X0306 4 2014-05-01 0 0001592379 Papa Murphy's Holdings, Inc. FRSH 0001606721 Tipp Jayson C/O PAPA MURPHY'S HOLDINGS, INC. 8000 NE PARKWAY DRIVE, SUITE 350 VANCOUVER WA 98662 0 1 0 0 SVO of Marketing, Strat & Tech Stock Options (right to buy) 11.00 2014-05-01 4 A 0 13290 0 A 2024-05-01 Common Stock 13290 13290 D Stock Options (right to buy) 11.00 2014-05-01 4 A 0 9415 0 A 2024-05-01 Common Stock 9415 9415 D Stock Options (right to buy) 11.00 2014-05-01 4 A 0 5317 0 A 2024-05-01 Common Stock 5317 5317 D Stock Options (right to buy) 11.00 2014-05-01 4 A 0 11853 0 A 2024-05-01 Common Stock 11853 11853 D Stock Options (right to buy) 11.00 2014-05-01 4 A 0 14000 0 A 2024-05-01 Common Stock 14000 14000 D Exercisable on the first trading day, after the expiration of any underwriter lock-up period, upon which the volume-weighted average closing price per share of the Issuer's common stock for the preceding consecutive 90 trading days equals or exceeds $22.00 per share. Exercisable in four equal annual installments beginning on September 14, 2014. Currently exercisable. Exercisable in four equal annual installments beginning on December 19, 2014. Exercisable in four equal annual installments beginning on May 1, 2015. /s/ Daniel R. Smith attorney-in-fact 2014-05-05