Document:

Exhibit
10.12

 

Guaranty
of PizzaRev IP Holdings, LLC

 

IN
CONSIDERATION OF, and as an inducement for, PizzaRev Acquisition, LLC, a Delaware limited liability company (“Rev Acquisition”),
entering into that certain Unit Purchase Agreement, dated as of August 30, 2021 (the “Purchase Agreement”), with Pie
Squared Investment, LLC (“Squared Investment”), and Amergent Hospitality Group, Inc. (“AHG”), PizzaRev
IP Holdings, LLC, a Delaware limited liability company (the “Guarantor”), does hereby absolutely and unconditionally
guarantee the full payment of all monetary obligations (collectively, the “Guaranteed Obligations”) arising under
or in connection with the Note (this and each other capitalized terms used but not defined herein shall have the meaning assigned thereto
in the Purchase Agreement) in accordance with the terms of the Note.

 

1.
The obligation of Guarantor hereunder may be enforced against Guarantor whether or not Rev Acquisition first proceeds against AHG
under the Note.

 

2.
Notwithstanding anything to the contrary herein, nothing in this Guaranty (this “Guaranty”) of Guarantor shall
grant to Rev Acquisition any right of action against the Guarantor unless an Event of Default (as defined in the Note) has occurred
and is continuing.

 

3.
Guarantor hereby consents that Rev Acquisition may, in its sole discretion, without affecting the liability of Guarantor, in whole
or in part and as often as Rev Acquisition may wish (a) renew, extend, modify, accelerate, reduce the amount of, change the time for
payment of, or otherwise change the terms of the Note, (b) waive, fail to enforce, settle, release (by operating of law or
otherwise), compromise, collect or liquidate in any manner any of the Guaranteed Obligations, and/or (c) take and hold security for
the payment of the Guaranteed Obligations.

 

4.
Guarantor shall have no right of subrogation and does hereby waive any right to participate in any security now or hereafter held by
Rev Acquisition. Guarantor further does hereby waive any right to contribution from AHG.

 

5.
Rev Acquisition may, without notice, assign this Guaranty or the Note in whole or in part, and no assignment or transfer of this
Guaranty or the Note shall operate to extinguish or diminish the liability of Guarantor hereunder. This Guaranty is binding on the
Guarantor, and its successors and assigns.

 

6.
This Guaranty is governed by the laws of the State of Delaware.

 

7.
This Guaranty may not be changed, modified, discharged or terminated except by a written agreement signed by Guarantor and Rev
Acquisition.

 

8.
Guarantor’s notice address is: 7621 Little Avenue, Suite 414, Charlotte, NC 28228.

 

[Remainder
of Page Intentionally Blank]

 

    	 

     

    

 

IN
WITNESS WHEREOF, Guarantor is signing this Guaranty as of August 30, 2021.

 

	 	GUARANTOR:
	 	 
	 	PIZZAREV
    IP HOLDINGS, LLC
	 	 	 
	 	By:
    	 
	 	Name:
    	Jim
    Kepple
	 	Its:
    	Authorized
    SignatoryExhibit
10.14

 

WAIVER OF SECURITY INTERESTS AND LIENS

 

1.       Recitals

 

(a)       Amergent
Hospitality Group, Inc., a Delaware corporation (“Amergent”), is a party to a Unit Purchase Agreement (the “Purchase
Agreement”) dated as of the 30th day of August 2021 by and among Pie Squared Investment, LLC, a Delaware limited liability company
(“Squared Investment”), Pizzarev Acquisition LLC, a Delaware limited liability company (“Rev Acquisition”
and together with Squared Investment, the “Company Members”).

 

(b)       Pursuant
to the terms of the Purchase Agreement, Amergent will acquire all of the outstanding units of membership interest (the “Units”)
of Pie Squared Holdings, LLC, a Delaware limited liability company (the “Company”), from the Company Members.

 

(c)       The Company
owns all of the outstanding equity securities in each of PizzaRev Franchising, LLC, Pie Squared Pizza, LLC, PizzaRev Austin, LLC, and
PizzaRev IP Holdings, LLC (collectively, the “Subsidiaries”).

 

(d)       In exchange
for the Units, Amergent will, among other things, issue a Convertible Promissory Note of even date herewith (the “Note”)
in the original principal amount of $1,000,000 payable to the order of Rev Acquisition, payment of which will be secured by various security
agreements and other instruments creating a lien on all of the Units and all of the assets of the Company and the Subsidiaries (collectively,
the “PizzaRev Collateral”) in favor of Rev Acquisition.

 

(e)       Pursuant
to a Securities Purchase Agreement (the “Securities Purchase Agreement”) dated as of April 1, 2020, among Amergent
(then known as Chanticleer Holdings Inc.), Oz Rey, LLC, a Texas limited liability company (“Oz Rey”), and certain other
purchasers, Amergent issued to Oz Rey a 10.0% Secured Convertible Debenture dated April 1, 2020 (the “Debenture”).

 

(f)       Pursuant
to a Security Agreement (the “Security Agreement”) dated as of April 1, 2020, among Amergent, certain subsidiary guarantors
(the “Guarantors”) and Oz Rey, Amergent and the Guarantors granted Oz Rey a security interest in substantially all
of the assets of Amergent and the Guarantors (the “Collateral”) to secure repayment of the Debenture.

 

(g)       Under the
terms of the Securities Purchase Agreement, Debenture, the Security Agreement and all of the other documents and instruments contemplated
thereby providing for repayment or security for repayment of the Debenture (the “Oz Rey Loan Documents”), Amergent
has agreed not to incur indebtedness that is not Permitted Indebtedness (as defined in the Debenture) or grant any security interests
in its assets that are not Permitted Liens (as defined in the Debenture).

 

(h)       The Note
and the grant of a security interest in the PizzaRev Collateral would not be permitted by the terms of the Oz Rey Loan Documents without
the consent of Oz Rey.

 

    	-1- 

     

    

 

(i)       As a condition
to closing the transactions contemplated by the Purchase Agreement, Rev Acquisition has required that Amergent arrange for (1) Oz Rey’s
consent to Amergent’s issuance of the Note and (2) waiver, to the extent applicable, of Oz Rey’s security interest and lien
rights in PizzaRev Collateral and to explicitly exclude the PizzaRev Collateral from the definition of “Collateral” under
the Oz Rey Loan Documents.

 

2.       Waiver
of Security Interests and Liens

 

(a)       For valuable
consideration, the receipt and sufficiency of which Oz Rey acknowledges, and to induce Rev Acquisition to consummate the transactions
contemplated by the Purchase Agreement, Oz Rey (1) consents to the issuance of the Note by Amergent to Rev Acquisition and the continued
performance by Amergent of its obligations under the terms of the Note and (2) grants this waiver in favor of Rev Acquisition to exclude
the PizzaRev Collateral from the definition of “Collateral” under the Oz Rey Loan Documents.

 

(b)       Regardless
of any priority otherwise available to Oz Rey by law or by agreement, Oz Rey waives any security interest (including, without limitation,
those for which it has filed a Financing Statement) or lien (including, without limitation, any lien under applicable law, including,
but not limited to, Delaware law, Texas law or any other law which the Oz Rey Loan Documents may be governed), Oz Rey may now hold or
may at any time acquire in PizzaRev Collateral and Oz Rey hereby acknowledges and agrees that the PizzaRev Collateral shall explicitly
be excluded from the definition of “Collateral” as set forth in the Oz Rey Loan Documents.

 

(c)       Rev Acquisition
shall have no obligation to Oz Rey with respect to the PizzaRev Collateral. Rev Acquisition may (i) take possession of, sell or dispose
of, and otherwise deal with, the PizzaRev Collateral, (ii) demand, sue for, collect or receive any money or property at any time payable
or receivable on account of, or securing, any right to payment, or grant any extension to, make any compromise or settlement with Amergent
or otherwise agree to waive, modify, amend or change the Purchase Agreement, (iii) prosecute, settle and receive proceeds on any insurance
claims relating to the PizzaRev Collateral, and (iv) exercise and enforce any right or remedy available to Rev Acquisition with respect
to the PizzaRev Collateral, whether available before or after the occurrence of any default; all without notice to or consent from Oz
Rey. Oz Rey waives any right to require the marshalling of assets in connection with the exercise of any of the remedies permitted by
applicable law, this Waiver, the Purchase Agreement, or other agreement.

 

(d)       Oz Rey will
not commence any action or proceeding with respect to the PizzaRev Collateral and will not take possession of, sell or dispose of, or
otherwise deal with, the PizzaRev Collateral, and will not exercise or enforce any other right or remedy that may be available to Oz Rey
with respect to the PizzaRev Collateral.

 

(e)       This Waiver
shall bind Oz Rey, its successors and assigns, and shall inure to the benefit of Rev Acquisition’s successors and assigns.

 

(f)       Oz Rey warrants
that except as set forth in the Exchange Agreement, it has not previously assigned or encumbered any security interest or lien it possesses
or may later possess against assets of Amergent.

 

(g)       This Waiver
does not affect any interest Oz Rey may have in any property other than the PizzaRev Collateral.

 

This Waiver may
be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but
all of which when taken together shall constitute a single contract. Delivery of an executed counterpart of this Waiver by telecopy or
electronic mail shall be effective as delivery of a manually executed counterpart of this Waiver.

 

    	-2- 

     

    

 

This Waiver shall
be governed by and construed in accordance with the internal laws of the State of New York, without regard to the conflicts of law principles
thereof.

 

	 	OZ REY, LLC
	 	 	 
	 	By 	 
	 	 	Robert S. Hersch, its Manager
	 	 	 
	 	Amergent Hospitality Group, Inc.
	 	 
	 	By 	 
	 	 	Michael D. Pruitt, Chief Executive Officer

 

    	-3-

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