this
Agreement, under the Company Franchise Agreement, under any Unit Addendum or any other Transaction Agreement following any breach or
default by Master Franchisee of any one or more of the terms or provisions of this Agreement, the Company Franchise Agreement, any Unit
Addendum or any other Transaction Agreement, whether before or after notice to or knowledge of the breach or default by PLK, constitute
a waiver by PLK of such breach or default. The rights or remedies of the Parties set out in this Agreement are in addition to any other
rights or remedies which may be granted by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>28&#8239;&#8239;<U>RELATIONSHIP
OF PARTIES</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">For purposes of
this Agreement, Master Franchisee </FONT>is an independent contractor and is not an agent, partner, joint venturer or employee of PLK,
and no express or implied fiduciary relationship exists between Master Franchisee and PLK by virtue of this Agreement. Master Franchisee
shall not, nor shall it attempt to, bind or obligate PLK in any way nor represent that it has any right to do so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>29&#8239;&#8239;<U>GOVERNING
LAW&nbsp;&amp; JURISDICTION; LANGUAGE</U></B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">29.1</TD><TD STYLE="text-align: justify">This Agreement and any non-contractual obligations,
                                            performance or liabilities arising out of or in connection with this Agreement is governed
                                            by and construed in accordance with the substantive Laws of New York without regard to conflicts
                                            of law principles. The United Nations Convention Contracts for the International Sale of
                                            Goods of 11 April&nbsp;1980 is hereby waived and excluded from application to this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">29.2</FONT></TD><TD STYLE="text-align: justify">If any
                                            dispute, controversy or Claim, in law or equity, arises out of or in connection with this
                                            Agreement or the business relationship created thereby, including the breach, termination
                                            or invalidity of this Agreement or any non-contractual obligations or liabilities arising
                                            out of, or in connection with, this Agreement (&ldquo;<B>Dispute</B>&rdquo;), any Party shall
                                            serve formal written notice on the other Parties that a Dispute has arisen and describing
                                            the nature of such Dispute (&ldquo;<B>Notice of Dispute</B>&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">29.3</FONT></TD><TD STYLE="text-align: justify">Any
                                            disputing Party may serve notice in writing on the other disputing Party that the Dispute
                                            shall be exclusively submitted to final and binding arbitration in accordance with the Rules&nbsp;of
                                            Arbitration of the International Chamber of Commerce in effect on the date of commencement
                                            of the arbitration (the &ldquo;<B>ICC Rules</B>&rdquo;), which rules&nbsp;are deemed to be
                                            incorporated by reference into this clause&nbsp;29.4. The Parties undertake to each execute
                                            and perform, on a timely basis, all such agreements, documents, assurances, acts and things
                                            and to exercise all powers and rights available to them, including the giving of all information
                                            and documentation reasonably requested, the convening of all meetings, the giving of all
                                            waivers and the passing of all resolutions reasonably required to ensure the enforceability
                                            of any final award of the arbitrator in any jurisdiction where such enforceability is sought.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">29.4</FONT></TD><TD STYLE="text-align: justify">Notwithstanding
                                            the foregoing, a disputing Party shall be entitled to interim or conservatory measures pursuant
                                            to the ICC Rules, including, but not limited to, temporary injunctive relief to preserve
                                            or restore the status quo between the parties, if such Party reasonably believes that the
                                            timeline set forth in this clause 29 shall materially prejudice such Party.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">29.5</FONT></TD><TD STYLE="text-align: justify">The
                                            arbitral panel shall be composed of one (1)&nbsp;arbitrator to be appointed in accordance
                                            with the ICC Rules. Such arbitrator shall be a licensed lawyer or retired judge, in the latter
                                            case, who is affiliated with ADR Chambers, and has at least five (5)&nbsp;years of experience
                                            handling matters involving the Laws of the State of New York. The arbitrator shall: (i)&nbsp;have
                                            the exclusive authority to decide any issues regarding the applicability, interpretation,
                                            formation, or enforcement of this Agreement (including determining the arbitrability of any
                                            Dispute); (ii)&nbsp;be empowered to grant legal and equitable remedies (including injunctive
                                            relief) in connection with any Dispute submitted to arbitration; and (iii)&nbsp;issue a reasoned
                                            final award after making a determination on the merits of any such Dispute. The arbitrator
                                            shall award the prevailing party in the arbitration the reasonable attorneys&rsquo; fees
                                            and costs (including expert costs) incurred in connection with the arbitration and any related
                                            proceedings to enforce the arbitration award.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">29.6</FONT></TD><TD STYLE="text-align: justify">The
                                            place of arbitration shall be Miami, Florida and the language to be used in the arbitral
                                            proceedings shall be English, save that all documents attached to filings submitted to the
                                            tribunal do not have to be translated from their original language unless expressly ordered
                                            by the arbitrator in consultation with the Parties. All submissions to the arbitrator, save
                                            any documents attached to such submissions as set forth in this clause 29.6, shall be submitted
                                            in English.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">29.7</FONT></TD><TD STYLE="text-align: justify">Any
                                            final award entered by the arbitrator shall be the final, binding and exclusive determination
                                            of any Dispute submitted to arbitration, and may be entered in any court having jurisdiction
                                            and any court where any party to the arbitration or its assets are located. Neither a party
                                            to an arbitration nor the arbitrator may disclose the existence, subject matter, content
                                            or results of any arbitration without the prior written consent of all parties, unless to
                                            protect or pursue a legal right or as may otherwise be required by applicable Law, Canadian
                                            or US franchise disclosure requirements, franchise disclosure requirements of the relevant
                                            jurisdiction in the Territory (or other foreign equivalent applicable in the circumstances)
                                            or disclosure requirements of the US Securities and Exchange Commission, the Ontario Securities
                                            Commission or any applicable foreign equivalent, or any stock exchange on which the Equity
                                            Securities of a Party or, its Affiliates may be listed or any other Authority.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">29.8</FONT></TD><TD STYLE="text-align: justify">The
                                            ICC Court may, at the request of a party to the arbitration, consolidate two or more arbitrations
                                            pending under the ICC Rules&nbsp;into a single arbitration in accordance with the ICC Rules.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">29.9</FONT></TD><TD STYLE="text-align: justify">The
                                            Parties agree that irreparable damage, for which there would be no adequate remedy at law,
                                            would occur if any provision of this Agreement were not performed in accordance with the
                                            terms hereof and each Party shall be entitled to seek injunctive relief to prevent breaches
                                            of this Agreement by the other Party, or to seek to enforce specifically the performance
                                            of the terms and provisions hereof, in addition to any other remedy to which a party is entitled
                                            at law or in equity. Each of the Parties hereby waives, in any action for specific performance
                                            or other equitable remedy (including for injunctive relief), the defence of adequacy of a
                                            remedy at law.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B><I>30&#8239;&#8239;</I></B></FONT><B><U>NO
THIRD PARTY ENFORCEMENT RIGHTS</U></B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Except as expressly stipulated in this Agreement,
this Agreement shall not grant any right to Persons who are not a Party to this Agreement. To the extent this Agreement expressly grants
rights to third parties, the parties to this Agreement shall be permitted to change or exclude such rights at any time without the consent
of the respective third party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>31&#8239;&#8239;<U>SURVIVAL</U></B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The expiry or termination of this Agreement shall
be without prejudice to any rights which shall have accrued to a Party prior to the date of such termination or expiry, shall not affect
or diminish the binding force or effect of any provisions of this Agreement which expressly or by their nature are intended to survive
the expiration or termination of this Agreement and, without limitation shall not release Master Franchisee from the obligation to pay
any sum outstanding under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>32&#8239;&#8239;<U>PARTIES
TO THIS AGREEMENT ALL LEGALLY ADVISED</U></B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each of the Parties to this Agreement acknowledges
that it has taken or has had the opportunity to take all such independent professional advice as it deems appropriate, including legal
advice and declares that it understands and accepts all of the terms and conditions of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>33&#8239;&#8239;<U>INTEREST</U></B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Master Franchisee shall pay to PLK interest on
any sum overdue under this Agreement, in the currency in which the overdue sum is required to be paid, calculated on a daily basis from
the due date until payment in full at the rate of ten percent (10%) per annum. Entitlement to such interest shall be in addition to any
other remedies PLK may have. It is acknowledged that the late payment interest payable pursuant to this clause 33 is not a penalty but
the Parties&rsquo; reasonable pre-estimate of the loss incurred by PLK as a result of late payments of amounts due to it under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>34&#8239;&#8239;<U>COUNTERPARTS</U></B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Agreement may be executed in any number
of counterparts, and by each Party on separate counterparts. Each counterpart is an original, but all counterparts shall together constitute
one and the same instrument. Delivery of a counterpart of this Agreement by e-mail attachment or by facsimile shall be an effective mode
of delivery.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>35&#8239;&#8239;<U>SPECIAL
COVENANTS</U></B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">35.1</TD><TD STYLE="text-align: justify"><U>Regulatory Approval</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">35.1.1</TD><TD STYLE="text-align: justify">This Agreement, the Company Franchise
                                            Agreement, and the Unit Addenda are subject to all governmental approvals, registrations
                                            or filings required by applicable Law within the Territory (&ldquo;<B>Approvals</B>&rdquo;).
                                            To the extent any Approvals must be obtained to operate the business contemplated in this
                                            Agreement, the Company Franchise Agreement, and the Unit Addenda within the Territory, Master
                                            Franchisee shall use best efforts to obtain any such Approval at Master Franchisee&rsquo;s
                                            expense, including the modification, amendment or other alteration of this Agreement, the
                                            Company Franchise Agreement, or the Unit Addenda as may be required by the relevant Authority.
                                            Notwithstanding the preceding provisions of this clause 35.1.1, Master Franchisee agrees
                                            not to apply for Approval until after PLK has had an opportunity to review and comment on
                                            all materials to be filed with any Authority. PLK shall use commercially reasonable efforts
                                            to promptly review and comment on such materials.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">35.1.2</TD><TD STYLE="text-align: justify">In the event that any Approval is required
                                            to enable Master Franchisee or any Affiliate thereof to enter any Unit Addendum for a Direct-Owned
                                            Restaurant, Master Franchisee shall obtain such Approval at its sole responsibility and cost.
                                            Master Franchisee shall provide PLK with copies of such Approvals. Without limitation of
                                            the foregoing, if any translations or certifications are required of this Agreement, the
                                            Company Franchise Agreement, any Unit Addendum or any license agreement, Master Franchisee
                                            shall pay for any costs of complying with such requirements. Master Franchisee hereby agrees
                                            to indemnify PLK in relation to all Losses or other amounts incurred by PLK arising from
                                            Master Franchisee&rsquo;s failure to obtain the Approvals set out in this clause 35.1.2.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">35.2</TD><TD STYLE="text-align: justify"><U>Recordal or Registration</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">In the
event that this Agreement, the Company Franchise Agreement, and/or any Unit Addendum and/or Franchise Agreements shall be recorded or
registered with any Authority</FONT> in the Territory, whether or not such recordal or registration is required by PLK, Master Franchisee
or both, Master Franchisee shall bear the costs related to the making of such recordal or registration, including all translation costs,
filing fees and attorneys&rsquo; fees and expenses reasonably incurred by PLK. If Master Franchisee is directed by PLK to make the recordal
or registration, Master Franchisee hereby agrees to indemnify PLK in relation to all costs, expenses, damages, loss or other amounts
incurred by PLK arising from Master Franchisee&rsquo;s failure to do so. Upon termination or expiration of this Agreement for any reason,
Master Franchisee will cooperate with PLK as required in order to terminate the recordal of Master Franchisee as a registered user with
the Intellectual Property Office (of the Territory).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">35.3</TD><TD STYLE="text-align: justify"><U>Stamp Duty</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In the event that this Agreement must
be stamped in the Territory, Master Franchisee shall attend to the stamping and shall bear the cost of any stamp duty arising in relation
to such stamping as and when due (including any fines or penalties) within thirty (30) Days of execution of this Agreement, or sooner
if required under applicable Law. Master Franchisee shall provide evidence to PLK of its compliance with this clause 35.3, including
obtaining, at its expense, certified copies for all other Parties to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">35.4</TD><TD STYLE="text-align: justify"><U>Anti-Terrorism</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Master Franchisee agrees to comply
with and to use commercially reasonable efforts to assist PLK in PLK&rsquo;s efforts to comply with Anti-Terrorism Laws. In connection
with such compliance, Master Franchisee certifies, represents, and warrants that none of its property or interests are subject to being
 &ldquo;blocked&rdquo; under any of the Anti-Terrorism Laws and that Master Franchisee is not otherwise in violation of any of the Anti-Terrorism
Laws. Master Franchisee:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">a)</TD><TD STYLE="text-align: justify">certifies that it and its owners, employees,
                                            or anyone associated with it are not listed in the Annex to Executive Order 13224. Master
                                            Franchisee agrees not to hire or to permit any Franchisees to hire (or, if already employed,
                                            retain the employment of) any individual who is listed in the Annex; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">b)</TD><TD STYLE="text-align: justify">is solely responsible for ascertaining
                                            what actions it shall take to comply with the Anti-Terrorism Laws, and Master Franchisee
                                            specifically acknowledges and agrees that its indemnification responsibilities set forth
                                            in this Agreement pertain to its obligations under this clause.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Any misrepresentation under this clause
or any violation of the Anti-Terrorism Laws by Master Franchisee, its agents or employees constitutes grounds for immediate termination
of this Agreement and any other agreement Master Franchisee has entered with PLK or any of PLK&rsquo;s Affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">35.5</TD><TD STYLE="text-align: justify"><U>Language</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The language of this Agreement is
English. To the extent that any translation from English to any other official language in the Territory may be required of this Agreement
or any document or information under it, it shall be at the cost of Master Franchisee, and Master Franchisee shall provide a copy of
the translation to PLK on request. In such event, the English version of this Agreement or document or information shall alone govern
all matters of interpretation of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>[Signature Page&nbsp;Follows]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Split-Segment; Name: 3 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Agreement is executed by the Parties as
of the day and year indicated on the first page&nbsp;of this Agreement.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 50%">&nbsp;</TD><TD STYLE="text-align: justify; width: 50%">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font-size: 10pt">SIGNED by</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Authorized Director</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">For and on behalf of</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">PLK APAC PTE. LTD.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">SIGNED by</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">For and on behalf of</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">PLKC HK INTERNATIONAL LIMITED</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">SIGNED by</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">For and on behalf of</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">TH INTERNATIONAL LIMITED</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">SIGNED by</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">For and on behalf of</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">PLKC INTERNATIONAL LIMITED</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>SCHEDULE 1 &ndash; List of Competitive Business</U></B></P>

<DIV STYLE="float: left; width: 49%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Symbol">&middot;</FONT>&#8239;&#8239;Chick-fil-A</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Symbol">&middot;</FONT>&#8239;&#8239;Chicken
Cottage</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Symbol">&middot;</FONT>&#8239;&#8239;Dixie&rsquo;s
Fried Chicken</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Symbol">&middot;</FONT>&#8239;&#8239;Kentucky
Fried Chicken, KFC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Symbol">&middot;</FONT>&#8239;&#8239;Kennedy
Fried Chicken</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Symbol">&middot;</FONT>&#8239;&#8239;Buffalo
Wings</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Symbol">&middot;</FONT>&#8239;&#8239;Zaxby&rsquo;s</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Symbol">&middot;</FONT>&#8239;&#8239;Bojangles&rsquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Symbol">&middot;</FONT>&#8239;&#8239;Wingstop</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Symbol">&middot;</FONT>&#8239;&#8239;Church&rsquo;s
Chicken (or Texas Chicken)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Symbol">&middot;</FONT>&#8239;&#8239;El
Pollo Loco</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Symbol">&middot;</FONT>&#8239;&#8239;Chester&rsquo;s
International</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Symbol">&middot;</FONT>&#8239;&#8239;Dicos</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Symbol">&middot;</FONT>&#8239;&#8239;CNHLS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Symbol">&middot;</FONT>&#8239;&#8239;Pelicana</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Symbol">&middot;</FONT>&#8239;&#8239;Nene
Chicken</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</DIV>

<DIV STYLE="float: right; width: 49%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Symbol">&middot;</FONT>&#8239;&#8239;BHC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Symbol">&middot;</FONT>&#8239;&#8239;Cheogajip</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Symbol">&middot;</FONT>&#8239;&#8239;Kyochon
Chicken</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Symbol">&middot;</FONT>&#8239;&#8239;Hosigi
Two Chickens</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Symbol">&middot;</FONT>&#8239;&#8239;Goopne
Chicken</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Symbol">&middot;</FONT>&#8239;&#8239;Chooks-to-go</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Symbol">&middot;</FONT>&#8239;&#8239;California
Fried Chicken</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Symbol">&middot;</FONT>&#8239;&#8239;Oporto</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Symbol">&middot;</FONT>&#8239;&#8239;Red
Rooster</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Symbol">&middot;</FONT>&#8239;&#8239;Bonchon
Chicken</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Symbol">&middot;</FONT>&#8239;&#8239;Nando&rsquo;s</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Symbol">&middot;</FONT>&#8239;&#8239;Chickeria</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Symbol">&middot;</FONT>&#8239;&#8239;Chicken
Treat</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Symbol">&middot;</FONT>&#8239;&#8239;Papaye</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Symbol">&middot;</FONT>&#8239;&#8239;Jollibee</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Symbol">&middot;</FONT>&#8239;&#8239;Richeese
Factory</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Symbol">&middot;</FONT>&#8239;&#8239;Fried
Chicken Master</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Symbol">&middot;</FONT>&#8239;&#8239;Fat
Daddy American Fried Chicken</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Symbol">&middot;</FONT>&#8239;&#8239;Hot-Star
Large Fried Chicken</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Symbol">&middot;</FONT>&#8239;&#8239;Napoli
Fried Chicken</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</DIV>

<DIV STYLE="clear: both"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 121 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>SCHEDULE 2 &ndash; Development Schedule</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to the terms of this Development Schedule and this Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B><U>Development
Years 1-10</U></B></FONT>. Master Franchisee agrees to develop, open, build, and operate, or license Franchisees to develop, open, build,
and operate, on a cumulative basis, at least 1,700 Popeyes Restaurants in the Territory, by the end of Development Year 10, as follows
(each a &ldquo;<B>Cumulative Opening Target</B>&rdquo;):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 54%; border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 6.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Development
    Year </B></FONT></TD>
    <TD STYLE="width: 46%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Cumulative
    Opening Targets</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1
    (from Original Commencement Date to December&nbsp;31, 2023)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">[****]</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2
    (from January&nbsp;1, 2023 to December&nbsp;31, 2024)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">[****]</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3
    (from January&nbsp;1, 2024 to December&nbsp;31, 2025)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">[****]</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4
    (from January&nbsp;1, 2025 to December&nbsp;31, 2026)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">[****]</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5
    (from January&nbsp;1, 2026 to December&nbsp;31, 2027)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">[****]</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6
    (from January&nbsp;1, 2027 to December&nbsp;31, 2028)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">[****]</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7
    (from January&nbsp;1, 2028 to December&nbsp;31, 2029)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">[****]</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8
    (from January&nbsp;1, 2029 to December&nbsp;31, 2030)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">[****]</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9
    (from January&nbsp;1, 2030 to December&nbsp;31, 2031)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">[****]</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10
    (from January&nbsp;1, 2031 to December&nbsp;31, 2032)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">[****]</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TOTAL</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">[****]</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B><U>Development
Years 11 &ndash; 20</U></B>. Subject to clause 6.9 of the Agreement and provided the Agreement remains in full force and effect, by
no later than seven (7)&nbsp;months prior to the end of Development Year 10, the Parties will meet and use commercially reasonable
efforts to agree upon a development plan for Development Years 11 through 20 (inclusive). During Development Year 11 through 20,
Master Franchisee will develop, build and operate, or license Franchisees to develop, build and operate, the number of Restaurants
agreed upon by the Parties. If the Parties fail to reach agreement with respect to the number of Restaurants to be developed by
Master Franchisees during Development Years 11 through 20 prior to the commencement of Development Year 11, then the number of
Restaurants open and operating at the end of each Development Year must increase (net of closures) as compared to the prior
Development Year by a minimum of [****] Restaurants </FONT>(each, an &ldquo;<B>Annual Opening Target</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B><U>General</U></B>.
The Targets set forth in this Development Schedule are expressed net of closures. Development Year 1 will begin on the Commencement Date
and end on December&nbsp;31, 2023 and each successive Development Year will be the calendar year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B><U>Extension
Period</U></B>. Subject to clause 6.9 of the Agreement, by no later than seven (7)&nbsp;months prior to the end of Development Year 19,
provided the Agreement remains in full force and effect and Master Franchisee has issued the Extension Notice, the Parties will meet
and use commercially reasonable efforts to agree upon a development plan for the Extension Period. During the Extension Period, Master
Franchisee will develop, build and operate, or license Franchisees to develop, build and operate, the number of Restaurants agreed upon
by the Parties. If the Parties fail to reach agreement with respect to the number of Restaurants to be developed by Master Franchisees
during the Extension Period prior to the commencement of the Extension Period, then the number of Restaurants open and operating at the
end of each Development Year during the Extension Period must increase (net of closures) as compared to the prior Development Year by
a minimum of [****] Restaurants </FONT>(each, an &ldquo;<B>Extension Period Target</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>SCHEDULE 3</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Territory Map</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">[****]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>SCHEDULE 4</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Trademarks</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Courier; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>REGISTERED
TRADEMARKS: CHINA</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 32%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Trademark</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Status</B></FONT></TD>
    <TD STYLE="width: 13%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Application
    Number</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Application
    Date</B></FONT></TD>
    <TD STYLE="width: 13%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Registration
    Number</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Registration
    Date</B></FONT></TD>
    <TD STYLE="width: 7%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Class</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Courier; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BO
                                            PAI SI (POPEYES in Chinese)</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="tm2311103d2_ex10-1img002.jpg" ALT="" STYLE="height: 22px; width: 60px"></FONT></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registered</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45170467</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">04/03/2020</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45170467</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11/14/2020</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Courier; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BO
                                            PAI SI (POPEYES in Chinese)</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="tm2311103d2_ex10-1img002.jpg" ALT="" STYLE="height: 22px; width: 60px"></FONT></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registered</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45143379</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">04/03/2020</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45143379</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">08/21/2021</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Courier; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BO
                                            PAI SI (POPEYES in Chinese)</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="tm2311103d2_ex10-1img002.jpg" ALT="" STYLE="height: 22px; width: 60px"></FONT></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registered</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50076150</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">09/25/2020</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50076150</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12/14/2021</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Courier; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BO
                                            PAI SI (POPEYES in Chinese)</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="tm2311103d2_ex10-1img008.jpg" ALT="" STYLE="height: 22px; width: 60px"></FONT></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registered</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">49822654</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">09/17/2020</FONT></TD>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">06/21/2022</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">POPEYES</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registered</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">93092432</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">09/29/1993</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">776871</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">01/28/1995</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">POPEYES</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registered</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16747981</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">04/20/2015</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16747981</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">09/07/2016</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29</FONT></TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">POPEYES</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registered</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29535240</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">03/12/2018</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29535240</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">07/21/2021</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</FONT></TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">POPEYES</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registered</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">37601383</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">04/18/2019</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">37601383</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">07/21/2022</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</FONT></TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">POPEYES</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registered</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50039910</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">09/25/2020</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50039910</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">08/14/2022</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</FONT></TD></TR>
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                                            (Stylized Standing Letters)</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="tm2311103d2_ex10-1img003.jpg" ALT="" STYLE="height: 22px; width: 88px"></FONT></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registered</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45309347</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">04/10/2020</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45309347</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">03/21/2022</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</FONT></TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Courier; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">POPEYES
                                            BO PAI SI (English&nbsp;&amp; Chinese)</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="tm2311103d2_ex10-1img004.jpg" ALT="" STYLE="height: 31px; width: 83px"></FONT></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registered</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">56358667</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">05/25/2021</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">56358667</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">03/14/2022</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Courier; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">POPEYES
                                            in Chinese (2 character mark)</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="tm2311103d2_ex10-1img005.jpg" ALT="" STYLE="height: 21px; width: 54px"></FONT></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registered</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">919293</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12/21/1996</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">919293</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12/21/1996</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Courier; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">POPEYES
                                            in Chinese (2 character mark)</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="tm2311103d2_ex10-1img005.jpg" ALT="" STYLE="height: 21px; width: 55px"></FONT></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registered</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">95029456</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">03/21/1995</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">931831</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">01/14/1997</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Courier; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">POPEYES
                                            in Chinese (3 character mark)</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="tm2311103d2_ex10-1img006.jpg" ALT="" STYLE="height: 27px; width: 77px"></FONT></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registered</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">960096471</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">08/23/1996</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1091140</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">08/28/1997</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Courier; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">POPEYES
                                            in Chinese (3 character mark)</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="tm2311103d2_ex10-1img006.jpg" ALT="" STYLE="height: 27px; width: 77px"></FONT></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registered</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32700154</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">08/06/2018</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32700154</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">04/14/2019</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Courier; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Poppy
                                            Standing Design</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="tm2311103d2_ex10-1img007.jpg" ALT="" STYLE="height: 33px; width: 31px"></FONT></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registered</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">56641238</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">06/03/2021</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">56641238</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">08/07/2022</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Courier; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Poppy
                                            Standing Design</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="tm2311103d2_ex10-1img007.jpg" ALT="" STYLE="height: 33px; width: 31px"></FONT></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registered</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50791055</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10/28/2020</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50791055</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">08/14/2022</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>SCHEDULE 4A</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CORE MARKS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 32%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">POPEYES</FONT></TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registered</FONT></TD>
    <TD STYLE="width: 13%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">93092432</FONT></TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">09/29/1993</FONT></TD>
    <TD STYLE="width: 13%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">776871</FONT></TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">01/28/1995</FONT></TD>
    <TD STYLE="width: 7%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">POPEYES</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registered</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16747981</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">04/20/2015</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16747981</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">09/07/2016</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">POPEYES</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registered</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29535240</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">03/12/2018</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29535240</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">07/21/2021</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">POPEYES</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registered</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">37601383</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">04/18/2019</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">37601383</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">07/21/2022</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">POPEYES</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registered</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50039910</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">09/25/2020</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50039910</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">08/14/2022</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>SCHEDULE 5</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><U>Permitted Existing
Businesses</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Tim Hortons</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>SCHEDULE 6</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Core Menu Items</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Symbol">&middot;</FONT>&#8239;&#8239;Mild
Bone-in Chicken</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Symbol">&middot;</FONT>&#8239;&#8239;Spicy
Bone-in Chicken</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Symbol">&middot;</FONT>&#8239;&#8239;Mild
Chicken Sandwich</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Symbol">&middot;</FONT>&#8239;&#8239;Spicy
Chicken Sandwich</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Symbol">&middot;</FONT>&#8239;&#8239;Cajun
Fries</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Symbol">&middot;</FONT>&#8239;&#8239;Additional
Sides (2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Symbol">&middot;</FONT>&#8239;&#8239;Chicken
Tenders</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Symbol">&middot;</FONT>&#8239;&#8239;Chicken
Nuggets</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Symbol">&middot;</FONT>&#8239;&#8239;Seafood
Offering (1)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Symbol">&middot;</FONT>&#8239;&#8239;At
least 3 dipping sauces</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Symbol">&middot;</FONT>&#8239;&#8239;Desserts
(2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>SCHEDULE 7</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Required Insurance</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For as long as this Agreement remains in effect
and for three years thereafter (which may be satisfied by a prepaid tail policy), Master Franchisee shall maintain the insurance set
out in Section&nbsp;20. Each and every policy required pursuant to this Agreement, except as noted, shall have maximum deductibles of
Fifty Thousand U.S. Dollars (USD$50,000) subject to approval by PLK and shall have coverage limits of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">i. Comprehensive
General Liability Insurance, including products liability coverage with limits of at least Five Million U.S. Dollars (USD</FONT>$5,000,000)
per occurrence and Ten Million U.S. Dollars (USD$10,000,000) per occurrence in umbrella/excess liability coverage, for damage, injury
and/or death to persons and damage and/or injury to property;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ii. Automotive liability insurance<STRIKE>,</STRIKE>
including bodily injury and property damage for all owned, non-owned and hired vehicles: no minimum requirement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">iii. Worker&rsquo;s Compensation Insurance and
Employer&rsquo;s Liability Insurance coverage required under the applicable Laws in the Territory; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">iv. Fidelity/Fiduciary
Insurance, in an aggregate amount of not less than Five Million U.S. Dollars (USD</FONT>$5,000,000) per occurrence (funded from the Ad
Fund); and Master Franchisee shall, upon full execution of this Agreement (and on the policy anniversary dates or as otherwise reasonably
requested by PLK), obtain from its insurers certificates confirming that all required insurance coverage is in effect and Master Franchisee
shall obtain copies of all endorsements that add the PLK Indemnified Parties as additional insureds to the policies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>EXHIBIT&nbsp;A &ndash; COMPANY FRANCHISE
AGREEMENT</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>-see attached-</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>EXHIBIT&nbsp;B</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Level 2 Agreed Scope</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>FORM&nbsp;OF
AGREED SCOPE &ndash; LEVEL 2 BACKGROUND CHECK</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">A.</TD><TD STYLE="text-align: justify">Retrieval of corporate structure, registration
                                            and ownership information pertaining to each Relevant Person (which is not a natural person),
                                            where available, and other company affiliations.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">B.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Verification
                                            of </FONT>each Relevant Person's identifying information, including marital status, where
                                            available.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">C.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Comprehensive
                                            searches of local public record repositories, where available, in an effort to identify adverse
                                            information pertaining to the </FONT>Relevant Persons, be it civil and criminal litigation,
                                            adverse regulatory filings, bankruptcy filings, state and federal tax liens or significant
                                            monetary judgments.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">D.</TD><TD STYLE="text-align: justify">Source inquiries with local public and
                                            industry sources, as appropriate.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">E.</TD><TD STYLE="text-align: justify">Comprehensive searches of a wide range
                                            of English-language media sources in an effort to identify instances in which the Relevant
                                            Persons have been included in news reports suggesting direct or indirect involvement with
                                            bribery, corruption, money-laundering, kickbacks, organised crime, embezzlement and/or fraud.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">F.</TD><TD STYLE="text-align: justify">Searches of the appropriate foreign-language
                                            news sources in an effort to identify instances in which the Relevant Persons have been included
                                            in news reports suggesting direct or indirect involvement with bribery, corruption, money-laundering,
                                            kickbacks, organised crime, embezzlement and/or fraud.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">G.</TD><TD STYLE="text-align: justify">English and, where possible, foreign-language
                                            internet research in an effort to identify authoritative information suggesting the Relevant
                                            Persons have been involved directly or indirectly with bribery, corruption, money-laundering,
                                            kickbacks, organised crime, embezzlement and/or fraud.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">H.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Searches
                                            of a proprietary, subscription database comprising Politically Exposed </FONT>Persons (PEPs)
                                            and state-owned entities in an effort to identify any nexus on the part of the Relevant Persons
                                            with any government agencies and/or high-ranking public officials.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">I.</TD><TD STYLE="text-align: justify">Comprehensive searches of U.S. and international
                                            sanction and watch lists for any reference to the Relevant Persons, inclusive of the Office
                                            of Foreign Assets Control Specially Designated Nationals list (OFAC SDN), the U.S. Government&rsquo;s
                                            System for Award Management (&ldquo;SAM&rdquo;), the FBI Most Wanted Lists and Interpol Red
                                            Notices.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">J.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Searches
                                            of </FONT>redundant proprietary databases in an effort to identify instances in which the
                                            Relevant Persons have been associated with any investigations, indictments, or prosecutions
                                            related to enforcement of the Foreign Corrupt Practices Act (FCPA).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>EXHIBIT&nbsp;C &ndash; DEVELOPMENT PROCEDURES FOR FRANCHISED
RESTAURANTS</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.1</TD><TD STYLE="text-align: justify">Master Franchisee must follow the development
                                            processes and procedures described in clause 6 above and the additional development processes
                                            and procedures set out below in connection with the development of Franchised Restaurants.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">1.2</FONT></TD><TD STYLE="text-align: justify">With
                                            respect to each Franchised Restaurant, the Franchisee must apply for and obtain franchise
                                            approval in writing from Master Franchisee (&ldquo;<B>Franchise Approval</B>&rdquo;). The
                                            Franchisee must submit all relevant information and documents to Master Franchisee. As part
                                            of the Franchise Approval procedures, the Franchisee must, as a condition to the granting
                                            of Franchise Approval, have obtained operational, financial, credit and legal approval as
                                            well as Franchisee Site Approval (as defined below) from Master Franchisee.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">1.3</FONT></TD><TD STYLE="text-align: justify">Master
                                            Franchisee must conduct and provide PLK with a Level 2 Background Check on any new Franchisee
                                            and all principals thereof. The results of such Level 2 Background Check shall reveal (i)&nbsp;no
                                            prior or current criminal activity which would, or would reasonably be expected to, rise
                                            to the level of a felony offense, (ii)&nbsp;no evidence of significant moral turpitude or
                                            reputational issues, (iii)&nbsp;that the Franchisee or any of the principals thereof have
                                            not voluntarily disclosed or admitted to, or have not otherwise been found by a court of
                                            competent jurisdiction to have violated, attempted to violate, aided or abetted another party
                                            to violate, or conspired to violate, any of the Anti-Corruption Laws, or (iv)&nbsp;the Franchisee
                                            or any of the principals thereof, owns, operates or controls a competitor of an RBI brand
                                            or is a former or existing franchisee of an RBI brand.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">1.4</FONT></TD><TD STYLE="text-align: justify">The Franchisee
                                            must submit all relevant information and documents to Master Franchisee for any proposed
                                            new Franchised Restaurant.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">1.5</FONT></TD><TD STYLE="text-align: justify">Once
                                            Franchise Approval is obtained, the Franchisee shall apply for and obtain approval from Master
                                            Franchisee to build a Franchised Restaurant at a particular location within the Territory
                                            in accordance with Master Franchisee&rsquo;s approval procedures (&ldquo;<B>Franchisee Site
                                            Approval</B>&rdquo;). Franchisee Site Approval is a prerequisite to authorization of Master
                                            Franchisee to the Franchisee to construct a Franchised Restaurant at a particular location.
                                            Master Franchisee shall grant or deny Franchisee Site Approval based on its business judgment,
                                            subject to the provisions set forth in clause 6 above. If the Franchisee enters into any
                                            legally binding commitment with vendors or lessors of a potential site before Master Franchisee
                                            has first given Franchisee Site Approval, then the Franchisee shall bear the entire risk
                                            of loss or damage resulting from a subsequent decision of Master Franchisee not to give Franchisee
                                            Site Approval. In particular and without prejudice to the generality of the foregoing:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">1.5.1</FONT></TD><TD STYLE="text-align: justify">The
                                            Franchisee Site Approval application shall contain detailed information regarding the site
                                            and the market around the site, including without limitation, a statement regarding the area
                                            of the proposed Franchised Restaurant which shall equal or exceed the minimum areas, together
                                            with an estimate of sales, and shall use the application format from time to time adopted
                                            by PLK applicable to the Territory. The Franchisee shall acknowledge and agree that any site
                                            selection assistance provided by Master Franchisee or its Affiliates is not intended and
                                            shall not be construed or interpreted as a representation, warranty or guarantee that the
                                            site (or any other site) will achieve the estimated sales or otherwise succeed, nor shall
                                            any location recommendation made by PLK, Master Franchisee or their respective Affiliates
                                            be deemed a representation that any particular location is available for use as a Franchised
                                            Restaurant.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">1.5.2</FONT></TD><TD STYLE="text-align: justify">Master
                                            Franchisee shall not be required to give consideration to any site application unless all
                                            information of Franchisee, and Franchisee&rsquo;s Affiliates (as applicable) reasonably required
                                            by Master Franchisee in such application has been fully provided. If Franchisee is aware
                                            of any material fact or information which Franchisee (or its Affiliates, as applicable) has
                                            not provided for in any forms or other documents to be lodged with any application, Franchisee
                                            shall provide such information to Master Franchisee in writing as a supplement to such application.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">1.5.3</FONT></TD><TD STYLE="text-align: justify">The
                                            following requirements relating to site acquisition and construction shall apply:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">1.5.3.1</FONT></TD><TD STYLE="text-align: justify">The
                                            Franchisee assumes all cost, liability, expense and responsibility in locating, acquiring
                                            and developing the sites and of construction of any Franchised Restaurants to be developed.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">1.5.3.2</FONT></TD><TD STYLE="text-align: justify">All
                                            Franchised Restaurants shall be constructed, equipped and furnished in accordance with approved
                                            plans and specifications included in the Standards. These plans and specifications shall
                                            include the architectural design of the building, style, size and interior d&eacute;cor and
                                            color schemes, internal and external signage as well as the proposed kitchen layout, service
                                            format and equipment. If, and to the extent that, the Franchisee requires architectural and
                                            engineering services, it will contract for those services independently at its own expense.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">1.5.3.3</FONT></TD><TD STYLE="text-align: justify">Master
                                            Franchisee shall notify PLK when a Franchised Restaurant is under construction so that PLK
                                            can issue the TH# for the Restaurant. The PLK# number will identify the Franchised Restaurant.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">1.5.4</FONT></TD><TD STYLE="text-align: justify">The
                                            Franchisee shall agree that by granting approval of any site or the approval of any plans
                                            and specifications or of any other matter relating to the development of a Restaurant, neither
                                            PLK nor Master Franchisee shall be deemed to be making, and no Affiliate of PLK or Master
                                            Franchisee or any Person on behalf of PLK or Master Franchisee is or shall be deemed to be
                                            making, any representation or warranty relating directly or indirectly to the success or
                                            viability of, or any other matter relating to, the Franchised Restaurant and any such representation
                                            or warranty is hereby expressly excluded. The Franchisee shall confirm that it has not relied
                                            on any warranty, representation or advice that may be given by any Person by or on behalf
                                            of PLK, Master Franchisee or their respective Affiliates.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">1.5.5</FONT></TD><TD STYLE="text-align: justify">Once
                                            Master Franchisee has given written Franchisee Site Approval, the Franchisee may proceed
                                            to negotiate a lease or other interest in the land or building required to secure the site.
                                            As soon as the Franchisee secures such interest it shall notify Master Franchisee accordingly.
                                            The Franchisee shall also notify Master Franchisee accordingly if it fails or reasonably
                                            believes that it has failed to secure the site.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">1.5.6</FONT></TD><TD STYLE="text-align: justify">Master
                                            Franchisee&rsquo;s approval of the lease or purchase agreement shall be conditioned upon
                                            inclusion in the lease or purchase agreement of terms acceptable to Master Franchisee, and
                                            Master Franchisee shall have the right to require inclusion of any or all of the following
                                            provisions, which will:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">1.5.6.1</FONT></TD><TD STYLE="text-align: justify">Allow
                                            the Franchisee the right to elect to assign the leasehold interest to Master Franchisee or
                                            an Affiliate or franchisee of PLK, in each case, without landlord consent and any increase
                                            in rent;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">1.5.6.2</FONT></TD><TD STYLE="text-align: justify">In
                                            case of lease of the site, require the lessor to provide Master Franchisee with a copy of
                                            any notice of deficiency under the lease sent to the Franchisee, at the same time as such
                                            notice is sent to the Franchisee (as the lessee under the lease), and which grants Master
                                            Franchisee the right (but not obligation) to cure any of the Franchisee&rsquo;s deficiencies
                                            under the lease within fifteen (15) Business Days after the expiration of the period in which
                                            the Franchisee has to cure any such default, should the Franchisee fail to do so; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">1.5.6.3</FONT></TD><TD STYLE="text-align: justify">Require
                                            that the premises be used solely for the operation of a Franchised Restaurant.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Additionally, at Master Franchisee&rsquo;s
request and in such form as Master Franchisee shall require, the Franchisee shall provide evidence of its interest in the site including
a copy of any document in or translated into English evidencing such interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">1.5.7</TD><TD STYLE="text-align: justify">In determining whether or not to grant
                                            any approval referred to in this Agreement including, but not limited to, Franchisee Site
                                            Approval, Master Franchisee may have regard to any relevant matter or thing in its sole discretion,
                                            including to the protection of the Popeyes System, to its own interests and to the orderly
                                            and proper development of Restaurants in the Territory, and the interests of other operators
                                            of Popeyes Restaurants in the Territory, or in other areas adjacent to or which may be directly
                                            or indirectly impacted by the operation of this Agreement and any Franchise Agreements.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 134; Value: 2 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>EXHIBIT&nbsp;D &ndash; PRODUCT APPROVAL
NOTICE</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>[</U></B></FONT><B>PLK]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Re:&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Approved
Product:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Name of Proposed Supplier(s):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dear Sir/Madam:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Reference is made to the Master Development Agreement
dated [___] [__________] (the &ldquo;Agreement&rdquo;) by and among Popeyes Restaurants International (PLK) and [Insert Name of Master
Franchisee]. Capitalized terms used but not defined in this Product Approval Notice have the meanings set forth in the Agreement. This
is the &ldquo;Product Approval Notice&rdquo; referred to in clause 10.3.1 of the Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This is to advise you that Master Franchisee
hereby requests that PLK approve the supplier(s)&nbsp;referenced above (the &ldquo;Proposed Supplier(s)&rdquo;) to provide the Approved
Products referenced above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the requirements of clause 10.3.1
of the Agreement, we have enclosed the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Audit
Report of ________________ with respect to [the/each] Proposed Supplier;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Copies
of PLK&rsquo;s Master GTCs (with no changes thereto or with changes that have been approved by PLK) executed by all of the Proposed Suppliers;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Other.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">PLK WILL USE COMMERCIALLY REASONABLE EFFORTS
TO NOTIFY MASTER FRANCHISEE OF ITS DECISION WHETHER TO APPROVE OR DISAPPROVE OF THE PROPOSED SUPPLIER(S)&nbsp;WITHIN 90 DAYS AFTER RECEIPT
OF THIS APPROVAL NOTICE. FAILURE BY PLK TO NOTIFY MASTER FRANCHISEE OF ITS DECISION WITHIN SUCH 90 DAY PERIOD SHALL NOT OPERATE AS A
DEEMED CONSENT OF THE PROPOSED SUPPLIER(S).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 135; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>EXHIBIT&nbsp;E &ndash; TERMS&nbsp;&amp; CONDITIONS OF SUPPLY
OF MARKETING SERVICES</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -4in; text-align: center"><U>Terms and Conditions of
Supply/Marketing Services</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>Operating
Procedures</U></B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;In
conducting Marketing Activities under the Master Development Agreement, __________________________ (the &ldquo;Company&rdquo;) shall
comply with the provisions of these Terms and Condition of Supply to the extent the Company conducts any Marketing Activities wherein
the Company has access to Personal Information of Franchisees, as defined in Appendix A.1 attached hereto and incorporated herein by
this reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;In
connection with conducting Marketing Activities, the Company may engage Marketing Agencies to provide such services so long as each such
Marketing Agency signs an agreement with the Company in the form set forth as APPENDIX A.2, attached hereto and incorporated herein by
this reference. The Marketing Agency will provide Marketing Services to the Company pursuant the terms and conditions of this Agreement
and will bill the Company directly for the rendition of such services. In no event will PLK be liable for the financial obligations of
the Company or any Franchisee who utilizes the services of a Marketing Agency. The Company shall inform PLK when it will seek to engage
an agency to provide Marketing Services. In no event shall any separate agreement with the Company and any Marketing Agency conflict
with the terms and conditions of this Agreement and the Company must submit all agreements between the Company and a Marketing Agency
to PLK for PLK&rsquo;s reasonable approval prior to the execution of the agreement by the Marketing Agency and the Company. Upon reasonable
approval by PLK of a services agreement between a Marketing Agency and the Company, the Company shall submit a fully executed copy of
each such agreement to PLK within ten (10)&nbsp;days of full execution of such agreement. The Company shall not make any amendments to
the form of APPENDIX A.2, without the prior written consent of PLK. PLK shall promptly respond to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Company shall be responsible for handling and responding to in a timely fashion to all unsolicited advertising ideas, proposals, concepts,
suggestions or tangible materials submitted to the Company and in doing so shall comply with PLK&rsquo;s Unsolicited Ideas Policy, as
may be modified by PLK from time to time and provided to the Company by PLK</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;In
connection with media buying services, the Company shall comply with PLK&rsquo;s Media Buying Guidelines and will provide proof of performance
to PLK, in accordance with PLK&rsquo;s policies and practices relating to media purchasing, as may be modified by PLK from time to time.
Such proof of performance shall be made available to PLK at PLK&rsquo;s place of business, on reasonable notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">5.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;PLK
shall not have any liability as to any media, suppliers or other third parties subcontracted by the Company, including to any Marketing
Agency, and including further liability for payment of any fees or costs due and owing to such parties pursuant to any agreement between
Company and such parties. Company shall include in any contracts it makes with such parties the following legend: &quot;[&#9679;] shall
be solely liable for payment under this contract. Under no circumstances will PLK be liable to you for payment hereunder.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Page; Sequence: 136 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">Exhibit E</FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Company
shall not contract or subcontract with any of PLK's employees or any Affiliates of such employees without PLK's written approval after
prior disclosure of the relationship. Approval shall be obtained from PLK&rsquo;s Legal Director.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Company
shall not pay any gratuities, commissions or fees, or grant any rebates, to any employee or officer of PLK, or to any of PLK&rsquo;s
Affiliates or franchisees, or any employee or officer thereof, for his or her personal or private benefit, nor favor any such officer,
employee or franchisee with gifts, travel or entertainment (other than that which would be considered normal business-related meals)
of any substantial cost or value, nor enter into any business arrangements with them which benefit them personally or privately.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;In
connection with Services provided under this Agreement, Company shall not pay, or procure or authorize a third party to pay, any direct
or indirect product or cash allowances, rebates, brokerage fees, finders&rsquo; fees, commissions or any other consideration of any kind
to any third party, including any PLK Affiliate, any franchisee, or any of their representatives or employees, or any other third party
associated with such services, except as explicitly provided in this Agreement, or with PLK&rsquo;s written approval, provided that this
provision shall not affect Company&rsquo;s payments to its own employees. Subject to the limitations contained in this paragraph, Company
warrants and represents that in the event that it receives any allowance, rebate or fee from any third party in connection with this
Agreement, the Company will deposit such funds into the Ad Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Company
shall comply with the PLK&rsquo;s Vendor Code, attached hereto as Appendix D attached hereto and incorporated herein by this specific
reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">7.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>In
connection with Services provided by Company hereunder, Company shall use its commercially reasonable efforts to obtain the most favorable
prices, terms and conditions for all materials, services, media and rights purchased on behalf of the Franchisees. The materials, services,
media and rights so acquired will become the property of PLK.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">8.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Notwithstanding
anything herein to the contrary, and subject to any Third Party Rights (as hereinafter defined) all tangible and intangible property
or materials developed or prepared by Company pursuant to this Agreement, including, but not limited to, all concepts, plans, sketches,
ideas, promotions, commercials, films, photographs, illustrations, transcriptions, software, literary and artistic materials, recommendations,
trademarks, service marks, copy, layouts, scripts, artistic materials, finished or unfinished, whether created by Company or a third
party supplier, including, but not limited to, a Marketing Agency, or a combination thereof, and all drafts and versions thereof, whether
used or unused (&quot;Material&quot;), shall be and remain the exclusive property of PLK. As used herein, &ldquo;Third Party Rights&rdquo;
means the rights retained by the licensors, creators or owners of intellectual property (including, but not limited to, photographs,
video images and sound recordings), as to which a limited use license has been acquired by Company in connection with the development
or preparation of Materials. Company acknowledges and agrees that, subject to Third Party Rights, PLK, its employees, subsidiaries, successors,
agents and assigns and any others acting with PLK&rsquo;s permission or under its authority, and without any limitations as to time or
territory, have the exclusive right to copyright, use, publish, reproduce, alter and prepare derivative works of the Material for art,
advertising, trade or any other lawful purpose whatsoever, in or through any media or combination of media, now existing or yet to be
invented, and whether Company's Services under this Agreement have been terminated, and without payment of any compensation to Company
for the same. Neither Company nor any of its third party suppliers, including, any Marketing Agencies, shall permit any party (other
than PLK, Franchisees and others designated by PLK) to use any Material without PLK&rsquo;s prior written permission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 137 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">Exhibit E</FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Without
in any way limiting the applicability of this section 8, the Company acknowledges that any material developed by the Company itself pursuant
to this Agreement, with the exception of Third Party Rights, is and shall be deemed to be &quot;work made for hire,&quot; and that PLK
is and shall be deemed to be the author or creator of such material, and that PLK is the exclusive owner of all intellectual property
rights, title and interest, including the copyrights and any and all other intellectual property rights, in and to such material. If,
for any reason, any of such materials is not found to have been created as work made-for-hire, or, for any other reason that the Company
is the owner of intellectual property rights to such materials, Company hereby assigns (and agrees to assign at the direction of PLK)
all its right, title and interest in and to such materials, including the copyrights of such material, to PLK. Company shall execute,
acknowledge and deliver to PLK any instruments that, in the sole judgment and discretion of PLK, may be deemed necessary to carry out
such assignment, and to protect PLK&rsquo;s rights in the materials, and otherwise to carry out the purposes and intent of this Agreement
(&ldquo;Assignment Documents&rdquo;). In the event any Assignment Document is not executed, acknowledged and delivered to PLK, within
ten (10)&nbsp;days following a request therefor, PLK is hereby irrevocably granted a power of attorney to execute such Assignment Document
on Company&rsquo;s behalf. If Company executes any contract pursuant to this Agreement for the development of materials and/or ideas,
to the extent that such contract is not for the licensing of Third Party Rights, such contract shall provide that no subcontractor or
other third party shall have any interest in the property of PLK, including any security interest in any such property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Company
agrees to secure all third party consents, releases and contracts necessary to evidence PLK&rsquo;s rights (which are subject to Third
Party Rights) in any material provided by Company under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Company
will not use any trademark, service mark, name, slogan, logo, or domain name developed by Company in materials developed under this Agreement
unless Company has received confirmation approving such use from PLK&rsquo;s trademark counsel. If the marks, name, slogan, logo, or
domain name are ultimately used in materials developed by Company, then Company agrees that such marks, name, slogan, logo, or domain
name are and shall remain PLK&rsquo;s sole property. The Company shall not obtain or attempt to obtain, during the Term of this Agreement,
or at any time thereafter, any right, title or interest in or to any mark, name, slogan, logo, or domain name owned by PLK or PLK or
any other intellectual property used or owned by PLK or PLK.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">9.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Company shall safeguard all materials bearing Popeyes Marks and Popeyes Domain Names in its and its third party suppliers&rsquo; possession
and the Company will be responsible for their loss, damage or destruction. The Company shall exert its commercially reasonable efforts
to prevent any loss to PLK marks, name, slogan, logo, or domain name resulting from the failure of proper performance by any third party.
Upon PLK&rsquo;s written request, the Company shall deliver to PLK all props, costumes, wardrobe items and other objects purchased for
use in the production of Materials.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;During
the term of this Agreement and for one year thereafter, representatives or agents designated by PLK may, upon reasonable notice and during
normal business hours, examine the records and files of the Company, covering the Company's dealings with Marketing Agencies, production
vendors and other third parties. PLK shall have access to the time records of all Marketing Agency employees who work or have worked
on the Company account and to cost accounting records of Marketing Agency relating solely to the services performed by Marketing Agency
hereunder, except for individual salaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 138 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">Exhibit E</FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">APPENDIX A.1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PERSONAL INFORMATION&nbsp;&amp; SECURITY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Definitions</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;Security
Breach&rdquo; means: (1)&nbsp;any act or omission that materially compromises either Personal Information or the physical, technical,
administrative, or organizational safeguards put in place by Agency (or its agents or subcontractors) that relate to the protection of
Personal Information; or (2)&nbsp;receipt of a complaint in relation to the privacy practices of Agency, a breach or alleged breach of
this Agreement or the privacy or data protection policies of Agency that involve Personal Information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;Personal
Information&rdquo; means information provided by or at the direction of Popeyes Restaurants International GmbH (&ldquo;PLK&rdquo;), or
to which access was provided in the course of Agency&rsquo;s performance of the Agreement that: (1)&nbsp;identifies or distinguishes
an individual, such as name, signature, address, telephone number, email address, date of birth, device ID, or any other unique identifier
as pursuant to applicable law; or (2)&nbsp;that can be used to authenticate that individual including employee identification number,
Social Security Number, driver&rsquo;s license number or other government-issued identification number, passwords or personal identification
numbers (PINs), biometric or health data, answers to security questions, or other personal identifiers. PLK employee&rsquo;s business
contact information is not by itself Personal Information. Personal Information qualifies as Confidential Information under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;Highly
Sensitive Personal Information&rdquo; means a person&rsquo;s government-issued identification number, financial account number, credit
card number, debit card number, credit report, or biometric or health data.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Security Breach Notification</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Agency
shall notify PLK and the Company immediately of a Security Breach, and in any event within twelve (12) hours, after it becomes aware
of such breach and shall provide PLK and the Company with the name and contact information for a primary security contact within Agency
who will be available to assist PLK 24 hours per day, 7 days per week in resolving obligations associated with the Security Breach. Agency
shall notify PLK and the Company of any Security Breach by e-mailing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Immediately
following such discovery and notification to PLK and the Company, the parties will coordinate with each other to investigate the Security
Breach. Agency agrees to fully cooperate with PLK and the Company in PLK&rsquo;s and the Company&rsquo;s handling of the matter, including
any investigation, providing PLK with physical access to the facilities and operations affected, facilitating interviews with Agency&rsquo;s
employees and others involved in the matter, and making available all relevant records, logs, files, and data reporting or other obligations
required by applicable law, regulation, standard, or as otherwise required by PLK and the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Agency
shall take immediate steps to remedy the Security Breach at Agency&rsquo;s expense in accordance with applicable privacy rights, laws,
and standards. Agency shall reimburse PLK and the Company for actual costs incurred in responding to and/or mitigating damages caused
by a Security Breach.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 139 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">Appendix</FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Except
as may be expressly required by applicable law, Agency agrees that it will not inform any third party (other than applicable law enforcement
or as required by applicable law) of any Security Breach without first obtaining PLK&rsquo;s and the Company&rsquo;s prior written consent,
other than to inform a complainant that the matter has been forwarded to PLK&rsquo;s legal counsel. Further, Agency agrees that PLK and
the Company shall have the sole right to determine: (1)&nbsp;whether notice of the Security Breach is to be provided to any individuals,
regulators, law enforcement agencies, consumer reporting agencies, or others as required by law or regulation, or in PLK&rsquo;s and
the Company&rsquo;s discretion; and (2)&nbsp;the contents of such notice, whether any type of remediation may be offered to affected
persons, and the nature and extent of any such remediation. Any such notice or remediation shall be at Agency&rsquo;s sole cost and expense.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Agency
agrees to cooperate with PLK and the Company in any litigation or other formal action against third parties deemed necessary by PLK and
the Company to protect its rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Agency
will promptly use its best efforts to prevent a recurrence of any such Security Breach. Upon PLK&rsquo;s request, Agency shall, at its
sole costa and expense, engage a third party security company agreed upon by PLK and Agency, to conduct a security audit and to provide
a written security plan to address any issues related to such Security Breach and as otherwise identified in such audit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Standard of Care</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Agency acknowledges that in the course of its
performance of the services, Agency may receive or have access to Personal Information. In recognition of the foregoing, Agency covenants
and agrees that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;It
will keep and maintain all Personal Information in strict confidence, using such degree of care as is appropriate to avoid unauthorized
use, transfer, sharing, or disclosure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;It
will use and disclose Personal Information solely and exclusively for the purposes for which such information, or access to it, is provided
pursuant to the terms of this Agreement, and will not use, sell, rent, transfer, distribute, or otherwise disclose or make available
Personal Information for Agency&rsquo;s own purposes or for the benefit of anyone other than PLK and the Company without PLK&rsquo;s
and the Company&rsquo;s express written permission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;It
will not, directly or indirectly, disclose Personal Information to anyone outside PLK and the Company including subcontractors, agents,
outsourcers and auditors (hereinafter a &ldquo;Third Party&rdquo;), without express written permission from PLK and the Company unless
and to the extent required by law enforcement or government bodies or as otherwise to the extent expressly required by applicable law
or regulations. To the extent Agency discloses or makes Personal Information available to a Third Party, Agency shall remain liable to
PLK and the Company for the actions and omissions of the Third Party and shall require pursuant to a written agreement signed by the
Third Party that the Third Party complies with the terms and conditions of the Agreement including the data privacy and security requirements
terms set forth in this Agreement, as if they were Agency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 140 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">Appendix</FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Information Security</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Agency
is responsible for any unauthorized collection, access, use, storage, disposal, or disclosure of Personal Information by its employees,
agents or subcontractors under its control or in its possession. Without limiting the foregoing, Agency shall implement and maintain
appropriate safeguards to protect the Personal Information that are no less rigorous than accepted industry practices (such as ISO 27001:2013,
SOC 2 Type 2, SOC 2 Type 1 or other industry standards of information security) to protect the Personal Information from unauthorized
access, destruction, use, modification, or disclosure, as well as with the Payment Card Industry Data Security Standard requirements
(PCI DSS).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;At
a minimum, Agency&rsquo;s information safeguards shall include: (1)&nbsp;secure business facilities, data centers, paper files, servers,
back-up systems and computing equipment including, but not limited to, all mobile devices and other equipment with information storage
capability; (2)&nbsp;network, device application, database and platform security; (3)&nbsp;secure transmission, storage and disposal;
(4)&nbsp; authentication and access controls within media, applications, operating systems and equipment; (5)&nbsp;encryption of Highly
Sensitive Personal Information stored on any electronic notebook, portable hard drive, or removable electronic media with information
storage capability, such as compact discs, flash drives and tapes; (6)&nbsp;encryption of Highly Sensitive Personal Information when
transmitted over public or wireless networks; (7)&nbsp;strictly segregating Personal Information from information of PLK/Company competitors
so that both types of information are not commingled on any one system; (8)&nbsp;personnel security and integrity including, but not
limited to, background checks consistent with applicable law; and (9)&nbsp;limiting access of Personal Information, and providing privacy
and information security training, to Agency&rsquo;s Authorized Employees. &ldquo;Authorized Employees&rdquo; are Agency&rsquo;s employees
or contractors who have a need to know or otherwise access the Personal Information to enable Agency to perform its obligations under
this Agreement, and who are bound in writing by obligations of confidentiality sufficient to protect the Personal Information in accordance
with the terms of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Upon
PLK&rsquo;s and the Company&rsquo;s written request, Agency will promptly identify all Authorized Employees in writing as of the date
of the request. During the term of each Authorized Employee&rsquo;s employment by Agency, Agency will at all times cause such Authorized
Employees to strictly abide by its obligations under this Agreement. Agency further agrees that it will maintain a disciplinary process
to address any unauthorized access, use or disclosure of Personal Information by any of Agency&rsquo;s officers, partners, principals,
employees, agents or independent contractors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Upon
PLK&rsquo;s or the Company&rsquo;s written request, Agency shall provide PLK and the Company with a network diagram that outlines Agency&rsquo;s
Information Technology network and all equipment in relation to fulfilling the terms of this Agreement, including: (1)&nbsp;connectivity
to PLK and the Company and all third parties who may access Agency&rsquo;s network to the extent the network contains Personal Information;
(2)&nbsp;all network connections including remote access services and wireless connectivity; (3)&nbsp;all access control devices (e.g.,
firewall, packet filters, intrusion detection, access-list routers); (4)&nbsp;any backup or redundant servers, and (5)&nbsp;permitted
access through each network connection.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Page; Sequence: 141 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">Appendix</FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Oversight of Security Compliance</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0; text-align: justify">Upon request, Agency shall grant
PLK and the Company, or a third party acting on PLK&rsquo;s or the Company&rsquo;s behalf, permission to perform an assessment, audit,
examination, or review of controls in Agency&rsquo;s environment in relation to the Personal Information being handled and/or services
being provided to confirm compliance with the Agreement, as well as any applicable laws, regulations, and industry standards. Agency
shall fully cooperate with such assessment by providing access to knowledgeable personnel, physical premises, documentation, infrastructure,
and application software that processes, stores, or transports Personal Information pursuant to the Agreement. In addition, upon request,
Agency shall provide PLK with the results of any audit performed at Agency&rsquo;s sole cost and expense that assesses the effectiveness
of Agency&rsquo;s information security program as relevant to the security and confidentiality of Personal Information shared during
the course of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Injunctive Relief</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0; text-align: justify">Agency acknowledges and agrees
that a breach of any data privacy and security obligation set forth in this Agreement may result in irreparable harm for which monetary
damages may not provide a sufficient remedy, and as a result, PLK and the Company will be entitled to seek both monetary damages and
equitable relief. Further, Agency&rsquo;s failure to comply with any of the provisions of this Agreement shall be deemed a material breach
of the Agreement, and PLK may terminate the Agreement for cause without liability to Agency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Indemnity</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0; text-align: justify">Agency will indemnify, defend
and hold harmless PLK and the Company, and their parents, subsidiaries and affiliates, and each of their respective officers, shareholders,
directors, employees, and agents and all of their successors and assigns from and against any third party claims, suits, judgments, losses,
fines, liabilities, assessments and expenses (whether fixed or contingent, and including reasonable attorneys&rsquo; fees and expenses)
that arise from or are related to any failure to comply with any of Agency&rsquo;s data privacy and security obligations under the Agreement,
or Agency&rsquo;s gross negligence or wilful misconduct that results in a Security Breach.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 142 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">Appendix</FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Split-Segment; Name: 4 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>APPENDIX A.2</U></B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>TERMS AND CONDITIONS OF SUPPLY AGREEMENT</U></B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>For</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Marketing Services for</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Marketing Agencies</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">This Terms
and Conditions of Supply Agreement for Marketing Services (as defined below) (the &ldquo;Agreement&rdquo;) is entered into and effective
as of this ____ day of _____________, 20___ (the &ldquo;Effective Date&rdquo;) by and between _____________________ having a principal
place of business&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
at _____________________________________________________ (&ldquo;Client&rdquo;), and the company identified in the signature block below
as &ldquo;Marketing Agency.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">This Agreement,
which includes the attached Terms and Conditions, shall govern Marketing Agency&rsquo;s provision of Marketing Services (as defined below)
to the Popeyes&reg; System (as defined below) in all or any portion of the Territory (as defined below) as of the Effective Date set
forth above and shall constitute the agreement between Client and Marketing Agency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">This Agreement
shall supersede any Terms and Conditions of Supply previously issued to Marketing Agency and shall apply to any and all Marketing Services
provided by Marketing Agency to the POPEYES&reg; System on or after the Effective Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">In
consideration of the designation by Client of Marketing Agency as an approved Marketing Agency to the POPEYES&reg; System and intending
to be legally bound, Marketing Agency agrees to the attached Terms and Conditions</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 143 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">Appendix</FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">ENTERED INTO BY:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">(&ldquo;Client&rdquo;)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(&ldquo;Marketing Agency&rdquo;)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(Please Print full Company Name)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 6%"><FONT STYLE="font-size: 10pt">By: </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 42%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 44%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Address:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Address:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Phone:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">(________)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Email: </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">(________)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Phone: </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(________)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Email:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">Appendix</FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>TERMS AND CONDITIONS</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>Definitions</U></B></FONT><B>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">When used in this Agreement, the following
                                            terms have the meanings set forth below:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>&ldquo;<U>Affiliate</U>&rdquo;
</I>of a Party means any other corporation, partnership, or individual (i)&nbsp;which directly or indirectly through one or more intermediaries,
controls or is controlled by, or is under common control with such Party; (ii)&nbsp;which beneficially owns or holds 5% or more of the
shares of any class of the voting stock of such Party; or (iii)&nbsp;of which such Party beneficially owns or hold 5% or more of the
shares of the voting stock. The term &ldquo;control&rdquo; means the possession, directly or indirectly, of the power to direct or cause
the direction of the management and policies of such Party whether through the ownership of voting stock, by contract or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>&ldquo;<I>Franchise
Agreement</I>&rdquo; means a franchise agreement or license agreement by and between PLK and/or its Affiliate and a Franchisee pursuant
to which, among other things, PLK and/or its Affiliates has granted such Franchisee a license to use the Popeyes Marks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>&ldquo;<I><U>Franchisees</U></I>&rdquo;
means any and all franchisees operating POPEYES&reg; restaurants in the Territory under a valid Franchise Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>&quot;<U>Marketing
Services</U>&quot;</I> means all services performed by Marketing Agency pursuant to this Agreement, which shall include advertising,
marketing, media buying, public relations, design, development, delivery and implementation of any website and provision of the other
deliverables.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>&ldquo;<I><U>Parties</U></I>&rdquo;
means, collectively, the signatories to this Agreement and their successors and assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>&ldquo;<I><U>Party</U></I>&rdquo;
means each of the signatories to this Agreement and their respective successors and assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>&ldquo;PLK&rdquo;
means Popeyes Restaurants International GmbH and the franchisor of the <I>Popeyes</I>&reg; brand in the Territory.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>&ldquo;<I>Popeyes&reg;
System</I>&rdquo; means the system of Client-owned and Franchisee-owned POPEYES&reg; restaurants in the Territory.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>&ldquo;<I><U>Territory</U>&rdquo;
</I>means locations within the de jure boundaries of <B>[X]</B> as specifically defined by Client from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>Marketing
Agency&rsquo;s Responsibilities and Compensation</U></B></FONT><B>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Marketing
Agency, under the terms of this Agreement, shall render undivided loyalty and allegiance to the POPEYES&reg; System and Client in relation
to the advertising and promotion of POPEYES&reg; restaurant products and services in the Territory.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Marketing
Agency shall exert its best efforts on behalf of Client to perform, as requested by Client Marketing Services. Nothing in this Agreement
shall give Marketing Agency the right to perform such services for the POPEYES&reg; System on an exclusive basis. These services will
be performed by Marketing Agency, to the extent requested by Client, at the national, divisional, regional and local levels in the Territory.
These services shall include the scope of services set forth on <B>Appendix A</B>, attached hereto and incorporated herein by this reference.
</FONT>In addition, Marketing Agency shall comply with the provisions of <B>Appendix&nbsp;B</B>, attached hereto and incorporated herein
by this reference to the extent Marketing Agency provides any Marketing Services to Client wherein Marketing Agency has access to Personal
Information as defined on Appendix&nbsp;B. Notwithstanding anything herein to the contrary, Marketing Agency understands that Client
shall be solely liable for payment under this contract. Under no circumstances will PLK or its Affiliates be liable to Marketing Agency
for payment hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 145 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">Appendix</FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Marketing
Agency shall be responsible for handling and responding to in a timely fashion all unsolicited advertising ideas, proposals, concepts,
suggestions or tangible materials submitted to Client forwarded to Marketing Agency and/ or otherwise submitted directly to Marketing
Agency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;If
requested by Client to do so in writing, Marketing Agency shall render additional services to Client. The fee and scope of any additional
services shall be mutually agreed in writing between the Marketing Agency and Client and such additional services will be reflected in
a written amendment to Appendix A of this Agreement, signed between Client and Marketing Agency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;In
connection with media buying services, Marketing Agency shall comply with Client&rsquo;s Media Buying Guidelines and will provide proof
of performance to Client in accordance with PLK&rsquo;s or its Affiliates&rsquo; policies and practices relating to media purchasing,
as may be modified by PLK and its Affiliates from time to time. Such proof of performance shall be made available to Client at Client&rsquo;s
place of business, on reasonable notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Client
shall have the right to request specific Marketing Agency employees and independent contractors to perform the work required pursuant
to this Agreement. With respect to any such requested employees or independent contractors, Marketing Agency shall, within a reasonable
time of such request (but no later than ten (10)&nbsp;days thereafter), require such requested Marketing Agency employees or independent
contractors to begin work under this Agreement and to complete such work by a reasonable date specified by Client. With respect to work
performed by independent contractors, Client shall have the right to designate a reasonable date by which such work shall be completed.
Client shall also have the right to request the removal of specific Marketing Agency employees and independent contractors from work
under this Agreement and Marketing Agency, upon receipt of such request, shall immediately remove any such Marketing Agency employees
and/or independent contractors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Marketing
Agency shall ensure that all necessary contracts, authorizations or releases have been obtained with or from parties of interest, and
with or from those whose names, likeness, testimonials, scripts, songs, lyrics, jingles or similar materials or rights are used in materials
prepared under this Agreement. Marketing Agency shall insure that no third party has any ownership interest in materials prepared under
the terms of this Agreement, including, but not limited to, any names, slogans, concepts and graphic designs, except &ldquo;Third Party
Rights&rdquo; (as defined in Section&nbsp;21(a)&nbsp;hereof) as otherwise agreed to in writing by Client prior to any use of such materials.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 146 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">Appendix</FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;In
the event Marketing Agency requires performers for use in broadcast advertising production (&ldquo;Talent&rdquo; and collectively &ldquo;Talents&rdquo;)
under this Agreement,, such Talent may be engaged directly by Marketing Agency or through an outside service (&ldquo;Talent Payment Service&rdquo;),
but in no event shall such Talents be considered Client or Franchisee employees. Marketing Agency shall (or Marketing Agency shall cause
the Talent Payment Service, if applicable, to) withhold all legally required taxes for all Talent, and prepare and file all required
tax filings. Marketing Agency shall be responsible for the payment of all applicable performing artists&rsquo; rates, use and reuse fees,
and such other obligations (collectively &ldquo;Union Obligations&rdquo;) as may arise out of Marketing Agency&rsquo;s employment of
such Talent. Marketing Agency shall ensure that all agreements with unions relating to services hereunder (collectively &ldquo;Union
Agreements&rdquo;) shall provide that Marketing Agency (or Talent Payment Service, if applicable) is solely liable for payments to Talent
that may become due because of the POPEYES&reg; System&rsquo;s use of the Talent in the advertising materials. Therefore, Marketing Agency
shall indemnify each &ldquo;Client Indemnitee&rdquo; (as defined in Section&nbsp;25(a)) hereof against any loss or expense such Client
Indemnitee may sustain (including reasonable attorneys&rsquo; fees) resulting from any claim, suit or proceeding made or brought against
each Client Indemnitee when such claim, suit or proceeding arises out of obligations under a Union Agreement relating to the production
or use of the materials. Marketing Agency must include estimates of Union Obligations in production estimates prior to production.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Talent
hired as models for print or other media uses of photography (e.g.,&nbsp;Internet, point of sale or packaging) shall be hired as independent
contractors and in no event shall they be considered employees of Client and/or any Franchisee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Marketing
Agency shall ensure that all materials prepared or used by it under this Agreement, including all advertising copy, promotions as implemented,
and the rules&nbsp;used in any promotion, comply with all applicable local, state, provincial, and national laws, rules&nbsp;and regulations,
and all guidelines and standards of applicable public or private agencies, including television networks. Marketing Agency is responsible
for obtaining network/broadcast clearance for the benefit of Client and Franchisees of all materials, including slogans and taglines,
created or used by Marketing Agency hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Marketing
Agency shall proofread all materials, including those approved in writing by Client, as applicable, which Marketing Agency produces hereunder.
Client and Franchisees will not be liable for the payment of any charges or other costs that are the result of mistakes or negligence
on the part of Marketing Agency or a third party supplier, including production mistakes in connection with product information. Marketing
Agency shall be solely responsible for any costs incurred by Client and/or Franchisees for corrective actions taken by Client and/or
Franchisees including, but not limited to, retraction notices as a result of such mistakes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">5.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;With
respect to Marketing Services to be provided by Marketing Agency to Client, Marketing Agency will be compensated for the performance
of such services as set forth in <B>Appendix C</B>. In no event is Marketing Agency to receive any compensation or commission in connection
with space, time or material placed or purchased subsequent to the termination of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Upon
the request of Client and/or a Franchisee, so long as such Franchisee have signed a compensation agreement with Marketing Agency in the
form set forth as Appendix C, attached hereto and incorporated herein by this reference, Marketing Agency will provide Marketing Services
to such Franchisee and will bill the Franchisee directly for the rendition of such services. In no event will Client be liable for the
financial obligations of any Franchisee who utilizes Marketing Agency's services. Marketing Agency shall inform Client when it is approached
by a Franchisee to perform Marketing Services so that Client may obtain the approval of the compensation terms and the compensation agreement
from PLK, prior to Marketing Agency performing any Franchisee-requested services. In no event shall any separate agreement with Marketing
Agency and any Franchisee conflict with the terms and conditions of this Agreement and Marketing Agency must submit all agreements between
Marketing Agency and Franchisees to Client so that Client can obtain the approval of PLK prior to the execution of the Agreement by Marketing
Agency and Franchisee. Marketing Agency shall not provide any services to a Franchisee without a signed agreement between Marketing Agency
and the Franchisee that has been pre-approved by PLK. Marketing Agency reserves the right to refuse to provide services to any Franchisee
for good business reasons, upon prior written notice to Client. Upon approval by PLK of a services agreement between Marketing Agency
and a Franchisee, Marketing Agency shall submit a fully executed copy of each such agreement to PLK within ten (10)&nbsp;days of full
execution of such agreement. Marketing Agency shall not make any amendments to the form of <B>Appendix A</B>, without the prior written
consent of PLK. If requested by a Franchisee to do so in writing, Marketing Agency, subject to PLK prior written approval, shall render
additional services to the Franchisee, the fee and scope of any additional services to be mutually agreed to in writing between Marketing
Agency and Franchisee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Client
and/or PLK shall have the right to evaluate Marketing Agency&rsquo;s performance (&ldquo;Marketing Agency Performance Evaluation&rdquo;)
in any way Client and/or PLK deems appropriate, and Marketing Agency agrees to fully cooperate with such evaluation. The Marketing Agency
Performance Evaluation may include any or all of the following: (i)&nbsp;Marketing Agency&rsquo;s performance of its duties and obligations
under this Agreement; (ii)&nbsp;Marketing Agency's creative; (iii)&nbsp;Marketing Agency&rsquo;s media strategies; and (iv)&nbsp;consumer
response. All of the above-referenced and any other requested information supplied by Marketing Agency to Client and/or PLK will be provided
in such form and substance as Client and/or PLK request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>Operating
Procedures</U></B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">8.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;With
respect to all out of pocket third-party vendor expenses, including but not limited to media and production purchases, Marketing Agency
shall operate within the budget or estimate provided or approved by Client in performing its obligations under this Agreement. Marketing
Agency will obtain Client&rsquo;s prior written approval with respect to all expenditures not included in any budget or estimate provided
or approved by Client. Approvals that must be obtained with respect to budgets established by Client shall be obtained from those individuals
whose authorization is in accordance with dollar authorization guidelines furnished to Marketing Agency by Client, as amended from time
to time. Any commitments for media purchases, production purchases or other expenses made by Marketing Agency, in excess of the budget
provided or approved by Client, and without prior approval from Client, shall be settled or paid by Marketing Agency from its own resources
and assets, and will not be reimbursed by Client.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">9.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Marketing
Agency shall furnish to Client (and if requested by PLK) for Client&rsquo;s and/or PLK&rsquo;s approval all advertising, marketing, public
relations and promotion materials prepared under this Agreement, including, but not limited to all materials prepared on behalf of Client
as well as all materials prepared on behalf of a Franchisee. Requests for the approval of such materials shall be simultaneously sent
to the Marketing Director and Legal Director of Client, for approval on behalf of Client. Approval of the materials shall be evidenced
by the signatures of a representative of the Marketing Director or his or her designee within the Marketing Department of Client, and
the Legal Director of Client or his or her designee within the Legal Department of Client. Client&rsquo;s review and approval of any
materials prepared under this Agreement shall not constitute a waiver by Client of Marketing Agency&rsquo;s obligations hereunder. Notwithstanding
the foregoing, all materials developed for a Franchisee should also be sent to the Franchisee for review and prior approval.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;When
requested to do so by Marketing Agency in writing, Client shall confirm the accuracy of the information or data supplied by Client concerning
claims contained in any advertising materials. Copies of all such requests shall be sent to Client&rsquo;s Legal Director and to Client&rsquo;s
Marketing Director. Confirmation of the accuracy of the information or data and approval to use such material shall be made only by Client&rsquo;s
Legal Director in writing signed by him or her. It shall be Marketing Agency&rsquo;s obligation to obtain confirmation and accuracy of
information or data supplied to Marketing Agency by a Franchisee containing claims contained in any advertising materials for such Franchisee.
Client shall have no responsibility for any such data or information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Marketing
Agency at all times shall adhere to PLK's and/or its Affiliates&rsquo; policies and procedures relating to advertising, marketing and/or
promotional matters, as may be modified by PLK and/or its Affiliates, from time to time, including, but not limited to, PLK&rsquo;s and/or
its Affiliates&rsquo; policies and procedures with respect to production, pictorial representation, domain name registration, website
development and hosting, brand standards, merchandising, and media buying. Client and/or PLK (if PLK so requests) shall have the right
to approve all photographing, cinematography and videotaping of food prior to use in any advertising materials to ensure that the standards
of said policies are met and that the product is accurately and realistically depicted. Such approval shall be given in writing by Client&rsquo;s
Marketing Director and Legal Director. If no such approval is obtained from both of Client&rsquo;s Marketing <B><I>and</I></B> Legal
Departments, Marketing Agency shall be solely liable for any expenses incurred in connection with any subsequent photographing, cinematography
or videotaping requested by Client to replace that which was previously done, and shall indemnify, hold harmless and defend each Client
Indemnitee from and against any and all claims, losses, damages and lawsuits (including reasonable attorney fees) of any kind or nature
which each PLK Indemnitee incurs as a result.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Client
reserves the right, in its own discretion and for reasons deemed by it to be sufficient, to modify, reject, cancel, or discontinue any
plans, schedules or work, in the event Client notifies Marketing Agency that Client wishes to do so, Marketing Agency will inform Client
of any contracts or commitments Marketing Agency is unable to cancel. At Client's request Marketing Agency shall then take steps as promptly
as practicable to give effect to Client's instructions. In connection with any such action, Client, if obligated to do so, shall pay
Marketing Agency according to the terms of this Agreement for all Client budgeted and approved expenditures to the date of cancellation,
including any contracts and commitments Marketing Agency is unable to cancel, and to reimburse Marketing Agency for any cancellation
penalties incurred. However, Client will reimburse Marketing Agency for cancellation penalties as set forth above only if (i)&nbsp;Marketing
Agency provided Client with written notice prior to the time the agreement providing for such penalties was entered into that such penalties
would be incurred upon cancellation; (ii)&nbsp;Client approved in writing entering into such agreement; and (iii)&nbsp;Client is provided,
prior to any payments by Marketing Agency, with copies of the contracts or commitments Marketing Agency is unable to cancel and any other
documents relating thereto which Client requests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">13.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Client
shall not have any liability as to any media, suppliers or other third parties subcontracted by Marketing Agency, including liability
for payment of any fees or costs due and owing to such parties pursuant to any agreement between Marketing Agency and such parties. Marketing
Agency shall include in any contracts it makes with such parties the following legend: &quot;[INSERT MARKETING AGENCY NAME] shall be
solely liable for payment under this contract. Under no circumstances will [Insert Client&rsquo;s legal entity name and its Affiliates]
be liable to you for payment hereunder.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">14.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Marketing
Agency, acting for Client or at Client's expense shall not contract or subcontract with any of Marketing Agency's subsidiaries or Affiliates,
with any of Client's employees or any Affiliates of such employees, or with any of PLK&rsquo;s Affiliates or employees without Client's
written approval after prior disclosure of the relationship. Approval shall be obtained from Client&rsquo;s Legal Director.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Marketing
Agency shall not pay any gratuities, commissions or fees, or grant any rebates, to any employee or officer of PLK, Client, or to any
of their Affiliates or franchisees, or any employee or officer thereof, for his or her personal or private benefit, nor favor any such
officer, employee or franchisee with gifts, travel or entertainment (other than that which would be considered normal business-related
meals) of any substantial cost or value, nor enter into any business arrangements with them which benefit them personally or privately.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;In
connection with services provided under this Agreement, Marketing Agency shall not pay, or procure or authorize a third party to pay,
any direct or indirect product or cash allowances, rebates, brokerage fees, finders&rsquo; fees, commissions or any other consideration
of any kind to any third party, including PLK, any Client affiliate, any Franchisee, or any of their representatives or employees, or
any other third party associated with such services, except as explicitly provided in this Agreement, or with Client&rsquo;s written
approval, provided that this provision shall not affect Marketing Agency&rsquo;s payments to its own employees. Subject to the limitations
contained in this paragraph, Marketing Agency warrants and represents that it has not paid, is not obligated to pay and shall not pay,
any allowance, rebate or fee to anyone in connection with the selection of Marketing Agency to provide services under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 150 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">Appendix</FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Marketing
Agency shall comply with the PLK&rsquo;s or its Affiliates&rsquo; Vendor Code, attached hereto as <B>Appendix D</B>, attached hereto
and incorporated herein by this specific reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">15.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Marketing
Agency hereby represents, warrants and agrees that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Neither
it nor any of its directors, officers or employees is a Public Official (as defined below), and no Public Official owns or otherwise
has any interest in Marketing Agency or this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;If,
during the term of this Agreement, Marketing Agency or any of its directors, officers or employees becomes a Public Official or if a
Public Official obtains an interest in Agency or this Agreement, Marketing Agency shall immediately provide written notice to Client
of the change in status, and Client will have the right to terminate this Agreement upon written notice to Agency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;In
the performance of, and in connection with its activities related to, this Agreement, Marketing Agency will not, directly or indirectly,
offer, pay, give, promise to pay or give, or authorize a third party to offer, pay, give or promise to pay or give, any Consideration
(as defined below) to any Public Official or political party, except as expressly provided in this Agreement or as otherwise approved
in writing by Client. Without limiting the generality of the foregoing, Marketing Agency will not offer, pay, give, promise to pay or
give, or authorize a third party to offer, pay, give or promise to pay or give, any Consideration to any Public Official or political
party while knowing or reasonably believing that all or a portion of such Consideration will be offered, paid, given or promised, directly
or indirectly, to such Public Official or political party for the purpose of (i)&nbsp;influencing any act, omission to act or decision
of such Public Official or political party, or (ii)&nbsp;inducing such Public Official or political party to use his or its influence
</FONT>in order to assist PLK or any of its third party service providers to obtain or retain business for or with, or direct business
to any third party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Marketing
Agency will fully cooperate in any request for information, including making employees available for interviews, in the event that Client
may make such requests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-variant: small-caps">&ldquo;Public
Official&rdquo; means (a)&nbsp;an officer or employee of a foreign government or any department, agency, instrumentality thereof, or
of a public international organization, (b)&nbsp;a person acting in an official capacity for or on behalf of any such government or department,
agency or instrumentality, (c)&nbsp;an official of a political party, or (d)&nbsp;a candidate for political office.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;<U>Consideration</U>&rdquo;
means any monies, gifts, payments, allowances, rebates, fees, commissions, political contributions or any other thing of value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 151 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">Appendix</FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;&nbsp;</B></FONT><I>16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with Marketing Services provided by Marketing Agency to Client, Marketing Agency shall use its best efforts to obtain the
most favorable prices, terms and conditions for all materials, services, media and rights purchased. Purchases of such materials, services,
media and rights shall be made by Marketing and Marketing Agency shall be solely liable for the payment of these purchases and, the materials,
services, media and rights so acquired will become the property of PLK.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;For
all production materials purchased, where such prices are estimated to exceed $10,000, or if less than $10,000 when Client so request,
Marketing Agency shall obtain three competitive bids in writing from at least two suppliers that are not Affiliates of Marketing Agency.
If the lowest bid is not preferred by Marketing Agency (for example, where quality of work reasons exist), Marketing Agency shall present
in writing to Client its rationale for recommending a higher bidder. Prior to assignment of the work to such higher bidder, Marketing
Agency shall obtain written approval from Client.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>Billing Procedures</U></B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">17.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Billings
to Client will be rendered in accordance with the terms set forth in <B>Appendix E</B>, as amended by Client from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">18. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;A
basic principle of the relationship between Client and Marketing Agency is that neither party shall earn money through the use of the
funds of the other party. Neither party shall be liable to the other for any payment of interest, late charges or penalty without agreement
of the party to be so charged. Client&rsquo;s funds are to be in Marketing Agency&rsquo;s hands in time for Marketing Agency to meet
the payment dates of media and suppliers and to earn any cash discounts offered, in which case Marketing Agency shall be obligated to
pay such suppliers by such dates. Invoices for other expenditures and charges submitted to Client will be due thirty (30) days after
the date of such invoice.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><I>19.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Marketing
Agency shall bill Client promptly for all services performed hereunder by Marketing Agency or its subcontractors (including invoices
for the</I> fees set forth in <B>Appendix C</B>), and for any materials provided hereunder by any subcontractor or other third-party
vendor of Marketing Agency. The cost (other than the fees set forth in <B>Appendix&nbsp;C</B>) of materials and services which are ordered
by authorized Client representatives shall be invoiced to such representatives by Marketing Agency. In no event shall Client be obligated
to pay any invoice received more than three (3)&nbsp;months from the date on which Marketing Agency or its subcontractors complete work
on any &ldquo;Project&rdquo; (as defined below); provided, however, that the three (3)&nbsp;month limitation shall not apply in the event
that (a)&nbsp;failure to meet the time requirement is due to a &ldquo;force majeure occurrence&rdquo; (defined below) beyond Marketing
Agency's control; or (b)&nbsp;Marketing Agency provides Client with a reason that is acceptable to Client as to why Marketing Agency
is unable to meet the three (3)&nbsp;month requirement, in which event, Client in its sole discretion may grant Marketing Agency an extension,
the length of time of which is to be determined by Client in its sole and absolute discretion. For purposes of this Section, a &quot;force
majeure occurrence&quot; is one resulting from strikes, boycotts, riots, terrorism, war, Acts of God, restraints by governmental authority,
fires, accidents or casualties. &quot;Project&quot; as used herein means that service which is defined in the applicable purchase order,
Marketing Agency estimate or budget provided or approved in writing by Client.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">20.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;In
invoicing Client, Marketing Agency shall pass on to Client the full amount of any cash discounts (in dollar amount) as are granted to
Marketing Agency by media and suppliers, provided that Client makes payment to Marketing Agency, in accordance with invoices from Marketing
Agency to Client, prior to Marketing Agency making payment to media and suppliers within the discount period and provided further that
to the extent such discounts are earned by combining Client&rsquo;s volumes with that of Marketing Agency&rsquo;s other clients, Client
will only receive its pro rata portion of such discounts based on its volume as a percentage of the combined volumes. Marketing Agency
must invoice Client in reasonably sufficient time to allow Client to make such payment to Marketing Agency within the cash discount time
period and must advise Client that such discount is available upon timely payment. Marketing Agency will not credit to its own account
any commissions, discounts or rebates from any third party or share directly or indirectly in the profits of any third party without
the prior consent of Client.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>Ownership/Confidentiality</U></B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">21.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;During
the term of its contractual relationship with Client, Marketing Agency will become familiar with the POPEYES&reg; System&rsquo;s trade
secrets and confidential methods of doing business. Accordingly, during the term of this Agreement and for one (1)&nbsp;year after this
Agreement's termination, neither Marketing Agency nor any of its subsidiaries will accept any assignments or enter into contracts to
perform services for (i)&nbsp;businesses, products or services which are competitive with the POPEYES&reg; System&rsquo;s products or
services (each a &ldquo;Competitive Representation&rdquo;). Should Marketing Agency accept or undertake any Competitive Representation,
Client may immediately terminate this Agreement. Execution of this Agreement by Marketing Agency constitutes a representation by Marketing
Agency of its good faith belief that no such Competitive Representation presently exists and its good faith commitment to avoid any such
Competitive Representations in the future. Marketing Agency will notify Client immediately, in writing, if any of Marketing Agency&rsquo;s
current Client expands its business to include products or services which are competitive with the POPEYES&reg; System&rsquo;s products
or services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">22.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Subject
to any Third Party Rights (as hereinafter defined) all tangible and intangible property or materials developed or prepared by Marketing
Agency pursuant to this Agreement, including, but not limited to, all concepts, plans, sketches, ideas, promotions, commercials, films,
photographs, illustrations, transcriptions, software, literary and artistic materials, recommendations, trademarks, service marks, copy,
layouts, scripts, artistic materials, finished or unfinished, whether created by Marketing Agency or a third party supplier, or a combination
thereof, and all drafts and versions thereof, whether used or unused (&quot;Material&quot;), shall be and remain the exclusive property
of PLK, provided that (a)&nbsp;all compensation and reimbursable out-of-pocket/third-party expenses have been paid for by Client, according
to the terms of this Agreement, or (b)&nbsp;Client has paid into an escrow account held by an escrow agent which is not an Affiliate
of either Client or Marketing Agency, any amount that Marketing Agency reasonably claims is owed to it by Client for such compensation
and/or reimbursable out-of-pocket/third-party expenses, in the event of any dispute with respect thereto. As used herein, &ldquo;Third
Party Rights&rdquo; means the rights retained by the licensors, creators or owners of intellectual property (including, but not limited
to, photographs, video images and sound recordings), as to which a limited use license has been acquired by Marketing Agency (or supplied
to Marketing Agency by Client), in connection with the development or preparation of Materials, with the express written consent of Client.
Marketing Agency acknowledges and agrees that, subject to Third Party Rights, PLK has the right to copyright and Client and PLK&rsquo;s
employees, subsidiaries, successors, agents and assigns and any others acting with Client&rsquo;s permission or under its authority,
and without any limitations as to time or territory, have the exclusive right to use, publish, reproduce, alter and prepare derivative
works of the Material for art, advertising, trade or any other lawful purpose whatsoever, in or through any media or combination of media,
now existing or yet to be invented, and whether Marketing Agency's services under this Agreement have been terminated, and without payment
of any compensation to Marketing Agency for the same, except as specifically provided in <B>Appendix C </B>hereto. Neither Marketing
Agency nor any of its third party suppliers shall permit any party (other than Client, PLK and its Affiliates) to use any Material without
Client&rsquo;s written permission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;With
respect to services provided by Marketing Agency hereunder, Marketing Agency acknowledges that it has no right to use PLK&rsquo;s and/or
its Affiliates&rsquo; intellectual property, including, but not limited to, PLK and/or its Affiliates&rsquo; trademarks, service marks,
copyrights, and domain names (&ldquo;PLK Intellectual Property&rdquo;), without PLK&rsquo;s prior written consent. If requested to do
so by PLK in writing, </FONT>Marketing Agency shall submit to PLK as set forth in Section&nbsp;9 above, for PLK&rsquo;s prior approval
all advertising, promotional or other materials created by Marketing Agency in connection with Marketing Agency&rsquo;s provision of
services to Client, a minimum of twenty (20) business days prior to their planned release to the public.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Marketing
Agency shall not use or display the PLK Intellectual Property in a manner that is detrimental to the interests of PLK or its Affiliates.
Marketing Agency admits the validity of the PLK Intellectual Property and covenants that it shall in no way contest or deny the validity
of, or the right or title of PLK or its Affiliates in or to the PLK Intellectual Property and shall not encourage or assist others directly
or indirectly to do so, during the lifetime of this Agreement and thereafter. Any unauthorized use of the PLK Intellectual Property by
Marketing Agency shall constitute a material breach of this Agreement and an infringement of the rights of PLK in and to the PLK Intellectual
Property. Upon termination of this Agreement, Marketing Agency shall immediately terminate all use of the PLK Intellectual Property in
every manner whatsoever.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Marketing
Agency acknowledges and agrees that, except as expressly provided herein, no right property, license, permission or interest of any kind
in or to the PLK Intellectual Property is or is intended to be given or transferred to or acquired by Marketing Agency by the execution,
performance or non-performance of this Agreement or any part hereof. All use of the PLK Intellectual Property by Marketing Agency will
inure to the benefit of PLK and its Affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Marketing
Agency shall place PLK&rsquo;s and its Affiliates&rsquo; copyright and trademark notices on all materials prepared by Marketing Agency
hereunder which utilize the PLK Intellectual Property. Placement of the PLK copyright and trademark notices shall be in such locations
and styles as Client may direct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Without
in any way limiting the applicability of this Section&nbsp;22, Marketing Agency acknowledges that any Material developed by Marketing
Agency itself pursuant to this Agreement, with the exception of Third Party Rights, is and shall be deemed to be work made for hire and
that PLK is the exclusive owner of all rights, title and interest, including the copyrights and any and all other intellectual property
rights, in and to such Material, and provided further that with respect to materials developed by Marketing Agency for Franchisees, PLK
shall own the intellectual property rights in such materials. If, for any reason, any of such materials is not found to have been created
as work made-for-hire, or, for any other reason that Marketing Agency is the owner of intellectual property rights to such materials,
Marketing Agency hereby assigns (and agrees to assign at the direction of PLK) all its right, title and interest in and to such materials,
including the copyrights of such material, to PLK. Marketing Agency shall execute, acknowledge and deliver to PLK any instruments that,
in the sole judgment and discretion of PLK, may be deemed necessary to carry out such assignment, and to protect PLK&rsquo;s rights in
the materials, and otherwise to carry out the purposes and intent of this Agreement (&ldquo;Assignment Documents&rdquo;). In the event
any Assignment Document is not executed, acknowledged and delivered to PLK, within ten (10)&nbsp;days following a request therefor, PLK
is hereby irrevocably granted a power of attorney to execute such Assignment Document on Marketing Agency&rsquo;s behalf. If Marketing
Agency executes any contract pursuant to this Agreement for the development of materials and/or ideas, to the extent that such contract
is not for the licensing of Third Party Rights, such contract shall include a provision containing the language set forth in <B>Appendix
F</B> in order to provide for the complete protection of PLK's property, and further shall provide that no subcontractor or other third
party shall have any interest in the property of PLK, including any security interest in any such property. If inclusion of the language
set forth in <B>Appendix F</B> would result in payment by Marketing Agency of any additional taxes, then Marketing Agency shall so notify
Client in a writing addressed to Client&rsquo;s Legal Director prior to execution of such contract. Client will then instruct Marketing
Agency as to whether or not such language shall be included in the contract, provided that if Client elects that such language shall
be included, then Client shall reimburse Marketing Agency for such additional taxes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Marketing
Agency represents and warrants that all Materials developed by or on behalf of Marketing Agency (other than portions thereof consisting
of Third Party Rights) is original or that Marketing Agency has obtained all rights necessary for the unrestricted use of such, as well
as for any concept, element or theme contained in any Materials, in any manner and over any period of time, including rights related
to copyright, trademark, rights of publicity and privacy and trade secret, excepting such limitations, restrictions or reservations as
Client shall consent to, in writing, before the Material is used or provided to Client. Marketing Agency agrees to secure for Client
all third party consents, releases and contracts necessary to evidence the rights (which are subject to Third Party Rights) in any Material
provided by Marketing Agency under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 155 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Marketing
Agency will not use any trademark, service mark, name, slogan, logo or phrase (&ldquo;Marks&rdquo;) developed by Marketing Agency in
materials developed hereunder, whether for Client or Franchisee, unless Marketing Agency has received a written legal opinion approving
such use from Marketing Agency&rsquo;s trademark counsel. Marketing Agency must provide a copy of said written legal opinion to PLK&rsquo;s
trademark counsel for review and approval prior to Marketing Agency&rsquo;s use of the Marks in any materials. Review and approval by
PLK&rsquo;s trademark counsel of use of the Marks in any materials shall not constitute a waiver by Client of Marketing Agency&rsquo;s
indemnity obligations as provided in Section&nbsp;24. If the Marks are ultimately used in materials developed by Marketing Agency, then
Marketing Agency agrees that such Marks are and shall remain PLK&rsquo;s or its Affiliates&rsquo; sole property. Marketing Agency shall
not obtain or attempt to obtain, during the Term of this Agreement, or at any time thereafter, any right, title or interest in or to
any trademarks owned by PLK or its Affiliates or any other intellectual property used or owned by PLK or its Affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">23.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Marketing
Agency shall safeguard all materials bearing the PLK Intellectual Property in its possession and Marketing Agency will be responsible
for their loss, damage or destruction. Marketing Agency shall exert its best efforts to prevent any loss to Client resulting from the
failure of proper performance by any third party. Unless otherwise directed by Client, Marketing Agency shall deliver to Client within
thirty (30) days of completion of a project all props, costumes, wardrobe items and other objects purchased for use in the production
of advertising materials for Client.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">24.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;During
the term of this Agreement and afterwards, Marketing Agency represents and warrants that no Confidential Information (defined below)
relating to the businesses of the POPEYES&reg; System shall be disclosed by Marketing Agency, or any of its subsidiaries or Affiliates
(or any person who, during the term of this Agreement, is an officer, director, employee or independent contractor of Marketing Agency,
or any of its subsidiaries or Affiliates), to any person (other than those employees, directors, officers and independent contractors
of Marketing Agency who need to know to perform Marketing Services pursuant to this Agreement) without the prior written consent of PLK,
unless such Confidential Information (a)&nbsp;becomes public, except by conduct that would constitute or result in a violation of this
Agreement, or a breach of any warranty set forth in this Section&nbsp;24; (b)&nbsp;has been publicly disclosed by Client, PLK, its parent,
subsidiaries, franchisees or Affiliates to a third party, without restrictions on its disclosure; (c)&nbsp;was known to Marketing Agency
(or the Marketing Agency subsidiary, Affiliate or independent contractor making the disclosure) prior to disclosure by or on behalf of
PLK; (d)&nbsp;was independently developed by Marketing Agency (or the Marketing Agency subsidiary, Affiliate or independent contractor
making the disclosure), without breach of this Agreement; or (e)&nbsp;must be disclosed, pursuant to a judicial or other government mandate
(provided that PLK is provided with prompt notice, prior to any disclosure, so that PLK may seek legal remedies to maintain the confidentiality
of such Confidential Information, and further provided that any applicable protective order or equivalent is complied with). For the
purposes of this Agreement, Confidential Information shall include plans, strategies, forecasts, financial information, owned and/or
licensed software (including documentation and code), hardware and system designs, architectures and protocol, sources of goods, food
product formulations, food product preparation and operating procedures, marketing research, Franchisee information, manuals and sales
information, and the terms of this Agreement. Marketing Agency shall take the necessary steps and procedures to protect PLK's and/or
its parent&rsquo;s, subsidiaries&rsquo;, franchisees&rsquo; or Affiliates&rsquo; Confidential Information, including requiring the execution
of non-disclosure agreements by all employees of Marketing Agency, all third parties to whom any Confidential Information is disclosed,
and all employees of such third parties, in the form attached hereto as <B>Appendix G</B>. Marketing Agency represents and warrants that
neither it nor any employee or subcontractor (of Marketing Agency) shall copy or use the Confidential Information except to the extent
necessary to perform services under this Agreement. Marketing Agency expressly agrees that it will be liable for any and all damages
of any kind or nature (including reasonable attorney fees) incurred by each Client Indemnitee as a result of any disclosure or misuse
of any Confidential Information that would constitute or result in a violation of this Agreement, or a breach of any warranty set forth
in this Section&nbsp;23.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 156 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>Indemnification&nbsp;&amp;
Insurance</U></B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">25.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Marketing
Agency shall, at its own expense, indemnify, defend and hold harmless Client and PLK and each of their officers and directors, employees,
successors, assigns, parent, subsidiaries, franchisees and Affiliates (each a &ldquo;Client Indemnitee&rdquo;) from and against any and
all losses, liabilities, claims, causes of action, suits, damages, injuries, penalties, fines, costs or expenses (including reasonable
attorneys' fees), arising out of or in connection with (i)&nbsp;any undertaking or obligation on the part of Marketing Agency under this
Agreement, or any Agreement between Marketing Agency and a Franchisee, (ii)&nbsp;any material prepared or supplied by Marketing Agency
under this Agreement, including claims, causes of action and suits alleging libel, slander, defamation, invasion of privacy, plagiarism,
piracy, idea misappropriation, copyright, trademark or service mark infringement, or any other failure of Marketing Agency to comply
with any applicable law (such losses, liabilities, claims, causes of action, suits, damages, injuries, penalties, fines, costs or expenses
(including reasonable attorneys' fees), arising out of or in connection with such material hereinafter referred to as &ldquo;Intellectual
Property Claims&rdquo;), and (iii)&nbsp;any agreements with third parties entered into by Marketing Agency to effectuate the provisions
of this Agreement. Such indemnification shall apply, notwithstanding the fact that the material or agreements referenced above may have
been approved by Client and/or PLK.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Marketing
Agency shall hold each Client Indemnitee harmless from, and indemnify each Client Indemnitee against, any loss, liability, claim, cause
of action, suit, damage, injury, cost and expense (including reasonable attorneys' fees), resulting or arising from any alleged injury
or death to persons, or injury or damage to property, during the rendering of services required of Marketing Agency hereunder, if such
injury occurs in whole or in part as a result of acts of Marketing Agency or its employees, whether said loss is sustained by a Client
Indemnitee or any other person(s)&nbsp;or third party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
respect to any loss, liability, claim, cause of action, suit, damage, injury, cost or expense arising out of or resulting from (or allegedly
arising out of or resulting from) any of the causes or circumstances set forth in Section&nbsp;25(a)&nbsp;and Section&nbsp;25(b)&nbsp;above,
upon a Client Indemnitee's written request, Marketing Agency shall (i)&nbsp;undertake the defense of any claim or litigation in which
a Client Indemnitee is a named defendant; (ii)&nbsp;use counsel reasonably satisfactory to the Client Indemnitee in the defense; and
(iii)&nbsp;proceed with diligence, timeliness and good faith in such defense, provided that the Client Indemnitee shall have the right
to be kept informed at all times about the litigation. Marketing Agency shall not consent to the entry of any judgment, or enter into
any settlement, without the Client Indemnitee&rsquo;s prior written consent, which request for consent must be sent to the Client Indemnitee&rsquo;s
Legal Director. The Client Indemnitee may, at its election, take control of the defense and investigation of any claim against such Client
Indemnitee, and may hire attorneys of its own choice to manage and defend such claims, at Marketing Agency&rsquo;s cost, risk and expense;
provided, however, that the Client Indemnitee shall not consent to the entry of any judgment or enter into any settlement without Marketing
Agency&rsquo;s prior written consent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Client
reserves the right, at its election and at its own expense, to join in the defense of any suit brought against Marketing Agency which
in any way relates to the subject matter of this Agreement and for which Client may be liable. In the event of such election, Client
shall have the right to retain its own counsel at Client's expense.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;</B></FONT>26.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Client
shall, at its own expense, indemnify, defend and hold harmless Marketing Agency, its officers and directors, employees, successors, assigns,
parent and Affiliates (each an &ldquo;Marketing Agency Indemnitee&rdquo;) from and against any and all loss, liabilities, claims, causes
of action, suits, damages, injuries, penalties, fines, costs or expenses (including reasonable attorneys&rsquo; fees), arising out of
or in connection with (i)&nbsp;any false, deceptive or misleading description, depiction or comparison of Client and/or competitive products
resulting from inaccurate information, material or data <B>wholly supplied by Client</B> to Marketing Agency, if and only if the procedures
set forth in Section&nbsp;10 of this Agreement have been followed; (ii)&nbsp;the use, purchase or consumption of Client&rsquo;s products;
and (iii)&nbsp;any alleged infringement of copyright or of trademark, title or slogan, or other intellectual property rights, including
the right to privacy/publicity, relating to materials or information <B>wholly supplied to Marketing Agency by Client</B> for use in
connection with services provided by Marketing Agency to Client hereunder. Under no circumstances will Client have any indemnity obligations
to Marketing Agency in connection with any information, data, products or services provided by a Franchisee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;An
Marketing Agency Indemnitee will only be entitled to such indemnity if (i)&nbsp;in the case of clauses 25(a)(i)&nbsp;and 25(a)(iii),
Marketing Agency utilizes the material, information or data in strict accordance with Client's instructions and prior approval, (ii)&nbsp;any
such claim or liability is brought to Client's attention promptly, and (iii)&nbsp;the claim or asserted liability is not the result of
any negligence or wilful act on the part of Marketing Agency (or any of its employees) or a Franchisee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
respect to any loss, liability, claim, cause of action, suit, damage, injury, cost or expense arising out of or resulting from (or allegedly
arising out of or resulting from) any of the causes or conditions set forth in Section&nbsp;25(a)&nbsp;above, upon Marketing Agency&rsquo;s
written request, Client shall (i)&nbsp;undertake the defense of any claim or litigation in which an Marketing Agency Indemnitee is a
named defendant; (ii)&nbsp;use counsel reasonably satisfactory to Marketing Agency in the defense; and (iii)&nbsp;proceed with diligence,
timeliness and good faith in such defense, provided that Marketing Agency shall have the right to be kept informed at all times about
the litigation. No Marketing Agency Indemnitee shall consent to the entry or any judgment or enter into any settlement without Client&rsquo;s
prior written consent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">27.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Insurance</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;For
as long as this agreement remains in effect and for three years thereafter, Marketing Agency shall maintain the following insurance:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Commercial
General Liability</B> coverage on a per occurrence form, that includes broad form coverage for &ldquo;contractual Liability,&ldquo; &ldquo;property
damage,&ldquo; &ldquo;products liability,&ldquo; &ldquo;bodily injury,&ldquo; &ldquo;advertising injury,&ldquo; and &ldquo;personal injury&ldquo;
liability as those terms are defined in Insurance Services Office (ISO) Form&nbsp;CG00-01 or its equivalent. The policies shall provide
the minimum limits of no less than the amounts set forth below, contain a waiver subrogation in favor of the Client Indemnitees, and
name as additional insureds by policy endorsement each Client Indemnitee identified in Section&nbsp;25 hereof. Advertising injury coverage
provided under the Commercial General Liability insurance must include coverage for claims arising out of or related to: (i)&nbsp;invasion
or infringement or interference with the right of privacy or publicity, whether under common law or statutory law;(ii)&nbsp;infringement
of copyright or trademark, whether under statutory or common law; (iii)&nbsp;libel, slander or other forms of defamation; and (iv)&nbsp;plagiarism,
piracy or unfair competition resulting from the alleged unauthorized use of titles, formats, ideas, characters, plots, performers, or
other material.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Auto
Liability</B> coverage on a per occurrence form. The policies shall provide the minimum limits of no less than the amounts set forth
below, and name as additional insureds by policy endorsement each Client Indemnitee identified in Section&nbsp;25 above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Workers&rsquo;
Compensation</B> coverage that includes all coverage required under the laws of each state in which the Marketing Agency conducts business
operations in any way related to the Client Indemnitees and should contain a waiver subrogation in favor of the Client Indemnitees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(iv)<B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Errors
and Omissions</B> or <B>Advertising Agency Professional Liability Insurance</B> insuring the contractual liability assumed by Marketing
Agency under this Agreement, with respect to Intellectual Property Claims. The policy shall provide the minimum limits of no less than
the amounts set forth below, contain a waiver subrogation in favor of the Client Indemnitees, and name as additional insureds by policy
endorsement each Client Indemnitee identified in Section&nbsp;25 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">(b)<B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT>All
Marketing Agency insurance shall be deemed primary and shall not seek contribution from any separate insurance maintained by Client,
regardless of the &ldquo;Other Insurance&rdquo; or similar provisions of the respective policies of insurance. All insurance coverage
required herein shall be provided by an insurance company or companies with minimum AM Best ratings of &quot;A(X)&quot; or &quot;A(10)&quot;,
where &ldquo;A&rdquo; is the Financial Strength Rating (&quot;FSR&quot;) and (X)&nbsp;or (10)&nbsp;is the Financial Size Category (&quot;FSC&quot;).
In the event that an AM Best rating is not available, a minimum Standard and Poor&rsquo;s FSR of &ldquo;A&rdquo; and an FSC (surplus)
at least equal to an A. M. Best rating of &quot;X&rdquo; is required, which may be supplied by a PLK approved credit rating agency. Each
policy shall provide for thirty (30) days notice to Client and PLK from the insurer by registered mail, return receipt requested, in
the event of any unrestricted prior written notice of cancellation, non-renewal or change in coverage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Each
and every policy required pursuant to this Agreement, except as noted, shall have maximum deductibles of One Million Dollars ($1,000,000)
subject to approval by PLK&rsquo;s Risk Management Department and shall have coverage limits of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Comprehensive
General Liability Insurance, including products liability coverage with limits of at least Ten Million Dollars ($10,000,000) per occurrence,
Ten Million Dollars ($10,000,000) in the aggregate, and Fifteen Million Dollars ($15,000,000) in umbrella/excess liability coverage,
for damage, injury and/or death to persons and damage and/or injury to property;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Auto
Liability Insurance with a combined single limits for bodily injury and property damage of not less than $2,000,000;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Worker&rsquo;s
Compensation Insurance and Employer&rsquo;s Liability Insurance coverage required under the laws of each state in which Marketing Agency
conducts business operations in any way related to the Client Indemnitees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(iv)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Errors
and Omissions Liability Insurance, including a severability of interest endorsement, in an aggregate amount not less than $5,000,000
per occurrence; and Marketing Agency shall, upon full execution of this Agreement (and on the policy anniversary dates or as otherwise
reasonably requested by Client and PLK), obtain from its insurers certificates confirming that all required insurance coverage is in
effect and Marketing Agency shall obtain copies of all endorsements that add the Client Indemnitees as additional insureds to the polices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;All
certificates of insurance and policy endorsements required herein shall be provided by Marketing Agency to The TDL Group Corp., 226 Wyecroft
Road, Oakville, Ontario, L6K 3X7 Attention: Director, Safety and Risk Management,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Marketing
Agency shall use best efforts to require all third party subcontractors and suppliers, including, but not limited to Affiliates of Marketing
Agency, to maintain insurance coverages consistent with the requirements and amounts set forth in this Section&nbsp;27. Notwithstanding
the foregoing, in the event that Marketing Agency&rsquo;s third party contractors do not maintain the insurance requirements as provided
herein, Marketing Agency acknowledges and agrees that it shall have full responsibility on such third party contractor&rsquo;s behalf.
Marketing Agency shall cause each such insurance carrier to issue a certificate to Client and PLK, which (i)&nbsp;shall be sent to PLK
as set forth in Section&nbsp;27(d)&nbsp;above; and (ii)&nbsp;will describe such insurance carrier&rsquo;s coverage, and provide that
such insurance carrier will not terminate, cancel or materially modify such insurance coverage without thirty days' prior written notice
to Client.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT>(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing
Agency&rsquo;s failure to secure and maintain proper insurance coverage or failure to ensure that all of Marketing Agency&rsquo;s third
party subcontractors and suppliers, including, but not limited to Affiliates of Marketing Agency, have the proper insurance coverage
as required above, will not relieve Marketing Agency of its responsibility to indemnify and defend a Client Indemnitee, and shall, of
itself, constitute a material breach of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Term&nbsp;&amp; Termination</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">28.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement will be effective as of the date hereof and will continue indefinitely unless and until terminated on ninety (90) days' written
notice by either Client or Marketing Agency. Termination may, at Client's option, be made separately with respect to any or all services
provided by Marketing Agency. In the event Client determines that Marketing Agency's appointment should terminate with respect to some,
but not all, services provided by Marketing Agency, the above procedure will apply on a service-by-service basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event that either party shall breach any provision of this Agreement or shall default in the performance of any of its obligations
hereunder, the party not in breach or default may at its option terminate this Agreement by giving written notice to the other party
specifying the said default and such party's intention to terminate, such termination to be effective forty-five (45) days following
the giving of such notice, unless the party in breach or default shall have cured such breach or default prior to the expiration of such
period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;In
the event Marketing Agency fails to maintain the insurance policies required by Section&nbsp;26(a)&nbsp;hereof, Client shall have the
right to terminate this Agreement effective on or at any time thereafter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;This
Agreement shall be deemed terminated immediately without prior notice or legal action by either party if the other party shall generally
not pay its debts as such debts become due, or shall admit in writing its inability to pay its debts generally, or shall make a general
assignment for the benefit of creditors; or any proceeding shall be instituted by or against the other party seeking to adjudicate it
a bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief, or composition
of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of an
order for relief or the appointment of a receiver, trustee, or other similar official for it or for any substantial part of its property,
and such proceeding is not dismissed within sixty (60) days; or the other party shall take any action to authorize any of the actions
set forth above in this subsection (d).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Client
may terminate this Agreement without prior notice or legal action at any time following a change in control in Marketing Agency. For
the purposes of this Agreement, &quot;change in control&quot; shall mean (1)&nbsp;a change in the membership of Marketing Agency's board
of directors by one-half during any two-year period, (2)&nbsp;a change in beneficial ownership by any person, corporation or group of
20% or more of the voting power of Marketing Agency, and/or (3)&nbsp;a merger, consolidation, liquidation or dissolution of Marketing
Agency, or a sale of substantially all of the assets of Marketing Agency. Marketing Agency shall immediately notify of any such change
in control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
termination of this Agreement shall be without prejudice to either parties' right to recover any monies due hereunder, including any
such rights arising out of obligations hereunder of indemnification, or any other rights or remedies of the parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">29.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
respective rights and responsibilities of Client and Marketing Agency will continue in force during the notice period relative to termination.
Termination of Marketing Agency's right and obligation to perform services hereunder will be effective at the end of the notice period,
or thereafter as determined by Client and provided in the notice, and:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;With
respect to services being provided to Client, Marketing Agency will bill Client for all amounts which Client is obligated to pay under
this Agreement for services performed through the date of termination and Client-approved expenses related thereto (to the extent it
has not done so already), and Client will pay such amounts in the ordinary course of business;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Regardless
of any dispute between the parties hereto including but not limited to disputes concerning the payment of money and irrespective of the
termination of this Agreement, upon payment in full of all undisputed amounts due and owing from Client to Marketing Agency, Marketing
Agency shall transfer and assign, together with any copyrights thereon, and shall ship or deliver to Client (or if Client prefers, to
any other entity) all property and materials belonging to or purchased for Client that are in the possession or control of Marketing
Agency including but not limited to all materials containing Client&rsquo;s Intellectual Property, all manuals, artwork, colour separations,
research, advertising and promotional copy, layouts, scripts, franchise lists, and computerized data files, Confidential Information
and all other information regarding Client's advertising, sales, market surveys and all rights and claims thereto within thirty (30)
days after the effective date of the termination of this Agreement, and shall allow Client access to same during the period of time between
the date of termination notice and delivery/shipment; no extra compensation is to be paid to Marketing Agency for its services in connection
with this transfer or access; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;At
the request of Client, Marketing Agency will transfer to Client all rights and obligations under existing contracts or commitments entered
into by Marketing Agency, in connection with services to be provided to Client under this Agreement, except that any non-transferable
contract or commitment will be carried to completion by Marketing Agency and paid for by Client in accordance with the terms of this
Agreement, unless some other mutually acceptable approach is agreed to, in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">30.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;All
notices in connection with the termination of this Agreement shall be in writing and hand delivered or sent by certified mail, return
receipt requested or by courier service such as UPS or Federal Express, addressed to the addresses set forth on <B>Appendix H</B> or
such other address as may be designated in writing. Each notice shall be deemed to have been given: (i)&nbsp;when received, if given
in person; or (ii)&nbsp;on the date of receipt or refusal, if otherwise given.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>7.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;&nbsp;</B></FONT>31.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
provisions of this Agreement set forth in Sections 21, 22, 23, 24, 25, 26, 27, 29, 31, 32, 33, 34, 35, 36, 37, 38 and 40 shall survive
any termination of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Miscellaneous</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">32.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;During
the term of this Agreement and for one year thereafter, representatives or agents designated by Client may, upon reasonable notice and
during normal business hours, examine the records and files of Marketing Agency, covering Marketing Agency's dealings on behalf of Client
and or Franchisees with production vendors and other third parties. Client shall have access to the time records of all Marketing Agency
employees who work or have worked on the Client and/or Franchisee account and to cost accounting records of Marketing Agency relating
solely to the services performed by Marketing Agency hereunder, except for individual salaries. All such records shall be made available
to Client at the home office of Marketing Agency in <B>[____________]</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">33.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;This
Agreement shall be governed and construed under and in accordance with the laws of [ ]. In the event of litigation between the parties
arising under or in connection with this Agreement, such litigation shall be brought only in __________, and the parties hereto irrevocably
submit to the jurisdiction of such courts in connection with such actions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">34.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;This
Agreement may not be assigned, either directly or by operation of law, by Marketing Agency, except with the express prior written consent
of Client.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">35.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
failure of either party to object to or take affirmative action with respect to any conduct of the other which is a breach of the terms
of this Agreement shall not be construed as a waiver thereof or of any future breach or subsequent wrongful conduct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">36.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;This
Agreement represents the entire agreement between Client and Marketing Agency and supersedes and cancels any prior oral or written agreement,
letter of intent or understanding related to the subject matter hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">37.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;No
partnership, joint venture or employment relationship is created between Client and Marketing Agency by this Agreement. Marketing Agency
and its employees, in regard to their relationship with Client, shall be independent contractors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">38.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
parties hereto agree that in the event of a breach of any provision of this Agreement, the aggrieved party may be without an adequate
remedy at law. The parties therefore agree that in the event of a breach of any provision of this Agreement, the aggrieved party may
elect to institute and prosecute proceedings in the appropriate court, pursuant to Section&nbsp;32 hereof, to enforce such provision
through specific performance, or to enjoin the continuing breach of such provision, as well as to obtain damages for breach of this Agreement.
By seeking or obtaining any such relief, the aggrieved party shall not be precluded from seeking or obtaining any other relief to which
it may otherwise be entitled.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">39.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;It
is of critical importance to Client that Marketing Agency perform services pursuant to this Agreement in good faith and in concert with
other advertising, marketing, public relations and promotion firms selected by Client and/or PLK during the term of this Agreement for
the overall best interests and welfare of Client and PLK. Marketing Agency agrees to actively involve itself in such group efforts during
the term of this Agreement. Active involvement shall include, but not be limited to participation by Marketing Agency key creative and
management personnel designated by Client and/or PLK; attendance by such key personnel at all meetings; full release and exchange of
ideas, information, techniques and proposals; and, full disclosure of, and discussion concerning, concepts, designs, plans, objectives,
strategies, creations and research of Marketing Agency in regard to Client and PLK.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 163 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">40.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
language in all parts of this Agreement shall be construed, in all cases, according to its fair meaning. The parties acknowledge that
each party and its counsel have reviewed and revised this Agreement and that the normal rule&nbsp;of construction to the effect that
any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">41.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;PLK
shall be a third party beneficiary under this Agreement with full authority to enforce all obligations of Marketing Agency as it relates
to PLK&rsquo;s rights set forth herein, including, but not limited to, with respect to the PLK Intellectual Property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 164 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">Appendix</FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>APPENDIX A</U></B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Scope of Services</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>Insert Scope of Services as agreed between<BR>
Master Franchisee and Marketing Agency</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 165 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">Appendix</FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>APPENDIX B</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>PERSONAL </U></B></FONT><B><U>INFORMATION&nbsp;&amp;
SECURITY</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Definitions</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;Security
Breach&rdquo; means: (1)&nbsp;any act or omission that materially compromises either Personal Information or the physical, technical,
administrative, or organizational safeguards put in place by Agency (or its agents or subcontractors) that relate to the protection of
Personal Information; or (2)&nbsp;receipt of a complaint in relation to the privacy practices of Agency, a breach or alleged breach of
this Agreement or the privacy or data protection policies of Agency that involve Personal Information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;Personal
Information&rdquo; means information provided by or at the direction of PLK APAC PTE. LTD. (&ldquo;PLK&rdquo;), or to which access was
provided in the course of Agency&rsquo;s performance of the Agreement that: (1)&nbsp;identifies or distinguishes an individual, such
as name, signature, address, telephone number, email address, date of birth, device ID, or any other unique identifier as pursuant to
applicable law; or (2)&nbsp;that can be used to authenticate that individual including employee identification number, Social Security
Number, driver&rsquo;s license number or other government-issued identification number, passwords or personal identification numbers
(PINs), biometric or health data, answers to security questions, or other personal identifiers. PLK employee&rsquo;s business contact
information is not by itself Personal Information. Personal Information qualifies as Confidential Information under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;Highly
Sensitive Personal Information&rdquo; means a person&rsquo;s government-issued identification number, financial account number, credit
card number, debit card number, credit report, or biometric or health data.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 166 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">Appendix</FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Security Breach Notification</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Agency
shall notify PLK and the Company immediately of a Security Breach, and in any event within twelve (12) hours, after it becomes aware
of such breach and shall provide PLK and the Company with the name and contact information for a primary security contact within Agency
who will be available to assist PLK 24 hours per day, 7 days per week in resolving obligations associated with the Security Breach. Agency
shall notify PLK and the Company of any Security Breach by e-mailing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Immediately
following such discovery and notification to PLK and the Company, the parties will coordinate with each other to investigate the Security
Breach. Agency agrees to fully cooperate with PLK and the Company in PLK&rsquo;s and the Company&rsquo;s handling of the matter, including
any investigation, providing PLK with physical access to the facilities and operations affected, facilitating interviews with Agency&rsquo;s
employees and others involved in the matter, and making available all relevant records, logs, files, and data reporting or other obligations
required by applicable law, regulation, standard, or as otherwise required by PLK and the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Agency
shall take immediate steps to remedy the Security Breach at Agency&rsquo;s expense in accordance with applicable privacy rights, laws,
and standards. Agency shall reimburse PLK and the Company for actual costs incurred in responding to and/or mitigating damages caused
by a Security Breach.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Except
as may be expressly required by applicable law, Agency agrees that it will not inform any third party (other than applicable law enforcement
or as required by applicable law) of any Security Breach without first obtaining PLK&rsquo;s and the Company&rsquo;s prior written consent,
other than to inform a complainant that the matter has been forwarded to PLK&rsquo;s legal counsel. Further, Agency agrees that PLK and
the Company shall have the sole right to determine: (1)&nbsp;whether notice of the Security Breach is to be provided to any individuals,
regulators, law enforcement agencies, consumer reporting agencies, or others as required by law or regulation, or in PLK&rsquo;s and
the Company&rsquo;s discretion; and (2)&nbsp;the contents of such notice, whether any type of remediation may be offered to affected
persons, and the nature and extent of any such remediation. Any such notice or remediation shall be at Agency&rsquo;s sole cost and expense.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 167 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Agency
agrees to cooperate with PLK and the Company in any litigation or other formal action against third parties deemed necessary by PLK and
the Company to protect its rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Agency
will promptly use its best efforts to prevent a recurrence of any such Security Breach. Upon PLK&rsquo;s request, Agency shall, at its
sole costa and expense, engage a third party security company agreed upon by PLK and Agency, to conduct a security audit and to provide
a written security plan to address any issues related to such Security Breach and as otherwise identified in such audit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Standard of Care</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Agency acknowledges that in the course of its
performance of the services, Agency may receive or have access to Personal Information. In recognition of the foregoing, Agency covenants
and agrees that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;It
will keep and maintain all Personal Information in strict confidence, using such degree of care as is appropriate to avoid unauthorized
use, transfer, sharing, or disclosure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;It
will use and disclose Personal Information solely and exclusively for the purposes for which such information, or access to it, is provided
pursuant to the terms of this Agreement, and will not use, sell, rent, transfer, distribute, or otherwise disclose or make available
Personal Information for Agency&rsquo;s own purposes or for the benefit of anyone other than PLK and the Company without PLK&rsquo;s
and the Company&rsquo;s express written permission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;It
will not, directly or indirectly, disclose Personal Information to anyone outside PLK and the Company including subcontractors, agents,
outsourcers and auditors (hereinafter a &ldquo;Third Party&rdquo;), without express written permission from PLK and the Company unless
and to the extent required by law enforcement or government bodies or as otherwise to the extent expressly required by applicable law
or regulations. To the extent Agency discloses or makes Personal Information available to a Third Party, Agency shall remain liable to
PLK and the Company for the actions and omissions of the Third Party and shall require pursuant to a written agreement signed by the
Third Party that the Third Party complies with the terms and conditions of the Agreement including the data privacy and security requirements
terms set forth in this Agreement, as if they were Agency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 168 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">Appendix</FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Information Security</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Agency
is responsible for any unauthorized collection, access, use, storage, disposal, or disclosure of Personal Information by its employees,
agents or subcontractors under its control or in its possession. Without limiting the foregoing, Agency shall implement and maintain
appropriate safeguards to protect the Personal Information that are no less rigorous than accepted industry practices (such as ISO 27001:2013,
SOC 2 Type 2, SOC 2 Type 1 or other industry standards of information security) to protect the Personal Information from unauthorized
access, destruction, use, modification, or disclosure, as well as with the Payment Card Industry Data Security Standard requirements
(PCI DSS).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;At
a minimum, Agency&rsquo;s information safeguards shall include: (1)&nbsp;secure business facilities, data centers, paper files, servers,
back-up systems and computing equipment including, but not limited to, all mobile devices and other equipment with information storage
capability; (2)&nbsp;network, device application, database and platform security; (3)&nbsp;secure transmission, storage and disposal;
(4)&nbsp; authentication and access controls within media, applications, operating systems and equipment; (5)&nbsp;encryption of Highly
Sensitive Personal Information stored on any electronic notebook, portable hard drive, or removable electronic media with information
storage capability, such as compact discs, flash drives and tapes; (6)&nbsp;encryption of Highly Sensitive Personal Information when
transmitted over public or wireless networks; (7)&nbsp;strictly segregating Personal Information from information of PLK/Company competitors
so that both types of information are not commingled on any one system; (8)&nbsp;personnel security and integrity including, but not
limited to, background checks consistent with applicable law; and (9)&nbsp;limiting access of Personal Information, and providing privacy
and information security training, to Agency&rsquo;s Authorized Employees. &ldquo;Authorized Employees&rdquo; are Agency&rsquo;s employees
or contractors who have a need to know or otherwise access the Personal Information to enable Agency to perform its obligations under
this Agreement, and who are bound in writing by obligations of confidentiality sufficient to protect the Personal Information in accordance
with the terms of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Upon
PLK&rsquo;s and the Company&rsquo;s written request, Agency will promptly identify all Authorized Employees in writing as of the date
of the request. During the term of each Authorized Employee&rsquo;s employment by Agency, Agency will at all times cause such Authorized
Employees to strictly abide by its obligations under this Agreement. Agency further agrees that it will maintain a disciplinary process
to address any unauthorized access, use or disclosure of Personal Information by any of Agency&rsquo;s officers, partners, principals,
employees, agents or independent contractors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Upon
PLK&rsquo;s or the Company&rsquo;s written request, Agency shall provide PLK and the Company with a network diagram that outlines Agency&rsquo;s
Information Technology network and all equipment in relation to fulfilling the terms of this Agreement, including: (1)&nbsp;connectivity
to PLK and the Company and all third parties who may access Agency&rsquo;s network to the extent the network contains Personal Information;
(2)&nbsp;all network connections including remote access services and wireless connectivity; (3)&nbsp;all access control devices (e.g.,
firewall, packet filters, intrusion detection, access-list routers); (4)&nbsp;any backup or redundant servers, and (5)&nbsp;permitted
access through each network connection.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 169 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">Appendix</FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Oversight of Security Compliance</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon request, Agency shall grant PLK and the
Company, or a third party acting on PLK&rsquo;s or the Company&rsquo;s behalf, permission to perform an assessment, audit, examination,
or review of controls in Agency&rsquo;s environment in relation to the Personal Information being handled and/or services being provided
to confirm compliance with the Agreement, as well as any applicable laws, regulations, and industry standards. Agency shall fully cooperate
with such assessment by providing access to knowledgeable personnel, physical premises, documentation, infrastructure, and application
software that processes, stores, or transports Personal Information pursuant to the Agreement. In addition, upon request, Agency shall
provide PLK with the results of any audit performed at Agency&rsquo;s sole cost and expense that assesses the effectiveness of Agency&rsquo;s
information security program as relevant to the security and confidentiality of Personal Information shared during the course of this
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Injunctive Relief</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Agency acknowledges and agrees that a breach
of any data privacy and security obligation set forth in this Agreement may result in irreparable harm for which monetary damages may
not provide a sufficient remedy, and as a result, PLK and the Company will be entitled to seek both monetary damages and equitable relief.
Further, Agency&rsquo;s failure to comply with any of the provisions of this Agreement shall be deemed a material breach of the Agreement,
and PLK may terminate the Agreement for cause without liability to Agency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Indemnity</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Agency will indemnify, defend and hold harmless
PLK and the Company, and their parents, subsidiaries and affiliates, and each of their respective officers, shareholders, directors,employees,
and agents and all of their sccessors and assigns from and against any third party claims, suits, judgments, losses, fines, liabilities,
assessments and expenses (whether fixed or contingent, and including reasonable attorneys&rsquo; fees and expenses) that arise from or
are related to any failure to comply with any of Agency&rsquo;s data privacy and security obligations under the Agreement, or Agency&rsquo;s
gross negligence or wilful misconduct that results in a Security Breach.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 170 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">Appendix</FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>APPENDIX C</U></B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>MARKETING AGENCY COMPENSATION</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Base Compensation: Client shall pay Marketing
Agency the monthly sum of _____________________________ ($__________), commencing on the effective date of this Agreement and continuing
each month thereafter through the termination date of this Agreement (unless otherwise modified in writing by the parties hereto), payable
on the first day of each such month.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 171 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">Appendix</FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>APPENDIX D</U></B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>THE CODE OF BUSINESS ETHICS AND CONDUCT</U></B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>FOR VENDORS</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">[<I>to be the same
as </I></FONT><I>Appendix A.3 to Exhibit&nbsp;E to this Agreement below</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 172 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">Appendix</FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>APPENDIX E</U></B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>BILLING PROCEDURES</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>to be inserted as agreed between Master Franchisee
and Marketing Agency</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 173 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">Appendix</FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>APPENDIX F</U></B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>IP PROTECTION CLAUSE FOR CONTRACTS BY MARKETING
AGENCY</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>to be inserted by Master Franchisee</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Contract Provision to be included in Agency
Contracts with Third Parties:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">[Third
Party] understands and agrees that all material worked on or developed by [Third Party], including but not limited to concepts, ideas,
recommendations, copy, layouts, scripts, research, camera work, tape footage and production work, including preliminary drafts or versions
thereof, shall be the exclusive property of PLK APAC PTE. LTD., which material PLK APAC PTE. LTD. shall have the full, free and exclusive
right to use in any way, and such right shall include but is not limited to the right to sublicence the use of the material to others.&nbsp;
[Third Party] acknowledges that all such material, including, but not limited to, all intellectual property rights therein is and shall
be deemed to be work made for hire and that [Third Party] has no interest therein, including, without limitation, any security interest
in such property, and hereby releases to Popeyes Restaurants International GmbH any interest therein which may be created by operation
of law. </FONT>If, for any reason, any of such materials is not found to have been created as work made for hire, [Third Party] hereby
assigns all its right, title and interest in and to such materials, including the copyrights of such material, to PLK APAC PTE. LTD.
[Third Party] hereby waives any and all so-called moral rights in and to the materials. [Third Party] shall execute, acknowledge and
deliver to PLK APAC PTE. LTD. any instruments that, in the sole judgment and discretion of PLK, may be deemed necessary to carry out,
give effect to, or evidence such assignment, and to protect the rights of PLK APAC PTE. LTD. in the materials, and otherwise to carry
out the purposes and intent of this provision.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 174 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">Appendix</FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>APPENDIX G</U></B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>NON-DISCLOSURE AGREEMENT</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>to be inserted as agreed between Master Franchisee
and Marketing Agency</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 175 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">Appendix</FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>APPENDIX H</U></B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>NOTICE DETAILS</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>to be inserted</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 176 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">Appendix</FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Appendix A.3</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 177 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Split-Segment; Name: 5 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><U>Exhibit&nbsp;B<BR>
Form&nbsp;of the Company Franchise Agreement</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 178 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">Exhibit B</FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Agreed Form</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>COMPANY FRANCHISE
AGREEMENT</U></B> (the <B>&ldquo;Agreement&rdquo;</B>) dated ______________ ____, 2023.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -1.5in"><FONT STYLE="font-size: 10pt"><B>BY
AND AMONG</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">PLK APAC PTE. LTD.,
a company organized and existing under the laws of Singapore and having a principal place of business at 8 Cross St, Manulife Tower,
#28-01/07, Singapore 048424 (&ldquo;<B>FRANCHISOR</B>&rdquo;), PLKC HK INTERNATIONAL LIMITED, a limited liability company organized under
the laws of Hong Kong (the &ldquo;<B>Parent</B>&rdquo;), and [_______________], a company organized under the laws of the PRC and having
a principal place of business at [__________________] (&ldquo;<B>Franchisee</B>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Together referred
to as the &ldquo;parties&rdquo; and separately as a &ldquo;party&rdquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>INTRODUCTION</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30pt"><FONT STYLE="font-size: 10pt">A.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">FRANCHISOR
                                            has the exclusive right to use, and possesses the right to license and/or permit third parties
                                            to use, the unique Popeyes System and the Popeyes Marks for the development and operation
                                            of quick service restaurants known as Popeyes Restaurants throughout the Region.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30pt"><FONT STYLE="font-size: 10pt">B.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">FRANCHISOR
                                            is engaged in the business of developing, operating and granting franchises to operate Popeyes
                                            Restaurants throughout the Region using the Popeyes System and the Popeyes Marks and such
                                            other marks as FRANCHISOR or its Affiliates may authorize from time to time for use in connection
                                            with Popeyes Restaurants.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30pt"><FONT STYLE="font-size: 10pt">C.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">FRANCHISOR
                                            and its Affiliates have established a reputation and image with the public as to the quality
                                            of products and services available at Popeyes Restaurants, which reputation and image have
                                            been and continue to be unique benefits to FRANCHISOR, its Affiliates and their franchisees.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30pt"><FONT STYLE="font-size: 10pt">D.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Parent
                                            intends to establish Approved Subsidiaries to operate Franchised Restaurants in the Territory.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30pt"><FONT STYLE="font-size: 10pt">E.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Each
                                            of Parent and Franchisee recognizes, acknowledges, declares and confirms that (i)&nbsp;the
                                            benefits to be derived from being identified with and licensed by FRANCHISOR and being able
                                            to utilize the Popeyes System including the Popeyes Marks that FRANCHISOR makes available
                                            to its franchisees are substantial and (ii)&nbsp;without such benefits being granted by FRANCHISOR,
                                            Franchisee would not be in a position to establish and operate a food chain business in the
                                            Territory of the nature, reputation and quality of the Popeyes Restaurants and, as such,
                                            Franchisee is being provided a business opportunity by FRANCHISOR that would not otherwise
                                            be available to Franchisee.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">F.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Franchisee
                                            has requested that FRANCHISOR grant Franchisee a license to operate a Popeyes Restaurant
                                            at each of the Locations for the Terms specified in this Agreement.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">G.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Each
                                            of Parent and Franchisee acknowledges that it has had a full and adequate opportunity to
                                            be thoroughly advised of the terms and conditions of this Agreement by financial and legal
                                            counsel of its own choosing and is entering into this Agreement after having made an independent
                                            investigation of FRANCHISOR&rsquo;s operations and not upon any representation as to the
                                            profits and/or sales volume which it might be expected to realize, nor upon any representations
                                            or promises by FRANCHISOR which are not contained in this Agreement or the MDA (as defined
                                            below).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">H.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">FRANCHISOR
                                            has delivered to Franchisee a pre-contractual disclosure document at least 30 Days before
                                            the date hereof as required under the applicable Law of the Territory.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">I.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Each
                                            Franchised Restaurant will be opened and operated in accordance with this Agreement and an
                                            individual Unit License Addendum <B>(&ldquo;Unit Addendum&rdquo;) </B>to be entered into
                                            between FRANCHISOR and Franchisee or an Approved Subsidiary (as applicable), the form of
                                            which is attached as <U>Schedule B</U>, each of which will identify the Location for the
                                            corresponding Franchised Restaurant. Each reference in this Agreement to a Unit Addendum
                                            shall include a Renewal Unit Addendum, to the extent applicable.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">J.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">On
                                            March&nbsp;30, 2023, Parent entered into a Master Development Agreement with FRANCHISOR (as
                                            amended from time to time, the &ldquo;<B>MDA</B>&rdquo;), which agreement provides for, among
                                            other things, the development of Popeyes Restaurants in the Territory pursuant to the terms
                                            and conditions of the MDA.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">NOW, THEREFORE,
in consideration of the mutual promises, agreements, obligations and covenants contained in this Agreement and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>AGREEMENT</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt"><B>1.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Definitions</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">1.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Definitions</U>.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">In this Agreement,
the terms below have the following meanings. Any of such terms, unless the context otherwise requires, may be used in the singular or
plural, depending upon the context.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Acceptance
Notice&rdquo; </B>has the meaning set forth in clause 14.3(e).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Administrative
Expenses&rdquo; </B>means all general and administrative expenses and overhead associated with managing, administering and maintaining
the Advertising Fund, including, without limitation, salaries of relevant employees of Parent, Franchisee and/or their respective Affiliates,
and the salaries of relevant employees of FRANCHISOR and its Affiliates if FRANCHISOR terminates Franchisee&rsquo;s right to manage the
Advertising Fund and provide the Marketing Services and Advertising Services pursuant to clause 11.7 of the MDA.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Advertising
Contribution&rdquo; </B>means the monthly amount payable under clause 8.2 calculated by multiplying the Gross Sales for the previous
month by the Advertising Percentage.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Advertising
Fund&rdquo;</B> means the advertising fund consisting of Advertising Contributions paid in respect of all Popeyes Restaurants in the
Territory, which advertising fund shall be used for the purposes and in the manner stipulated in this Agreement and the MDA.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Advertising
Percentage&rdquo;</B> means the percentage specified as such in <U>Schedule&nbsp;A</U> and in the Unit Addendum for a Franchised Restaurant.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Affiliate&rdquo;
</B>means any Person which directly or indirectly Controls, is Controlled by, or is under common Control with another Person.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Agreement&rdquo;
</B>means this Company Franchise Agreement as amended, restated or otherwise modified in accordance with its terms.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Agreement
Term&rdquo;</B> means the term commencing on the Commencement Date and expiring on the date on which all Unit Addenda executed in connection
with this Agreement have expired or terminated, unless earlier terminated in accordance with the terms of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Anti-Corruption
Laws&rdquo;</B> means the FCPA, the CFPOA, the Corruption and Disobedience sections of the Canadian Criminal Code, RSC 1985, c C-46,
and all other anti-corruption, fraud, kickback, anti-money laundering, anti-boycott laws, regulations or orders, and all similar laws,
or regulations or orders in the Territory and any other relevant jurisdictions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Anti-Terrorism
Laws</B>&rdquo; means Executive Order 13224 issued by the President of the United States, the Terrorism Sanctions Regulations (Title
31, Part&nbsp;595 of the U.S. Code of Federal Regulations), the Foreign Terrorist Organizations Sanctions Regulations (Title 31, Part&nbsp;597
of the U.S. Code of Federal Regulations), the Cuban Assets Control Regulations (Title 31, Part&nbsp;515 of the U.S. Code of Federal Regulations),
and all other present and future federal, state, provincial and local laws, ordinances, regulations, policies, lists and any other requirements
of any governmental authority (including, without limitation, the United States Department of Treasury Office of Foreign Assets Control
and any government agency outside the U.S.) addressing or in any way relating to terrorist acts and/or acts of war, including without
limitation any applicable Canadian and UK anti-terrorism legislation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Approved
Plans and Specifications</B>&rdquo; means the general plans and specifications for the construction and fit-out of a new or remodeled
Restaurant in the Territory (including requirements as to signage and equipment) which may be approved from time to time by FRANCHISOR
in its sole discretion, which, for the avoidance of doubt are not specific to an individual site or Restaurant location.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Approved
Products&rdquo; </B>means the food and beverage items and any merchandise or promotional products, and the types, brands and ranges of
ingredients, packaging, merchandise or materials of menu items and products and any other products, materials or services specified and
as approved in the Confidential Operating Manual or otherwise approved by FRANCHISOR from time to time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Approved
Subsidiary</B>&rdquo; means an entity (i)&nbsp;which is and will remain at all times wholly-owned by Parent or a wholly-owned subsidiary
of Parent; (ii)&nbsp;which is established in the Territory while the Development Rights are in effect; (iii)&nbsp;the business of which
is limited to the operation of Franchised Restaurants in the Territory; (iv)&nbsp;to which FRANCHISOR licenses the right to operate Franchised
Restaurants in the Territory pursuant to this Agreement; and (v)&nbsp;which executes and delivers a Joinder Agreement to FRANCHISOR.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Approved
Suppliers&rdquo; </B>means the suppliers and distributors who have been approved by FRANCHISOR or any of its Affiliates to supply the
Approved Products and any other goods or services for Popeyes Restaurants in the Territory.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Assets&rdquo;
</B>has the meaning set forth in clause 14.3(a).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Authority&rdquo;
</B>means any federal, state, municipal, local or other governmental department, regulatory body, commission, board, bureau, agency or
instrumentality, or any administrative, judicial or arbitral court or panel, with jurisdiction over the applicable matter.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Business
Day&rdquo; </B>means a day other than a Saturday, Sunday, or a public holiday in the Territory and Singapore on which banks are open
in the Territory and Singapore for general commercial business.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;CFPOA&rdquo;
</B>means the Canadian Corruption of Foreign Public Officials Act, S.C. 1998, c. 34, as amended or superseded.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Chicken
Competitive Business</B>&rdquo; means a Quick Service Restaurant business (i)&nbsp;based in and/or operating within the Region, where
the combined sales of Chicken Products constitute twenty percent (20%) or more of its overall food and beverage sales and/or total menu
items, or (ii)&nbsp;based outside and/or operating solely outside the Region, where the combined sales of Chicken Products constitute
thirty percent (30%) or more of its overall food and beverage sales and/or total menu items. A Chicken Competitive Business includes
businesses that grant franchises or licenses to others to operate any of the types of businesses described in the preceding sentence.
Without limiting the generality of the foregoing, the restaurant chains listed on <U>Schedule 1</U> to the MDA shall each be considered
a Chicken Competitive Business for purposes of this Agreement and the other Transaction Agreements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Chicken
Products</B>&rdquo; means any food products intended for human consumption that are (i)&nbsp;made with poultry or poultry parts or cuts,
whether fresh or frozen, skinned or unskinned, boned or boneless, including domesticated chickens, turkeys and quails, or (ii)&nbsp;intended
to be sold as poultry substitutes, including plant-based poultry substitutes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Claim&rdquo;
</B>means any lawsuit, litigation, dispute, claim, arbitration, mediation, action, hearing, proceeding, investigation, charge, complaint,
demand, injunction, judgment, order, decree, ruling or any other proceeding before a judicial, administrative or arbitral court or panel,
whether known or unknown, liquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal or equitable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Commencement
Date&rdquo;</B> means the date on which this Agreement is deemed to be effective, which shall be the date set forth in the heading of
this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Competitor</B>&rdquo;
means any Person who (or which), whether directly or indirectly, owns or operates, or licenses to any other Person the right to own and/or
operate, (i)&nbsp;any Chicken Competitive Business, and/or (ii)&nbsp;any Seafood Competitive Business. For purposes of this definition,
the term &ldquo;<B>Competitor</B>&rdquo; shall also include (a)&nbsp;any Affiliate of such Person, (b)&nbsp;any director or officer of
such Person or Affiliate, (c)&nbsp;any entity Controlled by such Person or Affiliate, either through the direct or indirect ownership
of Equity Securities, a contractual arrangement with one or more holders of Equity Securities or otherwise, and (d)&nbsp;any immediate
family member of such Person (or any Affiliate of any of the foregoing). Notwithstanding the foregoing, the Existing Businesses (as defined
in the MDA) are excluded from the definition of &ldquo;Competitor&rdquo; for the purposes of this Agreement and the other Transaction
Agreements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Confidential
Information&rdquo; </B>has the meaning set forth in clause 11.3.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Confidential
Operating Manual&rdquo;</B> means such sets of manuals, guides and video training materials, memoranda, bulletins, directives, computer
programs, and other materials whether stored in a retrieval system or in paper format and whether documented or communicated in writing
or electronically, as may exist or be changed by FRANCHISOR and/or its Affiliates from time to time, in their sole discretion, which
together create and maintain uniform standards and specifications of use of the Popeyes Marks and the operation of Restaurants and the
Popeyes System.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Control&rdquo;
or &ldquo;Controlled&rdquo; </B>means the direct or indirect ownership, whether by ownership of Equity Securities, contract, proxy or
otherwise, of shareholding or contractual rights of a Person that assures (i)&nbsp;the majority of the votes in the resolutions of such
Person, or (ii)&nbsp;the power to appoint the majority of the managers or directors of such Person, or (iii)&nbsp;the power to direct
or cause the direction of the management or policies of such Person, and the related terms &ldquo;<B>Controlled by</B>&rdquo; &ldquo;<B>Controlling</B>&rdquo;
or &ldquo;<B>under common Control with</B>&rdquo; shall be read accordingly.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Conversion
Rate&rdquo;</B> means the official exchange rate published by Bloomberg L.P. (or if this rate is unavailable or is no longer published,
the rate published by The Wall Street Journal or such other internationally recognized third party financial information publisher designated
by FRANCHISOR from time to time) for the exchange of the currency in question on the date applicable to any currency conversion.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Current
Image&rdquo;</B> means the internal and external physical appearance of new or remodeled Popeyes Restaurants including, without limitation,
as it relates to signage, fascia, color schemes, menu boards, lighting, furniture, finishes, d&eacute;cor, materials, equipment and other
matters generally applicable to FRANCHISOR&rsquo;s operations in the Territory as may be changed from time to time by FRANCHISOR and/or
its Affiliates in their sole discretion.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Damages&rdquo;
</B>has the meaning set forth in clause 15.6(b).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Day</B>&rdquo;
or &ldquo;<B>day</B>&rdquo; means calendar days or day unless otherwise expressly provided.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Delivery
Aggregator</B>&rdquo; means a business that (i)&nbsp;permits a customer to place an order for products provided by a Popeyes Restaurant
through an online portal, Mobile Application, call center or other electronic means, (ii)&nbsp;transmits such order to the Restaurant
for fulfillment, and (iii)&nbsp;provides additional services in connection therewith (including delivery and pickup services). The terms
of any arrangements between Franchisee and a Delivery Aggregator (and any amendments thereto) are subject to approval by FRANCHISOR (not
to be unreasonably withheld or delayed).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Delivery
Aggregator Information</B>&rdquo; means the data and information arising out of the utilization of a Delivery Aggregator by Franchisee
or otherwise provided to Franchisee by the Delivery Aggregator. Delivery Aggregator Information includes sales data, aggregated, per
order and per SKU sales and order accuracy data (food subtotal, tax amounts,&nbsp;etc.), Delivery Fees, customer ratings and feedback,
metrics relevant to improve in-store performance, including online time, wait time at pickup, total delivery time, unaccepted or canceled
orders, time to accept orders, preparation time and completed and failed orders, and such other information that FRANCHISOR may from
time to time request.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Delivery
Fee</B>&rdquo; means the full amount of the commission, service fee or other charge paid to Delivery Aggregators and other third parties
in connection with the Delivery Program.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Delivery
Program</B>&rdquo; means a FRANCHISOR-approved program pursuant to which customers can order Approved Products to be delivered to their
home or office through any means, including an online portal which is accessible via a computer or a Mobile Application, call center
or other electronic means. Each participating Popeyes Restaurant will (i)&nbsp;manage the Delivery Program in the manner prescribed by
FRANCHISOR from time to time (which is currently through a web-based delivery manager portal), including the management of delivery zones,
orders, drivers, product availability and pricing, (ii)&nbsp;purchase special equipment approved by FRANCHISOR from time to time (to
the extent applicable to all franchisees in the Region) in order to maintain temperature of the Approved Products and to connect the
POS System to the then approved delivery system (currently, the delivery manager portal), and (iii)&nbsp;pay all applicable fees to the
third party vendor, if any, which is approved by FRANCHISOR from time to time to administer all or any portion of the Delivery Program,
including the online portal, call center and delivery manager portal.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Delivery
Requirements</B>&rdquo; means the rules, policies, guidelines and Standards established by FRANCHISOR and/or its Affiliates, in their
sole discretion, from time to time in connection with the Delivery Program, taking into consideration local norms, customs and practices,
and recommendations from Franchisee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Development
Rights&rdquo; </B>means those rights granted to Parent under clause 4.1 of the MDA.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Development
Year</B>&rdquo; means each calendar year during the Term, except for the first Development Year, which shall begin on the Commencement
Date and end on December&nbsp;31, 2023.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Dispute&rdquo;
</B>has the meaning set forth in clause 18.2(b).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>DTT</B>&rdquo;
has the meaning set forth in clause 10.2.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;E-Commerce&rdquo;
</B>means the Internet based buying and selling of products or services through the use of electronic and/or online devices.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Equity
Securities</B>&rdquo; means, with respect to a Person that is a legal entity, any and all shares of the capital stock or other equity
interests of such Person, securities of such Person convertible into, or exchangeable or exercisable for, such shares or other equity
interests, and options, warrants or other rights, including, but not limited to, subscription rights, to acquire such shares or other
equity interests.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Expired
Restaurant</B>&rdquo; has the meaning set forth in clause 15.2.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>FCPA</B>&rdquo;
means the United States Foreign Corrupt Practices Act of 1977, as amended or superseded.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Final
Judgment</B>&rdquo; has the meaning set out in clause 12.5(d).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Franchise
Fee</B>&rdquo; means the applicable amount set forth in Schedule A and specified in the Unit Addendum for a Franchised Restaurant.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Franchised
Restaurant</B>&rdquo; means the land, building and improvements at each Location used or associated with the use of the premises as a
Popeyes Restaurant, and the Popeyes Restaurant business carried on by Franchisee at each Location for which Franchisee has executed a
Unit Addendum.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Franchisee</B>&rdquo;
has the meaning set forth in the preamble to this Agreement. To the extent that Approved Subsidiaries own and operate Franchised Restaurants,
references to &ldquo;Franchisee&rdquo; in this Agreement shall mean Franchisee and each and every Approved Subsidiary that owns and operates
Franchised Restaurants in the Territory, collectively. With respect to a specific Franchised Restaurant in the Territory, &ldquo;Franchisee&rdquo;
means Franchisee or the Approved Subsidiary that owns and operates the Franchised Restaurant.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>FRANCHISOR</B>&rdquo;
has the meaning set forth in the preamble to this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>FRANCHISOR
Global Initiatives</B>&rdquo; means global, regional and other advertising, promotional, marketing and research initiatives intended
for the benefit of the Popeyes System, as determined by FRANCHISOR and its Affiliates, from time to time in their sole discretion.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>FRANCHISOR
Indemnified Parties</B>&rdquo; means FRANCHISOR, its Affiliates and their respective directors, officers, employees, shareholders, advisors
and agents.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>General
Manager</B>&rdquo; means the person referred to in clause&nbsp;4.3 and specified as such in <U>Schedule&nbsp;A</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Global
Ad Fund Payment</B>&rdquo; has the meaning set forth in clause 8.2(f).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Global
Marketing Policy</B>&rdquo; means the Global Marketing Policy, as such policy may be amended or supplemented by FRANCHISOR and/or its
Affiliates from time to time in their sole discretion. The current version of the Global Marketing Policy is attached as Exhibit&nbsp;F
to the MDA.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Gross
Sales</B>&rdquo; includes all sums charged or received in cash or by credit (and regardless of collection in the case of credit) for
all goods and merchandise sold or otherwise disposed of, or services provided or performed at or from a Franchised Restaurant, including
all premiums unless exempted by FRANCHISOR, and all other revenue and income of every kind and nature related to the Franchised Restaurant.
The sale of Popeyes products away from a Franchised Restaurant is not authorized; however, should any such sales, including off-premises
services such as catering and delivery, occur or be approved in the future, they will be included within the definition of Gross Sales.
For the avoidance of doubt, Gross Sales includes all sums charged or received in cash or by credit by Franchisee for goods or merchandise
sold through the provision of delivery or catering services, whether such delivery or catering services are provided by Franchisee or
another third party. For further clarity, if the delivery or catering services are provided by a Delivery Aggregator or other third party
and a portion of the sum charged to or received in cash or by credit from customers must be paid by Franchisee to the Delivery Aggregator
or other third party as a Delivery Fee, such Delivery Fee shall not be deducted from the calculation of Gross Sales. Finally, any fees
or costs relating to loyalty programs of Franchisee or a third party, including, without limitation, fees paid on the issuance of loyalty
points or similar award units, whether or not such fees or costs are paid directly to any loyalty program administrator or service provider
or are deducted from amounts otherwise due to Franchisee by such loyalty program administrator or service provider for the sale of Popeyes
products at a Restaurant, shall not be deducted from the calculation of Gross Sales. Gross Sales excludes Indirect Taxes that are required
by applicable Law: (a)&nbsp;to be levied on the customer at the time of each sales transaction; (b)&nbsp;to be collected by Franchisee
and remitted to the Tax Authority by the Franchisee; and (c)&nbsp;to be based upon the amount of the sale. Gross Sales also excludes
cash received as payment in credit transactions where the extension of credit itself has already been included in the figure upon which
the Royalty and Advertising Contribution is calculated. In addition, and for certainty only, taxes based on gross income or gross revenue
of Franchisee shall not be deducted from the calculation of Gross Sales.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&ldquo;<B>ICC Rules</B>&rdquo; has the
meaning set forth in clause 18.2(c).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&ldquo;<B>Indirect
Tax</B>&rdquo; or &ldquo;<B>Indirect Taxes</B>&rdquo; means sales and use tax, goods and services tax, value added tax, ad valorem tax,
excise tax, duty, levy or other governmental charges, and other obligations of the same or of a similar nature to any of the foregoing
(together with any penalties, interest, or other similar amounts thereon) levied by a Tax Authority.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&ldquo;<B>Interest</B>&rdquo; has the
meaning set forth in clause 14.1(f).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&ldquo;<B>IP Transferee</B>&rdquo; has
the meaning set out in clause 18.7(b).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&ldquo;<B>Investment
Agreement</B>&rdquo; means the Joint Venture and Investment Agreement dated as of February&nbsp;__, 2023 entered into by and among PLK,
Parent and the other parties named therein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Joinder
Agreement</B>&rdquo; means the Joinder Agreement executed by Parent and an Approved Subsidiary and delivered to FRANCHISOR, pursuant
to which the Approved Subsidiary agrees to be bound by this Agreement and be jointly and severally liable with Parent, Franchisee and
all other Approved Subsidiaries to FRANCHISOR for any and all obligations of &ldquo;Franchisee&rdquo; under this Agreement. The form
of Joinder Agreement is attached hereto as <U>Schedule E</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Law</B>&rdquo;
or &ldquo;<B>law</B>&rdquo; means, collectively, any laws, rules, statutes, decrees, regulations, circulars, writs, injunctions, ordinances
or orders, including all applicable public, environmental, and competition laws, and regulations; and any administrative decisions, judgments
and other pronouncements enacted, issued, promulgated, enforced or entered by any Authority.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Legal
Order</B>&quot; has the meaning set forth in clause 11.5.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Local
Currency&rdquo;</B> has the meaning set forth in clause 8.8(a).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Location&rdquo;
</B>or <B>&ldquo;Locations&rdquo; </B>means all of the land and any buildings and other improvements located from time to time at the
address specified in the Unit Addendum for each Franchised Restaurant operated pursuant to this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Losses&rdquo;
</B>means any losses, amounts paid in settlement, penalties, fines, damages (including special, indirect and consequential damages),
lost profits, liabilities, costs and expenses (including reasonable attorneys&rsquo; fees and expenses incurred in investigating, preparing
or defending any Claims covered hereby).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;MDA&rdquo;
</B>has the meaning set forth in Recital J.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>MDA Termination
Event&rdquo;</B> means the (a)&nbsp;expiration of the MDA, or (b)&nbsp;termination of the MDA or the termination of the Development Rights,
whichever occurs first.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Mobile
Application</B>&rdquo; means any application software, platform, application or functionality embedded within social media applications
or platforms or any other software configurations or systems designed to run on smartphones, tablets, computers and other mobile devices.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Notice
of Dispute&rdquo; </B>has the meaning set forth in clause 18.2(b).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Offer&rdquo;
</B>has the meaning set forth in clause 14.3(a).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Offer
Notice&rdquo; </B>has the meaning set forth in clause 14.3(a).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Offer
Period&rdquo; </B>has the meaning set forth in clause 14.3(d).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Opening
Date&rdquo; </B>means, with respect to each Franchised Restaurant, the date specified as such in each Unit Addendum for such Franchised
Restaurant, being the date on which Franchisee commences operations of such Franchised Restaurant under this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Operations
Director&rdquo; </B>means the person referred to in clause 4.4 and specified as such in each Unit Addendum.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Parent</B>&rdquo;
has the meaning set forth in the preamble to this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Payment
Restriction</B>&rdquo; has the meaning set forth in clause 8.8(d).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Person&rdquo;
</B>means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Authority,
statutory organization or other entity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Permitted
Transfer</B>&rdquo; has the meaning set forth in clause 14.2.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Poll
or Polling&rdquo; </B>means any process acceptable to FRANCHISOR by which information or data about the Franchised Restaurant may be
transmitted to or from a POS System or other system operated by Franchisee or its agents into a computer or system operated by or on
behalf of FRANCHISOR or its agents in the manner and format prescribed by FRANCHISOR from time to time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Polling
Information</B>&rdquo; means information or data about Popeyes Restaurants and customers of Popeyes Restaurants that is transmitted to
or from a POS System or other PLK-approved system operated by Franchisee or its agents into a computer or system operated by FRANCHISOR
or its agents in the manner and format prescribed by or on behalf of FRANCHISOR from time to time. For the avoidance of doubt, Polling
Information includes, without limitation, daily sales, daily transaction level data, number of items sold and their respective prices,
coupon data, sales per visit, digital sales and products and combinations of products sold, otherwise known as product mix data or &ldquo;PMIX&rdquo;
and inventory data, as well as any other data and information collected from or relating to customers of Popeyes Restaurants in the Territory.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Popeyes
Domain Names</B>&rdquo; has the meaning set forth in clause 1.1 of the MDA.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Popeyes
Intellectual Property Rights</B>&rdquo; has the meaning set forth in clause 1.1 of the MDA.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&quot;<B>Popeyes
Marks</B>&quot; has the meaning set forth in clause 1.1 of the MDA.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Popeyes
Restaurants</B>&rdquo; and &ldquo;<B>Restaurants</B>&rdquo; means restaurants operating under the Popeyes System and utilizing the Popeyes
Marks in a format approved by FRANCHISOR and/or its Affiliates, in their sole discretion. For the purposes of this Agreement, operations
at a Popeyes Restaurant shall include dine-in, take-out, delivery from, and catering from a Popeyes Restaurant.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Popeyes
System</B>&rdquo; has the meaning set forth in clause 1.1 of the MDA.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;POS System&rdquo;
</B>means a point of sale system approved by FRANCHISOR and/or an Affiliate of FRANCHISOR in its sole discretion, after consultation
with Parent, for use in the Territory consisting of electronic hardware and software technology (including hardware and software updates
approved and prescribed by FRANCHISOR and/or its Affiliates after consultation with Parent), which captures, records and transmits sales,
taxes on sales, type and price of each item sold, coupon redemptions, number, date and time of transactions, products and combinations
of products sold and employees using the system and such other related information as may be required by FRANCHISOR from time to time,
in its sole discretion.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Principal</B>&rdquo;
means any Person that directly or indirectly owns Equity Securities in Franchisee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Prohibited
Person</B>&rdquo; means a Person (i)&nbsp;for whom evidence exists that such Person has been blacklisted or identified as a defaulting
entity or its equivalent by any Authority, (ii)&nbsp;that has engaged in prior or current criminal activity which would (or would reasonably
be expected to) rise to the level of an offense punishable by imprisonment, (iii)&nbsp;for whom evidence exists of moral turpitude or
reputational issues, or (iv)&nbsp;that has been accused by a competent regulator, voluntarily disclosed or admitted to, or has otherwise
been found by a court of competent jurisdiction to have violated, attempted to violate, aided or abetted another party to violate, or
conspired to violate, any of the Anti-Corruption Laws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Public
Company&rdquo; </B>means a company that has issued securities through an offering which are now traded on at least one stock exchange
or over-the-counter market.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Quick
Service Restaurant</B>&rdquo; means any restaurant that does not offer table service as its principal method of ordering or food delivery.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>RBI</B>&rdquo;
means Restaurant Brands International Inc., a Canadian corporation and the indirect parent company of FRANCHISOR.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>RBI Brands</B>&rdquo;
means the restaurant brands and franchise systems or trademarks owned, operated or licensed or acquired at any time by RBI or an Affiliate
of RBI. The current RBI Brands are BURGER KING&reg;, TIM HORTONS&reg;, POPEYES&reg; and FIREHOUSE SUBS&reg;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>RBI Franchisee</B>&rdquo;
means (i)&nbsp;a Person that holds or formerly held one or more licenses (whether exclusive or non-exclusive) to own, operate or subfranchise
any of the RBI Brands, and (ii)&nbsp;an Affiliate of such Person.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Region</B>&rdquo;
means the Asia and the Pacific Region (as defined by FRANCHISOR from time to time, in its sole discretion), which includes the Territory.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Registered
User Agreement&rdquo; </B>has the meaning set forth in clause 11.8.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Remodel
Requirements&rdquo;</B> means, collectively, the then Current Image or such other specifications required by FRANCHISOR at the material
time(s)&nbsp;for both the interior and exterior of the Restaurant in accordance with the Approved Plans and Specifications, and in compliance
with all applicable Laws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Renewal
Fee</B>&rdquo; means, in respect of any renewal or extension of the Term of a Unit Addendum for a Franchised Restaurant, the sum of US$[****]
for a twenty (20) year term (which amount will be prorated if the term of the applicable Renewal Unit Addendum is less than twenty (20)
years).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Renewal
Notice&rdquo; </B>has the meaning set forth in sub-clause 2.5.1(a).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Renewal
Unit Addendum&rdquo; </B>has the meaning set forth in clause 2.5.1.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Required
Country&rdquo; </B>has the meaning set forth in clause 8.8(a).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Required
Currency&rdquo; </B>has the meaning set forth in clause 8.8(a).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Restaurant
Manager&rdquo; </B>means the person referred to in clause 4.5.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Royalty&rdquo;
</B>means the monthly amount payable under clause&nbsp;8.1 calculated by multiplying the Gross Sales for the previous month by the applicable
Royalty Percentage.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Royalty
Percentage&rdquo;</B> means the applicable percentage specified as such in <U>Schedule&nbsp;A</U> and in the Unit Addendum for a Franchised
Restaurant.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Seafood
Competitive Business</B>&rdquo; means any Quick Service Restaurant business where the combined sales of Seafood Products constitute twenty
percent (20%) or more of its overall food and beverage sales and/or total menu items. A Seafood Competitive Business includes businesses
that grant franchises or licenses to others to operate any of the types of businesses described in the preceding sentence.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Seafood
Products</B>&rdquo; means any food products intended for human consumption that are (i)&nbsp;made with fish or shellfish, or fish or
shellfish parts or cuts, whether fresh or frozen, skinned or unskinned, boned or boneless, including marine or freshwater fish, shrimp
or crawfish, or (ii)&nbsp;intended to be sold as seafood substitutes, including plant-based seafood substitutes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Standards&rdquo;
</B>means the standards, including the operating standards established from time to time by FRANCHISOR and/or its Affiliates as to quality
of service, cleanliness, health and sanitation, requirements, specifications and procedures for Popeyes Restaurants issued, directed
and amended by FRANCHISOR and/or its Affiliates from time to time, in their sole discretion, including those contained from time to time
in the Confidential Operating Manual (and such superseding or additional documents as may be issued by FRANCHISOR and/or its Affiliates
from time to time).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>tax</B>&rdquo;
or &ldquo;<B>taxes</B>&rdquo; means all taxes, however denominated, including any interest, penalties, or other additions that may become
payable in respect thereof, imposed by any Tax Authority, which taxes shall include all income or profits taxes (including federal income
taxes and provincial or state income taxes), capital taxes, withholding taxes, payroll and employee withholding taxes, employment insurance
(including provincial health insurance, old age benefits, welfare funds, pensions and annuities and disability insurance), social insurance
taxes,&nbsp;Indirect Taxes, customs duties, tariffs, franchise taxes, gross receipts taxes, business license taxes, occupation taxes,
real and personal property taxes, stamp taxes, environmental taxes, transfer taxes, workers' compensation, other governmental charges,
and other obligations of the same or of a similar nature to any of the foregoing (together with any penalties, interest, or other similar
amounts thereon).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Tax Authority</B>&rdquo;
means any Authority having or purporting to have power to impose, administer or collect any tax.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Term&rdquo;
</B>means, with respect to each Unit Addendum or, if applicable, Renewal Unit Addendum, of a Franchised Restaurant, the period specified
as such in the Unit Addendum or Renewal Unit Addendum in respect thereof, commencing on the Opening Date of such Franchised Restaurant
in the case of a Unit Addendum, and upon expiration of the Unit Addendum in the case of a Renewal Unit Addendum.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Terminated
Restaurant</B>&rdquo; has the meaning set forth in clause 15.1(A).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Termination
Notice</B>&rdquo; has the meaning set forth in clause 15.8(a).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Termination
Period</B>&rdquo; has the meaning set forth in clause 15.8.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Temporary
Closure</B>&rdquo; has the meaning set forth in clause 3.2(b).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Territory&rdquo;
</B>means the de jure boundaries of the People&rsquo;s Republic of China (as depicted in the map attached as Schedule&nbsp;3 to the MDA),
which for the purposes of this Agreement excludes Taiwan and the Special Administrative Regions of Hong Kong, but includes the Special
Administrative Region of Macau.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Transaction
Agreements</B>&rdquo; has the meaning set forth in clause 1.1 of the MDA.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Transfer&rdquo;
or &ldquo;Transferred&rdquo; </B>means to sell, convey, assign, license, lease, charge, pledge, mortgage, encumber or otherwise dispose
of in whole or in part, whether directly or indirectly by operation of law or otherwise. For purposes of clause 14.1 and clause 14.2,
a Transfer shall include the transfer of Equity Securities in, or issuance of Equity Securities by, Franchisee or any Principal.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Transfer
Date&rdquo;</B> means the effective date that an Interest is Transferred pursuant to clause 14.1.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Transferee&rdquo;
</B>means the prospective recipient of a Transfer.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Transfer
Fee&rdquo; </B>means the amount payable under sub-clause 14.2(l).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Unit
Addendum&rdquo;</B> means with respect to each Franchised Restaurant, the Unit License Addendum set forth in <U>Schedule B</U>, which
will identify, among other things, the Location of such Franchised Restaurant. The term</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Unit
Addendum</B>&rdquo; shall include any Renewal Unit Addendum.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>US$</B>&rdquo;
means United States Dollars.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>VAT&rdquo;
</B>means the value added tax payable under applicable Law of the Territory.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Withholding
Income Tax</B>&rdquo; means a retention tax on income, to be paid to a Tax Authority by the payor of the income rather than the recipient
of the income. Withholding Income Tax is withheld or deducted by the payor from the income due to the recipient.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">1.2</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt"><U>Construction.</U></FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">References
                                            to Franchisee in this Agreement shall be deemed to include Franchisee and the Approved Subsidiaries,
                                            and references to the ownership and operation of Franchised Restaurants by Franchisee shall
                                            be deemed to include the ownership and operation of such Franchised Restaurants by Franchisee
                                            and/or the Approved Subsidiaries, as applicable; <U>provided</U>, <U>however</U>, that Parent
                                            and any such Approved Subsidiary shall have executed a Joinder Agreement and delivered such
                                            Joinder Agreement to FRANCHISOR in accordance with the terms of this Agreement and the MDA.
                                            Each Approved Subsidiary shall be jointly and severally liable with Parent, Franchisee and
                                            all other Approved Subsidiaries for the obligations of Franchisee pursuant to this Agreement
                                            and any Unit Addendum issued hereunder, and FRANCHISOR may, in its absolute discretion, proceed
                                            against any one or more of them.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Capitalized
                                            terms used herein which are not defined in this Agreement but are defined in the MDA shall
                                            have the same meaning as in the MDA unless the context otherwise requires. To the extent
                                            there is any conflict between the terms and conditions of this Agreement and the MDA, the
                                            terms and conditions of the MDA shall govern while the MDA remains in full force and effect.
                                            Notwithstanding anything set forth to the contrary herein, Franchisee retains all of the
                                            rights granted under the MDA for so long as the MDA remains in full force and effect.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt"><B>2.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Franchise
                                            Grant; Franchise Fee</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">2.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Franchise
                                            Grant</U>.</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                                 <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">At the request of Franchisee
                                            and in reliance on the application and information furnished by Franchisee, FRANCHISOR grants
                                            to Franchisee a non-exclusive license to use the Popeyes System, including the Popeyes Marks,
                                            solely at the Locations for the Terms on the terms and conditions set forth in this Agreement
                                            and each Unit Addendum. Franchisee hereby accepts this license with the full and complete
                                            understanding that the license contains no promise or assurance of renewal or the granting
                                            of a new license at the expiration of the applicable Term, except as set forth in clause
                                            2.5. For the avoidance of doubt, Parent will not operate Franchised Restaurants in the Territory.</FONT></TD></TR>
                                                                                                 </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">2.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Franchise
                                            Fee</U>.</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                               <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Franchisee shall pay
                                            the applicable Franchise Fee to FRANCHISOR in accordance with the applicable provisions of
                                            the MDA. Each such Franchise Fee shall be non-refundable and deemed fully earned by FRANCHISOR
                                            upon execution of the applicable Unit Addendum. The Franchise Fee and the Royalty payable
                                            under clause 8.1 are in consideration solely for the grant of rights in clause 2.1 with respect
                                            to each Unit Addendum and are not for FRANCHISOR&rsquo;s performance of any specific obligations
                                            or services.</FONT></TD></TR>
                                                                                               </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">2.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>No
                                            Exclusivity</U>.</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                                <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Franchisee
                                            acknowledges and agrees that the license conferred under this Agreement is for the operation
                                            of Popeyes Restaurants for the applicable Terms at the Locations only, and that Franchisee
                                            has no right hereunder to any exclusive territory, market or trade area or to object to the
                                            development or location of any additional franchised or company operated Popeyes Restaurants,
                                            or other food outlets operating under a trade or service mark or system owned or licensed
                                            by FRANCHISOR or any of its Affiliates under this Agreement. FRANCHISOR (and its Affiliates,
                                            if applicable) may in its sole business judgment develop, operate, license or franchise additional
                                            Popeyes Restaurants or other food outlets operating under a trade or service mark or system
                                            owned or licensed by FRANCHISOR or any of its Affiliates anywhere, including sites in the
                                            immediate proximity of the Franchised Restaurants and/or in the same territory, market or
                                            trade area of the Franchised Restaurants. Franchisee hereby waives any right it has, may
                                            have, or might in the future have, to oppose the development or location of other Popeyes
                                            Restaurants, and any Claim for compensation from FRANCHISOR or any of its Affiliates in respect
                                            of any and all detriment or loss suffered by it as a result of the development and location
                                            of additional Popeyes Restaurants.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Notwithstanding
the foregoing, during the term of the MDA, for so long as the Development Rights are in effect, FRANCHISOR will not itself operate, or
franchise, license or authorize any Person other than Franchisee to operate, Popeyes Restaurants in the Territory.</FONT></P>

</TD></TR>
                                                                                                </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">2.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Expiration;
                                            Effect of MDA Termination Event</U>.</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                                                               <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The license granted
                                            pursuant to each Unit Addendum shall expire at the end of the applicable Term unless sooner
                                            terminated in accordance with the terms and conditions set forth in this Agreement with respect
                                            to such Location. After the applicable Term, Franchisee will have no further right to operate
                                            the applicable Popeyes Restaurant to which such Unit Addendum relates, except as set forth
                                            in clause 2.5. Following the occurrence of an MDA Termination Event, if FRANCHISOR decides,
                                            in its sole discretion, to allow Franchisee to develop, open and operate a Popeyes Restaurant
                                            at a new Location in the Territory, Franchisee will enter into FRANCHISOR&rsquo;s then current
                                            form of franchise agreement with respect to such new Location, rather than a Unit Addendum
                                            for such Franchised Restaurant. Such franchise agreement shall include FRANCHISOR&rsquo;s
                                            then current standard franchise fee, royalties and advertising contribution, and the Franchisee
                                            Fee, Royalties and Advertising Contribution set forth on <U>Schedule A</U> shall not apply.</FONT></TD></TR>
                                                                                                                               </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">2.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Option to Obtain Renewal
                                            Unit Addendum</U>.</FONT></TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">2.5.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">While
                                            the Development Rights are in effect, Franchisee shall have, exercisable on the expiration
                                            date of the Term of the Unit Addendum for a Franchised Restaurant, an option to obtain one
                                            or more successive renewals of the initial Unit Addendum for that Franchised Restaurant (each,
                                            a &ldquo;<B>Renewal Unit Addendum</B>&rdquo;) for a term equal to the term of years of the
                                            Term of the then expiring Unit Addendum or Renewal Unit Addendum, as applicable, subject
                                            to a maximum cumulative term (for the initial Unit Addendum and all Renewal Unit Addenda)
                                            for such Franchised Restaurant of forty (40) years, provided that the following requirements
                                            are satisfied:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Franchisee
                                            has given FRANCHISOR written notice (the &quot;<B>Renewal Notice</B>&quot;) of its intention
                                            to exercise its option to obtain a Renewal Unit Addendum at least three (3)&nbsp;months prior
                                            to the expiration of the Term of the Unit Addendum or Renewal Unit Addendum, as applicable.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Franchisee,
                                            at the time of the Renewal Notice and at the time of the expiration of the Term of the Unit
                                            Addendum or Renewal Unit Addendum, as applicable, is not in breach in any material respect
                                            of this Agreement (and the Unit Addendum or Renewal Unit Addendum) with respect to the following:
                                            (i)&nbsp;Franchisee has operated the Franchised Restaurant in accordance with the terms and
                                            conditions of this Agreement, including, but not limited to, substantial compliance with
                                            the Standards; (ii)&nbsp;Franchisee has satisfied, in a timely fashion, all material financial
                                            obligations in accordance with the terms and conditions of this Agreement; (iii)&nbsp;Franchisee
                                            has maintained, improved, altered, replaced and remodeled the Franchised Restaurant, including,
                                            without limitation, the Location, signs and equipment throughout the Term in accordance with
                                            the terms and conditions of this Agreement; and (iv)&nbsp;Franchisee shall have completed,
                                            not more than five (5)&nbsp;years prior to the expiration of the Term, the improvements,
                                            alterations, remodeling or rebuilding of the interior and exterior of the Franchised Restaurant
                                            so as to reflect the then Current Image of Popeyes Restaurants in the Region, pursuant to
                                            such plans and specifications as FRANCHISOR reasonably approves.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Franchisee
                                            has the right to remain in possession of the Location, whether through a lease or ownership
                                            of the premises, for the term of the Renewal Unit Addendum.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">If
                                            the Development Rights are no longer in effect, Franchisee must meet all then current financial
                                            ratios FRANCHISOR uses to evaluate new franchisees for financial approval.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Franchisee
                                            executes (i)&nbsp;the applicable form of the then current Renewal Unit Addendum; and (ii)&nbsp;a
                                            general release of FRANCHISOR and its Affiliates in a form satisfactory to FRANCHISOR.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Upon
                                            execution of the Renewal Unit Addendum but in any event prior to the expiration of the Term
                                            of the Unit Addendum or Renewal Unit Addendum, as applicable, Franchisee pays the Renewal
                                            Fee to FRANCHISOR or its designee.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">2.5.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Within
                                            thirty (30) days of receipt of the Renewal Notice, FRANCHISOR shall advise Franchisee in
                                            writing if Franchisee is not eligible to obtain a Renewal Unit Addendum for the Franchised
                                            Restaurant, specifying the reasons for such ineligibility, and identifying whether such deficiencies
                                            are capable of cure. If such deficiencies are capable of cure, Franchisee must cure the deficiencies
                                            by no later than ten (10)&nbsp;days prior to the expiration of the Term of the Unit Addendum
                                            or Renewal Unit Addendum, as applicable. For the avoidance of doubt, if, between the date
                                            of the Renewal Notice and the expiration date of the Term, any act, circumstance or omission
                                            causes Franchisee to become ineligible to obtain a Renewal Unit Addendum then FRANCHISOR
                                            must advise Franchisee in writing thereof, specifying the deficiency and identifying a cure
                                            period, if applicable.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">2.5.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The
                                            Renewal Fee, Royalties, and Advertising Contribution to be paid during the term of the Renewal
                                            Unit Addendum are specified in <U>Schedule A</U>, provided, however, that if an MDA Termination
                                            Event has occurred on or before the expiration date of any Unit Addendum or Renewal Unit
                                            Addendum, as applicable, Franchisee will enter into FRANCHISOR&rsquo;s then current form
                                            of franchise agreement rather than a Renewal Unit Addendum for such Franchised Restaurant.
                                            Such franchise agreement shall include FRANCHISOR&rsquo;s then current standard franchise
                                            fee, royalties and advertising contribution, and the Franchise Fee, Royalties and Advertising
                                            Contribution set forth on <U>Schedule A</U> no longer apply.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt"><B>3.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Continuous
                                            Operation</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">3.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Operate
                                            Throughout Term</U>.</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                                         <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Franchisee shall open
                                            and commence to operate each Franchised Restaurant on the Opening Date applicable thereto
                                            and, subject to clause 3.2, shall operate each Franchised Restaurant in accordance with this
                                            Agreement continuously throughout the Term of the Unit Addendum applicable thereto. Franchisee
                                            expressly agrees that any failure to do so shall constitute a material act of default under
                                            this Agreement and the applicable Unit Addendum with respect to such Franchised Restaurant,
                                            and FRANCHISOR shall be entitled to collect all actual and consequential damages (including
                                            lost profits) incurred as a result of any failure to so operate continuously for the full
                                            Term of the Unit Addendum as calculated pursuant to clause 15.6(b)&nbsp;hereof.</FONT></TD></TR>
                                                                                                         <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                                         <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">3.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Exceptions.</U></FONT></TD></TR>
                                                                                                         </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">For
                                            the avoidance of doubt, while the Development Rights are in effect, Franchisee may close
                                             [****] (as such terms are defined in
                                            the MDA), subject to the conditions set forth in the MDA (including clause 6.7 of the MDA).
                                            In addition, Franchisee may cease operations to the extent necessary to comply with the requirements
                                            of FRANCHISOR or any Authority with jurisdiction over a Franchised Restaurant that it (a)&nbsp;repair,
                                            clean, remodel, or refurbish the Location; (b)&nbsp;complete repairs at the Location, subject
                                            to FRANCHISOR&rsquo;s prior approval; or (c)&nbsp;resolve an emergency situation which would
                                            endanger the public or Franchisee&rsquo;s employees so long as Franchisee takes all actions
                                            reasonably necessary to resume operations in light of the circumstances presented. FRANCHISOR
                                            shall grant or deny any approval required under this clause 3.2 within five (5)&nbsp;Business
                                            Days of receiving the request for approval from Franchisee. Failure by FRANCHISOR to grant
                                            or deny the approval within the allotted time period shall constitute an approval of the
                                            request.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Franchisee
                                            may temporarily close a Franchised Restaurant for the reasons and for the periods set forth
                                            in Schedule F to this Agreement (a &ldquo;<B>Temporary Closure</B>&rdquo;); provided that,
                                            prior to such Temporary Closure, Franchisee provides FRANCHISOR with written notice setting
                                            forth the reason and expected length of such Temporary Closure. If Franchisee fails to reopen
                                            a Franchised Restaurant prior to the expiration of the applicable period set forth in Schedule
                                            F, such failure shall constitute a material act of default under this Agreement and the applicable
                                            Unit Addendum with respect to such Franchised Restaurant, and the terms of clause 15.6 shall
                                            apply. Franchisee shall provide FRANCHISOR with written notice of the reopening of a Franchised
                                            Restaurant following a Temporary Closure.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt"><B>4.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Organization
                                            of Franchisee</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">4.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Sole
                                            Purpose Entity</U>.</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                                     <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Parent covenants that
                                            the sole purpose and business activity of Franchisee is, and will remain throughout the Agreement
                                            Term and the Term of any Unit Addendum, to develop, establish and operate Popeyes Restaurants.
                                            Parent covenants that, to the extent permissible by Law and except as expressly permitted
                                            in any of the Transaction Agreements, the governing documents of Franchisee and an Approved
                                            Subsidiary will at all times during the Agreement Term and the Term of any Unit Addendum
                                            restrict its purpose and business activity to developing, establishing and operating Popeyes
                                            Restaurants. In addition, the governing documents will, at all times during the Agreement
                                            Term and the Term of any Unit Addendum mandate the designation of a General Manager and describe
                                            the General Manager&rsquo;s authority to bind Franchisee and to direct any actions necessary
                                            to ensure compliance with this Agreement and any other agreements related to the Franchised
                                            Restaurants.</FONT></TD></TR>
                                                                                                     </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">4.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Principals.</U></FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                            <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Franchisee agrees to
                                            furnish to FRANCHISOR upon FRANCHISOR&rsquo;s request from time to time a list of all shareholders
                                            or ownership interests in all classes of Equity Securities in Franchisee. This clause 4.2
                                            shall not apply if (a)&nbsp;Franchisee (or any relevant Affiliate) is a Public Company or
                                            (b)&nbsp;if FRANCHISOR or any Affiliate of FRANCHISOR is a direct or indirect shareholder
                                            of Franchisee and has the right to appoint at least one (1)&nbsp;member of the Board of Directors
                                            of Franchisee or any Principal.</FONT></TD></TR>
                                                                                            </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">4.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>General
                                            Manager</U>.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Franchisee
                                            must at all times during the Agreement Term and the Term of any Unit Addenda and Renewal
                                            Unit Addenda employ a General Manager who shall be the Chief Executive Officer, Chief Financial
                                            Officer, Chief Operations Officer or any other officer of Franchisee with equivalent responsibilities,
                                            and such officer shall take steps consistent with his or her role as such corporate officer
                                            to direct and oversee Franchisee&rsquo;s compliance with this Agreement and other agreements
                                            relating to the Franchised Restaurants.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">No
                                            change in the General Manager may be made without the prior approval of FRANCHISOR. For the
                                            avoidance of doubt, FRANCHISOR&rsquo;s failure to provide any response regarding the request
                                            for approval within sixty (60) days of receiving the request from Franchisee shall constitute
                                            an approval of the request. If for any reason the person approved by FRANCHISOR as the General
                                            Manager ceases to hold that position in Franchisee, as soon as practicable, and in any event
                                            no later than ninety (90) days after such cessation, Franchisee must appoint a new General
                                            Manager that is approved in advance by FRANCHISOR in its reasonable discretion. This sub-clause
                                            4.3(b)&nbsp;shall not apply if FRANCHISOR or any Affiliate of FRANCHISOR is a direct or indirect
                                            shareholder of Franchisee and has the right to appoint at least one (1)&nbsp;member of the
                                            Board of Directors of Franchisee or any Principal.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">If
                                            a person other than the General Manager is approved by FRANCHISOR to act as the Operations
                                            Director pursuant to clause 4.4, the General Manager shall nevertheless devote substantial
                                            time and attention to the management and oversight of the Franchised Restaurants, and shall
                                            be available for meetings as requested by FRANCHISOR. This clause 4.3(c)&nbsp;shall not apply
                                            if FRANCHISOR or any Affiliate of FRANCHISOR is a direct or indirect shareholder of Franchisee
                                            and has the right to appoint at least one (1)&nbsp;member of the Board of Directors of Franchisee
                                            or such entity with a direct or indirect shareholding in Franchisee.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">4.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Operations
                                            Director</U>.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Franchisee
                                            must appoint, employ and authorize an Operations Director who must either be the General
                                            Manager or any other natural person approved in advance by FRANCHISOR in FRANCHISOR&rsquo;s
                                            reasonable discretion. For the avoidance of doubt, FRANCHISOR&rsquo;s failure to provide
                                            any response regarding the request for approval within sixty (60) days of receiving the request
                                            from Franchisee shall constitute an approval of the request. The Operations Director at the
                                            date of this Agreement is the person specified as such for the Franchised Restaurant in each
                                            Unit Addendum.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The
                                            Operations Director shall devote his or her full time and reasonable efforts to the overall
                                            supervision and day-to-day operations of the Franchised Restaurants (and any other Popeyes
                                            Restaurants in respect of which he or she is approved by FRANCHISOR as the Operations Director).
                                            Franchisee covenants that the Operations Director will at all times have the authority to
                                            direct any action necessary to ensure that the day-to-day operation of the Franchised Restaurants
                                            is in compliance with the Standards.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The
                                            Operations Director must live in the vicinity of the business office of Franchisee in the
                                            Territory, as the term &ldquo;vicinity&rdquo; is defined for Operations Directors by FRANCHISOR
                                            from time to time, in its reasonable discretion.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">If
                                            the approved Operations Director ceases to hold that position in Franchisee, Franchisee shall,
                                            as soon as practicable, and in any event no later than ninety (90) days after such cessation,
                                            appoint a replacement who, subject to clause 4.4(a), must be approved in advance by FRANCHISOR
                                            in its reasonable discretion. For the avoidance of doubt, FRANCHISOR&rsquo;s failure to provide
                                            any response regarding the request for approval within sixty (60) days of receiving the request
                                            from Franchisee shall constitute an approval of the request.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">If
                                            Franchisee seeks FRANCHISOR&rsquo;s approval of a natural person other than the General Manager
                                            to act as the initial or replacement Operations Director, Franchisee understands that in
                                            deciding whether to approve such natural person, FRANCHISOR may consider the reasons for
                                            having different persons in such roles, the respective levels of financial commitment (such
                                            as percentage of ownership, if applicable) of the individuals, the number of Franchised Restaurants
                                            operated by Franchisee, the management structure and quality of Franchisee&rsquo;s operations,
                                            whether the General Manager will also commit to devote full time and attention and reasonable
                                            efforts to the operation of Franchised Restaurants and such other factors as FRANCHISOR may
                                            deem appropriate for consideration.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">4.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Restaurant
                                            Manager</U>.</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                                    <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">At all times during
                                            the Term of each Unit Addendum, Franchisee must appoint and employ at least one (1)&nbsp;Restaurant
                                            Manager for each Franchised Restaurant who shall be responsible for the direct, personal
                                            day-to-day supervision of the Franchised Restaurant.</FONT></TD></TR>
                                                                                                    </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">4.6</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Employees.</U></FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                           <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Franchisee shall hire
                                            all employees of the Franchised Restaurants and shall be solely responsible for the terms
                                            of their employment and compensation. Franchisee shall comply in all material respects, with
                                            all laws, mandatory governmental programs, legislation and requirements related to employees,
                                            including without limitation, employment insurance, workers compensation, labor and other
                                            employee benefit programs.</FONT></TD></TR>
                                                                                           </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">4.7</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>No
                                            Change in Organization.</U></FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                                           <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Franchisee shall notify
                                            FRANCHISOR of any changes to, and at FRANCHISOR&rsquo;s request provide copies of, any organizational
                                            or other governing documents of Franchisee. No amendments or revisions to such governing
                                            documents may be made or adopted if such amendment or revisions would: (a)&nbsp;change the
                                            description of Franchisee&rsquo;s sole purpose or authorized activities as contemplated under
                                            clause 4.1 above; (b)&nbsp;change the designation of, or the procedures for designating,
                                            the General Manager; (c)&nbsp;change the authority delegated to the General Manager or the
                                            Operations Director; or (d)&nbsp;materially alter promises or representations contained in
                                            Franchisee&rsquo;s applications or distribution plans submitted to and approved by FRANCHISOR.
                                            This paragraph shall not apply if FRANCHISOR or any Affiliate of FRANCHISOR is a direct or
                                            indirect shareholder of Franchisee and has the right to appoint at least one (1)&nbsp;member
                                            of the Board of Directors of Franchisee or such entity with a direct or indirect shareholding
                                            in Franchisee.</FONT></TD></TR>
                                                                                                           <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                                           <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Franchisee may not
                                            take any action, whether directly or indirectly, without the approval of the FRANCHISOR,
                                            to avoid the authority requirements for the General Manager and the Operations Director,
                                            respectively. Franchisee must provide FRANCHISOR with such evidence as FRANCHISOR may in
                                            its reasonable discretion request from time to time with a prior notice to assure FRANCHISOR
                                            that the activities and purpose of Franchisee, and the authority of the General Manager and
                                            Operations Director, respectively, remain as required by this Agreement.</FONT></TD></TR>
                                                                                                           </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">4.8</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Licenses and Permits</U></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Franchisee shall obtain, secure and maintain in force all material
    licenses, permits and certificates required in the operation of the Franchised Restaurants in accordance with all applicable Laws,
    pay promptly or ensure payment of all taxes and assessments when due (save for any amount which is subject to a good faith dispute),
    and operate the Franchised Restaurants in substantial compliance with all applicable Laws, including, without limitation, those relating
    to occupational hazards, health, safety, employment, workers&rsquo; compensation insurance (if any), unemployment insurance, payment
    of taxes owed to any Authority and the Anti-Corruption Laws.</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt"><B>5.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Standards
                                            and Uniformity</B></FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                                                                                    <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Franchisee agrees to
                                            comply at all times with all elements of the Popeyes System, which it acknowledges is a necessary
                                            and reasonable requirement in the interests of Franchisee and others operating under the
                                            Popeyes System. Franchisee shall use the Popeyes System and all rights granted under this
                                            Agreement in compliance with the quality standards used or adopted by FRANCHISOR from time
                                            to time. FRANCHISOR shall at all times have the right (but shall not be under an obligation)
                                            to monitor Franchisee&rsquo;s use of the Popeyes System to control the quality of goods sold
                                            and services rendered by Franchisee at Franchised Restaurants and to enforce Franchisee&rsquo;s
                                            compliance with the relevant Standards. Franchisee shall at all times comply fully with any
                                            requests, demands or suggestions of FRANCHISOR regarding compliance with the Standards. Notwithstanding
                                            anything to the contrary in this Agreement, without limitation and subject to the preceding
                                            provisions of this clause 5, Franchisee must at all times comply with the following covenants:</FONT></TD></TR>
                                                                                                                                                    </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">5.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Operations
                                            Standards</U>.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Franchisee
                                            shall substantially comply with the Confidential Operating Manual. To the extent the Confidential
                                            Operating Manual is in a hard copy format, a copy of the Confidential Operating Manual shall
                                            be kept at each Franchised Restaurant at all times and all changes or additions to it shall
                                            be inserted upon receipt. To the extent that all or a portion of the Confidential Operating
                                            Manual is in electronic form, Franchisee shall provide access to it to its personnel and
                                            restaurant employees who need to access it. In the event of any conflict between the Confidential
                                            Operating Manual kept at a Franchised Restaurant and the master copy maintained by FRANCHISOR
                                            or its Affiliates in Miami, Florida (or such other place as may be designated by FRANCHISOR&rsquo;s
                                            Affiliate), the master copy maintained by FRANCHISOR shall govern.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Franchisee
                                            agrees that changes in the Standards may become necessary or desirable from time to time
                                            and Franchisee must accept and comply with such modifications, revisions and additions to
                                            the Standards and/or Confidential Operating Manual as FRANCHISOR in its sole discretion believes
                                            to be necessary or desirable on the condition that such modifications, revisions and additions
                                            are communicated to Franchisee.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The
                                            Standards and any changes to them made from time to time and communicated to Franchisee shall
                                            be and shall be deemed to be part of this Agreement.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">5.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Building
                                            and Premises</U>.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Exclusive
                                            Use</U>. The Locations shall be used exclusively during the applicable Term for the purpose
                                            of operating Popeyes Restaurants in accordance with this Agreement and the Standards.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Construction</U>.
                                            The Franchised Restaurants shall be constructed and improved in the manner authorized and
                                            approved by FRANCHISOR, and shall not thereafter be altered unless in accordance with the
                                            Standards. The Franchised Restaurants shall be decorated, furnished, and equipped with equipment,
                                            signage, furnishings, and fixtures which meet FRANCHISOR's specifications and the Current
                                            Image applicable at the time each Franchised Restaurant is constructed or improved.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Maintenance
                                            and Repairs</U>. Franchisee shall, at its own expense, continuously throughout the applicable
                                            Term, maintain (whether by repairs or replacement) the Locations and each Franchised Restaurant
                                            in good condition and repair in accordance with FRANCHISOR&rsquo;s then current Standards
                                            relating to the repair, maintenance, condition and appearance of Popeyes Restaurants. Without
                                            limiting the foregoing, Franchisee shall make all repairs, improvements and alterations as
                                            may be reasonably determined by FRANCHISOR to be necessary to maintain the Current Image
                                            which Franchisee was last required to meet. Franchisee shall substantially comply with FRANCHISOR's
                                            requirements in this regard within such time as FRANCHISOR reasonably requires.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Current
                                            Image</U>. In addition to and without limiting any other obligations specified in this Agreement,
                                            during the year that is halfway between the Opening Date and the expiration date of the Term
                                            of the Franchised Restaurant (e.g., in the 10<SUP>th</SUP> year of a 20-year term or in the
                                            5<SUP>th</SUP> year of a 10-year term), Franchisee shall remodel, renovate, replace, upgrade,
                                            improve and modernize the Franchised Restaurant including, without limitation, all improvements
                                            at the Location, and all furnishings, fixtures, equipment, signage and d&eacute;cor, to conform
                                            with the Current Image in effect as of the beginning of such year, including any necessary
                                            structural work, in accordance with the Remodel Requirements and FRANCHISOR&rsquo;s Standards,
                                            and pursuant to plans and specifications approved in advance by FRANCHISOR.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">5.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Signage</U>.</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                         <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Franchisee must: (a)&nbsp;display
                                            the Popeyes Marks only in the form, manner, locations and positions authorized by FRANCHISOR;
                                            (b)&nbsp;maintain and display at the Locations signage conforming to the Current Image and
                                            current specifications that are manufactured from Approved Suppliers; (c)&nbsp;not place
                                            additional signage or posters anywhere at the Locations without the prior written consent
                                            of FRANCHISOR, such consent not to be unreasonably withheld; and (d)&nbsp;immediately discontinue
                                            the use of and destroy unapproved, obsolete or unsuitable signage. Such signs are fundamental
                                            to the Popeyes System and Franchisee hereby grants to FRANCHISOR the right to enter the Locations
                                            during normal business hours and the Franchised Restaurants to remove and destroy unapproved
                                            or obsolete signs at Franchisee&rsquo;s expense in the event that Franchisee has failed to
                                            do so within thirty (30) days after the written request of FRANCHISOR.</FONT></TD></TR>
                                                                                         </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">5.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Equipment</U>.</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                           <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Franchisee shall: (a)&nbsp;purchase,
                                            install and use only equipment and equipment layouts in accordance with the requirements
                                            set forth in the Standards; (b)&nbsp;maintain all equipment in a condition that substantially
                                            complies with the operational standards specified in the Standards; (c)&nbsp;remove and replace
                                            equipment which becomes obsolete or inoperable with equipment approved for installation in
                                            new Popeyes Restaurants at the time of the replacement; and (d)&nbsp;install within such
                                            time as FRANCHISOR may reasonably specify in the Standards, such additional, new or substitute
                                            equipment as FRANCHISOR determines is needed in any part of the Location due to a change
                                            in menu or method of preparation and service, because of health, safety or regulatory considerations,
                                            or other business reasons. FRANCHISOR has the right, but not the obligation, to establish
                                            requirements and criteria for POS Systems and communications equipment and systems to be
                                            used by Franchisee. Prior to mandating the use of a new piece of equipment, FRANCHISOR or
                                            its Affiliate will use reasonable efforts to field test the proposed new equipment. Franchisee
                                            acknowledges that the obligations in this clause 5.4 are in addition to its obligations under
                                            clause 5.2.</FONT></TD></TR>
                                                                                           </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">5.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Vending
                                            Machines, ATMs,&nbsp;etc.</U></FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                                                  <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Franchisee must not
                                            install public telephones, newspaper racks, juke boxes, automatic teller machines, lottery
                                            ticket terminals, cigarette, gum, candy or any other type of vending machines, video games,
                                            rides or any other type of machines normally found in amusement arcades, televisions, consumer
                                            computers or internet appliances, fireplaces or any other types of machines or equipment
                                            at any Location without the prior approval of FRANCHISOR, but must install such machines
                                            or equipment at the Location as soon as practicable upon request from FRANCHISOR. In the
                                            event any such items are installed at a Franchised Restaurant, then all sums received by
                                            Franchisee in connection with these items shall be included within Gross Sales and Franchisee
                                            shall comply with any conditions and mandatory standards, specification and provisions as
                                            to the use of such items.</FONT></TD></TR>
                                                                                                                  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">5.6</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Conduct
                                            of Business</U>.</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                                     <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Franchisee shall: (a)&nbsp;use
                                            its reasonable efforts to promote and maximize the sale of Approved Products at the Franchised
                                            Restaurants and to this end shall, in its reasonable discretion, employ adequate personnel
                                            and maintain sufficient supplies of Approved Products, including food and packaging products
                                            and merchandise and promotional products; (b)&nbsp;conduct its business at the Franchised
                                            Restaurants in a manner which protects and enhances the reputation and goodwill of the Popeyes
                                            System; and (c)&nbsp;adhere to high standards of integrity and ethical conduct in dealings
                                            with customers, suppliers, distributors, public officials, all other persons who conduct
                                            business with Franchisee, and FRANCHISOR and its Affiliates.</FONT></TD></TR>
                                                                                                     <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                                     <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Franchisee shall in
                                            all material respects abide by all applicable Laws, including, without limitation, those
                                            regarding consumer protection. Franchisee shall use its reasonable efforts to appropriately
                                            deal with consumers&rsquo; complaints. Where consumers&rsquo; legitimate interests are impaired
                                            by Franchisee, Franchisee shall take responsive measures in a timely fashion, as are reasonably
                                            appropriate.</FONT></TD></TR>
                                                                                                     </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">5.7</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Payments
                                            to Suppliers and Others.</U></FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                                                  <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Franchisee shall use
                                            its reasonable efforts to fulfill in a timely and responsible manner all material financial
                                            obligations relating to the Franchised Restaurants. Such material financial obligations include,
                                            but are not limited to, (a)&nbsp;payment of supplier and distributor invoices for the purchase
                                            of goods and services used in connection with the Franchised Restaurants; (b)&nbsp;monthly
                                            rent and other charges due to lessors of the Locations; and (c)&nbsp;debt service and other
                                            payments to Franchisee&rsquo;s lenders. All such payments are Franchisee&rsquo;s sole responsibility
                                            and under no circumstance shall FRANCHISOR have any duty or obligation to pay any such financial
                                            obligations of Franchisee.</FONT></TD></TR>
                                                                                                                  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">5.8</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Menu,
                                            Service and Hygiene.</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
    <TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Any
                                            changes to the Standards shall be made by FRANCHISOR, in its sole discretion.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
    <TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Franchisee
                                            must sell all menu items, merchandise and promotional products, and other products, materials
                                            or services specified in the Confidential Operating Manual or as otherwise specified by FRANCHISOR
                                            in accordance with the Standards. Franchisee must not serve, sell or offer for sale any items
                                            which are not Approved Products.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
    <TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Franchisee
                                            shall adhere to all specifications contained in the Confidential Operating Manual or as otherwise
                                            prescribed in writing by FRANCHISOR from time to time as to ingredients, product groupings,
                                            storage, and handling, method of preparation and service, weight and dimensions of products
                                            served, and standards of cleanliness, health, and sanitation in accordance with the Standards.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
    <TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Franchisee
                                            shall only sell and serve food, beverages, and other items in packaging and other paper products
                                            that meet FRANCHISOR's specifications in accordance with the Standards.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
    <TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">FRANCHISOR
                                            may at any time, by written notice to Franchisee, add a product or ingredient to, or remove
                                            any product or ingredient from, menu items or other Approved Products. If FRANCHISOR makes
                                            any such changes, Franchisee shall change the menu within the period specified by FRANCHISOR
                                            in such notice.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">FRANCHISOR
                                            may at any time, by written notice to Franchisee, change the menu by introducing new menu
                                            items or new Approved Products, change the recipes for Approved Products, removing existing
                                            menu items or other Approved Products that Franchisee must prepare at the Franchised Restaurants,
                                            or change the types, brands or mix of pre-manufactured products that may be utilized with
                                            menu items or other Approved Products. If FRANCHISOR makes any such changes, FRANCHISOR will
                                            provide reasonable advance notice to Franchisee and Franchisee shall change the menu within
                                            the period specified by FRANCHISOR in such notice.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(g)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">FRANCHISOR
                                            may at any time require Franchisee to cease using any ingredients or withdraw from supply
                                            in any of the Franchised Restaurants, any Approved Product or any other food, beverage, product
                                            or service, which in FRANCHISOR&rsquo;s sole discretion: (i)&nbsp;does not conform or no
                                            longer conforms with the Standards for food, beverages, products or services to be supplied
                                            in accordance with the Popeyes System; (ii)&nbsp;does not conform or no longer conforms with
                                            the range or type of food, beverages, products or services to be supplied in accordance with
                                            the Popeyes System; or (iii)&nbsp;is, or may be, a health or safety risk or may adversely
                                            impact the Popeyes System. Franchisee must, in the event of (i)&nbsp;or (ii)&nbsp;above,
                                            timely cease using any ingredients or withdraw any food, beverages or products from sale
                                            or supply when required to do, and in the event of (iii)&nbsp;above, promptly cease using
                                            any ingredients or withdraw any food, beverages or products from sale or supply when required
                                            to do so by FRANCHISOR.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(h)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Franchisee
                                            shall sell the Approved Products only at retail to consumers at the Franchised Restaurants
                                            and shall not sell such items for redistribution or resale.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Franchisee
                                            shall, upon request of FRANCHISOR and as soon as practicable, provide FRANCHISOR with copies
                                            of all health inspection reports or violations issued by Authorities.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">5.9</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Sources
                                            of Supply</U>.</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                                   <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Only goods and services
                                            that meet FRANCHISOR&rsquo;s then current Standards and are purchased from Approved Suppliers
                                            shall be used in the development, improvement or operation of the Franchised Restaurants.
                                            Such goods include the Approved Products including, without limitation, food and supplies,
                                            packaging and paper products, furnishings, fixtures, signage, equipment, uniforms and premiums.
                                            The decision to approve or disapprove proposed suppliers or distributors shall be made by
                                            FRANCHISOR in its sole discretion. FRANCHISOR may consider any factors it deems relevant
                                            in establishing specifications and standards and in approving suppliers and/or distributors
                                            and is not obligated to approve multiple suppliers and/or distributors of any good or service.</FONT></TD></TR>
                                                                                                   </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">5.10</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Hours
                                            of Operation</U>.</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                                     <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Each Franchised Restaurant
                                            shall be open for business daily for such hours and days as FRANCHISOR may from time to time
                                            specify in the Confidential Operating Manual or otherwise, unless and to the extent otherwise
                                            prohibited by applicable Law.</FONT></TD></TR>
                                                                                                     </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">5.11</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Uniforms</U>.</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                           <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">All employees in each
                                            Franchised Restaurant shall wear uniforms approved by FRANCHISOR that meet the design, color
                                            and specification from time to time prescribed by FRANCHISOR in its sole discretion.</FONT></TD></TR>
                                                                                           </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">5.12</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Advertising
                                            and Promotional Materials</U>.</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                                                        <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Franchisee shall not
                                            use, publish, display, sell or distribute any advertising or promotional material or slogans,
                                            or material on which any Popeyes Marks appear, without the prior approval of FRANCHISOR.
                                            Franchisee shall comply with the advertising approval process set forth in clause 11 of the
                                            MDA. All material on which Popeyes Marks are used shall bear such notice of registration
                                            or license legend as FRANCHISOR may specify. Franchisee shall adhere to all applicable Laws
                                            relating to advertising, including the payment of any publicity fees levied by any Authority,
                                            and must comply with all advertising, promotional and public relations standards, guidelines
                                            and policies established by FRANCHISOR from time to time. Franchisee shall, promptly upon
                                            receipt of written notice from FRANCHISOR, remove or discontinue the use, publication, display,
                                            sale and distribution of any advertising or promotional material, slogans, and any material
                                            on which the Popeyes Marks appear, which FRANCHISOR has not approved.</FONT></TD></TR>
                                                                                                                        <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                                                        <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Franchisee hereby irrevocably
                                            agrees that it shall, at FRANCHISOR&rsquo;s written request, assign to FRANCHISOR any interest,
                                            property and rights it may have to any advertising and promotional materials developed by
                                            Franchisee, whether or not such materials are specifically approved for use by FRANCHISOR
                                            in the Territory, and Franchisee further agrees that FRANCHISOR may, in its sole discretion,
                                            use or approve other franchisees in other territories to use such advertising and promotional
                                            materials developed by Franchisee in any such territories.</FONT></TD></TR>
                                                                                                                        <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                                                        <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">5.13</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Compliance with Laws</U>.</FONT></TD></TR>
                                                                                                                        <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                                                        <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Franchisee shall comply
                                            with and at all times conduct its business substantially in accordance with all requirements
                                            of the Law, any competent Authority, the Confidential Operating Manual and the Standards.
                                            In the event of conflicting standards, Franchisee shall comply with the strictest standard.
                                            Franchisee will as soon as practicable notify FRANCHISOR, and provide any details reasonably
                                            requested by FRANCHISOR, of any legal action taken, or circumstances which could in the opinion
                                            of Franchisee reasonably lead to legal action being taken against Franchisee, FRANCHISOR
                                            or its Affiliates, including by a customer or any regulatory Authority, and of any likely
                                            adverse publicity in relation to Franchisee or the Franchised Restaurants.</FONT></TD></TR>
                                                                                                                        </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">5.14</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Participation in Inspection/Evaluation/Rating Programs</U>.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Except as set forth in clause 17.2 of the MDA, Franchisee shall participate,
    at its cost, in all standard inspection, evaluation and rating programs, including self-audits, product, equipment, facility, crew
    or service evaluation programs and customer satisfaction programs as required by FRANCHISOR from time to time and any other similar
    or replacement programs as may be implemented by FRANCHISOR during the applicable Term. Franchisee understands and agrees that FRANCHISOR
    may receive a copy of a report or summary showing the findings of the inspection, evaluation or rating program. FRANCHISOR may charge
    Franchisee or require Franchisee to pay a third party vendor for reasonable costs related to inspections, evaluations or ratings
    of optional equipment installed at the Franchised Restaurants.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">5.15</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Right of Entry; Inspection</U>.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">FRANCHISOR or any employee, agent or designee of FRANCHISOR shall have
    the unrestricted right to enter the Franchised Restaurants to conduct such inspections and other activities as it deems necessary
    to ascertain or ensure compliance with this Agreement, including without limitation to conduct interviews with Franchisee's employees.
    Franchisee hereby irrevocably consents to such interviews, and agrees to cooperate in full with any such inspections, interviews
    or other activities. The inspections and other activities may be conducted without prior notice at any time determined by FRANCHISOR,
    subject to the requirement that FRANCHISOR will use commercially reasonable efforts to ensure the inspections and other activities
    will not disrupt the normal business operations of the Franchised Restaurants.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">5.16</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">[<I>Intentionally Omitted</I>.]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">5.17</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Polling and POS</U>.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Franchisee must, at its sole cost and expense: (a)&nbsp;at all times
    operate the POS Systems at the Franchised Restaurants; (b)&nbsp;upgrade or replace in whole or in part any POS Systems as FRANCHISOR
    may reasonably deem necessary or desirable in the interest of proper administration of Popeyes Restaurants throughout the Popeyes
    System, within such reasonable time as may be specified by FRANCHISOR; (c)&nbsp;use the approved POS Systems at all times to record
    and process such information as FRANCHISOR may from time to time require, including Polling Information, Delivery Aggregator Information
    and information regarding any other business carried on in or from any Popeyes Restaurant with the consent of FRANCHISOR, keep such
    information available for access by FRANCHISOR on the POS System for such minimum period as FRANCHISOR may require, and maintain
    and provide to FRANCHISOR such information in the format, and using such data exchange standards and protocols, as FRANCHISOR may
    require; (d)&nbsp;effect the Polling operation at such time or times as may be required by FRANCHISOR, but FRANCHISOR may itself
    initiate Polling whenever it deems appropriate; (e)&nbsp;permit FRANCHISOR or its agents to access Polling Information at any time;
    (f)&nbsp;permit FRANCHISOR or its agents to obtain all of the information referenced in this clause 5.17 that may be in the possession
    of any third party vendor from whom Franchisee obtained an approved POS System; (g)&nbsp;if required by FRANCHISOR, download the
    information into machine readable information compatible with the system operated by FRANCHISOR or its agents and to deliver that
    information to FRANCHISOR by such method and within such timeframes as FRANCHISOR reasonably requires. FRANCHISOR may at any time
    prescribe a POS System for use in the Territory so long as (i)&nbsp;such POS System is at least equivalent in functionality to the
    POS System currently in use in the Territory and (ii)&nbsp;the cost of such POS System is equivalent to or less than comparable POS
    Systems available in the Territory from third parties.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">5.18</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Websites</U>.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">FRANCHISOR shall have the right to approve the vendor that Franchisee
    engages to develop any website, applications, including Mobile Applications, or other digital assets for use in the Territory. Such
    approval shall not be unreasonably withheld. In addition, upon written notice to Franchisee, FRANCHISOR may require Franchisee to
    purchase websites, applications or other digital assets from FRANCHISOR, an Affiliate of FRANCHISOR or a vendor approved by FRANCHISOR.</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">5.19</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Delivery Program</U>.</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Franchisee
                                            acknowledges the need for effective implementation of the Delivery Program and, to the extent
                                            any Franchised Restaurant participates in the Delivery Program, it agrees to sign and maintain
                                            an agreement in place on terms (other than pricing terms) approved by FRANCHISOR with an
                                            Approved Supplier and/or Delivery Aggregator responsible for creating and managing an online
                                            platform or a call center, or both, used to place customers&rsquo; orders with the Franchised
                                            Restaurants for the Delivery Program. Franchisee shall be solely responsible for compliance
                                            with the obligations under its contract with such an Approved Supplier and/or Delivery Aggregator,
                                            including, without limitation, any payments due for order processing costs, call center costs,
                                            handling and delivery costs, and shall indemnify and hold PLK and any of PLK&rsquo;s Affiliates
                                            harmless in respect to any damage that may arise as a breach of Franchisee&rsquo;s obligations
                                            to such an Approved Supplier and/or Delivery Aggregator.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">To
                                            the extent any Franchised Restaurant in the Territory begins participation in the Delivery
                                            Program, Franchisee shall maintain an uninterrupted Delivery Program during the Term. Franchisee
                                            acknowledges that the Delivery Program is an integral part of the Popeyes System and it therefore
                                            commits to the maintenance and development of the Delivery Program strictly in compliance
                                            with the Delivery Requirements and the terms of this Agreement, including, without limitation,
                                            standards of uniformity, licensing, authorizations and/or approvals, as well as compliance
                                            with applicable laws and insurance requirements. In this respect, PLK has provided Franchisee
                                            with the necessary materials, including the Confidential Operating Manual, in relation to
                                            the establishment and development of the Delivery Program and Franchisee agrees to fully
                                            comply with such materials applicable to the Delivery Program, including the Confidential
                                            Operating Manual.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Franchisee
                                            shall ensure its compliance with any of its obligations as the data controller or data processor
                                            of any personal data of any Franchised Restaurant&rsquo;s customers, in accordance with all
                                            applicable data protection laws. Franchisee agrees to indemnify and hold FRANCHISOR and all
                                            FRANCHISOR Indemnified Parties harmless for any loss or damages whatsoever that may arise
                                            as a result of Franchisee&rsquo;s breach of its data protection obligations.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt"><B>6.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Services
                                            Available to Franchisee</B></FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                                                                                            <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The content of and
                                            manner by which the following services are to be delivered by FRANCHISOR shall be within
                                            FRANCHISOR&rsquo;s sole discretion. FRANCHISOR will consult with Franchisee from time to
                                            time in connection with the operation of the Franchised Restaurants and shall provide to
                                            Franchisee:</FONT></TD></TR>
                                                                                                                                                            </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">A
                                            pre-opening training program conducted at training facilities and/or Popeyes Restaurants
                                            at such location(s)&nbsp;as determined by FRANCHISOR.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Pre-opening
                                            and opening assistance at each Franchised Restaurant for such period of time as FRANCHISOR,
                                            in its discretion, deems appropriate under the circumstances. FRANCHISOR may, in its reasonable
                                            discretion, consider the following factors: the experience of the operator, the type of facility
                                            being operated, whether the assistance is for a new opening or the reopening after a transfer
                                            of ownership of an already operating Popeyes Restaurant, the prior Popeyes System experience
                                            of Franchisee&rsquo;s management, the projected volume of the Popeyes Restaurant as estimated
                                            by Franchisee, and any other factors that FRANCHISOR deems appropriate for consideration.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">A
                                            copy of the Confidential Operating Manual, on loan to Franchisee for each Franchised Restaurant,
                                            until the last day of the applicable Term (as it may be renewed in accordance with this Agreement
                                            and the applicable Unit Addendum. The loaned copies of the Confidential Operating Manual,
                                            the other Standards which set out additional specifications, standards and operating procedures
                                            furnished by FRANCHISOR will be written in English. FRANCHISOR will provide Franchisee with
                                            any translations into Chinese that FRANCHISOR may have prepared with respect to the Confidential
                                            Operating Manual and authorizes Franchisee to translate the Confidential Operating Manual
                                            and the other Standards into Chinese at its sole cost and expense for use in connection with
                                            the Franchised Restaurants; provided, however, that Franchisee shall not use such translation
                                            without first obtaining FRANCHISOR&rsquo;s prior written consent, such consent not to be
                                            unreasonably withheld. Any copyright or other proprietary rights in the translated version
                                            of the Confidential Operating Manual and the other Standards (including all copies of such
                                            version) shall be the exclusive property of FRANCHISOR. All documents to be provided herein
                                            may be provided by FRANCHISOR in electronic form, and Franchisee shall print copies of such
                                            documents at its own cost.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Such
                                            marketing and advertising research data and advice as may be developed from time to time
                                            by FRANCHISOR and deemed by it to be helpful in the operation of a Popeyes Restaurant.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Communication
                                            of new developments, techniques and improvements in food preparation, equipment, food products,
                                            packaging, service and restaurant management which are relevant to the operation of a Popeyes
                                            Restaurant.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Such
                                            other ongoing information as FRANCHISOR considers necessary to continue to communicate and
                                            advise Franchisee as to the Popeyes System, including the operation of the Franchised Restaurants.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The foregoing sections
                                            (a)&nbsp;and (b)&nbsp;of this clause 6 shall not apply if the Development Rights are in effect.</FONT></TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt"><B>7.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Training</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">7.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">A
                                            Franchised Restaurant shall not open unless the Operations Director, Restaurant Manager and
                                            such other members of Franchisee's staff charged with the responsibility for the day-to-day
                                            operation of such Franchised Restaurant as FRANCHISOR may determine, have successfully completed
                                            FRANCHISOR's pre-opening training program at such location(s)&nbsp;as determined by FRANCHISOR.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">7.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Any
                                            new Operations Director, any new Restaurant Manager and any other new member of Franchisee&rsquo;s
                                            staff as FRANCHISOR may determine must successfully complete the training program referred
                                            to in clause 7.1 before assuming their position.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">7.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The
                                            Operations Director and such other members of Franchisee's staff as FRANCHISOR may reasonably
                                            determine shall undertake and complete continuing training programs from time to time as
                                            directed by FRANCHISOR in order to implement FRANCHISOR&rsquo;s current operational standards.
                                            Such training programs shall be at times and locations specified by FRANCHISOR on reasonable
                                            advance notice to Franchisee.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">7.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Franchisee
                                            shall be responsible for the cost of FRANCHISOR providing any ongoing training programs requested
                                            by Franchisee or required by FRANCHISOR to be undertaken by Franchisee, the Operations Director,
                                            the Restaurant Manager or any of Franchisee&rsquo;s employees (including the cost of training
                                            any new or replacement Operations Director, Restaurant Manager or any new employees of Franchisee).
                                            Franchisee shall also be responsible for the cost of all FRANCHISOR training materials such
                                            as workbooks, online and electronic content, all travel and living expenses relating to Franchisee,
                                            all compensation of and workers compensation insurance for Franchisee's employees while enrolled
                                            in the training program, any other personal expenses incurred and materials provided to such
                                            employee, and training facility charges and training staff charges, if any.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">7.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Franchisee
                                            must, at its cost, implement a training program for each Franchised Restaurant&rsquo;s employees
                                            in accordance with training standards and procedures prescribed by FRANCHISOR.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">7.6</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Franchisee
                                            must use its reasonable efforts to staff the Franchised Restaurants at all times during the
                                            applicable Term with a sufficient number of trained employees including the minimum number
                                            of managers required by FRANCHISOR who have completed FRANCHISOR's training program at an
                                            accredited location to ensure that FRANCHISOR&rsquo;s Standards are met.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">7.7</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">This
                                            clause 7 shall not apply while the Development Rights are in effect. Until the occurrence
                                            of an MDA Termination Event, Franchisee shall provide training for its employees pursuant
                                            to the MDA. Thereafter, at FRANCHISOR&rsquo;S request, Franchisee shall continue to provide
                                            training for its employees under this clause 7.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt"><B>8.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Royalty,
                                            Advertising Contribution and Other Payments</B></FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                                                                                                                <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Royalty and Advertising
                                            Contribution with respect to each Franchised Restaurant are due and payable at the times
                                            and places, in the manner, and with the frequency and due dates specified herein. Unless
                                            otherwise specified by FRANCHISOR, the Royalty and Advertising Contribution shall be due
                                            and payable in accordance with clauses 8.1 and 8.2, respectively.</FONT></TD></TR>
                                                                                                                                                                                </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">8.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Royalty</U>.</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                         <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">In further consideration
                                            of the grant in clause 2.1, Franchisee shall pay the Royalty with respect to each of the
                                            Franchised Restaurants to FRANCHISOR or its designee, by no later than the 10<SUP>th</SUP>
                                            day of each month for the entire Term of the relevant Unit Addendum (and any renewal term,
                                            if applicable) based on Gross Sales of the Franchised Restaurant for the preceding month.
                                            The Royalty shall be paid to FRANCHISOR at the times and places and in the manner prescribed
                                            by FRANCHISOR from time to time.</FONT></TD></TR>
                                                                                         </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">8.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Advertising
                                            Contribution</U>.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">By
                                            no later than the 10<SUP>th</SUP> day of each month, Franchisee will pay the Advertising
                                            Contribution to FRANCHISOR or its designee with respect to each of its Franchised Restaurants
                                            based upon Franchisee&rsquo;s Gross Sales of the Franchised Restaurant for the preceding
                                            month. All Advertising Contributions will, upon payment, be the property of FRANCHISOR and
                                            may be used at its discretion for the purposes set forth in this Agreement. FRANCHISOR shall
                                            not be subject to any fiduciary or other implied duties, and no express or implied trust
                                            shall be created, in respect of any Advertising Contributions.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">All
                                            Advertising Contributions paid by Franchisee under this Agreement, less direct Administrative
                                            Expenses and any applicable taxes, will, if applicable, be combined with the advertising
                                            contributions of other franchisees in the Territory in an Advertising Fund and used for (i)&nbsp;conducting
                                            customer satisfaction surveys and market research expenditures directly related to the development
                                            and evaluation of the effectiveness of advertising and sales promotions; (ii)&nbsp;creative,
                                            production, clearance and other costs incurred in connection with the development of advertising,
                                            sales promotions and public relations, and (iii)&nbsp;various methods of delivering the advertising
                                            or promotional message, including, without limitation, television, radio, outdoor, print,
                                            electronic and digital media. All expenditures from the Advertising Fund shall be made by
                                            FRANCHISOR in its sole discretion for the benefit of Popeyes Restaurants in the Territory.
                                            The allocation of the Advertising Contribution among international (solely to fund FRANCHISOR
                                            Global Initiatives as set forth in clause (e)&nbsp;below), national, regional and local expenditures
                                            shall also be made by FRANCHISOR in its sole discretion and can be modified by FRANCHISOR
                                            from time to time in its sole discretion.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Franchisee
                                            acknowledges and agrees that FRANCHISOR is not required to spend the total contributions
                                            to the Advertising Fund in the fiscal year of FRANCHISOR in which such contributions are
                                            received, and FRANCHISOR may accumulate such reserves as it deems appropriate. Franchisee
                                            further acknowledges and agrees that FRANCHISOR is not required to spend any specific proportion
                                            of the Advertising Fund in any particular location or in respect of any particular Popeyes
                                            Restaurant provided that such expenditures do not disfavour any particular Franchised Restaurant.
                                            Franchisee acknowledges that it is not entitled to a refund of any monies held in the Advertising
                                            Fund upon expiration or termination of this Agreement.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">All
                                            Administrative Expenses shall be paid from the Advertising Fund in accordance with the Global
                                            Marketing Policy and clause 11.2.3 of the MDA. If requested by Franchisee, FRANCHISOR will,
                                            within 120 days following such request, prepare and deliver to Franchisee a statement of
                                            the Advertising Fund&rsquo;s receipts and expenses for the most recent fiscal year of the
                                            Advertising Fund.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">FRANCHISOR
                                            may, in its sole discretion, permit Franchisee to self-administer the Advertising Fund made
                                            up of all advertising contributions payable to FRANCHISOR in respect of the Popeyes Restaurants
                                            operated by Franchisee. In such event, subparagraph (b)&nbsp;of this clause 8.2 (except for
                                            the two last sentences thereof) will continue to apply, but subparagraphs (a), (c), and (d)&nbsp;of
                                            this clause 8.2 will not apply. Notwithstanding the foregoing, FRANCHISOR may withdraw this
                                            permission at any time in its sole discretion upon prior written notice to Franchisee, in
                                            which case Franchisee will no longer have the right to self-administer the Advertising Fund
                                            commencing on the first day of FRANCHISOR&rsquo;s next succeeding fiscal quarter, and any
                                            amounts held by Franchisee in respect of Advertising Contributions for itself and its Affiliates
                                            must be promptly remitted to FRANCHISOR. Franchisee must at all times comply with FRANCHISOR&rsquo;s
                                            policies on self-administered advertising funds as provided to Franchisee and updated from
                                            time to time.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Franchisee
                                            shall at all times comply with the requirement to pay, by the fifteenth (15<SUP>th</SUP>)
                                            day of each month based on Gross Sales for the previous month, to FRANCHISOR from the Advertising
                                            Fund an amount equal to 2% of the total amount of the monthly Advertising Contributions of
                                            all of the Franchised Restaurants to fund the FRANCHISOR Global Initiatives (including Administrative
                                            Expenses incurred by FRANCHISOR and its Affiliates with respect thereto) (the &ldquo;<B>Global
                                            Ad Fund Payment</B>&rdquo;). The Global Ad Fund Payment requirement shall apply to Franchisee
                                            regardless of whether FRANCHISOR or Franchisee administers the Advertising Fund. For the
                                            avoidance of doubt, if Franchisee ceases to self-administer the Advertising Fund pursuant
                                            to the provisions of this Agreement, payment in full of the Advertising Contributions set
                                            out in this Agreement shall be deemed to be the Global Ad Fund Payment.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(g)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Notwithstanding
                                            anything to the contrary in this Agreement, until the occurrence of an MDA Termination Event
                                            or until FRANCHISOR has terminated Parent&rsquo;s right to manage the Advertising Fund in
                                            accordance with clause 11.7 of the MDA: (a)&nbsp;Parent (or Franchisee) will manage the Advertising
                                            Fund as provided in clause 11 of the MDA; (b)&nbsp;the Advertising Contributions paid with
                                            respect to the Franchised Restaurants shall be aggregated with all advertising contributions
                                            paid by other franchisees in the Territory into a single fund and managed in accordance with
                                            clause 11 of the MDA; and (c)&nbsp;the rights of FRANCHISOR set forth in clause 8.2 (other
                                            than the right to receive the Global Ad Fund Payment) shall be deemed to be rights of Parent
                                            (or Franchisee) consistent with clause 11 of the MDA. Accordingly, until such termination
                                            has occurred: (i)&nbsp;all references in clauses 8.2(a), (b), (c), and (d)&nbsp;to FRANCHISOR
                                            shall for this purpose and during such period mean Parent (or Franchisee); (ii)&nbsp;except
                                            for the Global Ad Fund Payment, there shall be no obligation to pay the Advertising Contribution
                                            to FRANCHISOR or its designee as provided in clause 8.2(a); and (iii)&nbsp;FRANCHISOR shall
                                            not administer or spend monies from the Advertising Fund, nor be obliged to provide a statement
                                            of the Advertising Fund&rsquo;s expenses and receipts to Franchisee.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">8.3</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>No Set Off; Method of Payment</U>.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Royalty and the Advertising Contribution must be paid in full free
    of any deductions or set-off whatsoever (except withholding income taxes if required to be withheld from the relevant payment by
    the Laws of the Territory) and by such method (including direct debit in accordance with clause 8.5) as FRANCHISOR or its designee
    may from time to time stipulate. If required by FRANCHISOR, Franchisee must submit to FRANCHISOR or its designee a recipient-created
    tax invoice or a remittance statement in a form prescribed by FRANCHISOR at the same time as the payment is made.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">8.4</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Interest</U>.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Franchisee shall pay to FRANCHISOR interest on any sum overdue under
    this Agreement, in the currency in which the overdue sum is required to be paid, calculated on a daily basis from the due date until
    payment in full at the rate of ten percent (10%) per annum. Entitlement to such interest shall be in addition to any other remedies
    FRANCHISOR may have. It is acknowledged that the late payment interest payable pursuant to this clause 8.4 is not a penalty but the
    parties&rsquo; reasonable pre-estimate of the loss incurred by FRANCHISOR as a result of late payments of amounts due to it under
    this Agreement.</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 202; Value: 2 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">8.5</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Method of Payment</U>.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">FRANCHISOR may, at its option, and provided the same is permissible
    under the applicable Law of the Territory, require payment of the Royalty and/or Advertising Contribution and any other amount payable
    under this Agreement by such methods or methods as may best align or accord with FRANCHISOR&rsquo;s global payment policy standards
    in effect from time to time, including, without limitation, by international wire transfer, electronic funds transfer, ACH credit
    transfer, international drawdown and/or by direct weekly or monthly withdrawals in the form of an electronic, wire, automated transfer
    or other similar electronic funds transfer in the appropriate amount(s)&nbsp;from Franchisee&rsquo;s bank or other financial institution
    account. If FRANCHISOR exercises the latter option to automatically pull funds from Franchisee&rsquo;s bank account, Franchisee will:
    (a)&nbsp;execute and deliver to its financial institution and to FRANCHISOR those documents necessary to authorize such withdrawals
    and to make payment or deposit as directed by FRANCHISOR; (b)&nbsp;not thereafter terminate such authorization so long as any payments
    are owed to FRANCHISOR hereunder or any other agreement with FRANCHISOR, whether this Agreement is in effect or this Agreement has
    expired or been terminated or any other such agreement is in effect or has expired or been terminated, without the prior approval
    of FRANCHISOR; (c)&nbsp;not close such account without prior notice to FRANCHISOR and the establishment of a substitute account permitting
    such withdrawals; and (d)&nbsp;take all reasonable and necessary steps to establish an account at a financial institution which has
    a direct electronic funds transfer or other withdrawal program if such a program is not available at Franchisee&rsquo;s financial
    institution.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">8.6</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Franchisee Must Not Withhold Payment</U>.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Franchisee shall not, unless required by Law, for any reason withhold
    or offset payment of any amount due to FRANCHISOR under this Agreement (including pursuant to clause 8.1 and 8.2 hereof). This applies
    even if Franchisee alleges that FRANCHISOR has not performed or is not performing an obligation imposed upon it under this Agreement
    or any other agreement with FRANCHISOR. FRANCHISOR may accept any partial payment without prejudice to its right to recover the balance
    due or pursue any other remedy.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">8.7</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Application of Payments.</U></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">FRANCHISOR, in its sole discretion, may apply any payment received
    from Franchisee or from any other Person on behalf of Franchisee against any past due indebtedness of Franchisee as FRANCHISOR may
    see fit, notwithstanding any contrary instruction or designation given by Franchisee or any other Person as to the application or
    imputation of any such payment.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">8.8</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Currency</U>.</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">All
                                            payments to FRANCHISOR required under this Agreement shall be made in US$ (the &ldquo;<B>Required
                                            Currency</B>&rdquo;) into such bank account in Singapore, or such other place as FRANCHISOR
                                            shall designate (the &ldquo;<B>Required Country</B>&rdquo;). Such payment shall be made by
                                            such method as FRANCHISOR may from time to time stipulate. Each conversion from the local
                                            currency of the Territory (&ldquo;<B>Local Currency</B>&rdquo;) to the Required Currency
                                            shall be made at the Conversion Rate for the purchase of the Required Currency as of the
                                            last bank trading day of the month on which the payment is based, or in the case of the Franchise
                                            Fee and Renewal Fee, as of the close of business on the last bank trading day preceding the
                                            invoice date for the respective Franchise Fee or Renewal Fee. At Franchisee&rsquo;s request,
                                            FRANCHISOR will provide Franchisee with confirmation of the applicable Conversion Rate.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">As
                                            and when any consent is required under any applicable Law for the remittance of Royalties
                                            and other payments to FRANCHISOR or to an Affiliate of FRANCHISOR nominated by FRANCHISOR,
                                            Franchisee will at its own expense make all necessary and appropriate applications to such
                                            Authorities as may be necessary or desirable to facilitate the transmittal and payment of
                                            sums due under this Agreement in accordance with the time frames set forth herein. To the
                                            extent such application to the Authorities is denied or the convertibility of each Local
                                            Currency to the Required Currency is insufficient to make any of the required payments to
                                            FRANCHISOR pursuant to this Agreement, Franchisee undertakes and agrees to pay such monies
                                            in the Required Currency from its or its subsidiaries&rsquo; global assets.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">In
                                            the event that Franchisee shall at any time be prohibited from making any payment in the
                                            Required Currency outside of the Territory, Franchisee shall immediately notify FRANCHISOR
                                            of this fact and such payment shall thereupon be made to such place and in such currency
                                            as may be selected by FRANCHISOR and acceptable to the appropriate Authorities, all in accordance
                                            with remittance instructions furnished by FRANCHISOR. The acceptance by FRANCHISOR of any
                                            payment in a currency other than that of the Required Currency or in a territory other than
                                            the Required Country or a destination as specified by FRANCHISOR does not release Franchisee
                                            from its obligation to make future payments in the Required Currency to the Required Country
                                            or a destination as specified by FRANCHISOR.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">If
                                            at any time there exists an exchange control, governmental regulation or any Law which prohibits
                                            the payment to FRANCHISOR of the amounts due to FRANCHISOR under this Agreement, the MDA
                                            and/or any Unit Addendum in the Required Currency and the Required Country (a &ldquo;<B>Payment
                                            Restriction</B>&rdquo;), FRANCHISOR and Franchisee shall follow the procedures set forth
                                            in clause 22.4 of the MDA. Notwithstanding anything to the contrary in clause 22.4 of the
                                            MDA, FRANCHISOR may not terminate this Agreement or any Unit Addendum if the Payment Restriction
                                            remains in effect for a period of more than three (3)&nbsp;years.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt"><B>9.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Records;
                                            Reporting Obligations and Audits; Release of Information</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">9.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Records</U>.</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                         <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Franchisee must keep
                                            true, accurate and complete records of its business relating to the Franchised Restaurants
                                            and retain all such records and reports including sales records and records of all expenditures
                                            and amounts received from suppliers and distributors for a period of at least twenty-four
                                            (24) months or such longer period as is required by the relevant Tax Authorities or applicable
                                            Law.</FONT></TD></TR>
                                                                                         </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">9.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Report
                                            of Gross Sales.</U></FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                                       <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">By the 1<SUP>st</SUP>
                                            day of each month, Franchisee must deliver to FRANCHISOR a report of Gross Sales for the
                                            previous month in the form and manner required by FRANCHISOR.</FONT></TD></TR>
                                                                                                       </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">9.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Sales
                                            and Other Reports, Financial Statements and Statement Verifying Sales.</U></FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                                                                                             <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Franchisee must submit
                                            to FRANCHISOR, at such times as FRANCHISOR designates, the following by hard copy or electronic
                                            format prescribed by or otherwise acceptable to FRANCHISOR:</FONT></TD></TR>
                                                                                                                                                             </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(i)&nbsp;daily,
                                            weekly and monthly total restaurant sales, ticket count and comparative sales reports, including
                                            Polling Information and Delivery Aggregator Information; (ii)&nbsp;monthly product volume
                                            mix data, including Delivery Aggregator Information; and (iii)&nbsp;monthly information obtained
                                            from evaluation and rating programs in which Franchisee is required to participate from time
                                            to time, including self-audits, product, facility, crew or service evaluation programs and
                                            customer satisfaction programs, all of the foregoing for the Franchised Restaurants;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(i)&nbsp;monthly,
                                            quarterly and fiscal year-to-date profit and loss statements prepared as management accounts
                                            in accordance with generally accepted accounting principles in the Territory for each Franchised
                                            Restaurant and the total operations of Franchisee, including, without limitation, all Popeyes
                                            Restaurants operated by Franchisee, which for the avoidance of doubt includes the main office
                                            function and any distribution function and (ii)&nbsp;such other information and records of
                                            any kind as FRANCHISOR may reasonably require from time to time, including, without limitation,
                                            quarterly balance sheets and income statements and copies of any other documentation provided
                                            to the Tax Authorities relating to the Franchised Restaurants, as the case may be;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(i)&nbsp;a
                                            full disclosure of all equity owners in Franchisee and any other person with any interest
                                            in the Franchised Restaurant, unless the Franchisee is a Public Company; (ii)&nbsp;complete
                                            audited annual financial statements prepared in accordance with US GAAP in the Territory
                                            and the total operations of Franchisee, including, without limitation, all Popeyes Restaurants
                                            operated by Franchisee which for the avoidance of doubt includes the main office function
                                            and any distribution function; and (iii)&nbsp;a statement verifying total monthly restaurant
                                            sales and ticket counts for the previous twelve (12) months for each Franchised Restaurant
                                            and separately for all Popeyes Restaurants operated by Franchisee, certified by Franchisee&rsquo;s
                                            Comptroller (or the equivalent position);</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">copies
                                            of tax returns and remittances relating to the Franchised Restaurants; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">such
                                            other information and records of any kind as FRANCHISOR may reasonably require from time
                                            to time, including, without limitation, quarterly balance sheets and income statements and
                                            copies of any other documentation provided to the Tax Authorities relating to the Franchised
                                            Restaurants.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">To
                                            the extent that any of the foregoing reports and financial statements are required to be
                                            provided to FRANCHISOR or its Affiliates pursuant to the MDA or Investment Agreement, FRANCHISOR
                                            shall not require Franchisee to provide such reports or financial statements hereunder, it
                                            being the intention of the parties not to require Franchisee to provide duplicative reports
                                            and financial statements.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">9.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Inspections
                                            and Audits</U>.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">FRANCHISOR
                                            or its representatives, at FRANCHISOR's expense, may, at all reasonable times, examine or
                                            audit, in whole or in part, written or electronic books, accounts, tax returns and other
                                            records and reports relating to Franchisee and/or each Franchised Restaurant, and, for this
                                            purpose, Franchisee must produce to FRANCHISOR all such books, accounts, tax returns, records
                                            and reports relating to Franchisee and/or each Franchised Restaurant and separately for all
                                            Popeyes Restaurants operated by Franchisee. In conducting such examinations or audits, FRANCHISOR
                                            and its representatives shall exercise commercially reasonable efforts to minimize disruption
                                            to the normal operation of the business.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">If
                                            a discrepancy is found between the reported Gross Sales and actual Gross Sales for any period,
                                            Franchisee shall pay to FRANCHISOR, within ten (10)&nbsp;days of receipt of an invoice, the
                                            difference between the amounts paid in respect of Royalties and Advertising Contributions
                                            and the Royalties and Advertising Contributions payable under this Agreement had Gross Sales
                                            been reported accurately, with interest in accordance with clause 8.4 calculated from the
                                            date such amounts were to have been paid had Gross Sales been reported accurately. If it
                                            is found that Franchisee has paid Royalties and Advertising Contributions in excess of amounts
                                            due, FRANCHISOR will promptly credit Franchisee&rsquo;s account.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Where
                                            clause 8.2(e)&nbsp;applies, any shortfall in the amount required to be deposited or remitted
                                            under clause 8.2(e), due other than to a discrepancy between actual and reported Gross Sales
                                            recoverable under clause 9.4(b), shall be recoverable by FRANCHISOR as deemed Royalty and
                                            shall bear interest in accordance with clause 8.4 calculated from the end of the month in
                                            which the deposit or remittance should have been made, which interest, FRANCHISOR shall,
                                            when paid, add to any Advertising Fund to which Franchisee is required to contribute.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">9.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Audit
                                            Costs</U>.</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                             <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Franchisee must, within
                                            fifteen (15) days of receipt of a demand from FRANCHISOR, reimburse FRANCHISOR for all costs
                                            of the audit including travel, lodging and wages of employed personnel and charges by contractors,
                                            if: (a)&nbsp;the discrepancy in any month between reported Gross Sales and actual Gross Sales
                                            exceeds 3% of actual Gross Sales; or (b)&nbsp;FRANCHISOR conducted the audit because Franchisee
                                            failed to deliver to FRANCHISOR a report of Gross Sales for the relevant month as required
                                            under clause 9.2 after being given notice by FRANCHISOR and seven (7)&nbsp;days to cure such
                                            failure.</FONT></TD></TR>
                                                                                             </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt"><B>10.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Taxes,
                                            Duties and Other Charges</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">10.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Franchisee
                                            shall pay when due all taxes, charges, duties, government imposts or levies (including any
                                            fines or penalties) arising by reason of Franchisee's possession, ownership or operation
                                            of the Franchised Restaurants or items loaned to Franchisee by FRANCHISOR or the entering
                                            into of this Agreement including, without limitation, any stamp taxes, sales, use, value
                                            added, goods and services or other tax (other than any tax that is measured by or related
                                            to the net income of FRANCHISOR). In the event of any bona fide dispute as to the liability
                                            for a tax assessed against it, Franchisee may contest the validity or the amount of the tax
                                            in accordance with the procedures of the taxing Authority; <U>provided</U>, <U>however</U>,
                                            that Franchisee shall not permit a tax sale or seizure against the Franchised Restaurants,
                                            Locations or equipment used in the Franchised Restaurants.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">10.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">It
                                            is understood and agreed by the Parties that Franchisee will be responsible for complying
                                            with any Indirect Tax obligation in respect of any payment made by Franchisee pursuant to
                                            this Agreement, and any and all other tax liabilities except Indirect Taxes arising out of
                                            this Agreement will be the responsibility of the Party owing such Taxes.&nbsp;Notwithstanding
                                            the foregoing or anything else herein, the Parties have agreed that all amounts payable pursuant
                                            to this Agreement by Franchisee do not include Indirect Tax and, in the event Indirect Tax
                                            applies under either existing law or a future change in statute or interpretation that results
                                            in Indirect Tax on such amounts, Franchisee will bear the economic burden of such Indirect
                                            Tax either through payment of the Indirect Tax to FRANCHISOR or, if Franchisee is required
                                            by Law to deduct and pay the applicable Indirect Tax to the relevant Tax Authority, Franchisee
                                            will gross up the applicable amount by the applicable Indirect Tax and remit payment of the
                                            applicable Indirect Tax amount to the relevant Tax Authority, without any deduction from
                                            amounts payable under this Agreement. For greater clarity, all payments made under this Agreement
                                            shall be made in full, free of any deduction or set off whatsoever, except Withholding Income
                                            Tax as required by the applicable Law of the Territory.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">10.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">In
                                            the event that Franchisee is required to withhold an amount in respect of Withholding Income
                                            Tax liability of a payee as a result of any of the payments set out in this Agreement made
                                            by or on behalf of Franchisee, Franchisee shall withhold from such payments such Withholding
                                            Income Taxes as are required by Law and remit payment of all amounts in respect of Withholding
                                            Income Tax liability, with all necessary forms, to the applicable Tax Authority in the Territory
                                            in accordance with applicable Law. To the extent that any Tax Authority imposes a penalty
                                            and/or interest for failure to properly withhold and remit Withholding Income Tax in connection
                                            with any payment made by Franchisee to FRANCHISOR, Franchisee will be solely responsible
                                            for the payment of such penalties and related interest and FRANCHISOR shall have no responsibility
                                            or liability therefor. For the avoidance of doubt, the amount so withheld for Withholding
                                            Income Tax shall be deducted from the amount required to be paid by Franchisee to FRANCHISOR
                                            hereunder. Franchisee shall provide FRANCHISOR with corresponding receipts from the relevant
                                            Tax Authority in the Territory to evidence such payments or amounts withheld to support a
                                            Claim against FRANCHISOR&rsquo;s Singapore (or other country&rsquo;s) income taxes with respect
                                            to the taxes withheld and paid by Franchisee. In the event a Double Tax Treaty (&ldquo;<B>DTT</B>&rdquo;)
                                            exists between the payor and the payee jurisdiction, the payee will provide the necessary
                                            documentation to confirm eligibility to receive the benefits of the DTT by the required due
                                            date. Franchisee agrees to comply with the requirements of the DTT and file any required
                                            documentation with the applicable Tax Authority. Additionally, Franchisee agrees to cooperate
                                            with FRANCHISOR by providing FRANCHISOR with any information requested by FRANCHISOR from
                                            Franchisee in order for FRANCHISOR to comply with the requirements of the DTT.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">10.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">If
                                            there is an exemption in the Territory for the application of Withholding Income Taxes or
                                            Indirect Taxes to any payments made by Franchisee to FRANCHISOR or its designee, Franchisee
                                            will cooperate in good faith with FRANCHISOR and take all reasonable steps necessary to ensure
                                            that FRANCHISOR or its designee will be eligible for such exemption, including by applying
                                            for the exemption with the applicable Tax Authority.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt"><B>11.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Protection
                                            of the Popeyes System</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">11.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Ownership</U>.</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                            <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Franchisee acknowledges
                                            that ownership of all right, title and interest in and to all elements of the Popeyes System,
                                            including the Popeyes Marks, and the design, d&eacute;cor and image of Popeyes Restaurants
                                            is and shall remain vested solely in FRANCHISOR or an Affiliate of FRANCHISOR and that Franchisee
                                            has and will acquire no proprietary or other rights or Claims in or to any element of the
                                            Popeyes System or the Popeyes Marks other than the license granted by this Agreement. Franchisee
                                            disclaims any other right or interest in and to the Popeyes System and the Popeyes Marks
                                            and in the goodwill derived therefrom and will promptly if requested by FRANCHISOR assign
                                            free of any charge to FRANCHISOR any right or interest Franchisee may acquire or be deemed
                                            to acquire therein. Franchisee acknowledges and agrees that all uses of the Popeyes Marks
                                            and any element of the Popeyes System shall inure to the benefit of FRANCHISOR.</FONT></TD></TR>
                                                                                            </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">11.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Improvements</U>.</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                               <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Franchisee shall promptly
                                            notify FRANCHISOR of any potential improvements or new features which it identifies as capable
                                            of benefiting the Popeyes System. Franchisee agrees that all right, title and interest in
                                            and to such potential improvements or new features are hereby transferred to, vest in and
                                            remain the exclusive property of FRANCHISOR on and from their creation, without payment by
                                            FRANCHISOR, and FRANCHISOR and/or its Affiliates may evaluate, modify and introduce any such
                                            potential improvements or new features into the Popeyes System for the benefit of FRANCHISOR
                                            and other franchisees. Franchisee shall do all things and sign all documents necessary to
                                            give effect to this clause 11.2. FRANCHISOR shall have no obligation to use the improvements
                                            or new features. Franchisee shall not use potential improvements or new features at any of
                                            the Franchised Restaurants unless and until first approved by FRANCHISOR.</FONT></TD></TR>
                                                                                               </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">11.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Confidential
                                            Information</U>.</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                                           <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The term &ldquo;<B>Confidential
                                            Information</B>&rdquo; as used in this Agreement means all confidential and proprietary information
                                            of FRANCHISOR or any of its Affiliates, including without limitation, FRANCHISOR&rsquo;s
                                            or any of its Affiliates&rsquo; trade dress, restaurant and packaging design specifications
                                            and strategies, brands standards, any information relating to business plans, branding and
                                            design, equipment, operations manuals, including the Confidential Operating Manual, and other
                                            Standards, specifications and operating procedures, training materials, marketing and business
                                            information, marketing strategy and marketing programs, plans and methods, food specifications
                                            (including recipes, prepared mixtures or blends of spices and other food products), details
                                            of suppliers and distributors, and sources of supply and distribution, sales, contractual
                                            and financial arrangements of FRANCHISOR and its Affiliates and service providers, log-in
                                            information and personal data of all users/fans/followers of Popeyes Intellectual Property
                                            Rights, and all other information and knowledge relating to the methods of operating and
                                            the functional know-how applicable to Popeyes Restaurants and the Popeyes System and any
                                            other system or brand operated by FRANCHISOR or any of its Affiliates revealed by or at the
                                            direction of FRANCHISOR or any of its Affiliates to Franchisee or any of its Affiliates.</FONT></TD></TR>
                                                                                                           <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                                           <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Franchisee and Parent
                                            acknowledge the uniqueness of the Popeyes System and that FRANCHISOR and/or its Affiliates
                                            are making the Confidential Information available to Franchisee for the purpose of operating
                                            the Franchised Restaurants. Franchisee and Parent agree that it would be an unfair method
                                            of competition for Franchisee to use or duplicate or to allow others to use or duplicate
                                            any of the Confidential Information. Franchisee and Parent, therefore, must:</FONT></TD></TR>
                                                                                                           </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">at
                                            all times, both during the Agreement Term and following its termination or expiration, maintain
                                            the Confidential Information in strict confidence;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">use
                                            the Confidential Information only in the operation of the Franchised Restaurants;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">not
                                            disclose the Confidential Information to any Person except those officers, employees and
                                            professional advisers of Franchisee who have a specific need to have access to it for the
                                            operation of the Franchised Restaurants, who have been made aware of the terms on which it
                                            has been disclosed to Franchisee, and who agree to maintain its confidentiality. Franchisee
                                            is responsible for any unauthorized disclosure of the Confidential Information by Persons
                                            to whom Franchisee has disclosed it;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">approve
                                            internal documents required for all employees of Franchisee containing the rules&nbsp;pertaining
                                            to the use of Confidential Information and impose an obligation not to disclose the Confidential
                                            Information in the employment agreements signed with its employees;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">not
                                            permit anyone to reproduce, copy or exhibit any portion of the Confidential Operating Manual
                                            or any other Confidential Information received from FRANCHISOR;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">if
                                            none of this Agreement, the MDA and any Unit Addenda is in effect, return, delete or destroy
                                            the Confidential Information received from FRANCHISOR immediately upon receipt of a request
                                            from FRANCHISOR to do so;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 207; Value: 2 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(g)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">at
                                            FRANCHISOR&rsquo;s request, require the General Manager and the Operations Director to execute
                                            an agreement similar in substance to this clause in a form acceptable to FRANCHISOR and naming
                                            FRANCHISOR as a third party beneficiary with the independent right to enforce such agreement;
                                            and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(h)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">fulfil
                                            all other formalities required under applicable Law in order to ensure the trade secret regime
                                            in respect of any information and documents related to the Popeyes System.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Neither Franchisee
                                            nor Parent will disclose the terms and conditions of this Agreement to any Person whatsoever,
                                            other than Franchisee&rsquo;s professional advisors with a need to know such information,
                                            without the prior written consent of FRANCHISOR, which consent may be withheld in FRANCHISOR&rsquo;s
                                            reasonable discretion.</FONT></TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">11.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Press
                                            Releases.</U></FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                                 <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Franchisee and Parent
                                            agree that they shall not, at any time, whether before or after the Commencement Date, issue
                                            any press release or any other statement, broadcast, podcast, advertisement, circular, newsletter
                                            or other forms of information in relation to this Agreement, the MDA or any Unit Addendum
                                            or the Popeyes business in the Territory to the public unless the contents of such information
                                            release have been approved in writing by FRANCHISOR prior to dissemination. Franchisee and/or
                                            Parent must submit a request in writing for approval of FRANCHISOR for all public relations
                                            material (for example, press releases or information statements) relating to any aspect of
                                            the Popeyes System, ingredients in menu items, public health issues, nutritional issues,
                                            or any other matter which may reasonably be expected to have an adverse impact on the public
                                            perception of the brand or reputation of FRANCHISOR before using any such material, and FRANCHISOR
                                            shall use commercially reasonable efforts to respond to such request for approval within
                                            two (2)&nbsp;Business Days.</FONT></TD></TR>
                                                                                                 </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">11.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Required
                                            Disclosure.</U></FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                                      <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Any disclosure by Franchisee
                                            or Parent of any Confidential Information required by a valid order issued by an Authority
                                            of competent jurisdiction (a &quot;<B>Legal Order</B>&quot;) shall be subject to the terms
                                            of this clause 11.5. Prior to making any such disclosure, Franchisee or Parent, as the case
                                            may be, shall provide FRANCHISOR with: (a)&nbsp;prompt written notice of such requirement
                                            so that FRANCHISOR may seek a protective order or other remedy; and (b)&nbsp;reasonable assistance
                                            in opposing such disclosure or seeking a protective order or other limitations on disclosure.
                                            If, after providing such notice and assistance as required herein, Franchisee or Parent,
                                            as the case may be, remains subject to a Legal Order to disclose any Confidential Information,
                                            Franchisee or Parent shall disclose no more than that portion of the Confidential Information
                                            which, on the advice of Franchisee&rsquo;s legal counsel, such Legal Order specifically requires
                                            Franchisee or Parent to disclose and shall use commercially reasonable efforts to obtain
                                            assurances from the applicable Authority that such Confidential Information will be afforded
                                            confidential treatment.</FONT></TD></TR>
                                                                                                      </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">11.6</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>No
                                            Dilution</U>.</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                              <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Franchisee and Parent
                                            must not directly or indirectly, at any time during the Agreement Term or after the expiration
                                            of the Agreement Term, do or cause to be done any act or thing disputing, challenging, attacking
                                            or in any way diluting or tending to dilute the validity of and FRANCHISOR&rsquo;s right,
                                            title or interest in and to the Popeyes System, including the Popeyes Marks, and the goodwill
                                            associated therewith. In particular, Franchisee shall not directly or indirectly use any
                                            of the Popeyes Marks in association with any goods or services except as provided under the
                                            Popeyes System and/or under this Agreement. Franchisee shall not directly or indirectly use
                                            any variations or abbreviations or any words confusingly similar to any of the Popeyes Marks.
                                            Franchisee shall never apply to register or obtain protection for any trademark confusingly
                                            similar thereto with any relevant state bodies.</FONT></TD></TR>
                                                                                              </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">11.7</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Infringement</U>.</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                               <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Franchisee must immediately
                                            notify FRANCHISOR of all infringements or imitations of the Popeyes System, including the
                                            Popeyes Marks, which come to Franchisee's attention, or challenges to Franchisee's use of
                                            any of the Popeyes Marks, and FRANCHISOR may exercise absolute discretion in deciding what
                                            action, if any, should be taken. Franchisee must cooperate in the prosecution of any action
                                            to prevent the infringement, imitation, illegal use or misuse of the Popeyes Marks or the
                                            Popeyes System and agrees to be named as a party in any such action if so requested by FRANCHISOR.
                                            FRANCHISOR will bear the reasonable legal expenses and costs incidental to Franchisee's participation
                                            in such action, except for the costs and expenses of Franchisee&rsquo;s separate legal counsel
                                            (if Franchisee elects to be represented by counsel of Franchisee&rsquo;s own choosing). Franchisee
                                            must not institute any legal action or other kind of proceeding based on the Popeyes Marks
                                            or the Popeyes System without the prior approval of FRANCHISOR.</FONT></TD></TR>
                                                                                               </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">11.8</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Popeyes
                                            Marks, Registered Users</U>.</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                                                  <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">FRANCHISOR represents
                                            that the marks specified in <U>Schedule C</U> are registered as stated in <U>Schedule C</U>
                                            as of the Commencement Date but makes no express or implied warranty with respect to the
                                            validity of any of the Popeyes Marks except as specifically disclosed in <U>Schedule C</U>.
                                            Franchisee accepts that Franchisee may conduct business utilizing some Popeyes Marks which
                                            have not been registered, that registration may not be granted for the unregistered marks
                                            and that some of the Popeyes Marks may be subject to use by third parties unauthorized by
                                            FRANCHISOR. Franchisee shall, upon request and at no expense to Franchisee, assist FRANCHISOR
                                            in perfecting and obtaining registration of any unregistered Popeyes Marks.</FONT></TD></TR>
                                                                                                                  <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                                                  <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Whenever requested
                                            by FRANCHISOR, Franchisee must enter into one or more agreements authorizing and permitting
                                            the use of the Popeyes Marks or any of them (&ldquo;<B>Registered User Agreements</B>&rdquo;),
                                            and Franchisee agrees to comply with all the terms and conditions contained in such Registered
                                            User Agreements and to sign and execute any documents and/or do such things to assist FRANCHISOR
                                            in making application on Franchisee's behalf for registration of all necessary Registered
                                            User Agreements. The provisions of any Registered User Agreements shall be consistent with
                                            the provisions of this Agreement. Franchisee shall not attempt to register itself as a user
                                            of any of the Popeyes Marks except in connection with an application filed by FRANCHISOR.
                                            Nothing in any Registered User Agreement shall be construed as giving Franchisee the right
                                            to transfer, sub-license or otherwise dispose of Franchisee's right to use the Popeyes Marks
                                            without FRANCHISOR's prior written consent.</FONT></TD></TR>
                                                                                                                  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">11.9</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Franchisee
                                            Name</U>.</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                                  <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Franchisee may not,
                                            and will procure that its Affiliates will not, include any of the following words/expressions
                                            in its name without the prior written consent of FRANCHISOR or its Affiliates: the initials
                                            &ldquo;RBI&rdquo;, the words &ldquo;Restaurant Brands International&rdquo;, &ldquo;Popeyes&rdquo;,
                                            &ldquo;Popeyes Louisiana Kitchen&rdquo; or anything similar to or resembling the same in
                                            appearance, sound, or in any other way.</FONT></TD></TR>
                                                                                                  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">11.10</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Conduct
                                            of Business on the Internet.</U></FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                                                       <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Franchisee and Parent
                                            must not conduct E-Commerce or advertise for business on the Internet without the prior written
                                            consent of FRANCHISOR. Notwithstanding the foregoing, while the MDA is in effect, Franchisee
                                            may advertise on the internet in accordance with the procedures set forth in clause 11 of
                                            the MDA. For the avoidance of doubt, Franchisee may use the Internet to provide notifications
                                            regarding the operating hours of a Franchised Restaurant and the status of a Franchised Restaurant
                                            as open or closed.</FONT></TD></TR>
                                                                                                                       </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">11.11</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Use
                                            of the Internet.</U></FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                                       <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Franchisee and Parent
                                            must: (a)&nbsp;obtain FRANCHISOR&rsquo;s prior written approval to any email and social media
                                            addresses it uses in connection with the Franchised Restaurants and, if necessary, change
                                            the addresses at FRANCHISOR&rsquo;s request; (b)&nbsp;acknowledge at all times that ownership
                                            and control of FRANCHISOR&rsquo;s websites and domain names remain with FRANCHISOR or an
                                            Affiliate of FRANCHISOR; (c)&nbsp;not alter or allow to be altered the structure or layout
                                            of any of the websites used by FRANCHISOR or any Affiliate of FRANCHISOR under license from
                                            FRANCHISOR; (d)&nbsp;not publish the Popeyes Marks or any information or material on the
                                            Internet or World Wide Web concerning the Confidential Operating Manual, Current Image or
                                            any other Confidential Information of FRANCHISOR or its Affiliates without the prior written
                                            consent of FRANCHISOR; and (e)&nbsp;not interfere in the use of any of the websites used
                                            by FRANCHISOR or any Affiliate under license from FRANCHISOR and comply in all material respects
                                            with all policies and procedures regarding websites and use of the Internet, including social
                                            media, that FRANCHISOR publishes from time to time.</FONT></TD></TR>
                                                                                                       </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">11.12</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Independent
                                            Contractor.</U></FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                                          <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">For purposes of this
                                            Agreement, Franchisee is an independent contractor and under this Agreement is not an agent,
                                            partner, joint venturer or employee of FRANCHISOR, and no express or implied fiduciary relationship
                                            exists between the parties under this Agreement. Franchisee must not, nor attempt to, bind
                                            or obligate FRANCHISOR in any way nor represent that Franchisee has any right to do so. By
                                            virtue of this Agreement, FRANCHISOR has and will have no control over the terms and conditions
                                            of employment of Franchisee's employees.</FONT></TD></TR>
                                                                                                          </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">11.13</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Public
                                            Notice of Independence.</U></FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                                                 <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Notwithstanding that
                                            FRANCHISOR or an Affiliate of FRANCHISOR is a direct or indirect shareholder of Franchisee,
                                            in all public records and in Franchisee's relationship with other persons, on stationery,
                                            business forms and checks, Franchisee must indicate the independent ownership of the Franchised
                                            Restaurants and that Franchisee is a franchisee of FRANCHISOR. Franchisee must exhibit at
                                            the Franchised Restaurants in such places as may be designated by FRANCHISOR, a notification
                                            that the Franchised Restaurants are operated by an independent operator under license from
                                            FRANCHISOR. FRANCHISOR may prescribe the form of the indication and notification required
                                            by this clause 11.13.</FONT></TD></TR>
                                                                                                                 </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">11.14</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Registration
                                            of Agreement.</U></FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                                             <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">If local Law requires
                                            the registration or recordation of this Agreement with any local government agency, administrative
                                            board or banking agency, Franchisee must give prior notice of such registration or recordation
                                            to FRANCHISOR. Franchisee shall effectuate such registration(s)&nbsp;or recordation(s)&nbsp;at
                                            its sole cost and expense in strict compliance with local laws as soon as possible.</FONT></TD></TR>
                                                                                                             </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt"><B>12.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Insurance;
                                            Indemnity</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">12.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Insurance
                                            Required</U>.</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                                     <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Prior to the Opening
                                            Date of each Franchised Restaurant, Franchisee must procure and maintain in full force and
                                            effect during the Agreement Term insurance policies meeting the requirements set forth in
                                            clause 20.9 and <U>Schedule 7</U> of the MDA with respect to such Location. Upon the occurrence
                                            of an MDA Termination Event, Franchisee must procure and maintain in full force and effect
                                            during the balance of the Agreement Term insurance policies meeting the requirements set
                                            forth in <U>Schedule D</U> hereto with respect to such Location.</FONT></TD></TR>
                                                                                                     </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">12.2</FONT></TD><TD><FONT STYLE="font-size: 10pt"><U>Policy Requirements</U></FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                         <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Each policy required
                                            under clause 12.1 must, subject to <U>Schedule D</U>: (a)&nbsp;name FRANCHISOR and its Affiliates
                                            as additional insureds or its equivalent, (b)&nbsp;be written by an insurance company or
                                            companies reasonably as specified by FRANCHISOR from time to time in the Confidential Operating
                                            Manual and on terms and conditions that are acceptable to FRANCHISOR (including the amount
                                            of the deductible under each insurance policy), (c)&nbsp;include such coverages, policy limits
                                            and endorsements as may be reasonably specified from time to time by FRANCHISOR in the Confidential
                                            Operating Manual or otherwise in writing, (d)&nbsp;provide that the insurers shall not have
                                            rights of subrogation or recourse against any additional insured or its equivalent, (e)&nbsp;provide
                                            that the policy cannot be cancelled without thirty (30) days&rsquo; prior written notice
                                            to FRANCHISOR, (f)&nbsp;insure the contractual liability of Franchisee under clause 12.5,
                                            and (g)&nbsp;include a cross liability provision enabling one insured person to Claim against
                                            the insurer even if the party making the Claim against that party is itself insured under
                                            that policy. Notwithstanding the foregoing, FRANCHISOR agrees that, so long as the MDA remains
                                            in effect, (i)&nbsp;the insurance coverages described in the MDA; and (ii)&nbsp;the deductible
                                            and policy limits set forth in clause 20.9 and <U>Schedule 7</U> of the MDA, are acceptable
                                            to FRANCHISOR.</FONT></TD></TR>
                                                                         </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">12.3</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><U>Evidence of Insurance</U></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Prior to the Opening Date of each Franchised Restaurant and when requested
    by FRANCHISOR during the Agreement Term, Franchisee must furnish to FRANCHISOR certificates of insurance or its equivalent evidencing
    that the required insurance coverage is in effect pursuant to the terms of this Agreement. The addition of FRANCHISOR and its Affiliates
    as additional insureds or its equivalent shall be effectuated through an endorsement to Franchisee&rsquo;s insurance policies, without
    any language of limitation affecting coverage, and a copy of the endorsement must be provided to FRANCHISOR or its designated agent.
    All policies must be renewed, and a renewal certificate of insurance must be provided to FRANCHISOR or its designated agent, prior
    to the expiration date of the policies.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">12.4</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Other Insurance Requirements</U></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Franchisee must neither do nor omit to do any act which renders or
    may render any of the insurance policies void or voidable. If FRANCHISOR determines that a particular insurer is unacceptable to
    FRANCHISOR and so notifies Franchisee, Franchisee will use its reasonable efforts to obtain alternative or additional insurance from
    an insurer acceptable to FRANCHISOR prior to the expiration of the relevant policy and furnish to FRANCHISOR certificates of insurance
    evidencing that such alternative or additional insurance coverage is in effect. The insurance afforded by the policy or policies
    required under this Agreement shall be primary and not contributory with FRANCHISOR&rsquo;s insurance and shall not be limited in
    any way by reason of any insurance which may be maintained by FRANCHISOR. The amount of insurance as required by the MDA or <U>Schedule
    D</U> to this Agreement shall not be construed to be a limitation of liability on the part of Franchisee. The obligation of Franchisee
    to maintain insurance is separate and distinct from its obligation to indemnify FRANCHISOR under the provisions of clause 12.5.</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">12.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Indemnity.</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Franchisee
                                            is responsible for all Losses arising out of or in connection with the possession, ownership
                                            or operation of the Franchised Restaurants and the Locations.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Franchisee
                                            shall defend, indemnify and hold harmless the FRANCHISOR Indemnified Parties, with counsel
                                            fully acceptable to FRANCHISOR, against and in respect of all Losses sustained or incurred
                                            by the FRANCHISOR Indemnified Parties, or any one or more of them, based upon, arising out
                                            of or relating to: (i)&nbsp;the possession, ownership or operation of the Franchised Restaurants
                                            and the Locations, including, without limitation, any Claim, action or demand for damages
                                            to property or for injury, illness or death of persons directly or indirectly resulting therefrom,
                                            (ii)&nbsp;any breach by Franchisee or failure to perform any of its representations, warranties,
                                            covenants, obligations or agreements set forth herein, (iii)&nbsp;the sale of securities
                                            of Franchisee or any Affiliate of Franchisee, including, without limitation, Losses related
                                            to any alleged violation of any securities laws, (iv)&nbsp;any deceptive or fraudulent activities,
                                            corporate malfeasance, negligence or wilful misconduct of the Franchisee in connection with
                                            the operation of Franchisee&rsquo;s business; (v)&nbsp;taxes, charges, duties, government
                                            imposts or levies (including any fines or penalties) arising by reason of Franchisee&rsquo;s
                                            possession, ownership or operation of the Franchised Restaurants; and (vi)&nbsp;any Claim,
                                            action or demand of any kind or nature whatsoever brought by any employee, agent, subcontractor
                                            or independent contractor of Franchisee or any employee of any agent, subcontractor or independent
                                            contractor of Franchisee.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Franchisee&rsquo;s
                                            indemnification obligations hereunder shall be in effect from the Commencement Date and survive
                                            the termination of this Agreement and continue for as long as the statute of limitations
                                            applicable to any such Claim, action or demand remains in effect.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Notwithstanding
                                            the foregoing, no FRANCHISOR Indemnified Party shall be indemnified or held harmless from
                                            any Losses to the extent that such Losses result from the negligence or willful misconduct
                                            of any such FRANCHISOR Indemnified Party, as determined by a final arbitral award rendered
                                            in accordance with clause 18.2 or, in connection with a third party claim, by a court of
                                            competent jurisdiction pursuant to a final and unappealable judgment (a &ldquo;<B>Final Judgment</B>&rdquo;),
                                            provided that (i)&nbsp;if Franchisee has assumed the defense of the Claim, Franchisee will
                                            advance all costs and expenses in connection with the defense of the Claim as such costs
                                            and expenses are incurred until such time as there is a Final Judgment, (ii)&nbsp;if the
                                            FRANCHISOR Indemnified Party assumes the defense of the Claim, Franchisee will pay all costs
                                            and expenses in connection with the defense of the Claim as such costs and expenses are incurred
                                            until such time as there is a Final Judgment; and (iii)&nbsp;if the Final Judgment determines
                                            that any FRANCHISOR Indemnified Party has contributed to the Losses through its own contributory
                                            negligence or willful misconduct, FRANCHISOR shall repay to Franchisee a portion of the amount
                                            advanced by Franchisee or paid to the FRANCHISOR Indemnified Party in proportion to the degree
                                            of contributory negligence of such FRANCHISOR Indemnified Party, as determined in such Final
                                            Judgment.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The
                                            right to indemnity hereunder shall exist notwithstanding that joint or several liability
                                            may be imposed upon the FRANCHISOR Indemnified Parties by applicable Law. Franchisee&rsquo;s
                                            obligation to defend and indemnify the FRANCHISOR Indemnified Parties is separate and distinct
                                            from its obligation to maintain insurance, and is not limited by the amount of insurance
                                            required by FRANCHISOR under this Agreement and the MDA.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Notwithstanding
                                            anything to the contrary in this clause 12.5, any sum recovered by the relevant FRANCHISOR
                                            Indemnified Party through Franchisee&rsquo;s insurance or otherwise (less any reasonable
                                            out-of-pocket expenses incurred by such FRANCHISOR Indemnified Party in recovering the sum
                                            and any tax attributable to or suffered in respect of the sum recovered) will reduce the
                                            amount of the Losses in respect of which a claim can be made under clause 12.5(b)&nbsp;by
                                            an equivalent amount.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(g)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">FRANCHISOR
                                            shall advise Franchisee if it receives notice that a Claim has been or will be filed with
                                            respect to a matter covered by this indemnity and provide Franchisee with such information
                                            as Franchisee may reasonably require to assume the defense of the Claim. In such event, Franchisee
                                            shall be given the opportunity to assume the defense thereof with counsel reasonably acceptable
                                            to FRANCHISOR, and FRANCHISOR shall have the right to participate in the defense of any Claim
                                            against FRANCHISOR that is assumed by Franchisee at FRANCHISOR&rsquo;s own cost and expense.
                                            FRANCHISOR and Franchisee shall consult with counsel in connection with any proposed settlement
                                            to assess and determine the viability of any Claim and the appropriate amount of the proposed
                                            settlement. Franchisee shall not, without the prior written consent of the applicable FRANCHISOR
                                            Indemnified Parties, settle, compromise or offer to settle or compromise any such Claim unless
                                            the terms of such settlement provide for (i)&nbsp;a full and unqualified release of the FRANCHISOR
                                            Indemnified Parties, (ii)&nbsp;no admission of liability, fault or violation of Law or contract
                                            and (iii)&nbsp;no relief other than payments of monetary damages that are not to be paid
                                            by the FRANCHISOR Indemnified Parties, subject to clause 12.5(d).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(h)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Notwithstanding
                                            the foregoing, if (i)&nbsp;Franchisee elects not to defend the FRANCHISOR Indemnified Parties
                                            by failing to notify such parties in writing that Franchisee will indemnify them from and
                                            against the entirety of any Losses that they may sustain or incur, based upon or arising
                                            out of the indemnifiable claims within five (5)&nbsp;days after FRANCHISOR Indemnified Parties
                                            have given notice to Franchisee of such indemnifiable claims, (ii)&nbsp;a conflict of interest
                                            exists between Franchisee on the one hand and the FRANCHISOR Indemnified Parties or the Popeyes
                                            System on the other hand, as reasonably determined by FRANCHISOR, (iii)&nbsp;the indemnifiable
                                            claim relates to the matters described in subparagraphs (b)(iii)&nbsp;or (iv)&nbsp;of this
                                            clause 12.5(h), (iv)&nbsp;settlement of, or an adverse judgment with respect to, the indemnifiable
                                            claims is, in the good faith judgment of FRANCHISOR, likely to establish a precedential custom
                                            or practice adverse to the continuing business interests or the reputation of FRANCHISOR
                                            or the Popeyes System, or (v)&nbsp;the indemnifiable claim involves multiple franchisees
                                            and FRANCHISOR reasonably determines that consolidation of all such claims would be in the
                                            best interests of FRANCHISOR and the affected franchisees, including Franchisee (in which
                                            case any liability of Franchisee hereunder would be on a pro rata basis), the FRANCHISOR
                                            Indemnified Parties shall have the right to defend the claim, action or demand by appropriate
                                            proceedings with sole power to direct and control such defense with respect to themselves,
                                            and Franchisee shall pay to the FRANCHISOR Indemnified Parties all reasonable costs, including
                                            reasonable attorneys&rsquo; fees, incurred by such parties in effecting such defense and
                                            any subsequent legal appeal, in addition to any sums which FRANCHISOR may pay by reason of
                                            any settlement or judgment against the FRANCHISOR Indemnified Parties.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
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<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt"><B>13.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>[Intentionally
                                            Deleted.]</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt"><B>14.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Transfer
                                            Restrictions</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">14.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>No
                                            Transfer or Change in Franchisee Without Consent</U>.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Except
                                            with respect to a Transfer that complies with all of the requirements of the Investment Agreement
                                            while the Investment Agreement is in effect, or an assignment or transfer to a wholly-owned
                                            subsidiary of Franchisee, or parent company that owns all of the interests of Franchisee
                                            (which subsidiary or parent company, as applicable, must be, and remain during the Agreement
                                            Term, (i)&nbsp;a wholly-owned subsidiary of Franchisee or parent company that owns all of
                                            the interests in Franchisee; and (ii)&nbsp;a single-purpose entity, the business of which
                                            is limited to the development, operation and servicing of Popeyes Restaurants and any activities
                                            ancillary thereto or acting as the master franchisee under the MDA and related agreements),
                                            Franchisee shall not, directly or indirectly (and shall not permit an Affiliate of Franchisee
                                            to), without the prior written consent of FRANCHISOR, Transfer (A)&nbsp;this Agreement or
                                            any of its rights or obligations in or under this Agreement; (B)&nbsp;any of the Franchised
                                            Restaurants, the Locations or the real estate relating to the Franchised Restaurants including,
                                            without limitation, substantially all of the assets of any or all of the Franchised Restaurants;
                                            or (C)&nbsp;any part of or beneficial interest in any of the above, and shall not permit
                                            any such matter to arise by operation of Law or otherwise.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Notwithstanding
                                            the foregoing, until the occurrence of an MDA Termination Event, if Franchisee wishes to
                                            Transfer a Franchised Restaurant to a third party, Franchisee shall be permitted to Transfer
                                            the Franchised Restaurant without FRANCHISOR&rsquo;s consent (but subject to payment of the
                                            Transfer Fee pursuant to sub-clause 14.2(l)), and the Transfer shall be subject only to compliance
                                            with this clause and clause&nbsp;14.1(d)&nbsp;below; provided, however, that Franchisee must
                                            at all times own and operate the number of Franchised Restaurants as required pursuant to
                                            the MDA. In the event of the Transfer of a Franchised Restaurant, Franchisee and the new
                                            franchisee must enter into a new franchise agreement for the Location and comply with all
                                            other requirements of the MDA and this Agreement pertaining to such Transfer. Upon the occurrence
                                            of an MDA Termination Event, any such Transfer shall be subject to all of the conditions
                                            set forth in this clause&nbsp;14.1 and in clause 14.2 below, and the third party must enter
                                            into FRANCHISOR&rsquo;s then current form of franchise agreement upon such Transfer. Such
                                            obligation in favor of FRANCHISOR shall be included in the transfer agreement executed by
                                            Franchisee and such third party.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Any
                                            Transfer of Equity Securities in Franchisee or any Principal shall comply with the requirements
                                            of the Investment Agreement while FRANCHISOR is a party thereto. If FRANCHISOR is no longer
                                            a party to the Investment Agreement, Franchisee shall not, directly or indirectly (and shall
                                            not permit any Affiliate to), except with the prior written consent of FRANCHISOR: (i)&nbsp;permit
                                            the Transfer any Equity Securities in Franchisee or any Principal; (ii)&nbsp;issue any new
                                            Equity Securities in Franchisee or any Principal (except the issuance of Equity Securities
                                            to the existing shareholders in proportion to their existing equity shareholders); (iii)&nbsp;permit
                                            any change in beneficial ownership of, or in any of the rights attaching to, any Equity Securities
                                            in Franchisee or any Principal; or (iv)&nbsp;permit any reorganization, merger, consolidation,
                                            liquidation, amalgamation or other material change in the structure or control of Franchisee
                                            or any Principal.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Any
                                            Transfer hereunder may only be effected if such transaction is not with any of the following:
                                            (i)&nbsp;a Competitor; (ii)&nbsp;a Person which, at the time of the Transfer, directly or
                                            indirectly, provides marketing, advertising, training, monitoring, development, reporting
                                            and/or collection services to a Competitor; (iii)&nbsp;a Person which acts as a franchisee
                                            or master franchisee for any Competitor, (iv)&nbsp;an RBI Franchisee (except a Transfer of
                                            a Franchised Restaurant pursuant to clause 14.1(b)&nbsp;while the MDA is in effect), and/or
                                            (v)&nbsp;a Prohibited Person or Affiliate thereof, as determined in FRANCHISOR&rsquo;s sole
                                            judgment based on the results of background checks (and any follow-up or additional diligence,
                                            if any, required by FRANCHISOR) of the proposed Transferee, all principals thereof, and any
                                            shareholder with more than a ten percent (10%) equity interest in the proposed Transferee
                                            or representation on its board of directors. Such background checks and follow-up and additional
                                            diligence will be conducted by Franchisee at its sole cost and expense and provided to FRANCHISOR.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Equity
                                            Securities of Franchisee or any Principal may not be Transferred unless, in addition to obtaining
                                            the prior written consent of FRANCHISOR as required pursuant to clauses 14.1(c)&nbsp;and
                                            (d)&nbsp;above, the transferor complies with all policies and guidelines FRANCHISOR may then
                                            have in effect for approval of a proposed distribution of Equity Securities of franchisees.
                                            In any Transfer of Equity Securities, the offering materials shall include such legends and
                                            disclaimers reasonably requested by FRANCHISOR. Franchisee shall give FRANCHISOR the reasonable
                                            opportunity to review any such sale materials prior to their filing or use. Any review by
                                            FRANCHISOR of the offering materials or the information included therein will be conducted
                                            solely for the benefit of FRANCHISOR to determine conformance with FRANCHISOR&rsquo;s internal
                                            policies, and not to benefit or protect any other Person.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The
                                            proposed transferor shall notify FRANCHISOR in writing of any proposed Transfer of an interest
                                            referred to in this clause 14.1 (&ldquo;<B>Interest&rdquo;</B>) before the proposed Transfer
                                            is to take place, and shall provide such information and documentation relating to the proposed
                                            Transfer as FRANCHISOR may reasonably require.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(g)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Any
                                            Transfer described in this clause 14.1 attempted without compliance with the terms hereof
                                            shall be void and of no effect and shall constitute a material act of default hereunder and
                                            good cause for termination of this Agreement.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(h)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Except
                                            as set forth in clause 14.2, any and all restrictions on Transfer of Equity Securities referenced
                                            in clause 14 shall not apply to (i)&nbsp;an initial public offering or other transaction
                                            that results in Franchisee (or any Principal) becoming a Public Company (subject to compliance
                                            with the applicable terms of the Investment Agreement) or (ii)&nbsp;the relevant Public Company
                                            during such time as Franchisee (or the relevant Principal) is a Public Company; provided,
                                            however, that the Transfer or issuance of ten percent (10%) or more of Equity Securities
                                            of such Public Company to any Person, directly or indirectly, and whether in one or more
                                            transactions, that is (a)&nbsp;a Competitor; (b)&nbsp;an existing or former franchisee of
                                            any RBI Brand or any Affiliate thereof, without obtaining the prior written approval of FRANCHISOR;
                                            or (c)&nbsp;a Prohibited Person or Affiliate thereof, as determined in FRANCHISOR&rsquo;s
                                            sole judgment based on the results of background checks (and any follow-up or additional
                                            diligence, if any, required by FRANCHISOR) of the proposed Transferee, all principals thereof,
                                            and any shareholder with more than a ten percent (10%) equity interest in the proposed Transferee
                                            or representation on its board of directors, if applicable, shall in each case be a &ldquo;<B>Material
                                            Change in Ownership</B>&rdquo; of Franchisee and shall constitute a material default hereunder
                                            and good cause for termination of the Transaction Agreements by FRANCHISOR, in its sole discretion.
                                            Franchisee will be responsible for all costs incurred by FRANCHISOR with respect to the proposed
                                            Transfer or issuance of Equity Securities, including attorneys&rsquo; fees and the costs
                                            to engage the vendor to conduct the background checks and additional due diligence, if applicable,
                                            regardless of whether the Transfer is completed or approved. Franchisee shall ensure that
                                            FRANCHISOR receives all documents and information from the proposed transferee or subscriber
                                            needed to properly conduct such background check pursuant to the policies of FRANCHISOR and
                                            its Affiliates. FRANCHISOR&rsquo;s approval or disapproval of the background check will be
                                            in FRANCHISOR&rsquo;s sole discretion. Franchisee will use best efforts to notify FRANCHISOR
                                            in writing of any proposed Material Change in Ownership before the proposed Material Change
                                            in Ownership is to take place, and shall provide such information and documentation relating
                                            to the proposed Transfer as FRANCHISOR may reasonably require.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">If
                                            Franchisee (or any Principal) ceases to be a Public Company, the transfer restrictions with
                                            respect to the Equity Securities of Franchisee set forth in clauses 14.1(c)&nbsp; and 14.1(d)&nbsp;shall
                                            apply with respect to any Transfer of Equity Securities of Franchisee (including Transfers
                                            of less than ten percent (10%) of the Equity Securities of Franchisee).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">With
                                            respect to sub-clause (h)&nbsp;above, for the avoidance of doubt, if Franchisee or any Principal
                                            becomes a Public Company and at any point thereafter ceases to be a Public Company, all restrictions
                                            on Transfers contained in this Agreement (including, for the avoidance of doubt, any restrictions
                                            on the Transfer of Equity Securities) shall apply in the same manner that such restrictions
                                            applied prior to Franchisee or such Principal becoming a Public Company. Notwithstanding
                                            the foregoing, Franchisee will not be permitted to Transfer this Agreement or any of its
                                            rights or obligations in or under this Agreement other than in accordance with the terms
                                            of clause 14.1(a).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">14.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Conditions
                                            for Consent</U>.</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                                         <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Except to the extent
                                            any Transfer is permitted pursuant to clause 14.1 above (a &ldquo;<B>Permitted Transfer</B>&rdquo;),
                                            in determining whether or not to grant approval to a proposed Transfer of any Interest referred
                                            to in clause 14.1 for which approval of FRANCHISOR is required to be obtained, FRANCHISOR
                                            may consider any relevant matter in its reasonable discretion, including, without limitation,
                                            the protection of the Popeyes System, the protection of FRANCHISOR and its Affiliates, and
                                            the orderly and proper operation and development of other Popeyes Restaurants in the market
                                            which may be directly or indirectly impacted by the proposed Transfer.</FONT></TD></TR>
                                                                                                         <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                                         <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                            addition to the foregoing, FRANCHISOR (i)&nbsp;may impose any of the following conditions
                                            for granting its consent to the proposed Transfer (other than a Permitted Transfer), as FRANCHISOR
                                            may deem appropriate in its sole discretion, and (ii)&nbsp;may impose the conditions set
                                            forth in (a), (c), (k), (l)&nbsp;and (o)&nbsp;below in connection with a Permitted Transfer:</FONT></TD></TR>
                                                                                                         </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">all
                                            material obligations of Franchisee that are due but not yet fulfilled to FRANCHISOR and its
                                            Affiliates, whether arising under this Agreement or otherwise (including, without limitation,
                                            all monetary obligations and all repair, maintenance, refurbishment and upgrade obligations)
                                            must be satisfied on or before the Transfer Date;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">all
                                            material obligations of Franchisee that are due but not yet fulfilled to third parties arising
                                            out of the conduct of the Franchised Restaurant including obligations owed to suppliers and
                                            distributors must be satisfied on or before the Transfer Date;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Franchisee
                                            and its Affiliates are not in default of any material provisions of this Agreement or any
                                            other agreement with FRANCHISOR or its Affiliates;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                            Transferee (or, if applicable, such owners of the Transferee as FRANCHISOR may request),
                                            in FRANCHISOR&rsquo;s reasonable judgment, satisfies all of FRANCHISOR&rsquo;s business standards
                                            and requirements; has the aptitude and ability to operate the Franchised Restaurant; has
                                            adequate financial resources and capital to do so; and must complete and be approved through
                                            FRANCHISOR's standard franchisee application and selection process including satisfactorily
                                            demonstrating to FRANCHISOR that it meets the financial, character, organizational, managerial,
                                            credit, operational, and legal criteria and such other criteria and conditions as FRANCHISOR
                                            shall then be applying in considering applications for new franchises. The Transferee must
                                            meet with representatives of FRANCHISOR at its corporate offices or such other location as
                                            may be reasonably requested by FRANCHISOR. Without limiting the grounds on which it will
                                            be reasonable for FRANCHISOR to withhold its consent to any Transfer, FRANCHISOR may withhold
                                            its consent to any proposed Transfer where: (i)&nbsp;the Transferee or any Affiliate of the
                                            Transferee carries on activities of a kind described in clause 17 (Restrictive Covenant),
                                            or (ii)&nbsp;in the reasonable judgment of FRANCHISOR, the Transfer would result in the Transferee
                                            having a disproportionately large ownership of Popeyes Restaurants compared to its financial
                                            capability;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Transfers
                                            to existing franchisees in the Popeyes System may be subject to conditions materially different
                                            from or in addition to conditions with respect to other Transfers. FRANCHISOR reserves the
                                            right to disapprove a Transfer based upon (without limitation) any of the following considerations,
                                            in FRANCHISOR&rsquo;s reasonable discretion: (i)&nbsp;the current geographic scope and proximity
                                            of the prospective Transferee&rsquo;s operations; (ii)&nbsp;the physical and operational
                                            condition, opportunities and obligations present in the prospective Transferee&rsquo;s existing
                                            market(s)&nbsp;and Popeyes Restaurants; (iii)&nbsp;the penetration level of Popeyes Restaurants
                                            in the prospective Transferee&rsquo;s existing market(s); and (iv)&nbsp;the period of time
                                            since the prospective Transferee last acquired Popeyes Restaurants and the extent to which
                                            the prospective Transferee properly integrated those Popeyes Restaurants into its organization
                                            and resolved material issues arising from or related to such previous acquisition;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                            form, material terms and conditions in the Transfer agreement must be reasonably acceptable
                                            to FRANCHISOR;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(g)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                            Transferee must execute FRANCHISOR's then current form of franchise agreement for a term
                                            equal to the remainder of the Agreement Term, except that no further Franchise Fee will be
                                            payable for the remainder of the Agreement Term, and the timing for required remodeling shall
                                            be as under this Agreement or as otherwise agreed (and such obligation shall be included
                                            in the transfer agreement executed by Franchisee and the Transferee);</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(h)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                            Transferee and such owners of an entity Transferee as FRANCHISOR may request, must execute
                                            a guarantee of the Transferee&rsquo;s obligations to FRANCHISOR and its Affiliates. For the
                                            purposes of determining compliance, FRANCHISOR shall have the right to examine and approve
                                            the form and content of all governing documents of the entity Transferee (and such right
                                            shall be included in the transfer agreement executed by Franchisee and the Transferee);</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Franchisee
                                            must execute all documents necessary to cancel the entries of Franchisee as a registered
                                            user of the Popeyes Marks and shall cooperate with FRANCHISOR in effecting the cancellation
                                            of entries of Franchisee as a registered user with the relevant registry;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(j)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                            Transferee must enter into any registered user agreements required by FRANCHISOR authorizing
                                            and permitting the use of the Popeyes Marks;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(k)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                            Transferee&rsquo;s General Manager and Operations Director and/or such other relevant persons
                                            as determined by FRANCHISOR must have satisfactorily completed, at their expense, FRANCHISOR's
                                            training program for new franchisees on or before the Transfer Date unless the persons in
                                            those roles are the same persons who occupied those roles for Franchisee prior to the Transfer
                                            Date;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(l)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Franchisee
                                            must pay a transfer fee in the amount of US$10,000.00 with respect to the first Franchised
                                            Restaurant Transferred, and $500.00 with respect to each additional Franchised Restaurant
                                            Transferred in the same transaction (the &ldquo;<B>Transfer Fee</B>&rdquo;) to FRANCHISOR
                                            before the Transfer Date. The Transfer Fee is payable in respect of any Transfer, including
                                            a Permitted Transfer;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(m)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">FRANCHISOR
                                            is satisfied, in its reasonable business judgment, that the Franchised Restaurants and the
                                            consummation of the contemplated transaction(s)&nbsp;will create sufficient cash flow after
                                            payment of debt service and other amounts necessary for reinvestment in the business for
                                            repairs or remodeling the Franchised Restaurant and Location, to permit the prospective Transferee
                                            to meet its financial commitments generally as well as the prospective Transferee&rsquo;s
                                            obligations under this Agreement;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(n)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">if
                                            Franchisee or any Affiliate proposes to Transfer only the real estate at the Franchised Restaurant,
                                            FRANCHISOR is satisfied, in its reasonable business judgment, that Franchisee and its Affiliates,
                                            on a consolidated basis, will meet the financial ratios and standards FRANCHISOR applies
                                            to newly developed Popeyes Restaurants; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(o)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">such
                                            legal documentation as is required by FRANCHISOR must be executed, including a general release
                                            executed by Franchisee, in a form satisfactory to FRANCHISOR, of any and all Claims against
                                            FRANCHISOR, its Affiliates, and their respective officers, directors, agents and employees.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">FRANCHISOR will use
                                            reasonable efforts to provide a response to a proposed Transfer within sixty (60) days of
                                            receipt by FRANCHISOR of Franchisee&rsquo;s notice of the proposed Transfer and the furnishing
                                            of all reasonably requested information and documentation.</FONT></TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">14.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Right
                                            of First Refusal</U>.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">If
                                            Franchisee receives an acceptable bona fide offer from a third party (&ldquo;<B>Offer</B>&rdquo;)
                                            to directly or indirectly purchase (i)&nbsp;a Franchised Restaurant, any portion thereof
                                            or interest therein, or any asset material to the operation of a Franchised Restaurant or
                                            (ii)&nbsp;any Equity Securities in Franchisee (individually and collectively, the <B>&ldquo;Assets&rdquo;</B>),
                                            Franchisee must give FRANCHISOR written notice (<B>&ldquo;Offer Notice&rdquo;</B>) offering
                                            to sell the Assets to FRANCHISOR or its assignee at the same purchase price and otherwise
                                            on substantially the same terms and conditions and setting out the name and address of the
                                            prospective purchaser, the price and other terms of the Offer, a copy of the proposed sale
                                            agreement for the Assets to be executed by both Franchisee and purchaser, together with such
                                            other information and documentation as FRANCHISOR may reasonably request in order to evaluate
                                            the Offer, including all material exhibits, copies of real estate purchase agreements, proposed
                                            security agreements and related promissory notes, assignment documents, leases, deeds, surveys,
                                            title insurance commitments and policies and copies of all title exceptions and any other
                                            material information FRANCHISOR may request, a franchise application completed by the prospective
                                            purchaser, references, and the opportunity to interview the prospective purchaser and/or
                                            its officers. For the avoidance of doubt, FRANCHISOR&rsquo;s right of refusal under this
                                            clause 14.3(a)&nbsp;shall not apply to any offers of Equity Securities in any direct or indirect
                                            holding company of Parent.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">If
                                            the consideration offered by the third party is not in cash, Franchisee must offer to sell
                                            the Assets to FRANCHISOR at the fair market value, which, failing agreement between FRANCHISOR
                                            and Franchisee, will be determined by an independent expert mutually agreed to by the parties,
                                            and the Offer will be deemed to have been made on the date the fair market value is agreed
                                            or determined.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">A
                                            bona fide Offer from a third party includes any Transfer consolidation, merger or any other
                                            transaction in which legal or beneficial ownership of the franchise granted by this Agreement
                                            or any Equity Securities held by a principal under clause 4.2, is vested in any Person other
                                            than Franchisee or that principal but excludes any Transfer between the shareholders who
                                            directly and indirectly hold any interest in the Franchisee as of the date of this Agreement
                                            or any consolidation, merger or any other transaction between the Franchisee and the Affiliates
                                            or subsidiary of the Franchisee or such principal.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">FRANCHISOR
                                            or its assignee has the right and the option, exercisable within 30 days from receipt of
                                            an Offer Notice, and all other requested documentation and information required under clause
                                            14.3(a)&nbsp;(&ldquo;<B>Offer Period&rdquo;</B>), to accept the Offer. Silence on the part
                                            of FRANCHISOR shall constitute rejection of the Offer.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">FRANCHISOR
                                            or its assignee may accept the Offer contained in the Offer Notice by giving notice of acceptance
                                            to Franchisee before the expiration of the Offer Period (&ldquo;<B>Acceptance Notice</B>&rdquo;).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The
                                            Acceptance Notice may contain terms which vary from the terms of the Offer Notice if the
                                            terms upon which FRANCHISOR or its assignee agrees to buy the Assets are not commercially
                                            less favorable to Franchisee than those contained in the Offer Notice. Further, the Acceptance
                                            Notice may reject any provision or condition that is inconsistent with Franchisee&rsquo;s
                                            material obligations under this Agreement or the effect of which would be to materially increase
                                            the cost to, or otherwise change in any material respects the economic terms imposed on,
                                            FRANCHISOR or its assignee, as a result of the substitution of FRANCHISOR or its assignee
                                            (as applicable) for the prospective purchaser. Any such provision or condition is void and
                                            unenforceable against FRANCHISOR.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt">(g)</TD><TD STYLE="text-align: justify">If Franchisee receives the Acceptance Notice
                                            during the Offer Period, Franchisee must sell and FRANCHISOR or its assignee must purchase
                                            the Assets upon the terms and conditions contained in the Offer Notice, as such terms may
                                            be varied by the Acceptance Notice as set forth above.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(h)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Acceptance
                                            will constitute a binding contract and FRANCHISOR or its assignee and Franchisee shall complete
                                            the sale and purchase with all reasonable speed, subject to </FONT>(i)&nbsp;all of the closing
                                            conditions set forth in the proposed sale agreement; (ii)&nbsp;obtaining any necessary consents
                                            and estoppels from landlords or others which Franchisee must use reasonable efforts to obtain;
                                            and (iii)&nbsp;satisfaction with the results of a due diligence investigation of the Assets,
                                            as conducted by FRANCHISOR or its assignee over a period of not less than sixty (60) days,
                                            commencing on the date of the Acceptance Notice. Franchisee will use reasonable efforts to
                                            assist FRANCHISOR in obtaining any necessary consents and estoppels from landlords or others
                                            and conducting a due diligence investigation of the Assets.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt">(i)</TD><TD STYLE="text-align: justify">If FRANCHISOR rejects Franchisee's offer
                                            to sell the Assets or any portion thereof, as the case may be, Franchisee may conclude the
                                            sale to the purchaser named in the Offer Notice on terms not more favorable to the purchaser
                                            than those offered to FRANCHISOR, subject to obtaining the prior written consent of FRANCHISOR
                                            as required under this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt">(j)</TD><TD STYLE="text-align: justify">If the sale to the purchaser has not been
                                            completed within ninety (90) days of obtaining FRANCHISOR&rsquo;s consent, or such longer
                                            time as may be reasonably required to obtain the consent of any landlord or other Person,
                                            FRANCHISOR may at any time thereafter withdraw its consent to the Transfer by giving written
                                            notice to Franchisee. If Franchisee thereafter wishes to proceed with the sale of the Assets
                                            on the same commercial terms to the same prospective purchaser, Franchisee is not required
                                            comply with this clause 14.3 (right of first refusal) but must obtain FRANCHISOR&rsquo;s
                                            prior consent to the Transfer.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt">(k)</TD><TD STYLE="text-align: justify">The election by FRANCHISOR not to exercise
                                            its right of first refusal as to any Offer will not affect its right of first refusal as
                                            to any subsequent Offer.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt">(l)</TD><TD STYLE="text-align: justify">If the proposed sale of the Assets includes
                                            material assets of Franchisee not related to the operation of Popeyes Restaurants, FRANCHISOR
                                            or its assignee may, at its option, elect to purchase only the assets related to the operation
                                            of Popeyes Restaurants and an equitable purchase price will be allocated to each asset included
                                            in the proposed sale.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt">(m)</TD><TD STYLE="text-align: justify">Any Transfer or attempted Transfer of the
                                            interests described in this clause 14.3 without first giving FRANCHISOR the right of first
                                            refusal as described above shall be void and of no force and effect, and shall constitute
                                            a material act of default hereunder and deemed good cause for termination of this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt">(n)</TD><TD STYLE="text-align: justify">The right of first refusal in this clause
                                            14.3 shall not apply if the Development Rights are in effect.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27pt">14.4</TD>
    <TD STYLE="text-align: justify"><U>No Waiver</U>.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">FRANCHISOR's consent to a Transfer shall not constitute a waiver of any Claims it may have against
    Franchisee, nor shall it be deemed a waiver of FRANCHISOR's right to demand exact compliance with any of the terms of this Agreement
    by Franchisee or Transferee.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt"><B>15.</B></FONT></TD><TD STYLE="text-align: justify"><B>Default and Termination</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt">15.1</TD><TD STYLE="text-align: justify">If an act of default hereunder is committed by Franchisee related to
                                 a Franchised Restaurant or Franchisee&rsquo;s performance under this Agreement, and Franchisee fails
                                 to cure the default after any required written notice and within the applicable cure period, then, without
                                 prejudice to any other rights and remedies FRANCHISOR may have under this Agreement, any other agreement,
                                 at law or in equity, FRANCHISOR may, at any time after the occurrence of any of the acts described below
                                 and expiration of the cure period (if applicable), by giving written notice to Franchisee,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt">(A)</TD><TD STYLE="text-align: justify">if any act of default referred to in sub-clauses
                                            15.1(a)&nbsp;to 15.1(n)&nbsp;has occurred, terminate the Unit Addendum for the Franchised
                                            Restaurant in relation to which the act of default has occurred and has not been cured (&ldquo;<B>Terminated
                                            Restaurant&rdquo;</B>); and/or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt">(B)</TD><TD STYLE="text-align: justify">if any act of default referred to in sub-clauses
                                            15.1(o)&nbsp;to 15.1(cc) has occurred, terminate the Unit Addenda in respect of some or all
                                            Franchised Restaurants to which Franchisee and its Affiliates are parties and/or terminate
                                            this Agreement in its entirety as determined by FRANCHISOR, in its sole discretion, it being
                                            understood that an event of default under these sub provisions shall be grounds to default
                                            all Unit Addenda and this Agreement (even if an act of default has occurred in relation to
                                            only one of the Franchised Restaurants).</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                  <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD COLSPAN="2" STYLE="text-align: justify">The applicable cure period is described below, but if a cure period is not
               specifically mentioned, it shall be forty-five (45) days. In some instances, as identified below, no cure period is allowed,
               but only if such default is specifically identified as a default for which there is no cure period. If any applicable
               Law requires a longer cure period than that provided herein, then the period required under the applicable Law shall be
               substituted for the requirements herein. All the acts of default set out in sub-clauses 15.1(a)&nbsp;to 15.1(cc) below
               are material acts of default and are good cause for the termination of a Unit Addendum for a Franchised Restaurant or
               this Agreement, as the case may be, as described in sub-paragraphs (A)&nbsp;and (B)&nbsp;above:</TD></TR>
                                                  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Franchisee
                                            fails to maintain or operate the Franchised Restaurant in accordance with the requirements
                                            of the Popeyes System, including the </FONT>Confidential Operating Manual and all other operating
                                            standards and specifications established from time to time by FRANCHISOR or its Affiliates
                                            as to service, cleanliness, health and sanitation. Franchisee shall have ten (10)&nbsp;days
                                            after notice from FRANCHISOR to Franchisee to cure the default.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt">(b)</TD><TD STYLE="text-align: justify">Franchisee&rsquo;s default under the previous
                                            clause is deemed by FRANCHISOR, in its commercially reasonable judgment, to be of a nature
                                            so serious as to threaten the immediate safety or health of customers or employees of Franchisee
                                            or the general public. In such case, Franchisee will, after written notice from FRANCHISOR
                                            to Franchisee, immediately cease operation of the Franchised Restaurant until such time as
                                            the serious health or safety violation is rectified to FRANCHISOR&rsquo;s satisfaction. Failure
                                            to close the Franchised Restaurant under these circumstances shall be an additional act of
                                            default. If this act of default occurs, Franchisee shall have no opportunity to cure.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt">(c)</TD><TD STYLE="text-align: justify">Franchisee sells any product which does
                                            not conform to FRANCHISOR&rsquo;s specifications or is not approved by FRANCHISOR. Franchisee
                                            shall have ten (10)&nbsp;days after notice from FRANCHISOR to Franchisee to cure the default.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt">(d)</TD><TD STYLE="text-align: justify">Franchisee fails to sell any product designated
                                            by FRANCHISOR as required to be sold in the Franchised Restaurant pursuant to this Agreement.
                                            Franchisee shall have fifteen (15) days after written notice from FRANCHISOR to Franchisee
                                            to cure the default; provided, however, if for reasons beyond the control of Franchisee,
                                            Franchisee is unable to obtain such products within the cure period, the cure period shall
                                            be extended for a reasonable period of time determined by FRANCHISOR and communicated to
                                            Franchisee in writing, provided Franchisee initiates and actively pursues substantial and
                                            continuing action within the cure period to cure such default.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt">(e)</TD><TD STYLE="text-align: justify">Franchisee fails to install and use equipment
                                            or d&eacute;cor required by FRANCHISOR pursuant to this Agreement or the Standards or uses
                                            equipment, uniforms or d&eacute;cor not approved by FRANCHISOR where such approval is required
                                            pursuant to this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt">(f)</TD><TD STYLE="text-align: justify">Franchisee fails to maintain the Franchised
                                            Restaurant in good condition and repair, or fails in any material respect to make all improvements,
                                            alterations or remodeling as may be determined by FRANCHISOR to be reasonably necessary to
                                            reflect the Current Image required pursuant to this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 219; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt">(g)</TD><TD STYLE="text-align: justify">Franchisee fails to pay to FRANCHISOR or
                                            its Affiliates when due Royalties or any other amount required to be paid in respect of any
                                            Franchised Restaurant. Franchisee shall have ten (10)&nbsp;Business Days after notice from
                                            FRANCHISOR to Franchisee to cure the default.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt">(h)</TD><TD STYLE="text-align: justify">Franchisee denies FRANCHISOR the right to
                                            inspect a Franchised Restaurant or to examine its books and records or to audit the sales
                                            and accounting records of a Franchised Restaurant, in each case when and as required hereunder
                                            or the right to conduct any other examination, inspection, or audit of Franchisee and/or
                                            the Franchised Restaurant pursuant to clause 5.15 or clause 9.4 including without limitation
                                            interviews of Franchisee employees in connection with such examination, inspection, or audit.
                                            Franchisee shall have five (5)&nbsp;days after notice from FRANCHISOR to Franchisee to cure
                                            the default and if FRANCHISOR does not attempt to re-inspect the relevant Franchised Restaurant
                                            during that cure period, the cure period shall be extended until such time as FRANCHISOR
                                            has attempted to re-inspect the relevant Franchised Restaurant.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt">(i)</TD><TD STYLE="text-align: justify">Franchisee ceases to occupy the Location,
                                            except as permitted under clause 3.2. Franchisee shall have ten (10)&nbsp;days after notice
                                            from FRANCHISOR to Franchisee to cure the default. If the loss of possession is attributable
                                            to the proper exercise of governmental powers, Franchisee may, with FRANCHISOR&rsquo;s consent
                                            and subject to availability, relocate to other premises in the same trade area for the balance
                                            of the Term.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt">(j)</TD><TD STYLE="text-align: justify">Franchisee abandons the Franchised Restaurant
                                            without the prior consent of FRANCHISOR. Franchisee shall have ten (10)&nbsp;days after notice
                                            from FRANCHISOR to Franchisee to cure the default. Franchisee shall be deemed to have abandoned
                                            the franchise relationship if the Franchised Restaurant ceases to operate for more than ten
                                            (10)&nbsp;days, except as permitted under clause 3.2, whether the Franchised Restaurant remains
                                            closed, vacant or is converted to another use.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt">(k)</TD><TD STYLE="text-align: justify">Franchisee fails to conduct the business
                                            of the Franchised Restaurant in compliance with all material Laws and regulations in all
                                            material respects as required under clause 3.1 of this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt">(l)</TD><TD STYLE="text-align: justify">A levy of execution is made upon any material
                                            property used in any Franchised Restaurant or any Location, and the levy is not discharged
                                            within thirty (30) days.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt">(m)</TD><TD STYLE="text-align: justify">Franchisee fails to remedy any other material
                                            breach of any material term of this Agreement with respect to a Franchised Restaurant within
                                            thirty (30) days&rsquo; notice given to Franchisee by FRANCHISOR specifying the breach to
                                            be remedied, telling Franchisee what FRANCHISOR requires to be done to remedy the breach.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt">(n)</TD><TD STYLE="text-align: justify">Franchisee for more than three (3)&nbsp;times
                                            in any 12-month period during the Agreement Term breaches any obligation under this Agreement
                                            in relation to the same Franchised Restaurant. Franchisee shall have no possibility to cure
                                            such breach.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt">(o)</TD><TD STYLE="text-align: justify">Franchisee is insolvent, files a petition
                                            or application seeking any type of relief under any bankruptcy code or any state insolvency
                                            or similar law affecting the rights of creditors or is unable to pay its debts as they fall
                                            due, (or someone files a petition to have Franchisee adjudicated a bankrupt and such application
                                            or petition is not removed within ninety (90) days after it is filed) or makes an arrangement
                                            with its creditors or if any distress or execution is levied on Franchisee&rsquo;s material
                                            goods or if an administrator, liquidator, trustee or receiver is appointed over the whole
                                            or substantial part of Franchisee&rsquo;s undertaking or application is made for any such
                                            appointment to be made, or if any other steps are taken under any insolvency, bankruptcy,
                                            receivership, or moratorium laws from time to time in force, including any moratorium or
                                            if Franchisee takes any action to liquidate or wind up its operations.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 220; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt">(p)</TD><TD STYLE="text-align: justify">A final and non-appealable judgment or arbitration
                                            award against Franchisee (including a final and non-appealable judgment or arbitration award
                                            in favor of FRANCHISOR or any of its Affiliates) that is (i)&nbsp;more than US$20,000 and
                                            pertains to a single Franchised Restaurant, or (ii)&nbsp;more than US$100,000 and pertains
                                            to multiple Franchised Restaurants or the operation of Franchisee&rsquo;s business remains
                                            unsatisfied for thirty (30) days or for a longer period of time if permitted under applicable
                                            Law, or a levy of execution is made upon the License granted by this Agreement and the levy
                                            is not discharged within thirty (30) days.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(q)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Franchisee
                                            or the </FONT>General Manager is convicted by a final and non-appealable judgment of an offense
                                            punishable by a term of imprisonment in excess of one year, or an offense, regardless of
                                            how punishable, for which a material element is fraud, dishonesty or moral turpitude and
                                            the General Manager is not removed from his or her position as General Manager within sixty
                                            (60) days after such conviction. If this act of default occurs, Franchisee shall have no
                                            opportunity to cure.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt">(r)</TD><TD STYLE="text-align: justify">Franchisee fails to pay when due and payable
                                            any material undisputed bills, invoices or statements from suppliers of goods or services
                                            to any Franchised Restaurant and lenders, landlords or other vendors of Franchisee and such
                                            delay could reasonably be expected to have a material adverse effect on the reputation of
                                            the FRANCHISOR, Franchisee or any of their Affiliates, or the Popeyes System (in whole or
                                            in part) in the Territory.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt">(s)</TD><TD STYLE="text-align: justify">Franchisee acts in any fraudulent manner
                                            in connection with the operation of a Franchised Restaurant, including if Franchisee knowingly
                                            made any materially false statement in connection with any report of Gross Sales or in any
                                            other report, account or financial statement required under this Agreement, or if Franchisee
                                            knowingly made false or misleading statements in order to obtain execution of this Agreement
                                            by FRANCHISOR. If this act of default occurs, Franchisee shall have no opportunity to cure.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt">(t)</TD><TD STYLE="text-align: justify">Franchisee challenges the validity or ownership
                                            of the Popeyes Marks or the Confidential Information or FRANCHISOR&rsquo;s rights in the
                                            Popeyes System. If this act of default occurs, Franchisee shall have no opportunity to cure.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt">(u)</TD><TD STYLE="text-align: justify">if any Transfer or other event occurs which
                                            is in violation of clause 14 (<I>Transfer Restrictions</I>). If this act of default occurs,
                                            Franchisee shall have no opportunity to cure.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt">(v)</TD><TD STYLE="text-align: justify">Franchisee uses or duplicates the Popeyes
                                            System or any other restaurant system operated by FRANCHISOR or any of its Affiliates or
                                            engages in unfair competition or acquires an interest in a Competitor in violation of clause
                                            17 or discloses any Confidential Information or trade secrets of FRANCHISOR in violation
                                            of clause 11.3. If this act of default occurs, Franchisee shall have no opportunity to cure.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(w)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">if
                                            it is determined by an Authority that Franchisee, the </FONT>General Manager or any other
                                            senior officer of Franchisee has violated any Anti-Corruption Laws and in the event that
                                            the General Manager and/or such other senior officer of Franchisee is involved, the General
                                            Manager and/or other senior officer of Franchisee is not removed from his or her position
                                            as General Manager or senior officer, as applicable, within sixty (60) days after such determination.
                                            If this act of default occurs, Franchisee shall have no opportunity to cure.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt">(x)</TD><TD STYLE="text-align: justify">Franchisee, without the prior written consent
                                            of FRANCHISOR, enters into a management agreement or consulting arrangement to manage the
                                            operations (which for purposes of this clause 15.1(x)&nbsp;includes the preparation, cooking
                                            and serving of Approved Products, taking of customer orders, delivering Approved Products
                                            to customers, interacting with customers and any other tasks that require compliance with
                                            the Standards) of any one or more of the Franchised Restaurants.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 221; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(y)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Parent,
                                            Franchisee or an Approved Subsidiary (as defined in the Company Franchise Agreement referenced
                                            below) commits an event of default under the Company Franchise Agreement dated as of the
                                            date hereof by and between FRANCHISOR, Parent and Franchisee </FONT>(which event of default
                                            is not cured within the applicable cure period set forth therein). If this act of default
                                            occurs, Franchisee shall have no opportunity to cure.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt">(z)</TD><TD STYLE="text-align: justify">Franchisee fails to remedy any other material
                                            breach of any material term of this Agreement within thirty (30) days&rsquo; notice and opportunity
                                            to cure given to Franchisee by FRANCHISOR specifying the breach to be remedied, telling Franchisee
                                            what FRANCHISOR requires to be done to remedy the breach.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt">(aa)</TD><TD STYLE="text-align: justify">If any of the above acts of default set
                                            forth in clauses 15.1(n)&nbsp;through and including (z)&nbsp;occurs in relation to the Parent.
                                            In such event, the cure periods set forth above shall be applicable to Parent.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt">(bb)</TD><TD STYLE="text-align: justify">if Parent, Franchisee or an Affiliate thereof
                                            directly or indirectly acquires any ownership interest in another RBI Franchisee (whether
                                            through the acquisition of assets or Equity Securities of, or by consolidation, merger, reorganization,
                                            amalgamation or similar combination with, such RBI Franchisee or any parent holding company
                                            thereof), without the prior written consent of FRANCHISOR.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt">(cc)</TD><TD STYLE="text-align: justify">if another RBI Franchisee directly or indirectly
                                            acquires any ownership interest in Franchisee, Parent or any Principal (whether through the
                                            acquisition of assets or Equity Securities of, or by consolidation, merger, reorganization,
                                            amalgamation or similar combination with, Parent, Franchisee or any such Principal), without
                                            the prior written consent of FRANCHISOR.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">15.2</FONT></TD><TD STYLE="text-align: justify"><U>Effect of Franchise Ending</U>.</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                                                                                  <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">Upon expiration or termination of this Agreement for any reason, all rights of Franchisee
               to use any of FRANCHISOR&rsquo;s intellectual property (including the Popeyes System, the Popeyes Marks and the Confidential
               Information) at all Locations will terminate and the provisions of clause 15.4 will apply. Upon expiration of the Term
               of any Unit Addendum (&ldquo;<B>Expired Restaurant</B>&rdquo;) or termination of a Unit Addendum with respect to any Terminated
               Restaurant, all rights of Franchisee to use any of FRANCHISOR&rsquo;s intellectual property (including the Popeyes System,
               the Popeyes Marks and the Confidential Information) at the Location of the Expired Restaurant or Terminated Restaurant
               will terminate and the provisions of clause 15.3 will apply.</TD></TR>
                                                                                                                                                  <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                                                                                  <TR STYLE="vertical-align: top">
<TD>15.3</TD><TD STYLE="text-align: justify"><U>Action on Termination of a Unit Addendum for a Franchised Restaurant</U>.</TD></TR>
                                                                                                                                                  <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                                                                                  <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">Upon expiration or termination for any reason of a Unit Addendum for any Franchised Restaurant,
               all monies owed by Franchisee to FRANCHISOR and any FRANCHISOR Affiliate relating to the Expired Restaurant or Terminated
               Restaurant, as applicable, shall be immediately due and payable within thirty (30) days of such expiration or termination
               of the relevant Unit Addendum. Franchisee shall not be entitled to any goodwill or other compensation or refund of fees
               for any reason. In addition, Franchisee must:</TD></TR>
                                                                                                                                                  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">promptly
                                            cease using the Popeyes System including the Popeyes Marks or any mark confusingly similar
                                            to the Popeyes Marks and the Confidential Information at the Expired Restaurant or Terminated
                                            Restaurant and </FONT>cooperate in any steps FRANCHISOR may take to cancel the entries of
                                            Franchisee as a registered user of the Popeyes Marks at the Location;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 222; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt">(b)</TD><TD STYLE="text-align: justify">not thereafter identify itself as or hold
                                            itself out as a Popeyes franchisee at the relevant Location or as having any connection or
                                            relationship with FRANCHISOR or the Popeyes System at the relevant Location;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">de-identify
                                            the Expired Restaurant or Terminated Restaurant, as applicable, in accordance with FRANCHISOR&rsquo;s
                                            instructions, and in the event Franchisee fails to de-identify any such Franchised Restaurant,
                                            Franchisee consents to FRANCHISOR entering that Franchised Restaurant to make the changes
                                            at Franchisee&rsquo;s expense;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">pay
                                            all trade </FONT>creditors relating to the Expired Restaurant or Terminated Restaurant, as
                                            applicable, including Approved Suppliers; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify">permit
                                            FRANCHISOR to enter the Expired Restaurant or Terminated Restaurant, as applicable, at any
                                            time without prior notice to verify that Franchisee has done all things required of it by
                                            this clause 15.3, and take whatever actions FRANCHISOR considers reasonably necessary to
                                            fulfill any of Franchisee&rsquo;s obligations under this clause 15.3 which Franchisee fails
                                            to fulfill, and Franchisee must pay the reasonable cost of such actions within the time specified
                                            in any invoice issued by FRANCHISOR for those costs.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The foregoing shall be in addition to any other
rights or remedies of FRANCHISOR that exist under applicable Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt">15.4</TD><TD STYLE="text-align: justify"><U>Action on Termination of all Unit Addenda or this Agreement</U></TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                                                                             <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">Upon expiration or termination of this Agreement or all Unit Addenda for any reason, all
               monies owed by Franchisee to FRANCHISOR and any FRANCHISOR Affiliate relating to the Franchised Restaurants shall be immediately
               due and payable. Franchisee shall not be entitled to any goodwill or other compensation or refund of fees for any reason.
               In addition, Franchisee must:</TD></TR>
                                                                                                                                             </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt">(a)</TD><TD STYLE="text-align: justify">without prejudice to clause 11.7, promptly
                                            cease using the Popeyes System, the Popeyes Marks or any mark confusingly similar to the
                                            Popeyes Marks and the Confidential Information at the Franchised Restaurants;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt">(b)</TD><TD STYLE="text-align: justify">not thereafter identify itself as or hold
                                            itself out as a Popeyes franchisee or as having any connection or relationship with FRANCHISOR
                                            or the Popeyes System at any Location;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">in
                                            the event of the termination or expiration of the MDA promptly delete, destroy or return
                                            to FRANCHISOR all Confidential Information including the </FONT>Confidential Operating Manual
                                            and all other materials in its possession or control relating to the Popeyes System;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt">(d)</TD><TD STYLE="text-align: justify">in the event of the termination or expiration
                                            of the MDA destroy or deliver to FRANCHISOR as soon as practicable, at FRANCHISOR&rsquo;s
                                            option, all materials bearing the Popeyes Marks or in which FRANCHISOR owns copyright or
                                            any other intellectual property rights that are otherwise identifiable with the Popeyes System,
                                            and all proprietary supplies, including all branded goods and such goods made to FRANCHISOR&rsquo;s
                                            formulations as FRANCHISOR determines (which obligation shall be satisfied by Franchisee
                                            using all commercially reasonable efforts in the case of Confidential Information held in
                                            an electronic format);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt">(e)</TD><TD STYLE="text-align: justify">de-identify the Franchised Restaurants in
                                            accordance with FRANCHISOR&rsquo;s instructions, and in the event Franchisee fails to de-identify
                                            the Franchised Restaurants, Franchisee consents to FRANCHISOR entering the Franchised Restaurants
                                            to make the changes at Franchisee&rsquo;s expense;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt">(f)</TD><TD STYLE="text-align: justify">pay all trade creditors relating to the
                                            Franchised Restaurants, including Approved Suppliers; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt">(g)</TD><TD STYLE="text-align: justify">permit FRANCHISOR to enter the Franchised
                                            Restaurants at any time without prior notice to verify that Franchisee has done all things
                                            required of it by this clause 15.4, and take whatever actions FRANCHISOR considers reasonably
                                            necessary to fulfill any of Franchisee&rsquo;s obligations under this clause 15.4 which Franchisee
                                            fails to fulfill, and Franchisee must pay the cost (to the extent reasonably incurred) of
                                            such actions within the time specified in any invoice issued by FRANCHISOR for those costs.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 223; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->45<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The foregoing shall be in addition to any other
rights or remedies of FRANCHISOR that exist under applicable Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt">15.5</TD><TD STYLE="text-align: justify"><U>Set Off</U>.</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                          <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">FRANCHISOR may set off any monies owing to FRANCHISOR or any of its Affiliates in respect
               of Royalties, Advertising Contributions or any other amounts due hereunder against any amount payable by FRANCHISOR to
               Franchisee on any account. Franchisee may not set off any liability of FRANCHISOR to Franchisee whether under this Agreement
               or otherwise, against any amount payable by Franchisee to FRANCHISOR under this Agreement or otherwise.</TD></TR>
                                                                                          </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt">15.6</TD><TD STYLE="text-align: justify"><U>Additional Rights of FRANCHISOR on Default; Damages</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Except
                                            as otherwise permitted under clause 3.2 or pursuant to clauses 6.6 and 6.7 of the MDA prior
                                            to an MDA Termination Event, if Franchisee ceases or fails to operate a Franchised Restaurant
                                            for any period during such Franchised Restaurant&rsquo;s Term for any reason or in the event
                                            FRANCHISOR terminates a Unit Addendum or this Agreement in accordance with clause 15.1 hereto,
                                            then, in addition to FRANCHISOR&rsquo;s rights and remedies set out in this clause 15, Franchisee
                                            acknowledges that: (i)&nbsp;FRANCHISOR will suffer loss and damage; (ii)&nbsp;the loss and
                                            damage will be impossible, complex or expensive to quantify accurately in financial terms
                                            and cannot be precisely calculated or proved; and (iii)&nbsp;</FONT>Franchisee will be liable
                                            to FRANCHISOR for actual direct damages and loss of profits (calculated solely as described
                                            in clause 15.6(b)) incurred by FRANCHISOR as a result of Franchisee&rsquo;s failure to continue
                                            to operate the Franchised Restaurant for the remainder of the applicable Term of the Unit
                                            Addendum for the Franchised Restaurant by paying the damages specified in this clause 15.6.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">For
                                            the purpose of clause 15.6(a), &ldquo;actual direct damages and loss of profits&rdquo; are
                                            calculated as an amount equal to the lesser of (i)&nbsp;the total of Royalties that would
                                            have been payable by Franchisee under this Agreement and the relevant Unit Addendum if Franchisee
                                            had continued to operate the Franchised Restaurant for the remainder of the applicable Term
                                            of the Unit Addendum for the Franchised Restaurant; or (ii)&nbsp;(A)&nbsp;in the event the
                                            Development Rights are in effect, the total of Royalties that would have been payable by
                                            Franchisee under this Agreement if Franchisee had continued to operate the Franchised Restaurant
                                            for an additional period of twenty-four (24) months or (B)&nbsp;in the event of an MDA Termination
                                            Event, the total of Royalties that would have been payable by Franchisee under this Agreement
                                            if Franchisee had continued to operate the Franchised Restaurant for an additional period
                                            of thirty-six (36) months, based in each of (i)&nbsp;and (ii)&nbsp;on the average Gross Sales
                                            over the 36-month period (or shorter period if the applicable Franchised Restaurant has been
                                            open for less than 36 months) immediately preceding the date on which Franchisee ceased to
                                            operate the Franchised Restaurant or FRANCHISOR terminates the Unit Addendum or this Agreement
                                            in accordance with clause 15.1 hereto (&ldquo;<B>Damages</B>&rdquo;). Such Damages will be
                                            payable by Franchisee to compensate FRANCHISOR for the loss of actual business in the Territory
                                            during the relevant period.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt">(c)</TD><TD STYLE="text-align: justify">The relevant amount of Damages must be paid
                                            within sixty (60) days of FRANCHISOR&rsquo;s written demand.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The
                                            Damages payable by Franchisee under this clause 15.6 are recoverable as a debt due to FRANCHISOR
                                            </FONT>and shall be secured by a lien in favor of FRANCHISOR against the personal property,
                                            machinery, fixtures and equipment owned by Franchisee and on the Location at the time of
                                            the default.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">If
                                            any default under clause 15.1 occurs, in addition and without prejudice to its rights under
                                            this clause 15.6 or any other rights, FRANCHISOR has the right but not the obligation to
                                            take whatever actions it considers necessary to remedy the default</FONT>, at Franchisee&rsquo;s
                                            sole risk and cost (including administrative costs and staff time) and without compensation
                                            to Franchisee, including by entering the Franchised Restaurant with prior notice to Franchisee
                                            to remove and destroy unapproved or obsolete signs, advertising or promotional material,
                                            slogans or material on which Popeyes Marks appear.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 224; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->46<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt">15.7</TD><TD STYLE="text-align: justify"><U>Specific Performance</U>.</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                                       <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">Franchisee acknowledges that FRANCHISOR may seek an injunction or similar remedy for any
               breach or threatened breach of this Agreement for which damages may not be adequate compensation.</TD></TR>
                                                                                                       </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt">15.8</TD><TD STYLE="text-align: justify"><U>Termination by Franchisee</U>.</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                                            <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">Franchisee, may, pursuant to Article&nbsp;12 of the Commercial Franchise Administration
               Regulation promulgated by the State Council of China and effective as of May&nbsp;1, 2007, terminate this Agreement within
               SEVEN (7)&nbsp;DAYS after the signing date of this Agreement (&ldquo;<B>Termination Period</B>&rdquo;).&nbsp; Franchisee
               further acknowledges that the foregoing seven-day Termination Period has been agreed to by FRANCHISOR and Franchisee based
               on their negotiations and reflects a truthful allocation of risks and liabilities after taking into account all of the
               relevant factors in entering into this Agreement.&nbsp; In the event that Franchisee elects to terminate this Agreement
               pursuant to this clause 15.8:</TD></TR>
                                                                                                            </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt">(a)</TD><TD STYLE="text-align: justify">Franchisee shall, within the foregoing Termination
                                            Period, send the original copy of a written notice to terminate this Agreement (&ldquo;<B>Termination
                                            Notice</B>&rdquo;) to FRANCHISOR by hand-delivery or registered air mail, postage fully prepaid.&nbsp;
                                            Franchisee shall clearly state its decision to terminate this Agreement in such Termination
                                            Notice, which shall be signed by the legal representative of Franchisee and affixed with
                                            the corporate seal of Franchisee.&nbsp; This Agreement may be terminated pursuant to this
                                            clause 15.8 only after FRANCHISOR actually receives the original copy of the Termination
                                            Notice that meets the foregoing requirements.&nbsp; For the avoidance of doubt, if FRANCHISOR
                                            does not receive the Termination Notice that meets all of the foregoing requirements, this
                                            Agreement shall not be terminated and shall continue in full force and effect and be binding
                                            upon FRANCHISOR and Franchisee.</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                                                            <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>(b)</TD><TD STYLE="text-align: justify">If this Agreement is terminated pursuant to this clause 15.8, Franchisee shall
                           comply with all relevant responsibilities herein upon termination of this Agreement.</TD></TR>
                                                                                                                            </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt"><B>16.</B></FONT></TD><TD STYLE="text-align: justify"><B>Right of Entry</B></TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                                                                           <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">Franchisee will execute all documents required by FRANCHISOR in connection with FRANCHISOR&rsquo;s
               entry into the Franchised Restaurants, Locations or other premises for purposes of, and when permitted under, this Agreement
               and will use its reasonable efforts to procure any consent required from any third party in connection with FRANCHISOR&rsquo;s
               entry into the Franchised Restaurants, Locations or other premises. Franchisee hereby waives and releases FRANCHISOR from
               all rights, actions or Claims which Franchisee may at any time have against FRANCHISOR in connection with FRANCHISOR&rsquo;s
               entry into the Franchised Restaurants, Locations or other premises for purposes of, and when permitted under, this Agreement
               except to the extent that such rights, action or Claims arise directly from a failure by FRANCHISOR to use reasonable
               care in exercising its right of entry.</TD></TR>
                                                                                                                                           </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt"><B>17.</B></FONT></TD><TD STYLE="text-align: justify"><B>Restrictive Covenant</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 27pt">17.1</TD><TD STYLE="text-align: justify">Franchisee and Parent will not, during the Agreement Term or after its
                                 expiration or termination, directly or indirectly engage in the operation of any restaurant, except
                                 as licensed by FRANCHISOR, which utilizes or duplicates the whole or any part of the Popeyes System
                                 or any Confidential Information. This obligation shall not extend (after the expiration or other termination
                                 of this Agreement) to any know-how which has entered the public domain without fault on Franchisee's
                                 or Parent&rsquo;s part.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TD STYLE="width: 27pt">17.2</TD><TD STYLE="text-align: justify">Subject to clause 4.1, in consideration for Franchisee having been specifically
                                 granted the right by FRANCHISOR to establish and operate the food chain business using the Popeyes System,
                                 the Popeyes Marks and the Popeyes Intellectual Property Rights in the Territory, which incorporates
                                 all requisite information, technical know-how, expertise and guidance which Franchisee could not have
                                 otherwise acquired except through the rights and obligations set forth in this Agreement, Franchisee
                                 agrees to ensure that none of Franchisee, Parent or their respective Affiliates will, directly or indirectly,
                                 during the Agreement Term and for one (1)&nbsp;year after the assignment, expiration or termination
                                 of this Agreement (or such longer or shorter period as may be prescribed by Law):</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt">(a)</TD><TD STYLE="text-align: justify">own, operate, be employed or make any investment
                                            in any Person that is a Competitor;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">Control
                                            any Person which owns or operates a Competitor;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">provide
                                            marketing, advertising, training, monitoring, development, reporting and collection services
                                            to any Person which owns or operates a Competitor; and/or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify">act
                                            as a franchisee or master franchisee for any Competitor.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 27pt">17.3</TD><TD STYLE="text-align: justify">Franchisee and Parent agree that the restrictions in this clause 17
                                 are reasonable and necessary to avoid any real or potential conflict of interest and to protect the
                                 Popeyes System and the Confidential Information and other proprietary information of FRANCHISOR and
                                 the legitimate business interests of FRANCHISOR and its franchisees, and in order for Franchisee to
                                 focus its resources and energies on the successful operation of the Franchised Restaurants.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt"><B>18.</B></FONT></TD><TD STYLE="text-align: justify"><B>Miscellaneous; General
                                            Conditions</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 27pt">18.1</TD><TD STYLE="text-align: justify"><U>Non-Waiver</U>.</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                             <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">The failure or delay on the part of FRANCHISOR to exercise any right or option given to
               it under this Agreement, or to insist on strict compliance by Franchisee with the terms of this Agreement, shall not constitute
               a waiver of any terms or conditions of this Agreement with respect to any other or subsequent breach, nor a waiver by
               FRANCHISOR of its right at any time thereafter to require exact and strict compliance with all the terms of this Agreement.
               The rights or remedies set out in this Agreement are in addition to any other rights or remedies which may be granted
               by law.</TD></TR>
                                                                                             </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 27pt">18.2</TD><TD STYLE="text-align: justify"><U>Governing Law&nbsp;&amp; Arbitration; Language</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt">(a)</TD><TD STYLE="text-align: justify">This Agreement and any non-contractual obligations,
                                            performance or liabilities arising out of or in connection with this Agreement is governed
                                            by and construed in accordance with the substantive Laws of New York without regard to conflicts
                                            of law principles. The United Nations Convention on Contracts for the International Sale
                                            of Goods of 11 April&nbsp;1980 is hereby waived and excluded from application to this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt">(b)</TD><TD STYLE="text-align: justify">If any dispute, controversy or Claim, in
                                            law or equity, arises out of or in connection with this Agreement or the business relationship
                                            created thereby, including the breach, termination or invalidity of this Agreement or any
                                            non-contractual obligations or liabilities arising out of, or in connection with, this Agreement
                                            (&ldquo;<B>Dispute</B><I>&rdquo;</I>), any party shall serve formal written notice on the
                                            other parties that a Dispute has arisen and describing the nature of such Dispute (&ldquo;<B>Notice
                                            of Dispute</B><I>&rdquo;</I>).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt">(c)</TD><TD STYLE="text-align: justify">In the event of a Dispute, any disputing
                                            party may serve notice in writing on the other disputing party that the Dispute shall be
                                            exclusively submitted to final and binding arbitration in accordance with the Rules&nbsp;of
                                            Arbitration of the International Chamber of Commerce in effect on the date of commencement
                                            of the arbitration (the &ldquo;<B>ICC Rules</B>&rdquo;), which rules&nbsp;are deemed to be
                                            incorporated by reference into this clause 18.2(c). The parties undertake to each execute
                                            and perform, on a timely basis, all such agreements, documents, assurances, acts and things
                                            and to exercise all powers and rights available to them, including the giving of all information
                                            and documentation reasonably requested, the convening of all meetings, the giving of all
                                            waivers and the passing of all resolutions reasonably required to ensure the enforceability
                                            of any final award of the arbitrator in any jurisdiction where such enforceability is sought.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt">(d)</TD><TD STYLE="text-align: justify">Notwithstanding the foregoing, a disputing
                                            party shall be entitled to interim or conservatory measures pursuant to the ICC Rules, including,
                                            but not limited to, temporary injunctive relief to preserve or restore the status quo between
                                            the parties, if such party reasonably believes that the timeline set forth in this clause
                                            18.2 shall materially prejudice such party.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt">(e)</TD><TD STYLE="text-align: justify">The arbitral panel shall be composed of
                                            one (1)&nbsp;arbitrator to be appointed in accordance with the ICC Rules. Such arbitrator
                                            shall be a licensed lawyer or retired judge, in the latter case, who is affiliated with ADR
                                            Chambers, and has at least five (5)&nbsp;years of experience handling matters involving the
                                            Laws of the State of New York. The arbitrator shall: (i)&nbsp;have the exclusive authority
                                            to decide any issues regarding the applicability, interpretation, formation, or enforcement
                                            of this Agreement (including determining the arbitrability of any Dispute); (ii)&nbsp;be
                                            empowered to grant legal and equitable remedies (including injunctive relief) in connection
                                            with any Dispute submitted to arbitration; and (iii)&nbsp;issue a reasoned final award after
                                            making a determination on the merits of any such Dispute. The arbitrator shall award the
                                            prevailing party in the arbitration the reasonable attorneys&rsquo; fees and costs (including
                                            expert costs) incurred in connection with the arbitration and any related proceedings to
                                            enforce the arbitration award.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt">(f)</TD><TD STYLE="text-align: justify">The place of arbitration shall be Miami,
                                            Florida, and the language to be used in the arbitral proceedings shall be English, save that
                                            all documents attached to filings submitted to the tribunal do not have to be translated
                                            from their original language unless expressly ordered by the arbitrator in consultation with
                                            the parties. All submissions to the arbitrator, save any documents attached to such submissions
                                            as set forth in this clause 18.2(f), shall be submitted in English.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt">(g)</TD><TD STYLE="text-align: justify">Any final award entered by the arbitrator
                                            shall be the final, binding and exclusive determination of any Dispute submitted to arbitration,
                                            and may be entered in any court having jurisdiction and any court where any party to the
                                            arbitration or its assets are located. Neither a party to an arbitration nor the arbitrator
                                            may disclose the existence, subject matter, content or results of any arbitration without
                                            the prior written consent of all parties, unless to protect or pursue a legal right or as
                                            may otherwise be required by applicable Law, Canadian or US franchise disclosure requirements,
                                            franchise disclosure requirements of the relevant jurisdiction in the Territory (or other
                                            foreign equivalent applicable in the circumstances) or disclosure requirements of the US
                                            Securities and Exchange Commission, the Ontario Securities Commission or any applicable foreign
                                            equivalent, or any stock exchange on which the Equity Securities of a party or, its Affiliates
                                            may be listed or any other Authority.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt">(h)</TD><TD STYLE="text-align: justify">The ICC Court may, at the request of a party
                                            to the arbitration, consolidate two or more arbitrations pending under the ICC Rules&nbsp;into
                                            a single arbitration in accordance with the ICC Rules.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt">(i)</TD><TD STYLE="text-align: justify">The parties agree that irreparable damage,
                                            for which there would be no adequate remedy at law, would occur if any provision of this
                                            Agreement were not performed in accordance with the terms hereof and each party shall be
                                            entitled to injunctive relief to prevent breaches of this Agreement by the other party, or
                                            to seek to enforce specifically the performance of the terms and provisions hereof, in addition
                                            to any other remedy to which a party is entitled at law or in equity. Each of the parties
                                            hereby waives, in any action for specific performance or other equitable remedy (including
                                            for injunctive relief), the defense of adequacy of a remedy at law.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 27pt">18.3</TD><TD STYLE="text-align: justify"><U>Severabilit</U>y.</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                               <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">FRANCHISOR and Franchisee agree that if any provisions of this Agreement may be construed
               in more than one way, one or more of which would render the provision illegal or otherwise voidable or unenforceable,
               and one of which would render the provision valid and enforceable, such provision shall have the meaning which renders
               it valid and enforceable. The language of all provisions of this Agreement shall be construed according to its fair meaning
               and not strictly against any party. It is the intent of the parties that the provisions of this Agreement be enforced
               to the fullest extent and should any court or other Authority determine that any provision herein is not enforceable as
               written in this Agreement, the parties shall use their best endeavors to amend it so that it is enforceable to the fullest
               extent permissible under the laws and public policies of the jurisdiction in which the enforcement is sought. The provisions
               of this Agreement are severable and this Agreement shall be interpreted and enforced as if all completely invalid or unenforceable
               provisions were not contained in the Agreement, and partially valid and enforceable provisions shall be enforced to the
               extent that they are valid and enforceable.</TD></TR>
                                                                                               </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 27pt">18.4</TD><TD STYLE="text-align: justify"><U>Intentionally Omitted.</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 27pt">18.5</TD><TD STYLE="text-align: justify"><U>Notices</U>.</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                          <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">Any notice, demand, request, consent, approval, authorization, designation, specification
               or other communication given or made to or by a party to this Agreement:</TD></TR>
                                                                                          </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt; text-align: left">(a)</TD><TD STYLE="text-align: justify">must be in writing and
                                            in English, addressed:</TD>
</TR></TABLE>



<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
                                                                                                                                                    <TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 54pt; text-align: justify; width: 30%">(i)&nbsp;if to FRANCHISOR:</TD>
                              <TD STYLE="text-align: justify; width: 70%">PLK APAC PTE LTD</TD></TR>
                                                                                                                                                    <TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 54pt; text-align: justify">&nbsp;</TD>
                              <TD STYLE="text-align: justify">5 Shenton Way, #14-01/03 UIC Building, Singapore 068808</TD></TR>
                                                                                                                                                    <TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 54pt; text-align: justify">&nbsp;</TD>
                              <TD STYLE="text-align: justify">Attention: Head of Popeyes International; and Head of Legal,&nbsp;International</TD></TR>
                                                                                                                                                    <TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 54pt; text-align: justify">&nbsp;</TD>
                              <TD STYLE="text-align: justify">Email: ______________</TD></TR>
                                                                                                                                                    <TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 54pt; text-align: justify">&nbsp;</TD>
                              <TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                                                                                    <TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 54pt; text-align: justify">With a copy to:</TD>
                              <TD STYLE="text-align: justify">Popeyes Louisiana Kitchen,&nbsp;Inc.</TD></TR>
                                                                                                                                                    <TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 54pt; text-align: justify">&nbsp;</TD>
                              <TD STYLE="text-align: justify">5707 Blue Lagoon Drive, Miami, FL 33126</TD></TR>
                                                                                                                                                    <TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 54pt; text-align: justify">&nbsp;</TD>
                              <TD STYLE="text-align: justify">Attention: General Counsel</TD></TR>
                                                                                                                                                    <TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 54pt; text-align: justify">&nbsp;</TD>
                              <TD STYLE="text-align: justify">Email: jgranat@rbi.com</TD></TR>
                                                                                                                                                    <TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 54pt; text-align: justify">&nbsp;</TD>
                              <TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                                                                                    <TR STYLE="vertical-align: top">
<TD COLSPAN="2" STYLE="padding-left: 54pt; text-align: justify"><FONT STYLE="font-size: 10pt">(ii)&nbsp;if to Franchisee:&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
the address specified in <U>Schedule A</U> as Franchisee&rsquo;s address</FONT></TD></TR>
                                                                                                                                                    <TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 54pt; text-align: justify">&nbsp;</TD>
                              <TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                                                                                    <TR STYLE="vertical-align: top">
<TD COLSPAN="2" STYLE="padding-left: 54pt; text-align: justify">or as specified to the sender by any party by notice; and</TD></TR>
                                                                                                                                                    </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt">(b)</TD><TD STYLE="text-align: justify">is regarded as being given by the sender
                                            and received by the addressee (i)&nbsp;if by delivery in person (including by overnight courier
                                            service), when delivered to the addressee; (ii)&nbsp;if by certified, return receipt mail,
                                            on the earlier of actual receipt or the tenth (10<SUP>th</SUP>) Day after being deposited
                                            in the mail; or (iii)&nbsp;if by email, along with a PDF copy of all relevant attachments,
                                            when the sender receives evidence of delivery.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt">18.6</TD><TD STYLE="text-align: justify"><U>Modification</U>.</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                               <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">This Agreement may only be modified or amended by a document signed by all the parties
               to this Agreement.</TD></TR>
                                                                                               <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                               <TR STYLE="vertical-align: top">
<TD>18.7</TD><TD STYLE="text-align: justify"><U>Assignment by FRANCHISOR</U>.</TD></TR>
                                                                                               </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27pt">&nbsp;</TD>
    <TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="text-align: justify">FRANCHISOR may Transfer this Agreement, and all of the rights and obligations of FRANCHISOR hereunder,
    to (i)&nbsp;an Affiliate of FRANCHISOR; or (ii)&nbsp;an IP Transferee (as defined in clause 18.7(b)&nbsp;below), and such Transfer
    shall inure to the benefit of the successors and assigns of FRANCHISOR. In the case of any such Transfer, each of Parent and Franchisee
    hereby grants its prior and irrevocable consent to such assignment, and waives any requirement of prior notice. FRANCHISOR will provide
    Franchisee with formal written notice of the Transfer within fifteen (15) days following its completion. Parent and Franchisee shall
    take all such actions as FRANCHISOR shall reasonably require or as required by applicable Law to effect such transfer.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(b)</TD>
    <TD STYLE="text-align: justify">For purposes of this clause 18.7, an &ldquo;<B>IP Transferee&rdquo;</B> means any Person to which
    FRANCHISOR sells, transfers, assigns, licenses or otherwise conveys the rights to the Popeyes Marks, Popeyes Domain Names and/or
    Popeyes Intellectual Property Rights previously licensed by FRANCHISOR hereunder for the operation of the Popeyes System in the Territory.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="text-align: justify">In any Transfer to an IP Transferee, FRANCHISOR shall assign this Agreement, and all of the rights
    and obligations of FRANCHISOR hereunder, to such IP Transferee, in which case the IP Transferee shall license such Popeyes Marks,
    Popeyes Domain Names and/or Popeyes Intellectual Property Rights to Franchisee as contemplated in this Agreement, and Franchisee&rsquo;s
    rights and obligations hereunder shall remain in full force and effect.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt">18.8</TD><TD><U>Binding Effect</U>.</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
                                                                     <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>This Agreement shall be binding upon the parties and their respective successors or assigns.</TD></TR>
                                                                     <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
                                                                     <TR STYLE="vertical-align: top">
<TD>18.9</TD><TD><U>Survival</U>.</TD></TR>
                                                                     <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
                                                                     <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">Any provisions of this Agreement, including but not limited to the insurance and indemnification
               provisions of this Agreement, which impose an obligation after termination or expiration of this Agreement shall survive
               the termination or expiration of this Agreement and remain binding on the parties.</TD></TR>
                                                                     <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
                                                                     <TR STYLE="vertical-align: top">
<TD>18.10</TD><TD><U>Agency</U>.</TD></TR>
                                                                     <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
                                                                     <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">FRANCHISOR may subcontract or delegate to an Affiliate or any other entity the performance
               of any obligation or the right to exercise any right, power, authority or discretion under this Agreement, such that anything
               that may or must be done by FRANCHISOR under this Agreement may be done instead by or in conjunction with such subcontractor
               or delegate. If directed by FRANCHISOR, and to the extent directed by FRANCHISOR, Franchisee must deal with any such subcontractor
               or delegate as if they were FRANCHISOR. FRANCHISOR shall remain responsible for the performance of the obligation.</TD></TR>
                                                                     <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                     <TR STYLE="vertical-align: top">
<TD>18.11</TD><TD STYLE="text-align: justify"><U>Attorney&rsquo;s Fees</U>.</TD></TR>
                                                                     <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                     <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">In any litigation or arbitration to enforce the terms of this Agreement, all costs and
               all attorney's fees, including those incurred on appeal, incurred as a result of the legal action shall be paid to the
               prevailing party by the other party.</TD></TR>
                                                                     <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                     </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">18.12</FONT></TD><TD STYLE="text-align: justify"><U>Execution of Counterparts</U>.</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                                                                                  <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">This Agreement may be executed in any number of counterparts. Each counterpart is an original
               but the counterparts together are one and the same agreement.</TD></TR>
                                                                                                                                                  <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                                                                                  <TR STYLE="vertical-align: top">
<TD>18.13</TD><TD STYLE="text-align: justify"><U>Time of the Essence</U>.</TD></TR>
                                                                                                                                                  <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                                                                                  <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">Time is of the essence of this Agreement. If the parties agree to vary a time requirement
               the time requirement so varied is of the essence of this Agreement.</TD></TR>
                                                                                                                                                  <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                                                                                  <TR STYLE="vertical-align: top">
<TD>18.14</TD><TD STYLE="text-align: justify"><U>Entire Agreement</U>.</TD></TR>
                                                                                                                                                  <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                                                                                  <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">This Agreement, together with all Transaction Agreements, and any Unit Addendum executed
               in connection herewith, and all other transaction documents executed and delivered by the parties, constitute the entire
               agreement of the parties and supersede all prior negotiations, commitments, representations, warranties, and undertakings
               of the parties (if any) with respect to the subject matter of this Agreement and the Franchised Restaurants, whether written
               or oral.</TD></TR>
                                                                                                                                                  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt">18.15</TD><TD STYLE="text-align: justify"><U>Interpretation</U>.</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                                  <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">In this Agreement, unless otherwise specified (a)&nbsp;singular words include the plural
               and plural words include the singular; (b)&nbsp;words importing any gender include the other gender; (c)&nbsp;references
               to any law include all applicable rules, regulations and orders adopted or made thereunder and all statutes or other laws
               amending, consolidating or replacing the statute or law referred to; (d)&nbsp;references to any agreement or other document,
               including this Agreement, include all subsequent amendments, modifications or supplements to such agreement or document
               made in accordance with the terms hereof and thereof; (e)&nbsp;references to sections, clauses and Schedules are to the
               sections, clauses and Schedules of this Agreement, unless the context requires otherwise; (f)&nbsp;numberings and headings
               of sections, clauses and Schedules are inserted as a matter of convenience and shall not affect the construction of this
               Agreement; (g)&nbsp;the term &ldquo;including&rdquo; as used herein means &ldquo;including but not limited to&rdquo;;
               and (h)&nbsp;all Schedules to this Agreement are incorporated herein by this reference thereto as if fully set forth herein,
               and all references herein to this Agreement shall be deemed to include all such incorporated Schedules.</TD></TR>
</TABLE>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->51<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
                                                                                                  <TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt">&nbsp;</TD><TD STYLE="text-align: justify">In all cases where Franchisee is required to obtain FRANCHISOR&rsquo;s
                                   prior consent, authorization or approval, such consent, authorization or approval shall be granted
                                   or withheld in the sole and absolute discretion of FRANCHISOR, unless otherwise indicated, and any
                                   such consent, authorization or approval must be in a writing signed by a duly authorized officer of
                                   FRANCHISOR.</TD></TR>
                                                                                                  <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                                  <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">References to a party shall include such party&rsquo;s permitted successors and assigns.</TD></TR>
                                                                                                  <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                                  <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">Reference to any specific standard, policy, procedure, form, agreement or process of FRANCHISOR
               and/or any of its Affiliates includes a reference to any policy, procedure, form, agreement or process described by any
               other name which has been issued by FRANCHISOR and/or any of its Affiliates in substitution thereof or with substantially
               similar effect.</TD></TR>
                                                                                                  <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                                  <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">The headings as to contents of particular clauses are inserted only for convenience and
               reference and are in no way to be construed as part of this Agreement or as a limitation on the scope of any of the terms
               or provisions of this Agreement.</TD></TR>
                                                                                                  <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                                  <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">A writing includes any mode of representing or reproducing words in tangible and permanently
               visible forms, and includes a facsimile or other electronic transmission and, in the case of FRANCHISOR, a posting on
               FRANCHISOR&rsquo;s intranet.</TD></TR>
                                                                                                  <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                                  <TR STYLE="vertical-align: top">
<TD>18.16</TD><TD STYLE="text-align: justify"><U>Changes in Laws</U>.</TD></TR>
                                                                                                  <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                                  <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">The parties agree that if any Laws are changed or introduced or any relevant Authority
               publishes or issues any statement, rules, code or requirement which in the reasonable opinion of FRANCHISOR renders or
               is likely to render all or part of this Agreement unenforceable, illegal or void, the parties will immediately amend this
               Agreement and do all things (including executing documents) necessary or desirable to ensure that this Agreement is not
               unenforceable, illegal or void.</TD></TR>
                                                                                                  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt">18.17</TD><TD STYLE="text-align: justify"><U>Anti-Terrorism.</U></TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                                                                                                                          <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">Franchisee agrees to comply with and to use commercially reasonable efforts to assist
               FRANCHISOR in FRANCHISOR&rsquo;s efforts to comply with Anti-Terrorism Laws. In connection with such compliance, Franchisee
               certifies, represents, and warrants that none of its property or interests are subject to being &ldquo;blocked&rdquo;
               under any of the Anti-Terrorism Laws and that Franchisee is not otherwise in violation of any of the Anti-Terrorism Laws.
               Franchisee:</TD></TR>
                                                                                                                                                                                          </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt">(a)</TD><TD STYLE="text-align: justify">certifies that it and its owners, employees,
                                            or anyone associated with it are not listed in the Annex to Executive Order 13224. Franchisee
                                            agrees not to hire (or, if already employed, retain the employment of) any individual who
                                            is listed in the Annex; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt">(b)</TD><TD STYLE="text-align: justify">is solely responsible for ascertaining what
                                            actions it shall take to comply with the Anti-Terrorism Laws, and Franchisee specifically
                                            acknowledges and agrees that its indemnification responsibilities set forth in this Agreement
                                            pertain to its obligations under this clause.</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                          <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD COLSPAN="2" STYLE="text-align: justify">Any misrepresentation under this clause or any violation of the Anti-Terrorism
               Laws by Franchisee, its agents or employees constitutes grounds for immediate termination of this Agreement and any other
               agreement into which Franchisee has entered with FRANCHISOR or any of FRANCHISOR&rsquo;s Affiliates.</TD></TR>
                                                                                          </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt">18.18</TD><TD STYLE="text-align: justify"><U>Languages</U>.</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                                                                                                                                                 <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">This Agreement shall be executed in both Chinese and English versions. Should there be
               any discrepancy between the Chinese version and the English version, the English version shall govern and control.</TD></TR>
                                                                                                                                                                                                                 </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><B>19.</B></TD><TD STYLE="text-align: justify"><B>Guarantee.</B></TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                                  <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">In consideration of FRANCHISOR entering into this Agreement, the Parent (and its successors
               and permitted assigns) unconditionally and irrevocably agrees to the terms, conditions and obligations set out in this
               clause 19.</TD></TR>
                                                                                                  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->52<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt">19.1</TD><TD STYLE="text-align: justify"><U>Joint and Several Liability</U>. The Parent hereby represents and
                                 warrants that it has and owns a direct or indirect interest in the operations of Franchisee. The Parent
                                 shall be jointly and severally liable with Franchisee for all claims which FRANCHISOR has against Franchisee
                                 under or in connection with this Agreement or any other agreement with Franchisee. FRANCHISOR is entitled
                                 in its sole discretion to request from Parent partial or full performance of its obligations hereunder.
                                 Parent shall remain bound until the whole Claim is satisfied.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt">19.2</TD><TD STYLE="text-align: justify"><U>Obligations Absolute and Unconditional</U>. Parent agrees that its
                                 obligations hereunder shall be absolute and unconditional. Parent further agrees that it shall not be
                                 necessary to exhaust any remedies or causes of action against Franchisee or others as a condition of
                                 the obligations of the Parent. Parent hereby expressly waives, to the extent permitted by Law, any right
                                 it may have to require FRANCHISOR to prosecute collection or seek to enforce or resort to any remedies
                                 against Franchisee,&nbsp;IT BEING EXPRESSLY UNDERSTOOD, ACKNOWLEDGED AND AGREED TO BY THE PARENT THAT
                                 DEMAND UNDER THIS GUARANTY MAY&nbsp;BE MADE BY FRANCHISOR AND THE PROVISIONS HEREOF ENFORCED BY FRANCHISOR.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt">19.3</TD><TD STYLE="text-align: justify"><U>Indemnity</U>. As a separate and principal obligation, Parent hereby
                                 jointly, severally, irrevocably and unconditionally indemnifies the FRANCHISOR Indemnified Parties and
                                 agrees at all times hereafter to keep the FRANCHISOR Indemnified Parties indemnified from and against
                                 all Losses paid or incurred by FRANCHISOR arising directly or indirectly out of any matter with respect
                                 to which Franchisee is indemnifying FRANCHISOR under clause 12.5. This indemnity shall continue and
                                 Parent shall remain liable to FRANCHISOR under this indemnity notwithstanding that as a consequence
                                 of such negligence or breach or non-observance FRANCHISOR has exercised any of its rights under this
                                 Agreement, including its rights of termination and notwithstanding that this joint and several liability
                                 may be unenforceable in whole or in part for any reason. Notwithstanding anything to the contrary in
                                 this Agreement or the A&amp;R MDA, the Parent shall not be liable to FRANCHISOR to a larger extent or
                                 for higher amounts than Franchisee pursuant to such agreements.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt">19.4</TD><TD STYLE="text-align: justify"><U>Nature of Joint and Several Liability</U>. For the avoidance of doubt,
                                 this clause 19 is: (a)&nbsp;a principal obligation of the Parent and is not ancillary or collateral
                                 to any other right or obligation nor is its operation subject to any condition precedent; (b)&nbsp;independent
                                 of, in addition to and not in substitution for or affected by any other rights which FRANCHISOR may
                                 have and may be enforced without first having recourse to any other rights or remedies; (c)&nbsp;enforceable
                                 whether or not FRANCHISOR has made demand on Franchisee or Parent or given notice to Franchisee or Parent,
                                 or taken any other steps against Franchisee, Parent or any other person; and (d)&nbsp;enforceable against
                                 any party who has signed this Agreement, notwithstanding that it has not been signed by or may not be
                                 enforceable against any other party. FRANCHISOR is under no obligation to notify Parent of any default
                                 by Franchisee or Parent or to marshal in favor of Parent any funds or assets which it holds or may be
                                 entitled to receive or with respect to which it has any Claim.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt">19.5</TD><TD STYLE="text-align: justify"><U>Continuing Obligations. For the avoidance of doubt:</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
    <TD STYLE="width: 27pt">&nbsp;</TD>
<TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">this clause 19 is a continuing obligation,
                                            which shall cover all monies, obligations and condition arising under or in relation to this
                                            Agreement at any time during or after the termination of this Agreement (if applicable) and
                                            shall continue in full force and effect until all of the obligations of Franchisee and the
                                            Parent under this Agreement have been performed;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
    <TD STYLE="width: 27pt">&nbsp;</TD>
<TD STYLE="width: 27pt">(b)</TD><TD STYLE="text-align: justify">this clause 19 shall remain valid and enforceable notwithstanding: (i)&nbsp;any
                                renewal, compounding, compromise, abandonment, relinquishment, release or waiver of any of the rights
                                of FRANCHISOR against Franchisee or Parent; (ii)&nbsp;any judgment obtained by FRANCHISOR against Franchisee
                                or Parent; (iii)&nbsp;any delay, mistake, act or omission by FRANCHISOR whether or not it prejudices
                                a Parent; (iv)&nbsp;the bankruptcy, insolvency, winding up or change either in the name or constitution
                                (notwithstanding any provision of the law relating to partnerships) of FRANCHISOR, Franchisee or Parent;
                                (v)&nbsp;the taking, discharge, impairment or release wholly or partially of any additional or substituted
                                security, guarantee or indemnity in respect of Franchisee's obligations to FRANCHISOR or FRANCHISOR&rsquo;s
                                enforcing or not enforcing any such security, guarantee or indemnity; or (vi)&nbsp;any other act, matter
                                or thing which under the law relating to sureties would or might but for this provision release the Parent
                                from its obligations under this clause 19; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->53<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
    <TD STYLE="width: 27pt">&nbsp;</TD>
<TD STYLE="width: 27pt">(c)</TD><TD STYLE="text-align: justify">any provision of this clause 19 which is unenforceable for any reason
                                in any jurisdiction, will be ineffective in that jurisdiction to the extent of such unenforceability
                                without invalidating any of the remaining provisions of this clause 19 or affecting the enforceability
                                or validity of this clause 19 in any other jurisdiction.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt">19.6</TD><TD STYLE="text-align: justify"><U>Subordination.</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt">(a)</TD><TD STYLE="text-align: justify">As between FRANCHISOR and Parent, all sums
                                            owing by Franchisee to Parent shall be subordinated to any moneys owing by Franchisee to
                                            FRANCHISOR.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">Until
                                            this clause 19 has been fully discharged, Parent may not, either directly or indirectly,
                                            recover or claim any sum paid under this clause 19 or prove in, claim or receive the benefit
                                            of any distribution, dividend or payment arising out of or relating to the liquidation of
                                            Franchisee, unless required to do so by FRANCHISOR, in which case the Parent must prove in
                                            any liquidation of Franchisee for all amounts owed to the Parent.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">All
                                            amounts recovered by Parent from any liquidation or under any security from Franchisee must
                                            be received and held in trust by Parent for FRANCHISOR to the extent of the unsatisfied liability
                                            of Parent under this clause 19.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Parent
                                            </FONT>must not deduct, withhold or set off any amount from or against any payment due by
                                            Parent to FRANCHISOR nor raise any defense, counterclaim, estoppel or set off which may have
                                            been available to Franchisee.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt">(e)</TD><TD STYLE="text-align: justify">A reference to liquidation in this clause
                                            19 includes appointment of an administrator, compromise, arrangement, merger, amalgamation,
                                            reconstruction, winding up, dissolution, assignment for the benefit of creditors, scheme,
                                            composition or arrangement with creditors, insolvency, bankruptcy or any similar procedure,
                                            or, where applicable, changes in the constitution of any partnership or person, or death.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>ACKNOWLEDGEMENT BY PARENT AND FRANCHISEE</U></B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each of Parent and Franchisee represents
    to FRANCHISOR that before signing this Agreement, it has:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">1.&#8239;&#8239;&#8239;&#8239;&#8239;been
    advised by FRANCHISOR or its agents to take independent professional advice on all aspects of this Agreement and the Popeyes System
    and it has taken such independent advice as it deems necessary and has independently satisfied itself on all relevant matters, including,
    without limitation, the suitability of the Location for the conduct of the Franchised Restaurant and any estimates or projections
    relating to profit or return on investment provided by FRANCHISOR or its agents;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">2.&#8239;&#8239;&#8239;&#8239;&#8239;carefully
    read and understood the provisions of this Agreement and any disclosure document provided to Franchisee (receipt of which Franchisee
    acknowledges);</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">3.&#8239;&#8239;&#8239;&#8239;&#8239;not
    relied on any statement, representation or warranty made by FRANCHISOR or its employees or agents other than as set out in this Agreement,
    the MDA or any of the Transaction Agreements or in any other documents executed and delivered by the parties in connection with the
    transactions contemplated hereby and thereby or in any disclosure document provided to Franchisee; and</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">4.&#8239;&#8239;&#8239;&#8239;&#8239;understands
    that FRANCHISOR does not guarantee to provide a rate of return on investment or profit to Franchisee, and that the amount of any
    profit or return on investment depends on its own effort and investment.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->54<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Executed as an agreement:</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">SIGNED FOR AND ON BEHALF OF</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>PLK
APAC PTE. LTD.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 10%">Signature:</TD>
  <TD STYLE="border-bottom: Black 1pt solid; width: 39%">&nbsp;</TD>
  <TD STYLE="width: 2%">&nbsp;</TD>
  <TD STYLE="width: 49%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Name:</TD>
  <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Designation:</TD>
  <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">SIGNED FOR AND ON BEHALF OF</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>[PARENT]</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: Black 1pt solid; width: 49%">&nbsp;</TD>
  <TD STYLE="width: 2%">&nbsp;</TD>
  <TD STYLE="width: 49%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Signature of Director</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Name of Director (print)</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">SIGNED FOR AND ON BEHALF OF</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>[FRANCHISEE]</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">in accordance with its</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Constitution in the presence of:</P>

</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Signature of Director</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Name of Director (print)</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 233; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->55<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Schedule A</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 32%"><FONT STYLE="font-size: 10pt">Franchisee:</FONT></TD>
  <TD STYLE="width: 2%">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 66%"><FONT STYLE="font-size: 10pt">[Franchisee], </FONT>a company organized under the laws of
  the [People&rsquo;s Republic of China] and having a principal place of business at [___________________]; and</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>Any Approved Subsidiary</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Franchise Fee:</TD>
  <TD>&nbsp;</TD>
  <TD STYLE="text-align: justify">[****]</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Term:</TD>
  <TD>&nbsp;</TD>
  <TD>Up to twenty (20) years with a minimum term of five (5)&nbsp;years</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Royalty Percentage:</TD>
  <TD>&nbsp;</TD>
  <TD STYLE="text-align: justify">[****]</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Advertising Percentage:</TD>
  <TD>&nbsp;</TD>
  <TD>5.0% of monthly Gross Sales for each Franchised Restaurant</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 234 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">A</FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 32%">Renewal Fee</TD>
  <TD STYLE="width: 2%">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 66%">[****]</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>General Manager:</TD>
  <TD>&nbsp;</TD>
  <TD>[General Manager]</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 235 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">B</FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>SCHEDULE</U></B></FONT><B><U>
B</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Unit
License Addendum</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">This Unit License
Addendum (&ldquo;<B>Unit Addendum</B>&rdquo;) is made and entered into as of ________________, 20___ by and among PLK APAC PTE. LTD.
(&ldquo;<B>FRANCHISOR</B>&rdquo;), ____________ (&ldquo;<B>Parent</B>&rdquo;) and [</FONT>___________________________] (&ldquo;<B>Franchisee</B>&rdquo;)
with reference to the following facts:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;FRANCHISOR,
Parent and Franchisee have entered into a Company Franchise Agreement (&ldquo;<B>Franchise Agreement</B>&rdquo;) pursuant to which FRANCHISOR
granted Franchisee rights to operate Popeyes Restaurants in the Territory.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">B.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 5pt">&#8239;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;Franchisee
now desires to locate and operate one Restaurant under t</FONT>he Franchise Agreement at the Location listed below (the &ldquo;<B>Franchised
Restaurant</B>&rdquo;), and FRANCHISOR has agreed to grant Franchisee a license for the Franchised Restaurant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>NOW
THEREFORE</B></FONT>, the parties agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B><U>Incorporation
by Reference</U></B>. It is agreed that, with the exception of those specific items set forth below, all of the terms, conditions and
provisions of the Franchise Agreement (including all defined terms) are incorporated in this Unit Addendum as if fully and completely
set forth in this Unit Addendum. The incorporation of the applicable terms and provisions of the Franchise Agreement into this Unit Addendum
will continue in effect so long as this Unit Addendum remains in effect, notwithstanding the termination or expiration of the Franchise
Agreement. Unless otherwise indicated, all capitalized terms used in this Unit Addendum have the meanings set forth in the Franchise
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B><U>Grant</U></B>.
Subject to the terms and conditions of the Franchise Agreement and Franchisee&rsquo;s continuing faithful performance thereunder, FRANCHISOR
hereby grants to Franchisee the right and license (&ldquo;<B>Unit License</B>&rdquo;) to operate a Franchised Restaurant under the Popeyes
System and the Popeyes Marks (&ldquo;<B>Unit</B>&rdquo;) to be located at:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(&ldquo;<B>Location</B>&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B><U>Term</U></B>.
This Unit Addendum will commence on the [INSERT OPENING DATE] and continue until [INSERT EXPIRATION DATE] unless terminated earlier as
provided in the Franchise Agreement. Termination of this Unit Addendum will not, in and of itself, effect a termination of the Franchise
Agreement. Franchisee will have the right to obtain a Renewal Unit Addendum subject to and in accordance with the terms and conditions
of clause 2.5 of the Franchise Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><B><U>Termination
by Franchisee</U></B>. Franchisee, may, pursuant to Article&nbsp;12 of the Commercial Franchise Administration Regulation promulgated
by the State Council of China and effective as of May&nbsp;1, 2007, terminate this Unit Addendum within SEVEN (7)&nbsp;DAYS after the
signing date of this Unit Addendum (&ldquo;<B>Termination Period</B>&rdquo;).&nbsp; Franchisee further acknowledges that the foregoing
seven-day Termination Period has been agreed to by Franchisor and Franchisee based on their negotiations and reflects a truthful allocation
of risks and liabilities after taking into account all of the relevant factors in entering into this Unit Addendum.&nbsp; In the event
that Franchisee elects to terminate this Unit Addendum pursuant to this clause 4:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.48in">(a)</TD><TD STYLE="text-align: justify">Franchisee shall, within the foregoing
                                            Termination Period, send the original copy of a written notice to terminate this Unit Addendum
                                            (&ldquo;<B>Termination Notice</B>&rdquo;) to FRANCHISOR by hand-delivery or registered air
                                            mail, postage fully prepaid.&nbsp; Franchisee shall clearly state its decision to terminate
                                            this Unit Addendum in such Termination Notice, which shall be signed by the legal representative
                                            of Franchisee and affixed with the corporate seal of Franchisee.&nbsp; This Unit Addendum
                                            may be terminated pursuant to this clause 4 only after FRANCHISOR actually receives the original
                                            copy of the Termination Notice that meets the foregoing requirements.&nbsp; For the avoidance
                                            of doubt, if FRANCHISOR does not receive the Termination Notice that meets all of the foregoing
                                            requirements, this Unit Addendum shall not be terminated and shall continue in full force
                                            and effect and be binding upon FRANCHISOR and Franchisee.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 236 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.48in">(b)</TD><TD STYLE="text-align: justify">If this Unit Addendum is terminated pursuant
                                            to this clause 4<U>,</U> Franchisee shall comply with all relevant responsibilities under
                                            the Franchise Agreement upon termination of this Unit Addendum.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B><U>PLK
Number</U></B>. The Franchised Restaurant to be operated at the Location shall be referred to as &ldquo;PLK#_____.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B><U>Franchise
Fee</U></B>.&#8239;The Franchise Fee for the Franchised Restaurant shall be [$___________]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B><U>Operations
Director</U></B>. The Operations Director for the Franchised Restaurant shall be ___________________.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B><U>Royalty
Percentage</U></B>. The Royalty Percentage for the Franchised Restaurant shall be [INSERT APPLICABLE PERCENTAGE].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B><U>Advertising
Percentage</U></B>. The Advertising Percentage for the Franchised Restaurant shall be five percent (5%).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">10.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Conversion
Rate</B> (clause 8.8).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>IN
WITNESS WHEREOF</B></FONT>, the parties have executed this Unit License Addendum on __________________.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">[FRANCHISEE]</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">PLK APAC PTE. LTD.</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD STYLE="width: 44%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD STYLE="width: 2%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD STYLE="width: 44%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
  <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
  <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
  <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
  <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
  <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
  <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">[PARENT]</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
  <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
  <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
  <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 237 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Schedule C</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>List of Registered Marks</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 238 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Schedule D</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Required Insurance</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prior to the Opening Date of each Franchised
Restaurant, Franchisee must procure and maintain in full force and effect during the Term, at its own expense, the following insurance
policy or policies in respect of the Franchised Restaurant and the Location, or by reason of the construction, operation, or occupancy
of the Franchised Restaurant:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">Comprehensive general liability insurance
                                            (including risks required to be covered by local law, and including products liability and
                                            broad form contractual liability):</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">US$5,000,000.00
                                            per occurrence for bodily injury;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">US$5,000,000.00
                                            per occurrence for property;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">US$10,000,000.00
                                            per occurrence (umbrella); and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">Automotive liability insurance, including
                                            bodily injury and property damage for all owned, non-owned and hired vehicles: no minimum
                                            requirement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.8pt"></TD><TD STYLE="width: 35.1pt">(c)</TD><TD STYLE="text-align: justify">All risks property insurance for the
                                            full replacement value of the Franchised Restaurant which is sufficient to satisfy any co-insurance
                                            clause contained in the policy, and where the Franchised Restaurant is a leasehold, rental
                                            insurance for at least six (6)&nbsp;months&rsquo; rent.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.8pt"></TD><TD STYLE="width: 35.1pt">(d)</TD><TD STYLE="text-align: justify">Business interruption insurance to insure
                                            Franchisee for losses incurred as a result of a business interruption, such as fire, storm
                                            or other natural or man-made disaster, which causes the Franchised Restaurant to be closed
                                            for a period of time. Such business interruption insurance policy will, at a minimum, provide
                                            a level of coverage to Franchisee sufficient for Franchisee to be able to pay to FRANCHISOR,
                                            on a monthly basis, the estimated Royalties and Advertising Contributions that Franchisee
                                            would have been obligated to pay had the business interruption not occurred.</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                            <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">The foregoing amount shall be calculated by taking the average monthly
                              Gross Sales of the Franchised Restaurant over the 12 months immediately preceding the date of the business
                              interruption (or in the case where the Franchised Restaurant has not been open for 12 months, Franchisee&rsquo;s
                              estimate of the average monthly Gross Sales) and multiplying such number first by the Royalty Percentage
                              and then by the Advertising Percentage, and adding the two results together.</TD></TR>
                                                            </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.8pt"></TD><TD STYLE="width: 35.1pt">(e)</TD><TD STYLE="text-align: justify">Statutory worker&rsquo;s compensation
                                            insurance and employer&rsquo;s liability insurance, as well as insurance covering disability
                                            benefits as may be required by local law.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 239 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Schedule E</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Form&nbsp;of Joinder Agreement</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">[&#9679;] (&ldquo;<U>Company</U>&rdquo;)
is executing and delivering this Joinder Agreement pursuant to the Company Franchise Agreement, dated as of [&#9679;], by and among _________________,
a company organized under the Laws of Hong Kong (&ldquo;<U>Parent</U>&rdquo;), _______________________________, a company organized under
the laws of the People&rsquo;s Republic of China (&ldquo;<U>Shanghai Franchisee</U>&rdquo;), and PLK APAC Pte. Ltd., a company organized
under the Laws of Singapore (&ldquo;<U>FRANCHISOR</U>&rdquo;).&nbsp; Capitalized terms used but not defined in this Joinder Agreement
shall have the respective meanings ascribed to them in the Company Franchise Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Parent and the Company jointly
and severally represent and warrant to FRANCHISOR that the Company is an entity: (i)&nbsp;established in the Territory; (ii)&nbsp;approved
by FRANCHISOR in accordance with the applicable provisions of the Company Franchise Agreement; (iii)&nbsp;owned 100% by Parent or a wholly-owned
subsidiary of Parent; (iv)&nbsp;which will operate Franchised Restaurants in the Territory; and (v)&nbsp;which has executed and delivered
to FRANCHISOR this Joinder Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">By executing and delivering
this Joinder Agreement, the Company hereby agrees to become a party to, to be bound by, and to comply with the rights and obligations
set forth in the Company Franchise Agreement as Franchisee thereunder.&nbsp; In connection therewith, effective as of the date hereof,
the Company hereby makes the representations and warranties contained in the Company Franchise Agreement.&nbsp; The Company will execute
and deliver to FRANCHISOR a Unit Addendum in the form of Schedule B to the Company Franchise Agreement with respect to each Franchised
Restaurant owned and operated by the Company.&nbsp; The Company hereby acknowledges and agrees that, upon the execution and delivery
of this Joinder Agreement, the Company will be jointly and severally liable with Parent, Shanghai Franchisee and all other Approved Subsidiaries
for all of the liabilities and obligations of Franchisee pursuant to the Company Franchise Agreement and each Unit Addendum issued thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">This
Joinder Agreement and any non-contractual obligations arising out of or in connection with this Joinder Agreement shall be governed by,
and interpreted in accordance with the substantive Laws of the [People&rsquo;s Republic of China] without regard to conflicts of law
principles. Any Dispute arising out of this Joinder Agreement shall be settled by arbitration in accordance with clause</FONT> 18.2 of
the Company Franchise Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>ACKNOWLEDGMENT BY THE COMPANY</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Company represents to FRANCHISOR that before signing this Joinder Agreement, it has:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">A.</FONT></TD><TD STYLE="text-align: justify">been
                                            advised by FRANCHISOR or its agents to take independent professional advice on all aspects
                                            of this Joinder Agreement and the Tim Hortons System and it has taken such independent advice
                                            as it deems necessary and has independently satisfied itself on all relevant matters, including,
                                            without limitation, the suitability of the Locations for the conduct of the Franchised Restaurants
                                            and any estimates or projections relating to profit or return on investment provided by FRANCHISOR
                                            or its agents;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">B.</FONT></TD><TD STYLE="text-align: justify">carefully
                                            read and understood the provisions of this Joinder Agreement and any disclosure document
                                            provided to the Company (receipt of which the Company hereby acknowledges);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">C.</FONT></TD><TD STYLE="text-align: justify">not
                                            relied on any statement, representation or warranty made by FRANCHISOR or its employees or
                                            agents other than as set out in this Joinder Agreement, the A&amp;R MDA or any of the Transaction
                                            Agreements or in any other documents executed and delivered in connection with the transactions
                                            contemplated hereby and thereby or in any disclosure document provided to the Company; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">D.</FONT></TD><TD STYLE="text-align: justify">understood
                                            that FRANCHISOR does not guarantee to provide a rate of return on investment or profit to
                                            the Company, and that the amount of any profit or return on investment depends on its own
                                            effort and investment.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 240 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">2.</TD><TD STYLE="padding-left: 0.25in; text-align: justify">The Company, may, pursuant to Article&nbsp;12
                                 of the Commercial Franchise Administration Regulation promulgated by the State Council of China and
                                 effective as of May&nbsp;1, 2007, terminate this Joinder Agreement within SEVEN (7)&nbsp;DAYS after
                                 the signing date of this Joinder Agreement (&ldquo;<B>Termination Period</B>&rdquo;).&nbsp; Franchisee
                                 further acknowledges that the foregoing seven-day Termination Period has been agreed to based on their
                                 negotiations and reflects a truthful allocation of risks and liabilities after taking into account all
                                 of the relevant factors in entering into this Joinder Agreement.&nbsp; In the event that the Company
                                 elects to terminate this Joinder Agreement pursuant to the foregoing:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">A.</FONT></TD><TD STYLE="text-align: justify">The
                                            Company shall, within the foregoing Termination Period, send the original copy of a written
                                            notice to terminate this Joinder Agreement (&ldquo;<B>Termination Notice</B>&rdquo;) to FRANCHISOR
                                            by hand-delivery or registered air mail, postage fully prepaid.&nbsp; The Company shall clearly
                                            state its decision to terminate this Joinder Agreement in such Termination Notice, which
                                            shall be signed by the legal representative of the Company and affixed with the corporate
                                            seal of the Company.&nbsp; This Joinder Agreement may be terminated pursuant to this clause
                                            only after FRANCHISOR actually receives the original copy of the Termination Notice that
                                            meets the foregoing requirements.&nbsp; For the avoidance of doubt, if FRANCHISOR does not
                                            receive the Termination Notice that meets all of the foregoing requirements, this Joinder
                                            Agreement shall not be terminated and shall continue in full force and effect and be binding
                                            upon FRANCHISOR and the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">B.</FONT></TD><TD STYLE="text-align: justify">If
                                            this Joinder Agreement is terminated pursuant to this clause 2, the Company shall comply
                                            with all relevant responsibilities herein upon termination of this Joinder Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Accordingly, the parties
hereto have executed and delivered this Joinder Agreement as of the __ day of ____, 20__.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD COLSPAN="2"><B>[PARENT]</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 49%">&nbsp;</TD>
  <TD STYLE="width: 2%">&nbsp;</TD>
  <TD STYLE="width: 5%">&nbsp;</TD>
  <TD STYLE="width: 44%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>Name:</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>Title:</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD COLSPAN="2"><B>[COMPANY]</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>Name:</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>Title:</TD>
  <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 241 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Schedule F</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 33%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>Reason
    for Temp Closure</B></FONT></TD>
    <TD STYLE="width: 55%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>Definition</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"><B>Maximum</B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"><B>Duration</B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"><B>(months)</B></FONT></P></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Fire</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Partial
    or complete damage incurred due to fire</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Municipal/State/Federal
    Action</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercise
    of governmental power</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Natural
    Disaster</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
    event or force of nature that has catastrophic consequences, such as avalanche, earthquake, flood, forest fire, hurricane, lightning,
    tornado, tsunami, and volcanic eruption </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Pursuing
    Offset</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Active
    efforts being made to re-open a temporary closed restaurant</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Operational
    Issue</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    default in operational effectiveness</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Remodeling</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Complete
    interior/exterior upgrade of an existing restaurant or location (e.g. mall, road)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Scrape&nbsp;&amp;
    Rebuild</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tear
    down and rebuild of an existing restaurant</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Seasonal
    Restaurant</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restaurant
    closed during particular times each year (e.g. college campus closed during winter break)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Terrorism</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restaurant
    closure due to the unlawful use or threatened use of force or violence by a person or an organized group</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Weather
    Condition</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Day-to-day
    precipitation activity (e.g. snowstorm, wind damage, minor flooding)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Labor
    disputes</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Labor
    unrest leading to the inability to operate the restaurant</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Supply
    chain disruptions</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delays
    or damage to the supply of goods and/or supporting services required to operate the restaurant</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Construction
    in Surrounding Environment</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Construction
    underway in the area surrounding the restaurant (e.g. mall, road)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Transfer</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Closure
    while franchise entity or Restaurant assets are being transferred to a new franchisee or where a new franchisee will recommence operations
    at the same location</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Holidays</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restaurant
    closed for at least 1 day due to observation of a holiday</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Exhibit&nbsp;C<BR>
General Release of Actions</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Execution Draft</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">March&nbsp;30, 2023&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PLK APAC Pte. Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">8 Cross St, Manulife Tower, #28-01/07</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Singapore 048424</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attention: Rafael Odorizzi, President, APAC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Re:</TD><TD STYLE="text-align: justify"><U>Waiver and Release</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dear
Rafael</FONT>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reference
is made to: (1)&nbsp;that certain Joint Venture and Investment Agreement dated as of March&nbsp;30, 2023 (the &ldquo;<B>JVIA</B>&rdquo;),
by and among PLK APAC Pte. Ltd. </FONT>(&ldquo;<B>PLK</B>&rdquo;), Pangaea Three Acquisition Holdings IV, Limited (the &ldquo;<B>Investor</B>&rdquo;),
and the other parties signatory thereto; (2)&nbsp;that certain Share Purchase Agreement dated as of March&nbsp;30, 2023 (the &ldquo;<B>SPA</B>&rdquo;),
by and among TH International Limited (&ldquo;<B>THIL</B>&rdquo; and together with Investor, the &ldquo;<B>Investor Parties</B>&rdquo;),
and the other parties signatory thereto, and (3)&nbsp;that certain Master Development Agreement dated of March&nbsp;30, 2023 (as may
be amended and restated from time to time, the &ldquo;<B>MDA</B>&rdquo;), by and among PLK, PLKC International Limited (the &ldquo;<B>JVC</B>&rdquo;),
and the other parties signatory thereto, from time to time, in each case relating to the grant of development rights and the operation
of Popeyes&reg; restaurants in mainland China (including Macau, but excluding Hong Kong and Taiwan, the &ldquo;<B>Territory</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">PLK and Investor agreed to develop Popeyes&reg;
restaurants in the Territory in accordance with the JVIA, and for this purpose the JVC was established as a joint venture company (the
 &ldquo;<B>JV Transaction</B>&rdquo;). Upon consummation of the JV Transaction, PLK owned 10% of the Equity Securities of the JVC and
Investor owned 90% of the Equity Securities of the JVC. Subsequently, in accordance with the SPA, THIL acquired 100% of the Equity Securities
of the JVC (the &ldquo;<B>Combination</B>&rdquo; and together with the JV Transaction, the &ldquo;<B>Transactions</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Investor Parties are executing this waiver
and release (this &ldquo;<B>Waiver and Release</B>&rdquo;) for the purpose of inducing PLK to proceed with the closing of the Transactions
and enter into the JVIA, SPA, MDA and the other documents entered into in connection with or necessary to effect the Transactions (collectively,
the &ldquo;<B>Transaction Documents</B>&rdquo;). All capitalized terms used in this Waiver and Release that are not defined herein shall
have the meanings assigned to them in the Transaction Documents, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>I.</B></FONT></TD><TD STYLE="text-align: justify"><B><U>Representations
                                            and Warranties</U></B>. Each Investor Party represents and warrants to PLK, as of the date
                                            hereof, as follows:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.</FONT></TD><TD STYLE="text-align: justify"><U>Authorizations,
                                            Effectiveness and Enforceability</U>. Such Investor Party has all requisite power, authority
                                            and capacity to execute, deliver and perform its obligations under this Waiver and Release.
                                            This Waiver and Release has been duly executed and delivered by such Investor Party and constitutes
                                            a legal, valid and binding obligation of such Investor Party, enforceable against it as set
                                            forth herein.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">b.</TD><TD STYLE="text-align: justify"><U>No Conflict</U>. The execution, delivery
                                            and performance by such Investor Party of this Waiver and Release does not constitute or
                                            result in (i)&nbsp;a violation of any Law, permit or license issued by an Authority, applicable
                                            to or binding upon such Investor Party or (ii)&nbsp;a conflict with, or result in any violation
                                            or breach of, or constitute (with or without notice or lapse of time, or both) a default
                                            (or give rise to a right of termination, cancellation or acceleration of any obligation or
                                            loss of any material benefit) under, require a consent or waiver under, any of the terms,
                                            conditions or provisions of any material contract or other agreement to which such Investor
                                            Party is a party or by which it or any of its properties or assets may be bound.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>II.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Release</U></B></FONT><B>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
and in consideration of PLK entering into the Transaction Documents, and other good and valuable consideration, the receipt of which
is hereby acknowledged, the Investor Parties, on behalf of themselves and their respective Affiliates (the &ldquo;</FONT><B>Releasing
Parties</B>&rdquo;), solely with respect to matters arising at any time through the date of this letter agreement, hereby remise, release,
acquit, satisfy, and forever discharge PLK, its Affiliates and their respective officers, directors, agents, employees subsidiaries,
parent corporation, and all of their assignees (individually and together the &ldquo;<B>Released Parties</B>&rdquo;), of and from all
manner of action and actions, cause and causes of action, suits, debts, dues, sums of money, accounts, reckonings, bonds, bills, specialties,
covenants, contracts, controversies, agreements, promises, variances, trespasses, damages, judgments, executions, claims, and demands
whatsoever, in law or in equity, which Releasing Parties, or any of them, ever had, now has, or which any their respective successors
or assigns (but, for the avoidance of doubt, solely with respect to matters arising at any time through the date of this letter agreement)
hereafter can, shall, or may have, whether known or unknown, against the Released Parties, or any of them, for, upon, or by reason of
any matter, cause, or thing whatsoever, including with respect to the Popeyes&reg;, Tim Hortons&reg; and Burger King&reg; brands other
than matters relating to the Transaction Documents. For the avoidance of doubt, notwithstanding anything to the contrary under this letter
agreement, this <U>Section&nbsp;II</U> does not amend, modify, waive, abridge or provide any form of release with respect to (i)&nbsp;any
of the Transaction Documents or any of PLK&rsquo;s representations, warranties and covenants included therein and (ii)&nbsp;any claims
that may arise after the date of this letter agreement, including but not limited to contracts, agreements or documents with respect
to other brands unrelated to Popeyes&reg; (including without limitation to Tim Hortons and Burger King).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>III.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Miscellaneous</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
                                            of the Investor Parties acknowledges that PLK&rsquo;s willingness to enter into the Transaction
                                            Documents is expressly conditioned on the Investor Parties executing and delivering this
                                            Waiver and Release to PLK. </FONT>No amendment of this Waiver and Release shall be valid
                                            unless it is in writing and duly executed by or on behalf of each of the parties hereto.
                                            Each of the provisions set forth in this Waiver and Release is separate and severable and,
                                            in the event of any such provision being determined as unenforceable in whole or in part
                                            for any reason, such unenforceability shall not affect the enforceability of the remaining
                                            provisions or, in the case of part of a provision being unenforceable, the remainder of that
                                            provision.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">b.</TD><TD STYLE="text-align: justify">This Waiver and Release and any non-contractual
                                            obligations, performance or liabilities arising out of, or in connection with this Waiver
                                            and Release shall be governed by and interpreted in accordance with the substantive Laws
                                            of the State of New York without regard to conflict of laws principles.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">[<I>Remainder of page&nbsp;intentionally
left blank. Signatures follow.</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF, the parties
hereto have caused this Letter Agreement to be duly executed and delivered as of ______________ __, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">INVESTOR PARTIES</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">TH INTERNATIONAL LIMITED</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF, the parties
hereto have caused this Letter Agreement to be duly executed and delivered as of ______________ __, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">INVESTOR PARTIES</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">PANGAEA THREE ACQUISITION HOLDINGS IV, LIMITED</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">ACKNOWLEDGED AND AGREED:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">PLK APAC Pte. Ltd.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title: Director</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Exhibit&nbsp;D<BR>
Termination Agreement of Joint Venture and Investment Agreement</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXECUTION VERSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>JVIA TERMINATION AGREEMENT AND NON-COMPETE
AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">This
JVIA Termination Agreement and Non-Compete Agreement (this &ldquo;<U>Agreement</U>&rdquo;) is made and entered into March&nbsp;30, 2023
(the &ldquo;<U>Effective Date</U>&rdquo;) by and among (1)&nbsp;<B>PANGAEA THREE ACQUISITION HOLDINGS IV, LIMITED</B>, </FONT>an exempted
company incorporated under the laws of the Cayman Islands (&ldquo;<U>Investor</U>&rdquo;), (2)&nbsp;<B>PANGAEA THREE-B, LP</B>, a legal
entity organized and existing under the laws of the Cayman Islands with file registration number of MC-96696 (&ldquo;<U>Cartesian</U>&rdquo;),
(3)&nbsp;<B>PLK APAC PTE. LTD.</B>, a company organized and existing under the laws of Singapore and having a principal place of business
at 8 Cross St, Manulife Tower, #28-01/07, Singapore 048424 (&ldquo;<U>PLK</U>&rdquo;), (4)&nbsp;<B>PLKC INTERNATIONAL LIMITED</B>, a
company organized and existing under the laws of the Cayman Islands (&ldquo;<U>JVC</U>&rdquo;); and (5)&nbsp;<B>TH INTERNATIONAL LIMITED</B>,
a Cayman Islands exempted company (&ldquo;<U>THIL</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each of the parties hereto
are sometimes referred to herein individually as a &ldquo;<U>Party</U>&rdquo; and collectively as the &ldquo;<U>Parties</U>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>RECITALS</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS,&nbsp;Investor, Cartesian,
PLK and JVC are parties to that certain Joint Venture and Investment Agreement, dated as of March&nbsp;30, 2023 (the &ldquo;<U>JVIA</U>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, THIL,&nbsp;Investor,
PLK and JVC are parties to that certain Share Purchase Agreement, dated as of March&nbsp;30, 2023 (the &ldquo;<U>Purchase Agreement</U>&rdquo;).
The Purchase Agreement governs the manner in which THIL shall purchase one hundred percent (100%) of the equity interests in JVC from
Investor and PLK in exchange for the consideration and subject to the terms and conditions set forth therein (the &ldquo;<U>Transaction</U>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, concurrently with
the consummation of the Transaction, the Parties desire to terminate the JVIA in accordance with the terms and conditions hereof; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, the Parties
hereby agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify"><U>Capitalized Terms</U>. All capitalized
                                            terms used but not defined herein shall have the meanings set forth in the JVIA.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify"><U>Termination and Cancellation of the JVIA</U>.
                                            The JVIA shall be terminated with immediate effect concurrently with the consummation of
                                            the Transaction without any further action being required to be taken by any Party; <U>provided</U>,
                                            <U>however</U>, that notwithstanding the termination of the JVIA hereby, (a)&nbsp;the Surviving
                                            Provisions (excluding <U>clause 18</U> (<I>Non-Competition; Outside Activities</I>) of the
                                            JVIA; and with respect to <U>clauses 8.7(a)</U>&nbsp;(<I>Indemnifiable Taxes</I>), <U>9.1
                                            </U>(<I>Business of the JVC Group</I>) and <U>42</U> (<I>No Third Party Enforcement Rights</I>)
                                            of the JVIA, each being amended and restated in accordance with this Agreement) and (b)&nbsp;<U>clauses
                                            3.9, 6.1</U>, <U>6.2</U> and <U>6.3</U> of the JVIA shall survive termination of the JVIA
                                            and continue to be binding on each of the Parties (other than THIL) immediately following
                                            consummation of the Transaction; <U>provided</U>, <U>further</U>, <U>however</U>, that the
                                            Surviving Representations shall survive for a period of three (3)&nbsp;years following consummation
                                            of the Transaction. For the purposes of this Agreement, the &ldquo;<U>Surviving Representations</U>&rdquo;
                                            shall mean those certain representations and warranties of PLK,&nbsp;Investor and Cartesian
                                            contained in <U>clauses 6.1</U>, <U>6.2</U> and <U>6.3</U>, respectively.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify"><U>Assumption</U>. Immediately following the
                                            consummation of the Transaction pursuant to the Purchase Agreement, THIL agrees that it shall
                                            assume the liabilities and obligations with respect to clauses <U>8.7(a)</U>&nbsp;(<I>Indemnifiable
                                            Taxes</I>), <U>9.1</U> (<I>Business of the JVC Group</I>) and <U>42</U> (<I>No Third Party
                                            Enforcement Rights</I>) of the JVIA, in each case as amended and restated below:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">a.</TD><TD STYLE="text-align: justify"><U>Indemnifiable Taxes</U>. THIL hereby
                                            agrees that, following the consummation of the Transaction, it shall cause JVC and Master
                                            Franchisee to indemnify Cartesian, PLK and their respective Affiliates and to hold each of
                                            the foregoing persons harmless against any liability for Taxes solely to the extent arising
                                            as a result of the Transfer of Master Franchisee and the Investor Cash Contributions (but
                                            for the avoidance of doubt, no subsequent transaction) (the &ldquo;<U>Indemnifiable Taxes</U>&rdquo;)
                                            and agrees that any such Indemnifiable Taxes shall be the responsibility of JVC or Master
                                            Franchisee, as applicable. THIL shall cause JVC to pay to Cartesian or PLK (as the case may
                                            be) the full amount of Indemnifiable Taxes claimed under this <U>Section&nbsp;3(a)</U>&nbsp;(such
                                            amount to be grossed up to include all Taxes, interest and penalties arising thereon) on
                                            or before the date which is thirty (30) days after written demand is made therefor. Without
                                            prejudice to the foregoing, any stamp duty or other transfer taxes payable in respect of
                                            the Transfer of Master Franchisee shall be solely borne by JVC. The Parties agree that Cartesian&rsquo;s
                                            portion of the stamp duty expected by the Parties to be payable in respect of the Transfer
                                            of Master Franchisee shall be paid by JVC on behalf of Cartesian promptly and in any event
                                            within the time frame specified in, and in accordance with the requirements of the Stamp
                                            Duty Ordinance (Chapter 117 of the Laws of Hong Kong).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">b.</TD><TD STYLE="text-align: justify"><U>Business of the JVC Group</U>. Within
                                            nine (9)&nbsp;months after the consummation date of the Transaction, THIL shall cause JVC
                                            to (a)&nbsp;form and incorporate a limited liability company under the laws of the PRC (the
                                            &ldquo;<U>China Opco</U>&rdquo;) directly and wholly owned by Master Franchisee in a form
                                            reasonably satisfactory to each of the Investor and PLK and (b)&nbsp;provide Cartesian and
                                            PLK with reasonably satisfactory written materials evidencing the formation of the China
                                            Opco. Upon formation of the China Opco, each of the Parties, as applicable, shall cause PLK,
                                            Master Franchisee (acting as the &ldquo;Parent&rdquo; under the Company Franchise Agreement)
                                            and the China Opco (acting as the &ldquo;Franchisee&rdquo; under the Company Franchise Agreement)
                                            to execute and deliver to the relevant other Parties the Company Franchise Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">c.</TD><TD STYLE="text-align: justify"><U>No Third Party Enforcement Rights</U>.
                                            Except as expressly stipulated in this Agreement, this Agreement shall not grant any right
                                            to persons who are not a party to this Agreement. To the extent this Agreement grants expressly
                                            rights to third parties (other than JVC), the Parties to this Agreement shall be permitted
                                            to change or exclude such rights at any time without the consent of the respective third
                                            party.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Releases.
                                            </U>Each of the Parties hereby waives, remises, releases, acquits, satisfies and forever
                                            discharges each of the other Parties from and against all </FONT>Claims which any such Party
                                            ever had, now has, can, shall or may have, against any or all of the other Parties arising
                                            out of, pertaining to or in connection with the JVIA (or its termination as provided herein),
                                            except in connection with Claims relating to the Surviving Provisions (excluding <U>clause
                                            18</U> (<I>Non-Competition; Outside Activities</I>) of the JVIA; and with respect to <U>clauses
                                            8.7(a)</U>&nbsp;(<I>Indemnifiable Taxes</I>), <U>9.1</U> (<I>Business of the JVC Group</I>)
                                            and <U>42</U> (<I>No Third Party Enforcement Rights</I>) of the JVIA, each being amended
                                            and restated in accordance with this Agreement).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">5.</TD><TD STYLE="text-align: justify"><U>Board Seat</U>. THIL hereby acknowledges
                                            and agrees that, following the consummation of the Transaction, all shares of THIL received
                                            by PLK pursuant to the Purchase Agreement (including the Aggregate Consideration (as defined
                                            in the Purchase Agreement) and any additional shares of THIL issued to PLK pursuant to <U>Section&nbsp;5.2(b)</U>&nbsp;of
                                            the Purchase Agreement) shall be considered together with the shares of THIL held by Tim
                                            Hortons Restaurants International GmbH (&ldquo;<U>THRI</U>&rdquo;) and/or any of its Affiliates
                                            for purposes of satisfying the threshold for THRI to remain entitled to nominate one director
                                            to the board of directors of THIL pursuant to that certain Amended and Restated Master Development
                                            Agreement, by and among Tim Hortons Restaurants International GmbH, TH Hong Kong International
                                            Limited, and TH International Limited, dated as of August&nbsp;13, 2021, as amended by that
                                            certain letter agreement, by and between BK Asiapac, Pte. Ltd. and Pangaea Two Acquisition
                                            Holdings XXIII,&nbsp;Ltd., dated as of April&nbsp;25, 2022. Cartesian further agrees that
                                            it shall do all things reasonable and necessary to effectuate the foregoing.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">6.</TD><TD STYLE="text-align: justify"><U>Incentive Plan</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">a.</TD><TD STYLE="text-align: justify">The Parties agree that, following the
                                            consummation of the Transaction, THIL will or will cause JVC to establish a long term management
                                            equity incentive plan (&ldquo;<U>MEIP</U>&rdquo;) pursuant to which the board of directors
                                            of THIL or a committee thereof shall be authorized to grant equity awards of THIL, reflecting
                                            up to five percent (5%) of the fully diluted Shares of JVC measured as of the Closing, in
                                            the aggregate, in the form of restricted shares, stock options, stock appreciation rights
                                            or other similar equity incentives to members of senior management and key employees of the
                                            JVC Group. Awards under the MEIP shall be subject to customary vesting and forfeiture restrictions
                                            and such other terms as determined by the board of the directors of JVC or a committee thereof.
                                            PLK hereby agrees that if the number of Popeyes Restaurants opened by the JVC Group on or
                                            prior to December&nbsp;31, 2026 (net of store closures) exceeds the Cumulative Opening Target
                                            (as defined in the Amended and Restated Master Development Agreement) for store openings
                                            set forth in the Development Schedule through such date, then PLK shall forfeit for no consideration
                                            and surrender to THIL or one or more of its designees, 286,664 Purchaser Shares (as defined
                                            in the Purchase Agreement) which is equivalent to two and one-half percent (2.5%) of the
                                            Ordinary Shares of JVC as of the closing date of the Transaction.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">b.</TD><TD STYLE="text-align: justify">THIL shall be solely responsible to pay,
                                            or cause to be paid, any transfer, stamp or other similar taxes imposed on PLK as a result
                                            of the forfeiture of Purchaser Shares contemplated under <U>Section&nbsp;6(a)</U>&nbsp;of
                                            this Agreement (collectively, &ldquo;<U>Transfer Taxes</U>&rdquo;); and (b)&nbsp;THIL shall
                                            be liable to file, to the extent required by law as determined by THIL in its sole discretion
                                            and at THIL&rsquo;s sole direction, all tax returns and other documentation with respect
                                            to any Transfer Taxes (except to the extent such tax returns are required by law to be filed
                                            by any other Party), and each of the Parties agrees to reasonably cooperate with the others
                                            in the filing of any such tax returns and payment of such Transfer Taxes (including without
                                            limitation providing all reasonably requested documents in connection therewith).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">c.</TD><TD STYLE="text-align: justify">Upon the occurrence of an MDA Termination
                                            Event (as defined in the Amended and Restated Master Development Agreement), PLK&rsquo;s
                                            obligations under this <U>Section&nbsp;6</U> will automatically terminate.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">7.</TD><TD STYLE="text-align: justify"><U>Non-Competition; Outside Activities.</U>
                                            This <U>Section&nbsp;7</U> shall take effect immediately upon consummation of the Transaction
                                            without any further action required to be taken by any Party.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">a.</TD><TD STYLE="text-align: justify">Each of the Investor and Cartesian (each
                                            on its own behalf and on behalf of its Relevant Affiliates) (collectively, the &ldquo;<U>Investor
                                            Parties</U>&rdquo;) acknowledges and agrees that the Popeyes System is unique, especially
                                            in the areas of building design, food preparation format, service format, menu, training
                                            program, audit routines, restaurant operations and related manuals, bookkeeping, marketing
                                            and advertising formats and in other areas not listed above, and PLK has valuable goodwill
                                            which it develops and maintains relating to these matters. None of the Investor Parties,
                                            JVC or any JVC Group Company, has and, shall have, any proprietary interest whatsoever in
                                            the Popeyes System or any element thereof. Each of the Investor Parties and JVC (on its behalf
                                            and on behalf of each other JVC Group Company) acknowledges further that no license has been
                                            or will be granted to it to use any part of the Popeyes System for any purpose other than
                                            the purposes contemplated by the Amended and Restated Master Development Agreement, the Company
                                            Franchise Agreement and the Purchase Agreement. The term &ldquo;<U>Relevant Affiliates</U>&rdquo;
                                            as used herein shall include, at all times, Affiliates of each of the Investor and Cartesian.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">b.</TD><TD STYLE="text-align: justify">The Investor Parties shall not at any
                                            time acquire or own any ownership interest in, consult, open, operate or act as a franchisee
                                            for any Competitor, whether directly or indirectly, with the exception of purely financial
                                            investments in publicly listed companies without the ability to control the strategy and
                                            business of such companies, not to exceed three percent (3%) of the outstanding equity of
                                            such publicly-listed company. Notwithstanding anything in the foregoing to the contrary,
                                            the restrictions contained in this <U>Section&nbsp;7(b)</U>&nbsp;shall not be interpreted
                                            to limit the direct or indirect operation or ownership of TAB Gida Sanayi ve Ticaret A.&Scedil;.
                                            or Pangaea Foods (China) Holdings, Ltd or its Affiliates.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">c.</TD><TD STYLE="text-align: justify">Notwithstanding anything herein to the
                                            contrary, nothing in this Agreement shall prevent the Investor Parties from owning any ownership
                                            interests in, opening, operating or acting as a franchisee for any RBI Brand restaurant through
                                            TFI TAB GIDA YATIRIMLARI A.S., Pangaea Foods (China) Holdings, Ltd, TH International Limited
                                            or their respective Affiliates in respect of the Burger King brand and Tim Hortons brand
                                            businesses in the Territory.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">d.</TD><TD STYLE="text-align: justify">The obligations set out in <U>Section&nbsp;7(b)</U>&nbsp;shall,
                                            with respect to an Investor Party, terminate six (6)&nbsp;months after the date on which
                                            such Investor Party together with its Relevant Affiliates, collectively holds a direct and/or
                                            indirect equity interest of less than ten percent (10%) of JVC; <I>provided that</I> Investor
                                            Parties&rsquo; obligation under this <U>Section&nbsp;7(d)</U>&nbsp;shall terminate earlier
                                            if approved by PLK in writing (which approval shall not be unreasonably withheld).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">e.</TD><TD STYLE="text-align: justify">Each of PLK,&nbsp;Investor and Cartesian
                                            expressly acknowledges that, (i)&nbsp;subject to compliance with <U>Section&nbsp;7(b)</U>,
                                            the Investor Parties are permitted to have, and may presently or in the future have, investments
                                            or other business relationships with entities engaged in other, complementary or competing
                                            lines of business other than through JVC (each, an &ldquo;<U>Other Business</U>&rdquo;),
                                            (ii)&nbsp;subject to compliance with <U>Section&nbsp;7(b)</U>, the Investor Parties may have
                                            or may develop a strategic relationship with businesses that are and may be competitive or
                                            complementary with JVC, (iii)&nbsp;subject to compliance with <U>Section&nbsp;7(b)</U>, none
                                            of the Investor Parties shall be prohibited by virtue of its investment in the JVC from pursuing
                                            and engaging in any such activities, (iv)&nbsp;neither the Investor nor its Affiliates shall
                                            be obligated to inform JVC or any of its Subsidiaries of any such opportunity, relationship
                                            or investment, (v)&nbsp;the shareholder(s)&nbsp;of JVC will not acquire or be entitled to
                                            any interest or participation in any Other Business solely as a result of the participation
                                            therein of the Investor Parties (unless otherwise consented to by the Investor Parties),
                                            and (vi)&nbsp;the involvement of any equity holder of the Investor Parties and/or their Relevant
                                            Affiliates in any Other Business will not constitute a conflict of interest by such Persons
                                            with respect to JVC or its shareholders or any of its Subsidiaries. Without limiting the
                                            foregoing, nothing contained in this <U>Section&nbsp;7(e)</U>&nbsp;shall limit the obligations
                                            of the Investor Parties under <U>Section&nbsp;7(b)</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">8.</TD><TD STYLE="text-align: justify"><U>Reimbursement</U>. PLK and its Affiliates
                                            will be reimbursed by JVC for reasonable and documented costs and expenses that are incurred
                                            by PLK and its Affiliates in connection with the Combination, including, without limitation,
                                            legal, accounting and tax advisory fees.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">9.</TD><TD STYLE="text-align: justify"><U>Governing Law</U>. This Agreement and any
                                            non-contractual obligations arising out of or in connection with this Agreement shall be
                                            governed by, and interpreted in accordance with, New York Law.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">10.</TD><TD STYLE="text-align: justify"><U>Miscellaneous.</U> The provisions contained
                                            in the following clauses of the JVIA, <I>mutatis mutandis</I>, are incorporated herein by
                                            reference and are and shall be deemed to be a part of this Agreement as if fully set forth
                                            herein: <U>clause 16</U> (<I>Confidentiality</I>); <U>clause 31</U> (<I>Waiver of Rights</I>);
                                            <U>clause 33</U> (<I>Invalidity)</I>; <U>clause 34</U> (<I>No Partnership or Agency</I>);
                                            <U>clause 35</U> (Announcements); (vi)&nbsp;<U>clause 36</U> (<I>Costs</I>); <U>clause 37
                                            </U>(<I>Whole Agreement</I>); <U>clause 39</U> (<I>Notices</I>); <U>clause 40</U> (<I>Settlement
                                            of Disputes and Arbitration</I>); <U>clause 41</U> (<I>Counterparts</I>) and <U>42</U> (<I>No
                                            Third Party Enforcement Rights</I>).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>Remainder of page&nbsp;intentionally left
blank. Signature page&nbsp;follows.</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IN
WITNESS WHEREOF</B></FONT>, the Parties have duly executed this Agreement as of the date first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>PANGAEA THREE ACQUISITION HOLDINGS IV, LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%">&nbsp;</TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><I>[SIGNATURE PAGE TO JVIA
TERMINATION AGREEMENT AND NON-COMPETE AGREEMENT]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IN
WITNESS WHEREOF</B></FONT>, the Parties have duly executed this Agreement as of the date first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>PLK APAC PTE. LTD.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%">&nbsp;</TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><I>[SIGNATURE PAGE TO JVIA
TERMINATION AGREEMENT AND NON-COMPETE AGREEMENT]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IN
WITNESS WHEREOF</B></FONT>, the Parties have duly executed this Agreement as of the date first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>PLKC INTERNATIONAL LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%">&nbsp;</TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><I>[SIGNATURE PAGE TO JVIA
TERMINATION AGREEMENT AND NON-COMPETE AGREEMENT]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IN
WITNESS WHEREOF</B></FONT>, the Parties have duly executed this Agreement as of the date first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>PANGAEA THREE-B, LP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%">&nbsp;</TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IN
WITNESS WHEREOF</B></FONT>, the Parties have duly executed this Agreement as of the date first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>TH INTERNATIONAL LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%">&nbsp;</TD>
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    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>tm2311103d2_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="font-size: 10pt"><B>Tims China Announces
Addition of Popeyes<SUP>&reg;</SUP> Chicken Brand</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; color: #331805"><FONT STYLE="font-size: 10pt"><B>SHANGHAI,
China and NEW YORK, March&nbsp;30, 2023</B> (GLOBE NEWSWIRE) -- TH International Limited (&ldquo;Tims China&rdquo;; Nasdaq: THCH) closed
a milestone transaction on March 30, 2023 to become the exclusive operator and developer of the world-famous Popeyes<B><SUP>&reg;</SUP></B>
brand in mainland China.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; color: #331805">&ldquo;This is a landmark day,&rdquo;
said Peter Yu, Chairman of Tims China. &ldquo;With this transaction, Tims China gains a tremendous additional pathway for growth in the
world&rsquo;s most compelling consumer market. The track record of our team, who led the development of Tim Hortons in China from a standing
start to over 600 stores in under five years, highlights the strength of our well-honed store development platform and infrastructure.
We are excited to leverage what we&rsquo;ve built to launch and grow the Popeyes<SUP></SUP> business rapidly and efficiently.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; color: #331805">&ldquo;The combination brings
extensive operational and development synergies, and we look forward to introducing our more than 12 million loyalty club members to
Popeyes later this year,&rdquo; said Yongchen Lu, CEO of Tims China.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; color: #331805"><FONT STYLE="font-size: 10pt">Like
Tim Hortons, Popeyes<SUP></SUP> is an iconic brand owned by Restaurant Brands International (&ldquo;RBI&rdquo;). Popeyes<B><SUP></SUP></B>&rsquo;&nbsp;50-year
history, distinctive menu, and passion for flavorful authentic food have made it one of the world&rsquo;s leading chicken quick-service
restaurant (QSR) brands with over 4,100 locations globally.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white; color: #331805">&ldquo;We
are very excited about growing the Popeyes brand in China as part of our broader global growth strategy. We have strong confidence in
our partner who has a deep understanding of the Chinese market and we believe it will position us well for success in the country,&rdquo;
said David Shear, President RBI International.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #331805">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; color: #331805"><FONT STYLE="font-size: 10pt">In
the all-share transaction, Tims China acquired PLKC International Limited (&ldquo;Popeyes China&rdquo;), which holds the exclusive rights
to develop and sub-franchise the Popeyes<B><SUP></SUP></B>&nbsp;brand in mainland China and Macau. Popeyes China brings $30 million
in cash, which will further strengthen Tims China&rsquo;s balance sheet, and Tims China will earmark an additional $60 million to develop
its Popeyes China business over the coming years.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; color: #331805">Details of the transaction terms
are included in the Form&nbsp;6-K filed in conjunction with this release.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; color: #331805">Kirkland&nbsp;&amp; Ellis LLP
is serving as international legal counsel to Tims China.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; color: #331805"><B>About TH International Limited</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; color: #331805">TH International Limited (Nasdaq:
THCH) (&ldquo;Tims China&rdquo;) is the parent company of the exclusive master franchisees of Tim Hortons coffee shops in mainland China,
Hong Kong, and Macau and Popeyes restaurants in mainland China and Macau. Tims China was founded by Cartesian Capital Group and Tim Hortons
Restaurants International, a subsidiary of Restaurant Brands International (TSX: QSR) (NYSE: QSR).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; color: #331805">The company&rsquo;s philosophy
is rooted in world-class execution and data-driven decision making and centered on true local relevance, continuous innovation, genuine
community, and absolute convenience. For more information, please visit&nbsp;<U>https://ir.timschina.com/</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; color: #331805"><B>About POPEYES&reg;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; color: #331805">Founded in New Orleans in 1972,
POPEYES&reg; has more than 50 years of history and culinary tradition. Popeyes distinguishes itself with a unique New Orleans style menu
featuring spicy chicken, chicken tenders, fried shrimp, and other regional items. The chain&rsquo;s passion for its Louisiana heritage
and flavorful authentic food has allowed Popeyes to become one of the world&rsquo;s largest chicken quick service restaurants with over
4,100 restaurants in the U.S. and around the world.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; color: #331805"><B>Forward-Looking Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; color: #331805">This press release contains forward-looking
statements within the meaning of Section&nbsp;27A of the Securities Act of 1933, as amended, and Section&nbsp;21E of the Securities Exchange
Act of 1934, as amended. These forward-looking statements generally are identified by the words &ldquo;believe,&rdquo; &ldquo;project,&rdquo;
 &ldquo;expect,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;estimate,&rdquo; &ldquo;intend,&rdquo; &ldquo;strategy,&rdquo; &ldquo;future,&rdquo;
 &ldquo;opportunity,&rdquo; &ldquo;plan,&rdquo; &ldquo;may,&rdquo; &ldquo;should,&rdquo; &ldquo;will,&rdquo; &ldquo;would,&rdquo; &ldquo;will
be,&rdquo; &ldquo;will continue,&rdquo; &ldquo;will likely result,&rdquo; and similar expressions. Without limiting the generality of
the foregoing, the forward-looking statements in this press release include the potential benefits of the transaction to the Company
and the future growth of the Popeyes business. Forward-looking statements are predictions, projections and other statements about future
events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors
could cause actual future events to differ materially from the forward-looking statements in this press release, such as the Company&rsquo;s
ability to enter into definitive agreements for the transaction and receive any necessary approvals. You should carefully consider the
foregoing factors and the other risks and uncertainties described in the Company&rsquo;s registration statement on Form&nbsp;F-1, as
amended, declared effective by the U.S. Securities and Exchange Commission (the &ldquo;SEC&rdquo;) on December&nbsp;22, 2022 and other
documents filed or to be filed by the Company with the SEC from time to time, which could cause actual events and results to differ materially
from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are
cautioned not to put undue reliance on forward-looking statements. The Company cannot assure you that these forward-looking statements
will prove to be accurate and assumes no obligation and does not intend to update or revise these forward-looking statements, whether
as a result of new information, future events or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; color: #331805"><B>Contacts</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; color: #331805"><B>Public Relations</B><BR>
ICR, LLC<BR>
<U>TimsChinaPR@icrinc.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 7%; font: 10pt Times New Roman, Times, Serif; text-align: left"><IMG SRC="tm2311103d2_ex99-1img01.jpg" ALT=""></TD>
    <TD STYLE="width: 93%; font: 10pt Times New Roman, Times, Serif; text-align: left">Follow @<U>TimHortonsChina</U></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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