Document:

ffg_ex102.htm

EXHIBIT 10.2

 

Binding Director Term Sheet

 

Effective December 26, 2017 (the “Effective Date”) Hershel Weiss (the “Director”) and First Foods Group, Inc. (the “Corporation”), represented by the majority of the Board of Directors of the Corporation (collectively the “Parties”), enter into this Binding Term Sheet (the “Term Sheet”) as follows:

 

Responsibilities and Consideration:

 

	- 	The Director will continue to serve on the Board of Directors of the Corporation and be responsible for day to day duties for the benefit of the Corporation.
	
 
	
 

	- 	The Director’s compensation may consist of cash-based and/or share-based compensation.
	
 
	
 

	- 	The Director’s cash-based compensation for the period January 1, 2018 through December 31, 2018 will be $10,000 per quarter paid on a date determined by the majority vote of the Board of Directors.
	
 
	
 

	- 	The Director’s share-based compensation for the period January 1, 2018 through December 31, 2018 will be a one-time award of warrants (the “Warrants”); the terms of which will be detailed in a forthcoming Warrant Agreement (the “Warrant Agreement”). In principle, the Warrant Agreement will include the following terms:

 

	
 
	
o
	Number and Type – The Director is entitled to a one-time award of Warrants for 200,000 shares of Series B Preferred Stock (the “Preferred Stock”) of the Corporation, as equal to five (5) shares of the Corporation’s Common Stock (the “Common Stock”), including liquidation preference over Common Stock.
	
 
	
 
	
 

	
 
	
o
	Duration – The Warrants entitle the Director to purchase the Preferred Stock from the Corporation, after January 1, 2018 (the “Original Issuance Date”) and before December 31, 2024.
	
 
	
 
	
 

	
 
	
o
	Purchase Price - The Purchase Price is $0.51 per share of Preferred Stock.
	
 
	
 
	
 

	
 
	
o
	Vesting - The Warrants are subject to a 12-month period whereby the Warrants vest in equal monthly increments from January 1, 2018 through December 31, 2018 (the “Vesting Period”).
	
 
	
 
	
 

	
 
	
o
	Ratio of Ownership – For the duration of the Vesting Period, the owners of the Corporation’s Preferred A Stock shall not issue share-based compensation that would alter the ratio of share-based compensation that existed among and between the directors and/or officers of the corporation at the inception of the Vesting Period.

 

IN WITNESS WHEREOF, the parties have executed this Term Sheet as of the Effective Date.

 

	
 
			
FIRST FOOD GROUP, INC. 
	
 

	
 
			
 
		
 

	
By:
	
/s/ Hershel Weiss 
		
By: 
	
/s/ Mark J. Keeley 
	
 

	
 
	
Hershel Weiss
	
 
	
 
	
Mark J. Keeley
	
 

	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
By:
	
/s/ Abraham Rosenblum 
	
 

	
 
	
 
	
 
	
 
	
Abraham Rosenblumffg_ex103.htm

EXHIBIT 10.3

 

Binding Director Term Sheet

 

Effective December 26, 2017 (the “Effective Date”) Abraham Rosenblum (the “Director”) and First Foods Group, Inc. (the “Corporation”), represented by the majority of the Board of Directors of the Corporation (collectively the “Parties”), enter into this Binding Term Sheet (the “Term Sheet”) as follows:

 

Responsibilities and Consideration:

 

	- 	The Director will continue to serve on the Board of Directors of the Corporation and be responsible for day to day duties for the benefit of the Corporation.
	
 
	
 

	- 	The Director’s compensation may consist of cash-based and/or share-based compensation.
	
 
	
 

	- 	The Director’s cash-based compensation for the period January 1, 2018 through December 31, 2018 will be $10,000 per quarter paid on a date determined by the majority vote of the Board of Directors.
	
 
	
 

	- 	The Director’s share-based compensation for the period January 1, 2018 through December 31, 2018 will be a one-time award of warrants (the “Warrants”); the terms of which will be detailed in a forthcoming Warrant Agreement (the “Warrant Agreement”). In principle, the Warrant Agreement will include the following terms:

 

	
 
	
o
	Number and Type – The Director is entitled to a one-time award of Warrants for 200,000 shares of Series B Preferred Stock (the “Preferred Stock”) of the Corporation, as equal to five (5) shares of the Corporation’s Common Stock (the “Common Stock”), including liquidation preference over Common Stock.
	
 
	
 
	
 

	
 
	
o
	Duration – The Warrants entitle the Director to purchase the Preferred Stock from the Corporation, after January 1, 2018 (the “Original Issuance Date”) and before December 31, 2024.
	
 
	
 
	
 

	
 
	
o
	Purchase Price - The Purchase Price is $0.51 per share of Preferred Stock.
	
 
	
 
	
 

	
 
	
o
	Vesting - The Warrants are subject to a 12-month period whereby the Warrants vest in equal monthly increments from January 1, 2018 through December 31, 2018 (the “Vesting Period”).
	
 
	
 
	
 

	
 
	
o
	Ratio of Ownership – For the duration of the Vesting Period, the owners of the Corporation’s Preferred A Stock shall not issue share-based compensation that would alter the ratio of share-based compensation that existed among and between the directors and/or officers of the corporation at the inception of the Vesting Period.

 

IN WITNESS WHEREOF, the parties have executed this Term Sheet as of the Effective Date.

 

	
 
			
FIRST FOOD GROUP, INC. 
	
 

	
 
			
 
		
 

	
By:
	
/s/ Abraham Rosenblum
		
By: 
	
/s/ Mark J. Keeley 
	
 

	
 
	
Abraham Rosenblum
	
 
	
 
	
Mark J. Keeley
	
 

	
 
	
 
	
 
	
 
		
 

	
 
	
 
	
 
	
By: 
	
/s/ Hershel Weiss 
	
 

	
 
	
 
	
 
	
 
	
Hershel Weissffg_ex104.htm

EXHIBIT 10.4

 

Binding Director Term Sheet

 

Effective December 26, 2017 (the “Effective Date”) Mark J. Keeley (the “Director”) and First Foods Group, Inc. (the “Corporation”), represented by the majority of the Board of Directors of the Corporation (collectively the “Parties”), enter into this Binding Term Sheet (the “Term Sheet”) as follows:

 

Responsibilities and Consideration:

 

	-	The Director will continue to serve on the Board of Directors of the Corporation and be responsible for day to day duties for the benefit of the Corporation.
	
 
	
 

	-	The Director’s compensation may consist of cash-based and/or share-based compensation.
	
 
	
 

	-	The Director’s cash-based compensation for the period January 1, 2018 through December 31, 2018 will be $10,000 per quarter paid on a date determined by the majority vote of the Board of Directors.
	
 
	
 

	-	The Director’s share-based compensation for the period January 1, 2018 through December 31, 2018 will be a one-time award of warrants (the “Warrants”); the terms of which will be detailed in a forthcoming Warrant Agreement (the “Warrant Agreement”). In principle, the Warrant Agreement will include the following terms:

 

	
 
	
o
	Number and Type – The Director is entitled to a one-time award of Warrants for 250,000 shares of Series B Preferred Stock (the “Preferred Stock”) of the Corporation, as equal to five (5) shares of the Corporation’s Common Stock (the “Common Stock”), including liquidation preference over Common Stock.
	
 
	
 
	
 

	
 
	
o
	Duration – The Warrants entitle the Director to purchase the Preferred Stock from the Corporation, after January 1, 2018 (the “Original Issuance Date”) and before December 31, 2024.
	
 
	
 
	
 

	
 
	
o
	Purchase Price - The Purchase Price is $0.51 per share of Preferred Stock.
	
 
	
 
	
 

	
 
	
o
	Vesting – 125,000 of the Warrants are fully vested on January 1, 2018. The remaining 125,000 Warrants are subject to a 12-month period whereby the Warrants vest in equal monthly increments from January 1, 2018 through December 31, 2018 (the “Vesting Period”).
	
 
	
 
	
 

	
 
	
o
	Ratio of Ownership – For the duration of the Vesting Period, the owners of the Corporation’s Preferred A Stock shall not issue share-based compensation that would alter the ratio of share-based compensation that existed among and between the directors and/or officers of the corporation at the inception of the Vesting Period.

 

IN WITNESS WHEREOF, the parties have executed this Term Sheet as of the Effective Date.

 

	
 
			
FIRST FOOD GROUP, INC. 
	
 

	
 
			
 
		
 

	
By:
	
/s/ Mark J. Keeley 
		
By:
	
/s/ Abraham Rosenblum
	
 

	
 
	
Mark J. Keeley
	
 
	
 
	
Abraham Rosenblum 
	
 

	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
By:
	
/s/ Hershel Weiss 
	
 

	
 
	
 
	
 
	
 
	
Hershel Weissffg_ex105.htm

EXHIBIT 10.5

 

Employment Agreement Amendment

 

Effective December 26, 2017 (the “Effective Date”) Mark J. Keeley (the “Employee”) and First Foods Group, Inc. (the “Corporation”) enter into this Employment Agreement Amendment (the “Amendment”) to the Employee’s March 1, 2017 Employment Agreement (the “Agreement”) as follows:

 

Responsibilities and Consideration. Employee will continue to work for the Corporation as the Chief Financial Officer (CFO) and Director. Employee’s compensation shall consist of cash-based compensation and share-based compensation. Employee’s deferred cash-based compensation from February 1, 2017 through January 31, 2018 shall be reduced from $20,833 per month ($250,000 on an annualized basis) to $12,500 per month ($150,000 on an annualized basis), continue at that amount from February 1, 2018 through January 31, 2019, and revert back to the original amount of $20,833 per month ($250,000 on an annualized basis) starting February 1, 2019. Employee’s cash-based compensation will be deferred until such time as the Corporation realizes $1,000,000 through any combination of a debt transaction, an equity transaction, or total retained earnings generated from annual net profit. Employee’s share-based compensation will be a one-time award of 250,000 warrants in accordance with the December 26, 2017 warrant agreement (the “Warrant Agreement”). The Employee will continue to have the opportunity to participate in various Corporation benefit plans, as they are established by the Corporation.

 

IN WITNESS WHEREOF, the parties have executed this Employment Agreement as of the Effective Date.

 

	
 
			
FIRST FOOD GROUP, INC. 
	
 

	
 
			
 
		
 

	
By:
	
/s/ Mark J. Keeley 
		
By: 
	
/s/ Abraham Rosenblum 
	
 

	
 
	
Mark J. Keeley 
	
 
	
 
	
Abraham Rosenblum 
	
 

	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
By: 
	
/s/ Hershel Weiss
	
 

	
 
	
 
	
 
	
 
	
Hershel Weiss

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