Document:

Exhibit

VIRTU FINANCIAL, INC.
AMENDED AND RESTATED 2015 MANAGEMENT INCENTIVE PLAN
 EMPLOYEE
RESTRICTED STOCK AWARD AGREEMENT
THIS RESTRICTED STOCK AWARD AGREEMENT (the “Agreement”), is entered into as of February 27, 2019 (the “Date of Grant”), by and between Virtu Financial, Inc., a Delaware corporation (the “Company”), and Douglas A. Cifu (the “Participant”). 
WHEREAS, the Company has adopted the Virtu Financial, Inc. Amended and Restated 2015  Management Incentive Plan (the “Plan”), pursuant to which Restricted Stock (the “Restricted Shares”) may be granted; 
WHEREAS, the Company and the Participant entered into that certain Amended and Restated Employment Agreement, dated as of November 15, 2017 (the “Employment Agreement”), pursuant to which the Participant is eligible to receive an equity award at the beginning of each calendar year during the Term (as defined in the Employment Agreement); and
WHEREAS, the Compensation Committee of the Board of Directors of the Company has determined that it is in the best interests of the Company and its stockholders to grant the Restricted Shares provided for herein to the Participant subject to the terms set forth herein. 
NOW, THEREFORE, for and in consideration of the premises and the covenants of the parties contained in this Agreement, and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, for themselves, their successors and assigns, hereby agree as follows: 
		
	1.
	Grant of Restricted Shares.

(a)    Grant. The Company hereby grants to the Participant a total of 150,000 Restricted Shares, on the terms and conditions set forth in this Agreement and as otherwise provided in the Plan.  The Restricted Shares shall be earned and vest in accordance with Section 2.  
(b)    Incorporation by Reference. The provisions of the Plan are incorporated herein by reference.  Except as otherwise expressly set forth herein, this Agreement shall be construed in accordance with the provisions of the Plan and any interpretations, amendments, rules and regulations promulgated by the Committee from time to time pursuant to the Plan.  Any capitalized terms not otherwise defined in this Agreement shall have the definitions set forth in the Plan.  The Committee shall have final authority to interpret and construe the Plan and this Agreement and to make any and all determinations under them, and its decision shall be binding and conclusive upon the Participant and his legal representative in respect of any questions arising under the Plan or this Agreement.  The Participant acknowledges that he has received a copy of the Plan and has had an opportunity to review the Plan and agrees to be bound by all the terms and provisions of the Plan.
2.Vesting.  
(a)    Subject to the Participant’s continued employment or service with the Company or an Affiliate, except as may otherwise be provided herein or in the Employment Agreement, the number of Restricted Shares earned pursuant to Section 2(b) hereof  shall vest in two (2) equal installments on each of December 31, 2019 and December 31, 2020 (each such date, a “Vesting Date”).  Upon each Vesting Date, such portion of the Restricted Shares that vest on such date shall no longer be subject to the transfer restrictions pursuant to Section 8(a) hereof or cancellation pursuant to Section 4 hereof.  Any fractional 

Restricted Shares resulting from the application of the vesting schedule shall be aggregated and the Restricted Shares resulting from such aggregation shall vest on the final Vesting Date.
(b)    The number of Restricted Shares earned under this Agreement shall be determined based on the percentage of the Company’s Adjusted EBITDA target as set forth in the Company’s approved budget of $607,000,000 plus a prorated amount of the full year EBITA target for the legacy business of Investment Technology Group, Inc. (“Budgeted EBITDA”) achieved in calendar year 2019 in accordance with the table below.  The Budgeted EBITDA shall be determined in a manner consistent with the methodology utilized by the Company in the ordinary course consistent with past practice.
	
		
	Percentage of Budgeted EBITDA Achieved
	Number of Shares Earned

	75% or more
	150,000

	74%
	135,000

	73%
	120,000

	72%
	105,000

	71%
	90,000

	70%
	75,000

	Less than 70%
	0

If the percentage of the Company’s Budgeted EBITDA achieved is greater than 70% but less than 75%, then the amount of earned shares in the table above will be determined based on linear interpolation.   
3.Dividends.  In the event of any issuance of a cash dividend on the shares of Class A Common Stock (a “Dividend”), the Participant shall be entitled to receive, with respect to each Restricted Share granted pursuant to this Agreement and outstanding as of the record date for such Dividend, payment of an amount equal to the Dividend at the same time as the Dividend is paid to holders of shares of Class A Common Stock generally. 
4.Termination of Employment or Service.  If the Participant’s employment or service with the Company and its Affiliates terminates for any reason, any unearned and unvested Restricted Shares shall be accelerated, remain eligible to be earned or cancelled in accordance with the terms of the Employment Agreement.    
5.Issuance.  The Restricted Shares shall be issued by the Company and shall be registered in the Participant’s name on the stock transfer books of the Company promptly after the date hereof in book-entry form, subject to the Company’s directions at all times prior to the date the Restricted Shares vest.   As a condition of the award of Restricted Shares, Participant shall deliver to the Company a stock power, endorsed in blank, relating to such Restricted Shares.  The Committee or the Company may cause a legend or legends to be put on the certificate to make appropriate reference to such restrictions as the Committee or the Company may deem advisable under the Plan or as may be required by the rules, regulations, and other requirements of the Securities and Exchange Commission, NASDAQ or any other securities exchange or inter-dealer quotation system on which the Class A Common Stock is listed or 

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quoted, and any applicable federal, state or local laws.  To the extent allowable by applicable law, neither the Committee, the Company, nor their respective designees, as applicable, shall be liable for any act it or they may do or omit to do with respect to holding the Restricted Shares in escrow and while acting in good faith in the exercise of its or their judgment.  
6.Rights as a Stockholder.  The Participant shall be, and shall have the rights or privileges of, a stockholder of the Company, including, without limitation, any voting rights, in respect of the Restricted Shares.
7.Compliance with Legal Requirements.   
(a)    Generally. The granting and settlement of the Restricted Shares, and any other obligations of the Company under this Agreement, shall be subject to all applicable U.S. federal, state and local laws, rules and regulations, all applicable non-U.S. laws, rules and regulations and to such approvals by any regulatory or governmental agency as may be required. The Participant agrees to take all steps the Committee or the Company determines are reasonably necessary to comply with all applicable provisions of U.S. federal and state securities law and non-U.S. securities law in exercising his rights under this Agreement.  
(b)    Taxes and Withholding.  The vesting of the Restricted Shares shall be subject to the Participant satisfying any applicable U.S. federal, state and local tax withholding obligations and non-U.S. tax withholding obligations.  The Participant shall be required to pay to the Company, and the Company shall have the right and is hereby authorized to withhold any cash, shares of Class A Common Stock, other securities or other property or from any compensation or other amounts owing to the Participant, the amount (in cash, Class A Common Stock, other securities or other property) of any required withholding taxes in respect of the Restricted Shares or any payment or transfer of the Restricted Shares, and to take any such other action as the Committee or the Company deem necessary to satisfy all obligations for the payment of such withholding taxes.  In its sole discretion, the Company may permit the Participant to satisfy, in whole or in part, the tax obligations by withholding shares of Class A Common Stock that would otherwise be deliverable to the Participant upon vesting of the Restricted Shares with a Fair Market Value equal to such withholding liability.  
		
	8.
	Restrictive Covenants.

(a)    The Participant acknowledges and agrees that the Participant remains bound by the confidentiality and restrictive covenant provisions set forth in Sections 9.04 and 12.11 of the Third Amended and Restated Limited Liability Company Agreement of Virtu Financial, LLC, dated as of the Date of Grant (or any successor provisions) as a “Member” thereof.
(b)    In the event that the Participant violates any of the restrictive covenants referred to in this Section 8, in addition to any other remedy which may be available at law or in equity, the Restricted Shares shall be automatically forfeited effective as of the date on which such violation first occurs.  The foregoing rights and remedies are in addition to any other rights and remedies that may be available to the Company and shall not prevent (and the Participant shall not assert that they shall prevent) the Company from bringing one or more actions in any applicable jurisdiction to recover damages as a result of the Participant’s breach of such restrictive covenants.
		
	9.
	Miscellaneous.

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(a)    Transferability. The Restricted Shares may not be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered (a “Transfer”) by the Participant other than by will or by the laws of descent and distribution, pursuant to a qualified domestic relations order or as otherwise permitted under Section 15(b) of the Plan.  Any attempted Transfer of the Restricted Shares contrary to the provisions hereof, and the levy of any execution, attachment or similar process upon the Restricted Shares, shall be null and void and without effect.
(b)    Waiver. Any right of the Company contained in this Agreement may be waived in writing by the Committee. No waiver of any right hereunder by any party shall operate as a waiver of any other right, or as a waiver of the same right with respect to any subsequent occasion for its exercise, or as a waiver of any right to damages. No waiver by any party of any breach of this Agreement shall be held to constitute a waiver of any other breach or a waiver of the continuation of the same breach. 
(c)    Section 409A. The Restricted Shares are intended to be exempt from, or compliant with, Section 409A of the Code. Notwithstanding the foregoing or any provision of the Plan or this Agreement, if any provision of the Plan or this Agreement contravenes Section 409A of the Code or could cause the Participant to incur any tax, interest or penalties under Section 409A of the Code, the Committee may, in its sole discretion and without the Participant’s consent, modify such provision to (i) comply with, or avoid being subject to, Section 409A of the Code, or to avoid the incurrence of taxes, interest and penalties under Section 409A of the Code, and/or (ii) maintain, to the maximum extent practicable, the original intent and economic benefit to the Participant of the applicable provision without materially increasing the cost to the Company or contravening the provisions of Section 409A of the Code. This Section 10(c) does not create an obligation on the part of the Company to modify the Plan or this Agreement and does not guarantee that the Restricted Shares will not be subject to interest and penalties under Section 409A.
(d)    Notices. Any notices provided for in this Agreement or the Plan shall be in writing and shall be deemed sufficiently given if either hand delivered or if sent by fax, pdf/email or overnight courier, or by postage paid first class mail. Notices sent by mail shall be deemed received three business days after mailing but in no event later than the date of actual receipt. Notices shall be directed, if to the Participant, at the Participant’s address indicated by the Company’s records, or if to the Company, to the attention of the General Counsel at the Company’s principal executive office.
(e)    Severability. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, and each other provision of this Agreement shall be severable and enforceable to the extent permitted by law. 
(f)    No Rights to Employment or Service. Nothing contained in this Agreement shall be construed as giving the Participant any right to be retained, in any position, as an employee, consultant or director of the Company or its Affiliates or shall interfere with or restrict in any way the rights of the Company or its Affiliates, which are hereby expressly reserved, to remove, terminate or discharge the Participant at any time for any reason whatsoever. 
(g)    Fractional Shares. In lieu of issuing a fraction of a share of Class A Common Stock resulting from adjustment of the Restricted Shares pursuant to Section 12 of the Plan or otherwise, the Company shall be entitled to pay to the Participant an amount in cash equal to the Fair Market Value of such fractional share. 

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(h)    Beneficiary. The Participant may file with the Committee a written designation of a beneficiary on such form as may be prescribed by the Committee and may, from time to time, amend or revoke such designation. 
(i)    Successors. The terms of this Agreement shall be binding upon and inure to the benefit of the Company and its successors and assigns, and of the Participant and the beneficiaries, executors, administrators, heirs and successors of the Participant. 
(j)    Entire Agreement. This Agreement and the Plan contain the entire agreement and understanding of the parties hereto with respect to the subject matter contained herein and supersede all prior communications, representations and negotiations in respect thereto. No change, modification or waiver of any provision of this Agreement shall be valid unless the same be in writing and signed by the parties hereto, except for any changes permitted without consent under Section 12 or 14 of the Plan. 
(k)    Governing Law and Venue. This Agreement shall be construed and interpreted in accordance with the laws of the State of Delaware, without regard to principles of conflicts of laws thereof, or principles of conflicts of laws of any other jurisdiction which could cause the application of the laws of any jurisdiction other than the State of Delaware.  
(i)    Dispute Resolution; Consent to Jurisdiction. All disputes between or among any Persons arising out of or in any way connected with the Plan, this Agreement, the Restricted Shares shall be solely and finally settled by the Committee, acting in good faith, the determination of which shall be final.   Any matters not covered by the preceding sentence shall be solely and finally settled in accordance with the Plan, and the Participant and the Company consent to the personal jurisdiction of the United States Federal and state courts sitting in Wilmington, Delaware as the exclusive jurisdiction with respect to matters arising out of or related to the enforcement of the Committee’s determinations and resolution of matters, if any, related to the Plan or this Agreement not required to be resolved by the Committee.  Each such Person hereby irrevocably consents to the service of process of any of the aforementioned courts in any such suit, action or proceeding by the mailing of copies thereof by registered or certified mail, postage prepaid, to the last known address of such Person, such service to become effective ten (10) days after such mailing.
(ii)    Waiver of Jury Trial. Each party hereto hereby waives, to the fullest extent permitted by applicable law, any right it may have to a trial by jury in any legal proceeding directly or indirectly arising out of or relating to this Agreement or the transactions contemplated (whether based on contract, tort or any other theory).  Each party hereto (A) certifies that no representative, agent or attorney of any other party has represented, expressly or otherwise, that such other party would not, in the event of litigation, seek to enforce the foregoing waiver and (B) acknowledges that it and the other parties hereto have been induced to enter into this Agreement by, among other things, the mutual waivers and certifications in this section.  
(l)    Headings; Gender. The headings of the Sections hereof are provided for convenience only and are not to serve as a basis for interpretation or construction, and shall not constitute a part, of this Agreement.  Masculine pronouns and other words of masculine gender shall refer to both men and women as appropriate.
(m)    Counterparts. This Agreement may be executed in one or more counterparts (including via facsimile and electronic image scan (pdf)), each of which shall be deemed to be an original, but all of 

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which together shall constitute one and the same instrument and shall become effective when one or more counterparts have been signed by each of the parties and delivered to the other parties.
(n)    Electronic Signature and Delivery. This Agreement may be accepted by return signature or by electronic confirmation.  By accepting this Agreement, the Participant consents to the electronic delivery of prospectuses, annual reports and other information required to be delivered by U.S. Securities and Exchange Commission rules (which consent may be revoked in writing by the Participant at any time upon three business days’ notice to the Company, in which case subsequent prospectuses, annual reports and other information will be delivered in hard copy to the Participant).
(o)    Electronic Participation in Plan. The Company may, in its sole discretion, decide to deliver any documents related to current or future participation in the Plan by electronic means.  The Participant hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or a third party designated by the Company.

[remainder of page intentionally left blank]

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IN WITNESS WHEREOF, this Agreement has been executed by the Company and the Participant as of the day first written above. 

VIRTU FINANCIAL, INC. 

By: /s/ Robert Greifeld
    
     Name:  Robert Greifeld
     Title:  Chairman

/s/ Douglas A. Cifu
    
Douglas A. Cifu

[Signature Page to Restricted Stock Award Agreement]Muscle
Maker, Inc 

Employment
Agreement 

 

THIS
EMPLOYMENT AGREEMENT (this “Agreement”) is made and entered into effective as of the Effective Date (as defined below),
by and between Aimee Infante (“Employee”) and Muscle Maker, Inc, a California corporation (the “Company”).
The Employee and the Company are sometimes referred to herein, each individually as a “Party” or collectively as the
“Parties”.

 

WHEREAS,
the Company desires to (i) to employ Employee as Chief Marketing Officer of the Company (“Employee”), and the Employee
desires to serve in such capacities on behalf of the Company, on the terms and conditions set forth in this Agreement.

 

NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree
as follows:

 

Section
1. Position and Duties.

 

1.1
During the Initial Employment Term (as defined below), the Employee shall serve as the Chief Marketing Officer of the Company.
The Employee shall be responsible for oversight and management of all marketing, brand development and co-op ad funds, advertising,
public relations, menu development and franchisee relations as they pertain to the above. In addition, a key component of this
position duties will be driving positive same store sales, developing grand opening marketing campaigns, social media marketing
programs, creating new menu items, vendor management, managing the creative process and other duties normally associated with
the Chief Marketing Officer position. Furthermore, you will assist in creating the materials used for franchise sales. The employee
shall also perform all other duties and accept all other responsibilities incident to such position as may be reasonably assigned
to them.

 

1.2
During the Initial Employment Term, Employee shall serve the Company faithfully and to the best of their ability and shall devote
substantially all of their business time, attention and efforts to the performance of such duties as may be assigned to them from
time to time. Employee shall confer with the Chief Executive Officer and must have written approval prior to any mergers, acquisitions
or significant contracts by the company or prior to entering into any new financial agreements on behalf of the company outside
of their normal day to day responsibilities. The Employee is allowed to serve on the Board of Directors or as an Advisor, of any
non-competing business, while employed by the Company under this agreement.

 

1.3
Employee expressly represents and warrants to the Company that Employee is not a party to any contract or agreement and is not
otherwise obligated in any way, and is not subject to any rules or regulations, whether governmentally imposed or otherwise, which
will or may restrict in any way the Employee’s ability to fully perform their duties and responsibilities under this Agreement.
Employee further expressly represents and warrants that they are eligible to work in the United States and shall take all necessary
action to comply with requests for verification of employment eligibility.

 

1.4
Employee will perform their duties and responsibilities located at the corporate headquarters or elsewhere within reason. Currently,
the employee will be working remotely from their home in Pennsylvania.

 

    	 	1	 

    	 

    

 

1.5
To the extent Employee is asked to serve as an officer, director or manager of the subsidiaries (“Subsidiaries”) of
the Company (such as Muscle Maker Development, LLC and Muscle Maker Corp., LLC and Muscle Maker USA, LLC), Employee’s duties
to the Subsidiaries shall be deemed to have been included in this Agreement. Employee shall not be entitled to any additional
compensation hereunder and shall be covered by all provisions of the Agreement mutatis mutandis.

 

Section
2. Term. Employee shall be employed by the Company (the “Initial Employment Term”) under this Agreement
commencing as of the date signed below (“Effective Date”), and for a period of 24 months, subject to earlier termination
or extension as provided herein. This agreement will automatically renew upon the successful completion of an initial public offering.
A successful initial public offering is defined as listing the company stock on a national security exchange and raising a minimum
of $3,000,000 dollars (three-million).

 

Section
3. Compensation and Benefits.

 

3.1
Base Salary. Commencing on the Effective Date, the Company shall pay Employee during the Initial Employment Term an annual
base salary of $125,000, less ordinary withholdings (the “Annual Base Salary”). Such Annual Base Salary will be payable
less ordinary withholdings in accordance with the normal payroll cycle as presently exists (currently weekly) or may hereafter
be adopted by the Company. Furthermore, the Executives annual base salary compensation will be increased to $150,000 upon the
successful completion of an initial public offering. The Employee’s annual base salary will be reviewed at the end of each
fiscal year after a successful initial public offering and, at the discretion of the Chief Executive Officer and Compensation
Committee, can be increased based upon the Company’s financial performance against the established business plan. The annual
base salary may not be decreased except with the written consent of the employee.

 

3.2
Bonuses. As additional compensation and as further consideration for Employee entering into this Agreement for services
to be rendered by Employee, the Company may pay Employee annually following the end of each fiscal year after a successful initial
public offering, a cash bonus. The total cash bonus will be based on 25% of the employee’s then current base salary and
dependent upon the employee successfully meeting specific written criteria to be provided on an annual basis. The bonus will be
administered and approved by the compensation committee and Chief Executive Officer and contain both company-wide metrics and
individual performance targets.

 

The
Chief Executive Officer or the Employees then current direct supervisor, together with the Compensation Committee of the Company’s
Board, will review Employee’s performance and may award Employee performance-based compensation (“Bonus”) in
its sole discretion, if deemed warranted. Any such Bonus may be in cash or in securities of the Company, or any combination thereof,
and shall be subject to such timing of receipt, vesting and any other conditions (including but not limited to conditions which
may extend beyond the termination of this contract) as imposed by the Board at the time of such grant and at the time of adoption
of any plan under which such Bonus may be granted, if any. However, there will be no cash bonuses awarded prior to the completion
of a successful initial public offering. Any bonus paid prior to a successful initial public offering can only be in the form
of securities of the company.

 

    	 	2	 

    	 

    

 

As
an incentive to remain employed with the company through any initial public offering, the employee will receive an additional
$10,000 cash bonus upon the successful completion of an initial public offering. The bonus will be payable within 30 days after
the initial public offering is completed.

 

3.3
Equity Awards. Employee shall also receive additional restricted stock units (.0001 par value) as an additional bonus upon
the successful completion of an initial public offering on a national security exchange. The amount of restricted stock units
awarded is dependent upon the total amount raised through the IPO as follows:

 

-
5,000 additional restricted stock units upon $3,000,000 (three million) dollars raised or

 

-
7,500 additional restricted stock units upon $5,000,000 (five million) dollars raised.

 

Additional
stock grants may be approved by the Board of Directors together with the Compensation Committee from time to time.

 

3.4
Employee Benefits. Effective as of the Effective Date and during the Initial Employment Term, Employee shall be eligible
for employee benefits available to regular full-time employees of the Company provided that Employee meets the eligibility requirements
for such benefits. The Company provides no assurance as to the adoption or continuance of any particular employee benefit plan
or program; and Employee’s participation in any such plan or program shall be subject to the provisions, rules, conditions,
exclusions, regulations and plan documents or policies applicable thereto. The Company remains free to change the terms of any
benefit plan in its sole discretion with or without notice.

 

3.5
Vacation. Employee shall be entitled to accrue paid vacation at the rate of two (2) weeks per year through the first year
of employment and three (3) weeks per year starting in year two of their employment. Upon separation, all accrued but not yet
used vacation days will be paid in one lump sum in a final paycheck. Any vacation days at the end of the calendar year earned
but not used are forfeited as per the company policies.

 

3.6
Holidays/Personal Time Off Days. Employee shall receive an additional five (5) personal time off days and six (6) paid
Company holidays (or what the current company policy is regarding Company holidays as per the employee handbook). Any holidays/personal
time off days (PTO days) at the end of the calendar year earned but not used are forfeited as per the company policies.

 

3.7
Reimbursement of Expenses. Employee shall be entitled to reimbursement of reasonable expenses incurred by Employee in the
course of Employee’s duties, in accordance with applicable policies and documentation requirements of the Company.

 

3.8
Relocation. In the event that the Company requires Employee to relocate a relocation package will be provided up to an
amount not to exceed twenty-five thousand dollars ($25,000).

 

3.9
Technology. A laptop or desktop computer will be issued to the Employee for Company use. A reimbursement for actual employee
cell phone expenses/usage up to two hundred dollars ($200) per month (or actual employee phone expenses if less than $200) and
a home internet connection up to fifty dollars ($50) per month will be granted.

 

    	 	3	 

    	 

    

 

3.10
Tax Withholding. Notwithstanding anything in this Agreement to the contrary, the Company may withhold from any amounts
payable or benefits provided under this Agreement all federal, state, city, or other taxes as are legally required to be withheld.

 

Section
4. Termination.

 

4.1
Termination by Company for Cause. The Company may terminate Employee’s employment for Cause immediately upon written
notice stating the basis for such termination. If Employee is terminated for Cause, they shall be entitled to receive all earned
but unpaid compensation, bonuses (not subject to a pro-rate adjustment), and benefits through the date of termination by the Company
for Cause. A termination of Employee by the Company for “Cause” occurs if Employee is terminated for any of the following
reasons:

 

(i)
Employee’s refusal to comply with a lawful instruction of the Company’s Board of Directors, Chief Executive Officer
or their direct supervisor;

 

(ii)
Any act or omission knowingly undertaken or omitted by Employee without a reasonable belief that such action was in the best interests
of the Company, its properties, assets or business or its officers, directors or employees, as determined by the Board in its
commercially reasonable discretion (including disparagement of the Company);

 

(iii)
Theft, dishonesty or intentional falsification of any employment or Company records;

 

(iv)
Any fraud or embezzlement involving properties, assets or funds of the Company;

 

(v)
A material breach of this Agreement if Employee fails to cure such breach within thirty (30) days after written notice from the
Company specifying the action which constitutes the breach and demanding its discontinuance;

 

(vi)
Negligence in performing their duties, which has been brought to Employee’s attention in writing, and which (if curable)
has not been cured within thirty (30) days of the notice thereof;

 

(vii)
Intentional and improper disclosure of the Company’s confidential or proprietary information;

 

(viii)
Employee’s conviction (including any plea of guilty or nolo contendere) to any criminal offense which constitutes
a felony, or is punishable by more than one year in jail, in the jurisdiction where the conviction or plea occurred; or

 

(ix)
Employee’s commission of an act of discrimination or harassment based on race, sex, national origin, religious, disability,
age or other protected classification in the state where the act occurs.

 

4.2
Termination upon Death or Disability. This Agreement shall automatically terminate upon the death or disability of Employee
unless employees’ death occurs while on Company business in which event the employees’ estate will
receive all compensation and benefits through the date of death or disability. For purposes of this Agreement, the term “disability”
shall mean the inability of Employee to perform with or without reasonable accommodation, the essential functions of their job
duties due to physical or mental disablement which continues for a period of ninety (90) consecutive days during any six (6) month
period, as determined by an independent qualified physician mutually acceptable to Employee and the Company. Notwithstanding the
foregoing, nothing in this Agreement shall alleviate any legal responsibility of the Company to provide reasonable accommodations
to Employee as may be required by applicable law.

 

    	 	4	 

    	 

    

 

4.3
Termination by Employee with Good Reason or by Company without Cause. This Employment Agreement and Employee’s employment
with the Company may be terminated by the Employee for good reason (“Good Reason”), or by the Company without cause
(“Without Cause”), upon providing thirty (30) days prior written notice to the Company (which notice describes such
good reason with reasonable detail) or Employee, respectively. 

 

In
the event the company terminates the Employees employment without cause, other than due to disability or death without cause,
or the Employee terminates their employment for Good Reason, the Employee shall be entitled to receive, upon signing and in accordance
of the terms of the Separation and General Release Agreement (attached as exhibit 1), the following separation benefits:

 

	 	(i)	Base
    salary, at the rate in effect of the date of termination of the Employee’s employment, for a period of 6 months (26
    weeks);
	 	 	 
	 	(ii)	Any
    accrued bonuses to which the Employee is entitled under the terms of the then applicable bonus plans, payable on the companies
    normal bonus payroll dates in effect at the time of termination; 
	 	 	 
	 	(iii)	Any
    vacation or paid time off (PTO days) earned, accrued or owing under the terms of this agreement, but not yet paid;
	 	 	 
	 	(iv)	Continued
    participation, if participating at the date of termination, in the companies then current health/dental plan as permitted
    by their terms until the earlier of: 

 

	 	a.	The
    date which is 6 months (26 weeks) following the date of employees termination occurs; or
	 	 	 
	 	b.	The
    date, or dates, they receive an equivalent coverage and benefits under the plans and programs of the subsequent employer (such
    coverages and benefits to be determined on a coverage by coverage, or benefit by benefit, basis); For clarity purposes, the
    Company will continue to pay its portion of all benefit plans including, but not limited to, the company portion/share of
    all health and dental premiums as per the then in effect health insurance plans, provided that 

 

	 	i.	If
    the executive is precluded from continuing their participation in any employee health/dental benefit plan or program as provided
    in this clause, they shall be provided with the after-tax economic equivalent of the benefits provided under the plan or program
    in which they are unable to participate for the period specified in this clause, and 
	 	 	 
	 	ii.	The
    economic equivalent of any benefit forgone shall be deemed to be the lowest cost that would be incurred by the Employee in
    obtaining such benefit themselves on an individual basis; 

 

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“Good
Reason” shall mean the occurrence of any one or more of the following events provided Employee has notified the Company
in writing of the occurrence of such event and the event has continued uncured for thirty (30) days after the Company’s
receipt of such notice, unless Employee specifically agrees in writing that such event shall not be Good Reason:

 

	 	(i)	Any
    material breach of this Employment Agreement by the Company; or
	 	 	 
	 	(ii)	the
    failure of the Company to assign this Employment Agreement to a successor to the Company or the failure of a successor to
    explicitly assume and agree to be bound by this Employment Agreement or a similar Employment Agreement;

 

4.4
Termination by Employee Without Cause. Employee may terminate this Employment Agreement and their employment with the Company
Without Cause upon providing thirty (30) days prior written notice to the Company, subject to the non-compete, confidentiality
and non-solicitation restrictions as defined in this agreement. The Company shall pay Employee all earned but unpaid compensation,
bonuses (not subject to a pro-rate adjustment), and benefits through the date of termination Without Cause by Employee. The Company
shall have no further obligation to pay compensation or benefits to Employee for the remainder of the balance of the Initial Employment
Term. In the event the employee terminates this agreement without cause, they agree to surrender all equity awards not yet vested
as of the separation date.

 

4.5
Return of Property. Employee agrees, upon the termination of their employment with the Company, to return all physical,
computerized, electronic or other types of records, documents, proposals, notes, lists, files and any and all other materials
including, without limitation, computerized and/or electronic information that refers, relates or otherwise pertains to the Company
and/or its affiliates, and any and all business dealings of said persons and entities. In addition, Employee shall return to the
Company all property or equipment that Employee has been issued during the course of their employment or which they otherwise
currently possesses, including, but not limited to, any computers, cellular phones, and/or similar items. Employee shall immediately
deliver to the Company any such physical, computerized, electronic or other types of records, documents, proposals, notes, lists,
files, materials, property and equipment that are in Employee’s possession. Employee acknowledges that Employee is not authorized
to retain any physical, computerized, electronic or other types of copies of any such physical, computerized, electronic or other
types of records, documents, proposals, notes, lists, files or materials, and is not authorized to retain any other property or
equipment of the Company and/or its affiliates. Employee further agrees that they will immediately forward to the Company any
business information regarding the Company and/or any of its affiliates that has been or is inadvertently directed to Employee
following Employee’s last day of employment with the Company. The provisions of this Section are in addition to any other
written agreements on this subject that Employee may have with the Company and/or any of its affiliates, and are not meant to
and do not excuse any additional obligations that Employee may have under such agreements.

 

Section
5. Miscellaneous Provisions.

 

5.1
Confidentiality. At all times Employee both during and after employment will regard and preserve as confidential all trade
secrets and other confidential information pertaining to the business of the Company, including but not limited to financial data,
strategic business plans, product development, marketing plans, contract terms, legal notices, customer lists, vendor lists, recipes,
investor information and other non-public proprietary information.

 

5.1a Indemnification. The company agrees to indemnify the executive to the fullest extent permitted by law consistent
with the company’s bylaws in effect as of the date hereof with respect to any acts or non-action they may have
committed during the period during which they were an officer, director and/or employee of the company or any subsidiary
thereof, or of any other entity of which they served as an officer, director or employee at the request of the
company.

 

    	 	6	 

    	 

    

 

5.2
Non-Solicitation. For a period commencing on the date of Employment with the Company and ending on the one year anniversary
of the last day payment is received from the Company, without prior written consent of the Company, Employee shall not, directly
or indirectly, as a principal, employee, manager, agent, consultant, or other similar role solicit or hire any current employees
of the Company and/or its affiliates.

 

5.2(a)
Non-Compete. Employee agrees that, during the non-compete period as defined in this agreement, employee shall not directly
or indirectly engage in or participate as an owner, partner, stockholder, officer, employee, director, agent out of or consultant
for any competing business with any business of company, without the written consent of company; provided, however, that this
provision shall not prevent employee from investing as less than a 1% stockholder in the securities of any company listed on a
national securities exchange or quoted on an automated quotation system. 

 

A
competing business is defined as any health focused restaurant chain such as Freshii, True-food kitchen, First Watch or Snap Kitchen
and similar concepts but excludes traditional QSR, limited service, full service, fast casual and other restaurant segments.

 

The
non-compete period shall cover the entire initial employment term (24 months from the effective date in this agreement) as defined
in this agreement in addition to any subsequent automatic renewal periods and during any payment periods associated with a termination
without cause by the company.

 

5.3
Assignment by Employee. This Agreement may not be assigned by Employee in whole or in part; provided, however, if Employee
should die or become disabled while any amount is owed but unpaid to them hereunder, all such amounts, unless otherwise provided
herein, shall be paid to their devisees, legatees, legal guardian or other designees.

 

5.4
Assignment by Employer. Employee hereby acknowledges and agrees that the Company may, in its sole discretion assign this
Agreement to a comparable affiliate, successor, assign (including any direct or indirect successor by purchase, merger, consolidation
or otherwise to all or substantially all of the assets or business of the Company). This Agreement shall be binding upon and inure
to the benefit of the parties hereto and their respective spouses, heirs and personal and legal representatives. Any such successor
or assign of the Company shall be included in the term “Company” as used in this Agreement

 

5.5
Notices. Any notice required to be delivered hereunder shall be in writing and shall be addressed as follows:

 

If
to the Company, to:

308
E. Renfro Street,

Suite
101

Burleson,
Texas 76028

Attention:
Chairman of the Board

 

If
to Employee:

_______________________________________________

_______________________________________________

_______________________________________________

 

or,
in each case, to such other address as such party may hereafter specify for the purpose by written notice to the other party hereto.
Any such notice shall be deemed received on the date of receipt by the recipient thereof if received prior to 5:00 p.m. in the
place of receipt and such day is a business day in the place of receipt. Otherwise, any such notice shall be deemed not to have
been received until the next succeeding business day in the place of receipt.

 

    	 	7	 

    	 

    

 

5.6
Entire Agreement. This Agreement represents the entire agreement between Employee and the Company and its affiliates with
respect to Employee’s employment, and supersedes all prior discussions, negotiations, and agreements, written or oral.

 

5.7
Waiver of Rights. The waiver by either party of a breach of any provision of this Agreement shall not operate or be construed
as a continuing waiver or as a consent to or waiver of any subsequent breach hereof.

 

5.8
Severability. In the event any provision of the Agreement shall be held illegal or invalid for any reason, the illegality
or invalidity shall not affect the remaining parts of the Agreement, and the Agreement shall be construed and enforced as if the
illegal or invalid provision had not been included.

 

5.9
Governing Law; Venue. This Agreement shall be governed by and construed in accordance with the laws of the State of Texas
without reference to principles of conflict of laws. Any action at law, suit in equity or judicial proceeding arising directly,
indirectly, or otherwise in connection with, out of, related to or from this Agreement, or any provision hereof, shall be litigated
only in the courts of the State of Texas.

 

5.10
Counterparts. This Agreement may be signed in several counterparts, each of which shall be an original, with the same effect
as if the signatures thereto and hereto were on the same instrument.

 

5.11
Employee Counsel. Employee acknowledges that they have had the opportunity to review this Agreement and the transactions
contemplated hereby with their own legal counsel.

 

5.12
Authority. The company represents and warrants that is fully authorized and empowered to enter into this agreement and
that the performance of its obligations under this agreement will not violate any agreement between the company and any other
person, firm or organization.

 

IN
WITNESS WHEREOF, the Company and Employee have executed this Employment Agreement effective as of the date first set forth above.

 

Effective
Date: May 6, 2019

 

	COMPANY:	Muscle
    Maker, Inc
	 	 	 
	 	By: 
    	/s/
    Michael Roper
	 	 	Michael
    Roper, its Chief Executive Officer
	 	 	Muscle
    Maker, Inc
	 	 	 
	EMPLOYEE:	 	 
	 	 	 
	 	By: 
    	/s/
    Aimee Infante
	 	 	Aimee
    Infante, Employee

 

    	 	8

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