Separation Agreement and Release of Claims

Separation from Employment. You acknowledge and agree that your employment with the Company is hereby terminated, effective March 15, 2013 (the “Separation Date”) and that, effective as of the Separation Date, such termination has resulted in your “Separation from Service” for purposes of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”). Between November 7, 2012 and March 15, 2013, you will no longer hold the position of Chief Global Strategy Officer of the Company or be considered an officer of the Company, however, the Company will continue to pay you your salary, paid at your current rate of pay, less appropriate taxes, withholdings and/or deductions, and all benefits as currently provided, subject to any changes applicable to all employees for 2013 and your benefit elections for that year. Effective November 8, 2012, you are no longer Chief Global Strategy Officer, or any other officer, of the Company.

Payment at your current rate of salary for all work you performed for the Company during the last payroll period through the Separation Date; and

A lump sum payment for all hours of vacation time that you accrued but had not used as of the Separation Date as reflected on the Company’s books.

Severance Payment. As severance, beginning as of March 23, 2013, the Company shall provide you with twelve (12) months’ salary, paid at your current rate of pay, less appropriate taxes, withholdings, and/or deductions. Payment shall be made on the Company’s usual payroll schedule, beginning with the first payroll date after the effective date of Exhibit A (which shall be at least eight (8) days after Exhibit A is executed by you and you have not, in the interim, revoked it) and in no event later than 60 days from the Separation Date.

Outplacement. The Company will pay for six (6) months of outplacement services for you following the Separation Date either through Transition Solutions or a firm selected by you, but the cost of which shall not exceed the cost that would have been paid to Transition Solutions for comparable services. If you have not secured alternative employment after the initial six months, the Company will pay for up to an additional six (6) months pursuant to the same terms.

Short Term Incentive. The Company shall pay your short term incentive payment for the 2012 calendar year, funded at 100% of your target for 2012 (which is 75% of your current salary) under the Dunkin’ Brands’ Executive Short-Term Incentive Plan (the “STI Plan”). That payment shall be made no later than March 15, 2013.

Equity. To view a schedule of your holdings as of the Separation Date, you can log on to . Options must be exercised in accordance with the timetable set forth in the Company’s post-termination exercise policy and applicable stock agreements. Pursuant to the terms of the applicable stock agreements, vesting on all stock and stock options shall cease as of the Separation Date, and any unvested shares of restricted stock and unvested stock options shall be forfeited. The Company acknowledges that the stock option grant dated March 9, 2011, in the amount of 240,804 shares (post-split) (the “Option”), shall remain outstanding through the Separation Date and, subject to its terms, you shall be vested in a total of 96,320 shares as of the Separation Date (provided that you have not sold any of the shares which are currently vested or may vest). Unless otherwise set forth in the 2006 Executive Incentive Plan, you will have three (3) months from the Separation Date to exercise the vested shares subject to the Option. Through the Separation Date, you shall be subject to the Company’s general employee insider trading policy and its addendum, but you shall not be subject to its provisions or those of its addendum regarding “Trading Window,” “Pre-Clearance Procedures,” “Black Out Procedures” and “Event-Specific Trading Restrictions.” You acknowledge the Company has provided you with a copy of the policy and its addendum.

Benefits and Miscellaneous. (a) You may be eligible to convert your Company-provided life insurance to an individual plan, at your own cost, in accordance with the terms and conditions of that plan.

Release of Claims to the Company. (a) For and in consideration of the payments and benefits set forth herein, to which you acknowledge you are not otherwise entitled, and for other good and valuable consideration, the sufficiency of which is hereby acknowledged, you, on your own behalf and on behalf of your heirs, executors, administrators, beneficiaries, representatives and assigns, hereby release and forever discharge the Company, its parents, subsidiaries and affiliates, and all of their respective past and present officers, directors, shareholders, officers, employees, employee benefit plans, insurers, agents, representatives, successors and assigns (collectively hereafter the “Releasees”), both individually and in their official capacities, from any and all liability, claims, demands, actions and causes of action of any type which you have had in the past, now have, or might now have, from the beginning of the world up to the date that you execute this Agreement, in any way resulting from, arising out of or connected with your employment, its termination, or pursuant to any federal, state or local statute, common law, employment law, regulation or other requirement (including without limitation Title VII of the Civil Rights Act of 1964, the Family and Medical Leave Act, the Pregnancy Discrimination Act, the Age Discrimination in Employment Act, the Older Workers Benefit Protection Act, the Worker’s Adjustment and Retraining Notification Act, the Fair Credit Reporting Act, the Americans with Disabilities Act, the Rehabilitation Act of 1973, the Occupational Safety and Health Act, the Equal Pay Act, the Employee Retirement Income Security Act of 1974, Sections 1981 through 1988 of Title 42 of the United States Code, the Immigration Reform and Control Act, the Massachusetts Fair Employment Practices Act, G.L. c. 151B, all state fair employment practices acts, each as amended, and any and all claims for wrongful discharge, discrimination, harassment, retaliation, common law claims, actions in tort, defamation, breach of contract, and claims of interest in unvested stock options, for wages or for attorneys’ fees) as well as any claims arising from your Offer Letter, dated September 27, 2010 and the June 20, 2011 Amendment thereto, any Company severance plan, policy or program including the former Amended and Restated Executive Separation Pay Plan.

Release of Known Claims as to You. (a) For the benefits and covenants set forth herein, to which the Company acknowledges it is not otherwise entitled, and for other good and valuable consideration, the sufficiency of which is hereby acknowledged, the Company, for itself and its parents, subsidiaries and affiliates, and all of their respective past and present officers, directors, shareholders, employees, insurers, agents, representatives, successors and assigns (collectively hereafter the “Releasors”), both individually and in their official capacities, hereby release and forever discharge you, on your own behalf and on behalf of your heirs, executors, administrators, beneficiaries, representatives and assigns (“Releasees”) from any and all liability, claims, demands, actions, and causes of action of any type of which the Company has actual knowledge and which the Releasors have had in the past, or now have, from the beginning of the world up to the date that the Company executes this Agreement, in any way resulting from, arising out of or in connection with your employment with the Company.

Notwithstanding the foregoing this Paragraph 8 shall not apply to any claim to enforce the terms of the Agreement, that the Company does not have actual knowledge of as of the date of this Agreement, or that may arise after the Company’s execution of this Agreement.

In return for a second Release of Claims, attached as Exhibit A to this Agreement, that you will execute pursuant to Paragraph 7 of this Agreement, the Company shall execute a second Release of Claims as to you in the form attached as Exhibit B to this Agreement, after the revocation period for Exhibit A has expired, to release you from any known claims as of the Separation Date. The Company acknowledges and agrees, on behalf of its parents, subsidiaries, affiliates, and all of their respective past and present officers, directors, shareholders, insurers, agents, representatives, successors and assigns, in their official capacities, that as of the date of this Agreement they have no known claims against you.

Transfer of Claims. You represent and warrant that you have not assigned, transferred, or purported to assign or transfer, to any person, firm, corporation, association, or entity whatsoever, any claim released pursuant to this Agreement. You further agree to indemnify and hold Company harmless against, without any limitation, any and all rights, claims, warranties, demands, debts, obligations, liabilities, costs, court costs, expenses (including attorney’s fees), causes of action or judgments based on or arising out of any such assignment or transfer.

Restrictive Covenants. Notwithstanding anything in this Agreement to the contrary, you agree that the Non-Compete/Non-Solicitation/Confidentiality agreement between you and the Company dated September 30, 2010, attached hereto as Exhibit C and incorporated herein by reference, shall survive in its entirety and remain in full force and effect.

Confidentiality. (a) Except as required in connection with the Company’s disclosure obligations as a public company, you and the Company agree to keep the terms and conditions and facts and circumstances leading up to this Agreement confidential and shall not disclose them to anyone except immediate family members, attorneys, financial advisers and Company employees on a need to know basis as necessary to effectuate the terms of this Agreement (as the case may be), and only if they agree to keep this information confidential and not disclose it to others, or pursuant to court order, subpoena or as otherwise required by law. Notwithstanding the foregoing, you may disclose paragraphs 3-5 of Exhibit C to prospective employers.

Non-Disparagement. (a) You agree that you will not directly or indirectly disparage, in any way cause disparagement, or encourage others to disparage, the Company, its affiliates, subsidiaries or any of its directors, officers or employees, its products, services, marketing or advertising programs, financial status or business.

Return of Company Property. You represent and warrant that as of the Separation Date, and before the Company is obligated to provide you with any pay or benefits hereunder, you shall return all Confidential Information of the Company (as defined in Exhibit C), materials that incorporate or reference such Confidential Information, and all copies thereof, all Company assets, such as computer(s), PDA(s), telephone(s), vehicles, and credit cards, all documents, materials, records, files and information, in any media, related to the business of the Company, including all copies, and all keys or other property of the Company in your possession or control, EXCEPT that you shall retain at no cost to you the Company technology devices currently assigned to you, including your I Phone, I pad and laptop computer that is currently reserved for you at the Company’s IT department which shall be delivered to you in a mutually agreeable manner.

Cooperation. You agree to cooperate reasonably with the Company in its defense of any investigation, litigation or administrative proceeding, including any charges or claims filed against it by current or former employees, regarding all matters occurring during your employment. The Company shall fully reimburse you for reasonable out of pocket expenses incident to such cooperation provided they are properly documented pursuant to the same Company policies applicable to other executives and officers.

Resignation/Transition Period. While you remain an employee until the Separation Date, this Agreement represents your resignation as an Officer of the Company, from any board or committee memberships and other positions which you hold with the Company, and all of its subsidiaries and affiliates, effective November 8, 2012. You agree to execute and return to the Company any documents it deems necessary to separately confirm your resignation from such positions. During the Transition Period, you will not be required to report to Brand Central, but shall make yourself reasonably available to the Company and its Chief Executive Officer, and spend the requisite time necessary to ensure a smooth transition.

Breach. Your breach of any of the terms set forth in this Agreement shall constitute a material breach of this Agreement and shall relieve the Company of any further obligations hereunder. In addition to any other legal or equitable remedy available to the Company, it shall be entitled to recover any monies paid pursuant to you pursuant to this Agreement.

No Liability or Wrongdoing. The parties hereto agree and acknowledge that this Agreement is intended only to settle all matters between the parties and nothing contained in this Agreement, nor any of its terms and provisions, nor any of the negotiations or proceedings connected with it, constitutes, will be construed to constitute, will be offered in evidence as or deemed to be evidence of an admission of liability or wrongdoing by any of the Releasees, and any such liability or wrongdoing is hereby expressly denied by each of the Releasees.

Method of Payment. All payments contemplated hereunder will be made by the Company using such payment method as it may determine in its discretion, including without limitation direct deposit into your bank account, unless you specifically advise the Company in writing otherwise. Unless you advise the Company of any changes to your banking information, any payments made by direct deposit will be made into such bank account as is currently on file with the Company’s payroll department.

Accord and Satisfaction. By executing this Agreement, you acknowledge and agree that you are not entitled to any further wages, compensation, stock, commissions, bonuses, severance, incentives or other monies or payments of any nature, or to any benefits from the Company except and unless as explicitly provided in this Agreement. You further acknowledge that no promises, inducements or other consideration not expressly stated in this Agreement have been made or otherwise exist with respect to the terms and conditions of this Agreement, and that this Agreement may only be modified in accordance with paragraph 24(a).

Re-employment. You agree that you will neither apply for nor accept employment with the Company, any of its parents, subsidiaries, affiliates, or any other entity controlled by, or under common control with, the Company (the “Company Entities”), the Company Entities are not obligated to reinstate or re-employ you in the future in any capacity, and you hereby discharge the Company Entities from any liability or obligation to reinstate or re-employ you in any capacity. You acknowledge that your forbearance from doing so is contractual and is in no way discriminatory, retaliatory or involuntary.

Payment of Applicable Taxes and 409A. While this Agreement and the payments and benefits provided hereunder are intended to be exempt from, or comply with, the requirements of Section 409A of the Code, an at all times should be interpreted so as to comply, the Company makes no representation or covenant to ensure that any payment or benefits provided under this Agreement are exempt from, or compliant with Section 409A. The Company shall have no liability to you if a payment or benefit under this Agreement is challenged by any taxing authority or is ultimately determined not to be exempt or compliant. It is intended that each installment of the severance payment pursuant to paragraph 2, and any payment or benefit hereunder, be treated as a separate “payment” for purposes of Section 409A of the Code. The Company shall not have the right to accelerate or defer delivery of such payments or benefits except to the extent permitted or required pursuant to Section 409A of the Code. All reimbursements and in-kind benefits provided to you under this Agreement are intended to be made or provided in accordance with the requirements of Section 409A of the Code to the extent they are subject to Section 409A. Any expenses or other reimbursements paid pursuant hereto that are taxable income to you shall in no event be paid by the Company later than the end of the calendar year next following the calendar year in which you incur such expenses or pay such related tax.

Dispute Resolution. With respect to any claims or disputes arising under or in connection with this Agreement, you and the Company agree to attempt in good faith to resolve such claim or dispute informally through discussions with an authorized executive officer of the Company. If after completing the foregoing procedure the dispute is not resolved, the Company and you agree that the dispute or claim shall be resolved by final and binding arbitration before the American Arbitration Association (“AAA”). The arbitration shall be held in Boston, Massachusetts and shall be conducted in accordance with the AAA’s National Rules for the Resolution of Employment Disputes then in effect at the time of the arbitration, except that in the process of selecting an arbitrator, the parties may strike names from the AAA’s list of arbitrators for good cause, and with the additional condition that all steps reasonably necessary to ensure the confidentiality of the proceedings and the arbitrator’s determination will be added to the basic rules and requirements. Notwithstanding the foregoing, any arbitration pursuant to this paragraph shall not impair either party’s right to request injunctive or other equitable relief in connection with Exhibit C.

Acknowledgement, Acceptance and Revocation. (a) You acknowledge that you are signing this Agreement knowingly, voluntarily, with full understanding of its terms and effects and without duress, coercion, fraud or undue influence;

Miscellaneous. (a) This Agreement shall be binding upon the parties and may not be modified in any manner, except by an instrument in writing of concurrent or subsequent date signed by a duly authorized representative of the parties hereto. This Agreement is binding upon and shall inure to the benefit of the parties and their respective agents, heirs, executors, administrators, successors and assigns.