CHANTICLEER
HOLDINGS, INC.


2014
STOCK INCENTIVE PLAN


 


Stock
Option Agreement


(Employees)


 


THIS
AGREEMENT (together with Schedule A attached hereto, this “Agreement”), made effective the 16th day of November 2018
between Chanticleer Holdings, Inc., a Delaware corporation (the “Corporation”), and Frederick L. Glick, an Employee
of the Corporation or an Affiliate (the “Participant”).


 


R E C I T A L S


 


In
furtherance of the purposes of the Chanticleer Holdings, Inc. 2014 Stock Incentive Plan, as it may be hereafter amended (the “Plan”),
and in consideration of the services of the Participant and such other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Corporation and the Participant hereby agree as follows:


 


1.
Incorporation of Plan. The rights and duties of the Corporation and the Participant under this Agreement shall in all respects
be subject to and governed by the provisions of the Plan and the Employment Agreement between Participant and the Corporation
dated November 16, 2018 (“Employment Agreement”), copies of which are delivered herewith or have been previously provided
to the Participant, and the terms of which are incorporated herein by reference. In the event of any conflict between the provisions
in the Agreement and those of the Plan or Employment Agreement, the provisions of the Plan and Employment Agreement shall govern.
Unless otherwise defined herein, capitalized terms in this Agreement shall have the same definitions as set forth in the Plan.


 


2.
Grant of Option; Term of Option. The Corporation hereby grants to the Participant, pursuant to the Plan, as a matter of
separate inducement and agreement in connection with his employment with the Corporation, and not in lieu of any salary or other
compensation for his services, the right and option (the “Option”) to purchase all or any part of an aggregate of
the number of shares (the “Shares”) of the Common Stock (the “Common Stock”), at a purchase price (the
“Option Price”) both as indicated on Schedule A of this Option Agreement , which Schedule is incorporated herein by
reference. The Option to purchase Shares shall be designated as an Incentive Option. To the extent that the Option is designated
as an Incentive Option and such Option does not qualify as an Incentive Option, the Option (or portion thereof) shall be treated
as a Nonqualified Option. Except as otherwise provided in the Plan, the Option will expire if not exercised in full before the
date indicated on Schedule A of this Option Agreement (the “Expiration Date”) (such term commencing with the Grant
Date and ending on the Expiration Date being referred to as the “Option Period”).


 


3.
Exercise of Option. The Option shall become exercisable on the date or dates and subject to such conditions set forth in
the Plan, this Agreement, the Employment Agreement and Schedule A. To the extent that the Option is exercisable but is not exercised,
the Option shall accumulate and be exercisable by the Participant in whole or in part at any time prior to expiration of the Option,
subject to the terms of the Plan and this Agreement. Upon the exercise of an Option in whole or in part, payment of the Option
Price in accordance with the provisions of the Plan and this Agreement, and satisfaction of such other conditions as may be established
by the Administrator, the Corporation shall promptly deliver to the Participant a certificate or certificates for the Shares purchased.
The total number of Shares that may be acquired upon exercise of the Option shall be rounded down to the nearest whole share.
No fractional shares will be issued. Payment of the Option Price may be made in cash or cash equivalent; provided that, where
permitted by the Administrator and Applicable Laws (and subject to such terms and conditions as may be established by the Administrator),
payment may also be made (i) by delivery (by either actual delivery or attestation) of shares of Common Stock owned by the Participant
at the time of exercise for a time period, if any, of at least six months (or such other time period, if any, necessary to avoid
variable accounting or other accounting consequences deemed unacceptable to the Administrator); (ii) by shares of Common Stock
withheld upon exercise but only if and to the extent that payment by such method does not result in variable accounting or other
accounting consequences deemed unacceptable to the Administrator; (iii) with respect only to purchases upon exercise of the Option
only after a public market for the Common Stock exists, by delivery of written notice of exercise to the Corporation and delivery
to a broker of written notice of exercise and irrevocable instructions to promptly deliver to the Corporation the amount of sale
or loan proceeds to pay the Option Price; (iv) by such other payment methods as may be approved by the Administrator and which
are acceptable under Applicable Laws; or (v) by any combination of the foregoing methods. Shares tendered or withheld in payment
of the Option Price shall be valued at their Fair Market Value on the date of exercise, as determined by the Administrator.


 




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4.
Effect of Change in Control.


 


(a)
Notwithstanding any other provision of the Plan to the contrary, and except as may be otherwise provided in the Employment Agreement
or required under Code Section 409A, related regulations or other guidance, in the event of a Change in Control (as defined in
Section 4(c) herein), the Option, if outstanding as of the date of such Change in Control, shall become fully exercisable, whether
or not then otherwise exercisable.


 


(b)
For the purposes herein, except as may be otherwise required in order to comply with Code Section 409A, a “Change in Control”
shall be deemed to have occurred on the earliest of the following dates:


 


(i)
The date any entity or person shall have become the beneficial owner of, or shall have obtained voting control over, fifty percent
(50%) or more of the outstanding Common Stock of the Corporation;


 


(ii)
The date the shareholders of the Corporation approve a definitive agreement (A) to merge or consolidate the Corporation with or
into another corporation or other business entity (each, a “corporation”), in which the Corporation is not the continuing
or surviving corporation or pursuant to which any shares of Common Stock of the Corporation would be converted into cash, securities
or other property of another corporation, in each case other than a merger or consolidation of the Corporation in which the holders
of Common Stock immediately prior to the merger or consolidation continue to own immediately after the merger or consolidation
at least fifty percent (50%) of the Common Stock, or, if the Corporation is not the surviving corporation, the common stock (or
other voting securities) of the surviving corporation; provided, however, that if consummation of such merger or consolidation
is subject to the approval of federal, state or other regulatory authorities, then, unless the Administrator determines otherwise,
a “Change in Control” shall not be deemed to occur until the later of the date of shareholder approval of such merger
or consolidation or the date of final regulatory approval of such merger or consolidation; or (B) to sell or otherwise dispose
of all or substantially all the assets of the Corporation; or


 




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(iii)
The date there shall have been a change in a majority of the Board of Directors of the Corporation within a 12-month period unless
the nomination for election by the Corporation’s shareholders of each new Director was approved by the vote of two-thirds
of the members of the Board (or a committee of the Board, if nominations are approved by a Board committee rather than the Board)
then still in office who were in office at the beginning of the 12-month period.


 


(c)
Notwithstanding the foregoing, a Change in Control shall not be deemed to have occurred in the event the Corporation forms a holding
company as a result of which the holders of the Corporation’s voting securities immediately prior to the transaction hold,
in approximately the same relative proportions as they held prior to the transaction, substantially all of the voting securities
of a holding company owning all of the Corporation’s voting securities after the completion of the transaction.


 


(For
the purposes herein, the term “person” shall mean any individual, corporation, partnership, group, association or
other person, as such term is defined in Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, other than the Corporation,
a subsidiary of the Corporation or any employee benefit plan(s) sponsored or maintained by the Corporation or any subsidiary thereof,
and the term “beneficial owner” shall have the meaning given the term in Rule 13d-3 under the Exchange Act.)


 


The
Administrator shall have full and final authority, in its discretion, to determine whether a Change in Control of the Corporation
has occurred pursuant to the above definition, the date of the occurrence of such Change in Control and any incidental matters
relating thereto.


 


5.
Termination of Employment. The Option shall not be exercised unless the Participant is, at the time of exercise, an Employee
and has been an Employee continuously since the date the Option was granted, subject to the following (except as may be otherwise
provided in the Employment Agreement between the Participant and the Corporation):


 


(a)
The employment relationship of the Participant shall be treated as continuing intact for any period that the Participant is on
military or sick leave or other bona fide leave of absence, provided that the period of such leave does not exceed three months,
or, if longer, as long as the Participant’s right to reemployment is guaranteed either by statute or by contract. The employment
relationship of the Participant shall also be treated as continuing intact while the Participant is not in active service because
of Disability. The Administrator shall have sole authority to determine whether the Participant has incurred a Disability, and,
if applicable, the Participant’s Termination Date.


 


(b)
If the employment of the Participant is terminated because of Disability or death, the Option may be exercised only to the extent
exercisable on the Participant’s Termination Date. The Option must be exercised, if at all, prior to the first to occur
of the following, whichever shall be applicable: (X) the close of the one-year period following the Termination Date; or (Y) the
close of the Option Period. In the event of the Participant’s death, the Option shall be exercisable by such person or persons
as shall have acquired the right to exercise the Option by will or by the laws of intestate succession.


 




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(c)
If the employment of the Participant is terminated for any reason other than Disability, death or for Cause, the Option may be
exercised only to the extent exercisable on his Termination Date. The Option must be exercised, if at all, prior to the first
to occur of the following, whichever shall be applicable: (X) the close of the period of three months next succeeding the Termination
Date; or (Y) the close of the Option period. If the Participant dies following such termination of employment and prior to the
earlier of the dates specified in (X) or (Y) of this subparagraph (c), the Participant shall be treated as having died while employed
under subparagraph (b) (treating for this purpose the Participant’s date of termination of employment as the Termination
Date). In the event of the Participant’s death, the Option shall be exercisable by such person or persons as shall have
acquired the right to exercise the Option by will or by the laws of intestate succession.


 


(d)
If the employment of the Participant is terminated for Cause, the Option shall lapse and no longer be exercisable as of his Termination
Date, as determined by the Administrator. For the purposes of the Agreement, “Cause” shall mean the Participant’s
termination of employment or service resulting from his (i) termination for “cause” as defined under the Participant’s
employment, consulting or other agreement with the Corporation or an Affiliate, if any, or (ii) if the Participant has not entered
into any such employment, consulting or other agreement (or if any such agreement does not address the effect of a “cause”
termination), then the Participant’s termination shall be for “Cause” if termination results due to the Participant’s
(A) dishonesty; (B) refusal to perform his duties for the Corporation or continued failure to perform his duties to the Corporation
in a manner acceptable to the Corporation, as determined by the Administrator or its designee; (C) engaging in fraudulent conduct;
or (D) engaging in conduct that could be materially damaging to the Corporation without a reasonable good faith belief that such
conduct was in the best interest of the Corporation.


 


6.
No Right of Continued Employment or Service; Forfeiture of Award. Neither the Plan, the grant of the Option nor any other
action related to the Plan shall confer upon the Participant any right to continue in the employment or service of the Corporation
or an Affiliate or to interfere in any way with the right of the Corporation or an Affiliate to terminate the Participant’s
employment or service at any time. Except as otherwise expressly provided in the Plan, Employment Agreement or this Agreement
or as determined by the Administrator, all rights of the Participant with respect to the Option shall terminate upon termination
of the Participant’s employment or service.


 


7.
Nontransferability of Option. To the extent that this Option is designated as an Incentive Option, the Option shall not
be transferable (including by sale, assignment, pledge or hypothecation) other than by will or the laws or intestate succession,
or, in the Administrator’s discretion, as may otherwise be permitted in accordance with Treas. Reg. Section 1.421-1(b)(2)
or any successor provision thereto. To the extent that this Option is designated as a Nonqualified Option, the Option shall not
be transferable (including by sale, assignment, pledge or hypothecation) other than by will or the laws of intestate succession,
except as may be permitted by the Administrator in a manner consistent with the registration provisions of the Securities Act.
Except as may be permitted by the preceding, the Option shall be exercisable during the Participant’s lifetime only by him
or by his guardian or legal representative. The designation of a beneficiary in accordance with the Plan does not constitute a
transfer.


 


8.
Superseding Agreement; Binding Effect. This Agreement supersedes any statements, representations or agreements of the Corporation
with respect to the grant of the Option or any related rights, and the Participant hereby waives any rights or claims related
to any such statements, representations or agreements. This Agreement shall be binding upon and shall inure to the benefit of
the parties hereto and their respective executors, administrators, next-of-kin, successors and assigns. This Agreement does not
supersede or amend any non-competition agreement, non-solicitation agreement, employment agreement, consulting agreement or any
other similar agreement between the Participant and the Corporation, including, but not limited to, any restrictive covenants
contained in such agreements.


 




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9.
Representations and Warranties of Participant. The Participant represents and warrants to the Corporation that:


 


(a)
Agrees to Terms of the Plan and Agreement. The Participant has received a copy of the Plan, has read and understands the
terms of the Plan and this Agreement, and agrees to be bound by their terms and conditions.


 


(b)
Access to Information. The Participant has had access to all information regarding the Corporation and its present and
prospective business, assets, liabilities and financial condition that the Participant reasonably considers important in making
a decision to acquire the Shares subject to the Option, and the Participant has had ample opportunity to ask questions of, and
to receive answers from, the Corporation’s representatives concerning such matters and this investment.


 


(c)
Understanding of Risks. The Participant is fully aware of: (i) the speculative nature of the investment in the Shares;
(ii) the financial hazards involved in investment in the Shares; (iii) the lack of liquidity of the Shares subject to the Option
and the restrictions on transferability of such Shares; (iv) the qualifications and backgrounds of the management of the Corporation;
and (v) the tax consequences of investment in the Shares. The Participant is capable of evaluating the merits and risks of this
investment, has the ability to protect his own interests in this transaction and is financially capable of bearing a total loss
from this investment.


 


(d)
Restrictions on Transfer. Participants agrees not to sell any Shares of Common Stock he receives under this Agreement at
a time when applicable laws, regulations, Corporation trading policies (including the Corporation’s Insider Trading Policy)
or an agreement between the Corporation and its underwriters prohibit a sale. This restriction will apply as long as Participant’s
employment continues and for such period of time after the termination of Participant’s employment as the Corporation and
its counsel reasonable determine or as may be required by applicable law.


 


(e)
Tax Consequences. The Corporation has made no warranties or representations to the Participant with respect to the tax
treatment and consequences (including but not limited to income tax consequences) related to the transactions contemplated by
this Agreement, and the Participant is in no manner relying on the Corporation or its representatives for an assessment of such
tax consequences. The Participant acknowledges that there may be adverse tax consequences upon exercise of the Option, and upon
the sale of the Shares obtained upon exercise of the Option, and that the Participant should consult a tax advisor prior to such
exercise or disposition. The Participant acknowledges that he has been advised that he should consult with his own attorney, accountant
and/or tax advisor regarding the decision to enter into this Agreement and the consequences thereof. The Participant also acknowledges
that the Corporation has no responsibility to take or refrain from taking any actions in order to achieve a certain tax result
for the Participant. The Participant acknowledges that exercise of an Incentive Option must generally occur within three months
of termination of employment, regardless of any longer period allowed by this Agreement.


 




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10.
Compliance with Applicable Laws, Rules and Regulations. The Corporation may impose such restrictions on the Option, the
Shares and any other benefits underlying the Option as it may deem advisable, including without limitation restrictions under
the federal securities laws, the requirements of any stock exchange or similar organization and any blue sky, state or foreign
securities laws applicable to such securities. Notwithstanding any other provision in the Plan or the Agreement to the contrary,
the Corporation shall not be obligated to issue, deliver or transfer shares of Common Stock, make any other distribution of benefits
under the Plan, or take any other action, unless such delivery, distribution or action is in compliance with Applicable Laws (including
but not limited to the requirements of the Securities Act). The Corporation may cause a restrictive legend to be placed on any
certificate issued pursuant to the Option hereunder in such form as may be prescribed from time to time by Applicable Laws or
as may be advised by legal counsel.


 


11.
Changes in Status. Unless the Administrator determines otherwise, the Option shall not be affected by any change in the
terms, conditions or status of the Participant’s employment or service, provided that the Participant continues to be an
employee of, or in service to, the Corporation or an Affiliate.


 


12.
Governing Law; Jurisdiction. Except as otherwise provided in the Plan, this Agreement shall be construed and enforced according
to the laws of the State of Delaware, without regard to the principles of conflicts of laws, and in accordance with applicable
federal laws of the United States. Each party agrees and submits to the exclusive jurisdiction of the state and federal courts
sitting in Mecklenburg County, North Carolina, in any action or proceeding arising out of or relating to this Agreement and agree
that all claims in respect of the action or proceeding may be heard and determined in any such court.


 


13.
Amendment and Termination; Waiver. Subject to the terms of the Plan, this Agreement may be amended, altered and/or terminated
at any time by the Administrator; provided, however, that any such amendment, alteration or termination of the Option shall not,
without the consent of the Participant, materially adversely affect the rights of the Participant with respect to the Option.
Notwithstanding the foregoing, the Administrator shall have unilateral authority to amend the Plan and this Agreement (without
Participant consent and without shareholder approval, unless such approval is required by Applicable Laws) to the extent necessary
to comply with Applicable Laws or changes to Applicable Laws (including but not limited to Code Section 409A and Code Section
422 or related regulations or other guidance and federal securities laws). The Administrator shall have unilateral authority to
make adjustments to the terms and conditions of the Option in recognition of unusual or nonrecurring events affecting the Corporation
or any Affiliate, or the financial statements of the Corporation or any Affiliate, or of changes in accounting principles, if
the Administrator determines that such adjustments are appropriate in order to prevent dilution or enlargement of the benefits
or potential benefits intended to be made available under the Plan or necessary or appropriate to comply with applicable accounting
principles. The waiver by the Corporation of a breach of any provision of the Agreement by the Participant shall not operate or
be construed as a waiver of any subsequent breach by the Participant.


 




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14.
No Rights as a Shareholder and Adjustments for Changes in Capital and Corporate Structure. The Participant and his legal
representatives, legatees, distributees or transferees shall not be deemed to be the holder of any Shares subject to the Option
and shall not have any rights of a shareholder unless and until certificates for such Shares have been issued and delivered to
him or them. The Option granted hereunder and Shares subject to the Option shall be subject to the provisions of Section 5(d)
of the Plan relating to adjustments for recapitalizations, reclassifications and other changes in the Corporation’s corporate
structure and for material corporate transactions.


 


15.
Withholding. The Participant acknowledges that the Corporation shall require the Participant to pay the Corporation in
cash the amount of any tax or other amount required by any governmental authority to be withheld and paid over by the Corporation
to such authority for the account of the Participant, and the Participant agrees, as a condition to the grant of the Option and
delivery of the Shares, to satisfy such obligations. Notwithstanding the foregoing, the Administrator may establish procedures
to permit the Participant to satisfy such obligations in whole or in part, and any other local, state, federal or foreign income
tax obligations relating to the Option, by electing (the “election”) to have the Corporation withhold shares of Common
Stock from the Shares to which the Participant is entitled. The number of shares to be withheld shall have a Fair Market Value
as of the date that the amount of tax to be withheld is determined as nearly equal as possible to (but not exceeding) the amount
of such obligations being satisfied. Each election must be made in writing to the Administrator in accordance with election procedures
established by the Administrator.


 


16.
Administration. The authority to construe and interpret this Agreement and the Plan, and to administer all aspects of the
Plan, shall be vested in the Administrator, and the Administrator shall have all powers with respect to this Agreement as are
provided in the Plan. Any interpretation of the Agreement by the Administrator and any decision made by it with respect to the
Agreement shall be final and binding.


 


17.
Notices. Except as may be otherwise provided by the Plan or determined by the Administrator, any written notices provided
for in this Agreement or the Plan shall be in writing and shall be deemed sufficiently given if either hand delivered or if sent
by fax or overnight courier, or by postage paid first class mail. Notices sent by mail shall be deemed received three business
days after mailed but in no event later than the date of actual receipt. Notices shall be directed, if to the Participant, at
the Participant’s address indicated by the Corporation’s records, or if to the Corporation, at the Corporation’s
principal office.


 


18.
Severability. If any provision of the Agreement shall be held illegal or invalid for any reason, such illegality or invalidity
shall not affect the remaining parts of the Agreement, and the Agreement shall be construed and enforced as if the illegal or
invalid provision had not been included.


 


19.
Notice of Disposition. To the extent that the Option is designated as an Incentive Option, if Shares of Common Stock acquired
upon exercise of the Option are disposed of within two years following the date of grant or one year following the transfer of
such Shares to the Participant upon exercise, the Participant shall, promptly following such disposition, notify the Corporation
in writing of the date and terms of such disposition and provide such other information regarding the disposition as the Administrator
may reasonably require.


 


20.
Right of Offset. Notwithstanding any other provision of the Plan or the Agreement, the Corporation may reduce the amount
of any payment otherwise payable to or on behalf of the Participant by the amount of any obligation of the Participant to the
Corporation, and the Participant shall be deemed to have consented to such reduction.


 


21.
Cash Settlement. Notwithstanding any provision of the Plan or this Agreement to the contrary, the Administrator may (subject
to any requirements imposed under Code Section 409A, related regulations or other guidance) cause the Option (or portion thereof)
to be cancelled in consideration of an alternative award or cash payment of an equivalent cash value, as determined by the Administrator
in its sole discretion, made to the Participant.


 


22.
Counterparts; Further Instruments. 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 instrument. The parties hereto agree to execute such
further instruments and to take such further action as may be reasonably necessary to carry out the purposes and intent of this
Agreement.


 


[Signature
Page to Follow]


 




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IN
WITNESS WHEREOF, this Agreement has been executed in behalf of the Corporation and by the Participant effective as of the day
and year first above written.


 


	 	 	CHANTICLEER
    HOLDINGS, INC.
	 	 	 	 
	 	 	By:	/s/
    Michael D. Pruitt
	 	 	 	Michael
    D. Pruitt, CEO
	 	 	 	 
	Attest:	 	 	 
	 	 	 	 
	Kathi
    Fath, Secretary	 	 	 
	[Corporate
    Seal]	 	 	 
	 	 	 	 
	 	 	PARTICIPANT
	 	 	 	 
	 	 	By:	/s/
    Frederick L. Glick
	 	 	 	Frederick
    L. Glick


 




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CHANTICLEER
HOLDINGS, INC.


2014
STOCK INCENTIVE PLAN


 


Stock
Option Agreement


(Employees)


 


SCHEDULE
A


 


	Employee:
	 	Frederick
    L. Glick
	 	 	 
	Number
    granted:	 	5-year
    Incentive Stock Option to purchase 10,000 shares of common stock , $.0001 par value per share, (“Shares”) with
    an exercise price of $3.50; and
	 	 	 
	 	 	5-year
    Incentive Stock Option to purchase 10,000 Shares with an exercise price of $4.50
	 	 	 
	Date
    of Grant:	 	November
    16, 2018
	 	 	 
	Schedule
    for Time-related Vesting and Settlement	 	Except
    as provided under the Agreement, Option vests as to one-eighth of the underlying Shares of common stock in eight installments
    on the first day of each fiscal quarter during Optionee’s continued employment with the Corporation commencing January
    1, 2019
	 	 	 
	Expiration
    Date	 	November
    16, 2023 unless earlier terminated as provided in Governing Documents


 




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