<SUBMISSION>
<ACCESSION-NUMBER>0001193125-22-228038
<TYPE>SC 14D9
<PUBLIC-DOCUMENT-COUNT>7
<FILING-DATE>20220824
<DATE-OF-FILING-DATE-CHANGE>20220824
<SUBJECT-COMPANY>
<COMPANY-DATA>
<CONFORMED-NAME>BBQ HOLDINGS, INC.
<CIK>0001021270
<ASSIGNED-SIC>5812
<IRS-NUMBER>411782300
<STATE-OF-INCORPORATION>MN
<FISCAL-YEAR-END>0101
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>SC 14D9
<ACT>34
<FILE-NUMBER>005-47211
<FILM-NUMBER>221188761
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>12701 WHITEWATER DRIVE
<STREET2>SUITE 100
<CITY>MINNETONKA
<STATE>MN
<ZIP>55343
<PHONE>952-294-1300
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>12701 WHITEWATER DRIVE
<STREET2>SUITE 100
<CITY>MINNETONKA
<STATE>MN
<ZIP>55343
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>FAMOUS DAVES OF AMERICA INC
<DATE-CHANGED>20001026
</FORMER-COMPANY>
</SUBJECT-COMPANY>
<FILED-BY>
<COMPANY-DATA>
<CONFORMED-NAME>BBQ HOLDINGS, INC.
<CIK>0001021270
<ASSIGNED-SIC>5812
<IRS-NUMBER>411782300
<STATE-OF-INCORPORATION>MN
<FISCAL-YEAR-END>0101
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>SC 14D9
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>12701 WHITEWATER DRIVE
<STREET2>SUITE 100
<CITY>MINNETONKA
<STATE>MN
<ZIP>55343
<PHONE>952-294-1300
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>12701 WHITEWATER DRIVE
<STREET2>SUITE 100
<CITY>MINNETONKA
<STATE>MN
<ZIP>55343
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>FAMOUS DAVES OF AMERICA INC
<DATE-CHANGED>20001026
</FORMER-COMPANY>
</FILED-BY>
<DOCUMENT>
<TYPE>SC 14D9
<SEQUENCE>1
<FILENAME>d390191dsc14d9.htm
<DESCRIPTION>SC 14D9
<TEXT>
<HTML><HEAD>
<TITLE>SC 14D9</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE <FONT
STYLE="white-space:nowrap">14D-9</FONT> </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>(Rule <FONT STYLE="white-space:nowrap">14d-101)</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Solicitation/Recommendation Statement </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Under Section&nbsp;14(d)(4) of the Securities Exchange Act of 1934 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>BBQ HOLDINGS, INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Name of Subject Company) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>BBQ HOLDINGS,
INC. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Names of Persons Filing Statement) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Common Stock,
par value $0.01 per share </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Title of Class&nbsp;of Securities) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>05551A109 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(CUSIP Number
of Class&nbsp;of Securities) </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Jeffery Crivello </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Chief Executive Officer </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BBQ HOLDINGS, INC. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>12701
Whitewater Drive, Suite 100 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Minnetonka, Minnesota 55343 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(952) <FONT STYLE="white-space:nowrap">294-1300</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Name, address, and telephone numbers of person authorized to receive notices and communications on behalf of the persons filing statement)
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>With copies to: </I></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="50%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"><B>Shai Kalansky</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>W. Todd Carlisle</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"><B>Steven G. Rowles</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>David W. Drum</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"><B>Morrison&nbsp;&amp; Foerster LLP</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>Dentons Sirote PC</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"><B>12531 High Bluff Drive, Suite&nbsp;100</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>2311 Highland Avenue South</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"><B>San Diego, California 92130</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>Birmingham, AL 35205</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"><B>(858) <FONT STYLE="white-space:nowrap">720-5100</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>(205) <FONT STYLE="white-space:nowrap">930-5100</FONT></B></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Check the box if the filing relates solely to preliminary communications made before the commencement of a
tender offer. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U><A NAME="toc"></A>TABLE OF CONTENTS </U></B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="83%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD COLSPAN="3" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">PAGE</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ITEM&nbsp;1.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><A HREF="#tx390191_1">SUBJECT COMPANY INFORMATION</A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ITEM 2.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><A HREF="#tx390191_2">IDENTITY AND BACKGROUND OF FILING PERSON</A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ITEM 3.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><A HREF="#tx390191_3">PAST CONTACTS, TRANSACTIONS, NEGOTIATIONS AND AGREEMENTS</A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ITEM 4.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><A HREF="#tx390191_4">THE SOLICITATION OR RECOMMENDATION</A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ITEM 5.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><A HREF="#tx390191_5">PERSONS/ASSETS RETAINED, EMPLOYED, COMPENSATED, OR USED</A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ITEM 6.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><A HREF="#tx390191_6">INTEREST IN SECURITIES OF THE SUBJECT COMPANY</A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ITEM 7.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><A HREF="#tx390191_7">PURPOSES OF THE TRANSACTION AND PLANS OR PROPOSALS</A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">31</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ITEM 8.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><A HREF="#tx390191_8">ADDITIONAL INFORMATION</A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">31</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ITEM 9.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><A HREF="#tx390191_9">MATERIAL TO BE FILED AS EXHIBITS</A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">36</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ANNEX&nbsp;A</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><A HREF="#tx390191_10">OPINION OF KROLL, LLC</A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-1</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ANNEX&nbsp;B</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><A HREF="#tx390191_11">MINNESOTA BUSINESS CORPORATION ACT, SECTIONS 302A.471 AND 302A.473</A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">B-1</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><A NAME="tx390191_1"></A>Item&nbsp;1. Subject Company Information. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Name and Address. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The name of the subject
company is BBQ Holdings, Inc., a Minnesota corporation (&#147;<I>BBQ Holdings</I>&#148; or the &#147;<I>Company</I>&#148;). The address of the Company&#146;s principal executive office is 12701 Whitewater Drive, Suite 100, Minnetonka, Minnesota
55343. The telephone number of the Company&#146;s principal executive office is <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">952-294-1300.</FONT></FONT> </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Securities. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The title of the class of
equity securities to which this Solicitation/Recommendation Statement on <FONT STYLE="white-space:nowrap">Schedule&nbsp;14D-9</FONT> (including the documents annexed hereto or incorporated herein, this &#147;<I>Schedule <FONT
STYLE="white-space:nowrap">14D-9</FONT></I>&#148;) relates is the Company&#146;s common stock, par value $0.01 per share (each such share, a &#147;<I>Share</I>,&#148; and collectively, the &#147;<I>Shares</I>&#148;). As of August&nbsp;8, 2022, there
were 10,760,055 Shares issued and outstanding. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><A NAME="tx390191_2"></A>Item&nbsp;2. Identity and Background of Filing Person. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Name and Address. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The name, business
address and business telephone number of the Company, which is both the person filing this Schedule <FONT STYLE="white-space:nowrap">14D-9</FONT> and the subject company, are set forth above under the heading &#147;<I>Item 1. Subject Company
Information &#150; Name and Address</I>.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Tender Offer. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Schedule <FONT STYLE="white-space:nowrap">14D-9</FONT> relates to the tender offer (the &#147;<I>Offer</I>&#148;) by Grill Merger Sub,
Inc. (&#147;<I>Merger Sub</I>&#148;), a Minnesota corporation and wholly owned subsidiary of MTY Franchising USA, Inc. (&#147;<I>Parent</I>&#148;), a Tennessee corporation, to purchase all of the issued and outstanding Shares at a purchase price
equal to $17.25 per Share (the &#147;<I>Offer Price</I>&#148;), net to the seller in cash, without interest and less any applicable taxes required to be withheld, upon the terms and subject to the conditions set forth in the Offer to Purchase, dated
August&nbsp;24, 2022 (as may be amended or supplemented from time to time, the &#147;<I>Offer to Purchase</I>&#148;), and in the related Letter of Transmittal (as may be amended or supplemented from time to time, the &#147;<I>Letter of
Transmittal</I>&#148;). The completion of the Offer is subject to various conditions, including there being validly tendered in accordance with the terms of the Offer and not validly withdrawn, prior to the expiration of the Offer, a number of
Shares that (together with the Shares then owned by Merger Sub, if any) represents at least a majority of the then issued and outstanding Shares (determined on a fully diluted basis, which assumes conversion or exercise of all derivative securities
regardless of the conversion or exercise price, the vesting schedule, or other terms and conditions thereof). The Offer is described in a Tender Offer Statement on Schedule TO (as may be amended or supplemented from time to time, the
&#147;<I>Schedule TO</I>&#148;), filed by Parent and Merger Sub with the Securities and Exchange Commission (the &#147;<I>SEC</I>&#148;) on August&nbsp;24, 2022. The Offer to Purchase and Letter of Transmittal are filed as Exhibits (a)(1)(A) and
(a)(1)(B) to this Schedule <FONT STYLE="white-space:nowrap">14D-9,</FONT> respectively, and are incorporated herein by reference. Merger Sub and Parent are wholly owned subsidiaries of MTY Food Group Inc. (&#147;<I>MTY</I>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Offer is being made pursuant to an Agreement and Plan of Merger, dated as of August&nbsp;8, 2022 (as it may be amended, restated,
supplemented, or otherwise modified from time to time, the &#147;<I>Merger Agreement</I>&#148;), by and among the Company, Parent, and Merger Sub. Following completion of the Offer, the Merger Agreement provides that, among other things, upon its
terms and subject to the satisfaction or (to the extent permitted by applicable law) waiver of each of the applicable conditions set forth therein, Merger Sub will be merged with and into the Company (the &#147;<I>Merger</I>&#148;), with the Company
surviving as a <FONT STYLE="white-space:nowrap">non-publicly-traded,</FONT> wholly owned subsidiary of Parent (the &#147;<I>Surviving Corporation</I>&#148;). The Merger, together with the Offer and the other transactions contemplated by the Merger
Agreement, are referred to herein as the &#147;<I>Transactions.</I>&#148; Because the Merger Agreement contemplates that the Merger will be governed by Section&nbsp;302A.613(4) of the Minnesota </P>
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Business Corporation Act (&#147;<I>MBCA</I>&#148;), no Company shareholder vote will be required to complete the Merger. The Company does not expect there to be a significant period of time
between the completion of the Offer and the completion of the Merger. At the effective time of the Merger (the &#147;<I>Effective Time</I>&#148;), which, under the terms of the Merger Agreement, will take place as soon as practicable following
consummation of the Offer, and in any event, no later than one business day thereafter, all remaining outstanding Shares not tendered in the Offer (other than Shares held by (i)&nbsp;the Company as treasury stock, owned by Merger Sub or Parent (or
their respective wholly-owned subsidiaries), or that were irrevocably accepted for purchase by Merger Sub in the Offer, which Shares shall be automatically cancelled and shall cease to exist, or (ii)&nbsp;shareholders who are entitled to dissent and
properly assert dissenter&#146;s rights in accordance with, and in compliance in all respects with the MBCA in connection with the Merger) will be cancelled and automatically converted into the right to receive an amount equal to the Offer Price
(the &#147;<I>Merger Consideration</I>&#148;), without interest and less any applicable taxes required to be withheld. See &#147;<I>Item 3. Past Contacts, Transactions, Negotiations and Agreements &#150; Arrangements between the Company and its
Executive Officers, Directors, and Affiliates &#150; Effect of the Merger on Company Shares and Equity-Based Incentive Awards</I>&#148; below for a description of the treatment of Company stock options, Company time-based and performance-based
restricted stock awards, and Company performance-based restricted stock unit awards. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Merger Sub commenced (within the meaning of Rule <FONT
STYLE="white-space:nowrap">14d-2</FONT> promulgated under the Securities Exchange Act of 1934, as amended (the &#147;<I>Exchange Act</I>&#148;)) the Offer on August&nbsp;24, 2022. Subject to the terms and conditions of the Merger Agreement and the
Offer, the Offer is initially scheduled to expire at one minute after 11:59 p.m. (12:00 midnight), New York City time, on September&nbsp;21, 2022. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The foregoing summary of the Offer, the Merger and the Merger Agreement is qualified in its entirety by the descriptions contained in the
Offer to Purchase and the Letter of Transmittal as well as the full text of the Merger Agreement. Copies of the Merger Agreement, the Offer to Purchase, and the Letter of Transmittal are filed as Exhibits (e)(1), (a)(1)(A) and (a)(1)(B),
respectively, to this Schedule <FONT STYLE="white-space:nowrap">14D-9</FONT> and are incorporated herein by reference. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As set forth in
the Schedule TO, the principal executive offices of Parent and Merger Sub are located at 9311 East Via de Ventura, Scottsdale, Arizona 85258. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The information relating to the Offer, including the Offer to Purchase, the Letter of Transmittal, and related documents (including, without
limitation, the Merger Agreement) and this Schedule <FONT STYLE="white-space:nowrap">14D-9</FONT> (including certain referenced documents), can be obtained without charge from the SEC&#146;s website at www.sec.gov. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><A NAME="tx390191_3"></A>Item&nbsp;3. Past Contacts, Transactions, Negotiations and Agreements. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Except as set forth in this Schedule <FONT STYLE="white-space:nowrap">14D-9,</FONT> as of the date hereof, to the knowledge of the Company,
there are no material agreements, arrangements, or understandings or any actual or potential conflicts of interest between the Company or its affiliates, on the one hand, and (i)&nbsp;its executive officers, directors, or affiliates, or
(ii)&nbsp;Parent or Merger Sub, or their respective executive officers, directors, or affiliates (including MTY), on the other hand. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In
connection with the Company&#146;s receipt of a&nbsp;written <FONT STYLE="white-space:nowrap">non-binding&nbsp;proposal</FONT> from MTY for the acquisition by MTY, or an affiliate of MTY, of all of the issued and outstanding Shares, the Board of
Directors of the Company (the &#147;<I>Board</I>&#148;) formed a special committee comprised Charles Davidson, Peter Haeg, Rachel Maga, and Bryan Wolff (the &#147;<I>Special Committee</I>&#148;), each of whom is a disinterested director of the
Company (within the meaning of Section&nbsp;302A.673 of the MBCA), to consider and take action, on behalf of the Company, with respect to such proposal, to review and direct negotiations concerning the definitive agreements to be entered into in
connection with the proposed transaction including the Merger Agreement, and to make a recommendation to the Board with respect thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Special Committee and the Board were aware of the contracts, agreements, arrangements or understandings, and any actual or potential
conflicts of interest, described below in this Item 3 and considered </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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them along with other matters described in &#147;<I>Item 4. The Solicitation or Recommendation &#150;</I><I> Background of the Offer; Reasons for the Recommendation of the Special Committee and
the Board; Opinion of the Company</I><I>&#146;</I><I>s Financial Advisor</I><I>.</I><I>&#148;</I> </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Arrangements between the Company and Parent and
Merger Sub. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Merger Agreement </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On August&nbsp;8, 2022, the Company, Parent, and Merger Sub entered into the Merger Agreement. The summary of the Merger Agreement contained in
Section&nbsp;11 of the Offer to Purchase and the description of the conditions of the Offer contained in Section&nbsp;15 of the Offer to Purchase are incorporated herein by reference. Such summary and description do not purport to be complete and
are qualified in their entireties by reference to the full text of the Merger Agreement, which is filed as Exhibit (e)(1) to this Schedule <FONT STYLE="white-space:nowrap">14D-9</FONT> and is incorporated herein by reference. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Merger Agreement governs the contractual rights and obligations among the Company, Parent, and Merger Sub in relation to the Offer and the
Merger. The Merger Agreement is included as an exhibit to this<B> </B>Schedule <FONT STYLE="white-space:nowrap">14D-9</FONT> to provide the Company&#146;s shareholders with additional information regarding the terms of the Merger Agreement and the
Transactions. The representations, warranties, and covenants of the Company contained in the Merger Agreement have been made solely for the benefit of Parent and Merger Sub. In addition, these representations, warranties, and covenants (i)&nbsp;have
been made only for purposes of the Merger Agreement, (ii)&nbsp;have been qualified by<B> </B>(a)&nbsp;matters specifically disclosed in certain reports filed by the Company with the SEC at least three business days prior to the date of the Merger
Agreement (subject to certain exceptions) and (b)&nbsp;confidential disclosures made to Parent and Merger Sub in the disclosure schedule delivered in connection with the Merger Agreement (the &#147;<I>Disclosure Schedule</I>&#148;), (iii) are
subject to various materiality qualifications contained in the Merger Agreement, which may differ from what may be viewed as material by investors, (iv)&nbsp;were made only as of the date of the Merger Agreement or such other date as is specified in
the Merger Agreement, (v)&nbsp;will not survive completion of the Merger and (vi)&nbsp;have been included in the Merger Agreement for the purpose of allocating risk between the contracting parties rather than establishing matters as fact.
Accordingly, the Merger Agreement is included with this Schedule <FONT STYLE="white-space:nowrap">14D-9</FONT> only to provide investors with information regarding the terms of the Merger Agreement and the Transactions, and not to provide investors
with any other factual information regarding the Company or its business. In addition, any such confidential disclosures contain information that modifies, qualifies, and creates exceptions to the representations, warranties, and covenants set forth
in the Merger Agreement. Investors should not rely on the representations, warranties, and covenants or any descriptions thereof as characterizations of the actual state of facts or condition of the Company or any of its subsidiaries or affiliates.
Moreover, information concerning the subject matter of the representations, warranties, and covenants may change after the date of the Merger Agreement, which subsequent information may or may not be fully reflected in the Company&#146;s public
disclosures. The Merger Agreement should not be read alone but should instead be read in conjunction with the other information regarding the Company that is or will be contained in, or incorporated by reference into, the Forms <FONT
STYLE="white-space:nowrap">10-K,</FONT> Forms <FONT STYLE="white-space:nowrap">10-Q,</FONT> and other documents that the Company files with the SEC, including with regard to the Offer and the Merger. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>The Guarantee </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On August&nbsp;8,
2022, simultaneously with the execution of the Merger Agreement, MTY provided the Company with a guarantee (the &#147;<I>Guarantee</I>&#148;), pursuant to which, among other things, MTY has guaranteed all obligations of Parent and Merger Sub under
the Merger Agreement, subject to maximum aggregate liability under the Guarantee in an amount equal to the sum of the aggregate Merger Consideration, aggregate amounts payable with respect to Company Equity Awards (as defined in the Merger
Agreement), the Payoff Amount (as defined in the Merger Agreement), and all costs and expenses (including reasonable attorney&#146;s fees and expenses) incurred by the Company in connection with the enforcement of its specific performance rights
under the Merger Agreement. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The foregoing summary and description of the Guarantee does not purport to be complete and
is qualified in its entirety by reference to the full text of the Guarantee, which is filed as Exhibit (e)(2) to this Schedule <FONT STYLE="white-space:nowrap">14D-9</FONT> and is incorporated herein by reference. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Confidentiality Agreement </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
Company and Parent entered into a confidentiality agreement, dated as of May&nbsp;31, 2022 (the &#147;<I>Confidentiality Agreement</I>&#148;). As a condition to being furnished with Evaluation Material (as defined in the Confidentiality Agreement),
Parent agreed that such Evaluation Material will be treated confidentially by it and its directors, officers, employees, debt financing sources, agents, and/or advisors (including, without limitation, attorneys, accountants, and financial advisors)
and will be used solely for the purpose of evaluating a possible negotiated transaction involving the Company. The Confidentiality Agreement contains an employee <FONT STYLE="white-space:nowrap">non-solicit</FONT> for a period of two years (subject
to certain exceptions). The Confidentiality Agreement expires two years after the date of the Confidentiality Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The foregoing
summary and description of the Confidentiality Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Confidentiality Agreement, which is filed as Exhibit (e)(3) to this Schedule <FONT
STYLE="white-space:nowrap">14D-9</FONT> and is incorporated herein by reference. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Letter of Intent </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On May&nbsp;26, 2022, the Company and MTY entered into a <FONT STYLE="white-space:nowrap">non-binding</FONT> letter of intent, which was
subsequently amended on July&nbsp;7, 2022 (together, the &#147;<I>Letter of Intent</I>&#148;). The Letter of Intent contains customary provisions pursuant to which, among other things, the Company agreed that, for an initial period of 45 days from
the original Letter of Intent and for an additional period of 30 days thereafter pursuant to the amendment of the Letter of Intent, neither the Company nor any of its officers, directors, agents, affiliates, advisors, or employees will solicit,
initiate, or encourage submission of any proposal or offer from any person, group, or entity (other than MTY) relating to any acquisition of the Shares or business of, or all or a material portion of the assets of, the Company, or other similar
transaction or business combination involving the business of the Company, subject to limited, but customary, exceptions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The foregoing
summary and description of the Letter of Intent does not purport to be complete and is qualified in its entirety by reference to the full text of the Letter of Intent, which is filed as Exhibit (e)(4)&nbsp;and&nbsp;Exhibit (e)(5), respectively, to
this Schedule <FONT STYLE="white-space:nowrap">14D-9</FONT> and is incorporated herein by reference. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Arrangements between the Company&#146;s Executive
Officers, Directors and Affiliates, and Parent and Merger Sub. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Tender and Support Agreement </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with the Offer and Merger, and concurrently with the execution of the Merger Agreement, Parent and Merger Sub entered into a
Tender and Support Agreement (the &#147;<I>Support Agreement</I>&#148;) with specified shareholders of the Company, as well as certain of the Company&#146;s directors and executive officers (each, a &#147;<I>Supporting Shareholder</I>&#148;).
Pursuant to the Support Agreement, the Supporting Shareholders have agreed to tender or to cause to be tendered in the Offer, the Shares held by them representing, in the aggregate, 36.65% of the outstanding Shares as of the date of the Support
Agreement and to otherwise support the transactions contemplated by the Merger Agreement, subject to the terms of the Support Agreement; provided, in the event of an Adverse Recommendation Change (as defined in the Support Agreement) by the Board,
the Supporting Shareholders have agreed to tender or to cause to be tendered in the Offer, a number of Shares held by them representing, in the aggregate, 32.97% of the outstanding Shares as of the date of the Support Agreement. The Supporting
Shareholders beneficially owned, as of August&nbsp;8, 2022, 3,943,699 Shares, which represented approximately 36.65% of the outstanding Shares as of August&nbsp;8, 2022. The Support Agreement terminates upon the occurrence of specified
circumstances, including in the event that the Merger Agreement is terminated in accordance with its terms. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The foregoing summary and description of the Support Agreement does not purport to be
complete and is qualified in its entirety by reference to the full text of the Support Agreement, which is filed as Exhibit (e)(6) to this Schedule <FONT STYLE="white-space:nowrap">14D-9</FONT> and is incorporated herein by reference. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Beneficial Ownership of Shares by Parent and Merger Sub </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">According to the Offer to Purchase, dated as of August&nbsp;24, 2022, neither Parent nor Merger Sub beneficially owned any Shares. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Arrangements between the Company and its Executive Officers, Directors, and Affiliates. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Certain of the Company&#146;s executive officers and directors may be deemed to have interests in the Transactions that may be different from,
or in addition to, those of the Company&#146;s shareholders generally. These interests may create potential conflicts of interest. The Board was aware of those interests and considered them, among other matters, in reaching its decision to approve
the Merger Agreement and the Transactions and to recommend that the Company&#146;s shareholders accept the Offer and tender their Shares in the Offer. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Effect of the Merger on Company Shares and Equity-Based Incentive Awards </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Certain executive officers and directors of the Company hold one or more of the following forms of equity: Shares, Company stock options,
Company time-based and performance-based restricted stock awards and Company performance-based restricted stock unit awards. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Shares </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company&#146;s executive officers and directors who tender Shares they own pursuant to the Offer will be entitled to the same Offer Price
on the same terms and conditions as the other Company shareholders who tender Shares pursuant to the Offer. The Company&#146;s directors and executive officers have agreed to tender Shares held by them in the Offer pursuant to the Support Agreement
described above under the heading &#147;<I>Tender and Support Agreement</I>.&#148; If the Merger occurs, at the Effective Time, any Shares owned by the Company&#146;s executive officers and directors that are not tendered pursuant to the Offer will
be entitled to receive the same Merger Consideration on the same terms and conditions as the other Company shareholders whose Shares are converted into the right to receive the Merger Consideration in the Merger. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Equity-Based Incentive Awards </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Stock
Options</I>. Pursuant to the Merger Agreement, each Company stock option outstanding immediately before the Effective Time, whether or not then exercisable or vested, will be canceled and converted into the right to receive an amount in cash,
without interest, equal to the product obtained by multiplying (i)&nbsp;the excess, if any, of the Merger Consideration over the per Share exercise price of the applicable Company stock option by (ii)&nbsp;the aggregate number of Shares subject to
such Company stock option immediately before the Effective Time. Such cash amount will be paid, less any applicable withholding of taxes, no later than the first regular Company payroll date following the Effective Time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Time-Based Restricted Stock Units and Earned Performance-Based Restricted Stock Units</I>. Pursuant to the Merger Agreement, each award of
Company time-based restricted stock units and each award of already earned performance-based restricted stock units outstanding immediately before the Effective Time will be vested in full as of immediately before the Effective Time and will be
canceled and converted into the right to receive an amount in cash, without interest, equal to the product obtained by multiplying (i)&nbsp;the Merger Consideration by (ii)&nbsp;the aggregate number of Shares subject to such award immediately before
the Effective Time. Such cash amount will be paid, less any applicable withholding of taxes, no later than the first regular Company payroll date following the Effective Time. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Unearned Performance-Based Restricted Stock Units</I>. Pursuant to the Merger Agreement,
each Company unearned award of performance-based restricted stock units outstanding immediately before the Effective Time will be vested and all restrictions thereon will lapse at the target level for such award as of immediately before the
Effective Time and will be canceled and converted into the right to receive an amount in cash, without interest, equal to the product obtained by multiplying (i)&nbsp;the Merger Consideration by (ii)&nbsp;the aggregate number of Shares subject to
the target level for such award immediately before the Effective Time. Such cash amount will be paid, less any applicable withholding of taxes, no later than the first regular Company payroll date following the Effective Time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Restricted Stock. </I>Any applicable repurchase rights of the Company and other restrictions applicable to Shares previously issued under
the Company&#146;s Amended and Restated 2015 Equity Incentive Plan will lapse in full as of immediately before the Effective Time. As of the Effective Time, each such Share of restricted stock will be cancelled and converted automatically into the
right to receive the Offer Price in cash, without interest, and subject to any required withholding of taxes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For an estimate of the
amounts that would become payable to each of the Company&#146;s named executive officers on cancellation of their unvested equity-based awards, see &#147;<I>Quantification of Potential Payments to the Company&#146;s Named Executive
Officers</I>&#148; below. The Company estimates that the amount that would become payable to all of the Company&#146;s current executive officers (which include each of the named executive officers included in the table under &#147;<I>Quantification
of Potential Payments to the Company&#146;s Named Executive Officers</I>&#148;) on cancellation of their unvested equity-based awards if the Offer closed and the Effective Time occurred on October&nbsp;1, 2022, based on a price of $17.25 per Share,
is $5,923,688 in the aggregate. The Company estimates that the aggregate amount that would become payable to all of the Company&#146;s current <FONT STYLE="white-space:nowrap">non-employee</FONT> directors on cancellation of their unvested
equity-based awards if the Offer closed and the Effective Time occurred on October&nbsp;1, 2022, based on a price of $17.25 per Share, is $0 in the aggregate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The foregoing summary and description of the equity based awards does not purport to be complete and is qualified in its entirety by reference
to the full text of the Company&#146;s Amended and Restated 2015 Equity Incentive Plan, which is filed as Exhibit (e)(7) to this Schedule <FONT STYLE="white-space:nowrap">14D-9</FONT> and is incorporated herein by reference. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Change of Control Agreements </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
Company previously entered into an employment agreement with the Company&#146;s Chief Executive Officer, Jeffery Crivello (the &#147;<I>Employment Agreement</I>&#148;), and an employment letter agreement with Jason Schanno (&#147;<I>Employment
Letter,</I>&#148; and together with the Employment Agreement, the &#147;<I>Change of Control Agreements</I>&#148;) that each provide for certain payments and benefits in the event of a change of control of the Company. The Transactions constitute a
change of control under the terms of the Change of Control Agreements. Accordingly, under the Change of Control Agreements, upon the closing of the Transactions, each of Mr.&nbsp;Crivello and Mr.&nbsp;Schanno will be entitled to acceleration of
vesting and deemed satisfaction of any performance requirements, and the Company&#146;s repurchase rights with respect to all outstanding equity awards held by each executive will be terminated. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, under the Employment Agreement, if Mr.&nbsp;Crivello is terminated in connection with the Transactions or if he is terminated
without &#147;cause&#148; or he terminates his employment for &#147;good reason&#148; (as &#147;cause&#148; and &#147;good reason&#148; are defined in the Employment Agreement), he will be eligible to receive an amount, as separation pay, equal to
his annual base salary plus his target annual bonus for the year of termination (the &#147;<I>Separation Payment</I>&#148;). The Separation Payment would be paid over a period of twelve (12)&nbsp;months, less taxes and applicable withholdings. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The payments and benefits due to Mr.&nbsp;Crivello on termination, as described above, which are not otherwise required by law are contingent
on (i)&nbsp;execution by Mr.&nbsp;Crivello (or his beneficiary or estate) of a fully effective and <FONT STYLE="white-space:nowrap">non-revocable</FONT> general release of all claims against the Company and its affiliates and (ii)&nbsp;the
executive&#146;s </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>

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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
compliance with his obligations under the Employment Agreement, including restrictions against competition, solicitation, and disclosure of confidential information. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company also has broad-based severance guidelines (&#147;<I>Severance Guidelines</I>&#148;) that may in some circumstances provide up to
six months of salary for Mr.&nbsp;Schanno and Albert Hank because they are not otherwise party to an employment agreement with the Company providing for severance payments or benefits. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The foregoing summary and description of the Change of Control Agreements does not purport to be complete and is qualified in its entirety by
reference to the full text of the Change of Control Agreements, which are filed as Exhibit (e)(8), Exhibit (e)(9), and Exhibit (e)(10) to this Schedule <FONT STYLE="white-space:nowrap">14D-9</FONT> and are incorporated herein by reference. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For estimates of the value of the payments and benefits described above that would become payable to the named executive officers under the
Change of Control Agreements if the Effective Time occurred on October&nbsp;1, 2022, and the executives all experienced a qualifying termination of employment at such time, see &#147;<I>Quantification of Potential Payments to the Company&#146;s
Named Executive Officers</I>&#148; below. The Company estimates that the amount of payments and benefits described above that would become payable to all of the Company&#146;s current executive officers under the Change of Control Agreements, and
after giving effect to the Company&#146;s Severance Guidelines, if the Effective Time were October&nbsp;1, 2022, and they all experienced a qualifying termination of employment at such time, would be $6,848,688 in the aggregate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">None of the Company&#146;s executive officers are eligible for tax <FONT STYLE="white-space:nowrap">gross-up</FONT> payments if any amounts
paid or payable to the executive would be subject to the excise tax imposed on certain <FONT STYLE="white-space:nowrap">so-called</FONT> &#147;excess parachute payments&#148; under Section&nbsp;4999 of the Internal Revenue Code. Rather, the
Employment Agreement for Mr.&nbsp;Crivello includes a &#147;contingent cutback&#148; provision such that, if the executive otherwise would be entitled to transaction-related payments and benefits (whether pursuant to the Employment Agreement or any
other Company plan or agreement) that would be subject to the excise tax, then the amount of the payments and benefits will be reduced by the minimum amount necessary to prevent such payments and benefits from being subject to the excise tax, but
only if the executive would be in a better <FONT STYLE="white-space:nowrap">after-tax</FONT> position than if the executive received the full amount of the payments and benefits and paid the excise tax. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Agreements or Arrangements with Outside Directors </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All <FONT STYLE="white-space:nowrap">non-employee</FONT> directors, other than Charles Davidson, hold Company stock options or Shares, or both,
that were granted under the Company&#146;s Amended and Restated 2015 Equity Incentive Plan. The Company stock options and Shares held by these outside directors will generally be subject to the terms and conditions described above under
<I>&#147;Effect of the Merger on Company Shares and Equity-Based Incentive Awards</I>.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Continuing Employee Benefits </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For all purposes (other than benefit accrual, except for paid time off and severance) under all employee benefit plans of Parent, the
Surviving Corporation and their respective subsidiaries and affiliates providing benefits to any continuing employee after the Effective Time (the &#147;<I>New Plans</I>&#148;), each employee will receive full credit for such employee&#146;s service
with the Company and its subsidiaries (including any predecessor employers if the Company or any of its subsidiaries or any Company benefit plan provides past service credit) before the Effective Time, to the same extent and for the same purposes as
such employee was entitled, prior to the Effective Time, to credit for such service under the corresponding Company benefit plan (except to the extent such credit would result in a duplication of benefits). In addition, with respect to each New Plan
that is a welfare benefit plan under applicable law, Parent and the Surviving Corporation (and their subsidiaries and affiliates) will use commercially reasonable efforts to cause each such New Plan to (i)&nbsp;waive all eligibility waiting periods,
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">actively-at-work</FONT></FONT> requirements, evidence of insurability requirements, <FONT STYLE="white-space:nowrap">pre-existing</FONT> condition limitations, and
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>

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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
other exclusions and limitations regarding the employees and their spouses, domestic partners, and dependents to the extent waived, satisfied, or not included under the corresponding Company
benefit plan and (ii)&nbsp;recognize for each employee for purposes of applying annual deductible, <FONT STYLE="white-space:nowrap">co-payment,</FONT> and <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT>
maximums under such New Plan any deductible, <FONT STYLE="white-space:nowrap">co-payment</FONT> and <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses paid by such employee and his or her spouse,
domestic partner, and dependents under the corresponding Company benefit plan during the plan year of such Company benefit plan in which occurs the later of the Effective Time and the date on which such employee begins participating in such New
Plan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">With respect to any earned but unused paid time off, vacation or sick time to which any continuing employee is entitled pursuant to
the Company&#146;s paid time off policy or individual agreement, applicable law or other arrangement applicable to such employee immediately prior to the Effective Time, Parent will, or will cause the Surviving Corporation to, (i)&nbsp;allow such
employee to use such earned paid time off and (ii)&nbsp;if any such employee&#146;s employment terminates between the Effective Time and December&nbsp;31, 2022, under circumstances entitling the employee to severance pay, or as required by
applicable law, pay the employee, in cash, an amount equal to the value of the earned and unused paid time off. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If, at least five
business days prior to the Closing Date, Parent provides written notice to the Company directing the Company to terminate its (i)&nbsp;Company 401(k) Plan (as defined in the Merger Agreement) or (ii)&nbsp;other Company benefit plans (the
&#147;<I>Terminated Plans</I>&#148;), the Company shall terminate the Terminated Plans effective, in the case of (i)&nbsp;as of the day immediately preceding the Closing Date, and in the case of (ii)&nbsp;immediately prior to the Closing Date,
subject to the consummation of the transactions contemplated by the Merger Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The foregoing summary of certain provisions of the
Merger Agreement does not purport to be complete and is qualified in its entirety by the Merger Agreement, a copy of which is filed as Exhibit (e)(1) to this <FONT STYLE="white-space:nowrap">Schedule&nbsp;14D-9</FONT> and is incorporated herein by
reference. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Quantification of Potential Payments to the Company&#146;s Named Executive Officers </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The information set forth in the table below is intended to comply with Item 402(t) of Regulation <FONT STYLE="white-space:nowrap">S-K,</FONT>
which requires disclosure of information about certain compensation for each of the Company&#146;s named executive officers that is based on or otherwise relates to the Transactions and assumes, among other things, that the named executive officers
will incur a severance-qualifying termination of employment immediately following completion of the Transactions. The amounts shown in the table do not include the value of payments or benefits that would have been earned, or any amounts associated
with equity awards that would vest pursuant to their terms, on or prior to the Effective Time, or the value of payments or benefits that are not based on or otherwise related to the Transactions. For additional details regarding the terms of the
payments and benefits described below, see the discussion above. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The amounts indicated below are estimates based on multiple assumptions
that may or may not actually occur or be accurate on the relevant date and do not reflect certain compensation actions that may occur before the closing of the Offer and completion of the Merger. For purposes of calculating the amounts below, the
Company has assumed: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">October&nbsp;1, 2022, as the date of the closing of the Offer and occurrence of the Effective Time;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a termination of each named executive officer&#146;s employment without &#147;cause&#148; immediately following
the Effective Time; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">that the &#147;contingent cutback&#148; provision in the Employment Agreement described above will not apply.
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Golden Parachute Compensation </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="56%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Name</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Cash</B><br><B>($)(1)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Equity</B><br><B>($)(2)(3)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Perquisites&nbsp;/<BR>Benefits</B><br><B>($)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total</B><br><B>($)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Jeffery Crivello</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">700,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5,333,131</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6,033,131</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Chief Executive Officer</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Jason Schanno</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">112,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">404,190</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">516,690</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Chief Financial Officer</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Albert Hank</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">112,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">186,367</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">298,867</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Chief Operating Officer</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The amount in this column for Mr.&nbsp;Crivello reflect a severance payment amount equal to his annual base
salary plus his target annual bonus in effect on the assumed date of termination. The amount in this column for each of Mr.&nbsp;Schanno and Mr.&nbsp;Hank reflect separation pay, pursuant to the Company&#146;s Severance Guidelines, equal to six
(6)&nbsp;months&#146; base salary. Base Salaries as of the assumed Effective Time for Mr.&nbsp;Crivello, Mr.&nbsp;Schanno and Mr.&nbsp;Hank are expected to be $350,000, $225,000, and $225,000, respectively. Mr.&nbsp;Crivello&#146;s target annual
bonus equals 100% of his then effective base salary. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Immediately before the Effective Time, all outstanding stock options, whether or not then exercisable or
vested, will be canceled and converted into the right to receive the excess of the Merger Consideration over the applicable per Share exercise price, multiplied by the aggregate number of Shares subject to each such stock option immediately before
the Effective Time. In addition, all outstanding awards of restricted stock units will be vested in full as of immediately before the Effective Time (unearned performance-based awards of restricted stock units will be vested at the target level for
such award) and will be cancelled and converted into the right to receive the Merger Consideration. In addition, all Company repurchase rights will be waived with respect to Shares issued pursuant to restricted stock awards. Payments in respect of
these equity awards are considered payable pursuant to single-trigger arrangements as they will fully-vest in connection with the Transactions alone and neither the Merger Sub nor Parent are assuming or substituting these equity awards.
</P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The amounts in this column reflect the estimated value payable to the named executive officers in respect of
(i)&nbsp;unvested restricted stock awards and unvested restricted stock units (calculated by multiplying the total number of shares of restricted stock and restricted stock units held by the executive officer, as applicable, by the Merger
Consideration), and (ii)&nbsp;unvested stock options (calculated by multiplying the excess of the Merger Consideration over the per share exercise price of the unvested options by the total number of Shares subject to the unvested options held by
the executive officer), in each case, in accordance with the Merger Agreement and without regard to applicable taxes and withholdings. The amounts shown do not include the estimated net value of vested, unexercised stock options held by the named
executive officers, as follows: (i) $43,316 payable to Mr.&nbsp;Schanno with respect to vested options for the purchase of 10,829 Shares at a weighted average exercise price of $13.25, and (ii) $207,941 payable to Mr.&nbsp;Hank, with respect to
vested options for the purchase of 15,408 Shares at a weighted average exercise price of $3.75 per Share. Mr.&nbsp;Crivello does not hold any vested, unexercised stock options. The estimated value to be received by the named executive officers for
outstanding unvested equity awards that will become vested in connection with the Merger, including any value of related dividends or dividend equivalents, is set forth in the table below and assumes a Merger Consideration price of $17.25 per Share.
</P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="52%"></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Name</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Stock<BR>Options</B><br><B>($)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Restricted<BR>Stock</B><br><B>($)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Restricted<BR>Stock Units</B><br><B>($)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Accrued<BR>Dividends /<BR>Distributions<BR>($)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Jeffery Crivello</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4,269,375</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,063,756</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Jason Schanno</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">116,684</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">287,506</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Albert Hank</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">42,623</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">143,744</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Exchange Act Section&nbsp;16 Matters </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the Merger Agreement, the Company has agreed to take such steps as may be reasonably required or advisable to cause dispositions of
the Company&#146;s equity securities (including derivative securities) pursuant to the Transactions by each individual who is a director or officer of the Company to be exempt under Rule <FONT STYLE="white-space:nowrap">16b-3</FONT> promulgated
under the Exchange Act. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Rule <FONT STYLE="white-space:nowrap">14d-10</FONT> Matters </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Merger Agreement provides that, prior to the time at which Parent irrevocably accepts for payment all Shares validly tendered and not
properly withdrawn pursuant to the Offer, the Compensation Committee of the Board (the &#147;<I>Compensation Committee</I>&#148;), to the extent required, will take such steps to cause each employment compensation, severance or other employee
benefit arrangement pursuant to which consideration is payable to any officer, director or employee who is a holder of any security of the Company to be approved by the Compensation Committee in accordance with the requirements of Rule <FONT
STYLE="white-space:nowrap">14d-10(d)(2)</FONT> under the Exchange Act as an &#147;employment compensation, severance or other employee benefit arrangement&#148; within the meaning of Rule <FONT STYLE="white-space:nowrap">14d-10(d)(1)</FONT> under
the Exchange Act and satisfy the requirements of the <FONT STYLE="white-space:nowrap">non-exclusive</FONT> safe harbor set forth in Rule <FONT STYLE="white-space:nowrap">14d-10(d)</FONT> of the Exchange Act. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Indemnification Under the Minnesota Business Corporation Act </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;302A.521 of the MBCA provides in substance that, unless prohibited or limited by its articles of incorporation or bylaws, a
Minnesota corporation must indemnify an officer or director who is made or threatened to be made a party to a proceeding by reason of the former or present official capacity of the person against judgments, penalties, fines, including, without
limitation, excise taxes assessed against the person with respect to an employee benefit plan, settlements, and reasonable expenses, including attorneys&#146; fees and disbursements, incurred by such person in connection with the proceeding, if
certain criteria are met. These criteria, all of which must be met by the person seeking indemnification, are as follows: (i)&nbsp;such person has not been indemnified by another organization or employee benefit plan for the same judgments,
penalties, fines, including, without limitation, excise taxes assessed against the person with respect to an employee benefit plan, settlements, and reasonable expenses, including attorneys&#146; fees and disbursements, incurred by the person in
connection with the proceeding with respect to the same acts or omissions; (ii)&nbsp;such person must have acted in good faith; (iii)&nbsp;no improper personal benefit was obtained by such person and such person satisfied certain statutory conflicts
of interest provisions, if applicable; (iv)&nbsp;in the case of a criminal proceeding, such person had no reasonable cause to believe that the conduct was unlawful; and (v)&nbsp;in the case of acts or omissions occurring in such person&#146;s
performance in an official capacity, such person must have acted in a manner such person reasonably believed was in the best interests of the corporation or, in certain limited circumstances, not opposed to the best interests of the corporation. In
addition, Section&nbsp;302A.521(3) of the MBCA requires payment by the registrant, upon written request, of reasonable expenses in advance of final disposition in certain instances. A decision as to required indemnification is made by a majority of
the disinterested board of directors present at a meeting at which a disinterested quorum is present, or by a designated committee of disinterested directors, by special legal counsel, by the disinterested shareholders, or by a court. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Indemnification under the Articles, Bylaws, and Director Indemnification Agreements </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Article&nbsp;6 of the Company&#146;s Articles of Incorporation provides that, to the fullest extent permitted by law, a director shall have no
personal liability to the Company or its shareholders for breach of fiduciary duty as a director and that any amendment to repeal such Article 6, including, without limitation, adoption of the articles of incorporation of the Surviving Corporation
adopted pursuant to the Merger Agreement, shall not adversely affect any right or protection of a director of the Company for or with respect to any acts or omissions of such director occurring prior to such amendment or repeal. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Article&nbsp;6 of the Company&#146;s Bylaws provides that the Company shall indemnify its officers, directors, employees, and agents to the
full extent permitted by the laws of the State of Minnesota. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company has entered into an indemnification agreement with each of its directors and
named executive officers to give such directors and officers additional contractual assurances regarding the scope of the indemnification set forth in its Articles of Incorporation and Bylaws and to provide additional procedural protections. This
agreement, among other things, requires the Company to indemnify each director to the fullest extent permitted by Minnesota law, including indemnification of expenses such as attorneys&#146; fees, judgments, fines and settlement amounts actually and
reasonably incurred by the director or executive officer in any action or proceeding, including any action or proceeding by or in right of the Company, arising out of the person&#146;s services as a director or executive officer. The foregoing
summary and description of the Indemnification Agreement with the Company&#146;s directors does not purport to be complete and is qualified in its entirety by reference to the full text of the Company&#146;s form of Indemnification Agreement, which
is filed as Exhibit (e)(11) to this Schedule <FONT STYLE="white-space:nowrap">14D-9</FONT> and is incorporated herein by reference. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
Company has also obtained directors&#146; and officers&#146; liability insurance that provides coverage (i)&nbsp;to its directors and officers against certain liabilities arising from claims made by reason of actual or alleged breaches of duty or
other wrongful acts and (ii)&nbsp;to the Company with respect to indemnification payments that it may make to such directors and officers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Merger Agreement provides that from and after the Effective Time, the Surviving Corporation shall, and Parent shall cause the Surviving
Corporation to, in each case, to the fullest extent permitted under applicable law, indemnify and hold harmless, and advance expenses to, each individual who at the Effective Time is, or at any time prior to the Effective Time was, a director
officer, employee, agent or fiduciary of the Company or of a subsidiary of the Company (each, an &#147;<I>Indemnitee</I>&#148; and, collectively, the &#147;<I>Indemnitees</I>&#148;) with respect to all claims, liabilities, losses, damages,
judgments, fines, penalties, costs (including amounts paid in settlement or compromise), and expenses (including fees and expenses of legal counsel) in connection with any legal action (including as may be administrative or investigative), whenever
asserted, based on or arising out of, in whole or in part, (i)&nbsp;the fact that an Indemnitee is or was a director, officer, employee, agent, or fiduciary of the Company or any of its subsidiaries or was acting in such capacity or (ii)&nbsp;acts
or omissions by an Indemnitee in the Indemnitee&#146;s capacity as a director, officer, employee, or agent of the Company or any of its subsidiaries or taken at the request of the Company or any of its subsidiaries (including in connection with
serving at the request of the Company or such subsidiary as a representative of another person (including any employee benefit plan)), in each case, under clause (i)&nbsp;or (ii), at, or at any time prior to, the Effective Time (including any legal
action (including as may be administrative or investigative) relating in whole or in part to the Transactions or relating to enforcement of such provision in the Merger Agreement). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, the Merger Agreement provides that from and after the Effective Time, the Surviving Corporation shall, and Parent will cause the
Surviving Corporation to, in each case, to the fullest extent permitted under applicable law, assume all obligations of the Company and each subsidiary of the Company to the Indemnitees in respect of indemnification, advancement of expenses, and
exculpation of liabilities for acts or omissions occurring at or prior to the Effective Time as provided in the organizational documents of the Company or its subsidiaries as in effect on the date of the Merger Agreement or in any agreement in
existence as of the date of the Merger Agreement providing for indemnification between the Company or any of its subsidiaries and any Indemnitee (such as the indemnification agreements discussed above). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Further, the Merger Agreement provides that for a period of six (6)&nbsp;years from and after the Effective Time, Parent will cause, unless
otherwise required by law, the articles of incorporation and bylaws of the Surviving Corporation to contain provisions no less favorable to the Indemnitees with respect to limitation of liabilities of directors and officers of the Company and
indemnification than are set forth as of the date of the Merger Agreement in the Company&#146;s Articles of Incorporation and Bylaws. The Merger Agreement also contains certain customary provisions regarding control of the defense and settlement of
legal proceedings subject to such indemnification. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Merger Agreement requires Parent and the Surviving Corporation to jointly and
severally maintain in effect for at least six (6)&nbsp;years after the Effective Time, the Company&#146;s current policies of directors&#146; and officers&#146; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
liability insurance and fiduciary liability insurance on terms and scope with respect to coverage, and in amount, no less favorable to its covered individuals than those of such policies in
effect on the date of the Merger Agreement, or policies, issued by a reputable insurer at least equivalent to the insurer of the Company&#146;s current directors&#146; and officers&#146; liability and fiduciary liability insurance, of at least the
same coverage and amounts containing terms and conditions that are no less advantageous with respect to claims arising out of or relating to events that occurred before or at the Effective Time (including in connection with the negotiation and
execution of the Merger Agreement and the completion of the Transactions), so long as Parent and the Surviving Corporation are not required to pay an annual premium in excess of 300% of the last annual premium paid by the Company for such insurance
before the date of the Merger Agreement. In lieu of the arrangements contemplated in the previous sentence, before the Effective Time, the Merger Agreement entitles the Company in consultation with Parent to, and at the request of Parent, the
Company shall, purchase a fully-paid and <FONT STYLE="white-space:nowrap">non-cancellable</FONT> &#147;tail&#148; directors&#146; and officers&#146; liability and fiduciary liability insurance policies covering the matters described in the previous
sentence and on like terms, scope and amount (and covering, without limitation, the Transactions) and, if the Company purchases such policies before the Effective Time, then Parent and the Surviving Corporation&#146;s obligations under the previous
sentence will be satisfied as long as Parent and the Surviving Corporation cause such policies to be maintained in effect for a period of six (6)&nbsp;years following the Effective Time. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><A NAME="tx390191_4"></A>Item&nbsp;4. The Solicitation or Recommendation. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Recommendation of the Special Committee and the Board. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">At a meeting held on August&nbsp;8, 2022, after careful consideration, the Special Committee unanimously (i)&nbsp;determined that the Offer,
the Merger, and the other transactions contemplated by the Merger Agreement are fair to and in the best interests of the Company and its shareholders; (ii)&nbsp;approved the Merger Agreement and Merger Transactions (as defined in the Merger
Agreement), which approval constituted approval for the purposes of Sections 302A.673, Subd. 1 and 302A.675 of the MBCA (as a result of which the Merger Agreement and the Merger Transactions are not and will not be subject to the restrictions on
&#147;business combinations&#148; with an &#147;interested shareholder&#148; under the provision of Section&nbsp;302A.673 of the MBCA or subject to the &#147;fair price&#148; provisions of Section&nbsp;302A.675 of the MBCA); (iii) declared it
advisable that the Company enter into the Merger Agreement and consummate the transactions contemplated thereby, including the Offer and the Merger; (iv)&nbsp;resolved that the Merger Agreement and the Merger be governed by and effected under
Section&nbsp;302A.613(4) of the MBCA; and (v)&nbsp;recommended to the Board that the Board approve the Merger Agreement and the Merger Transactions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On August&nbsp;8, 2022, the Board ratified, affirmed, and adopted in full the resolutions of the Special Committee and further recommended
(i)&nbsp;that the shareholders of the Company tender their Shares in the Offer; and (ii)&nbsp;to the extent necessary, took all actions necessary to have the effect of causing the Merger, the Merger Agreement, the Support Agreement (as defined
below) and the transactions contemplated by the Merger Agreement and the Support Agreement not to be subject to any control share acquisition law or similar law, rule, or regulation that might otherwise apply to the Merger or any such transaction,
in each case, on the terms and subject to the conditions of the Merger Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Accordingly, and for the other reasons described in
more detail below, (i)&nbsp;the Special Committee unanimously determined that the Offer is fair to, advisable and in the best interests of, the Company and its shareholders, and recommended to the Board that the Board approve the Merger Agreement
and Merger Transactions, (ii)&nbsp;the Board unanimously approved the Merger Agreement and Merger Transactions and (iii)&nbsp;both the Special Committee and the Board unanimously recommend that the Company&#146;s shareholders accept the Offer and
tender their Shares to Merger Sub in the Offer. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A copy of a press release issued by the Company and MTY, dated as of August&nbsp;9,
2022, announcing entry into the Merger Agreement is filed as Exhibit (a)(5)(A) to this Schedule <FONT STYLE="white-space:nowrap">14D-9</FONT> and is incorporated herein by reference. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Background of the Offer; Reasons for the Recommendation of the Special Committee and the Board. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Background of the Offer </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
following chronology summarizes the key meetings and events that led to the signing of the Merger Agreement. The following chronology does not purport to catalogue every conversation among the members of the Special Committee or the Board, members
of the Company&#146;s management or the Company&#146;s representatives, and other parties. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Board and the Company&#146;s management
team regularly evaluate and consider the Company&#146;s operations, strategic direction, and ongoing business plans with a view toward, among other things, strengthening its business and enhancing shareholder value. As part of these periodic
evaluations, the Board has from time to time considered a variety of strategic and financial alternatives, including various financing initiatives, such as equity, debt, or rights offerings, potential business combinations with other companies,
divesting a portion of the business (including refranchising a portion of the Company&#146;s company-owned stores) and selling the entire Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with these periodic reviews, from time to time over the last several years, the Company has been approached by and engaged in
informal communications with various third parties interested in strategic opportunities with the Company, including regarding a potential sale of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On April&nbsp;28, 2022, David Kanen, a shareholder of the Company, acting independently, called Eric Lefebvre, MTY&#146;s Chief Executive
Officer to inquire if MTY would be interested in making an investment in the Company. Mr.&nbsp;Kanen informed Mr.&nbsp;Lefebvre that he was a one of the Company&#146;s largest shareholders and explained that he was interested in exploring a
potential sale of the Company and that he believed that other shareholders would be similarly interested in a sale of the Company. After MTY indicated interest in the Company, Mr.&nbsp;Kanen introduced Mr.&nbsp;Lefebvre to Jeffery Crivello, Chief
Executive Officer of the Company by electronic mail. Mr.&nbsp;Kanen, Mr.&nbsp;Crivello and Mr.&nbsp;Lefebvre then arranged to speak by telephone on May&nbsp;2, 2022. In this call, Mr.&nbsp;Lefebvre expressed an interest in the Company.
Mr.&nbsp;Crivello subsequently provided Mr.&nbsp;Lefebvre with copies of the Company&#146;s latest analyst reports. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On May&nbsp;6, 2022,
the Board convened a meeting to review the Company&#146;s recent performance and the challenges and opportunities presented by the current operating environment. At the Board&#146;s request, representatives of Dentons Sirote PC
(&#147;<I>Dentons</I>&#148;) provided a general overview of the duties and responsibilities of a board of directors of a public company and the duties and responsibilities of a board of directors of a Minnesota corporation in evaluating strategic
opportunities, including advising Mr.&nbsp;Crivello that he should communicate with representatives of MTY only with the express authorization of Bryan Wolff on behalf of the Board, and that management of the Company should not in any event include
post-closing employment in discussions regarding a potential transaction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On May&nbsp;16, 2022, Mr.&nbsp;Crivello received a draft of a
preliminary, <FONT STYLE="white-space:nowrap">non-binding</FONT> letter of intent (the &#147;<I>Preliminary Proposal</I>&#148;) from MTY based solely on publicly available information and subject to due diligence and other conditions, including that
the Company agree to negotiate a potential corporate transaction with MTY on an exclusive basis for 45 days. Mr.&nbsp;Crivello forwarded the Preliminary Proposal to the other members of the Board, all of whom constituted disinterested directors
under Minnesota law. The disinterested directors determined that the Preliminary Proposal was based upon incomplete information in certain material respects. The disinterested directors instructed Mr.&nbsp;Crivello to respond to the Preliminary
Proposal with additional information regarding the Company in order to ascertain the terms upon which MTY was proposing to acquire the outstanding shares of the Company. Based upon the directions received from the disinterested members of the Board,
Mr.&nbsp;Crivello responded to MTY by providing additional information and requesting a revised proposal based upon this information. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On
May&nbsp;25, 2022, Mr.&nbsp;Crivello received a revised letter of intent from MTY offering to purchase the Company for $18.50 per share (the &#147;<I>Proposal</I>&#148;). Mr.&nbsp;Crivello referred the Proposal to the Board, which
</P>
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subsequently met later the same day to discuss the Proposal. Following review and discussion of the Proposal, the Board (i)&nbsp;determined that the Proposal constituted a good faith definitive
proposal and established the Special Committee (comprised of all the members of the Board other than Mr.&nbsp;Crivello), (ii) designated Dentons to serve as counsel to the Special Committee, and (iii)&nbsp;reviewed in detail the terms of the
Proposal. The Special Committee reviewed the status of preliminary discussions between the Company and other potential suitors that previously expressed an interest in the Company and determined that none of these discussions were likely to result
in a good faith definitive proposal to acquire the Company on terms that the Special Committee believed to be in the best interests of the Company&#146;s shareholders. The Special Committee also evaluated the possibility of engaging an investment
banking firm to run a full sale process on behalf of the Company, but determined that diverting management time and Company resources to prepare for and execute a sale process would be highly disruptive to the Company&#146;s relationships with its
franchise partners, employees, and vendors, create strategic risks by exposing the Company&#146;s intellectual property and business strategies to competitive and potentially competitive organizations, and would be unlikely to result in a valuation
more favorable to the shareholders than that represented by the Proposal. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Special Committee then discussed the Proposal and
determined to move forward with further exploration of a transaction with MTY. The Special Committee instructed Mr.&nbsp;Crivello to work with Dentons to finalize and execute the letter of intent on behalf of the Company. The Special Committee also
reminded Mr.&nbsp;Crivello regarding his obligations to communicate with representatives of MTY only with the express authorization of Mr.&nbsp;Wolff on behalf of the Special Committee. Mr.&nbsp;Crivello, who was not a member of the Special
Committee, was frequently invited to subsequent meetings of the Special Committee to provide information about the Company and his discussions with MTY and to receive direction from the Special Committee. However, Mr.&nbsp;Crivello did not vote on
Special Committee matters and did not deliberate over Special Committee decisions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In its decision to move forward with exclusive
discussions with MTY, the Special Committee also considered the fact that the Company had recently entered into discussions with a potential counterparty that did not result in a strategic transaction, the fact that expanding the current process
presented a high risk of confidential information disclosure leaks which could impair discussions with MTY, and the risk that refusing exclusivity could lead to MTY withdrawing the Proposal. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On May&nbsp;26, 2022, the Company entered into the Letter of Intent with MTY and then forwarded a proposed form of confidentiality agreement
as prepared by Dentons to MTY for execution prior to sharing <FONT STYLE="white-space:nowrap">non-public</FONT> information regarding the Company. The Special Committee instructed Dentons to work with the Company&#146;s management team to populate a
virtual data room that would include the customary diligence items for a transaction of this nature. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On May&nbsp;27, 2022, Dentons
commenced working with the Company&#146;s senior management team to construct a virtual data room containing copies of the Company&#146;s publicly available governance documents and material contracts as well as
<FONT STYLE="white-space:nowrap">non-public</FONT> information with respective to the Company&#146;s finances, leases, relationships with franchisees, and other matters customary for a transaction of this nature. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company and MTY entered into a Confidentiality Agreement on May&nbsp;31, 2022, as contemplated by the Letter of Intent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On June&nbsp;3, 2022, Mr.&nbsp;Lefebvre provided Mr.&nbsp;Crivello with a list of employees of MTY and its affiliates as well as
representatives of Morrison&nbsp;&amp; Foerster LLP (&#147;<I>Morrison Foerster</I>&#148;), legal counsel to MTY, and National Bank Financial Inc. (&#147;<I>National Bank Financial</I>&#148;), financial advisor for MTY, that should receive access to
the virtual data room. Dentons admitted these individuals to the virtual data room on June&nbsp;3 and admitted additional representatives of MTY, Morrison Foerster, and National Bank Financial to the virtual data room over the following days.
Dentons and the Company also began to respond to requests from the same parties for additional information to be added to the virtual data room as well as for clarifications with respect to items previously provided. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On June&nbsp;12, 2022, MTY requested that Dentons provide representatives of Deloitte LLP
(&#147;<I>Deloitte</I>&#148;) with access to the data room in order to complete tax diligence of the Company on behalf of MTY. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On
June&nbsp;20, 2022, Dentons and Morrison Foerster met by video conference to discuss the structure of a proposed transaction and the associated regulatory approvals. Morrison Foerster communicated the intention of MTY to accomplish the proposed
acquisition through a tender offer followed by a merger pursuant to Section&nbsp;302A.613(4) of the MBCA. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On June&nbsp;21, 2022, Dentons
provided an update to the Special Committee summarizing the substance of the discussion with Morrison Foerster and provided a representative form of Merger Agreement to assist the Special Committee in evaluating the structure of the proposed
transaction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On June&nbsp;23, 2022, Mr.&nbsp;Crivello and Mr.&nbsp;Kanen met with Mr.&nbsp;Lefebvre in Phoenix, Arizona, for dinner.
Mr.&nbsp;Crivello and Mr.&nbsp;Lefebvre also visited several of the Company&#146;s restaurant locations and the offices of Kahala Brands, which serves as the headquarters for MTY&#146;s operations in the United States. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On the morning of July&nbsp;5, 2022, the Company&#146;s leadership team met with representatives of MTY and National Bank Financial and
provided information on the Company in the form of a management presentation and also responded to questions. This meeting did not involve substantive discussion of the proposed transaction terms, but rather provided MTY and National Bank Financial
an opportunity to ask questions regarding the operations of the Company and plans for growth and expansion of the various restaurant concepts operated by the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On the afternoon of July&nbsp;5, 2022, Mr.&nbsp;Crivello provided the Special Committee with an update on the meeting with MTY and National
Bank Financial as well as preview of the Company&#146;s results for each of the three-month and <FONT STYLE="white-space:nowrap">six-month</FONT> fiscal periods ended July&nbsp;3, 2022, indicating that the Company&#146;s EBITDA would likely be above
budget for the applicable periods. Mr.&nbsp;Crivello also reported on the successful opening of a refresh of the Village Inn location in Freemont, Nebraska, and the favorable impact on sales in the initial days following the opening. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On July&nbsp;6, 2022, Mr.&nbsp;Lefebvre communicated to Mr.&nbsp;Crivello a proposed reduction in the purchase price from $18.50 to $16.50
based on changes in macro environment factors and the due diligence completed to date. Mr.&nbsp;Crivello referred this information to the Special Committee. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On July&nbsp;6, 2022, the Special Committee met by conference call to consider the revised proposal. The Special Committee requested that
Mr.&nbsp;Crivello join the meeting to provide information on the Company&#146;s financial position and to discuss the Company&#146;s positioning in the current operating environment. After review and discussion of the Company&#146;s current
operating results and its strategic positioning in the current environment, the Special Committee instructed Mr.&nbsp;Crivello to communicate back to Mr.&nbsp;Lefebvre its willingness to continue discussions at a purchase price of $17.25 per share
on a fully diluted basis. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On July&nbsp;7, 2022, Mr.&nbsp;Lefebvre confirmed acceptance of the revised proposal from the Special Committee
and provided a revised Letter of Intent reflecting a purchase price of $17.25 per share on a fully diluted basis. This revised Letter of Intent also confirmed that the transaction was not subject to a financing contingency and that any remaining due
diligence items were generally confirmatory in nature and requested a <FONT STYLE="white-space:nowrap">30-day</FONT> extension of the exclusivity period in order to allow the parties sufficient time to complete negotiation of the transaction
documents. The Company and MTY executed this revised Letter of Intent on July&nbsp;7, 2022. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On July&nbsp;7, 2022, the Special Committee
instructed Mr.&nbsp;Crivello to request an engagement letter from Kroll, LLC. operating through its Duff&nbsp;&amp; Phelps Opinion Practice (&#147;<I>Kroll</I>&#148;), to serve as an independent financial advisor to the Board and provide the Board
with a written opinion as to whether the consideration to be received by the shareholders of the Company (other than MTY or its affiliates) in the proposed transaction is fair, from a </P>
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financial point of view, to such shareholders. The Special Committee instructed Dentons to review and negotiate the engagement letter with Kroll on behalf of the Board and to provide an execution
copy to Mr.&nbsp;Crivello. On July&nbsp;8, 2022, the Company executed the engagement letter with Kroll. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On July&nbsp;11, 2022, Dentons
and Morrison Foerster met by conference call to discuss the structure of the proposed transaction, the prospective form of the definitive transaction agreement, and other documents related thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On July&nbsp;15, 2022, Dentons received an annotated diligence request from Morrison Foerster requesting clarification and confirmation of the
information included in the virtual data room. Dentons reviewed the diligence request with the Company&#146;s senior management team and prepared a response containing the requested information. Dentons and Morrison Foerster held discussions
regarding the diligence requests and identified follow up items to be provided in the following days. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On July&nbsp;18, 2022, the Company
received a detailed follow up information request from MTY. The Company worked with Dentons to review and respond to the request and posted responsive information to the virtual data room. Dentons and Morrison Foerster discussed the various requests
by telephone and electronic mail as a part of the Company&#146;s efforts to provide complete responses to the diligence requests. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On
July&nbsp;19, 2022, Morrison Foerster provided an initial draft of the Merger Agreement to Dentons for review on behalf of the Special Committee. Dentons requested certain information from the Company as part of its review in preparation for
discussion of the Merger Agreement with the Special Committee. Dentons also commenced preparation of a draft of the Disclosure Schedule based upon the representations and warranties of the Company included as part of the draft Merger Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On July&nbsp;21, Renee <FONT STYLE="white-space:nowrap">St-Onge,</FONT> the Chief Financial Officer of MTY, met with Mr.&nbsp;Crivello at the
Company&#146;s corporate office in Minneapolis to tour three corporate restaurant locations, meet certain members of the corporate support center team, and discuss financial reporting processes with Jason Schanno, Chief Financial Officer of the
Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">From July&nbsp;22, 2022, through August&nbsp;8, 2022, the Company&#146;s management and legal advisors had numerous
communications with MTY and its respective advisors regarding business, financial, accounting, legal, tax, human resources, intellectual property, commercial operations, environmental, insurance, employee benefits, antitrust, and other matters of
the Company. During this time, Dentons continued to exchange and negotiate drafts of the Merger Agreement and related transaction documents, including the Support Agreement and Guarantee, with Morrison Foerster. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On July&nbsp;25, 2022, the Special Committee met by conference call to review a draft of the proposed Merger Agreement and discuss the
comments provided by Dentons. The Special Committee reviewed in detail the terms of the transaction as proposed by MTY and as clarified through discussions by and between Dentons and Morrison Foerster regarding various aspects of the proposed Merger
Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On July&nbsp;27, 2022, the Special Committee met by conference call to receive an update on negotiations regarding the terms
of the proposed Merger Agreement and the completion of the due diligence process. Dentons provided the Special Committee with an update on the confirmatory diligence process and its work with the Company&#146;s senior management team to complete the
Disclosure Schedule. Dentons noted the discussions were progressing in a constructive manner and identified for the Special Committee the material open items in the Merger Agreement and requested guidance from the Special Committee in responding to
these items. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On July&nbsp;29, 2022, the Special Committee met by conference call to receive a further update on negotiation of the Merger
Agreement and regarding resolution of various remaining diligence matters. Mr.&nbsp;Wolff provided guidance to Dentons on behalf of the Special Committee with respect to negotiation of the Merger Agreement and the related transaction documents. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On July&nbsp;29, 2022, Mr.&nbsp;Crivello met with Mr.&nbsp;Lefebvre at the Company&#146;s
corporate office in Minneapolis to tour corporate restaurant locations, meet certain members of the corporate support center team, and discuss various matters related to the operations of the Company&#146;s support center. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On August&nbsp;3, 2022, the Special Committee met to review a list of the final open issues under the proposed Merger Agreement and provide
direction to Dentons on the negotiation of these items as well as to discuss the status of the due diligence process and the Disclosure Schedule. The Special Committee also reviewed progress on discussions with certain shareholders with respect to
execution of the Support Agreement and received an update on resolution of various remaining diligence items. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On August&nbsp;4, 2022, the
Special Committee and the Board held a joint meeting. At such meeting, Kroll presented its financial analysis and, following such presentation, orally rendered its opinion to the Board, which was subsequently confirmed by it in writing (a copy of
which is attached hereto as <U>Annex A</U>) that the consideration to be paid to the shareholders of the Company (other than MTY and its affiliates) in the Transaction was, based upon, and subject to, the procedures followed, assumptions made,
qualifications and limitations on the review undertaken, and other matters considered by Kroll in preparing its opinion, fair, from a financial point of view, to such shareholders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On August&nbsp;5, 2022, the Special Committee held a telephonic meeting, which was also attended by Mr.&nbsp;Crivello and representatives of
Dentons. Dentons reported on the status of negotiations with MTY&#146;s legal counsel of the contemplated Merger Agreement and related Disclosure Schedule, and the Guarantee and the Support Agreement contemplated by the Merger Agreement. Dentons
reviewed with the Special Committee the provisions of each of these agreements, including key terms of each that remained under negotiation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On August&nbsp;8, 2022, the Special Committee held a telephonic meeting, which was also attended by Mr.&nbsp;Crivello and representatives of
Dentons. Dentons confirmed resolution of the key terms of the Merger Agreement, the Support Agreement, and the Guarantee within the parameters established by the Special Committee. The Special Committee then discussed the terms and conditions of the
Merger Agreement and related matters. Following this review and discussion, the Special Committee unanimously (i)&nbsp;determined that the Offer, the Merger, and the other transactions contemplated by the Merger Agreement are fair to and in the best
interests of the Company and its shareholders; (ii)&nbsp;approved the Merger Agreement and Merger Transactions, which approval constituted approval for the purposes of Sections 302A.673, Subd. 1 and 302A.675 of the MBCA (as a result of which the
Merger Agreement and the Merger Transactions are not and will not be subject to the restrictions on &#147;business combinations&#148; with an &#147;interested shareholder&#148; under the provision of Section&nbsp;302A.673 of the MBCA or subject to
the &#147;fair price&#148; provisions of Section&nbsp;302A.675 of the MBCA); (iii) declared it advisable that the Company enter into the Merger Agreement and consummate the transactions contemplated thereby, including the Offer and the Merger;
(iv)&nbsp;resolved that the Merger Agreement and the Merger be governed by and effected under Section&nbsp;302A.613(4) of the MBCA; and (v)&nbsp;recommended to the Board that the Board approve the Merger Agreement and the Merger Transactions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On August&nbsp;8, 2022, the Board ratified, affirmed, and adopted in full the resolutions of the Special Committee and further recommended
(i)&nbsp;that the shareholders of the Company tender their Shares in the Offer; and (ii)&nbsp;to the extent necessary, took all actions necessary to have the effect of causing the Merger, the Merger Agreement, the Support Agreement, the Guarantee,
and the transactions contemplated by the Merger Agreement, the Support Agreement, and the Guarantee not to be subject to any state takeover law or similar law, rule, or regulation that might otherwise apply to the Merger or any such transaction, in
each case, on the terms and subject to the conditions of the Merger Agreement. See &#147;<I>Item 4 &#150; The Solicitation or Recommendation &#150; Recommendation of the Board</I>&#148; above regarding the resolutions approved by the Board and see
&#147;<I>Item 4 &#150; The Solicitation or Recommendation &#150; Background of the Offer; Reasons for the Recommendation of the Board &#150; Reasons for the Recommendation of the Board</I>&#148; below for additional information regarding the factors
considered by the Board in coming to its decision. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Following the meetings of the Special Committee and the Board and their respective approvals
and recommendations concerning the Merger Agreement and the transactions contemplated thereby (including the Offer and the Merger), the Company and MTY, and their respective advisors, finalized the Merger Agreement and the related transaction
documents on the evening of August&nbsp;8, 2022, and thereupon the Company, Parent, and Merger Sub executed the Merger Agreement, Parent and Merger Sub executed the Support Agreement, and MTY executed the Guarantee. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On August&nbsp;9, 2022, before the opening of U.S. stock markets, the Company and MTY issued a joint press release announcing the execution of
the Merger Agreement. The closing price of the Company&#146;s common stock on August&nbsp;8, 2022, was $11.72 per Share. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Reasons for the
Recommendation of the Special Committee and the Board </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Special Committee and the Board carefully considered the Offer and the
Transactions, including the Merger, consulted with the Company&#146;s management and its financial and legal advisors, and considered numerous factors, including, but not limited to, the information and factors listed below. Each of the Special
Committee and the Board have unanimously determined that the terms of the Merger Agreement and the Transactions, including the Merger, are fair to, advisable and in the best interests of, the Company and its shareholders, approved the Merger
Agreement and the Transactions (including the execution, delivery and performance thereof), declared it advisable that the Company enter into the Merger Agreement and complete the Transactions in accordance with the MBCA, and resolved to recommend
that the Company&#146;s shareholders accept the Offer and tender their Shares in the Offer, after carefully considering numerous factors and information, including the following material factors and information: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the Offer Price to be paid by Merger Sub would provide the Company&#146;s shareholders with the opportunity to
receive a significant premium over the market price of the Shares. Throughout the period leading to execution of the Merger Agreement, the Special Committee and the Board reviewed certain historical market prices and trading information with respect
to the Shares, including the fact that the Offer Price represents a premium of: </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">approximately 46% to the Company&#146;s closing share price of $11.80 on May&nbsp;25, 2022, the day prior to the
MTY and the Company entering into the Letter of Intent; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">approximately 49% to the Company&#146;s closing share price of $11.59 on August&nbsp;5, 2022, the last closing
price prior to the meetings of the Special Committee and the Board on August&nbsp;8, 2022, and a premium of approximately 47% to the opening share price of $11.73 on such date; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">approximately 41% to the Company&#146;s closing share price of $12.27 on August&nbsp;1, 2022;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">approximately 58% to the average daily closing price of $10.98 for the
<FONT STYLE="white-space:nowrap">one-month</FONT> period ending August&nbsp;1, 2022; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">approximately 26% to the average daily closing price of $13.64 for the one year ending August&nbsp;1, 2022;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the fact that the form of consideration to be paid in the Offer and the Merger is cash, which provides certainty
of value and immediate liquidity to the Company&#146;s shareholders and does not expose them to future risks related to the business or the financial markets generally; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the belief, after a review of the financial prospects of the Company and the execution risk associated with a
stand-alone strategy for the Company, in each case, taking into account the potential benefits, risks and uncertainties associated with those other opportunities, that the completion of the Offer and the completion of the Transactions represent the
Company&#146;s best reasonably available prospect for maximizing shareholder value; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the belief that, based on negotiations and discussions with MTY, the Offer Price represented the highest price
MTY was willing to pay; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">20 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the conclusion that the Merger Agreement (i)&nbsp;was the product of arm&#146;s length negotiations, and
(ii)&nbsp;contained terms and conditions that were favorable to the Company; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the Company&#146;s current and historical business, financial condition, results of operations and competitive
position as well as the Company&#146;s long-term business plan and prospects if it were to remain an independent, stand-alone public company, including the prospective risks to the Company in such circumstances such as with respect to the
uncertainties of successfully implementing new business initiatives and operational improvements necessary to achieve its long-term business plans, and other risks relating to conducting the business, and the potential impact of those factors on the
future trading price of the Shares; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the written opinion of Kroll, delivered to the Board, to the effect that, as of August&nbsp;4, 2022, and based
upon and subject to the assumptions made, procedures followed, matters considered and qualifications and limitations of the review undertaken by Kroll as set forth in its opinion, the consideration to be received by the holders of the Shares (other
than MTY and its affiliates) pursuant to the Merger Agreement was fair from a financial point of view, to such holders of the Shares. The full text of Kroll&#146;s written opinion is attached hereto as <U>Annex A</U>. For further discussion of the
Kroll opinion, see &#147;<I>Item 4 &#150; The Solicitation or Recommendation &#150; Opinion of the Company&#146;s Financial Advisor</I>&#148; below; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the structure of the transaction as a <FONT STYLE="white-space:nowrap">two-step</FONT> transaction under
Section&nbsp;302A.613(4) of the MBCA, which potentially enables the shareholders to receive the Offer Price pursuant to the Offer in a relatively short time frame, followed promptly by the Merger in which the Company&#146;s shareholders who do not
tender in the Offer will receive the same cash price as is paid in the Offer, and that such relatively short timeframe would be expected to reduce the uncertainty and potential disruption to the Company&#146;s business pending closing;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the likelihood that the Offer and the Merger would be completed, including: </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Merger Sub is required, subject to certain exceptions, to extend the period of the Offer in various
circumstances; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the conditions to the Offer and the Merger are specific and limited, including the absence of a financing
condition; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the Transactions are likely to be completed if a sufficient number of Shares are tendered in the Offer;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the likelihood of there being no significant antitrust or other regulatory impediments; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the business reputation and capabilities of MTY and its management and the substantial financial resources of MTY
and, by extension, Parent and Merger Sub; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the outside date under the Merger Agreement on which either party, subject to specified exceptions, can terminate
the Merger Agreement allows for sufficient time to complete the Transactions; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the Company&#146;s ability, under various circumstances pursuant to the Merger Agreement, to seek specific
performance to prevent breaches of the Merger Agreement and to specifically enforce the terms of the Merger Agreement; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the Company&#146;s ability, in specified circumstances, to furnish information to third parties making
unsolicited acquisition proposals and to engage in discussions and negotiations with such third parties, along with the Special Committee&#146;s ability, in specified circumstances, to withdraw or change its recommendation in favor of the Offer in
response to a superior proposal or an intervening event or to terminate the Merger Agreement in order to enter into an acquisition agreement relating to a superior proposal as determined by the Special Committee in connection with carrying out its
fiduciary duties, in each case, subject to the terms of the Merger Agreement and the Company paying Parent a termination fee (the &#147;<I>Termination Fee</I>&#148;) of $7,825,000 prior to or concurrently with the termination; and
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">21 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the belief that the applicable Termination Fee payable to Parent in the circumstances described above was
reasonable and customary in the context of termination fees payable in comparable transactions and in light of the overall terms of the Merger Agreement and would not preclude or unreasonably deter another party from making a competing acquisition
proposal with regard to the Company following the announcement of the Merger Agreement and the Transactions. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Each of the
Special Committee and the Board also weighed the factors described above against other factors and potential risks associated with entering into the Merger Agreement, including among other things, the following: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the availability of statutory dissenter&#146;s rights under Minnesota law for the holders of Shares who do not
tender their Shares in the Offer and who otherwise comply with the required procedures under Minnesota law. See &#147;<I>Item 8 &#150; Additional Information &#150; Dissenter&#146;s Rights</I>&#148; below; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the Company&#146;s current shareholders would not have the opportunity to participate in any possible growth and
profits of the Company following the completion of the Transactions, including pursuant to the Company&#146;s potential business initiatives; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the costs involved in connection with entering into and completing the Transactions process and related actions,
the time and effort of the Company&#146;s management and other employees required to complete the Transactions process and the related actions, and the related disruptions or potential disruptions to the Company&#146;s business operations and future
prospects, including its relationships with its employees, franchisees, customers, suppliers, partners and others that do business or may do business in the future with the Company; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the potential shareholder and other lawsuits that may be filed in connection with the Merger Agreement and the
contemplated Transactions; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the risk that the proposed Transactions might not be completed and the effects of the resulting public
announcement of termination of the Merger Agreement on: </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the trading price of the Shares, which could be affected by many factors, including: (i)&nbsp;the reason for
which the Merger Agreement was terminated and whether a termination results from factors adversely affecting the Company; (ii)&nbsp;the possibility that the marketplace would consider the Company to be a less attractive acquisition candidate going
forward; and (iii)&nbsp;the possible sale of Shares by short-term investors following the announcement of termination of the Merger Agreement; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the Company&#146;s operating results and financial condition, particularly in light of the costs incurred in
connection with the Transactions, including the potential requirement of the Company to pay the Termination Fee to Parent; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the ability to attract and retain key personnel and other employees; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Relationships with the Company&#146;s employees, franchisees, customers, suppliers, partners, and others that do
business or may do business in the future with the Company; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">there is no assurance that all conditions to the parties&#146; obligations, including with respect to required
antitrust approvals, to complete the Offer or the Merger will be satisfied; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the terms of the Merger Agreement, including (i)&nbsp;the operational restrictions imposed on the Company between
signing and closing (which may delay or prevent the Company from further implementing business plans or undertaking business opportunities that may arise pending the completion of the transaction or any other action the Company would otherwise take
with respect to the operations of the Company absent the completion of the Offer and the Merger) and (ii)&nbsp;the Termination Fee that could become payable by the Company if the Merger Agreement is terminated under specified circumstances,
including, among other things, if the Company enters into an acquisition agreement in connection with a superior proposal; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">22 </P>

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<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the restrictions on soliciting competing proposals; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the fact that the cash consideration paid in the Offer and the Merger would be taxable to the Company&#146;s
shareholders that are U.S. holders for U.S. federal income tax purposes. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each of the Special Committee and the Board
believed that, overall, the potential benefits of the Merger Agreement and the Transactions (including the Offer and the Merger) to the Company&#146;s shareholders outweighed the risks and uncertainties of the Merger Agreement and the Transactions
(including the Offer and the Merger). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Accordingly, considering the information and factors described above, among other things,
(i)&nbsp;the Special Committee unanimously determined that the Offer, is fair to, advisable and in the best interests of, the Company and its shareholders, recommended to the Board that the Board approve the Merger Agreement and Merger Transactions,
(ii)&nbsp;the Board approved the Merger Agreement and Merger Transactions, and (iii)&nbsp;both the Special Committee and the Board unanimously recommend that the Company&#146;s shareholders accept the Offer and tender their Shares to Merger Sub in
the Offer. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The foregoing discussion of information and factors considered by the Special Committee is not intended to be exhaustive
but includes the material information and factors and analyses considered by the Special Committee in reaching its recommendation. Due to the variety of information and factors considered in connection with its evaluation of the Offer and the
Merger, the Special Committee did not find it practicable to, and did not, quantify or otherwise assign relative weights to the specific information and factors considered in reaching its determinations and recommendation but instead considered the
totality of the information and factors involved. Moreover, each member of the Special Committee applied his or her own individual judgment to the process and may have given different weight to different information and factors. In arriving at its
recommendation, the Special Committee was aware of the interests of the Company&#146;s executive officers, directors and affiliates as described in the section entitled &#147;<I>Item 3 &#150; Past Contacts, Transactions, Negotiations and
Agreements</I>.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Opinion of the Company&#146;s Financial Advisor. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On July&nbsp;8, 2022, the Company retained Kroll to serve as an independent financial advisor to the Board, specifically to provide to the
Board a fairness opinion in connection with the Merger.&nbsp;On August&nbsp;4, 2022, Kroll orally delivered its opinion (which was subsequently confirmed in writing), dated August&nbsp;4, 2022 (the &#147;<I>Opinion</I>&#148;), to the Board (solely
in their capacity as members of the Board) that, as of the date of the Opinion and subject to and based on the assumptions made, procedures followed, matters considered, limitations of the review undertaken, and qualifications contained in the
Opinion, the Merger Consideration to be received by the shareholders of the Company (other than MTY or its affiliates) in the Merger was fair, from a financial point of view, to such shareholders (without giving effect to any impact of the Merger on
any particular shareholder other than in its capacity as a shareholder). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In selecting Kroll, the Board considered, among other things,
the fact that Kroll is a global leader in providing fairness opinions to boards of directors. Kroll is regularly engaged in the valuation of businesses and their securities and the provision of fairness opinions in connection with various
transactions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Opinion was approved by Kroll&#146;s fairness opinions committee. The Opinion was provided for the information of, and
directed to, the Board for its information and assistance in connection with its consideration of the financial terms of the Merger. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>The full text of the Opinion is attached to this Schedule <FONT STYLE="white-space:nowrap">14D-9</FONT></B><B><I>
</I></B><B>as<U>&nbsp;Annex</U><U></U><U>&nbsp;A</U> and is incorporated into this document by reference. The summary of the Opinion set forth herein is qualified in its entirety by reference to the full text of the Opinion. The Company&#146;s
shareholders are urged to read the Opinion carefully and in its entirety for a discussion of the procedures followed, assumptions made, matters considered, limitations of the review undertaken by Kroll in connection with the Opinion, as well as
other qualifications contained in the Opinion. </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">23 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with the Opinion, Kroll made such reviews, analyses, and inquiries as it
deemed necessary and appropriate under the circumstances to enable Kroll to render the Opinion. Kroll also took into account its assessment of general economic, market and financial conditions, as well as its experience in securities and business
valuation in general, and with respect to similar transactions in particular. Kroll&#146;s procedures, investigations, and financial analyses with respect to the preparation of the Opinion included, but were not limited to, the items summarized
below: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">reviewed the Company&#146;s annual reports and audited financial statements included in the Company&#146;s Form <FONT
STYLE="white-space:nowrap">10-K</FONT> filed with the SEC for the fiscal year ended January&nbsp;2, 2022, and the Company&#146;s unaudited interim financial statements for the fiscal quarter ended April&nbsp;3, 2022, included in the Company&#146;s <FONT
STYLE="white-space:nowrap">Form&nbsp;10-Q</FONT> filed with the SEC; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">reviewed unaudited internal financial information for the Company for the fiscal years ended January&nbsp;3,
2021, and January&nbsp;2, 2022, and for the five months ended May&nbsp;29, 2022 and select balance sheet information as of July&nbsp;31, 2022, which management of the Company identified as being the most current financial statements available;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">reviewed other internal documents relating to the history, current operations, and probable future outlook of the
Company, including <FONT STYLE="white-space:nowrap">run-rate</FONT> EBITDA and financial projections for the fiscal year ended January&nbsp;1, 2023, provided to Kroll by management of the Company; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">reviewed the Company&#146;s Management Presentation, dated as of July 2022; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">reviewed the Company&#146;s Investor Presentation, dated as of May 2022; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">reviewed a draft of the Merger Agreement, dated as of August&nbsp;2, 2022; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">discussed the information referred to above and the background and other elements of the Merger with the
management of the Company, including potential benefits that could be realized by a buyer, specifically, the elimination of public company costs and a reduction in general and administrative expenses; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">discussed with Company management its plans and intentions with respect to the management and operation of the
Company; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">reviewed the historical trading price and trading volume of the Common Stock and publicly traded securities of
certain other companies that Kroll deemed relevant; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">reviewed capitalization information for the Company, prepared by the Company and on which Kroll was instructed to
rely by Company management; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">performed certain valuation and comparative analyses using generally accepted valuation and analytical
techniques, including an analysis of selected public companies that Kroll deemed relevant and an analysis of selected transactions that Kroll deemed relevant as further described below in this section entitled &#147;<I>&#150;</I> <I>Opinion of the
Company&#146;s Financial Advisor</I>;&#148; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">conducted such other analyses and considered such other factors as Kroll deemed appropriate.
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In performing its analyses and rendering the Opinion with respect to the Merger, Kroll, with the Company&#146;s
consent: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">relied upon the accuracy, completeness, and fair presentation of all information, data, advice, opinions, and
representations obtained from public sources or provided to it from private sources, including Company management, and did not independently verify such information; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">relied upon the fact that the Board and the Company have been advised by counsel as to all legal matters with
respect to the Merger, including whether all procedures required by law to be taken in connection with the Merger have been duly, validly, and timely taken; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">24 </P>

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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">assumed that any estimates, evaluations, forecasts, and projections furnished to Kroll were reasonably prepared
and based upon the best currently available information and good faith judgment of the person furnishing the same, and Kroll expresses no opinion with respect to such estimates, evaluations, forecasts and projections or the underlying assumptions;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">assumed that information supplied by and representations made by management of the Company are substantially
accurate regarding the Company and the Merger; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">assumed that the representations and warranties made in the Merger Agreement are substantially accurate;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">assumed that the final versions of all documents reviewed by Kroll in draft form conform in all material respects
to the drafts reviewed; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">assumed that there has been no material change in the assets, liabilities (contingent or otherwise), financial
condition, results of operations, business, or prospects of the Company since the date of the most recent financial statements and other information made available to Kroll, and that there is no information or facts that would make the information
reviewed by Kroll incomplete or misleading; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">assumed that all of the conditions required to implement the Merger will be satisfied and that the Merger will be
completed in accordance with the Merger Agreement without any material amendments thereto or any waivers of any terms or conditions thereof; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">assumed that all governmental, regulatory, or other consents and approvals necessary for the consummation of the
Merger will be obtained without any adverse effect on the Company or the contemplated benefits expected to be derived in the Merger. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">To the extent that any of the foregoing assumptions, representations, or any of the facts on which the Opinion is based prove to be untrue in
any material respect, Kroll informed the Board that the Opinion cannot and should not be relied upon. Furthermore, in Kroll&#146;s analysis and in connection with the preparation of the Opinion, Kroll made numerous assumptions with respect to
industry performance, general business, market and economic conditions and other matters, many of which are beyond the control of any party involved in the Merger. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Kroll prepared the Opinion, effective as of August&nbsp;4, 2022. The Opinion was necessarily based upon market, economic, financial, and other
conditions as they existed as of such date and could be evaluated as of such date, and Kroll disclaims any undertaking or obligation to advise any person of any change in any fact or matter affecting the Opinion which may come or be brought to the
attention of Kroll after such date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Kroll did not evaluate the solvency of the Company or conduct an independent appraisal or physical
inspection of any specific assets or liabilities (contingent, derivative, <FONT STYLE="white-space:nowrap">off-balance</FONT> sheet or otherwise). Kroll was not requested to, and did not, (i)&nbsp;initiate any discussions with, or solicit any
indications of interest from, third parties with respect to the Merger, the assets, businesses or operations of the Company, or any alternatives to the Merger, (ii)&nbsp;negotiate the terms of the Merger and therefore Kroll assumed that such terms
are the most beneficial terms, from the Company&#146;s perspective, that could, under the circumstances, be negotiated among the parties to the Merger Agreement and the Merger, or (iii)&nbsp;advise the Board or any other party with respect to
alternatives to the Merger. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In rendering the Opinion, Kroll was not expressing any opinion as to the market price or value of the
Company&#146;s Common Stock (or anything else) either before or after the announcement or the consummation of the Merger or how any such shares may trade at any time. The Opinion should not be construed as a valuation opinion, credit rating,
solvency opinion, an analysis of the Company&#146;s credit worthiness, as tax advice, or as accounting advice. Kroll did not make, and assumed no responsibility to make, any representation, or render any opinion, as to any legal matter. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">25 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In rendering the Opinion, Kroll was not expressing any opinion with respect to the amount or
nature of any compensation to any of the Company&#146;s officers, directors, or employees, or any class of such persons, relative to the Merger Consideration, or with respect to the fairness of any such compensation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Kroll&#146;s Opinion was furnished for the use and benefit of the Board in connection with its consideration of the Merger. The Opinion
(i)&nbsp;did not address the merits of the underlying business decision to enter into the Merger versus any alternative strategy or transaction; (ii)&nbsp;does not address any transaction related to the Merger; (iii)&nbsp;was not and is not a
recommendation as to how the Board or any other person (including any shareholder) should vote or act with respect to any matters relating to the Merger, or whether to proceed with the Merger or any related transaction; and (iv)&nbsp;did not
indicate that the Merger Consideration to be received by the public shareholders is the best possibly attainable under any circumstances; instead, it merely stated whether the Merger Consideration is within or above a range suggested by certain
financial analyses. The decision as to whether to proceed with the Merger or any related transaction may depend on an assessment of factors unrelated to the financial analysis on which the Opinion was based. The Opinion should not be construed as
creating any fiduciary duty on the part of Kroll to any party. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Except for the Opinion, Kroll did not express any view or opinion as to
(i)&nbsp;any other term, aspect, or implication of (a)&nbsp;the Merger or the Merger Agreement or (b)&nbsp;any other agreement, transaction document, or instrument contemplated by the Merger Agreement or to be entered into or amended in connection
with the Merger or (ii)&nbsp;the fairness, financial or otherwise, of the Merger to, or of any consideration to be paid to or received by, the holders of any class of securities of the Company. The Opinion did not in any way address proportionate
allocation or relative fairness (including, without limitation, the allocation of any consideration among or within any classes or groups of security holders or other constituents of the Company or any other party or person). Kroll also did not
address, or express a view with respect to, any acquisition of control or effective control of the Company by any shareholder or group of shareholders of Merger Sub, Parent, or MTY. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Summary of Financial Analyses Performed by Kroll </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Set forth below is a summary of the material analyses performed by Kroll in connection with the delivery of the Opinion to the Board. This
summary is qualified in its entirety by reference to the full text of the Opinion, attached to this Schedule <FONT STYLE="white-space:nowrap">14D-9</FONT> as <U>Annex</U><U></U><U>&nbsp;A</U>. While this summary describes the analyses and factors
that Kroll deemed material in its presentation to the Board, it is not a comprehensive description of all analyses and factors considered by Kroll. The preparation of a fairness opinion is a complex process that involves various determinations as to
appropriate and relevant methods of financial analysis and the application of these methods to the particular circumstances. Therefore, a fairness opinion is not readily susceptible to partial analysis or summary description. In arriving at the
Opinion, Kroll did not attribute any particular weight to any analysis or factor considered by it, but rather made qualitative judgments as to the significance and relevance of each analysis and factor. Accordingly, Kroll believes that its analyses
must be considered as a whole and that selecting portions of its analyses and of the factors considered by it in rendering the Opinion without considering all analyses and factors could create a misleading or incomplete view of the evaluation
process underlying the Opinion. The conclusion reached by Kroll was based on all analyses and factors taken as a whole, and also on the application of Kroll&#146;s own experience and judgment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The financial analyses summarized below include information presented in tabular format. In order for Kroll&#146;s financial analyses to be
fully understood, the tables must be read together with the text of each summary. The tables alone do not constitute a complete description of the financial analyses. Considering the data below without considering the full narrative description of
the financial analyses, including the methodologies and assumptions underlying the analyses, could create a misleading or incomplete view of Kroll&#146;s financial analyses. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Valuation Analysis </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Kroll
performed an enterprise valuation analysis of the Company using generally accepted valuation methodologies. Kroll noted to the Board that since the Company does not prepare financial forecasts, Kroll was
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">26 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
unable to undertake a discounted cash flow analysis.<SUP STYLE="font-size:75%; vertical-align:top"> </SUP>Kroll employed a &#147;Market Approach,&#148; which is a valuation technique that
provides an estimation of value by applying valuation multiples to financial metrics for the subject company. These valuation multiples are either observed or derived from (i)&nbsp;market prices of actively traded, public companies, publicly
available historical financial information and consensus equity research analyst estimates of future financial performance or (ii)&nbsp;prices paid in actual mergers, acquisitions, or other transactions. The valuation process includes, but is not
limited to, a comparison of various quantitative and qualitative factors between the subject business and other similar businesses. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Kroll
selected eleven publicly traded companies that it deemed relevant for its analysis (the &#147;<I>Selected Publicly Traded Companies</I>&#148;). Kroll selected the Selected Publicly Traded Companies based on their relative similarity, primarily in
terms of business focus, historical and projected revenue and profitability growth, profit margins, capital requirements, brand portfolio, and other characteristics, to that of the Company. Kroll noted that none of the Selected Publicly Traded
Companies are perfectly comparable to the Company, and Kroll does not have access to <FONT STYLE="white-space:nowrap">non-public</FONT> information of any of the Selected Publicly Traded Companies. Accordingly, a complete valuation analysis of the
Company cannot rely solely upon a quantitative review of the Selected Publicly Traded Companies but involves complex considerations and judgments concerning differences in financial and operating characteristics of such companies, as well as other
factors that could affect their value relative to that of the Company. Therefore, an analysis of the Selected Publicly Traded Companies is subject to certain limitations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The tables below summarize certain observed historical and projected financial performance and trading multiples of the Selected Publicly
Traded Companies. The estimates for 2022 and 2023 in the tables below with respect to the Selected Publicly Traded Companies were derived based on information for the <FONT STYLE="white-space:nowrap">12-month</FONT> periods ending closest to the
Company&#146;s fiscal year ends for which information was available. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="60%"></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" COLSPAN="16" NOWRAP STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B><I>($&#146;s in millions)</I></B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Company*</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>EV /<BR>LTM<BR>EBITDA</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>EV /<BR>2022<BR>EBITDA</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>EV /<BR>2023<BR>EBITDA</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>EV /<BR>LTM<BR>Revenue</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Darden Restaurants, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">11.1x</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">11.1x</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">10.3x</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1.77x</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Texas Roadhouse, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">13.5x</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">12.7x</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">11.3x</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1.55x</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Bloomin&#146; Brands, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6.1x</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5.3x</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5.0x</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.62x</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cracker Barrel Old Country Store, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">8.3x</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">9.2x</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">8.7x</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.79x</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Dine Brands Global, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">9.4x</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">10.2x</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">9.6x</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2.52x</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Brinker International, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5.6x</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5.7x</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5.1x</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.59x</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">The Cheesecake Factory Incorporated</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">8.9x</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">8.7x</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6.8x</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.59x</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">BJ&#146;s Restaurants, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">10.2x</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">9.8x</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6.3x</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.48x</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Chuy&#146;s Holdings, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5.4x</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6.8x</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5.9x</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.86x</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Red Robin Gourmet Burgers, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4.9x</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3.8x</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3.2x</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.25x</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">The ONE Group Hospitality, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6.4x</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6.0x</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5.0x</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.93x</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="60%"></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Mean</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000" ALIGN="right">8.2x</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000" ALIGN="right">8.1x</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000" ALIGN="right">7.0x</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000" ALIGN="right">0.99x</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Median</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">8.3x</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">8.7x</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">6.3x</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">0.79x</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">LTM = Latest Twelve Months </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">EBITDA: Earnings Before Interest, Taxes, Depreciation and Amortization </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">EV: Enterprise Value = Market capitalization plus debt, net of cash and equivalents </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Sources: S&amp;P Capital IQ, SEC Filings, Annual and Interim Reports, and the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Kroll also reviewed eleven selected merger and acquisition transactions listed in the below table (collectively, the &#147;<I>Selected
Transactions</I>&#148;). The selection of these transactions was based on, among other things, the target company&#146;s business focus, the relative size of the transaction compared to the Merger, and the
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">27 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
availability of public information related to the selected transaction. Kroll noted that none of the Selected Transactions are perfectly comparable to the Merger, and that all but one of the
Selected Transactions occurred a year or more prior to the date of Kroll&#146;s analysis. Finally, Kroll does not have access to <FONT STYLE="white-space:nowrap">non-public</FONT> information of any of the Selected Transactions. Accordingly, a
complete valuation analysis of the Company cannot rely solely upon a quantitative review of the Selected Transactions but involves complex considerations and judgments concerning differences in financial and operating characteristics of such
companies involved in these Selected Transactions, as well as other factors (including, but not limited to, the state of the financial markets at the time of each Selected Transaction) that could affect the target companies&#146; implied values
relative to that of the Company. Therefore, an analysis of Selected Transactions is also subject to certain limitations. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="43%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="43%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Date</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>Announced</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Target</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Acquirer</B></P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">12/5/2021</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Del Taco Restaurants, Inc.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Jack in the Box Inc.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">7/2/2021</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">J. Alexander&#146;s Holdings, Inc.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">SPB Hospitality LLC</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">1/5/2020</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The Habit Restaurants, Inc.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Yum! Brands, Inc.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">11/6/2019</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Patton Wings, Inc.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">ICV Partners, LLC</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">5/6/2018</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Barteca Restaurant Group, LLC</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Del Frisco&#146;s Restaurant Group, Inc.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">11/5/2018</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Bojangles&#146;, Inc.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The Jordan Company</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">10/18/2018</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Restaurant Brands New Zealand Limited</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Finaccess Capital</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">9/24/2018</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Sonic Corp.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Inspire Brands, Inc.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">8/16/2018</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Zoe&#146;s Kitchen, Inc.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Cava Group, Inc.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">2/20/2018</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Fogo de Ch&atilde;o, Inc.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Rhone Capital, L.L.C.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">1/23/2018</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Keg Restaurants Ltd.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Cara Operations Limited</TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Source: S&amp;P Capital IQ, SEC Filings, Annual and Interim Reports. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For each of the Selected Transactions, Kroll calculated the enterprise value of the target company implied by each such transaction and
divided it by the target company&#146;s LTM EBITDA and LTM Revenue. This analysis indicated (i)&nbsp;enterprise value to LTM EBITDA multiples ranging from 9.5x to 17.2x, with a median of 13.4x, and (ii)&nbsp;enterprise value to LTM revenue multiples
ranging from 0.90x to 5.37x, with a median of 1.62x. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Kroll was also provided information from the Company&#146;s management related to
six recent acquisitions made by the Company since 2020: Champps, Barrio Queen, Fox and Hound / Craft Republic, Tahoe Joe&#146;s, Village Inn / Bakers Square, and Granite City (the &#147;<I>Company Acquisitions</I>&#148;). Kroll noted that none of
the Company Acquisitions are perfectly comparable to the Merger. For each of the Company Acquisitions, the Company&#146;s management provided Kroll with the purchase price and implied enterprise value to LTM EBITDA multiple. Kroll reviewed the
information provided by management of the Company related to the Company Acquisitions and noted that the enterprise value to LTM EBITDA multiples ranged from 1.0x to 5.2x, with a median of 3.1x. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Summary Financial Analyses </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">After
an assessment of the information described above and other considerations, Kroll selected a range of valuation multiples to apply to the Company&#146;s <FONT STYLE="white-space:nowrap">Run-Rate</FONT> Adjusted EBITDA to obtain a range of enterprise
values for the Company. The Company&#146;s <FONT STYLE="white-space:nowrap">Run-Rate</FONT> Adjusted EBITDA was approximately $24.8&nbsp;million, which was equal to the Company&#146;s management-provided
<FONT STYLE="white-space:nowrap">Run-Rate</FONT> EBITDA of approximately $26.3&nbsp;million less the Company&#146;s management-provided stock-based compensation expense of approximately $1.5&nbsp;million. Kroll selected multiples that, in its
judgement, reflected the Company&#146;s business focus, historical and projected revenue and profitability growth, profit margins, capital requirements, brand portfolio and other characteristics relative to the Selected Publicly Traded Companies and
the Selected Transactions. Kroll applied multiples of 6.5x to 8.0x to the Company&#146;s <FONT STYLE="white-space:nowrap">Run-Rate</FONT> Adjusted EBITDA, to arrive at a concluded enterprise value range for the Company of approximately
$161.3&nbsp;million to approximately $198.5&nbsp;million. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">28 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Kroll estimated the range of aggregate equity value of the Company by&nbsp;adding cash and
cash equivalents of approximately $16.1&nbsp;million and subtracting the face value of debt of approximately $24.5&nbsp;million and a legal reserve of approximately $1.0&nbsp;million, all as provided by the Company&#146;s management. After making
these adjustments, the estimated aggregate equity value range for the Company was approximately $151.9&nbsp;million to approximately $189.1&nbsp;million. Kroll estimated the range of common equity value of the Company by subtracting the value of
options under an option pricing method of approximately $3.4&nbsp;million to approximately $4.4&nbsp;million from the Company&#146;s estimated aggregate equity value range. After making these adjustments, the estimated common equity value range for
the Company was approximately $148.5&nbsp;million to approximately $184.8&nbsp;million. Kroll estimated a range of the Company&#146;s common share value by dividing the range of common equity value of the Company by the number of fully diluted
shares outstanding of approximately 11.0&nbsp;million, per the Company&#146;s management, resulting in an estimated range of common share value of the Company of $13.48 to $16.77. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Kroll noted that the Merger Consideration of $17.25 per share to be received by the shareholders of the Company (other than MTY Food Group
Inc. or its affiliates) in the Merger was above the estimated range of common share values of the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Opinion was only one of
the many factors considered by the Board in its evaluation of the Merger and should not be viewed as determinative of the views of the Board. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Illustrative Scenarios Discussed with the Board </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Kroll also discussed with the Board two illustrative scenarios that presented two hypothetical views as to how a potential buyer, through
actions the buyer could potentially undertake, might justify a higher per share price for the Company than Kroll&#146;s concluded valuation range. These scenarios involved a buyer&#146;s hypothetical elimination of the expenses related to the
Company being a publicly traded company (&#147;<I>Public Company Costs</I>&#148;) as well as a hypothetical reduction in other general and administrative expenses. The first illustrative scenario assumed a
<FONT STYLE="white-space:nowrap">run-rate</FONT> Adjusted EBITDA figure for the Company that increased by $944,000 to $25.8&nbsp;million to reflect buyer&#146;s hypothetical elimination of Public Company Costs (as provided by the Company&#146;s
management), resulting in an estimated range of common share value of the Company of $14.02 to $17.44. The second illustrative scenario assumed a <FONT STYLE="white-space:nowrap">run-rate</FONT> Adjusted EBITDA figure for the Company based on the
first illustrative scenario that was increased by an incremental $1.5&nbsp;million (based on discussions with the Company&#146;s management) to $27.3&nbsp;million to reflect a buyer&#146;s hypothetical reduction of certain general and administrative
expenses, resulting in an estimated range of common share value of the Company of $14.89 to $18.50. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Fees and Expenses </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As compensation for Kroll&#146;s services in connection with the rendering of the Opinion to the Board, the Company agreed to pay Kroll a fee
of $350,000. A portion of the fee was payable upon the Company&#146;s engagement of Kroll and the remaining portion of the fee was payable upon Kroll informing the Company or the Board that Kroll was prepared to deliver the Opinion. No portion of
Kroll&#146;s fee is refundable or contingent upon the conclusion reached in the Opinion. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Furthermore, Kroll is entitled to be paid
additional fees at a percentage of Kroll&#146;s standard hourly rates for any time incurred should Kroll be called upon to support its findings subsequent to the delivery of its opinion. The Company has also agreed to reimburse Kroll for its
reasonable <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses and reasonable fees and expenses of outside counsel retained by Kroll in connection with the engagement. The Company has also agreed to
indemnify Kroll for certain liabilities arising out of its engagement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The terms of the fee arrangements with Kroll, which the Company
believes are customary in transactions of this nature, were negotiated at arm&#146;s length, and the Board is aware of these fee arrangements. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">29 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Disclosure of Prior Relationships </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Other than the engagement to provide the Opinion, during the two years preceding the date of the Opinion, Kroll has not had any material relationship with any
party to the Merger for which compensation has been received or is intended to be received, nor is any such material relationship or related compensation mutually understood to be contemplated. Kroll may seek to provide the Company, MTY and their
respective affiliates with financial advisory and other services unrelated to the Merger in the future, for which services Kroll would expect to receive compensation. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Intent to Tender. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As of August&nbsp;8,
2022, the executive officers and directors of the Company, collectively, beneficially owned 2,627,280 Shares (including 270,000 Shares of restricted stock held by Jeffery Crivello, the Company&#146;s Chief Executive Officer, but excluding Shares
issuable upon exercise of Company stock options or vesting of Company restricted stock units), representing approximately 24% of the then-outstanding Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, the Supporting Shareholders (including certain of the Company&#146;s executive officers and directors) have entered into the
Support Agreement described above under &#147;<I>Item 3. Past Contacts, Transactions, Negotiations and Agreements &#150; Tender and Support Agreement</I>,&#148; pursuant to which the Supporting Shareholders have agreed to tender or cause to be
tendered pursuant to the Offer all Shares held of record or beneficially owned by such person (excluding Shares issuable upon exercise of Company stock options or settlement of Company restricted stock units or restricted stock awards). As such, to
the knowledge of the Company, each such executive officer and director of the Company intends to tender all his or her Shares in the Offer. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><A NAME="tx390191_5">
</A>Item&nbsp;5. Persons/Assets Retained, Employed, Compensated, or Used. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company retained Kroll to serve as independent
financial advisor and to deliver a fairness opinion to the Board, which is described in &#147;<I>Item 4. The Solicitation or Recommendation &#150; Opinion of the Company&#146;s Financial Advisor</I>,&#148; and which is filed as <U>Annex A
</U>hereto. The Board selected Kroll as its financial advisor because, among other things, it is a nationally recognized investment banking firm that has substantial experience in transactions similar to the Transactions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with Kroll&#146;s services as the financial advisor to the Board, the Company has agreed to pay Kroll a fee of $350,000 a
portion of which was payable upon Kroll&#146;s engagement and the remainder of which was payable upon Kroll informing the Company or the Board that Kroll was prepared to deliver its fairness opinion. In addition, the Company has agreed to reimburse
Kroll for certain of its reasonable expenses (including attorneys&#146; fees) and to indemnify Kroll and related persons against various liabilities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">See &#147;<I>Item 4. The Solicitation or Recommendation &#150; Background of the Offer; Reasons for the Recommendation of the Special
Committee &#150; Background of the Offer</I>&#148; and &#147;<I>&#150; Opinion of the Company&#146;s Financial Advisor</I>&#148; for additional information related to the Board&#146;s retention of Kroll as its financial advisor, which is hereby
incorporated by reference into this Item 5. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Except as set forth above, neither the Company nor any person acting on its behalf has or
currently intends to employ, retain or compensate any person to make solicitations or recommendations to the shareholders of the<B> </B>Company on its behalf with respect to the Offer or Merger, except that such solicitations or recommendations may
be made by directors, officers or employees of the Company, for which services no additional compensation will be paid. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><A NAME="tx390191_6"></A>Item&nbsp;6. Interest in Securities of the Subject Company. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">No transactions with respect to Shares have been effected by the Company or, to the knowledge of the Company after making reasonable inquiry,
by any of its executive officers, directors, affiliates, or subsidiaries during the 60 days prior to the date of this Schedule <FONT STYLE="white-space:nowrap">14D-9.</FONT> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">30 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><A NAME="tx390191_7"></A>Item&nbsp;7. Purposes of the Transaction and Plans or Proposals. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Except as indicated in this Schedule <FONT STYLE="white-space:nowrap">14D-9,</FONT> the Company is not undertaking or engaged in any
negotiations in response to the Offer that relate to (i)&nbsp;a tender offer for or other acquisition of the Company&#146;s securities by the Company, the Company&#146;s subsidiaries or any other person, (ii)&nbsp;any extraordinary transaction, such
as a merger, reorganization or liquidation, involving the Company or the Company&#146;s subsidiaries, (iii)&nbsp;any purchase, sale or transfer of a material amount of assets of the Company or the Company&#146;s subsidiaries, or (iv)&nbsp;any
material change in the present dividend rate or policy, indebtedness or capitalization of the Company. Except as relates to that described in this Schedule <FONT STYLE="white-space:nowrap">14D-9,</FONT> there are no transactions, board resolutions,
agreements in principle or signed contracts that were entered into in response to the Offer that relate to, or would result in, one or more of the matters referred to in the preceding sentence. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><A NAME="tx390191_8"></A>Item&nbsp;8. Additional Information. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Golden Parachute Compensation. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
information set forth under &#147;<I>Item 3. Past Contacts, Transactions, Negotiations and Agreements &#150; Arrangements between the Company and its Executive Officers, Directors, and Affiliates, and Parent and Merger Sub</I>,&#148; as it relates
to the Company&#146;s named executive officers and to the extent required by Item 402(t) of Regulation <FONT STYLE="white-space:nowrap">S-K,</FONT> is incorporated herein by reference. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>State Takeover Laws</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A number of states
have adopted takeover laws and regulations which purport, to varying degrees, to apply to attempts to acquire securities of corporations which are incorporated in those states or which have substantial assets, shareholders, principal executive
offices or principal places of business therein.</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company is incorporated under the laws of the State of Minnesota. Under the MBCA and
other Minnesota statutes, the Company is subject to certain state takeover laws. As described below, the Company has taken appropriate action in connection with its approval of the Merger Agreement and the consummation of the transactions it
contemplates so that these laws do not affect the ability of Parent and Merger Sub to consummate the Offer or the Merger or related transactions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Minnesota Business Combination Act</I>. In its Articles of Incorporation, the Company has opted out of Section&nbsp;302A.673 of the MBCA
(the &#147;<I>Business Combination Act</I>&#148;), which prohibits a publicly held Minnesota corporation, such as the Company, from engaging in any &#147;business combination,&#148; including a merger, with an &#147;interested shareholder&#148;
(defined generally as any beneficial owner, directly or indirectly, of 10% or more of the voting power of the outstanding shares of that corporation entitled to vote) for a period of four years after the date of the transaction in which the person
became an interested shareholder, unless, among other things, a committee of that corporation&#146;s board of directors comprised solely of one or more disinterested directors has given its approval of either the business combination or the
transaction that resulted in the shareholder becoming an &#147;interested shareholder&#148; prior to the shareholder becoming an interested shareholder. Under the Business Combination Act, a director or person is &#147;disinterested&#148; if the
director or person is neither an officer nor an employee, nor has been an officer or employee within five years preceding the formation of the committee, of the publicly held Minnesota corporation or of a related organization.</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Minnesota Control Share Acquisition Act</I>. In its Bylaws, the Company has opted out of the Minnesota Control Share Acquisition Act under
Section&nbsp;302A.671 (the &#147;<I>Control Share Acquisition Act</I>&#148;) of the MBCA, which provides that, absent certain exceptions, a person who becomes the beneficial owner of a new range of the voting power of the shares of a publicly held
Minnesota corporation (<I>i.e.</I>, from less than 20% to 20% or more, from less <FONT STYLE="white-space:nowrap">than&nbsp;33-1/3%&nbsp;to</FONT> <FONT STYLE="white-space:nowrap">33-1/3%</FONT> or more, or from less than a majority to a majority)
will lose voting rights with respect to the shares above any such new percentage level of voting control, in the absence of special shareholder approval. That approval can be obtained only by a resolution adopted by (i)&nbsp;the affirmative vote of
</P>
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the holders of a majority of the voting power of all shares entitled to vote and (ii)&nbsp;the affirmative vote of the holders of a majority of the voting power of all shares entitled to vote,
excluding all &#147;interested shares&#148; (generally, shares held by the acquiring person, any officer of the publicly held Minnesota corporation, or any director who is also an employee of the publicly held Minnesota corporation). If such
approval is not obtained, the publicly held Minnesota corporation may redeem the shares that exceed the new percentage level of voting control at their market value. A&nbsp;shareholders&#146; meeting to vote on whether to grant voting power to the
acquiring person may not be held unless the acquiring person has delivered an information statement to the publicly held Minnesota corporation. The above provisions do not apply if there is an applicable exception. The Control Share Acquisition Act
contains several exceptions, including an exception for cash tender offers (i)&nbsp;approved by a majority vote of a committee, such as the Special Committee, composed solely of one or more disinterested directors of the publicly held Minnesota
corporation formed pursuant to the Business Combination Act, prior to the commencement of, or the public announcement of the intent to commence, the offer, and (ii)&nbsp;pursuant to which the acquiring person will become the owner of over 50% of the
voting stock of the publicly held Minnesota corporation. Under the Business Combination Act, a director or person is &#147;disinterested&#148; if the director or person is neither an officer nor an employee, nor has been an officer or employee
within five years preceding the formation of the committee, of the publicly held Minnesota corporation or of a related organization. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Takeover Disclosure Statute</I>. Sections 80B.01 to 80.B.13 of the Minnesota Statutes (the &#147;<I>Minnesota Takeover Disclosure
Law</I>&#148;), require certain disclosures and the filing of certain disclosure material with the Minnesota Commissioner of Commerce (the &#147;<I>Commissioner</I>&#148;) with respect to any offer for a corporation, such as the Company, that has
its principal place of business in Minnesota and a certain number of shareholders residing in Minnesota. Parent intends to file&nbsp;a registration statement with the Commissioner on or about the date this Statement is filed with the SEC. Although
the Commissioner does not have an approval right with respect to the Offer, the Commissioner does review the disclosure material for the adequacy of such disclosure and is empowered to suspend summarily the Offer in Minnesota within three business
days of such filing if the Commissioner determines that the registration statement does not (or the material provided to beneficial owners of the Shares residing in Minnesota does not) provide full disclosure. If such summary suspension occurs, a
hearing must be held (within 10&nbsp;days of the summary suspension) as to whether to permanently suspend the Offer in Minnesota, subject to corrective disclosure. If the Commissioner takes action under the Minnesota Takeover Disclosure Law, such
action could have the effect of delaying the Offer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Fair Price&#148; Provision</I>. Section&nbsp;302A.675 of the MBCA provides
that a purchaser generally may not acquire shares of a Minnesota publicly held corporation from a shareholder within two years following the purchaser&#146;s last purchase of shares of the same class pursuant to a takeover offer, including, but not
limited to, acquisitions made by purchase, exchange or merger, unless the selling shareholder is afforded, at the time of the proposed acquisition, a reasonable opportunity to dispose of the shares to the purchaser upon substantially equivalent
terms as those provided in the earlier takeover offer. However, because the Board and the Special Committee have approved the Merger Agreement and the transactions contemplated thereby, the restrictions of Section&nbsp;302A.675 of the MBCA do not
apply. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Other State Takeover Laws</I>. The Company is not aware of any other state takeover laws or regulations that are applicable to
the Offer or the Merger or related transactions and has not attempted to comply with any state takeover laws or regulations. If any government official or third party should seek to apply any state takeover law to the Offer or the Merger or related
transactions or other business combination between Parent or any of its affiliates and the Company, the Company will take such action as then appears desirable to cause such state takeover law to be inapplicable, which action may include challenging
the applicability or validity of such statute in appropriate court proceedings. In the event it is asserted that one or more state takeover statutes is applicable to the Offer or the Merger or related transactions and an appropriate court does not
determine that it is inapplicable or invalid as applied to the Offer or the Merger or related transactions, Parent might be required to file certain information with, or to receive approvals from, the relevant state authorities or holders of Shares,
and Parent might be unable to accept for payment or pay for Shares tendered pursuant to the Offer, or be delayed in </P>
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continuing or consummating the Offer or the Merger. In such case, Parent may not be obligated to accept for payment or pay for any tendered Shares. See Section&nbsp;15 &#147;&#150; <I>Conditions
to the Offer</I>&#148; in the Offer to Purchase.</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Dissenter&#146;s Rights. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Set forth on <U>Annex B</U> are Sections 302A.471 and 302A.473 of the MBCA, which provide that shareholders may dissent from, and obtain
payment for the fair value of their shares in the event of, certain corporate actions, and establish procedures for the exercise of such dissenters&#146; rights. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Holders of Shares will not have dissenter&#146;s rights in connection with the Offer. However, if the Offer is successful and the Merger is
consummated, a shareholder of the Company who has not tendered his or her Shares in the Offer will have certain rights under Sections&nbsp;302A.471 and 302A.473 of the MBCA to dissent from the Merger and obtain payment in cash for the &#147;fair
value&#148; of that shareholder&#146;s Shares. Those rights, if the statutory procedures are complied with, could lead to a judicial determination of the fair value (immediately prior to the Effective Time) required to be paid in cash, less any
required withholding of taxes, to dissenting shareholders of the Company for their Shares. Any such judicial determination of the fair value of the Shares would not necessarily include any element of value arising from the accomplishment or
expectation of the Merger and could be based upon considerations other than or in addition to the consideration per Share to be paid in the Merger and the market value of the Shares, including asset values and the investment value of the Shares.
Moreover, the Company may argue in such a judicial proceeding that, for purposes of such proceeding, the fair value of the Shares is less than the price per Share paid pursuant to the Offer or the consideration per Share payable in the Merger, and
the judicially determined value could be more or less than the price per Share paid pursuant to the Offer or the consideration per Share payable in the Merger. Under Section&nbsp;302A.471(4) of the MBCA, a shareholder&#146;s rights with respect to
the Merger are limited to the dissenters&#146; rights provided under Sections&nbsp;302A.471 and 302A.473 of the MBCA. A Company shareholder has no right, at law or in equity, to set aside the approval of the Merger or the consummation of the Merger,
unless such adoption or consummation was fraudulent with respect to such shareholder or the Company. Any Shares which are issued and outstanding immediately prior to the Effective Time and which are held by a holder who has not accepted the Offer
and who has properly exercised dissenters&#146; rights with respect to such Shares in accordance with the MBCA (including Sections&nbsp;302A.471 and 302A.473 thereof) and, as of the Effective Time, has neither effectively withdrawn nor otherwise
lost for any reason its right to exercise such dissenters&#146; rights, will not be converted into or represent a right to receive the consideration payable in the Merger. The holders of dissenting shares will be entitled to only such rights as are
granted by Sections&nbsp;302A.471 and 302A.473 of the MBCA. To be entitled to payment, the dissenting shareholder must not accept the Offer, must file with the Company, prior to consummation of the Offer, a written notice of intent to demand payment
of the fair value of the dissenting shareholder&#146;s Shares, and must satisfy the other procedural requirements of the MBCA. If any Company shareholder who asserts dissenters&#146; rights with respect to its Shares under the MBCA effectively
withdraws or otherwise loses for any reason (including failure to perfect) its dissenters&#146; rights, then as of the Effective Time or the occurrence of such event, whichever later occurs, such holder&#146;s Shares will automatically be canceled
and converted into and represent only the right to receive the consideration payable in the Merger, without interest and less any required withholding of taxes, upon surrender of the Share Certificate or Share Certificates formerly representing such
dissenting Shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>THE PRESERVATION AND EXERCISE OF DISSENTERS&#146; RIGHTS REQUIRES STRICT ADHERENCE TO THE APPLICABLE PROVISIONS OF
THE MBCA. FAILURE TO FULLY AND PRECISELY FOLLOW THE STEPS REQUIRED BY SECTIONS&nbsp;302A.471 AND 302A.473 OF THE MBCA FOR THE PERFECTION OF DISSENTERS&#146; RIGHTS WILL RESULT IN THE LOSS OF THOSE RIGHTS. THE FOREGOING SUMMARY&nbsp;OF THE RIGHTS OF
DISSENTING SHAREHOLDERS UNDER THE MBCA IS NOT A COMPLETE STATEMENT OF THE PROCEDURES TO BE FOLLOWED BY SHAREHOLDERS DESIRING TO EXERCISE ANY DISSENTERS&#146; RIGHTS AVAILABLE UNDER THE MBCA AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO THE MBCA.
</B></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>DISSENTERS&#146; RIGHTS CANNOT BE EXERCISED AT THIS TIME. THE INFORMATION SET FORTH ABOVE
IS FOR INFORMATIONAL PURPOSES ONLY WITH RESPECT TO ALTERNATIVES AVAILABLE TO SHAREHOLDERS IF THE MERGER IS CONSUMMATED. SHAREHOLDERS WHO WILL BE ENTITLED TO DISSENTERS&#146; RIGHTS IN CONNECTION WITH THE MERGER WILL RECEIVE ADDITIONAL INFORMATION
CONCERNING DISSENTERS&#146; RIGHTS AND THE PROCEDURES TO BE FOLLOWED IN CONNECTION THEREWITH BEFORE SUCH SHAREHOLDERS HAVE TO TAKE ANY ACTION RELATING THERETO. </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Regulatory Approvals. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>U.S. Antitrust Laws
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the provisions of the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the rules and regulations
thereunder (the &#147;<I>HSR Act</I>&#148;), the acquisition of Shares pursuant to the Offer may not be completed until each of MTY and the Company files a Premerger Notification and Report Form with the U.S. antitrust agencies &#150; the Federal
Trade Commission (the &#147;<I>FTC</I>&#148;) and the U.S. Department of Justice Antitrust Division (the &#147;<I>Antitrust Division</I>&#148;) &#150; and the applicable waiting period expires or is early terminated. Submission of filings by both
parties under the HSR Act commences a <FONT STYLE="white-space:nowrap">15-day</FONT> waiting period. If the FTC or Antitrust Division issues a Request for Additional Information and Documentary Material (a &#147;<I>Second Request</I>&#148;) prior to
the expiration of the initial waiting period, the parties must substantially comply with the Second Request, after which they must observe a <FONT STYLE="white-space:nowrap">30-day</FONT> waiting period prior to completing the acquisition of Shares
pursuant to the Offer, unless the waiting period is terminated earlier, or the parties otherwise agree to extend it. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">At any time before
or after the acquisition of Shares pursuant to the Offer, the Antitrust Division or the FTC could take such action under the antitrust laws of the United States as it deems necessary or desirable in the public interest, including seeking to enjoin
the purchase of Shares pursuant to the Offer, seeking divestiture of the Shares so acquired, seeking divestiture of substantial assets of Merger Sub or the Company or their respective subsidiaries or affiliates, or requiring the parties to license
or hold separate assets, or to terminate existing relationships or contractual rights. State attorneys general may also bring legal action under both state and federal antitrust laws, as applicable. Private parties may also bring legal actions under
the antitrust laws of the United States under certain circumstances. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company does not believe that the completion of the Offer will
result in a violation of any applicable antitrust laws. However, there can be no assurance that a challenge to the Offer or the Merger on antitrust grounds will not be made, or if such a challenge is made, what the result would be. If any such
challenge is threatened or commenced by the Antitrust Division or the FTC or any state or other person, the completion of the Offer or the Merger may be delayed or fail to be completed. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Shareholder Approval of the Merger Not Required. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;302A.613(4) of the MBCA provides that, subject to certain statutory requirements, if following completion of a tender offer for
stock of a public Minnesota corporation, the stock irrevocably accepted for purchase pursuant to such offer and received by the depositary prior to the expiration of such offer, plus the stock otherwise owned by the acquirer equals at least such
percentage of the stock, and of each class or series thereof, of the target corporation that would otherwise be required to adopt a merger agreement under the MBCA or the target&#146;s articles of incorporation, and each outstanding share of each
class or series of stock that is the subject of the<B> </B>tender offer and is not irrevocably accepted for purchase in the offer is to be converted in such merger into the right to receive the same amount and kind of consideration to be paid for
shares of such class or series of stock irrevocably accepted for purchase in the tender offer, the acquirer can effect a merger without a vote of the shareholders of the target corporation. Accordingly, the parties have agreed that, subject to the
conditions specified in the Merger Agreement, including if the Offer is completed and the number of Shares validly tendered in accordance with the terms of the Offer and not validly withdrawn prior to the expiration of the Offer
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">34 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
(together with the Shares then owned by Merger Sub, if any) is one Share more than 50% of the then outstanding Shares, the Merger will be effected as soon as practicable following such completion
without a vote of the shareholders of the Company, in accordance with Section&nbsp;302A.613(4) of the MBCA<I>. </I>The Company&#146;s Articles of Incorporation have no restrictions relating to a merger or business combination being undertaken
pursuant Section&nbsp;302A.613(4) of the MBCA. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Conditions to the Offer. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The information regarding the conditions of the Offer contained in Section&nbsp;15 of the Offer to Purchase is incorporated herein by
reference. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Annual and Quarterly Reports. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For additional information regarding the business and the financial results and condition of the Company, please see the Company&#146;s Annual
Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended January&nbsp;2, 2022, and other Company filings made with the SEC. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Forward-Looking Statements. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This
Schedule <FONT STYLE="white-space:nowrap">14D-9</FONT> and the materials incorporated by reference herein contain forward-looking statements in addition to historical and other information. The Company uses words such as &#147;anticipate,&#148;
&#147;believe,&#148; &#147;could,&#148; &#147;estimate,&#148; &#147;expect,&#148; &#147;forecast,&#148; &#147;intend,&#148; &#147;looking forward,&#148; &#147;may,&#148; &#147;plan,&#148; &#147;potential,&#148; &#147;project,&#148;
&#147;should,&#148; &#147;target,&#148; &#147;will&#148; and &#147;would,&#148; or any variations of these words, or other words with similar meanings to or that otherwise, identify forward-looking statements. All statements that address activities,
events, performance, or developments that the Company intends, expects or believes may occur in the future are forward-looking statements. Forward-looking statements may relate to such matters as the offer, its completion and the completion of the
Transactions, as well as the Company&#146;s industry, business strategy, goals, projections and expectations concerning the Company&#146;s market positions, future operations, future performance, results or condition, margins, profitability, capital
expenditures, liquidity and capital resources, interest rates and other financial and operating information and the outcome of contingencies such as legal and administrative proceedings. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following are some of the factors that could cause actual future results to differ materially from those expressed in any forward-looking
statements: (i)&nbsp;the risk that the proposed transaction may not be completed in a timely manner or at all; (ii)&nbsp;the possibility that competing offers or acquisition proposals for the Company will be made; (iii)&nbsp;uncertainty surrounding
how many of the Company&#146;s shareholders will tender their shares in the tender offer; (iv)&nbsp;the possibility that any or all of the various conditions to the completion of the tender offer may not be satisfied or waived, including the failure
to receive any required regulatory approvals from any applicable governmental entities; (v)&nbsp;the possibility that prior to the completion of the proposed transaction, the Company&#146;s business may experience significant disruptions due to
transaction-related uncertainty; (vi)&nbsp;the occurrence of any event, change or other circumstance that could give rise to the termination of the agreement and plan of merger, including in circumstances that would require the Company to pay a
termination fee or other expenses; (vii)&nbsp;the effect of the announcement or pendency of the proposed transaction on the Company&#146;s ability to retain and hire key personnel, its ability to maintain relationships with its customers,
franchisees, suppliers and others with whom it does business, and its operating results and business generally; (viii)&nbsp;the risk that shareholder litigation in connection with the proposed transaction may result in significant costs of defense,
indemnification and liability; (ix)&nbsp;the possibility of shareholders exercising dissenter&#146;s rights, and the appraised value of such shares; and (ix)&nbsp;other factors as set forth from time to time in the Company&#146;s filings with the
SEC, including its Annual Reports on Form <FONT STYLE="white-space:nowrap">10-K</FONT> and Quarterly Reports on Form <FONT STYLE="white-space:nowrap">10-Q,</FONT> as well as the tender offer statement, solicitation/recommendation statement and other
tender offer documents filed from time to time by MTY, Parent, Merger Sub and the Company, as applicable. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">35 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">These forward-looking statements reflect the Company&#146;s expectations as of the date of
this Schedule <FONT STYLE="white-space:nowrap">14D-9.</FONT> Factors or events that could affect the Transactions or cause actual events, results, or performance to differ, including materially, may emerge from time to time, and it is not possible
for the Company to predict all of them. Accordingly, no assurances can be given as to, among other things, whether the Transactions will be completed, or if any of the other events anticipated by the forward-looking statements will occur or what
impact they will have. Any forward-looking statements made by the Company in this Schedule <FONT STYLE="white-space:nowrap">14D-9</FONT> speaks only as of the date hereof. However, the Company will amend this Schedule
<FONT STYLE="white-space:nowrap">14D-9</FONT> to reflect any material change in the information previously disclosed herein, consistent with the Company&#146;s obligation under Exchange Act Rule <FONT STYLE="white-space:nowrap">14d-9(c)</FONT> and
General Instruction E to Schedule <FONT STYLE="white-space:nowrap">14D-9.</FONT> </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><A NAME="tx390191_9"></A>Item&nbsp;9. Material to be Filed as
Exhibits. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following Exhibits are filed herewith or incorporated herein by reference: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="89%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" ALIGN="center">EXHIBIT<BR>NUMBER</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">DESCRIPTION OF EXHIBIT</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>(a)(1)(A)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Offer to Purchase, dated as of August&nbsp;24, 2022 (incorporated by reference to Exhibit (a)(1)(A) to the Schedule TO filed by MTY Franchising USA, Inc., Grill Merger Sub, Inc. and MTY Food Group Inc. on August&nbsp;24, 2022 (the
&#147;<I>Schedule TO&#148;) (File Number 005-47211))</I></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>(a)(1)(B)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Letter of Transmittal (incorporated by reference to Exhibit (a)(1)(B) to the Schedule TO (File Number 005-47211)).</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>(a)(1)(C)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Notice of Guaranteed Delivery (incorporated by reference to Exhibit (a)(1)(C) to the Schedule TO (File Number 005-47211))</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>(a)(1)(D)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Letter to Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees (incorporated by reference to Exhibit (a)(1)(D) to the Schedule TO (File Number 005-47211)).</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>(a)(1)(E)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Letter to Clients for Use by Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees (incorporated by reference to Exhibit (a)(1)(E) to the Schedule TO (File&nbsp;Number&nbsp;005-47211)).</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>(a)(5)(A)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Press Release, dated as of August&nbsp;9, 2022, issued by BBQ Holdings, Inc. and MTY Food Group Inc. (incorporated by reference to Exhibit 99.2 to BBQ Holdings, Inc. Current Report on
<FONT STYLE="white-space:nowrap">Form&nbsp;8-K,</FONT> filed August&nbsp;9, 2022 (File Number <FONT STYLE="white-space:nowrap">001-39053)).</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>(e)(1)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Agreement and Plan of Merger, dated as of August&nbsp;8, 2022, by and among MTY Franchising USA, Inc., Grill Merger Sub, Inc. and BBQ Holdings, Inc. (incorporated by reference to Exhibit 2.1 to BBQ Holdings, Inc. Current Report on
Form <FONT STYLE="white-space:nowrap">8-K,</FONT> filed August&nbsp;9, 2022 (File Number <FONT STYLE="white-space:nowrap">001-39053)).</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>(e)(2)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Guarantee, dated as of August&nbsp;8, 2022, by MTY Food Group Inc. in favor of BBQ Holdings, Inc.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>(e)(3)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Confidentiality Agreement, dated as of May&nbsp;31, 2022, by and among MTY Food Group Inc. and BBQ Holdings, Inc.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>(e)(4)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Letter of Intent, dated as of May&nbsp;26, 2022, by and among MTY Food Group Inc. and BBQ Holdings, Inc.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>(e)(5)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Letter of Intent, dated as of July&nbsp;7, 2022, by and among MTY Food Group Inc. and BBQ Holdings, Inc.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>(e)(6)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Tender and Support Agreement, dated as of August&nbsp;8, 2022, by and among MTY Franchising USA, Inc., Grill Merger Sub, Inc. and each of the Persons set forth on Schedule A thereto (incorporated by reference to Exhibit 99.1
to BBQ Holdings, Inc. Current Report on Form <FONT STYLE="white-space:nowrap">8-K,</FONT> filed August&nbsp;9, 2022 (File Number <FONT STYLE="white-space:nowrap">001-39053)).</FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">36 </P>

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<TD WIDTH="89%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>(e)(7)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">BBQ Holdings, Inc. Amended and Restated 2015 Equity Incentive Plan (incorporated by reference to Exhibit 10.1 to Current Report on Form <FONT STYLE="white-space:nowrap">8-K,</FONT> filed on June&nbsp;17, 2021 (File Number <FONT
STYLE="white-space:nowrap">001-39053)).</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>(e)(8)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Employment Agreement dated March&nbsp;15, 2022, between BBQ Holdings, Inc. and Jeffery Crivello (incorporated by reference to Exhibit 10.29 to Annual Report on Form <FONT STYLE="white-space:nowrap">10-K,</FONT> filed on
March&nbsp;16, 2022 (File Number <FONT STYLE="white-space:nowrap">001-39053)).</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>(e)(9)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Offer of Employment Letter, dated August&nbsp;9, 2021, between BBQ Holdings, Inc. and Jason Schanno (incorporated by referenced to Exhibit 10.1 to Current Report on Form <FONT STYLE="white-space:nowrap">8-K,</FONT> filed on
August&nbsp;12, 2021 (File Number <FONT STYLE="white-space:nowrap">001-39053)).</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>(e)(10)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Offer of Employment Letter, dated January&nbsp;8, 2021, between BBQ Holdings, Inc. and Albert Hank (incorporated by referenced to Exhibit 10.1 to Current Report on Form <FONT STYLE="white-space:nowrap">8-K,</FONT> filed on
January&nbsp;13, 2021 (File Number <FONT STYLE="white-space:nowrap">001-39053))</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>(e)(11)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Director and Officer Indemnification Agreement.</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">37 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SIGNATURE </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete,
and correct. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dated: August&nbsp;24, 2022 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3">BBQ HOLDINGS, INC.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Jeffery Crivello</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Jeffery Crivello</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Its:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Chief Executive Officer</P></TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">38 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U><A NAME="tx390191_10"></A>ANNEX A </U></B></P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g390191g01a34.jpg" ALT="LOGO">
 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Board of Directors</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">BBQ Holdings, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">August&nbsp;4, 2022</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">12701 Whitewater Drive, Suite 1001</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Minnetonka, MN 55343</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Members of the Board of Directors: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BBQ Holdings, Inc. (the &#147;<U>Company</U>&#148;) has engaged Kroll, LLC (&#147;<U>Duff&nbsp;&amp; Phelps</U>&#148;), operating through its Duff&nbsp;&amp;
Phelps Opinions Practice, to serve as an independent financial advisor to the board of directors (the &#147;<U>Board of Directors</U>&#148;) of the Company (solely in their capacity as members of the Board of Directors) in connection with the Board
of Directors&#146; consideration of the proposed acquisition of all of the outstanding shares of common stock, par value $0.01 per share, of the Company (the &#147;<U>Common Stock</U>&#148;) by MTY Food Group Inc. or its affiliates for cash
consideration of $17.25 per share on a fully-diluted basis (including outstanding stock options and restricted shares or units) (the &#147;<U>Consideration</U>&#148;), pursuant to the Merger Agreement (defined herein) (the &#147;<U>Proposed
Transaction</U>&#148;). Specifically, the Board of Directors has requested that Duff&nbsp;&amp; Phelps provide a written opinion (the &#147;<U>Opinion</U>&#148;) as to whether the Consideration to be received by the stockholders of the Company
(other than MTY Food Group Inc. or its affiliates) in the Proposed Transaction is fair, from a financial point of view, to such stockholders (without giving effect to any impact of the Proposed Transaction on any particular stockholder other than in
its capacity as a stockholder). </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Scope of Analysis </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In connection with this Opinion, Duff&nbsp;&amp; Phelps has made such reviews, analyses and inquiries as it has deemed necessary and appropriate to render this
Opinion. Duff&nbsp;&amp; Phelps also took into account its assessment of general economic, market and financial conditions, as well as its experience in securities and business valuation, in general, and with respect to similar transactions, in
particular. Duff&nbsp;&amp; Phelps&#146; procedures, investigations, and financial analysis with respect to the preparation of its Opinion included, but were not limited to, the items summarized below: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Reviewed the following documents: </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Company&#146;s annual reports and audited financial statements included in the Company&#146;s Form <FONT
STYLE="white-space:nowrap">10-K</FONT> filed with the Securities and Exchange Commission (&#147;<U>SEC</U>&#148;) for the fiscal year ended January&nbsp;2, 2022 and the Company&#146;s unaudited interim financial statements for the fiscal quarter
ended April&nbsp;3, 2022 included in the Company&#146;s Form <FONT STYLE="white-space:nowrap">10-Q</FONT> filed with the SEC; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Unaudited internal financial information for the Company for the fiscal years ended January&nbsp;3, 2021 and
January&nbsp;2, 2022 and for the five months ended May&nbsp;29, 2022 and select balance sheet information as of July&nbsp;31, 2022, which the Company management identified as being the most current financial statements available;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Other internal documents relating to the history, current operations, and probable future outlook of the
Company, including <FONT STYLE="white-space:nowrap">run-rate</FONT> EBITDA and financial projections for the fiscal year ended January&nbsp;1, 2023, provided to us by Company management; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">d)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The BBQ Holdings Management Presentation dated July 2022; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">e)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The BBQ Holdings Investor Presentation dated May 2022; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-1 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">f)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The draft Agreement and Plan of Merger by and among MTY Franchising USA, Inc., [MERGER SUB] and the Company,
dated as of August&nbsp;2, 2022 (the &#147;<U>Merger Agreement</U>&#148;); </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Discussed the information referred to above and the background and other elements of the Proposed Transaction
with Company management, including potential benefits that could be realized by a buyer; specifically, the elimination of public company costs and a reduction in general and administrative expenses; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Discussed with Company management its plans and intentions with respect to the management and operation of the
Company; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Reviewed the historical trading price and trading volume of the Common Stock and publicly traded securities of
certain other companies that Duff&nbsp;&amp; Phelps deemed relevant; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Reviewed capitalization information for the Company, prepared by the Company and on which Duff&nbsp;&amp;
Phelps was instructed to rely by Company management; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">6.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Performed certain valuation and comparative analyses using generally accepted valuation and analytical
techniques, including an analysis of selected public companies that Duff&nbsp;&amp; Phelps deemed relevant and an analysis of selected transactions that Duff&nbsp;&amp; Phelps deemed relevant; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">7.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Conducted such other analyses and considered such other factors as Duff&nbsp;&amp; Phelps deemed appropriate.
</P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Assumptions </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In performing
its analyses and rendering this Opinion with respect to the Proposed Transaction, Duff&nbsp;&amp; Phelps, with the Company&#146;s consent: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Relied upon the accuracy, completeness, and fair presentation of all information, data, advice, opinions and
representations obtained from public sources or provided to it from private sources, including Company management, and did not independently verify such information; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Relied upon the fact that the Board of Directors and the Company have been advised by counsel as to all legal
matters with respect to the Proposed Transaction, including whether all procedures required by law to be taken in connection with the Proposed Transaction have been duly, validly and timely taken; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Assumed that any estimates, evaluations, forecasts and projections furnished to Duff&nbsp;&amp; Phelps were
reasonably prepared and based upon the best currently available information and good faith judgment of the person furnishing the same, and Duff&nbsp;&amp; Phelps expresses no opinion with respect to such estimates, evaluations, forecasts and
projections or the underlying assumptions; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Assumed that information supplied by and representations made by Company management are substantially accurate
regarding the Company and the Proposed Transaction; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Assumed that the representations and warranties made in the Merger Agreement are substantially accurate;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">6.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Assumed that the final versions of all documents reviewed by Duff&nbsp;&amp; Phelps in draft form conform in
all material respects to the drafts reviewed; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">7.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Assumed that there has been no material change in the assets, liabilities (contingent or otherwise), financial
condition, results of operations, business, or prospects of the Company since the date of the most recent financial statements and other information made available to Duff&nbsp;&amp; Phelps, and that there is no information or facts that would make
the information reviewed by Duff&nbsp;&amp; Phelps incomplete or misleading; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">8.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Assumed that all of the conditions required to implement the Proposed Transaction will be satisfied and that
the Proposed Transaction will be completed in accordance with the Merger Agreement without any material amendments thereto or any waivers of any terms or conditions thereof; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">9.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Assumed that all governmental, regulatory or other consents and approvals necessary for the consummation of the
Proposed Transaction will be obtained without any adverse effect on the Company or the contemplated benefits expected to be derived in the Proposed Transaction. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-2 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To the extent that any of the foregoing assumptions or any of the facts on which this Opinion is based prove
to be untrue in any material respect, this Opinion cannot and should not be relied upon. Furthermore, in Duff&nbsp;&amp; Phelps&#146; analysis and in connection with the preparation of this Opinion, Duff&nbsp;&amp; Phelps has made numerous
assumptions with respect to industry performance, general business, market and economic conditions and other matters, many of which are beyond the control of any party involved in the Proposed Transaction. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Qualifications </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Duff&nbsp;&amp; Phelps has
prepared this Opinion effective as of the date hereof. This Opinion is necessarily based upon market, economic, financial and other conditions as they exist and can be evaluated as of the date hereof, and Duff&nbsp;&amp; Phelps disclaims any
undertaking or obligation to advise any person of any change in any fact or matter affecting this Opinion which may come or be brought to the attention of Duff&nbsp;&amp; Phelps after the date hereof and is under no obligation to update, revise,
reaffirm or withdraw the Opinion or otherwise comment on or consider events occurring after the issuance of the Opinion. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Duff&nbsp;&amp; Phelps did not
evaluate the Company&#146;s solvency or conduct an independent appraisal or physical inspection of any specific assets or liabilities (contingent or otherwise). Duff&nbsp;&amp; Phelps has not been requested to, and did not, (i)&nbsp;initiate any
discussions with, or solicit any indications of interest from, third parties with respect to the Proposed Transaction, the assets, businesses or operations of the Company, or any alternatives to the Proposed Transaction, (ii)&nbsp;negotiate the
terms of the Proposed Transaction, and therefore, Duff&nbsp;&amp; Phelps has assumed that such terms are the most beneficial terms, from the Company&#146;s perspective, that could, under the circumstances, be negotiated among the parties to the
Merger Agreement, or (iii)&nbsp;advise the Board of Directors or any other party with respect to alternatives to the Proposed Transaction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Duff&nbsp;&amp; Phelps is not expressing any opinion as to the market price or value of the Common Stock (or anything else) either before or after the
announcement or the consummation of the Proposed Transaction. This Opinion should not be construed as a valuation opinion, credit rating, solvency opinion, an analysis of the Company&#146;s credit worthiness, as tax advice, or as accounting advice.
Duff&nbsp;&amp; Phelps has not made, and assumes no responsibility to make, any representation, or render any opinion, as to any legal matter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In
rendering this Opinion, Duff&nbsp;&amp; Phelps is not expressing any opinion with respect to the amount or nature of any compensation to any of the Company&#146;s officers, directors, or employees, or any class of such persons, relative to the
Consideration to be received by the public stockholders of the Company in the Proposed Transaction, or with respect to the fairness of any such compensation. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Limiting Conditions </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Opinion is furnished for
the use and benefit of the Board of Directors in connection with its consideration of the Proposed Transaction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Opinion (i)&nbsp;does not address
the merits of the underlying business decision to enter into the Proposed Transaction versus any alternative strategy or transaction; (ii)&nbsp;does not address any transaction related to the Proposed Transaction; (iii)&nbsp;is not a recommendation
as to how the Board of Directors or any other person (including any stockholder) should vote or act with respect to any matters relating to the Proposed Transaction, or whether to proceed with the Proposed Transaction or any related transaction, and
(iv)&nbsp;does not indicate that the Consideration to be received by the public stockholders is the best possibly attainable under any circumstances; instead, it merely states whether the Consideration is within or above a range suggested by certain
financial analyses. The decision as to whether to proceed with the Proposed Transaction or any related transaction may depend on an assessment of factors unrelated to the financial analysis on which this Opinion is based. This Opinion should not be
construed as creating any fiduciary duty on the part of Duff&nbsp;&amp; Phelps to any party. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Opinion is solely that of Duff&nbsp;&amp; Phelps, and
Duff&nbsp;&amp; Phelps&#146; liability in connection with this Opinion shall be limited in accordance with the terms set forth in the engagement letter between Duff&nbsp;&amp; Phelps and the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-3 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Company dated July&nbsp;8, 2022 (the &#147;<U>Engagement Letter</U>&#148;). This Opinion is confidential, and its use and disclosure are strictly limited in accordance with the terms set forth in
the Engagement Letter. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Disclosure of Prior Relationships </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Duff&nbsp;&amp; Phelps has acted as financial advisor to the Board of Directors and will receive a fee for its services. No portion of Duff&nbsp;&amp;
Phelps&#146; fee is contingent upon either the conclusion expressed in this Opinion or whether or not the Proposed Transaction is successfully consummated. Pursuant to the terms of the Engagement Letter, a portion of Duff&nbsp;&amp; Phelps&#146; fee
was payable upon Duff&nbsp;&amp; Phelps informing the Company or the Board of Directors that Duff&nbsp;&amp; Phelps was prepared to deliver its Opinion. The Company has also agreed to reimburse certain expenses of Duff&nbsp;&amp; Phelps and to
indemnify Duff&nbsp;&amp; Phelps for certain liabilities. Other than this engagement, during the two years preceding the date of this Opinion, Duff&nbsp;&amp; Phelps has not had any material relationship with any party to the Proposed Transaction
for which compensation has been received or is intended to be received, nor is any such material relationship or related compensation mutually understood to be contemplated. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Conclusion </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Based upon and subject to the
foregoing, Duff&nbsp;&amp; Phelps is of the opinion that as of the date hereof the Consideration to be received by the stockholders of the Company (other than MTY Food Group Inc. or its affiliates) in the Proposed Transaction is fair from a
financial point of view to such stockholders (without giving effect to any impact of the Proposed Transaction on any particular stockholder other than in its capacity as a stockholder). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Opinion has been approved by the Opinion Review Committee of Duff&nbsp;&amp; Phelps. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Respectfully submitted, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">/s/ Duff&nbsp;&amp; Phelps </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Duff&nbsp;&amp; Phelps Opinions Practice </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Kroll, LLC </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-4 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U><A NAME="tx390191_11"></A>ANNEX B </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Minnesota Business Corporation Act, Sections 302A.471 and 302A.473 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Rights of Dissenting Shareholders) </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Set
forth below are Sections 302A.471 and 302A.473 of the Minnesota Business Corporation Act, which provide that shareholders may dissent from, and obtain payment for the fair value of their shares in the event of, certain corporate actions, and
establish procedures for the exercise of such dissenters&#146; rights. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>302A.471. Rights of dissenting shareholders </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Subdivision 1. Actions creating rights.</B> A shareholder of a corporation may dissent from, and obtain payment for the fair value of the shareholder&#146;s
shares in the event of any of the following corporate actions: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">unless otherwise provided in the articles, an amendment of the articles that materially and adversely affects
the rights or preferences of the shares of the dissenting shareholder in that it: </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">alters or abolishes a preferential right of the shares; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">creates, alters, or abolishes a right in respect of the redemption of the shares, including a provision
respecting a sinking fund for the redemption or repurchase of the shares; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">alters or abolishes a preemptive right of the holder of the shares to acquire shares, securities other than
shares, or rights to purchase shares or securities other than shares; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">excludes or limits the right of a shareholder to vote on a matter, or to cumulate votes, except as the right
may be excluded or limited through the authorization or issuance of securities of an existing or new class or series with similar or different voting rights; except that an amendment to the articles of an issuing public corporation that provides
that section 302A.671 does not apply to a control share acquisition does not give rise to the right to obtain payment under this section; or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(5)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">eliminates the right to obtain payment under this subdivision; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">a sale, lease, transfer, or other disposition of property and assets of the corporation that requires
shareholder approval under section 302A.661, subdivision 2, but not including a disposition in dissolution described in section 302A.725, subdivision 2, or a disposition pursuant to an order of a court, or a disposition for cash on terms requiring
that all or substantially all of the net proceeds of disposition be distributed to the shareholders in accordance with their respective interests within one year after the date of disposition; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">a plan of merger, whether under this chapter or under chapter 322C, to which the corporation is a constituent
organization, except as provided in subdivision 3, and except for a plan of merger adopted under section&nbsp;302A.626; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">a plan of exchange, whether under this chapter or under chapter 322C, to which the corporation is a party as
the corporation whose shares will be acquired by the acquiring organization, except as provided in subdivision 3; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(e)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">a plan of conversion is adopted by the corporation and becomes effective; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(f)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">an amendment of the articles in connection with a combination of a class or series under section 302A.402 that
reduces the number of shares of the class or series owned by the shareholder to a fraction of a share if the corporation exercises its right to repurchase the fractional share so created under section 302A.423; or </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(g)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">any other corporate action taken pursuant to a shareholder vote with respect to which the articles, the bylaws,
or a resolution approved by the board directs that dissenting shareholders may obtain payment for their shares. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-1 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Subdivision 2. Beneficial owners. </B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">A shareholder shall not assert dissenters&#146; rights as to less than all of the shares registered in the name
of the shareholder, unless the shareholder dissents with respect to all the shares that are beneficially owned by another person but registered in the name of the shareholder and discloses the name and address of each beneficial owner on whose
behalf the shareholder dissents. In that event, the rights of the dissenter shall be determined as if the shares as to which the shareholder has dissented and the other shares were registered in the names of different shareholders.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">A beneficial owner of shares who is not the shareholder may assert dissenters&#146; rights with respect to
shares held on behalf of the beneficial owner, and shall be treated as a dissenting shareholder under the terms of this section and section 302A.473, if the beneficial owner submits to the corporation at the time of or before the assertion of the
rights a written consent of the shareholder. </P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Subdivision 3. Rights not to apply. </B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Unless the articles, the bylaws, or a resolution approved by the board otherwise provide, the right to obtain
payment under this section does not apply to a shareholder of (1)&nbsp;the surviving corporation in a merger with respect to shares of the shareholder that are not entitled to be voted on the merger and are not canceled or exchanged in the merger or
(2)&nbsp;the corporation whose shares will be acquired by the acquiring organization in a plan of exchange with respect to shares of the shareholder that are not entitled to be voted on the plan of exchange and are not exchanged in the plan of
exchange. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">If a date is fixed according to section 302A.445, subdivision 1, for the determination of shareholders entitled
to receive notice of and to vote on an action described in subdivision 1, only shareholders as of the date fixed, and beneficial owners as of the date fixed who hold through shareholders, as provided in subdivision&nbsp;2, may exercise
dissenters&#146; rights. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Notwithstanding subdivision 1, the right to obtain payment under this section, other than in connection with a
plan of merger adopted under Section&nbsp;302A.613, subdivision 4, or 302A.621, is limited in accordance with the following provisions: </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The right to obtain payment under this section is not available for the holders of shares of any class or
series of shares that is listed on the New York Stock Exchange, NYSE MKT LLC, the Nasdaq Global Market, the NASDAQ Global Select Market, the Nasdaq Capital Market, or any successor to any such market. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The applicability of clause (1)&nbsp;is determined as of: </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the record date fixed to determine the shareholders entitled to receive notice of, and to vote at, the meeting
of shareholders to act upon the corporate action described in subdivision 1; or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the day before the effective date of corporate action described in subdivision 1 if there is no meeting of
shareholders. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Clause (1)&nbsp;is not applicable, and the right to obtain payment under this section is available pursuant to
subdivision 1, for the holders of any class or series of shares who are required by the terms of the corporate action described in subdivision 1 to accept for such shares anything other than shares, or cash in lieu of fractional shares, of any class
or any series of shares of a domestic or foreign corporation, or any other ownership interest of any other organization, that satisfies the standards set forth in clause (1)&nbsp;at the time the corporate action becomes effective.
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Subdivision 4. Other rights.</B> The shareholders of a corporation who have a right under this section to obtain payment for their
shares, or who would have the right to obtain payment for their shares absent the exception set forth in paragraph (c)&nbsp;of subdivision 3, do not have a right at law or in equity to have a corporate action described in subdivision 1 set aside or
rescinded, except when the corporate action is fraudulent with regard to the complaining shareholder or the corporation. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-2 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>302A.473. Procedures for asserting dissenters&#146; rights </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Subdivision 1. Definitions. </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">For purposes of this section, the terms defined in this subdivision have the meanings given them:
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">&#147;Corporation&#148; means the issuer of the shares held by a dissenter before the corporate action referred
to in Section&nbsp;302A.471, subdivision 1 or the successor by merger of that issuer. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">&#147;Fair value of the shares&#148; means the value of the shares of a corporation immediately before the
effective date of the corporate action referred to in Section&nbsp;302A.471, subdivision 1. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">&#147;Interest&#148; means interest commencing five days after the effective date of the corporate action
referred to in Section&nbsp;302A.471, subdivision 1, up to and including the date of payment, calculated at the rate provided in section 549.09, subdivision 1, paragraph (c), clause (1). </P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Subdivision 2. Notice of action. </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">If a corporation calls a shareholder meeting at which any action described in Section&nbsp;302A.471,
subdivision 1 is to be voted upon, the notice of the meeting shall inform each shareholder of the right to dissent and shall include a copy of Section&nbsp;302A.471 and this section and a brief description of the procedure to be followed under these
sections. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">In connection with a qualified offer as described in Section&nbsp;302A.613, subdivision 4, the constituent
corporation subject to the offer may, but is not required to, send to all shareholders a written notice informing each shareholder of the right to dissent and must include a copy of this section and Section&nbsp;302A.471 and a brief description of
the procedure to be followed under these sections. To be effective, the notice must be sent as promptly as practicable at or following the commencement of the offer, but in any event at least ten days before the consummation of the offer.
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Subdivision 3. Notice of dissent.</B> If the proposed action must be approved by the shareholders and the corporation holds a
shareholder meeting, a shareholder who is entitled to dissent under Section&nbsp;302A.471 and who wishes to exercise dissenters&#146; rights must file with the corporation before the vote on the proposed action a written notice of intent to demand
the fair value of the shares owned by the shareholder and must not vote the shares in favor of the proposed action. If the proposed action is to be effected pursuant to Section&nbsp;302A.613, subdivision 4, and the corporation has elected to send a
notice of action in accordance with subdivision 2, paragraph (b), a shareholder who is entitled to dissent under Section&nbsp;302A.471 and who wishes to exercise dissenters&#146; rights must not tender the shares owned by the shareholder in response
to the offer and must file with the corporation a written notice of intent to demand the fair value of the shares owned by the shareholder. Written notice must be filed with the corporation before the consummation of the offer. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Subdivision 4. Notice of procedure; deposit of shares. </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">After the proposed action has been approved by the board and, if necessary, the shareholders, the corporation
shall send (i)&nbsp;in any case where subdivision 3 is applicable, to all shareholders who have complied with subdivision 3, (ii) in any case where a written action of shareholders gave effect to the action creating the right to obtain payment under
Section&nbsp;302A.471, to all shareholders who did not sign or consent to a written action that gave effect to the action creating the right to obtain payment under Section&nbsp;302A.471, and (iii)&nbsp;in any other case, to all shareholders
entitled to dissent, a notice that contains: </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the address to which a demand for payment and certificates of certificated shares must be sent in order to
obtain payment and the date by which they must be received; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">any restrictions on transfer of uncertificated shares that will apply after the demand for payment is received;
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-3 </P>

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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">a form to be used to certify the date on which the shareholder, or the beneficial owner on whose behalf the
shareholder dissents, acquired the shares or an interest in them and to demand payment; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">a copy of Section&nbsp;302A.471 and this section and a brief description of the procedures to be followed under
these sections. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">In order to receive the fair value of the shares, a dissenting shareholder must demand payment and deposit
certificated shares or comply with any restrictions on transfer of uncertificated shares within 30 days after the notice required by paragraph (a)&nbsp;was given, but the dissenter retains all other rights of a shareholder until the proposed action
takes effect. </P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Subdivision 5. Payment; return of shares. </B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">After the corporate action takes effect, or after the corporation receives a valid demand for payment,
whichever is later, the corporation shall remit to each dissenting shareholder who has complied with subdivisions 3 and 4 the amount the corporation estimates to be the fair value of the shares, plus interest, accompanied by: </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the corporation&#146;s closing balance sheet and statement of income for a fiscal year ending not more than 16
months before the effective date of the corporate action, together with the latest available interim financial statements; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">an estimate by the corporation of the fair value of the shares and a brief description of the method used to
reach the estimate; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">a copy of Section&nbsp;302A.471 and this section, and a brief description of the procedure to be followed in
demanding supplemental payment. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The corporation may withhold the remittance described in paragraph (a)&nbsp;from a person who was not a
shareholder on the date the action dissented from was first announced to the public or who is dissenting on behalf of a person who was not a beneficial owner on that date. If the dissenter has complied with subdivisions 3 and 4, the corporation
shall forward to the dissenter the materials described in paragraph (a), a statement of the reason for withholding the remittance, and an offer to pay to the dissenter the amount listed in the materials if the dissenter agrees to accept that amount
in full satisfaction. The dissenter may decline the offer and demand payment under subdivision 6. Failure to do so entitles the dissenter only to the amount offered. If the dissenter makes demand, subdivisions 7 and 8 apply. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">If the corporation fails to remit payment within 60 days of the deposit of certificates or the imposition of
transfer restrictions on uncertificated shares, it shall return all deposited certificates and cancel all transfer restrictions. However, the corporation may again give notice under subdivision 4 and require deposit or restrict transfer at a later
time. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Subdivision 6. Supplemental payment; demand.</B> If a dissenter believes that the amount remitted under subdivision 5 is less
than the fair value of the shares plus interest, the dissenter may give written notice to the corporation of the dissenter&#146;s own estimate of the fair value of the shares, plus interest, within 30 days after the corporation mails the remittance
under subdivision 5, and demand payment of the difference. Otherwise, a dissenter is entitled only to the amount remitted by the corporation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Subdivision 7. Petition; determination.</B> If the corporation receives a demand under subdivision 6, it shall, within 60 days after receiving the demand,
either pay to the dissenter the amount demanded or agreed to by the dissenter after discussion with the corporation or file in court a petition requesting that the court determine the fair value of the shares, plus interest. The petition shall be
filed in the county in which the registered office of the corporation is located, except that a surviving foreign corporation that receives a demand relating to the shares of a constituent domestic corporation shall file the petition in the county
in this state in which the last registered office of the constituent corporation was located. The petition shall name as parties all dissenters who have </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-4 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
demanded payment under subdivision 6 and who have not reached agreement with the corporation. The corporation shall, after filing the petition, serve all parties with a summons and copy of the
petition under the Rules of Civil Procedure. Nonresidents of this state may be served by registered or certified mail or by publication as provided by law. Except as otherwise provided, the Rules of Civil Procedure apply to this proceeding. The
jurisdiction of the court is plenary and exclusive. The court may appoint appraisers, with powers and authorities the court deems proper, to receive evidence on and recommend the amount of the fair value of the shares. The court shall determine
whether the shareholder or shareholders in question have fully complied with the requirements of this section, and shall determine the fair value of the shares, taking into account any and all factors the court finds relevant, computed by any method
or combination of methods that the court, in its discretion, sees fit to use, whether or not used by the corporation or by a dissenter. The fair value of the shares as determined by the court is binding on all shareholders, wherever located. A
dissenter is entitled to judgment in cash for the amount by which the fair value of the shares as determined by the court, plus interest, exceeds the amount, if any, remitted under subdivision 5, but shall not be liable to the corporation for the
amount, if any, by which the amount, if any, remitted to the dissenter under subdivision 5 exceeds the fair value of the shares as determined by the court, plus interest. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Subdivision 8. Costs; fees; expenses. </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The court shall determine the costs and expenses of a proceeding under subdivision 7, including the reasonable
expenses and compensation of any appraisers appointed by the court, and shall assess those costs and expenses against the corporation, except that the court may assess part or all of those costs and expenses against a dissenter whose action in
demanding payment under subdivision 6 is found to be arbitrary, vexatious, or not in good faith. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">If the court finds that the corporation has failed to comply substantially with this section, the court may
assess all fees and expenses of any experts or attorneys as the court deems equitable. These fees and expenses may also be assessed against a person who has acted arbitrarily, vexatiously, or not in good faith in bringing the proceeding, and may be
awarded to a party injured by those actions. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The court may award, in its discretion, fees and expenses to an attorney for the dissenters out of the amount
awarded to the dissenters, if any. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-5 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit (e)(2) </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>GUARANTEE </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Guarantee,
dated as of August&nbsp;8, 2022 (this &#147;<U>Guarantee</U>&#148;), by MTY Food Group Inc., a corporation created under the Canada Business Corporations Act with its registered and head office at 8210, route Transcanadienne, <FONT
STYLE="white-space:nowrap">St-Laurent,</FONT> Quebec, H4S 1M5, Canada (&#147;<U>Guarantor</U>&#148;), in favor of BBQ Holdings, Inc., a Minnesota corporation (the &#147;<U>Guaranteed Party</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. <U>Guarantee</U>. To induce the Guaranteed Party to enter into that certain Agreement and Plan of Merger, dated as of the date hereof (as
amended, amended and restated, supplemented or otherwise modified from time to time, the &#147;<U>Merger Agreement</U>;&#148; capitalized terms used herein but not defined will have the meanings given thereto in the Merger Agreement), by and among
MTY Franchising USA, Inc., a Tennessee corporation (&#147;<U>Parent</U>&#148;), Grill Merger Sub, Inc., a Minnesota corporation and a wholly owned subsidiary of Parent (&#147;<U>Merger Sub</U>&#148;), and the Guaranteed Party, Guarantor hereby
irrevocably guarantees to the Guaranteed Party the due and punctual payment, observance, performance and discharge of all of the obligations, covenants and agreements of Parent and Merger Sub under the Merger Agreement, including, without
limitation, Article II of the Merger Agreement and Section&nbsp;5.11, subject to the limitations set forth in the Merger Agreement (as such obligations, covenants and agreements may be modified, amended or waived in accordance with the terms of the
Merger Agreement, collectively, the &#147;<U>Obligations</U>&#148;); <U>provided</U> that in no event will Guarantor&#146;s liability under this Guarantee exceed an amount equal to the aggregate sum of the aggregate Merger Consideration, aggregate
amounts payable pursuant to Section&nbsp;2.3 of the Merger Agreement, the Payoff Amount, and all costs and expenses (including reasonable attorney&#146;s fees and expenses) incurred by the Guaranteed Party in connection with the enforcement of its
rights under Section&nbsp;8.15 of the Merger Agreement (such aggregate sum, the &#147;<U>Cap</U>&#148;), and the Guaranteed Party hereby agrees that, notwithstanding anything to the contrary contained in this Guarantee or the Merger Agreement,
Guarantor will in no event be required to pay the Guaranteed Party or any other Person pursuant to this Guarantee, more than the Cap, and that this Guarantee shall not be enforced against Guarantor for any other remedy, other than the payment of a
sum of money owing to Guarantor hereunder, in an amount not to exceed the Cap. It is acknowledged and agreed that this Guarantee will expire and will have no further force or effect, and the Guaranteed Party will have no rights hereunder, upon the
Closing. Notwithstanding anything to the contrary set forth in this Guarantee, the Guaranteed Party hereby agrees that to the extent that Parent or Merger Sub is relieved from its payment obligations under the Merger Agreement by satisfaction
thereof or pursuant to any agreement with the Guaranteed Party, Guarantor will be similarly relieved, to such extent, of its obligations under this Guarantee. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. <U>Nature of Guarantee</U>. The Guaranteed Party will not be obligated to file any claim relating to any Obligation in the event that
Parent or Merger Sub becomes subject to a bankruptcy, reorganization or similar proceeding, and the failure of the Guaranteed Party to so file will not affect Guarantor&#146;s obligations hereunder. In the event that any payment to the Guaranteed
Party in respect of any Obligation is rescinded or must otherwise be returned for any reason whatsoever, Guarantor will remain liable hereunder with respect to the Obligations as if such payment had not been made. This is a guarantee of payment and
not of collectability. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. <U>Changes in Obligations, Certain Waivers</U>. Guarantor agrees that the Guaranteed
Party may at any time and from time to time, without notice to or further consent of Guarantor, extend the time of payment of any Obligation, and may also make any agreement with Parent or Merger Sub for the extension, renewal, payment, compromise,
discharge or release thereof, in whole or in part, or for any modification of the terms thereof or of any agreement between the Guaranteed Party and Parent or Merger Sub without in any way impairing or affecting Guarantor&#146;s obligations under
this Guarantee. Guarantor agrees that the obligations of Guarantor hereunder will not be released or discharged, in whole or in part, or otherwise affected by (a)&nbsp;the failure or delay on the part of the Guaranteed Party to assert any claim or
demand or to enforce any right or remedy against Parent or Merger Sub, (b)&nbsp;any change in the corporate existence, structure or ownership of Parent, Merger Sub or Guarantor, (c)&nbsp;any insolvency, bankruptcy, reorganization or other similar
proceeding affecting Parent or Merger Sub, (d)&nbsp;any amendment or modification of the Merger Agreement, or change in the manner, place or terms of payment or performance, or any change or extension of the time of payment or performance of,
renewal or alteration of, any Obligation, or any amendment or waiver of or any consent to any departure from the terms of the Merger Agreement, (e)&nbsp;the adequacy of any other means the Guaranteed Party may have of obtaining repayment of any of
the Obligations, (f)&nbsp;the addition or substitution or release of any Person interested in the transactions contemplated by the Merger Agreement, (g)&nbsp;the existence of any claim, <FONT STYLE="white-space:nowrap">set-off</FONT> or other right
that Guarantor may have at any time against the Guaranteed Party, Parent, Merger Sub or their respective affiliates, whether in connection with any Obligation or otherwise, (h)&nbsp;any right by statute or otherwise to require the Guaranteed Party
to institute suit against Parent, Merger Sub or any Guarantor/Parent Affiliate (as defined below) or to exhaust any rights and remedies which the Guaranteed Party has or may have against Parent, Merger Sub, or any of the Guarantor/Parent Affiliates
or (i)&nbsp;any other act or omission that may vary the risk of Guarantor. To the fullest extent permitted by law, Guarantor hereby irrevocably and expressly waives any and all rights or defenses arising by reason of any law which would otherwise
require any election of remedies by the Guaranteed Party. Guarantor hereby irrevocably and expressly waives promptness, diligence, notice of the acceptance of this Guarantee and of any Obligation, presentment, demand for payment, notice of <FONT
STYLE="white-space:nowrap">non-performance,</FONT> default, dishonor and protest, notice of the incurrence of any Obligation and all other notices of any kind, any right to require the marshalling of assets of Parent or Merger Sub, and all
suretyship defenses generally (other than defenses to the payment of the Obligations under the Merger Agreement). Guarantor acknowledges that it will receive substantial direct and indirect benefits from the transactions contemplated by the Merger
Agreement and that the waivers set forth in this Guarantee are knowingly made in contemplation of such benefits. Guarantor agrees to pay on demand all reasonable
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses (including reasonable fees of counsel) incurred by the Guaranteed Party in connection with the enforcement of its rights hereunder if
(x)&nbsp;Guarantor asserts in any litigation or other proceeding that this Guarantee is illegal, invalid or unenforceable in accordance with its terms and (y)&nbsp;the Guaranteed Party prevails in such litigation or proceeding. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. <U>Cumulative Rights</U>. Each and every right, remedy and power hereby granted to the Guaranteed Party or allowed it by law or other
agreement will be cumulative and not exclusive of any other and may be exercised by the Guaranteed Party at any time or from time to time. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5. <U>Representations and Warranties</U>. Guarantor hereby represents and warrants that:
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) the Guarantor is a duly organized and validly existing corporation in good standing (or the equivalent) under the laws of the
jurisdiction of its organization; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) the execution, delivery and performance of this Guarantee have been duly authorized by all
necessary actions and do not contravene any provision of Guarantor&#146;s organizational documents or any material contractual restriction binding on Guarantor or its assets; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) all consents, approvals, authorizations, permits of, filings with and notifications to, any Governmental Authority or other Person
necessary for the due execution, delivery and performance of this Guarantee by Guarantor have been obtained or made and all conditions thereof have been duly complied with, and no other action by, and no notice to or filing with, any Governmental
Authority or other Person is required in connection with the execution, delivery or performance of this Guarantee; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) this Guarantee
constitutes a legal, valid and binding obligation of Guarantor enforceable against Guarantor in accordance with its terms, subject to the Enforceability Exceptions; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) Guarantor has the financial capacity to pay and perform the Obligations, and all funds necessary for Guarantor to fulfill the Obligations
will be available to Guarantor for so long as this Guarantee remains in effect in accordance with <U>Section</U><U></U><U>&nbsp;8</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.
<U>Assignment</U>. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their permitted successors and assigns. No party to this Guarantee may assign or delegate, by operation of Law or otherwise, all or any
portion of its rights or liabilities under this Guarantee without the prior written consent of the other party to this Guarantee, which any such party may withhold in its absolute discretion. No assignment by any party shall relieve such party of
any of its obligations hereunder. Any purported assignment not permitted hereby shall be null and void. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7. <U>Notices</U>. All notices
and other communications hereunder shall be in writing and shall be addressed as follows (or at such other address for a party as shall be specified by like notice): </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">If to the Guaranteed Party, to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">BBQ Holdings, Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">12701
Whitewater Drive, Suite 100 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">Minnetonka, MN 55343 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">United States </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">Attention: </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">Email: </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">with a copy to (which will not constitute notice): </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Dentons Sirote PC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">2311 Highland
Avenue South </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Birmingham, AL 35205 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">United States </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Attention: W. Todd
Carlisle; David W. Drum </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Email: todd.carlisle@dentons.com; david.drum@dentons.com </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">If to Guarantor, to it at: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">MTY
Group </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">8210, route Transcanadienne </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">St. Laurent, QC, H4S 1M5 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Canada
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Attention: Eric Lefebvre </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Email: eric@mtygroup.com </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">with a copy to (which will not constitute notice): </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Morrison&nbsp;&amp; Foerster LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">12531 High Bluff Drive </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">San
Diego, CA 92130-2040 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">United States </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Attention: Steven G. Rowles; Shai Kalansky </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Email: SRowles@mofo.com; SKalansky@mofo.com </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All
such notices or communications shall be deemed to have been delivered and received (a)&nbsp;if delivered in person, on the day of such delivery, (b)&nbsp;if by electronic mail, on the day on which such facsimile and electronic mail were sent;
provided, that receipt is confirmed, (c)&nbsp;if by certified or registered mail (return receipt requested), on the fifth Business Day after the mailing thereof or (d)&nbsp;if by reputable overnight delivery service, on the second Business Day after
the sending thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8. <U>Continuing Guarantee</U>. Unless terminated pursuant to this <U>Section</U><U></U><U>&nbsp;8</U>, this
Guarantee will remain in full force and effect and will be binding on Guarantor, its successors and assigns until the Obligations (as such Obligations may be modified pursuant to the last sentence of <U>Section</U><U></U><U>&nbsp;1</U>) are
satisfied in full. Notwithstanding the foregoing, this Guarantee will terminate, and Guarantor and the Guaranteed Party will have no further obligations under this Guarantee as of the earlier to occur of (a)&nbsp;the Closing or (b)&nbsp;the
termination of the Merger Agreement in accordance with its terms and the satisfaction, waiver or discharge of any and all obligations of Parent and Merger Sub thereunder in connection with such termination. In the event that the Guaranteed Party or
its successors or assigns or any of its Affiliates acting at the direction or on behalf of the Guaranteed Party asserts in any Legal Action relating to this Guarantee that the provisions of <U>Section</U><U></U><U>&nbsp;1</U> limiting
Guarantor&#146;s monetary obligation to the Cap, or that the provisions of <U>Section</U><U></U><U>&nbsp;9</U> are illegal, invalid or unenforceable in whole or in part or asserts any theory of liability or seeks any remedies against any
Guarantor/Parent Affiliate, other than those remedies expressly provided against Parent and Merger Sub under the Merger Agreement, against Parent under the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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Confidentiality Agreement or against Guarantor under this Guarantee and in each case, their respective successors and assigns thereunder, then, in each case, (i)&nbsp;all obligations of Guarantor
under this Guarantee will terminate and thereupon be null and void and (ii)&nbsp;if Guarantor has previously made any payments under this Guarantee, it will be entitled to have such payments refunded by the Guaranteed Party. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9. <U>No Recourse</U>. Notwithstanding anything that may be expressed or implied in this Guarantee, the Merger Agreement, or the
Confidentiality Agreement and notwithstanding the fact that Guarantor is a corporation, Guaranteed Party, by its acceptance of the benefits hereof, covenants, agrees and acknowledges that no Person other than Guarantor will have any obligation
hereunder, and that Guaranteed Party has no rights of recovery against, and no recourse hereunder or under the Merger Agreement or the Confidentiality Agreement will be had against, and no personal liability will attach to, any former, current or
future director, officer, agent, Affiliate, manager, assignee or employee of Guarantor, Parent or Merger Sub (or any of their successors or permitted assignees), against any former, current or future manager, member or stockholder of Guarantor,
Parent or Merger Sub (or any of their successors or permitted assignees) or any Affiliate thereof or against any former, current or future director, officer, agent, employee, Affiliate, assignee, stockholder, manager or member of any of the
foregoing, but for the avoidance of doubt, in each case, not including Guarantor, Parent and Merger Sub (collectively, the &#147;<U>Guarantor/Parent Affiliates</U>&#148;) whether by or through attempted piercing of the corporate veil, by or through
a claim (whether in tort, contract or otherwise), by the enforcement of any judgment or assessment or by any Legal Action, or by virtue of any applicable Law, or otherwise. The Guaranteed Party further agrees that neither it nor any of its
Affiliates have any right of recovery against Guarantor or any of its stockholders, partners, members, directors, officers or agents through Parent or Merger Sub, or otherwise, whether by piercing of the corporate veil, by a claim on behalf of
Parent or Merger Sub against Guarantor&#146;s, Parent&#146;s or Merger Sub&#146;s stockholders or Affiliates, or otherwise, except for the rights against Guarantor under this Guarantee and subject to the Cap and the other limitations described
herein. Recourse against Guarantor under this Guarantee will be the sole and exclusive remedy of the Guaranteed Party and its Affiliates against Guarantor and any Guarantor/Parent Affiliates in respect of any liabilities or obligations arising
under, or in connection with, the Merger Agreement or the transactions contemplated thereby. The Guaranteed Party hereby covenants and agrees that it will not institute, and it will cause its Affiliates not to institute, any Legal Action or bring
any other claim arising under, or in connection with, the Merger Agreement or the transactions contemplated thereby, or in respect of any oral representations made or alleged to be made in connection therewith, against Guarantor or any
Guarantor/Parent Affiliates, except for claims against Guarantor under this Guarantee. Nothing set forth in this Guarantee will affect or be construed to affect or be construed to confer or give any Person other than the Guaranteed Party (including
any Person acting in a representative capacity) any rights or remedies against any Person other than Guarantor as set forth herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10.
<U>Entire Agreement</U>. This Guarantee constitutes the entire agreement and supersedes all prior or contemporaneous agreements, negotiations, correspondence, undertakings, understandings, representations and warranties, both written and oral,
between the parties to this Guarantee with respect to the subject matter of this Guarantee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">11. <U>Governing Law</U>. This Guarantee, and
any dispute, claim, legal action, suit, proceeding or controversy arising out of or relating hereto, shall be governed by, and construed in accordance with, the Law of the State of Delaware, without regard to conflict of law principles thereof. </P>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">12. <U>Submission to Jurisdiction</U>. Each party to this Guarantee (a)&nbsp;irrevocably and
unconditionally submits to the personal jurisdiction of the Chosen Courts, (b)&nbsp;agrees that it will not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from any such court, (c)&nbsp;agrees that any
actions or proceedings arising in connection with this Guarantee shall be brought, tried and determined only in the Chosen Courts, (d)&nbsp;waives any claim of improper venue or any claim that the Chosen Courts are an inconvenient forum and
(e)&nbsp;agrees that it will not bring any action relating to this Guarantee in any court other than the Chosen Courts. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">13. <U>WAIVER OF
JURY TRIAL</U>. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS GUARANTEE IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES AND, THEREFORE, EACH SUCH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT
MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LEGAL ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS GUARANTEE, THE OTHER DOCUMENTS AND AGREEMENTS DELIVERED IN CONNECTION HEREWITH OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.
EACH PARTY TO THIS GUARANTEE CERTIFIES AND ACKNOWLEDGES THAT (A)&nbsp;NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT SEEK TO ENFORCE THE FOREGOING WAIVER IN THE EVENT OF A LEGAL ACTION,
(B)&nbsp;SUCH PARTY HAS CONSIDERED AND UNDERSTANDS THE IMPLICATIONS OF THIS WAIVER, (C)&nbsp;SUCH PARTY MAKES THIS WAIVER VOLUNTARILY AND (D)&nbsp;SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS GUARANTEE BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS
AND CERTIFICATIONS IN THIS SECTION 13. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">14. <U>Amendment</U>. No amendment of any provision of this Guarantee will be valid and binding
unless it is in writing and signed by Guarantor and the Guaranteed Party. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">15. <U>Waiver</U>. Any agreement on the part of a party to any
waiver shall be valid only if set forth in an instrument in writing signed by such party. The failure of any party to assert any of its rights under this Guarantee or otherwise shall not constitute a waiver of such rights, nor shall any single or
partial exercise thereof preclude any other or further exercise thereof or the exercise of any right, power or privilege under this Guarantee. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">16. <U>No Third Party Beneficiaries</U>. Except for the rights of Guarantor/Parent Affiliates, Parent and Merger Sub provided under
<U>Section</U><U></U><U>&nbsp;9</U> and the rights of Parent and Merger Sub under <U>Section</U><U></U><U>&nbsp;17</U>, Guarantor and Guaranteed Party hereby agree that their respective representations, warranties, covenants and agreements set forth
herein are solely for the benefit of the other party hereto, in accordance with and subject to the terms of this Guarantee, and this Guarantee is not intended to, and does not, confer upon any Person other than the parties hereto any rights or
remedies hereunder, including the right to rely upon the representations and warranties set forth herein. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">17. <U>Confidentiality</U>. This Guarantee and any information disclosed under this
Guarantee shall be governed under the Confidentiality Agreement. This Guarantee may not be used, circulated, quoted or otherwise referred to in any document, except with the written consent of Guarantor and the Guaranteed Party; <U>provided</U> that
no such written consent will be required (and the Guaranteed Party and its Affiliates will be free to release such information) for disclosures to employees, agents, legal, financial, accounting or other advisors or representatives on a confidential
basis; <U>provided</U>, that the Guarantor, Parent, Merger Sub and Guaranteed Party may disclose or use such information and this Guarantee to the extent required by Law, the applicable rules of any national securities exchange or in connection with
any SEC filings relating to the transactions contemplated by the Merger Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">18. <U>Interpretation</U>. Section&nbsp;8.2
(Interpretation) of the Merger Agreement is incorporated herein <I>mutatis mutandis</I>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">19. <U>Rules of Construction</U>. The parties
have participated jointly in negotiating and drafting this Guarantee. If an ambiguity or a question of intent or interpretation arises, this Guarantee shall be construed as if drafted jointly by the parties, and no presumption or burden of proof
shall arise favoring or disfavoring any party by virtue of the authorship of any provision of this Guarantee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">20. <U>Counterparts</U>.
This Guarantee may be executed in any number of counterparts, each of which will be deemed to be an original, and all of which together will be deemed to be one and the same instrument. Facsimile signatures or signatures received as a pdf attachment
to electronic mail shall be treated as original signatures for all purposes of this Guarantee. This Guarantee shall become effective when, and only when, each party hereto shall have received a counterpart signed by all of the other parties hereto.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[<I>Signature page follows</I>] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the Guarantor has caused this Guarantee to be executed and delivered as
of the date first written above by its officer thereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3">MTY Food Group Inc.</TD></TR>
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<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><I>/s/ Eric Lefebvre</I></TD></TR>
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<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Eric Lefebvre</TD></TR>
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<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Chief Executive Officer</TD></TR></TABLE></DIV>
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<TD VALIGN="top" COLSPAN="3">Accepted and agreed to by:</TD></TR>
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<TD VALIGN="top"><I>/s/ Jeffery Crivello</I></TD></TR>
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<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Jeffrey Crivello</TD></TR>
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<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Chief Executive Officer</TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit (e)(3) </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CONFIDENTIALITY AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">THIS CONFIDENTIALITY AGREEMENT (this &#147;<U>Agreement</U>&#148;), dated as of May&nbsp;31, 2022 (the &#147;<U>Effective Date</U>&#148;), is
by and between BBQ Holdings, In. (together with its subsidiaries, the &#147;<U>Company</U>&#148;), and MTY Food Group Inc. (&#147;<U>Counterparty</U>&#148;). Hereinafter, the Company and Counterparty are sometimes referred to, individually, as a
&#147;<U>Party</U>&#148; and, collectively, as the &#147;<U>Parties</U>.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, in connection with Counterparty&#146;s
consideration of a possible consensual, negotiated acquisition of the Company (the &#147;<U>Transaction</U>&#148;), each Party may request, receive, or access (the &#147;<U>Recipient</U>&#148;) certain information concerning the other Party (the
&#147;<U>Discloser</U>&#148;) that is <FONT STYLE="white-space:nowrap">non-public,</FONT> confidential, or proprietary in nature; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, each Party wishes to protect and preserve the confidentiality of such information. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, in consideration of the mutual covenants, terms and conditions set forth herein, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. For purposes of this
Agreement, the following terms shall have the following meanings: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) &#147;<U>Affiliate</U>&#148; means, with respect to any Person, any
other Person that is directly or indirectly Controlling, Controlled by, or under common Control with such Person, where &#147;<U>Control</U>&#148; and derivative terms mean the possession, directly or indirectly, of the power to direct or cause the
direction of the management and policies of a Person, whether through the ownership of voting securities or equity interests, by contract, or otherwise. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) &#147;<U>Evaluation Material</U>&#148; means all information, data, documents, agreements, files and other materials, whether disclosed
orally or disclosed or stored in written, electronic or other form or media, which is obtained from or disclosed by the Discloser or its Representatives or otherwise accessed by the Recipient, before, on or after the date hereof regarding the
Discloser or its Affiliates, or their respective businesses, including, without limitation, all financial information, results of operations, customer and personnel information, contracts, leases and other agreements, asset and ownership
information, equipment lists and information, budgets, forecasts, projections, bank and other financing information, trade secrets, trademarks, servicemarks, copyrights, logos, books and records and all other confidential, proprietary, <FONT
STYLE="white-space:nowrap">non-public</FONT> information regarding the business, assets and properties, and prospects of the Companies or its Affiliates prepared by or for the Recipient or its Representatives which contain or otherwise reflect or
are generated from such information, data, documents, agreements, files or other materials. Notwithstanding the foregoing, the term &#147;Evaluation Material&#148; as used herein does not include information that: (i)&nbsp;at the time of disclosure
is or thereafter becomes (upon so becoming) generally available to and known by the public (other than as a result of its disclosure directly or indirectly by the Recipient or its Representatives in violation of this Agreement); (ii) was available
to the Recipient or its Representatives from a source other than the Discloser or Discloser&#146;s </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Representatives, provided that such source, to the knowledge of Recipient or its Representatives, is not
and/or was not bound by a confidentiality obligation with respect to the Discloser or such information; or (iii)&nbsp;has been independently acquired or developed by the Recipient or its Representatives without use of or reference to the Evaluation
Material. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) &#147;<U>Person</U>&#148; means any individual, partnership (whether general or limited), limited liability company,
corporation, association, trust, members of joint venture entities or other entity. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) &#147;<U>Representatives</U>&#148; means, as to
any Person, such Person&#146;s Affiliates, and its and their respective directors, officers, employees, managing members, general partners, agents, consultants and professional advisors (including attorneys, financial advisors and accountants),
insurance carriers, and third party institutional lenders or commercial banks who may be engaged to provide debt financing in connection with the Transaction. Notwithstanding the foregoing, a Party&#146;s Representatives shall include only those of
the foregoing Persons who receives or has access to Evaluation Material, or who has knowledge of this Agreement or that discussions or investigations concerning a possible Transaction have taken or may take place between the Parties. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Other terms not specifically defined in this <U>Section</U><U></U><U>&nbsp;1</U> shall have the meanings given to them elsewhere in this
Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. The Recipient shall keep the Evaluation Material strictly confidential and shall not use the Evaluation Material for any
purpose other than to evaluate, negotiate and consummate the Transaction. The Recipient shall not disclose or permit its Representatives to disclose any Evaluation Material except: (a)&nbsp;if required by law, regulation or legal or regulatory
process, but only in accordance with <U>Section</U><U></U><U>&nbsp;6</U>, or (b)&nbsp;to Recipient&#146;s Representatives, to the extent necessary to permit such Representatives to assist the Recipient in evaluating, negotiating and consummating the
Transaction; <I>provided</I>, <I>however</I>, that the Recipient shall direct each such Representative to be abide by the terms of this Agreement to the same extent as if it were a party hereto and the Recipient shall be responsible for any breach
of any provision of this Agreement by any of its Representatives except for breaches by any such Representative who executes its own confidentiality agreement with the Discloser with respect to the Transaction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. Except for such disclosure as is necessary not to be in violation of any applicable law, regulation, order or other similar requirement of
any governmental, regulatory or supervisory authority, each Party shall not, and shall not permit any of its Representatives to, without the prior written consent of the Discloser, disclose to any Person: (a)&nbsp;the fact that the Evaluation
Material has been made available to it or that it has received or inspected any portion of the Evaluation Material, (b)&nbsp;the existence <SUP STYLE="font-size:75%; vertical-align:top">-</SUP>or contents of this Agreement, (c)&nbsp;the fact that
investigations, discussions or negotiations are taking or have taken place concerning the Transaction, including the status thereof, or (d)&nbsp;any terms, conditions or other matters relating to or connected with the Transaction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. The Recipient understands and agrees that neither the Discloser nor any of its Representatives (a)&nbsp;have made or make any
representation or warranty hereunder, expressed or implied, as to the accuracy or completeness of the Evaluation Material or (b)&nbsp;except to the extent provided in any definitive agreement between the Parties executed <I>and </I>delivered with
respect to the Transaction, shall have any liability hereunder to the Recipient or its Representatives relating to or resulting from the use of the Evaluation Material or any errors therein or omissions therefrom. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5. The Parties agree that unless and until a definitive agreement has been executed and
delivered with respect to the Transaction, no Party will be under any legal obligation of any kind whatsoever with respect to the Transaction, including any obligation to (a)&nbsp;consummate a Transaction; (b)&nbsp;conduct or continue discussions or
negotiations; or (c)&nbsp;enter into or negotiate a definitive agreement. The Company reserves the right, in its sole discretion, to reject any and all proposals made by Counterparty or on its behalf with regard to <I>the Transaction, </I>to
terminate discussions and negotiations with Counterparty at any time and to enter into any agreement with any other Person without notice to Counterparty or any of its Representatives, at any time and for any reason or no reason. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6. If the Recipient or any of its Representatives is requested or required, on the advice of counsel, to disclose any Evaluation Material, by
law, regulation, judicial order, or legal or regulatory process, the Recipient shall, to the extent permitted under applicable law, (a)&nbsp;take reasonable steps to preserve the confidentiality of the Evaluation Material, including requesting that
the Evaluation Material not be disclosed to <FONT STYLE="white-space:nowrap">non-parties</FONT> or the public; (b)&nbsp;give the Discloser prompt prior written notice of such request or requirement so that the Discloser may seek, at the
Discloser&#146;s sole cost and expense, an appropriate protective order or other remedy; and (c)&nbsp;reasonably cooperate with the Discloser, at the Discloser&#146;s sole cost and expense, to obtain such protective order. In the event that such
protective order or other remedy is not obtained, the Recipient (or such other Persons to whom such request is directed) will furnish only that portion of the Evaluation Material which, on the advice of the Recipient&#146;s counsel, is legally
required to be disclosed and, upon the Discloser&#146;s request, use reasonable efforts (at the Discloser&#146;s sole cost and expense) to obtain assurances that confidential treatment will be accorded to such information. Notwithstanding the
foregoing, no notice to the Discloser shall be required if the Recipient or its Representatives is requested or required to disclose Evaluation Material in connection with a routine audit or examination by, or blanket request from, a regulatory or
governmental entity with jurisdiction over the Recipient or its Representatives provided that any such audit, examination or request does not target or reference the Company, the Evaluation Material or the Transaction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7. Counterparty represents and warrants that it is not acting as a broker for, or representative of, any other Person in connection with the
Transaction, and is considering the Transaction only for its own account or the account of a controlled Affiliate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8. At any time
following the receipt of written notice of termination of negotiations concerning the Transaction, the Recipient shall promptly, and in any event no later than ten (10)&nbsp;days after the request, return all Evaluation Material (including all
copies, extracts or other reproductions) to the Discloser or, at the option of the Recipient, certify in writing to the Discloser that all such Evaluation Material (including any Evaluation Material held electronically, other than
automatically-generated backups of which the Recipient makes no further use) has been destroyed; <I>provided, however, </I>that the Recipient and its Representatives may retain Evaluation Material in accordance with bona fide internal document
retention policies and procedures for legal and regulatory compliance purposes. Notwithstanding the return, destruction or permitted retention of Evaluation Material, the Recipient and its Representatives shall continue to be bound by their
obligations, of confidentiality or otherwise, hereunder in accordance with the terms hereof for the term of this Agreement; <I>provided, however, </I>that any Evaluation Material retained by the Recipient or its Representatives pursuant to this
<U>Section</U><U></U><U>&nbsp;8 </U>shall continue to be subject to the terms of this Agreement for so long as it is retained. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9. For a period of two (2)&nbsp;years following the Effective Date, no Party (or any
employee or agent on its behalf) shall be permitted to take any action, directly or indirectly, to induce any employee or independent contractor of the other Party to terminate his or her employment with, or engagement by, such other Party.
Notwithstanding the foregoing, nothing contained in this <U>Section</U><U></U><U>&nbsp;9</U> shall be deemed to prohibit either Party from (a)&nbsp;making general public solicitations for particular positions or job classifications that are not
targeted at employees or contractors of the other Party, or (b)&nbsp;from responding to inquiries or overtures initiated by an employee or independent contractor of the other Party without any prior encouragement by or on behalf of such Party. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10. The Parties agree that money damages may not be a sufficient remedy for any breach of this Agreement by the Recipient and that, in
addition to all other remedies it may be entitled to, the Discloser shall be entitled to seek specific performance and injunctive or other equitable relief, without the necessity of posting any bond or other security, as a remedy for any such
breach. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">11. To the extent that any Evaluation Material includes materials subject to the attorney-client privilege, the Discloser is not
waiving, and shall not be deemed to have waived or diminished, its attorney work-product protections, attorney-client privileges or similar protections and privileges as a result of disclosing any Evaluation Material (including Evaluation Material
related to pending or threatened litigation) to the Recipient or any of its Representatives. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">12. Counterparty hereby acknowledges that it
understands that: (a)&nbsp;the Evaluation Material and the information described in <U>Section</U><U></U><U>&nbsp;3(a)</U> to <U>3(d)</U> of this Agreement may contain or constitute material <FONT STYLE="white-space:nowrap">non-public</FONT>
information concerning the Company and its Affiliates; and (b)&nbsp;trading in the Company&#146;s securities while in possession of material nonpublic information or communicating that information to any other Person who trades in such securities
could subject the Recipient to liability under the U.S. federal and state securities laws, and the rules and regulations promulgated thereunder, including Section&nbsp;10(b) of the Securities Exchange Act of 1934, as amended, and Rule <FONT
STYLE="white-space:nowrap">10b-5</FONT> promulgated thereunder. Counterparty agrees that it and its controlled Affiliates will not trade in the Company&#146;s securities while in possession of material nonpublic information or until Counterparty and
such controlled Affiliates can otherwise do so in compliance with applicable laws and without breaching the terms of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">13.
This Agreement shall continue in force and effect until <I>the first to occur </I>of the following events: (a)&nbsp;the passing of the date that is two (2)&nbsp;years following the Effective Date; or (b)&nbsp;the date of execution by the Parties of
a superseding definitive written agreement with respect to the Transaction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">14. This Agreement shall be governed by the laws of the State
of Delaware. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">15. This Agreement sets forth the entire agreement regarding the subject matter hereof, and
supersedes all prior negotiations, understandings and agreements. No provision of this Agreement may be modified, waived or changed except by a writing signed by the Parties. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">16. If any provision of this Agreement, or the application thereof to any Person, place or circumstance, shall be held by a court of competent
jurisdiction to be invalid, unenforceable or void, the remainder of this Agreement and such provision as applied to other Persons, places or circumstances shall remain in full force and effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">17. Neither this Agreement nor any of the rights or obligations hereunder may be assigned by any Party without the prior written consent of
the <FONT STYLE="white-space:nowrap">non-assigning</FONT> Party. Any purported assignment without such consent shall be void and unenforceable. Any purchaser of the Company or all or substantially all of the assets of the Company shall be entitled
to the benefits of this Agreement, whether or not this Agreement is assigned to such purchaser. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">18. The terms of this Agreement shall
control over any additional purported confidentiality requirements imposed by any offering memorandum, <FONT STYLE="white-space:nowrap">web-based</FONT> database, or similar repository of Evaluation Material to which the Recipient or any of its
Representatives is granted access in connection with the evaluation, negotiation, or consummation of the Transaction, notwithstanding acceptance of such an offering memorandum or submission of an electronic signature, &#147;clicking&#148; on an
&#147;I Agree&#148; icon, or other indication of assent to such additional confidentiality conditions, it being understood and agreed that the confidentiality obligations with respect to Evaluation Material are exclusively governed by this Agreement
and may not be enlarged except by a written agreement that is hereafter executed by each of the parties hereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">19. This Agreement may be
executed in counterparts, each of which shall be deemed an original, but all of which together shall be deemed to be one and the same agreement. A signed copy of this Agreement delivered by facsimile, <FONT STYLE="white-space:nowrap">e-mail</FONT>
or other means of electronic transmission shall be deemed to have the same legal effect as delivery of an original signed copy of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[SIGNATURE PAGE FOLLOWS] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the Parties have executed this Agreement to be effective as of the
Effective Date. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"><B><U>COMPANY</U>:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><B><U>COUNTERPARTY</U>:</B></TD></TR>
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<TD VALIGN="top"><B>BBQ Holdings, Inc.</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><B>MTY Food Group Inc.</B></TD></TR>
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<TD VALIGN="top">By: <I>/s/ Jeffery Crivello</I></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">&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 VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By: <I>/s/ Eric Lefebvre</I></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name: Jeffery Crivello</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Title: Chief Executive
Officer</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name: Eric Lefebvre</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Title: Chief Executive
Officer</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Signature Page to Confidentiality Agreement </P>
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<TYPE>EX-99.(E)(4)
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<DESCRIPTION>EX-99.(E)(4)
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit (e)(4) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>STRICTLY PRIVATE AND CONFIDENTIAL </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>VIA EMAIL
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">May [26], 2022 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BBQ Holdings, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">12701 Whitewater Drive, Suite 100 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Minnetonka, MN 55343 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Attention: Jeffery Crivello, Chief Executive Officer </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Re: Acquisition of BBQ Holdings, Inc. (&#147;BBQ Holdings&#148; or the &#147;Company&#148;) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Jeff: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Further to our recent preliminary discussions and
our review of the publicly available information on the Company, MTY Food Group Inc. (&#147;<B>MTY</B>&#148;) is pleased to submit this <FONT STYLE="white-space:nowrap">non-binding</FONT> proposal (the &#147;<B>Proposal</B>&#148;) to acquire BBQ
Holdings via a merger, with the ultimate intent of MTY or an affiliate of MTY owning all of the issued and outstanding shares of capital stock of BBQ Holdings (the &#147;<B>Proposed Transaction</B>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We have closely followed the Company&#146;s impressive development over the past few years and the establishment of its network of recognized brands and
restaurants. MTY has a high regard for BBQ Holdings&#146;s operations and M&amp;A track record, and we are committed to further investing in the Company, its employees, and its brands. MTY is highly enthusiastic about the prospects of increasing its
reach within the U.S. We believe that the combination with BBQ Holdings will be highly compelling for both organizations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The information herein outlines
the key elements of our Proposal: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1. Description of MTY </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">MTY, through its designated wholly-owned affiliates, franchises and operates quick-service, fast casual and casual dining restaurants under more than 80
different banners in Canada, the U.S. and Internationally Based in Montreal, QC, and with a US head office in Scottsdale, AZ, MTY is a family whose heart beats to the rhythm of its brands, the very soul of its multi-branded strategy. For over 40
years, it has been increasing its presence by delivering new concepts of restaurants, making acquisitions, and forging strategic alliances, which have allowed it to reach new heights year after year. By combining new trends with operational <FONT
STYLE="white-space:nowrap">know-how,</FONT> the brands forming the MTY Group now touch the lives of millions of people every year. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As at
February&nbsp;28, 2022, MTY had 6,704 locations in operation, of which 6,615 were franchised or under operator agreements and the remaining 89 locations were operated by MTY. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">MTY first established its presence in the U.S. on July&nbsp;25, 2016, via the acquisition of Kahala Brands.
Following the acquisition of Kahala Brands. MTY has continued to grow its presence in the U.S. through acquisitions and opening new locations. MTY subsequently privatized two publicly-traded companies; Imvescor Restaurant Group Inc., with which it
gained expertise in the casual dining space, and Papa Murphy&#146;s Inc. with which it further expanded its US presence. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. stores now account for ~54%
of MTY&#146;s total locations in operation. BBQ Holdings represents an ideal candidate with an attractive portfolio of banners to further increase our presence in the U.S. and continue our transformation into a leading North American platform. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>2. Purchase Price </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Based on our analysis to date, we
would propose a purchase price of US$18.50 per BBQ Holdings share on a fully-diluted basis (including outstanding stock options and restricted shares or units) payable in cash. This implies a premium of 40% based on the closing price of BBQ Holdings
on the Nasdaq Stock Exchange on May&nbsp;10, 2022, and a premium of 30% based on the <FONT STYLE="white-space:nowrap">20-day</FONT> VWAP of the BBQ Holdings shares on the Nasdaq as of May&nbsp;10, 2022. The total equity value, calculated on a fully
diluted basis as set forth below, shall not exceed $210 million: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Outstanding shares: 10,552,000 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Granted, but unvested RSU&#146;s: 542,000 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Total Shares: 11,094,000 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Value at $18.50 = $205,239,000 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Unexercised options outstanding (random strike prices): 360,000 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Intrinsic options value at $18.50 assuming $5.50 avg strike: $4,680,000 </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Estimated Total Equity Value at $18.50 = $209,919,000 </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>3. Financing </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">MTY is publicly traded on the Toronto Stock
Exchange with a current market capitalization of approximately US$1&nbsp;billion. MTY has a highly supportive banking syndicate composed of leading Canadian financial institutions. We have had detailed discussions regarding the availability of debt
financing for the Proposed Transaction with our advisor, National Bank Financial, and anticipate financing the Proposed Transaction through a financing package to be underwritten, in part, by National Bank Financial. The Proposed Transaction would
not be subject to any financing condition. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>4. Due Diligence </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We will need to complete due diligence as is customary for transactions of this nature. This will include financial, operational, accounting, tax,
regulatory/compliance and legal due diligence. We would also plan to meet with BBQ Holdings management and conduct a number of site visits. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We have an
experienced <FONT STYLE="white-space:nowrap">in-house</FONT> team who will lead the majority of the due diligence efforts. Those efforts will be supplemented by external advisors. We have completed 31 acquisitions since 2011 for a total
consideration of approximately US$1.0&nbsp;billion. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>5. Approvals </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Proposal is being submitted at the direction of Mr.&nbsp;Stanley Ma, Chairman&nbsp;&amp; President of MTY. Mr.&nbsp;Ma founded MTY in 1979 and owns
approximately 16.4% of the outstanding shares of MTY. Any definitive documentation concerning the Proposed Transaction would be subject to the satisfactory completion of our due diligence review and the approval of the MTY board of directors. The
Proposed Transaction would not be subject to a MTY shareholder vote or any other form of approval. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Proposed Transaction would be subject requisite
governmental or regulatory approvals and consents including, without limitation, under the Hart-Scott Rodino Antitrust Improvements Act of 1976. Given our current knowledge, we do not anticipate any issues or undue delays in completing the Proposed
Transaction. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>6. Proposed Timetable </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We anticipate
completing our due diligence in 30 days provided complete and unrestricted access. The negotiation of definitive transaction agreements relating to the Proposed Transaction will commence promptly following execution of this Proposal and shall occur
concurrently with our due diligence work. The definitive agreement will include terms and conditions customary for a transaction of this nature. Executive of such definitive agreements can be completed expeditiously following the satisfactory
completion of our due diligence review, subject to MTY board approval. We expect to be in a position to announce the Proposed Transaction in 45 calendar days following the acceptance of this Proposal. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>7. Exclusivity </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In consideration of the time and
resources that both of us will devote to pursuing the Transaction, upon the execution of this Proposal and during the period ending 45 calendar days following acceptance of this Proposal (&#147;<B>Exclusivity Period</B>&#148;), BBQ Holdings agrees
not, directly or indirectly, through any officer, director, agent, affiliate, advisor, employee or otherwise, (i)&nbsp;solicit, initiate or encourage submission of any proposal or offer from any person, group or entity (other than MTY) relating to
any acquisition of the BBQ Holdings shares or business of, or all or a material portion of the assets of BBQ Holdings, or other similar transaction or business combination involving the business of BBQ Holdings (&#147;<B>Alternative
Transaction</B>&#148;) or (ii)&nbsp;enter into or participate in any discussions or negotiations with any person or group of persons other than MTY regarding an Alternative Transaction, other than to notify such person or group of persons that at
such time the Company is contractually bound to forego any such discussions or negotiations. If, during the Exclusivity Period, BBQ Holdings is approached by another interested buyer regarding an Alternative Transaction through no action of its own,
BBQ Holdings will promptly inform MTY of any such inquiry and the material terms thereof. Furthermore, and for greater certainty, BBQ Holdings shall, upon execution of this Proposal, cease any existing negotiations or discussions relating to an
Alternative Transaction. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>8. Confidentiality </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Without the prior written consent of MTY, BBQ Holdings, its directors, officers and employees as well as its advisors will not disclose the existence of this
Proposal or any of its contents or the existence, status or contents of any discussions or negotiations that may occur between MTY and BBQ Holdings and/or their respective advisors to anyone other than the directors and officers of BBQ Holdings and
its financial and legal advisors who need to know for the purposes of the Proposed Transaction. Any disclosure made in contravention of the preceding sentence will result in the immediate withdrawal of the Proposal, without the need for any further
act or action of any nature from MTY. Upon execution of this Proposal, and prior to commencement of further due diligence by MTY, BBQ Holdings and MTY shall enter into a confidentiality agreement customary for this type of transaction, which
confidentiality agreement shall supersede this paragraph 8 upon execution thereof. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>9. Contacts and Advisors </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We have engaged National Bank Financial as our financial advisor. The following people will be responsible for discussing or clarifying the Proposed
Transaction: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Elaine Barsalou</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Managing Director, Investment
Banking</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1155 Metcalfe Street, 23rd Floor</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Montreal, QC, H3B
4S9</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">T: 514.831.4670</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><U>elaine.barsalou@bnc.ca</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Fran&ccedil;ois Sztuke</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Managing Director,
Mergers and Acquisitions</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">130 King St. West. 32nd Floor</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Toronto, Ontario. M5X 1J9</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">T: 416.710.6731</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><U>francois.sztukerainbc.ca</U></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All communications, inquiries or requests for further information should be directed to the individuals listed above. No MTY
affiliate, officer or employee shall be contacted directly or indirectly under any circumstances in relation to this Proposed Transaction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">MTY has a
sincere interest in BBQ Holdings and greatly appreciates the opportunity to pursue the Proposed Transaction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We look forward to your prompt and positive
response to our Proposal by no later than Wednesday, June&nbsp;1, 2022 and look forward to concluding a successful transaction. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">Yours very truly,</TD></TR>
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<TD HEIGHT="16"></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman"><I>/s/ Eric Lefebvre</I></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Eric Lefebvre</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Chief Executive Officer, MTY Food
Group Inc.</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The undersigned agrees with and accepts the terms of this Proposal as of the <U>25</U> day of May 2022. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">BBQ HOLDINGS, INC.</TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman"><I>/s/ Jeffery Crivello</I></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Jeffery Crivello</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Chief Executive
Officer</P></TD></TR>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit (e)(5) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>STRICTLY PRIVATE AND CONFIDENTIAL </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>VIA EMAIL
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">July&nbsp;7, 2022 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BBQ Holdings, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">12701 Whitewater Drive, Suite 100 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Minnetonka, MN 55343 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Attention: Jeffery Crivello, Chief Executive Officer </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Re: Acquisition of BBQ Holdings, Inc. (&#147;BBQ Holdings&#148; or the &#147;Company&#148;) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Jeff: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We would like to thank you and your team for your
collaboration over the course of the past several weeks. Over the past month, the BBQ Holdings team has been very responsive and helpful with respect to our due diligence workstream. The manner in which your team operates is a testament to the
quality and culture of your Company and has further reinforced our desire to move forward with this opportunity. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Further to our <FONT
STYLE="white-space:nowrap">non-binding</FONT> proposal dated May&nbsp;26, 2022 (attached in appendix hereto) and the work conducted to date, we are pleased to provide this Revised LOI (the <B>&#147;Revised LOI</B>&#148;) in connection with the
acquisition by MTY Food Group Inc. (&#147;<B>MTY</B>&#148;)<B> </B>of the Company via a merger, with the ultimate intent of MTY or an affiliate of MTY owning all of the issued and outstanding shares of capital stock of BBQ Holdings (the
&#147;<B>Proposed Transaction</B>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The information herein outlines the key elements of our Revised LOI: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Purchase Price </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We are proposing a purchase price of US$17.25 per BBQ Holdings share on a fully-diluted basis (including outstanding stock options and restricted shares or
units) payable in cash. This implies a premium of 65% based on the closing price of BBQ Holdings on the Nasdaq Stock Exchange on July&nbsp;6, 2022, and a premium of 56% based on the <FONT STYLE="white-space:nowrap">20-day</FONT> VWAP of the BBQ
Holdings shares on the Nasdaq as of July&nbsp;6, 2022. The total equity value, calculated on a fully diluted basis as set forth below, shall not exceed $194 million: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Total Outstanding Shares (including granted, but unvested RSUs): 11,017,725 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Value at $17.25 = $190,055,756 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Unexercised options outstanding: 331,506 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Intrinsic options value at a $7.12 avg. strike: $3,358,156 </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Estimated Total Equity Value at $17.25 = $193,413,912 </B></P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Financing </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As per the <FONT STYLE="white-space:nowrap">non-binding</FONT> proposal executed on May&nbsp;26, 2022. MTY has a highly supportive banking syndicate, and we
intend to finance the Proposed Transaction with debt. The Proposed Transaction would not be subject to any financing conditions. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>3.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Due Diligence </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The majority of our due diligence work has been completed to our satisfaction and the remaining elements are more confirmatory in nature. We have reviewed the
contents uploaded to the virtual data room, analyzed the Company&#146;s internal and publicly available financial statements, conducted numerous site visits to several different restaurant banners and, more recently, had the chance to meet with the
entire BBQ Holdings leadership team for a management presentation. Our confirmatory due diligence will consist of reviewing the June monthly financial results (upon receipt) and completing our tax and legal due diligence. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>4.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Approvals </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Revised LOI is being submitted following discussions with MTY&#146;s Chairman&nbsp;&amp; President, Mr.&nbsp;Stanley Ma, and the board of directors. The
Proposed Transaction would not be subject to a MTY shareholder vote or any other form of approval. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As mentioned in our
<FONT STYLE="white-space:nowrap">non-binding</FONT> proposal executed on May&nbsp;26, 2022, the Proposed Transaction would be subject requisite governmental or regulatory approvals and consents including, without limitation, under the Hart-Scott
Rodino Antitrust Improvements Act of 1976. Given our current knowledge, we do not anticipate any issues or undue delays in completing the Proposed Transaction. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>5.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Proposed Timetable </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We anticipate completing our confirmatory due diligence in parallel of the definitive agreement negotiations. We understand that you will hire Kroll Inc. to
provide a fairness opinion and are supportive of the initiative. We expect to be in a position to announce the Proposed Transaction during the week of August 1<SUP STYLE="font-size:75%; vertical-align:top">st</SUP>, 2022 or earlier. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>6.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Exclusivity </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Upon execution of this Revised LOI, we propose that BBQ Holdings agree to extend the exclusivity period for an additional 30 calendar days
(&#147;<B>Exclusivity Period</B>&#148;). During the Exclusivity Period, BBQ Holdings agrees not, directly or indirectly, through any officer, director, agent, affiliate, advisor, employee or otherwise, (i)&nbsp;solicit, initiate or encourage
submission of any proposal or offer from any person, group or entity (other than MTY) relating to any acquisition of the BBQ Holdings shares or business of, or all or a material portion of the assets of BBQ Holdings, or other similar transaction or
business combination involving the business of BBQ Holdings (&#147;<B>Alternative Transaction</B>&#148;) or (ii)&nbsp;enter into or participate in any discussions or negotiations with any person or group of persons other than MTY regarding an
Alternative Transaction, other than to notify such person or group of persons that at such time the Company is contractually bound to forego any such discussions or negotiations. If, during the Exclusivity Period, BBQ Holdings is approached by
</P>
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another interested buyer regarding an Alternative Transaction through no action of its own, BBQ Holdings will promptly inform MTY of any such inquiry and the material terms thereof. Furthermore,
and for greater certainty, BBQ Holdings shall, upon execution of this Proposal, cease any existing negotiations or discussions relating to an Alternative Transaction. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>7.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Confidentiality </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As per the <FONT STYLE="white-space:nowrap">non-binding</FONT> proposal executed on May&nbsp;26, 2022. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We would like to reiterate our enthusiasm about the prospect of combining with BBQ Holdings and that our due diligence has only confirmed our interest in the
Proposed Transaction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yours very truly, </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman"><I>/s/ Eric Lefebvre</I></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Eric Lefebvre</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Chief Executive Officer, MTY Food
Group Inc.</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The undersigned agrees with and accepts the terms of this Revised LOI as of the ____ day of July 2022. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">BBQ HOLDINGS, INC.</TD></TR>
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<TD HEIGHT="16"></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman"><I>/s/ Jeffery Crivello</I></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Jeffery Crivello</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Chief Executive
Officer</P></TD></TR>
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<TYPE>EX-99.(E)(11)
<SEQUENCE>6
<FILENAME>d390191dex99e11.htm
<DESCRIPTION>EX-99.(E)(11)
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<TITLE>EX-99.(e)(11)</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit (e)(11) </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INDEMNIFICATION AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">THIS INDEMNIFICATION AGREEMENT (the &#147;<B><I>Agreement</I></B>&#148;) is made and entered into as of ____________, _______ between BBQ
Holdings, Inc., a Minnesota corporation (the &#147;<B><I>Company</I></B>&#148;), and ____________ (&#147;<B><I>Indemnitee</I></B>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">WITNESSETH
THAT: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, highly competent persons have become more reluctant to serve corporations as directors or officers or in other capacities
unless they are provided with adequate protection through insurance or adequate indemnification against inordinate risks of claims and actions against them arising out of their service to and activities on behalf of the corporation; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Board of Directors of the Company (the &#147;<B><I>Board</I></B>&#148;) has determined that, in order to attract and retain
qualified individuals, the Company will attempt to maintain on an ongoing basis, at its sole expense, liability insurance to protect persons serving the Company and its subsidiaries from certain liabilities. Although the furnishing of such insurance
has been a customary and widespread practice among United States-based corporations and other business enterprises, the Company believes that, given current market conditions and trends, such insurance may be available to it in the future only at
higher premiums and with more exclusions. At the same time, directors, officers, and other persons in service to corporations or business enterprises are being increasingly subjected to expensive and time-consuming litigation relating to, among
other things, matters that traditionally would have been brought only against the Company or business enterprise itself. The Bylaws require indemnification of the officers and directors of the Company to the fullest extent permitted by the laws of
the State of Minnesota<I>. </I>Indemnitee may also be entitled to indemnification pursuant to the Business Corporation Act of the State of Minnesota (&#147;<B><I>MBCA</I></B>&#148;); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the uncertainties relating to such insurance and to indemnification have increased the difficulty of attracting and retaining such
persons; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Board has determined that the increased difficulty in attracting and retaining such persons is detrimental to the
best interests of the Company&#146;s stockholders and that the Company should act to assure such persons that there will be increased certainty of such protection in the future; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, it is reasonable, prudent and necessary for the Company contractually to obligate itself to indemnify, and to advance expenses on
behalf of, such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free from undue concern that they will not be so indemnified; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, this Agreement is a supplement to and in furtherance of the Bylaws of the Company and any resolutions adopted pursuant thereto, and
shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, Indemnitee does not
regard the protection available under the Company&#146;s Bylaws and insurance as adequate in the present circumstances, and may not be willing to serve as an officer or director without adequate protection, and the Company desires Indemnitee to
serve in such capacity. Indemnitee is willing to serve, continue to serve and to take on additional service for or on behalf of the Company on the condition that Indemnitee be so indemnified; and </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, to the extent Indemnitee has certain rights to indemnification and/or insurance
provided by any Original Stockholder Indemnitors as defined in <U>Section</U><U></U><U>&nbsp;13</U> of this Agreement, such rights are intended to be secondary by such Indemnitee and Original Stockholder Indemnitors to the primary obligation of the
Company to indemnify Indemnitee as provided herein, and the Company acknowledges and agrees to the foregoing as a material condition to Indemnitee&#146;s willingness to serve on the Board. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, in consideration of Indemnitee&#146;s agreement to serve as an officer and/or director from and after the date hereof, the
parties hereto agree as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1.</B> <B><U>Indemnity of Indemnitee</U></B>. Capitalized terms shall have the respective meanings
defined herein, including <U>Section</U><U></U><U>&nbsp;13</U> hereof. The Company hereby agrees to hold harmless and indemnify Indemnitee to the fullest extent permitted by law, as such may be amended from time to time. In furtherance of the
foregoing indemnification, and without limiting the generality thereof: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) <U>Indemnification Mandator</U>y. Indemnitee shall be
entitled to the rights of indemnification provided in this <U>Section</U><U></U><U>&nbsp;1(a)</U> if, by reason of his Corporate Status, the Indemnitee is, or is threatened to be made, a party to any Proceeding if, with respect to the acts or
omissions of Indemnitee complained of in the Proceeding, Indemnitee (1)&nbsp;has not been indemnified by another organization or employee benefit plan for the Liabilities and Expenses incurred by Indemnitee in connection with such Proceeding with
respect to the same acts or omissions; provided that no part of this clause shall abrogate the obligations of the Company, the rights of Indemnitee or the rights of any Original Stockholder Indemnitor under <U>Section</U><U></U><U>&nbsp;8(e)</U>
hereof; (2)&nbsp;acted in good faith; (3)&nbsp;received no improper personal benefit and Section&nbsp;302A.255 of the MBCA, if applicable, has been satisfied; (4)&nbsp;in the case of a criminal Proceeding, had no reasonable cause to believe
Indemnitee&#146;s conduct was unlawful; and (5)&nbsp;in the case of acts or omissions occurring in the Corporate Status described in clause (1)&nbsp;or (2) of such definition, reasonably believed that the conduct was in the best interests of the
Company, or in the case of acts or omissions occurring in the Corporate Status described in clause (3)&nbsp;of such definition, reasonably believed that the conduct was not opposed to the best interests of the Company, which such conduct shall not
considered to be opposed to the best interests of the Company if Indemnitee reasonably believed that the conduct was in the best interests of the participants or beneficiaries of the employee benefit plan. Pursuant to this
<U>Section</U><U></U><U>&nbsp;1(a)</U>, Indemnitee shall be indemnified against all Expenses (as hereinafter defined) and Liabilities in connection with such Proceeding or any claim, issue or matter therein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <U>Indemnification for Expenses of a Party Who is Wholly or Partly Successful</U>. Notwithstanding any other provision of this Agreement,
to the extent that Indemnitee is, by reason of his Corporate Status, a party to and is successful, on the merits or otherwise, in any Proceeding, he shall be indemnified to the maximum extent permitted by law, as such may be amended from time to
time, against all Expenses actually and reasonably incurred by him or on his behalf in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all
claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee to the maximum extent permitted by law, as such may be amended from time to time, against all Expenses actually and reasonably incurred by him or on his behalf in
connection with each successfully resolved claim, issue or matter. For purposes of this Section and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be
a successful result as to such claim, issue or matter. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>2.</B> <B><U>Indemnit</U></B><B>y</B>. In addition to, and without regard to any
limitations on, the indemnification provided for in <U>Section</U><U></U><U>&nbsp;1</U> of this Agreement, the Company shall and hereby does indemnify and hold harmless Indemnitee against all Expenses and Liabilities if, by reason of his Corporate
Status, he is, or is threatened to be made, a party to or participant in any Proceeding (including a Proceeding by or in the right of the Company), including, without limitation, all liability arising out of the negligence or active or passive
wrongdoing of Indemnitee. The only limitation that shall exist upon the Company&#146;s obligations pursuant to this Agreement shall be that the Company shall not be obligated to make any payment to Indemnitee that is finally determined (under the
procedures, and subject to the presumptions, set forth in <U>Sections 6</U> and <U>7</U> hereof) to be unlawful. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>3.</B>
<B><U>Contribution</U></B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Whether or not the indemnification provided in <U>Sections 1</U> and <U>2</U> hereof is available, in
respect of any threatened, pending or completed action, suit or proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding), the Company shall pay, in the first instance, the entire
amount of any judgment or settlement of such action, suit or proceeding without requiring Indemnitee to contribute to such payment and the Company hereby waives and relinquishes any right of contribution it may have against Indemnitee. The Company
shall not enter into any settlement of any action, suit or proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding) unless such settlement provides for a full and final release of
all claims asserted against Indemnitee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Without diminishing or impairing the obligations of the Company set forth in the preceding
subparagraph, if, for any reason, Indemnitee shall elect or be required to pay all or any portion of any judgment or settlement in any threatened, pending or completed action, suit or proceeding in which the Company is jointly liable with Indemnitee
(or would be if joined in such action, suit or proceeding), the Company shall contribute to the amount of Expenses and Liabilities paid or payable by Indemnitee in proportion to the relative benefits received by the Company and all officers,
directors or employees of the Company, other than Indemnitee, who are jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding), on the one hand, and Indemnitee, on the other hand, from the transaction or events from
which such action, suit or proceeding arose; provided, however, that the proportion determined on the basis of relative benefit may, to the extent necessary to conform to law, be further adjusted by reference to the relative fault of the Company and
all officers, directors or employees of the Company other than Indemnitee who are jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding), on the one hand, and Indemnitee, on the other hand, in connection with the
transaction or events that resulted in such Expenses or Liabilities, as well as any other equitable considerations which applicable law may require to be considered. The relative fault of the Company and all officers, directors or employees of the
Company, other than Indemnitee, who are jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding), on the one hand, and Indemnitee, on the other hand, shall be determined by reference to, among other things, the
degree to which their actions were motivated by intent to gain personal profit or advantage, the degree to which their liability is primary or secondary and the degree to which their conduct is active or passive. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) The Company hereby agrees to fully indemnify and hold Indemnitee harmless from any claims of contribution which may be brought by
officers, directors or employees of the Company, other than Indemnitee, who may be jointly liable with Indemnitee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) To the fullest
extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by
Indemnitee, whether for Liabilities and/or for Expenses, in connection with any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances of such
Proceeding in order to reflect (i)&nbsp;the relative benefits received by the Company and Indemnitee as a result of the event(s) and/or transaction(s) giving cause to such Proceeding; and/or (ii)&nbsp;the relative fault of the Company (and its
directors, officers, employees and agents) and Indemnitee in connection with such event(s) and/or transaction(s). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>4.</B> <B><U>Indemnification for Expenses of a Witness</U></B>. Notwithstanding any other
provision of this Agreement, to the extent that Indemnitee is, by reason of his Corporate Status, a witness, is made (or asked) to respond to discovery requests, or is subpoenaed in any Proceeding to which Indemnitee is not a party nor threatened to
be made a party, he shall be indemnified against all Expenses actually and reasonably incurred by him or on his behalf in connection therewith. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>5.</B> <B><U>Advancement</U></B><B><U> </U></B><B><U>of</U></B><B><U> </U></B><B><U>Expenses</U></B>. Notwithstanding any other provision
of this Agreement, if Indemnitee is made or threatened to be made a party to a Proceeding, Indemnitee shall be entitled, upon written request to the Company, to payment or reimbursement by the Company of Expenses incurred by Indemnitee in advance of
the final disposition of the Proceeding provided that (i)&nbsp;the Company must receive a written affirmation by Indemnitee of a good faith belief that the criteria for indemnification have been satisfied and a written undertaking by Indemnitee to
repay any Expenses advanced or reimbursed if it shall ultimately be determined that the criteria for indemnification have not been satisfied and (ii)&nbsp;after a determination that the facts then known to those making the determination regarding
entitlement to payment or reimbursement in accordance with <U>Section</U><U></U><U>&nbsp;6</U> would not preclude indemnification of Indemnitee relating to such Proceeding. Any advances and undertakings to repay pursuant to this
<U>Section</U><U></U><U>&nbsp;5</U> shall be unsecured, interest free and shall be accepted without reference to financial ability to make the repayment. Following a determination in accordance with this <U>Section</U><U></U><U>&nbsp;5</U> and
<U>Section</U><U></U><U>&nbsp;6</U> that Indemnitee is entitled to payment or reimbursement of Expenses, the Company shall pay such Expenses within thirty (30)&nbsp;days after receipt by the Company of a statement or statements from Indemnitee
requesting such payments or reimbursements from time to time, whether prior to or after final disposition of the Proceeding, which statement or statements shall reasonably evidence the Expenses incurred by Indemnitee. No objections based on or
involving the question whether such charges meet the definition of Expenses, including any question regarding the reasonableness of such Expenses, shall be grounds for failure to advance to Indemnitee, or to reimburse Indemnitee for, the amount
claimed within such <FONT STYLE="white-space:nowrap">30-day</FONT> period, and the undertaking above to repay any such amount to the extent it is ultimately determined that Indemnitee is not entitled to indemnification shall be deemed to include an
undertaking to repay any such amounts determined not to have met such definition. Any determination with respect to Indemnitee&#146;s entitlement to payment or reimbursement of Expenses in advance of the final disposition of a Proceeding shall be
made in accordance with the procedures provided in <U>Section</U><U></U><U>&nbsp;6</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>6.</B> <B><U>Procedures</U></B><B><U>
</U></B><B><U>and</U></B><B><U> </U></B><B><U>Presumptions</U></B><B><U> </U></B><B><U>for</U></B><B><U> </U></B><B><U>Determination</U></B><B><U> </U></B><B><U>of</U></B><B><U> </U></B><B><U>Entitlement</U></B><B><U> </U></B><B><U>to</U></B><B><U>
</U></B><B><U>Indemnification</U></B><B><U> </U></B><B><U>or</U></B><B><U> </U></B><B><U>Payment</U></B><B><U> </U></B><B><U>or</U></B><B><U> </U></B><B><U>Reimbursement</U></B><B><U> </U></B><B><U>of Expenses</U></B>. It is the intent of this
Agreement to secure for Indemnitee rights of indemnity that are as favorable as may be permitted under the MBCA and public policy of the State of Minnesota. Accordingly, the parties agree that the following procedures and presumptions shall apply in
the event of any question as to whether Indemnitee is entitled to indemnification or advancement or reimbursement of Expenses under this Agreement: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request, including therein or therewith
such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification. The Secretary of the Company shall, promptly upon receipt of
such a request for indemnification, advise the Board in writing that Indemnitee has requested indemnification. Notwithstanding the foregoing, any failure of Indemnitee to provide such a request to the Company, or to provide such a request in a
timely fashion, shall not relieve the Company of any liability that it may have to Indemnitee unless, and to the extent that, such failure actually and materially prejudices the interests of the Company. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Upon written request by Indemnitee for indemnification pursuant to the first sentence of
<U>Section</U><U></U><U>&nbsp;6(a)</U> hereof, a determination with respect to Indemnitee&#146;s entitlement thereto or a determination with respect to Indemnitee&#146;s entitlement to payment or reimbursement of Expenses in advance of the final
disposition of a Proceeding as provided in <U>Section</U><U></U><U>&nbsp;5</U> shall be made shall be made (1)&nbsp;by the Board by a majority of a quorum, if the directors who are at the time parties to the Proceeding are not counted for
determining either a majority or the presence of a quorum; (2)&nbsp;if a quorum under clause (1)&nbsp;cannot be obtained, by a majority of a committee of the Board, consisting solely of two or more directors not at the time parties to the
Proceeding, duly designated to act in the matter by a majority of the full Board including directors who are parties; (3)&nbsp;if a determination is not made under clause (1)&nbsp;or (2), by Independent Counsel, selected either by a majority of the
Board or a committee by vote pursuant to clause (1)&nbsp;or (2) or, if the requisite quorum of the full Board cannot be obtained and the committee cannot be established, by a majority of the full Board including directors who are parties;
(4)&nbsp;if a determination is not made under clauses (1)&nbsp;to (3), by the affirmative vote of the stockholders as required under the MBCA, but the shares held by parties to the Proceeding must not be counted in determining the presence of a
quorum and are not considered to be present and entitled to vote on the determination; or (5)&nbsp;if an adverse determination is made in accordance with this <U>Section</U><U></U><U>&nbsp;6(a)</U> or if no determination is made under this
<U>Section</U><U></U><U>&nbsp;6(b)</U> within 60 days after (i)&nbsp;the later to occur of the termination of a Proceeding or a written request for indemnification to the Company or (ii)&nbsp;a written request for an advance of expenses, as the case
may be, by a court in the State of Minnesota, which may be the same court in which the Proceeding involving Indemnitee&#146;s liability took place, upon application of Indemnitee and any notice the court requires; provided that if Indemnitee is not,
and was not at the time of the acts or omissions complained of in the Proceeding, a director, officer, or person possessing, directly or indirectly, the power to direct or cause the direction of the management or policies of the Company, the
determination whether indemnification of Indemnitee is required may be made by an annually appointed committee of the Board, having at least one member who is a director. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) If the determination of entitlement to indemnification or payment or reimbursement of Expenses is to be made by Independent Counsel
pursuant to <U>Section</U><U></U><U>&nbsp;6(a)</U> hereof, the Independent Counsel shall be selected as provided in this <U>Section</U><U></U><U>&nbsp;6(b)</U>. The Independent Counsel shall be selected by the Board. Indemnitee may, within 10 days
after such written notice of selection shall have been given, deliver to the Company a written objection to such selection; provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected does not
meet the requirements of &#147;<B><I>Independent Counsel</I></B>&#148; as defined in <U>Section</U><U></U><U>&nbsp;13</U> of this Agreement, and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper
and timely objection, the person so selected shall act as Independent Counsel. If a written objection is made and substantiated, the Independent Counsel selected may not serve as Independent Counsel unless and until such objection is withdrawn or a
court has determined that such objection is without merit. The Company shall pay any and all reasonable fees and expenses of Independent Counsel incurred by such Independent Counsel in connection with acting pursuant to
<U>Section</U><U></U><U>&nbsp;6(a) </U>hereof, and the Company shall pay all reasonable fees and expenses incident to the procedures of this <U>Section</U><U></U><U>&nbsp;6(b)</U>, regardless of the manner in which such Independent Counsel was
selected or appointed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) Indemnitee shall have the burden of establishing that Indemnitee is entitled to indemnification. Neither the
failure of the Company (including by its directors or independent legal counsel) to have made a determination prior to the commencement of any action pursuant to this Agreement that indemnification is proper in the circumstances because Indemnitee
has met the applicable standard of conduct, nor an actual determination by the Company (including by its directors or independent legal counsel) that Indemnitee has not met such applicable standard of conduct, shall be a defense to the action or
create a presumption that Indemnitee has not met the applicable standard of conduct. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) Indemnitee shall be deemed to have acted in good faith if Indemnitee&#146;s action is
based on the records or books of account of the Enterprise (as hereinafter defined), including financial statements, or on information supplied to Indemnitee by the officers of the Enterprise in the course of their duties, or on the advice of legal
counsel for the Enterprise or on information or records given or reports made to the Enterprise by an independent certified public accountant or by an appraiser or other expert selected with reasonable care by the Enterprise. In addition, the
knowledge and/or actions, or failure to act, of any director, officer, agent or employee of the Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) Indemnitee shall cooperate with the person, persons or entity making such determination with respect to Indemnitee&#146;s entitlement to
indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee
and reasonably necessary to such determination. Any Independent Counsel, member of the Board or stockholder of the Company shall act reasonably and in good faith in making a determination regarding the Indemnitee&#146;s entitlement to
indemnification under this Agreement. Any costs or expenses (including attorneys&#146; fees and disbursements) incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company
(irrespective of the determination as to Indemnitee&#146;s entitlement to indemnification) and the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) The Company acknowledges that a settlement or other disposition short of final judgment may be successful if it permits a party to avoid
expense, delay, distraction, disruption and uncertainty. In the event that any action, claim or proceeding to which Indemnitee is a party is resolved in any manner other than by adverse judgment against Indemnitee (including, without limitation,
settlement of such action, claim or proceeding with or without payment of money or other consideration) it shall be presumed that Indemnitee has been successful on the merits or otherwise in such action, suit or proceeding. Anyone seeking to
overcome this presumption shall have the burden of proof and the burden of persuasion by clear and convincing evidence. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(h) The
termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself
adversely affect the right of Indemnitee to indemnification, create a presumption that or establish that Indemnitee did not meet the criteria for indemnification. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>7.</B> <B><U>Remedies</U></B><B><U> </U></B><B><U>of</U></B><B><U> </U></B><B><U>Indemnitee</U></B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) In addition to the right of Indemnitee to seek a court determination of Indemnitee&#146;s entitlement to indemnification and payment or
reimbursement of Expenses as provided in <U>Section</U><U></U><U>&nbsp;6,</U> in the event that (i)&nbsp;advancement of Expenses is not timely made pursuant to <U>Section</U><U></U><U>&nbsp;5</U> of this Agreement or (ii)&nbsp;payment of
indemnification is not made within ten (10)&nbsp;days after a determination has been made that Indemnitee is entitled to indemnification or such determination is deemed to have been made pursuant to <U>Section</U><U></U><U>&nbsp;6</U> of this
Agreement, Indemnitee shall be entitled to an adjudication in an appropriate court of the State of Minnesota, or in any other court of competent jurisdiction, of Indemnitee&#146;s entitlement to such advancement of Expenses or indemnification, as
the case may be. Indemnitee shall commence such proceeding seeking an adjudication within 180 days following the date on which Indemnitee first has the right to commence such proceeding pursuant to this <U>Section</U><U></U><U>&nbsp;7</U> or
<U>Section</U><U></U><U>&nbsp;6</U>. The Company shall not oppose Indemnitee&#146;s right to seek any such adjudication. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) In the event that a determination shall have been made pursuant to
<U>Section</U><U></U><U>&nbsp;6(b)</U> of this Agreement that Indemnitee is not entitled to indemnification or payment or reimbursement of Expenses, any judicial proceeding commenced pursuant to this <U>Section</U><U></U><U>&nbsp;7</U> shall be
conducted in all respects as a de novo trial on the merits, and Indemnitee shall not be prejudiced by reason of the adverse determination under <U>Section</U><U></U><U>&nbsp;6(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) If a determination shall have been made pursuant to <U>Section</U><U></U><U>&nbsp;6(b)</U> of this Agreement that Indemnitee is entitled
to indemnification or payment or reimbursement of Expenses, the Company shall be bound by such determination in any judicial proceeding commenced pursuant to this <U>Section</U><U></U><U>&nbsp;7</U>, absent (i)&nbsp;a misstatement by Indemnitee of a
material fact, or an omission of a material fact necessary to make Indemnitee&#146;s misstatement not materially misleading in connection with the application for indemnification, or (ii)&nbsp;a prohibition of such indemnification or such payment or
reimbursement under applicable law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) In the event that Indemnitee, pursuant to this <U>Section</U><U></U><U>&nbsp;7</U>, seeks a
judicial adjudication of his rights under, or to recover damages for breach of, this Agreement, or to recover under any directors&#146; and officers&#146; liability insurance policies maintained by the Company, the Company shall pay on his behalf,
in advance, any and all expenses (of the types described in the definition of Expenses in <U>Section</U><U></U><U>&nbsp;13</U> of this Agreement) actually and reasonably incurred by him in such judicial adjudication, regardless of whether Indemnitee
ultimately is determined to be entitled to such indemnification, advancement of expenses or insurance recovery. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) The Company shall be
precluded from asserting in any judicial proceeding commenced pursuant to this <U>Section</U><U></U><U>&nbsp;7</U> that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court
that the Company is bound by all the provisions of this Agreement. The Company shall indemnify Indemnitee against any and all Expenses and, if requested by Indemnitee, shall (within ten (10)&nbsp;days after receipt by the Company of a written
request therefore) advance, to the extent not prohibited by law, such expenses to Indemnitee, which are incurred by Indemnitee in connection with any action brought by Indemnitee for indemnification or advance of Expenses from the Company under this
Agreement or under any directors&#146; and officers&#146; liability insurance policies maintained by the Company, regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification, advancement of Expenses or insurance
recovery, as the case may be. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) Notwithstanding anything in this Agreement to the contrary, no determination as to entitlement to
indemnification under this Agreement shall be required to be made prior to the final disposition of the Proceeding. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>8.</B> <B><U><FONT
STYLE="white-space:nowrap">Non-Exclusivity;</FONT></U></B><B><U> </U></B><B><U>Survival</U></B><B><U> </U></B><B><U>of</U></B><B><U> </U></B><B><U>Rights;</U></B><B><U> </U></B><B><U>Insurance;</U></B><B><U> </U></B><B><U>Subrogation;</U></B><B><U>
</U></B><B><U>Primacy</U></B><B><U> </U></B><B><U>of</U></B><B><U> </U></B><B><U>Indemnification</U></B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) The rights of
indemnification as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under applicable law, the Articles of Incorporation, the Bylaws, any agreement, a vote of stockholders, a
resolution of directors of the Company, or otherwise. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted
</P>
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by such Indemnitee in his Corporate Status prior to such amendment, alteration or repeal. To the extent that a change in the MBCA, whether by statute or judicial decision, permits greater
indemnification than would be afforded currently under the Articles of Incorporation, Bylaws and this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change. No
right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in
equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, employees,
or agents or fiduciaries of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise that such person serves at the request of the Company, Indemnitee shall be covered by such policy or
policies in accordance with its or their terms to the maximum extent of the coverage available for any director, officer, employee, agent or fiduciary under such policy or policies. If, at the time of the receipt of a notice of a claim pursuant to
the terms hereof, the Company has directors&#146; and officers&#146; liability insurance in effect, the Company shall give prompt notice of the commencement of such proceeding to the insurers in accordance with the procedures set forth in the
respective policies. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such proceeding in accordance with the terms of such policies.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) Except as provided in paragraph (e)&nbsp;below, in the event of any payment under this Agreement, the Company shall be subrogated to
the extent of such payment to all of the rights of recovery of Indemnitee who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to
bring suit to enforce such rights. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) Except as provided in paragraph (e)&nbsp;below, the Company shall not be liable under this
Agreement to make any payment of amounts otherwise indemnifiable hereunder if and to the extent that Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement or otherwise. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) Notwithstanding anything set forth to the contrary in this Agreement including, without limitation, <U>Sections</U><U> 8(c)</U> and
<U>8(d)</U> above, the Company hereby acknowledges and agrees that in the event the Indemnitee has certain rights to indemnification, advancement of expenses and/or insurance provided by the Original Stockholder Indemnitors, (i)&nbsp;the Company is
the indemnitor of first resort (i.e., its obligations to Indemnitee are primary and any obligation of the Original Stockholder Indemnitors to advance Expenses or to provide indemnification for the same Expenses or Losses, as defined in
<U>Section</U><U></U><U>&nbsp;13</U> of this Agreement, incurred by Indemnitee are secondary), (ii) the Company shall be required to advance the full amount of Expenses incurred by Indemnitee and shall be liable for the full amount of all Expenses
and Losses as required by the terms of this Agreement and the Articles of Incorporation or the Bylaws (or any other agreement between the Company and Indemnitee), without regard to any rights such Indemnitee may have against the Original Stockholder
Indemnitors, and (iii)&nbsp;the Company irrevocably waives, relinquishes and releases the Original Stockholder Indemnitors from any and all claims against the Original Stockholder Indemnitors for contribution, subrogation or any other recovery of
any kind in respect thereof. The Company further agrees that no advancement or payment by the Original Stockholder Indemnitors on behalf of Indemnitee with respect to any claim for which Indemnitee has sought indemnification from the Company shall
affect the foregoing and the Original Stockholder Indemnitors shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery of Indemnitee against the Company. The Company and
Indemnitee agree that the Original Stockholder Indemnitors are express third party beneficiaries of the terms of this <U>Section</U><U></U><U>&nbsp;8</U>. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>9.</B> <B><U>Exception to Ri</U></B><B>g</B><B><U>ht of Indemnification</U></B>.
Notwithstanding any provision in this Agreement, the Company shall not be obligated under this Agreement to make any indemnity in connection with any claim made against Indemnitee: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) for which payment has actually been made to or on behalf of Indemnitee under any insurance policy or other indemnity provision, except
with respect to any excess beyond the amount paid under any insurance policy or other indemnity provision, provided, that the foregoing shall not affect the rights of Indemnitee or the Original Stockholder Indemnitors set forth in
<U>Section</U><U></U><U>&nbsp;8(e)</U> above; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) for an accounting of profits made from the purchase and sale (or sale and purchase)
by Indemnitee of securities of the Company within the meaning of Section&nbsp;16(b) of the Securities Exchange Act of 1934, as amended, or similar provisions of state statutory law or common law; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) in connection with any Proceeding (or any part of any Proceeding) initiated by Indemnitee, including any Proceeding (or any part of any
Proceeding) initiated by Indemnitee against the Company or its directors, officers, employees or other indemnitees, unless (i)&nbsp;the Board authorized the Proceeding (or any such part of any Proceeding) prior to its initiation or (ii)&nbsp;the
Company provides the indemnification, in its sole discretion, pursuant to the powers vested in the Company under applicable law; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d)
if a final decision by a court having jurisdiction in the matter shall determine that such indemnification is prohibited by applicable law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>10.</B> <B><U>Duration of A</U></B><B>g</B><B><U>reement</U></B>. All agreements and obligations of the Company contained herein shall
continue for so long as Indemnitee may have any liability or potential liability by virtue of serving as an officer or director of the Company (or is or was serving at the request of the Company as a director, officer, employee or agent of another
corporation, partnership, joint venture, trust or other enterprise) and shall continue thereafter so long as Indemnitee shall be subject to any Proceeding (or any proceeding commenced under <U>Section</U><U></U><U>&nbsp;7</U> hereof) by reason of
his Corporate Status, whether or not he is acting or serving in any such capacity at the time any liability or expense is incurred for which indemnification can be provided under this Agreement. This Agreement shall be binding upon and inure to the
benefit of and be enforceable by the parties hereto and their respective successors (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business or assets of the Company),
assigns, spouses, heirs, executors and personal and legal representatives. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>11.</B> <B><U>Security</U></B>. To the extent requested by
Indemnitee and approved by the Board, the Company may at any time and from time to time provide security to Indemnitee for the Company&#146;s obligations hereunder through an irrevocable bank line of credit, funded trust or other collateral. Any
such security, once provided to Indemnitee, may not be revoked or released without the prior written consent of the Indemnitee. </P>
</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>12.</B> <B><U>Enforcement</U></B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) The Company expressly confirms and agrees that it has entered into this Agreement and assumes the obligations imposed on it hereby in
order to induce Indemnitee to serve as an officer or director of the Company, and the Company acknowledges that Indemnitee is relying upon this Agreement in serving as an officer or director of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all
prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c)
The Company shall not seek from a court, or agree to, a &#147;bar order&#148; which would have the effect of prohibiting or limiting the Indemnitee&#146;s rights to receive advancement of expenses under this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>13.</B> <B><U>Definitions</U></B>. For purposes of this Agreement: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) &#147;<B><I>Controlled Affiliate</I></B>&#148; means any corporation, limited liability company, partnership, joint venture, trust or
other Enterprise, whether or not for profit, that is directly or indirectly controlled by the Company. For purposes of this definition, the term &#147;control&#148; means the possession, directly or indirectly, of the power to direct, or cause the
direction of, the management or policies of an Enterprise, whether through the ownership of voting securities, through other voting rights, by contract or otherwise. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) &#147;<B><I>Corporate Status</I></B>&#148; means (1)&nbsp;with respect to a director, the position of director in a corporation,
(2)&nbsp;with respect to a person other than a director, the elective or appointive office or position held by an officer, member of a committee of the Board, or the employment relationship undertaken by an employee of the Company, and (3)&nbsp;with
respect to a director, officer, or employee of the Company who, while a director, officer, or employee of the corporation, is or was serving at the request of the Company or whose duties in that position involve or involved service as a director,
officer, partner, trustee, governor, manager, employee, or agent of another organization or employee benefit plan, the position of that person as a director, officer, partner, trustee, governor, manager, employee, or agent, as the case may be, of
the other organization or employee benefit plan, and in each case of (1)&nbsp;through (3) includes former or present status. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c)
&#147;<B><I>Enterprise</I></B>&#148; shall mean the Company and any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise that Indemnitee is or was serving at the express written request of the Company as a
director, officer, partner, trustee, member, employee, agent or fiduciary. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) &#147;<B><I>Expenses</I></B>&#148; shall include all
reasonable attorneys&#146; fees, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees and all other disbursements
or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, participating, or being or preparing to be a witness in a Proceeding, or responding to, or objecting to, a
request to provide discovery in any Proceeding. Expenses also shall include Expenses incurred in connection with any appeal resulting from any Proceeding and any federal, state, local or foreign taxes imposed on the Indemnitee as a result of the
actual or deemed receipt of any payments under this Agreement, including without limitation the premium, security for, and other costs relating to any cost bond, supersede as bond, or other appeal bond or its equivalent. Expenses, however, shall not
include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee. </P>
</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) &#147;<B><I>Independent Counsel</I></B>&#148; means a law firm, or a member of a law
firm, that is experienced in matters of corporation law and neither presently is, nor in the preceding five years represented: (i)&nbsp;the Company or a related organization in any capacity (other than as Independent Counsel), or
(ii)&nbsp;represented a director, officer, member of a committee of the Board, or employee, whose indemnification is in issue. Notwithstanding the foregoing, the term &#147;<B><I>Independent Counsel</I></B>&#148; shall not include any person who,
under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee&#146;s rights under this Agreement. The Company agrees to
pay the reasonable fees of the Independent Counsel referred to above and to fully indemnify such counsel against any and all Expenses, claims, liabilities and damages arising out of or relating to this Agreement or its engagement pursuant hereto.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) &#147;<B><I>Liabilities</I></B>&#148; means all judgments, penalties, fines, including, without limitation, excise taxes assessed
against Indemnitee with respect to an employee benefit plan, and settlements incurred by Indemnitee or on his behalf in connection with a Proceeding. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) &#147;<B><I>Losses</I></B>&#148; means any loss, liability, judgments, damages, amounts paid in settlement, fines (including excise taxes
and penalties assessed with respect to employee benefit plans), penalties (whether civil, criminal or otherwise) and all interest, assessments and other charges paid or payable in connection with or in respect of any of the foregoing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(h) &#147;<B><I>Original Stockholder Indemnitors</I></B>&#148; shall mean a stockholder of the Company or affiliate of a stockholder of the
Company of which Indemnitee is director, officer, agent, employee or control person. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) &#147;<B><I>Proceeding</I></B>&#148; includes
any threatened, pending or completed civil, criminal, administrative, arbitration or other alternate dispute resolution mechanism, or investigative proceeding, including any of the foregoing proceedings brought by or in the right of the Company and
including one pending on or before the date of this Agreement, but excluding one initiated by an Indemnitee pursuant to <U>Section</U><U></U><U>&nbsp;7</U> of this Agreement to enforce his rights under this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>14.</B> <B><U>Severability</U></B>. The invalidity or unenforceability of any provision hereof shall in no way affect the validity or
enforceability of any other provision. Further, the invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability of any provision hereof as to the other. Without limiting the generality of the
foregoing, this Agreement is intended to confer upon Indemnitee indemnification rights to the fullest extent permitted by applicable laws. In the event any provision hereof conflicts with any applicable law, such provision shall be deemed modified,
consistent with the aforementioned intent, to the extent necessary to resolve such conflict. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>15.</B> <B><U>Modification and
Waiver</U></B>. No supplement, modification, termination or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall
constitute a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>16.</B> <B><U>Notice By Indemnitee</U></B>. Indemnitee agrees promptly to notify the Company in writing upon being served with or otherwise
receiving any summons, citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or matter which may be subject to indemnification covered hereunder. The failure to so notify the Company shall not relieve
the Company of any obligation which it may have to Indemnitee under this Agreement or otherwise unless and only to the extent that such failure or delay materially prejudices the Company. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>17.</B> <B><U>Notices</U></B>. All notices and other communications given or made
pursuant to this Agreement shall be in writing and shall be deemed effectively given: (a)&nbsp;upon personal delivery to the party to be notified, (b)&nbsp;when sent by confirmed electronic mail or facsimile if sent during normal business hours of
the recipient, and if not so confirmed, then on the next business day, (c)&nbsp;five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d)&nbsp;one (1) day after deposit with a nationally
recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications shall be sent: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a)
To Indemnitee at the address set forth below Indemnitee&#146;s signature hereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) To the Company at: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">BBQ Holdings, Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">12701
Whitewater Drive, Suite 100 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Minnetonka, Minnesota 55343 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Attention: [General Counsel] </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">or to such other
address as may have been furnished to Indemnitee by the Company or to the Company by Indemnitee, as the case may be. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>18.</B>
<B><U>Counterparts</U></B>. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same Agreement. Counterparts may be delivered via facsimile,
electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., <U>www.docusi</U>g<U>n.com</U>) or other transmission method and any counterpart so delivered shall be deemed to have been duly and
validly delivered and be valid and effective for all purposes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>19.</B> <B><U>Headings</U></B>. The headings of the paragraphs of this
Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>20.</B> <B><U>Governin</U></B><B>g</B><B><U> Law and Consent to Jurisdiction</U></B>. This Agreement and the legal relations among the
parties shall be governed by, and construed and enforced in accordance with, the laws of the State of Minnesota, without regard to its conflict of laws rules. The Company and Indemnitee hereby irrevocably and unconditionally (i)&nbsp;agree that any
action or proceeding arising out of or in connection with this Agreement shall be brought only in the state or federal courts of the State of Minnesota (the &#147;<B><I>Minnesota Court</I></B>&#148;), and not in any other state or federal court in
the United States of America or any court in any other country, (ii)&nbsp;consent to submit to the exclusive jurisdiction of the Minnesota Court for purposes of any action or proceeding arising out of or in connection with this Agreement,
(iii)&nbsp;waive any objection to the laying of venue of any such action or proceeding in the Minnesota Court, and (iv)&nbsp;waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the Minnesota Court has
been brought in an improper or inconvenient forum. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>21.</B> <B><U>Mutual Acknowled</U></B><B>g</B><B><U>ment</U></B>. Both the Company and
Indemnitee acknowledge that in certain instances, federal law or public policy may override applicable state law and prohibit the Company from indemnifying its directors and officers under this Agreement or otherwise. For example, the Company and
Indemnitee acknowledge that the SEC has taken the position that indemnification is not permissible for liabilities arising under certain federal securities laws, and federal legislation prohibits indemnification for certain violations of the
Employee Retirement Income Security Act of 1974, or ERISA. Indemnitee understands and acknowledges that the Company has undertaken or may be required in the future to undertake with the SEC to submit the question of indemnification to a court in
certain circumstances for a determination of the Company&#146;s right under public policy to indemnify Indemnitee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[SIGNATURE PAGE TO
FOLLOW] </P>
</DIV></Center>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the parties hereto have executed this Indemnification Agreement on and
as of the day and year first above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>BBQ HOLDINGS, INC.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>INDEMNITEE</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>[Indemnification Agreement Signature Page] </I></P>
</DIV></Center>

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