REFORMATION INC.

CHANGE IN CONTROL & SEVERANCE POLICY

This Change in Control and Severance Policy (the “Policy”) is designed to provide certain protections to a select group of key employees of LYMI Inc (d/b/a The Reformation), a wholly owned subsidiary of Reformation Inc. (collectively, “Reformation” or the “Company”) or any of its subsidiaries in connection with a Change in Control of the Company or in connection with the involuntary termination of their employment under the circumstances described in this Policy. The Policy is designed to be an “employee welfare benefit plan” (as defined in Section 3(1) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)), and this document is both the formal plan document and the required summary plan description for the Policy.

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REF TOPCO, INC.
2019 STOCK OPTION PLAN

NONQUALIFIED STOCK OPTION AGREEMENT

This Nonqualified Stock Option Agreement (this “Agreement”), is made effective as of [DATE] (the “Date of Grant”), by and between REF Topco, Inc., a Delaware corporation (the “Company”), and [NAME] (the “Participant”).

RECITALS

WHEREAS, the Company has adopted the REF Topco, Inc. 2019 Stock Option Plan (as amended from time to time, the “Plan”), which Plan is incorporated herein by reference and made a part of this Agreement. Capitalized terms used but not otherwise defined herein shall have meanings ascribed to such terms in the Plan; and

WHEREAS, the Committee has determined that it is in the best interests of the Company to grant the Option provided for herein to the Participant pursuant to the Plan and the terms set forth herein.

NOW, THEREFORE, in consideration of the mutual covenants and agreements hereinafter set forth and for other good and valuable consideration, the receipt of which are hereby acknowledged, the parties hereto agree as follows:

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SECURITIES REPURCHASE AGREEMENT

BY AND AMONG

[●]

AND

REFORMATION INC.

Dated as of July [●], 2026.

SECURITIES REPURCHASE AGREEMENT

THIS SECURITIES REPURCHASE AGREEMENT (this “Agreement”) is made and entered into as of July [●], 2026 by and between [●] (“Seller”) and Reformation Inc., a Delaware corporation (the “Company”).

WHEREAS, the Company intends to effect the Initial Public Offering (as defined below) and, in connection with the Initial Public Offering, the Company and Seller propose to enter into a transaction whereby Seller shall sell to the Company, and the Company shall purchase from Seller, the number of shares of the Company’s common stock, par value $0.0001 per share (“Common Stock”), stock options to acquire Common Stock (“Options”) and restricted stock units (“RSUs” and, together with the Common Stock and Options, the “Seller Securities”) set forth in Schedule I hereto.

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Exhibit 10.20

REFORMATION INC

EXECUTIVE INCENTIVE COMPENSATION PLAN

1.             Purposes of the Plan. The Plan is intended to increase stockholder value and the success of the Company by motivating Employees to (i) perform to the best of their abilities and (ii) achieve the Company’s objectives.

2.             Definitions.

(a)            “Actual Award” means as to any Performance Period, the actual award (if any) payable to a Participant for the Performance Period, subject to the Committee’s authority under Section 3(d) to modify the award.

(b)            “Affiliate” means any corporation or other entity (including, but not limited to, partnerships and joint ventures) controlled by the Company.

(c)            “Board” means the Board of Directors of the Company.

(d)            “Bonus Pool” means the pool of funds available for distribution to Participants. Subject to the terms of the Plan, the Committee establishes the Bonus Pool for each Performance Period.

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CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT BECAUSE IT IS BOTH NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL. SUCH INFORMATION HAS BEEN MARKED WITH “[***]” TO INDICATE WHERE OMISSIONS HAVE BEEN MADE.

SINGLE-TENANT LEASE

1.      BASIC TERMS:

This Section 1 contains the Basic Terms of this lease (this “Lease”) between Landlord and Tenant, as each is named below. Other Sections of the Lease referred to in this Section explain and define the Basic Terms and are to be read in conjunction with the Basic Terms.

1.1.            Effective Date of Lease: June 7, 2024.

1.2.            Landlord: 5801 SECOND STREET, LLC, a Delaware limited liability company.

1.3.            Tenant: LYMI Inc., a Delaware corporation.

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JERSEY MIKE’S Holdco, LLC

A Delaware Limited Liability Company

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THIRD AMENDED AND RESTATED

LIMITED LIABILITY COMPANY AGREEMENT

Dated as of [_____], 2026

THE LIMITED LIABILITY COMPANY UNITS EVIDENCED BY THIS THIRD AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933 OR UNDER ANY OTHER APPLICABLE SECURITIES LAWS. SUCH LIMITED LIABILITY COMPANY UNITS MAY NOT BE SOLD, ASSIGNED, PLEDGED OR OTHERWISE DISPOSED OF AT ANY TIME WITHOUT EFFECTIVE REGISTRATION UNDER SUCH ACT AND LAWS OR EXEMPTION THEREFROM, AND COMPLIANCE WITH THE OTHER RESTRICTIONS ON TRANSFERABILITY SET FORTH HEREIN. PURCHASERS OF LIMITED LIABILITY COMPANY UNITS SHOULD BE AWARE THAT THEY WILL BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THEIR INVESTMENT FOR AN INDEFINITE PERIOD OF TIME.

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JERSEY MIKE’S SUBS INC.

2026 OMNIBUS INCENTIVE PLAN

1. Purpose. The purpose of the Jersey Mike’s Subs Inc. 2026 Omnibus Incentive Plan is to provide a means through which the Company and the other members of the Company Group may attract and retain key personnel, and to provide a means whereby directors, officers, employees, consultants, and advisors of the Company and the other members of the Company Group can acquire and maintain an equity interest in the Company, or be paid incentive compensation, including incentive compensation measured by reference to the value of Common Stock, thereby strengthening their commitment to the welfare of the Company Group and aligning their interests with those of the Company’s stockholders.

2. Definitions. The following definitions shall be applicable throughout the Plan.

(a) “Absolute Share Limit” has the meaning given to such term in Section 5(b) of the Plan.

(b) “Adjustment Event” has the meaning given to such term in Section 12(a) of the Plan.

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INDEMNIFICATION AGREEMENT

This Indemnification Agreement is dated as of [________], 2026 (this “Agreement”) and is between Jersey Mike’s Subs Inc., a Delaware corporation (the “Company”), and the undersigned director/officer of the Company (the “Indemnitee”).

Background

The Company believes that, in order to attract and retain highly competent persons to serve as directors or in other capacities, including as officers, it must provide such persons with adequate protection through indemnification against the risks of claims and actions against them arising out of their services to and activities on behalf of the Company.

The Company desires and has requested the Indemnitee to serve, or to continue to serve, as a director and/or officer of the Company and, in order to induce the Indemnitee to serve, or to continue to serve, in such capacity, the Company is willing to grant the Indemnitee the indemnification provided for herein. The Indemnitee is willing to so serve, or to continue to serve, on the basis that such indemnification be provided.

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JERSEY MIKE’S SUBS INC.

2026 EMPLOYEE STOCK PURCHASE PLAN

1. Purpose and Term.

(a) The purpose of the Jersey Mike’s Subs Inc. 2026 Employee Stock Purchase Plan, as it may be amended and/or restated from time to time (the “Plan”), is to give Eligible Employees of Jersey Mike’s Subs Inc., a Delaware corporation (the “Company”), and its Designated Companies an opportunity to purchase shares of Common Stock and to promote its best interests and enhance its long-term performance. The Company intends for each Offering to either (i) qualify as being under an “employee stock purchase plan” under Code Section 423 (each such Offering, a “Section 423 Offering”) or (ii) not comply with the requirements of Code Section 423 (each such Offering, a “Non-Section 423 Offering”). The Plan shall be construed so as to comply with the requirements of Code Section 423 with respect to Section 423 Offerings. Any provisions required to be included in the Plan under Code Section 423 are hereby included as fully as though set forth in the Plan. Any Non-Section 423 Offerings may, but are not required to,

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INCENTIVE UNIT SUBSCRIPTION AGREEMENT

(Class B Units of the Aggregator)

THIS INCENTIVE UNIT SUBSCRIPTION AGREEMENT (this “Agreement”) by and between Jersey Mike’s Management Aggregator LLC, a Delaware limited liability company (the “Aggregator”), Jersey Mike’s HoldCo, LLC, a Delaware limited liability company (“HoldCo”), and the individual (“Executive”) named on the individual’s signature page hereto (the “Signature Page”) is made as of the Closing Date.

WHEREAS, HoldCo is an indirect interest holder of Jersey Mike’s Franchise System’s, LLC (the “Employer”);

WHEREAS, on the terms and subject to the conditions hereof, Executive desires to subscribe for and acquire from the Aggregator, and the Aggregator desires to issue and provide to Executive, Class B Units of the Aggregator (collectively, the “Incentive Units”), in the amount set forth on the Signature Page, as hereinafter set forth;

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July 1, 2026

Matthew Bromberg

Via E-mail

Dear Matthew,

It is a pleasure to offer you the position of member of the board of directors (the “Board”) of Jersey Mike’s Subs Inc., a Delaware corporation (the “Company”).

The Company is pleased to offer you the following:

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JERSEY MIKE’S MANAGEMENT AGGREGATOR LLC

EQUITY INCENTIVE PLAN

Section 1. Purpose. The purpose of this Jersey Mike’s Management Aggregator LLC Equity Incentive Plan (as it may be amended, restated, supplemented or otherwise modified from time to time in accordance with its terms, the “Plan”) is to promote the interests of Jersey Mike’s HoldCo, LLC, a Delaware limited liability company (“HoldCo”), and its Subsidiaries, and their respective Affiliates, by (a) attracting and retaining exceptional officers and other employees and consultants of HoldCo and its Subsidiaries and non-employee directors of HoldCo and its Subsidiaries and Affiliates and (b) enabling such individuals to acquire and maintain an indirect equity interest in HoldCo through their equity interests in the Aggregator (as defined below) and participate in the long-term growth and financial success of HoldCo and its Subsidiaries and Affiliates, thereby aligning their interests with those of HoldCo’s equityholders.

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