Exhibit
10.4


 


EXHIBIT
D


 


SUBSIDIARY
GUARANTEE


 


SUBSIDIARY
GUARANTEE, dated as of April 1, 2020 (this “Guarantee”), made by each of the signatories hereto (together with
any other entity that may become a party hereto as provided herein, the “Guarantors”), in favor of Oz Rey,
LLC, a Texas limited liability company (together with its permitted assigns, the “Purchasers”) to that certain
Securities Purchase Agreement, dated as of the date hereof, between Amergent Hospitality Group, Inc., a Delaware corporation (the
“Company”) and the Purchasers.


 


W
I T N E S S E T H:


 


WHEREAS,
pursuant to that certain Securities Purchase Agreement, dated as of the date hereof, by and between the Company and the Purchasers
(the “Purchase Agreement”), the Company has agreed to sell and issue to the Purchasers, and the Purchasers
have agreed to purchase from the Company the Debentures, subject to the terms and conditions set forth therein; and


 


WHEREAS,
each Guarantor will directly benefit from the extension of credit to the Company represented by the issuance of the Debentures;
and


 


NOW,
THEREFORE, in consideration of the premises and to induce the Purchasers to enter into the Purchase Agreement and to carry out
the transactions contemplated thereby, each Guarantor hereby agrees with the Purchasers as follows:


 


1.
Definitions. Unless otherwise defined herein, terms defined in the Purchase Agreement and used herein shall have the meanings
given to them in the Purchase Agreement. The words “hereof,” “herein,” “hereto” and “hereunder”
and words of similar import when used in this Guarantee shall refer to this Guarantee as a whole and not to any particular provision
of this Guarantee, and Section and Schedule references are to this Guarantee unless otherwise specified. The meanings given to
terms defined herein shall be equally applicable to both the singular and plural forms of such terms. The following terms shall
have the following meanings:


 


“Guarantee”
means this Subsidiary Guarantee, as the same may be amended, supplemented or otherwise modified from time to time.


 


“Obligations”
means, in addition to all other costs and expenses of collection incurred by Purchasers in enforcing any of such Obligations and/or
this Guarantee, all of the liabilities and obligations (primary, secondary, direct, contingent, sole, joint or several) due or
to become due, or that are now or may be hereafter contracted or acquired, or owing to, of the Company or any Guarantor to the
Purchasers, including, without limitation, all obligations under this Guarantee, the Debentures and any other instruments, agreements
or other documents executed and/or delivered in connection herewith or therewith, in each case, whether now or hereafter existing,
voluntary or involuntary, direct or indirect, absolute or contingent, liquidated or unliquidated, whether or not jointly owed
with others, and whether or not from time to time decreased or extinguished and later increased, created or incurred, and all
or any portion of such obligations or liabilities that are paid, to the extent all or any part of such payment is avoided or recovered
directly or indirectly from any of the Purchasers as a preference, fraudulent transfer or otherwise as such obligations may be
amended, supplemented, converted, extended or modified from time to time. Without limiting the generality of the foregoing, the
term “Obligations” shall include, without limitation: (i) principal of, and interest on the Debentures and the loans
extended pursuant thereto; (ii) any and all other fees, indemnities, costs, obligations and liabilities of the Company or any
Guarantor from time to time under or in connection with this Guarantee, the Debentures and any other instruments, agreements or
other documents executed and/or delivered in connection herewith or therewith; and (iii) all amounts (including but not limited
to post-petition interest) in respect of the foregoing that would be payable but for the fact that the obligations to pay such
amounts are unenforceable or not allowable due to the existence of a bankruptcy, reorganization or similar proceeding involving
the Company or any Guarantor.


 




    	 	 	 



     


    

 


2.
Guarantee.


 


(a)
Guarantee.


 


(i)
The Guarantors hereby, jointly and severally, unconditionally and irrevocably, guarantee to the Purchasers and their respective
successors, indorsees, transferees and assigns, the prompt and complete payment and performance when due (whether at the stated
maturity, by acceleration or otherwise) of the Obligations.


 


(ii)
Anything herein or in any other Transaction Document to the contrary notwithstanding, the maximum liability of each Guarantor
hereunder and under the other Transaction Documents shall in no event exceed the amount which can be guaranteed by such Guarantor
under applicable federal and state laws, including laws relating to the insolvency of debtors, fraudulent conveyance or transfer
or laws affecting the rights of creditors generally (after giving effect to the right of contribution established in Section 2(b)).


 


(iii)
Each Guarantor agrees that the Obligations may at any time and from time to time exceed the amount of the liability of such Guarantor
hereunder without impairing the guarantee contained in this Section 2 or affecting the rights and remedies of the Purchasers hereunder.


 


(iv)
The guarantee contained in this Section 2 shall remain in full force and effect until all the Obligations and the obligations
of each Guarantor under the guarantee contained in this Section 2 shall have been satisfied by indefeasible payment in full.


 




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(v)
No payment made by the Company, any of the Guarantors, any other guarantor or any other Person or received or collected by the
Purchasers from the Company, any of the Guarantors, any other guarantor or any other Person by virtue of any action or proceeding
or any set-off or appropriation or application at any time or from time to time in reduction of or in payment of the Obligations
shall be deemed to modify, reduce, release or otherwise affect the liability of any Guarantor hereunder which shall, notwithstanding
any such payment (other than any payment made by such Guarantor in respect of the Obligations or any payment received or collected
from such Guarantor in respect of the Obligations), remain liable for the Obligations up to the maximum liability of such Guarantor
hereunder until the Obligations are indefeasibly paid in full.


 


(vi)
Notwithstanding anything to the contrary in this Guarantee, with respect to any defaulted non-monetary Obligations the specific
performance of which by the Guarantors is not reasonably possible (e.g. the issuance of the Company’s Common Stock), the
Guarantors shall only be liable for making the Purchasers whole on a monetary basis for the Company’s failure to perform
such Obligations in accordance with the Transaction Documents.


 


(b)
Right of Contribution. Subject to Section 2(c), each Guarantor hereby agrees that to the extent that a Guarantor shall
have paid more than its proportionate share of any payment made hereunder, such Guarantor shall be entitled to seek and receive
contribution from and against any other Guarantor hereunder which has not paid its proportionate share of such payment. Each Guarantor’s
right of contribution shall be subject to the terms and conditions of Section 2(c). The provisions of this Section 2(b) shall
in no respect limit the obligations and liabilities of any Guarantor to the Purchasers and each Guarantor shall remain liable
to the Purchasers for the full amount guaranteed by such Guarantor hereunder.


 


(c)
No Subrogation. Notwithstanding any payment made by any Guarantor hereunder or any set-off or application of funds of any
Guarantor by the Purchasers, no Guarantor shall be entitled to be subrogated to any of the rights of the Purchasers against the
Company or any other Guarantor or any collateral security or guarantee or right of offset held by the Purchasers for the payment
of the Obligations, nor shall any Guarantor seek or be entitled to seek any contribution or reimbursement from the Company or
any other Guarantor in respect of payments made by such Guarantor hereunder, until all amounts owing to the Purchasers by the
Company on account of the Obligations are indefeasibly paid in full. If any amount shall be paid to any Guarantor on account of
such subrogation rights at any time when all of the Obligations shall not have been paid in full, such amount shall be held by
such Guarantor in trust for the Purchasers, segregated from other funds of such Guarantor, and shall, forthwith upon receipt by
such Guarantor, be turned over to the Purchasers in the exact form received by such Guarantor (duly indorsed by such Guarantor
to the Purchasers, if required), to be applied against the Obligations, whether matured or unmatured, in such order as the Purchasers
may determine.


 




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(d)
Amendments, Etc. With Respect to the Obligations. Each Guarantor shall remain obligated hereunder notwithstanding that,
without any reservation of rights against any Guarantor and without notice to or further assent by any Guarantor, any demand for
payment of any of the Obligations made by the Purchasers may be rescinded by the Purchasers and any of the Obligations continued,
and the Obligations, or the liability of any other Person upon or for any part thereof, or any collateral security or guarantee
therefor or right of offset with respect thereto, may, from time to time, in whole or in part, be renewed, extended, amended,
modified, accelerated, compromised, waived, surrendered or released by the Purchasers, and the Purchase Agreement and the other
Transaction Documents and any other documents executed and delivered in connection therewith may be amended, modified, supplemented
or terminated, in whole or in part, as the Purchasers may deem advisable from time to time, and any collateral security, guarantee
or right of offset at any time held by the Purchasers for the payment of the Obligations may be sold, exchanged, waived, surrendered
or released. The Purchasers shall have no obligation to protect, secure, perfect or insure any Lien at any time held by them as
security for the Obligations or for the guarantee contained in this Section 2 or any property subject thereto.


 


(e)
Guarantee Absolute and Unconditional. Each Guarantor waives any and all notice of the creation, renewal, extension or accrual
of any of the Obligations and notice of or proof of reliance by the Purchasers upon the guarantee contained in this Section 2
or acceptance of the guarantee contained in this Section 2; the Obligations, and any of them, shall conclusively be deemed to
have been created, contracted or incurred, or renewed, extended, amended or waived, in reliance upon the guarantee contained in
this Section 2; and all dealings between the Company and any of the Guarantors, on the one hand, and the Purchasers, on the other
hand, likewise shall be conclusively presumed to have been had or consummated in reliance upon the guarantee contained in this
Section 2. Each Guarantor waives to the extent permitted by law diligence, presentment, protest, demand for payment and notice
of default or nonpayment to or upon the Company or any of the Guarantors with respect to the Obligations. Each Guarantor understands
and agrees that the guarantee contained in this Section 2 shall be construed as a continuing, absolute and unconditional guarantee
of payment and performance without regard to (a) the validity or enforceability of the Purchase Agreement or any other Transaction
Document, any of the Obligations or any other collateral security therefor or guarantee or right of offset with respect thereto
at any time or from time to time held by the Purchasers, (b) any defense, set-off or counterclaim (other than a defense of payment
or performance or fraud by Purchasers) which may at any time be available to or be asserted by the Company or any other Person
against the Purchasers, or (c) any other circumstance whatsoever (with or without notice to or knowledge of the Company or such
Guarantor) which constitutes, or might be construed to constitute, an equitable or legal discharge of the Company for the Obligations,
or of such Guarantor under the guarantee contained in this Section 2, in bankruptcy or in any other instance. When making any
demand hereunder or otherwise pursuing its rights and remedies hereunder against any Guarantor, the Purchasers may, but shall
be under no obligation to, make a similar demand on or otherwise pursue such rights and remedies as they may have against the
Company, any other Guarantor or any other Person or against any collateral security or guarantee for the Obligations or any right
of offset with respect thereto, and any failure by the Purchasers to make any such demand, to pursue such other rights or remedies
or to collect any payments from the Company, any other Guarantor or any other Person or to realize upon any such collateral security
or guarantee or to exercise any such right of offset, or any release of the Company, any other Guarantor or any other Person or
any such collateral security, guarantee or right of offset, shall not relieve any Guarantor of any obligation or liability hereunder,
and shall not impair or affect the rights and remedies, whether express, implied or available as a matter of law, of the Purchasers
against any Guarantor. For the purposes hereof, “demand” shall include the commencement and continuance of any legal
proceedings.


 




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(f)
Reinstatement. The guarantee contained in this Section 2 shall continue to be effective, or be reinstated, as the case
may be, if at any time payment, or any part thereof, of any of the Obligations is rescinded or must otherwise be restored or returned
by the Purchasers upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of the Company or any Guarantor,
or upon or as a result of the appointment of a receiver, intervenor or conservator of, or trustee or similar officer for, the
Company or any Guarantor or any substantial part of its property, or otherwise, all as though such payments had not been made.


 


(g)
Payments. Each Guarantor hereby guarantees that payments hereunder will be paid to the Purchasers without set-off or counterclaim
in U.S. dollars at the address set forth or referred to in the Signature Pages to the Purchase Agreement.


 


3.
Representations and Warranties. Each Guarantor hereby makes the following representations and warranties to Purchasers
as of the date hereof:


 


(a)
Organization and Qualification. The Guarantor is an entity, duly incorporated or otherwise organized, validly existing
and in good standing under the laws of the applicable jurisdiction set forth on Schedule 1, with the requisite corporate, partnership,
limited liability company or other power and authority to own and use its properties and assets and to carry on its business as
currently conducted. The Guarantor has no subsidiaries other than those identified as such on the Disclosure Schedules to the
Purchase Agreement. The Guarantor is duly qualified to do business and is in good standing as a foreign corporation in each jurisdiction
in which the nature of the business conducted or property owned by it makes such qualification necessary, except where the failure
to be so qualified or in good standing, as the case may be, could not, individually or in the aggregate, (x) adversely affect
the legality, validity or enforceability of any of this Guaranty in any material respect, (y) have a material adverse effect on
the results of operations, assets, prospects, or financial condition of the Guarantor or (z) adversely impair in any material
respect the Guarantor’s ability to perform fully on a timely basis its obligations under this Guaranty (a “Material
Adverse Effect”).


 


(b)
Authorization; Enforcement. The Guarantor has the requisite corporate, partnership, limited liability company or other
power and authority to enter into and to consummate the transactions contemplated by this Guaranty, and otherwise to carry out
its obligations hereunder. The execution and delivery of this Guaranty by the Guarantor and the consummation by it of the transactions
contemplated hereby have been duly authorized by all requisite corporate, partnership, limited liability company or other action
on the part of the Guarantor. This Guaranty has been duly executed and delivered by the Guarantor and constitutes the valid and
binding obligation of the Guarantor enforceable against the Guarantor in accordance with its terms, except as such enforceability
may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or similar laws relating to, or affecting
generally the enforcement of, creditors’ rights and remedies or by other equitable principles of general application.


 




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(c)
No Conflicts. The execution, delivery and performance of this Guaranty by the Guarantor and the consummation by the Guarantor
of the transactions contemplated thereby do not and will not (i) conflict with or violate any provision of its certificate or
articles of incorporation, bylaws or other organizational or charter documents, or (ii) conflict with, constitute a default (or
an event which with notice or lapse of time or both would become a default) under, or give to others any rights of termination,
amendment, acceleration or cancellation of, any agreement, indenture or instrument to which the Guarantor is a party, or (iii)
result in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction of any court or governmental
authority to which the Guarantor is subject (including Federal and State securities laws and regulations), or by which any material
property or asset of the Guarantor is bound or affected, except in the case of each of clauses (ii) and (iii), such conflicts,
defaults, terminations, amendments, accelerations, cancellations and violations as could not, individually or in the aggregate,
have or result in a Material Adverse Effect. The business of the Guarantor is not being conducted in violation of any law, ordinance
or regulation of any governmental authority.


 


(d)
Consents and Approvals. The Guarantor is not required to obtain any consent, waiver, authorization or order of, or make
any filing or registration with, any court or other federal, state, local, foreign or other governmental authority or other person
in connection with the execution, delivery and performance by the Guarantor of this Guaranty.


 


4.
Covenants.


 


(a)
Each Guarantor covenants and agrees with the Purchasers that, from and after the date of this Guarantee until the Obligations
shall have been indefeasibly paid in full, such Guarantor shall take, and/or shall refrain from taking, as the case may be, each
commercially reasonable action that is necessary to be taken or not taken, as the case may be, so that no Event of Default (as
defined in the Debentures) is caused by the failure to take such action or to refrain from taking such action by such Guarantor.


 


(b)
So long as any of the Obligations are outstanding, unless Purchasers holding at least 67% of the aggregate principal amount of
the then outstanding Debentures shall otherwise consent in writing, each Guarantor will not directly or indirectly on or after
the date of this Guarantee:


 


i.
enter into, create, incur, assume or suffer to exist any indebtedness for borrowed money of any kind, including but not limited
to, a guarantee, on or with respect to any of its property or assets now owned or hereafter acquired or any interest therein or
any income or profits therefrom;


 




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ii.
enter into, create, incur, assume or suffer to exist any liens of any kind, on or with respect to any of its property or assets
now owned or hereafter acquired or any interest therein or any income or profits therefrom;


 


iii.
amend its certificate of incorporation, bylaws or other charter documents so as to adversely affect any rights of any Purchaser;


 


iv.
repay, repurchase or offer to repay, repurchase or otherwise acquire more than a de minimis number of shares of its securities
or debt obligations;


 


v.
pay cash dividends on any equity securities of the Company;


 


vi.
enter into any transaction with any Affiliate of the Guarantor which would be required to be disclosed in any public filing of
the Company with the Commission, unless such transaction is made on an arm’s-length basis and expressly approved by a majority
of the disinterested directors of the Company (even if less than a quorum otherwise required for board approval); or


 


vii.
enter into any agreement with respect to any of the foregoing.


 


5.
Miscellaneous.


 


(a)
Amendments in Writing. None of the terms or provisions of this Guarantee may be waived, amended, supplemented or otherwise
modified except in writing by the Purchasers.


 


(b)
Notices. All notices, requests and demands to or upon the Purchasers or any Guarantor hereunder shall be effected in the
manner provided for in the Purchase Agreement, provided that any such notice, request or demand to or upon any Guarantor shall
be addressed to such Guarantor at 7621 Little Avenue, Suite 414, Charlotte, NC 28226.


 


(c)
No Waiver By Course Of Conduct; Cumulative Remedies. The Purchasers shall not by any act (except by a written instrument
pursuant to Section 5(a)), delay, indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or
to have acquiesced in any default under the Transaction Documents or Event of Default. No failure to exercise, nor any delay in
exercising, on the part of the Purchasers, any right, power or privilege hereunder shall operate as a waiver thereof. No single
or partial exercise of any right, power or privilege hereunder shall preclude any other or further exercise thereof or the exercise
of any other right, power or privilege. A waiver by the Purchasers of any right or remedy hereunder on any one occasion shall
not be construed as a bar to any right or remedy which the Purchasers would otherwise have on any future occasion. The rights
and remedies herein provided are cumulative, may be exercised singly or concurrently and are not exclusive of any other rights
or remedies provided by law.


 




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(d)
Enforcement Expenses; Indemnification.


 


(i)
Each Guarantor agrees to pay, or reimburse the Purchasers for, all its costs and expenses incurred in collecting against such
Guarantor under the guarantee contained in Section 2 or otherwise enforcing or preserving any rights under this Guarantee and
the other Transaction Documents to which such Guarantor is a party, including, without limitation, the reasonable fees and disbursements
of counsel to the Purchasers.


 


(ii)
Each Guarantor agrees to pay, and to save the Purchasers harmless from, any and all liabilities with respect to, or resulting
from any delay in paying, any and all stamp, excise, sales or other taxes which may be payable or determined to be payable in
connection with any of the transactions contemplated by this Guarantee.


 


(iii)
Each Guarantor agrees to pay, and to save the Purchasers harmless from, any and all liabilities, obligations, losses, damages,
penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever with respect to the execution,
delivery, enforcement, performance and administration of this Guarantee to the extent the Company would be required to do so pursuant
to the Purchase Agreement.


 


(iv)
The agreements in this Section shall survive repayment of the Obligations and all other amounts payable under the Purchase Agreement
and the other Transaction Documents.


 


(e)
Successor and Assigns. This Guarantee shall be binding upon the successors and assigns of each Guarantor and shall inure
to the benefit of the Purchasers and their respective successors and assigns; provided that no Guarantor may assign, transfer
or delegate any of its rights or obligations under this Guarantee without the prior written consent of the Purchasers.


 


(f)
Set-Off. Each Guarantor hereby irrevocably authorizes the Purchasers at any time and from time to time while an Event of
Default under any of the Transaction Documents shall have occurred and be continuing, without notice to such Guarantor or any
other Guarantor, any such notice being expressly waived by each Guarantor, to set-off and appropriate and apply any and all deposits,
credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured or
unmatured, at any time held or owing by the Purchasers to or for the credit or the account of such Guarantor, or any part thereof
in such amounts as the Purchasers may elect, against and on account of the obligations and liabilities of such Guarantor to the
Purchasers hereunder and claims of every nature and description of the Purchasers against such Guarantor, in any currency, whether
arising hereunder, under the Purchase Agreement, any other Transaction Document or otherwise, as the Purchasers may elect, whether
or not the Purchasers have made any demand for payment and although such obligations, liabilities and claims may be contingent
or unmatured. The Purchasers shall notify such Guarantor promptly of any such set-off and the application made by the Purchasers
of the proceeds thereof, provided that the failure to give such notice shall not affect the validity of such set-off and application.
The rights of the Purchasers under this Section are in addition to other rights and remedies (including, without limitation, other
rights of set-off) which the Purchasers may have.


 




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(g)
Counterparts. 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.


 


(h)
Severability. Any provision of this Guarantee which is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions
hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision
in any other jurisdiction.


 


(i)
Section Headings. The Section headings used in this Guarantee are for convenience of reference only and are not to affect
the construction hereof or be taken into consideration in the interpretation hereof.


 


(j)
Integration. This Guarantee and the other Transaction Documents represent the agreement of the Guarantors and the Purchasers
with respect to the subject matter hereof and thereof, and there are no promises, undertakings, representations or warranties
by the Purchasers relative to subject matter hereof and thereof not expressly set forth or referred to herein or in the other
Transaction Documents.


 


(k)
Governing Laws. All questions concerning the construction, validity, enforcement and interpretation of this Guarantee 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 of the Company and the Guarantors agree that all proceedings concerning the interpretations,
enforcement and defense of the transactions contemplated by this Guarantee (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, Borough of Manhattan. Each of the Company and the Guarantors 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,
and hereby irrevocably waives, and agrees not to assert in any proceeding, any claim that it is not personally subject to the
jurisdiction of any such court, that such proceeding is improper. Each party hereto hereby irrevocably waives personal service
of process and consents to process being served in any such 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 Guarantee
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 manner permitted by law. Each party hereto hereby irrevocably
waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising
out of or relating to this Guarantee or the transactions contemplated hereby.


 




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(l)
Acknowledgements. Each Guarantor hereby acknowledges that:


 


(i)
it has been advised by counsel in the negotiation, execution and delivery of this Guarantee and the other Transaction Documents
to which it is a party;


 


(ii)
the Purchasers have no fiduciary relationship with or duty to any Guarantor arising out of or in connection with this Guarantee
or any of the other Transaction Documents, and the relationship between the Guarantors, on the one hand, and the Purchasers, on
the other hand, in connection herewith or therewith is solely that of debtor and creditor; and


 


(iii)
no joint venture is created hereby or by the other Transaction Documents or otherwise exists by virtue of the transactions contemplated
hereby among the Guarantors and the Purchasers.


 


(m)
Additional Guarantors. The Company shall cause each of its subsidiaries formed or acquired on or subsequent to the date
hereof to become a Guarantor for all purposes of this Guarantee by executing and delivering an Assumption Agreement in the form
of Annex 1 hereto.


 


(n)
Release of Guarantors. Each Guarantor will be released from all liability hereunder concurrently with the indefeasible
repayment in full of all amounts owed under the Purchase Agreement, the Debentures and the other Transaction Documents.


 


(o)
WAIVER OF JURY TRIAL. EACH GUARANTOR AND, BY ACCEPTANCE OF THE BENEFITS HEREOF, THE PURCHASERS, HEREBY IRREVOCABLY AND
UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS GUARANTEE AND FOR ANY COUNTERCLAIM THEREIN.


 


*********************


 


(Signature
Pages Follow)


 




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IN
WITNESS WHEREOF, each of the undersigned has caused this Guarantee to be duly executed and delivered as of the date first above
written.


 


	 	AMERICAN ROADSIDE BURGERS, INC.
	 	AMERICAN BURGER ALLY, LLC
	 	AMERICAN BURGER MOREHEAD, LLC
	 	AMERICAN BURGER PROSPERITY, LLC
	 	AMERICAN ROADSIDE BURGERS SMITHTOWN,
    INC.
	 	BGR ACQUISITION, LLC
	 	BGR FRANCHISING, LLC
	 	BGR OPERATIONS, LLC
	 	BGR ACQUISITION 1, LLC
	 	BGR ANNAPOLIS, LLC
	 	BGR ARLINGTON, LLC
	 	BGR COLUMBIA, LLC
	 	BGR MICHIGAN AVE, LLC
	 	BGR MOSAIC, LLC
	 	BGR OLD KEENE MILL, LLC
	 	BGR WASHINGTONIAN, LLC
	 	CAPITOL BURGER, LLC
	 	BT BURGER ACQUISITION, LLC
	 	BT’S BURGERJOINT RIVERGATE
    LLC
	 	BT’S BURGERJOINT SUN VALLEY,
    LLC
	 	LBB ACQUISITION, LLC
	 	CUARTO LLC
	 	LBB ACQUISITION 1 LLC
	 	LBB HASSALO LLC
	 	LBB PLATFORM LLC
	 	LBB CAPITOL HILL LLC
	 	LBB FRANCHISING LLC
	 	LBB GREEN LAKE LLC
	 	LBB LAKE OSWEGO LLC
	 	LBB MAGNOLIA PLAZA LLC
	 	LBB MULTNOMAH VILLAGE LLC
	 	LBB PROGRESS RIDGE LLC
	 	LBB REA FARMS LLC
	 	LBB WALLINGFORD LLC
	 	LBB DOWNTOWN PDX LLC
	 	NOVENO LLC
	 	OCTAVO LLC
	 	PRIMERO LLC
	 	QUINTO LLC
	 	SEGUNDO LLC
	 	SEPTIMO LLC
	 	SEXTO LLC
	 	JANTZEN BEACH WINGS, LLC
	 	OREGON OWL’S NEST, LLC
	 	WEST END WINGS LTD
	 	 	 
	 	By:	/s/
    Michael D. Pruitt
	 	 	Michael
    D. Pruett, Chief Executive Officer


 




    	 	 	 



     


    

 


SCHEDULE
1


 


GUARANTORS


 


The
following are the names, notice addresses and jurisdiction of organization of each Guarantor.


 


	Name	 	Jurisdiction of Incorporation	 	Percent Owned	 
	CHANTICLEER HOLDINGS, INC.	 	DE, USA	 	 	 	 
	 	 	 	 	 	 	 
	American Roadside Burgers, Inc.	 	DE, USA	 	 	100	%
	American Burger Ally, LLC	 	NC, USA	 	 	100	%
	American Burger Morehead, LLC	 	NC, USA	 	 	100	%
	American Burger Prosperity, LLC	 	NC, USA	 	 	50	%
	American Roadside Burgers Smithtown, Inc.	 	DE, USA	 	 	100	%
	BGR Acquisition, LLC	 	NC, USA	 	 	100	%
	BGR Franchising, LLC	 	VA, USA	 	 	100	%
	BGR Operations, LLC	 	VA, USA	 	 	100	%
	BGR Acquisition 1, LLC	 	NC, USA	 	 	100	%
	BGR Annapolis, LLC	 	MD, USA	 	 	100	%
	BGR Arlington, LLC	 	VA, USA	 	 	46	%
	BGR Columbia, LLC	 	MD, USA	 	 	100	%
	BGR Michigan Ave, LLC	 	DC, USA	 	 	100	%
	BGR Mosaic, LLC	 	VA, USA	 	 	100	%
	BGR Old Keene Mill, LLC	 	VA, USA	 	 	100	%
	BGR Washingtonian, LLC	 	MD, USA	 	 	46	%
	Capitol Burger, LLC	 	MD, USA	 	 	100	%
	BT Burger Acquisition, LLC	 	NC, USA	 	 	100	%
	BT’s Burgerjoint Rivergate LLC	 	NC, USA	 	 	100	%
	BT’s Burgerjoint Sun Valley, LLC	 	NC, USA	 	 	100	%
	LBB Acquisition, LLC	 	NC, USA	 	 	100	%
	Cuarto LLC	 	OR, USA	 	 	100	%
	LBB Acquisition 1 LLC	 	OR, USA	 	 	100	%
	LBB Hassalo LLC	 	OR, USA	 	 	80	%
	LBB Platform LLC	 	OR, USA	 	 	80	%
	LBB Capitol Hill LLC	 	WA, USA	 	 	50	%
	LBB Franchising LLC	 	NC, USA	 	 	100	%
	LBB Green Lake LLC	 	OR, USA	 	 	50	%
	LBB Lake Oswego LLC	 	OR, USA	 	 	100	%
	LBB Magnolia Plaza LLC	 	NC, USA	 	 	50	%
	LBB Multnomah Village LLC	 	OR, USA	 	 	50	%
	LBB Progress Ridge LLC	 	OR, USA	 	 	50	%
	LBB Rea Farms LLC	 	NC, USA	 	 	50	%
	LBB Wallingford LLC	 	WA, USA	 	 	50	%
	LBB Downtown PDX LLC	 	OR, USA	 	 	100	%
	Noveno LLC	 	OR, USA	 	 	100	%
	Octavo LLC	 	OR, USA	 	 	100	%
	Primero LLC	 	OR, USA	 	 	100	%
	Quinto LLC	 	OR, USA	 	 	100	%
	Segundo LLC	 	OR, USA	 	 	100	%
	Septimo LLC	 	OR, USA	 	 	100	%
	Sexto LLC	 	OR, USA	 	 	100	%
	Jantzen Beach Wings, LLC	 	OR, USA	 	 	100	%
	Oregon Owl’s Nest, LLC	 	OR, USA	 	 	100	%
	West End Wings LTD	 	United Kingdom	 	 	100	%



 


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Annex
1 to


SUBSIDIARY
GUARANTEE


 


ASSUMPTION
AGREEMENT, dated as of ____ __, ______ made by ______________________________, a ______________ corporation (the “Additional
Guarantor”), in favor of the Purchasers pursuant to the Purchase Agreement referred to below. All capitalized terms
not defined herein shall have the meaning ascribed to them in such Purchase Agreement.


 


W
I T N E S S E T H :


 


WHEREAS,
Amergent Hospitality Group, Inc., a Delaware corporation (the “Company”) and the Purchasers have entered into
a Securities Purchase Agreement, dated as of ________ ___, 2020 (as amended, supplemented or otherwise modified from time to time,
the “Purchase Agreement”);


 


WHEREAS,
in connection with the Purchase Agreement, the Subsidiaries of the Company (other than the Additional Guarantor) have entered
into the Subsidiary Guarantee, dated as of ______________ ____, 20__ (as amended, supplemented or otherwise modified from time
to time, the “Guarantee”) in favor of the Purchasers;


 


WHEREAS,
the Purchase Agreement requires the Additional Guarantor to become a party to the Guarantee; and


 


WHEREAS,
the Additional Guarantor has agreed to execute and deliver this Assumption Agreement in order to become a party to the Guarantee;


 


NOW,
THEREFORE, IT IS AGREED:


 


1.
Guarantee. By executing and delivering this Assumption Agreement, the Additional Guarantor, as provided in Section 5(m)
of the Guarantee, hereby becomes a party to the Guarantee as a Guarantor thereunder with the same force and effect as if originally
named therein as a Guarantor and, without limiting the generality of the foregoing, hereby expressly assumes all obligations and
liabilities of a Guarantor thereunder. The information set forth in Annex 1 hereto is hereby added to the information set forth
in Schedule 1 to the Guarantee. The Additional Guarantor hereby represents and warrants that each of the representations and warranties
contained in Section 3 of the Guarantee is true and correct on and as the date hereof as to such Additional Guarantor (after giving
effect to this Assumption Agreement) as if made on and as of such date.


 


2.
Governing Law. THIS ASSUMPTION AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW
OF THE STATE OF NEW YORK.


 


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IN
WITNESS WHEREOF, the undersigned has caused this Assumption Agreement to be duly executed and delivered as of the date first above
written.


 


	 	[ADDITIONALGUARANTOR]
	 	 	 
	 	By:	                              
	 	Name:	 
	 	Title:	 


 


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