EMPLOYMENT AGREEMENT

This EMPLOYMENT AGREEMENT (the “Agreement”), dated April 23, 2025 is by and between Jersey Mike’s Franchise Systems, LLC (the “Company”) and Charlie Morrison (“Executive”).

RECITALS:

WHEREAS, the Company desires to employ Executive, with Executive serving as Chief Executive Officer of the Company, and to enter into this Agreement, which will embody the terms of Executive’s employment; and

WHEREAS, Executive desires to accept such employment, to commence on April 28, 2025 (the “Effective Date”).

NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties, intending to be legally bound, agree as follows:

…

Exhibit 10.8

 

INVESTOR INFORMATION AGREEMENT

This INVESTOR INFORMATION AGREEMENT (this “Agreement”) is dated as of January 16, 2025 and is between Jersey Mike’s HoldCo, LLC, a Delaware limited liability company (together with its successors, “HoldCo”), Jersey Mike’s Franchise Systems, LLC, a Delaware limited liability company and a wholly-owned subsidiary of HoldCo (together with its successors, the “Company”), Blackstone Capital Partners IX L.P., a Delaware limited partnership (together with its alternative investment vehicles, its affiliated co-investing funds and its alternative investment vehicles, “Fund 1”), and Blackstone Private Equity Strategies Fund L.P., a Delaware limited partnership (together with its alternative investment vehicles, its affiliated co-investing funds and its alternative investment vehicles, “Fund 2 “).

BACKGROUND

…

EMPLOYMENT AGREEMENT

This Employment Agreement (“Agreement”) is made by and between Jersey Mike’s Franchise Systems, Inc. (“JMFS”) located at 2251 Landmark Place, Manasquan, New Jersey, and Walter Tombs (“Employee”) of 1.410 Cortland Drive, Manasquan, New Jersey, 08736, for the mutual consideration set forth herein.

1. Title. Employee will serve as JMFS’s Chief Financial Officer, reporting to Peter Cancro, current JMFS Chief Executive Officer, the CEO’s designee or successor (“CEO”).

2. Duties. Employee will be responsible for the day-to-day financial operation of JMFS, with the advice and consent of the CEO, as well as for any other responsibilities as may be assigned by the CEO to Employee from time to time.

…

EMPLOYMENT AGREEMENT

This EMPLOYMENT AGREEMENT (the “Agreement”) is entered into by and between Jersey Mike’s Franchise Systems, Inc. (the “Company”) and Peter Cancro (“Executive”) on November 8, 2024, and shall be effective as of the Effective Date (as defined below).

RECITALS:

WHEREAS, this Agreement (i) is being entered into in connection with the transactions contemplated by that certain Equity Purchase Agreement, dated as of the date hereof (the “Purchase Agreement”) by and among Submarine Buyer LLC, a Delaware limited liability company, (“Purchaser”), the Company, Jersey Shore Construction LLC, a New Jersey limited liability company, Jersey Mike’s Inc., a Delaware corporation (the “Principal Seller”), and, with respect to certain sections therein, Executive, and (ii) shall be effective as of the Closing (as defined in the Purchase Agreement) (the “Effective Date”);

WHEREAS, Executive currently serves as the Chief Executive Officer of the Company; and

…

TRANSITION AGREEMENT AND GENERAL RELEASE

THIS TRANSITION AGREEMENT AND GENERAL RELEASE (this “Agreement”) is made as of the 10th day of December, 2025 (the “Agreement Date”) by and among Walter Tombs, an individual (“Executive”), Jersey Mike’s Franchise Systems, LLC, a Delaware limited liability company (the “Company”), and, solely for purposes of Sections 4 and 5, Jersey Mike’s Management Aggregator LLC, a Delaware limited liability company (“Aggregator”). Reference is hereby made to that certain Employment Agreement entered into between the Company and Executive, dated as of May 13, 2016 (the “Employment Agreement”). In consideration of the payments and benefits described herein to be provided to Executive, the sufficiency of which is acknowledged hereby, Executive and the Company agree as follows:

…

EMPLOYMENT AGREEMENT

This EMPLOYMENT AGREEMENT (this “Agreement”), dated October 21, 2025, is by and between Jersey Mike’s Franchise Systems, LLC (the “Company”) and Scott McLester (“Executive”).

RECITALS:

WHEREAS, the Company desires to employ Executive, with Executive serving as General Counsel of the Company, and to enter into this Agreement, which will embody the terms of Executive’s employment; and WHEREAS, Executive desires to accept such employment to commence on November 15, 2025 (the “Effective Date”).

NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties, intending to be legally bound, agree as follows:

…

AMENDMENT TO EMPLOYMENT AGREEMENT

This amendment (this “Amendment”) to the Agreement (as defined below), is made as of January 15, 2025, by and between Jersey Mike’s Franchise Systems, LLC (formerly known as Jersey Mike’s Franchise Systems, Inc.) (the “Company”) and Peter Cancro (“Executive”). Capitalized terms used herein but not otherwise defined have the meanings as set forth in the Agreement.

WHEREAS, the Company and the Executive entered into an Employment Agreement, dated as of November 8, 2024 (the “Agreement”), and now desire to amend the Agreement as set forth herein;

WHEREAS, pursuant to Section 7(d) of the Agreement, the Agreement may be amended by written instrument signed by the Company and the Executive.

NOW, THEREFORE, the Agreement is hereby amended as follows:

Amendments.

a.

Section 4(d) of the Agreement is hereby amended and restated as follows:

…

Exhibit 10.14

EMPLOYMENT AGREEMENT

This EMPLOYMENT AGREEMENT (this “Agreement”), dated August 23, 2025 is by and between Jersey Mike’s Franchise Systems, LLC (the “Company”) and Betsy Mercado (“Executive”).

RECITALS:

WHEREAS, the Company desires to employ Executive, with Executive serving as Chief People Officer of the Company, and to enter into this Agreement, which will embody the terms of Executive’s employment; and

WHEREAS, Executive desires to accept such employment to commence on September 29, 2025 (the “Effective Date”).

NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties, intending to be legally bound, agree as follows:

…

MASTER FRANCHISE AND OPERATION AGREEMENT

between

JERSEY MIKE’S FRANCHISE SYSTEMS, LLC

and

JM SUBMARINES UK LTD

for

THE UNITED KINGDOM AND THE REPUBLIC OF IRELAND

Effective Date: December 31, 2025

 

CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS BOTH : (I) NOT MATERIAL, AND (II) IS THE TYPE OF INFORMATION THAT THE COMPANY TREATS AS PRIVATE OR CONFIDENTIAL.

 

---

 

TABLE OF CONTENTS

 

 

 

 

Page

 

 

 

 

Preambles, Definitions and Organization of Master Franchisee

1

 

 

 

 

 

1.A.

Preambles

1

 

1.B.

Definitions and References

2

 

1.C.

Organization of Master Franchisee

2

 

1.D.

Brand Manager

2

 

1.E.

Other Management Personnel

2

 

 

 

 

Master Franchise and Operating and Territorial Rights and Obligations

2

 

 

 

 

 

2.A.

Grant of Rights

2

 

2.B.

Granted and Reserved Rights at Non-Traditional Venues

3

 

2.C.

Territorial Rights of Master Franchisee

3

 

2.D.

Reservation of Rights

3

 

2.E.

Potential Development of Jersey Mike’s Restaurants Outside Territory

4

…

Exhibit 10.11

EMPLOYMENT AGREEMENT

This EMPLOYMENT AGREEMENT (this “Agreement”), dated November 10, 2025, is by and between Jersey Mike’s Franchise Systems, LLC (the “Company”) and Michele Allen (“Executive”).

RECITALS:

WHEREAS, the Company desires to employ Executive, with Executive serving as Chief Financial Officer of the Company, and to enter into this Agreement, which will embody the terms of Executive’s employment; and

WHEREAS, Executive desires to accept such employment to commence on December 2, 2025 (the “Effective Date”).

NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties, intending to be legally bound, agree as follows:

…

Exhibit 10.12

EMPLOYMENT AGREEMENT

This EMPLOYMENT AGREEMENT (this “Agreement”), dated July 11, 2025 is by and between Jersey Mike’s Franchise Systems, LLC (the “Company”) and Stacy Peterson (“Executive”).

RECITALS:

WHEREAS, the Company desires to employ Executive, with Executive serving as President and Chief Operating Officer of the Company, and to enter into this Agreement, which will embody the terms of Executive’s employment; and

WHEREAS, Executive desires to accept such employment to commence on September 2, 2025 (the “Effective Date”).

NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties, intending to be legally bound, agree as follows:

…

Exhibit 10.7

 

 

ADMINISTRATIVE SERVICES AGREEMENT

This ADMINISTRATIVE SERVICES AGREEMENT (this “Agreement”) is dated as of January 16, 2025 and is between Jersey Mike’s HoldCo, LLC, a Delaware limited liability company (together with its successors, “HoldCo”), Jersey Mike’s Franchise Systems, LLC, a Delaware limited liability company and a wholly-owned subsidiary of Holdco (together with its successor, the “Company”), Blackstone Management Partners L.L.C., a Delaware limited liability company (“Manager 1”), and Blackstone Private Investments Advisors L.L.C., a Delaware limited liability company (“Manager 2” and, together with Manager 1, the “Managers”), each affiliated with Blackstone Inc. (“Blackstone”).

In consideration of the premises and agreements contained herein and of other good and valuable consideration, the sufficiency of which are hereby acknowledged, the parties agree as follows:

AGREEMENT

SECTION 1. Portfolio Operations Support.

…