Exhibit
10.3


 


Exhibit
B


 


REGISTRATION
RIGHTS AGREEMENT


 


This
REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made as of April 1, 2020 by and among Amergent Hospitality
Group, Inc. a Delaware corporation (the “Company”), each of parties on the signature page hereto. Each
of the parties on the signature page hereto, including Arena (as defined below) and any person or entity who hereafter becomes
a party to this Agreement pursuant to Section 5.02 of this Agreement, is herein referred to as a “Holder”
and collectively as the “Holders”.


 


RECITALS


 


WHEREAS,
this Agreement is made and entered into in connection with the closing of the transactions (the “Transactions”)
contemplated by the Securities Purchase Agreement (the “Purchase Agreement”) dated as of the date hereof
among Chanticleer Holdings, Inc., a Delaware corporation (“Chanticleer”), the Company and each of the
Holders;


 


WHEREAS,
pursuant to the terms of the Purchase Agreement, the Company issued warrants (the “Warrants”) to purchase
shares of Common Stock and 10% Senior Convertible Debentures (the “Debentures”) that are convertible
into shares of Common Stock;


 


WHEREAS,
the Company has issued Common Stock and Convertible Preferred Stock (“Preferred Stock”) to Arena Investors,
LP (“Arena”) that is convertible into shares of Common Stock;


 


WHEREAS,
the Company and the Holders desire to enter into this Agreement, pursuant to which the Company shall grant the Holders certain
registration rights with respect to certain securities of the Company, as set forth in this Agreement.


 


NOW,
THEREFORE, in consideration of the representations, covenants and agreements contained herein, and certain other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally
bound, hereby agree as follows:


 


ARTICLE
I.


DEFINITIONS


 


Section
1.01 Definitions. The terms defined in this Article I shall, for all purposes of this Agreement, have the respective
meanings set forth below:


 


“Adverse
Disclosure” shall mean any public disclosure of material non-public information, which disclosure, in the good faith
judgment of the Chief Executive Officer or principal financial officer of the Company, after consultation with counsel to the
Company, (i) would be required to be made in any Registration Statement or Prospectus in order for the applicable Registration
Statement or Prospectus not to contain any untrue statement of a material fact or omit to state a material fact necessary to make
the statements contained therein (in the case of any prospectus and any preliminary prospectus, in the light of the circumstances
under which they were made) not misleading, (ii) would not be required to be made at such time if the Registration Statement were
not being filed, and (iii) the Company has a bona fide business purpose for not making such information public.


 




    	 	 	 



     


    

 


“Agreement”
shall have the meaning given in the Preamble.


 


“Blackout
Period” shall have the meaning given in Section 3.04(b).


 


“Business
Day” shall mean any day of the year on which national banking institutions in New York are open to the public for
conducting business and are not required or authorized to close.


 


“Common
Stock” shall mean the Common Stock, par value $0.0001 per share, of the Company.


 


“Commission”
shall mean the Securities and Exchange Commission.


 


“Company”
shall have the meaning given in the Preamble.


 


“Demanding
Holder” and “Demanding Holders” shall have the meaning given in Section 2.02(a).


 


“Exchange
Act” shall mean the Securities Exchange Act of 1934, as it may be amended from time to time.


 


“Holders”
shall have the meaning given in the Preamble.


 


“Maximum
Number of Securities” shall have the meaning given in Section 2.02(b).


 


“Minimum
Amount” shall have the meaning given in Section 2.02(a).


 


“Misstatement”
shall mean an untrue statement of a material fact or an omission to state a material fact required to be stated in a Registration
Statement or Prospectus, or necessary to make the statements in a Registration Statement or Prospectus in the light of the circumstances
under which they were made not misleading.


 


“Piggyback
Registration” shall have the meaning given in Section 2.03.


 


“Prospectus”
shall mean the prospectus included in any Registration Statement, as supplemented by any and all prospectus supplements and as
amended by any and all post-effective amendments and including all material incorporated by reference in such prospectus.


 




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“Registrable
Security” shall mean (a) any shares of Common Stock issued or issuable by the Company to the Holders or Arena (i)
upon exercise of the Warrants, (ii) upon conversion of the Debentures, or (iii) upon conversion of the Preferred Stock and (b)
any other equity security of the Company issued or issuable with respect to any such share of Common Stock by way of a stock dividend
or stock split or in connection with a combination of shares, recapitalization, merger, consolidation or reorganization; provided,
however, that, as to any particular Registrable Security, such securities shall cease to be Registrable Securities when:
(A) a Registration Statement with respect to the sale of such securities shall have become effective under the Securities Act
and such securities shall have been sold, transferred, disposed of or exchanged in accordance with such Registration Statement;
(B) such securities shall have been otherwise transferred, new certificates for such securities not bearing a legend restricting
further transfer shall have been delivered by the Company and subsequent public distribution of such securities shall not require
registration under the Securities Act; (C) such securities shall have ceased to be outstanding; (D) such securities may be sold
without registration pursuant to Rule 144 promulgated under the Securities Act (or any successor rule promulgated thereafter by
the Commission) (but with no volume or other restrictions or limitations); or (E) such securities have been sold to, or through,
a broker, dealer or underwriter in a public distribution or other public securities transaction.


 


“Registration”
shall mean a registration effected by preparing and filing a registration statement or similar document in compliance with the
requirements of the Securities Act, and the applicable rules and regulations promulgated thereunder, and such registration statement
becoming effective.


 


“Registration
Expenses” shall mean the out-of-pocket expenses of a Registration, including, without limitation, the following:


 


	 	(A)	all
    registration and filing fees (including fees with respect to filings required to be made with the Financial Industry Regulatory
    Authority, Inc.) and any securities exchange on which the Common Stock is then listed; 
	 	 	 
	 	(B)	fees
    and expenses of compliance with securities or blue sky laws (including reasonable fees and disbursements of counsel for the
    Underwriters in connection with blue sky qualifications of Registrable Securities); 
	 	 	 
	 	(C)	printing,
    messenger, telephone and delivery expenses; 
	 	 	 
	 	(D)	reasonable
    fees and disbursements of counsel for the Company; 
	 	 	 
	 	(E)	reasonable
    fees and disbursements of all independent registered public accountants of the Company incurred specifically in connection
    with such Registration (including the expenses of any special audit and “comfort letters” required by or incident
    to such performance); and 
	 	 	 
	 	(F)	reasonable
    fees and expenses of one (1) legal counsel selected by the Demanding Holders in connection with an Underwritten Offering.
    


 


“Registration
Statement” shall mean any registration statement that covers the Registrable Securities pursuant to the provisions
of this Agreement, including the Prospectus included in such registration statement, amendments (including post-effective amendments)
and supplements to such registration statement, and all exhibits to and all material incorporated by reference in such registration
statement.


 




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“Securities
Act” shall mean the Securities Act of 1933, as amended from time to time.


 


“Suspension
Period” shall have the meaning given in Section 3.04(a).


 


“Transactions”
shall have the meaning given in the Recitals.


 


“Underwriter”
shall mean a securities dealer who purchases any Registrable Securities as principal in an Underwritten Offering and not as part
of such dealer’s market-making activities.


 


“Underwritten
Offering” shall mean an offering in which securities of the Company are sold to an Underwriter in a firm commitment
underwriting for distribution to the public.


 


“Underwritten
Offerings Cap” shall have the meaning set forth in Section 2.02(a).


 


ARTICLE
II.





REGISTRATIONS


 


Section
2.01 Registration Statement. The Company shall, as soon as practicable after the date hereof, file a Registration Statement
under the Securities Act to permit the public resale of all the Registrable Securities held by the Holders from time to time as
permitted by Rule 415 under the Securities Act (or any successor or similar provision adopted by the Commission then in effect)
on the terms and conditions specified in this Section 2.01 and shall use its commercially reasonable efforts to cause such
Registration Statement to be declared effective as soon as practicable after the filing thereof. The Registration Statement filed
with the Commission pursuant to this Section 2.01 shall be on Form S-1 or such other form of registration statement as
is then available to effect a registration for resale of such Registrable Securities, covering such Registrable Securities, and
shall contain a Prospectus in such form as to permit any Holder to sell such Registrable Securities pursuant to Rule 415 under
the Securities Act (or any successor or similar provision adopted by the Commission then in effect) at any time beginning on the
effective date for such Registration Statement. A Registration Statement filed pursuant to this Section 2.01 shall provide
for the resale pursuant to any method or combination of methods legally available to, and requested by, the Holders. The Company
shall use its reasonable best efforts to cause a Registration Statement filed pursuant to this Section 2.01 to remain effective,
and to be supplemented and amended to the extent necessary to ensure that such Registration Statement is available or, if not
available, that another registration statement is available, for the resale of all the Registrable Securities held by the Holders
until all such Registrable Securities have ceased to be Registrable Securities. As soon as practicable following the effective
date of a Registration Statement filed pursuant to this Section 2.01, but in any event within three (3) Business Days of
such date, the Company shall notify the Holders of the effectiveness of such Registration Statement. When effective, a Registration
Statement filed pursuant to this Section 2.01 (including any documents incorporated therein by reference) will comply as
to form in all material respects with all applicable requirements of the Securities Act and the Exchange Act and will not contain
an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the
statements therein not misleading (in the case of any Prospectus contained in such Registration Statement, in the light of the
circumstances under which such statement is made).


 




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Section
2.02 Underwritten Offering.


 


(a)
In the event that Holders elect to dispose of Registrable Securities under a Registration Statement pursuant to an Underwritten
Offering of all or part of such Registrable Securities that are registered by such Registration Statement and reasonably expect
aggregate gross proceeds in excess of $2,000,000 (the “Minimum Amount”) from such Underwritten Offering,
then the Company shall, upon the written demand from the Holders holding such Registrable Securities which equal such Minimum
Amount (any such Holder, a “Demanding Holder” and, collectively, the “Demanding Holders”),
enter into an underwriting agreement in a form as is customary in Underwritten Offerings of equity securities with the managing
Underwriter or Underwriters selected by the Company after consultation with the Demanding Holders and shall take all such other
reasonable actions as are requested by the managing Underwriter or Underwriters in order to expedite or facilitate the disposition
of such Registrable Securities; provided, however, that the Company shall have no obligation to facilitate or participate
in more than four (4) Underwritten Offerings from Oz Rey, LLC and three (3) Underwritten Offerings from Holders other than Oz
Rey, LLC pursuant to this Section 2.02 for all Holders (the “Underwritten Offerings Cap”); provided
further that if an Underwritten Offering is commenced but terminated prior to the pricing thereof for any reason, such Underwritten
Offering will not be counted as an Underwritten Offering pursuant to this Section 2.02. In addition, the Company shall
give prompt written notice to each other Holder regarding such proposed Underwritten Offering, and such notice shall offer such
Holders the opportunity to include in the Underwritten Offering such number of Registrable Securities as each such Holder may
request. Each such Holder shall make such request in writing to the Company within five (5) business days after the receipt of
any such notice from the Company, which request shall specify the number of Registrable Securities intended to be disposed of
by such Holder. In connection with any Underwritten Offering contemplated by this Section 2.02, the underwriting agreement
into which each Demanding Holder and the Company shall enter shall contain such representations, covenants, indemnities (subject
to Article IV) and other rights and obligations as are customary in underwritten offerings of equity securities. No Demanding
Holder shall be required to make any representations or warranties to or agreements with the Company or the Underwriters other
than representations, warranties or agreements regarding such Demanding Holder’s authority to enter into such underwriting
agreement and to sell, and its ownership of, the securities being registered on its behalf, its intended method of distribution
and any other representation required by law.


 


(b)
If the managing Underwriter or Underwriters in an Underwritten Offering, in good faith, advises the Company and the Demanding
Holders that the dollar amount or number of Registrable Securities that the Demanding Holders desire to sell, taken together with
all other shares of Common Stock or other equity securities that the Company or any other Holder desires to sell and the shares
of Common Stock, if any, as to which a Registration has been requested pursuant to separate written contractual piggy-back registration
rights held by any other stockholders who desire to sell, exceeds the maximum dollar amount or maximum number of equity securities
that can be sold in the Underwritten Offering without adversely affecting the proposed offering price, the timing, the distribution
method, or the probability of success of such offering (such maximum dollar amount or maximum number of such securities, as applicable,
the “Maximum Number of Securities”), then the Company shall include in such Underwritten Offering, as
follows:


 


(i)
first, the Registrable Securities of the Demanding Holders pro rata based on the respective number of Registrable Securities
that each Demanding Holder has requested be included in such Underwritten Offering and the aggregate number of Registrable Securities
that the Demanding Holders have requested be included in such Underwritten Offering that can be sold without exceeding the Maximum
Number of Securities;


 




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(ii)
second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (i),
shares of Common Stock or other equity securities that the Company desires to sell, which can be sold without exceeding the Maximum
Number of Securities; and


 


(iii)
third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (i) and
clause (ii), shares of Common Stock or other equity securities of (x) other Holders who have elected to participate in
the Underwritten Offering pursuant to Section 2.02(a) or (y) persons or entities that the Company is obligated to register
in a Registration pursuant to separate written contractual arrangements with such persons, pro rata, which can be sold without
exceeding the Maximum Number of Securities.


 


(c)
A Demanding Holder shall have the right to withdraw all or any portion of its Registrable Securities included in an Underwritten
Offering pursuant to this Section 2.02 for any or no reason whatsoever upon written notification to the Company and the
Underwriter or Underwriters of its intention to withdraw from such Underwritten Offering prior to the pricing of such Underwritten
Offering and such withdrawn amount shall no longer be considered an Underwritten Offering (including, without limitation, for
purposes of the Underwritten Offerings Cap); provided, however, that upon the withdrawal of an amount of Registrable
Securities that results in the remaining amount of Registrable Securities included by Holders in such Underwritten Offering being
less than the Minimum Amount, the Company shall cease all efforts to complete the Underwritten Offering and, for the avoidance
of doubt, such Underwritten Offering shall not count against the Underwritten Offerings Cap. Notwithstanding anything to the contrary
in this Agreement, the Company shall be responsible for the Registration Expenses incurred in connection with an Underwritten
Offering prior to its withdrawal under this Section 2.02(c).


 




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Section
2.03 Piggyback Registration.


 


(a)
If at any time the Company proposes to file a Registration Statement under the Securities Act with respect to an Underwritten
Offering of equity securities, or securities or other obligations exercisable or exchangeable for, or convertible into equity
securities, for its own account or for the account of stockholders of the Company (or by the Company and by the stockholders of
the Company including, without limitation, pursuant to Section 2.02 hereof) on a form that would permit registration of
Registrable Securities, other than a Registration Statement (i) filed in connection with any employee stock option or other benefit
plan, (ii) for an exchange offer or offering of securities solely to the Company’s existing stockholders, (iii) for an offering
of debt that is convertible into equity securities of the Company, (iv) for a dividend reinvestment plan or (v) on Form S-4, then
the Company shall give written notice of such proposed filing to all of the Holders of Registrable Securities as soon as practicable
but not less than ten (10) days before the anticipated filing date of such Registration Statement, which notice shall (A) describe
the amount and type of securities to be included in such offering, the intended method(s) of distribution, and the name of the
proposed managing Underwriter or Underwriters, if any, in such offering, and (B) offer to all of the Holders of Registrable Securities
the opportunity to register the sale of such number of Registrable Securities as such Holders may request in writing within five
(5) days after receipt of such written notice (in the case of an “overnight” or “bought” offering, such
requests must be made by the Holders within one (1) Business Day after the delivery of any such notice by the Company) (such Registration
a “Piggyback Registration”); provided, however, that if the Company has been advised by the managing
Underwriter(s) that the inclusion of Registrable Securities for sale for the benefit of the Holders will have an adverse effect
on the price, timing or distribution of the Common Stock in the Underwritten Offering, then (A) if no Registrable Securities can
be included in the Underwritten Offering in the opinion of the managing Underwriter(s), the Company shall not be required to offer
such opportunity to the Holders or (B) if any Registrable Securities can be included in the Underwritten Offering in the opinion
of the managing Underwriter(s), then the amount of Registrable Securities to be offered for the accounts of Holders shall be determined
based on the provisions of Section 2.03(b). Subject to Section 2.03(b), the Company shall, in good faith, cause
such Registrable Securities to be included in such Piggyback Registration and shall use its commercially reasonable efforts to
cause the managing Underwriter or Underwriters of a proposed Underwritten Offering to permit the Registrable Securities requested
by the Holders pursuant to this Section 2.03 to be included in a Piggyback Registration on the same terms and conditions
as any similar securities of the Company included in such Registration and to permit the sale or other disposition of such Registrable
Securities in accordance with the intended method(s) of distribution thereof. If no written request for inclusion from a Holder
is received within the specified time, each such Holder shall have no further right to participate in such Underwritten Offering.
All such Holders proposing to distribute their Registrable Securities through an Underwritten Offering under this Section 2.03
shall enter into an underwriting agreement in customary form with the Underwriter(s) selected for such Underwritten Offering
by the Company.


 


(b)
If the managing Underwriter or Underwriters in an Underwritten Offering that is to be a Piggyback Registration, in good faith,
advises the Company and the Holders of Registrable Securities participating in the Piggyback Registration that the dollar amount
or number of shares of Common Stock that the Company desires to sell, taken together with (i) the shares of Common Stock, if any,
as to which Registration has been demanded pursuant to separate written contractual arrangements with persons or entities other
than the Holders of Registrable Securities hereunder, (ii) the Registrable Securities as to which registration has been requested
pursuant to Sections 2.02 and 2.03, and (iii) the shares of Common Stock, if any, as to which Registration has been requested
pursuant to separate written contractual piggy-back registration rights of other stockholders of the Company, exceeds the Maximum
Number of Securities, then:


 


(i)
If the Registration is undertaken for the Company’s account, the Company shall include in any such Registration (A) first,
shares of Common Stock or other equity securities that the Company desires to sell, which can be sold without exceeding the Maximum
Number of Securities; (B) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing
clause (A), pro rata to the Registrable Securities of Holders exercising their rights to register their Registrable Securities
pursuant to Sections 2.02 and 2.03 hereof which can be sold without exceeding the Maximum Number of Securities;
and (C) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (A)
and (B), shares of Common Stock, if any, as to which Registration has been requested pursuant to written contractual piggy-back
registration rights of other stockholders of the Company, which can be sold without exceeding the Maximum Number of Securities;


 




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(ii)
If the Registration is pursuant to a request by persons or entities other than the Holders of Registrable Securities, then the
Company shall include in any such Registration (A) first, shares of Common Stock or other equity securities, if any, of
such requesting persons or entities, other than the Holders of Registrable Securities, which can be sold without exceeding the
Maximum Number of Securities; (B) second, to the extent that the Maximum Number of Securities has not been reached under
the foregoing clause (A), pro rata to the Registrable Securities of Holders exercising their rights to register their Registrable
Securities pursuant to Sections 2.02 and 2.03 hereof which can be sold without exceeding the Maximum Number of Securities;
(C) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (A) and
(B), shares of Common Stock or other equity securities that the Company desires to sell, which can be sold without exceeding the
Maximum Number of Securities; and (D) fourth, to the extent that the Maximum Number of Securities has not been reached
under the foregoing clauses (A), (B) and (C), shares of Common Stock or other equity securities for the account of other persons
or entities that the Company is obligated to register pursuant to separate written contractual arrangements with such persons
or entities, which can be sold without exceeding the Maximum Number of Securities.


 


(c)
Any Holder of Registrable Securities shall have the right to withdraw from a Piggyback Registration for any or no reason whatsoever
upon written notification to the Company and the Underwriter or Underwriters (if any) of its intention to withdraw from such Piggyback
Registration prior to the pricing of such Underwritten Offering. The Company (whether on its own good faith determination or as
the result of a request for withdrawal by persons pursuant to separate written contractual obligations) may withdraw a Registration
Statement filed with the Commission in connection with a Piggyback Registration at any time prior to the effectiveness of such
Registration Statement. Notwithstanding anything to the contrary in this Agreement, the Company shall be responsible for the Registration
Expenses incurred in connection with the Piggyback Registration prior to its withdrawal under this Section 2.03.


 


(d)
For purposes of clarity, any Registration effected pursuant to Section 2.03 hereof shall not be counted as a Registration
effected under Section 2.02 hereof.


 


ARTICLE
III.


COMPANY
PROCEDURES


 


Section
3.01 General Procedures. The Company shall use its commercially reasonable efforts to effect the Registration of Registrable
Securities in accordance with the intended plan of distribution thereof, and pursuant thereto the Company shall, as expeditiously
as practicable:


 


(a)
subject to Section 2.01, prepare and file with the Commission a Registration Statement with respect to such Registrable
Securities and use its commercially reasonable efforts to cause such Registration Statement to become effective and remain effective
pursuant to the terms of this Agreement until all of such Registrable Shares have been disposed of (if earlier);


 


(b)
prepare and file with the Commission such amendments and post-effective amendments to the Registration Statement, and such supplements
to the Prospectus, as may be required by the rules, regulations or instructions applicable to the registration form used by the
Company or by the Securities Act or rules and regulations thereunder to keep the Registration Statement effective until all of
such Registrable Shares have been disposed of (if earlier) in accordance with the intended plan of distribution set forth in such
Registration Statement or supplement to the Prospectus;


 




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(c)
prior to filing a Registration Statement or Prospectus, or any amendment or supplement thereto, furnish without charge to the
Underwriters, if any, and the Holders of Registrable Securities included in such Registration, and to one legal counsel selected
by the Holders, copies of such Registration Statement as proposed to be filed, each amendment and supplement to such Registration
Statement (in each case including all exhibits thereto and documents incorporated by reference therein), the Prospectus included
in such Registration Statement (including each preliminary Prospectus), and such other documents as the Underwriters and the Holders
of Registrable Securities included in such Registration or the legal counsel selected by such Holders may request in order to
facilitate the disposition of the Registrable Securities owned by such Holders;


 


(d)
prior to any public offering of Registrable Securities, use its commercially reasonable efforts to (i) register or qualify the
Registrable Securities covered by the Registration Statement under such securities or “blue sky” laws of such jurisdictions
in the United States as the Holders of Registrable Securities included in such Registration Statement (in light of their intended
plan of distribution) may request and (ii) take such action necessary to cause such Registrable Securities covered by the Registration
Statement to be registered with or approved by such other governmental authorities as may be necessary by virtue of the business
and operations of the Company and do any and all other acts and things that may be necessary or advisable to enable the Holders
of Registrable Securities included in such Registration Statement to consummate the disposition of such Registrable Securities
in such jurisdictions; provided, however, that the Company shall not be required to qualify generally to do business
or as a dealer in securities in any jurisdiction where it would not otherwise be required to qualify or take any action to which
it would be subject to general service of process or taxation in any such jurisdiction where it is not then otherwise so subject;


 


(e)
use its commercially reasonable efforts to cause all such Registrable Securities to be listed on each securities exchange or automated
quotation system on which similar securities issued by the Company are then listed;


 


(f)
provide a transfer agent and registrar for all such Registrable Securities no later than the effective date of such Registration
Statement;


 


(g)
advise each seller of such Registrable Securities, promptly after it shall receive notice or obtain knowledge thereof, of the
issuance of any stop order by the Commission suspending the effectiveness of such Registration Statement or the initiation or
threatening of any proceeding for such purpose and promptly use its commercially reasonable efforts to prevent the issuance of
any stop order or to obtain its withdrawal if such stop order should be issued;


 


(h)
at least five (5) days prior to the filing of any Registration Statement or Prospectus or any amendment or supplement to such
Registration Statement or Prospectus or any document that is to be incorporated by reference into such Registration Statement
or Prospectus, furnish a copy thereof to each seller of such Registrable Securities or its counsel;


 


(i)
notify the Holders at any time when a Prospectus relating to such Registration Statement is required to be delivered under the
Securities Act, of the happening of any event as a result of which the Prospectus included in such Registration Statement, as
then in effect, includes a Misstatement, and then to correct such Misstatement as set forth in Section 3.04 hereof;


 




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(j)
permit a representative of the Holders, the Underwriters, if any, and any attorney or accountant retained by such Holders or Underwriter
to participate, at each such person’s own expense, in the preparation of the Registration Statement, and cause the Company’s
officers, directors and employees to supply all information reasonably requested by any such representative, Underwriter, attorney
or accountant in connection with the Registration; provided, however, that such representatives or Underwriters
enter into a confidentiality agreement, in form and substance reasonably satisfactory to the Company, prior to the release or
disclosure of any such information;


 


(k)
obtain a “cold comfort” letter from the Company’s independent registered public accountants in the event of
an Underwritten Offering, in customary form and covering such matters of the type customarily covered by “cold comfort”
letters as the managing Underwriter may reasonably request;


 


(l)
on the date the Registrable Securities are delivered for sale pursuant to such Registration, obtain an opinion, dated as of such
date, of counsel representing the Company for the purposes of such Registration, addressed to the placement agent or sales agent,
if any, and the Underwriters, if any, covering such legal matters with respect to the Registration in respect of which such opinion
is being given as are customarily included in such opinions and negative assurance letters;


 


(m)
in the event of any Underwritten Offering, enter into and perform its obligations under an underwriting agreement, on terms agreed
to by the Company with the managing Underwriter of such offering;


 


(n)
make available to its security holders, as soon as reasonably practicable, an earnings statement (which need not be audited) covering
the period of at least twelve (12) months beginning with the first day of the Company’s first full calendar quarter after
the effective date of the Registration Statement which satisfies the provisions of Section 11(a) of the Securities Act and Rule
158 thereunder (or any successor rule promulgated thereafter by the Commission);


 


(o)
if any Underwritten Offering involves the disposition of Registrable Securities involving gross proceeds in excess of the Minimum
Amount, use its reasonable efforts to make available senior executives of the Company to participate in customary “road
show” presentations that may be reasonably requested by the Underwriter in such Underwritten Offering; and


 


(p)
otherwise, in good faith, take such customary actions necessary to effect the registration of such Registrable Shares contemplated
hereby.


 


Section
3.02 Registration Expenses. The Registration Expenses of all Registrations shall be borne by the Company. It is acknowledged
by the Holders and the Company that the Holders shall bear all incremental selling expenses relating to the sale of Registrable
Securities, such as Underwriters’ commissions and discounts, brokerage fees and, other than as set forth in the definition
of “Registration Expenses,” all reasonable fees and expenses of any legal counsel representing the Holders.


 


Section
3.03 Requirements for Participation in Underwritten Offerings. No person may participate in any Underwritten Offering for
equity securities of the Company hereunder unless such person (i) agrees to sell such person’s securities on the basis provided
in the underwriting agreement for such Underwritten Offering and (ii) completes and executes all customary questionnaires, powers
of attorney, indemnities, lock-up agreements, underwriting agreements and other customary documents as may be reasonably required
under the terms of such underwriting agreement.


 




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Section
3.04 Suspension of Sales; Adverse Disclosure.


 


(a)
Upon receipt of written notice from the Company that a Registration Statement or Prospectus contains a Misstatement or that a
Registration Statement has ceased to be in compliance with the rules of the Commission, each of the Holders shall forthwith discontinue
disposition of Registrable Securities until it has received copies of a supplemented or amended Prospectus correcting the Misstatement
or noncompliance (it being understood that the Company hereby covenants to prepare and file such supplement or amendment as soon
as practicable after the time of such notice), or until it is advised in writing by the Company that the use of the Prospectus
may be resumed (any such period, a “Suspension Period”).


 


(b)
If the filing, initial effectiveness or continued use of a Registration Statement in respect of any Registration (including in
connection with an Underwritten Offering) at any time would require the Company to make an Adverse Disclosure or would require
the inclusion in such Registration Statement of financial statements that are unavailable to the Company for reasons beyond the
Company’s control, then the Company may, upon giving prompt written notice to the Holders, delay the filing or initial effectiveness
of, or suspend use of, such Registration Statement (including in connection with an Underwritten Offering) for the shortest period
of time, but in no event more than thirty (30) days, determined in good faith by the Company to be necessary for such purpose
(any such period, a “Blackout Period”). In the event the Company exercises its rights under the preceding
sentence, the Holders agree to suspend, immediately upon their receipt of the notice referred to above, their use of the Prospectus
relating to any Registration in connection with any sale or offer to sell Registrable Securities.


 


(c)
The Company shall immediately notify the Holders of the expiration of any period during which it exercised its rights under this
Section 3.04. Notwithstanding anything to the contrary in this Section 3.04, in no event shall any Suspension Period
or any Blackout Period continue for more than ninety (90) days in the aggregate during any 365-day period.


 


Section
3.05 Reporting Obligations. As long as any Holder shall own Registrable Securities, the Company, at all times while it shall
be a reporting company under the Exchange Act, covenants to file timely (or obtain extensions in respect thereof and file within
the applicable grace period) all reports required to be filed by the Company after the date hereof pursuant to Sections 13(a)
or 15(d) of the Exchange Act and to promptly furnish the Holders with true and complete copies of all such filings (the delivery
of which will be satisfied by the Company’s filing of such reports on the Commission’s EDGAR system). The Company
further covenants that it shall take such further action as any Holder may reasonably request, all to the extent required from
time to time to enable such Holder to sell shares of Common Stock held by such Holder without registration under the Securities
Act within the limitation of the exemptions provided by Rule 144 promulgated under the Securities Act (or any successor rule promulgated
thereafter by the Commission), including providing any legal opinions. Upon the request of any Holder, the Company shall deliver
to such Holder a written certification of a duly authorized officer as to whether it has complied with such requirements.


 




    	 	11	 



     


    

 


ARTICLE
IV.


INDEMNIFICATION
AND CONTRIBUTION


 


Section
4.01 Indemnification.


 


(a)
The Company agrees to indemnify, to the extent permitted by law, each Holder of Registrable Securities, its officers and directors
and each person who controls such Holder (within the meaning of the Securities Act) against all losses, claims, damages, liabilities
and expenses (including attorneys’ fees) caused by any untrue or alleged untrue statement of material fact contained in
any Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or any omission
or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading,
except insofar as the same are caused by or contained in any information furnished in writing to the Company by such Holder expressly
for use therein. The Company shall indemnify the Underwriters, their officers and directors and each person who controls such
Underwriters (within the meaning of the Securities Act) to the same extent as provided in the foregoing with respect to the indemnification
of the Holder.


 


(b)
In connection with any Registration Statement in which a Holder of Registrable Securities is participating, such Holder shall
furnish to the Company in writing such information and affidavits as the Company reasonably requests for use in connection with
any such Registration Statement or Prospectus and, to the extent permitted by law, shall indemnify the Company, its directors
and officers and agents and each person who controls the Company (within the meaning of the Securities Act) against any losses,
claims, damages, liabilities and expenses (including without limitation reasonable attorneys’ fees) resulting from any untrue
statement of material fact contained in the Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof
or supplement thereto or any omission of a material fact required to be stated therein or necessary to make the statements therein
not misleading, but only to the extent that such untrue statement or omission is contained in any information or affidavit so
furnished in writing by such Holder expressly for use therein; provided, however, that the obligation to indemnify
shall be several, not joint and several, among such Holders of Registrable Securities, and the liability of each such Holder of
Registrable Securities shall be in proportion to and limited to the net proceeds received by such Holder from the sale of Registrable
Securities pursuant to such Registration Statement. The Holders of Registrable Securities shall indemnify the Underwriters, their
officers, directors and each person who controls such Underwriters (within the meaning of the Securities Act) to the same extent
as provided in the foregoing with respect to indemnification of the Company. In no event shall the liability of a selling Holder
be greater in amount than the dollar amount of the proceeds (net of all expenses paid by such Holder in connection with any claim
relating to this Section 5 and the amount of any damages such Holder has otherwise been required to pay by reason of such untrue
statement or omission) received by such Holder upon the sale of the Registrable Securities included in the Registration Statement
giving rise to such indemnification obligation.


 




    	 	12	 



     


    

 


(c)
Any person entitled to indemnification herein shall (i) give prompt written notice to the indemnifying party of any claim with
respect to which it seeks indemnification (provided that the failure to give prompt notice shall not impair any person’s
right to indemnification hereunder to the extent such failure has not materially prejudiced the indemnifying party) and (ii) unless
in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties
may exist with respect to such claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably
satisfactory to the indemnified party. If such defense is assumed, the indemnifying party shall not be subject to any liability
for any settlement made by the indemnified party without its consent (but such consent shall not be unreasonably withheld). An
indemnifying party who is not entitled to, or elects not to, assume the defense of a claim shall not be obligated to pay the fees
and expenses of more than one counsel for all parties indemnified by such indemnifying party with respect to such claim, unless
in the reasonable judgment of any indemnified party a conflict of interest may exist between such indemnified party and any other
of such indemnified parties with respect to such claim. No indemnifying party shall, without the consent of the indemnified party,
consent to the entry of any judgment or enter into any settlement which cannot be settled in all respects by the payment of money
(and such money is so paid by the indemnifying party pursuant to the terms of such settlement) or which settlement does not include
as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability
in respect to such claim or litigation.


 


(d)
The indemnification provided for under this Agreement shall remain in full force and effect regardless of any investigation made
by or on behalf of the indemnified party or any officer, director or controlling person of such indemnified party and shall survive
the transfer of securities. The Company and each Holder of Registrable Securities participating in an offering also agrees to
make such provisions as are reasonably requested by any indemnified party for contribution to such party in the event the Company’s
or such Holder’s indemnification is unavailable for any reason.


 


(e)
If the indemnification provided under this Section 4.01 from the indemnifying party is unavailable or insufficient to hold
harmless an indemnified party in respect of any losses, claims, damages, liabilities and expenses referred to herein, then the
indemnifying party, in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by the indemnified
party as a result of such losses, claims, damages, liabilities and expenses in such proportion as is appropriate to reflect the
relative fault of the indemnifying party and the indemnified party, as well as any other relevant equitable considerations. The
relative fault of the indemnifying party and indemnified party shall be determined by reference to, among other things, whether
any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to
state a material fact, was made by, or relates to information supplied by, such indemnifying party or indemnified party, and the
indemnifying party’s and indemnified party’s relative intent, knowledge, access to information and opportunity to
correct or prevent such action; provided, however, that the liability of any Holder under this Section 4.01(e)
shall be limited to the amount of the net proceeds (which shall be net of all expenses paid by such Holder in connection with
any claim set forth in this section) received by such Holder in such offering giving rise to such liability. The amount paid or
payable by a party as a result of the losses or other liabilities referred to above shall be deemed to include, subject to the
limitations set forth in Section 4.01(a), Section 4.01(b) and Section 4.01(c) above, any legal or other fees,
charges or expenses reasonably incurred by such party in connection with any investigation or proceeding. The parties hereto agree
that it would not be just and equitable if contribution pursuant to this Section 4.01(e) were determined by pro rata allocation
or by any other method of allocation, which does not take account of the equitable considerations referred to in this Section
4.01(e). No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall
be entitled to contribution pursuant to this Section 4.01(e) from any person who was not guilty of such fraudulent misrepresentation.


 




    	 	13	 



     


    

 


ARTICLE
V. MISCELLANEOUS


 


Section
5.01 Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall
be in writing and shall be deemed given and effective on the earliest of: (a) the date of transmission, if such notice or communication
is delivered via facsimile at the facsimile number or email as set forth on the signature pages attached hereto at or prior to
5:30 p.m. (New York City time) on a trading day, (b) the next trading day after the date of transmission, if such notice or communication
is delivered via facsimile at the facsimile number or email as set forth on the signature pages attached hereto on a day that
is not a trading day or later than 5:30 p.m. (New York City time) on any trading day, (c) the fifth (5th) trading day
following the date of mailing, if sent by U.S. nationally recognized overnight courier service or (d) upon actual receipt by the
party to whom such notice is required to be given. The address for such notices and communications shall be as set forth on the
signature pages attached hereto. Any party may change its address for notice at any time and from time to time by written notice
to the other parties hereto, and such change of address shall become effective upon receipt of such notice as provided in this
Section 5.01.


 


Section
5.02 Assignment; No Third Party Beneficiaries.


 


(a)
This Agreement and the rights, duties and obligations of the Company hereunder may not be assigned or delegated by the Company
in whole or in part.


 


(b)
This Agreement and the provisions hereof shall be binding upon and shall inure to the benefit of each of the parties and its successors
and the permitted assigns of the Holders.


 


(c)
This Agreement shall not confer any rights or benefits on any persons that are not parties hereto, other than as expressly set
forth in this Agreement and this Section 5.02.


 


(d)
No assignment by any party hereto of such party’s rights, duties and obligations hereunder shall be binding upon or obligate
the Company unless and until the Company shall have received (i) written notice of such assignment as provided in Section 5.01
and (ii) the written agreement of the assignee, in a form reasonably satisfactory to the Company, to be bound by the terms
and provisions of this Agreement (which may be accomplished by an addendum or certificate of joinder to this Agreement). Any transfer
or assignment made other than as provided in this Section 5.02 shall be null and void.


 


Section
5.03 Counterparts. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered
one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to each other
party, it being understood that the parties need not sign the same counterpart. This Agreement may be executed and delivered in
original, via DocuSign, RightSignature or any other comparable signature software, via facsimile or email with PDF attachment,
or other commercially acceptable electronic form, in any number of counterparts, each of which shall be deemed an original, and
all of which shall together constitute but one and the same instrument, which instrument shall for all purposes be sufficiently
evidenced by any such counterpart.


 




    	 	14	 



     


    

 


Section
5.04 Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Agreement
shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard
to the principles of conflicts of law thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement
and defense of the transactions contemplated by this Agreement (whether brought against a party hereto or its respective affiliates,
directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the state and federal
courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal
courts sitting in the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder or in connection herewith
or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement of any of this Agreement),
and hereby irrevocably waives, and agrees not to assert in any action or proceeding, any claim that it is not personally subject
to the jurisdiction of any such court, that such action or proceeding is improper or is an inconvenient venue for such proceeding.
Each party hereby irrevocably waives personal service of process and consents to process being served in any such action or proceeding
by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at
the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient
service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process
in any other manner permitted by law. If any party hereto shall commence an action or proceeding to enforce any provisions of
this Agreement, then the prevailing party in such action or proceeding shall be reimbursed by the non-prevailing party for its
reasonable attorneys’ fees and other costs and expenses incurred with the investigation, preparation and prosecution of
such action or proceeding.


 


Section
5.05 Amendments and Modifications. Upon the written consent of the Company and the Holders of at least a majority in interest
of the Registrable Securities at the time in question, compliance with any of the provisions, covenants and conditions set forth
in this Agreement may be waived, or any of such provisions, covenants or conditions may be amended or modified; provided,
however, that notwithstanding the foregoing, any amendment hereto or waiver hereof that adversely affects one Holder, solely
in its capacity as a holder of the shares of capital stock of the Company, in a manner that is materially different from the other
Holders (in such capacity) shall require the consent of the Holder so affected. No course of dealing between any Holder or the
Company and any other party hereto or any failure or delay on the part of a Holder or the Company in exercising any rights or
remedies under this Agreement shall operate as a waiver of any rights or remedies of any Holder or the Company. No single or partial
exercise of any rights or remedies under this Agreement by a party shall operate as a waiver or preclude the exercise of any other
rights or remedies hereunder or thereunder by such party.


 


Section
5.06 Remedies. In the event of a breach by the Company or by a Holder of any of their respective obligations under
this Agreement, each Holder or the Company, as the case may be, in addition to being entitled to exercise all rights granted by
law and under this Agreement, including recovery of damages, shall be entitled to specific performance of its rights under this
Agreement. Each of the Company and each Holder agrees that monetary damages would not provide adequate compensation for any losses
incurred by reason of a breach by it of any of the provisions of this Agreement and hereby further agrees that, in the event of
any action for specific performance in respect of such breach, it shall not assert or shall waive the defense that a remedy at
law would be adequate.


 




    	 	15	 



     


    

 


Section
5.07 No Piggyback on Registrations; Prohibition on Filing Other Registration Statements. Neither the Company nor any
of its security holders (other than the Holders in such capacity pursuant hereto) may include securities of the Company in any
Registration Statements other than the Registrable Securities. The Company shall not file any other registration statements until
all Registrable Securities are registered pursuant to a Registration Statement that is declared effective by the Commission, provided
that this Section shall not prohibit the Company from filing a Form 10 Registration Statement.


 


Section
5.08 Severability. If any term, provision, covenant or restriction of this Agreement
is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions,
covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or
invalidated, and the parties hereto shall use their commercially reasonable efforts to find and employ an alternative means to
achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is
hereby stipulated and declared to be the intention of the parties that they would have executed the remaining terms, provisions,
covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable.


 


Section
5.09 No Inconsistent Agreements. Neither the Company nor any of its Subsidiaries
has entered, as of the date hereof, nor shall the Company or any of its Subsidiaries, on or after the date of this Agreement,
enter into any agreement with respect to its securities, that would have the effect of impairing the rights granted to the Holders
in this Agreement or otherwise conflicts with the provisions hereof. Except as set forth on Schedule 6(i),
neither the Company nor any of its Subsidiaries has previously entered into any agreement granting any registration rights with
respect to any of its securities to any Person that have not been satisfied in full.


 


[SIGNATURE
PAGES FOLLOW]


 




    	 	16	 



     


    

 


IN
WITNESS WHEREOF, the undersigned have caused this Agreement to be executed as of the date first written above.


 


	COMPANY:

         

        AMERGENT
        HOSPITALITY GROUP, INC.
	 
	 	 
	By:	 	 
	 	Michael
    D. Pruitt, Chief Executive Officer	 


 


[Signature
Page Registration Rights Agreement]


 




    	 	 	 



     


    

 


HOLDERS


 


	

    Oz Rey, LLC	 	 	 
	 	 	 	 	 
	By:	 	 	 	 
	 	Robert
    S. Hersch, Manager	 	 	 
	 	 	 	 	 
	ARENA SPECIAL OPPORTUNITIES FUND, LP

                                                                                By: ARENA INVESTORS, LP, its Investment Manager 
	 	ARENA ORIGINATING Co., LLC

                                                                                By: ARENA INVESTORS, LP, its Investment Manager 

	 	 	 
	By:	 	 	By:	 
	Name:
    	Lawrence
    Cutler	 	Name:	Lawrence
    Cutler
	Title:
    	Authorized
    Signatory	 	Title:	Authorized
    Signatory
	 	 	 	 	 
	Jonathan
    & Nancy Glaser Family Trust DTD 12-16-98 	 	Larry
    S. Spitcaufsky, Trustee of Larry Spitcaufsky Family Trust UTD 1-19-88
	 	 	 	 	 
	By:	 	 	By:	 
	Name:
    	Jonathan
    Glaser	 	Name:
    	Larry
    Spitcaufsky
	Title:
    	Trustee	 	Title:	Trustee
	 	 	 	 	 
	Bryan
    Ezralow TTEE of the Bryan Ezralow 1994 Trust DTD 12-22-94	 	EMSE,
    LLC, a Delaware limited liability company
	 	 	 
	By:	 	 	By:	 
	Name:
    	Bryan
    Ezralow	 	Name:	Bryan
    Ezralow, as Trustee of the Bryan Ezralow 1994 Trust U/T/D 12-22-94
	Title:
    	Trustee	 	Title:	Manager
    and Member
	 	 	 	 	 
	Marc
    Ezralow 1997 Trust u/t/d 11.26.1997	 	Elevado
    Investment Company, LLC, a Delaware limited liability company
	 	 	 
	By:	 	 	By:	 
	Name:
    	Mark
    Ezralow	 	Name:
    	Bryan
    Ezralow, as Trustee of the Ezralow Family Trust U/T/D 12/09/1980
	Title:
    	Trustee	 	Title:	Manager
    and Member
	 	 	 	 	 
	SPA
    Trust u/t/d 09.13.2004	 	David
    Leff Family Trust u/t/d 02.03.1988
	 	 	 
	By:	 	 	By:	 
	Name:
    	Mark
    Ezralow	 	Name:	David
    Michael Leff
	Title:
    	Trustee	 	Title:	Trustee
	 	 	 	 	 
	C
    and R Irrevocable Trust u/t/d 11.05.2007	 	Freedman
    Family Trust u/t/d 05.25.1982
	 	 	 	 	 
	By:	 	 	By:	 
	Name:
    	David
    Michael Leff	 	Name:	Gary
    E. Freedman
	Title:
    	Trustee	 	Title:	Trustee
	 	 	 	 	 
	Freedman
    2006 Irrevocable Trust u/t/d 02.27.2006	 	Haddad
    Family Trust
	 	 	 	 	 
	By:	 	 	By:	 
	Name:
    	Gary
    E. Freedman	 	Name:	David
    Haddad
	Title:
    	Trustee	 	Title:	Trustee
	 	 	 	 	 
	 	 	 	Joshua
    and Julie Ofman Family Trust
	 	 	 	 	 
		 	By:	 
	Douglas
    S. Ramer	 	Name:	Joshua
    J. Ofman
	 	 	 	Title:	Trustee


 


[Signature
Page Registration Rights Agreement]


 




    	 	 	 



     


    

 


HOLDERS


 


	 	 	 	TR
    Capital Growth Fund, LLC
	 	 	 	 
	 	 	By:	 
	Karen
    Kang	 	Name:	            
	 	        	 	Title:	 
	 	 	 	 	 
	 	 	 
	Russell
    Steward	 	Michael
    E. Meyers
	 	 	 	 	 
	CCM
    Holdings, Inc.	 	John
    W. Galuchie Jr. & Marianne C. Galuchie TTEES Galuchie Living Trust DTD 9/11/00 
	 	 	 
	By:	 	 	By:	 
	Name:	 	 	Name:	 
	Title:	 	 	Title:	 
	 	 	 	 	 
	T.R.
    Winston & Company LLC	 	G.
    Tyler Runnels and Jasmine N. Runnels TTEES The Runnels Family Trust DTD 1-11-2000
	 	 	 
	By:	 	 	By:	 
	Name:	 	 	Name:	 
	Title:	 	 	Title:	 
	 	 	 	 	 
	Larry
    Steven Spitcaufsky TTEE Larry S. Spitcaufsky Family Trust U/A DTD 08/23/1995	 	Larry
    Steven Spitcaufsky Charles Schwab & Co Inc. Cust Roth Contributory IRA
	 	 	 	 	 
	By:	 	 	By:	 
	Name:	 	 	Name:	 
	Title:	 	 	Title:	 


 


[Signature
Page Registration Rights Agreement]