Document:

Exhibit 10.6

 

EMPLOYMENT
AGREEMENT

 

THIS
EMPLOYMENT AGREEMENT (the “Agreement”) is made effective as of the 7th day of January, 2019 (the “Effective
Date”), between PATRICK HARKLEROAD, an individual resident of the State of North Carolina (“Executive”),
and CHANTICLEER HOLDINGS, INC., a Delaware corporation (“Company”).

 

Recitals:

 

Company
desires to employ Executive and Executive desires to accept such employment on the terms and conditions hereinafter set forth.

 

Agreements:

 

NOW,
THEREFORE, in consideration of the recitals and mutual promises and covenants contained herein, and for other good and valuable
consideration the receipt and legal sufficiency of which are hereby acknowledged, the parties agree as follows:

 

	1.	Duties.
                                         The Company hereby employs Executive as Chief Financial Officer and the Executive
                                         hereby accepts such employment upon the terms and conditions hereinafter set forth. By
                                         executing this Agreement, Executive represents and warrants to Company that (i) the Executive
                                         is entering into this Agreement voluntarily and that his employment hereunder and compliance
                                         with the terms and conditions hereof will not conflict with or result in the breach by
                                         him of any agreement to which he is a party or by which he may be bound; (ii) the Executive
                                         has not violated, and in connection with his employment with the Company will not violate,
                                         any non-solicitation, non-competition, or other similar covenant or agreement of a prior
                                         employer by which he is bound; and (iii) in connection with his employment with the Company,
                                         the Executive will not use any confidential or proprietary information he may have obtained
                                         in connection with employment with any prior employer. In said position, the Executive
                                         shall perform the duties and responsibilities assigned to him, including but not limited
                                         to those as set forth in Exhibit A attached hereto and incorporated herein by reference
                                         and such other responsibilities and duties as the Company may assign, in its sole discretion,
                                         from time to time. The Executive shall perform, faithfully and diligently, his duties
                                         on behalf of the Company, as may be designated from time to time, and shall devote his
                                         full time and best efforts to the performance of his duties hereunder. The Executive
                                         shall conduct himself at all times in such a manner as to maintain the good reputation
                                         of the Company.
	 	 
	2.	Term.
                                         The Executive’s employment with the Company under this Agreement will commence
                                         January 15, 2019 and continue until December 31, 2020 (“Initial Term”),
                                         automatically renewing thereafter for additional one-year renewal terms (each a “Renewal
                                         Term”) until terminated as provided herein (Initial Term together with Renewal
                                         Terms, the “Term”); provided however, either party may give notice
                                         of non-renewal with no less than 90 days notice prior to the commencement of any renewal
                                         term. Executive’s employment with the Company shall be on an “at-will”
                                         basis.

 

    	 	 	 

    	 	 	 

    

 

	3.	Compensation.
                                         In consideration of Executive’s services hereunder:

 

		a.	Base
                                         Compensation. Company shall pay Executive an annual salary (prorated for any year
                                         of employment less than 12 months) at a gross rate of One Hundred and Fifty-Five Thousand
                                         Dollars ($155,000.00) (the “Base Compensation”), payable in such amounts
                                         and at such times in accordance with Company’s normal payroll practices.
	 	 	 
		b.	Benefits.
                                         The Executive will be entitled to 15 days of paid vacation per calendar year in accordance
                                         with the Company’s vacation and paid time off policy, inclusive of vacation days
                                         and sick days and excluding standard paid Company holidays, in the same manner as paid
                                         time off days for employees of the Company generally accrue. The Executive and his dependents
                                         will be entitled to participate in all medical insurance and other benefit programs in
                                         effect from time to time and available to senior executives of the Company at levels
                                         commensurate with Executive’s position.
	 	 	 
		c.	Expenses
                                         / Cell Phone / Laptop Computer. The Executive shall be entitled to receive reimbursement
                                         by the Company for all reasonable, out-of-pocket expenses actually incurred by the Executive
                                         in connection with the performance of his services hereunder. The Executive’s right
                                         to reimbursement hereunder shall, however, be subject to such policies and procedures
                                         as may be established by the Company from time to time, which policies and procedures
                                         may include advance approval with respect to any particular expenditure. Company will
                                         provide the Executive with a laptop computer for his use solely in the performance of
                                         his duties under this Agreement and will reimburse the Executive for his monthly cell
                                         phone expense up to $125 per month.
	 	 	 
		d.	Merit
                                         and Performance Bonus. Subject to his continued employment by the company the Executive
                                         shall be eligible for a Bonus based upon the parameters set forth in Exhibit B attached
                                         hereto and incorporated herein by reference.
	 	 	 
		e.	Stock
                                         Option Grants. During the Initial Term, the Executive shall receive equity awards
                                         pursuant to the Company’s equity incentive plan in effect (the “Plan”)
                                         consisting of (1) 5,000 5-year Incentive Stock Options with an exercise price of $3.50
                                         and (2) 5,000 5-year Incentive Stock Options with an exercise price of $4.50 ((1) and
                                         (2) referred to herein as the “Equity Awards”). The Equity Awards shall vest
                                         in eight quarterly installments on the first day of each fiscal quarter during Executive’s
                                         continued employment with the Company commencing March 1, 2019 and are subject to the
                                         terms of the Plan.

 

	4.	Termination
                                         of Employment. The employment of Executive is employment at will, and either
                                         Company or Executive may terminate this Agreement at any time without Cause or reason
                                         upon one hundred and eighty (180) days’ prior written notice to the other party.
                                         Upon notice of termination, the Company may relieve Executive any or all of his duties
                                         and responsibilities during all or part of the notice period. In addition, Company may
                                         terminate this Agreement with Cause, immediately upon notice to the Executive, though
                                         a relieving of the Executive for Cause would still require the above notice period. For
                                         purposes of this Agreement, “Cause” means drug or alcohol abuse; indictment,
                                         arraignment, or similar charge of a felony, crime involving moral turpitude, or crime
                                         against Company; a material breach of this Agreement excluding any isolated, unsubstantial
                                         or inadvertent action not taken in bad faith and which is remedied by Executive promptly
                                         after receipt of notice thereof given by Company; the Executive’s failure or refusal
                                         to carry out the lawful duties of Executive described in Section 1 above, which duties
                                         are reasonably consistent with the duties to be performed by Executive; any willful or
                                         grossly negligent act or omission by Executive having a material adverse effect on the
                                         business, goodwill or reputation of Company; any deception, fraud, misrepresentation
                                         or dishonesty by Executive having a material adverse effect on Company’s business,
                                         goodwill or reputation; or any disqualifying event of Executive causing Company “bad
                                         actor” disqualification under Rule 506(d) of the Securities Act of 1933, as amended.

 

    	2

    	 	 	 

    

 

	5.	Inventions
                                         / Intellectual Property. All materials, inventions, products, and modifications
                                         developed or prepared by Executive while employed by the Company, including, without
                                         limitation, forms, images and text (including text viewable on the Internet and any HTML
                                         elements relating thereto) (“Intellectual Property”) are the property
                                         of Company and all right, title and interest therein shall vest in Company and shall
                                         be deemed to be a “work made for hire” under United States copyright law
                                         (17 U.S.C. §101 et seq.) and made in the course of this Agreement. Executive
                                         shall promptly disclose to Company and Intellectual Property.

 

To
the extent that title to any such Intellectual Property may not, by operation of law, vest in Company or such works may not be
considered to be work made for hire, all right, title and interest therein are hereby irrevocably assigned exclusively to Company
with worldwide license.

 

All
such Intellectual Property shall belong exclusively to Company with Company having the right to obtain and to hold in its own
name, copyrights, registrations or such other protection as may be appropriate to the subject matter, and any extensions and renewals
thereof Executive gives Company a limited power of attorney to execute instruments or perform any other act on Executive’s
behalf necessary to effectuate Company’s ownership rights detailed in this section and agrees to give Company and any person
designated by Company, any reasonable assistance required to perfect and enforce the rights defined in this Section 4. Executive
shall also render to the Company, at the Company’s expense, reasonable assistance in the perfection, enforcement and defense
of any Intellectual Property.

 

	6.	Trade
                                         Secrets. All memoranda, notes, records and others documents made or compiled
                                         by Executive, or made available to Executive during the Term of this Agreement concerning
                                         the business of the Company or its affiliates shall be the Company’s property and
                                         shall be delivered to the Company on the termination of this Agreement or at any other
                                         time on request. Executive understands and agrees that in the course of employment with
                                         the Company, Executive may obtain access to and/or acquire Confidential Information (as
                                         defined below), all of which information Executive understands and agrees would be extremely
                                         damaging to the Company if disclosed to a competitor or made available to any other person
                                         or entity.

 

As
used herein the term “Competitor” includes, but is not limited to, any corporation, firm or business engaged
in the business of a casual dining burger restaurant or grill. Executive understands and agrees that such information is divulged
to Executive in confidence, and Executive understands and agrees that, at all times, Executive shall keep in confidence and will
not disclose or communicate Confidential Information on Executive’s own behalf, or on behalf of any Competitor, if such
information is not otherwise publicly available, unless disclosure is made pursuant to written approval by the Company, or is
required by law or legal process or as required to enforce the terms of this Agreement, which shall only be disclosed under protective
order. In view of the nature of Executive’s employment and information which Executive may receive during the course of
Executive’s employment, Executive likewise agrees that the Company would be irreparably harmed by any violation of this
Paragraph and that, therefore, the Company shall be entitled to seek provisional relief from an appropriate forum prohibiting
Executive from any violation or threatened violation of this Paragraph.

 

    	3

    	 	 	 

    

 

	7.	Confidentiality.

 

		a.	Executive
                                         acknowledges and agrees that all Confidential Information (as defined below) of the Company
                                         is confidential and a valuable, special and unique asset of the Company that gives the
                                         Company an advantage over its actual and potential, current and future Competitors. Executive
                                         further acknowledges and agrees that Executive owes the Company a fiduciary duty of confidentiality
                                         and a duty of loyalty and shall use good faith efforts to preserve and protect all Confidential
                                         Information from unauthorized disclosure or unauthorized use; that certain Confidential
                                         Information may constitute “trade secrets” under applicable state and federal
                                         laws; and that unauthorized disclosures or unauthorized use of the Confidential Information
                                         may irreparably injure the Company.
	 	 	 
		b.	As
                                         used in this Agreement, the term “Confidential Information” shall
                                         include, but is not limited to, the following: all trade secrets of the Company; all
                                         information that the Company has marked as confidential or has otherwise described to
                                         Executive (either in writing or orally) as confidential; all non-public information concerning
                                         the Company’s services, products, customers, research, prices, discounts, costs,
                                         marketing plans, marketing techniques, market studies, test data, vendor, referral sources,
                                         and contracts; all of the Company’s business records and plans; all of the Company’s
                                         personnel files; details of employment relationships between the Company and its personnel;
                                         all financial information of or concerning the Company; all information relating to the
                                         Company’s computer system software, application software, software and systems
                                         methodology, hardware platforms, technical information, inventions, computer programs
                                         and listings, source codes, object codes, copyrights and other intellectual property;
                                         all technical specifications; any proprietary information belonging to the Company; all
                                         computer hardware or software manuals; all training or instruction manuals; and all data,
                                         computer system passwords and user codes.
	 	 	 
		c.	During
                                         the Term of Executive’s employment and after the termination of Executive’s
                                         employment for any reason (including wrongful termination), Executive shall hold all
                                         Confidential Information in confidence, and shall not use any Confidential Information
                                         except for the benefit of the Company, in accordance with the duties assigned to Executive.
                                         Executive shall not, at any time (either during or after the Term of Executive’s
                                         employment), disclose any Confidential Information to any person or entity (except other
                                         Executives of the Company who have a need to know the information in connection with
                                         the performance of their employment duties, and who have been informed of the confidential
                                         nature of the Confidential Information and have agreed to keep it confidential), or copy,
                                         reproduce, or modify any Confidential Information, or remove any Confidential Information
                                         from the Company’s premises, without the prior written consent of the Company,
                                         or instruct any other person to do so. Executive shall take reasonable precautions to
                                         protect the physical security of all documents and other material containing Confidential
                                         Information (regardless of the medium on which the Confidential Information is stored).
                                         This Agreement applies to all Confidential Information, whether now known or which later
                                         becomes known to Executive during the Term.

 

    	4

    	 	 	 

    

 

		e.	During
                                         Executive’s Term of employment, Executive agrees not to undertake planning for
                                         or organization of any business activity competitive with the Company’s business
                                         or combine or join with other Executives, Executives or representatives of the Company’s
                                         business for the purpose of organizing any such competitive business activity. The Company
                                         shall be entitled to seek provisional injunctive relief in an appropriate forum prohibiting
                                         Executive from any violation or threatened violation of this Paragraph.

 

	8.	Executive’s
                                         Covenants of Non-Competition Subject to the terms and conditions of this Agreement,
                                         which will result in a change in the terms and conditions of any ongoing employment at
                                         the time this Agreement is entered into:

 

		a.	Executive
                                         hereby promises and agrees that during the Term of this Agreement and for a period of
                                         one (1) year after the termination of this Agreement for any reason, or expiration of
                                         this Agreement, Executive will not directly for Executive or on behalf of any other individual,
                                         partnership, firm, corporation or other entity:

 

		i.	Within
                                         the “Restricted Area” (as defined below), engage in, own any interest in
                                         (other than less than ten percent (10%) of the outstanding shares of any publicly traded
                                         corporation), operate, control, or serve as a director of any business that is a casual
                                         dining burger restaurant or grill (the “Covered Services”);
	 	 	 
		ii.	Within
                                         the Restricted Area, be employed in or engage in services competing with the Covered
                                         Services;
	 	 	 
		iii.	Within
                                         the Restricted Area, influence or attempt to influence any of the customers of Company
                                         to divert its purchases of any of the Covered Services to any other individual, partnership,
                                         firm, corporation or other entity; or
	 	 	 
		iv.	Within
                                         the Restricted Area, influence or attempt to influence any of the investors, or lenders,
                                         of Company to divert its capital investment or loans to any other individual, partnership,
                                         firm, corporation or other entity; or
	 	 	 
		v.	Solicit
                                         any of the Executives or representatives of Company to work for any business, individual,
                                         partnership, firm, corporation or other entity; and
	 	 	 
		vi.	Disparage
                                         Company or any of its products or services, or wrongfully interfere with, disrupt or
                                         attempt to disrupt the relationship, contractual or otherwise, between Company and any
                                         other party, including without limitation any supplier, distributor, lessor or lessee,
                                         licensor or licensee.

 

For
purposes of this Agreement, the term “Restricted Area” shall mean any area that is within a five (5) mile radius
of any of the concepts owned or managed by the Company.

 

Executive
acknowledges that Company is doing business throughout the Restricted Area, and recognizes that the time limits, geographic scope,
and the types and limitations of activities set forth hereinabove are reasonable and necessary to protect the legitimate interests
of Company. It is the desire and intent of the parties that the provisions of this Section 8 be enforced to the fullest extent
permitted under the laws and public policies of each jurisdiction in which enforcement is sought. If any court determines that
any provision of this Section 8 is unenforceable because of the duration, activity restrained, or geographic scope of such provision,
such court will have the power to reduce the duration or scope of such provision, as the case may be, and, in its reduced form,
such provision shall then be enforceable.

 

    	5

    	 	 	 

    

 

	9.	Remedies
                                         for Breach. Executive hereby acknowledges and agrees that a violation of any
                                         of the covenants set forth in Sections: 5,6,7,8,10 herein (the “Covenants”)
                                         would result in immediate and irreparable harm to Company, and that its remedies at law,
                                         including, without limitation, the award of money damages, would be inadequate relief
                                         for any such violation. Therefore, any violation or threatened violation by Executive
                                         of the Covenants will give Company the right to enforce such Covenants through specific
                                         performance, temporary restraining order, preliminary or permanent injunction, and other
                                         equitable relief. Such remedies will be cumulative and in addition to any other remedies
                                         that Company may have, at law or in equity.
	 	 
	10.	Return
                                         of Property. Immediately upon the termination of Executive’s employment
                                         with Company for any reason, or immediately upon request of Company, Executive will leave
                                         with or return to Company all personal property belonging to Company that is in Executive’s
                                         possession or control as of the date of such termination of employment, including, without
                                         limitation, all records, papers, drawings, notebooks, specifications, marketing materials,
                                         software, reports, proposals, equipment, or any other device, document or possession,
                                         however obtained, whether or not such personal property contains Intellectual Property.
                                         All memoranda, files, client contracts, records, electronic media, business plans, financial
                                         statements, manuals, lists and other property delivered to or compiled by Employee by
                                         or on behalf of the Company, its representatives, or agents which pertain to the business
                                         of the Company shall be and remain the property of the Company, as the case may be, and
                                         be subject at all times to the Company’s discretion and control. Likewise, all
                                         correspondence, reports, records, charts, marketing data, advertising materials and other
                                         similar data pertaining to the business, activities or future plans of the Company which
                                         are collected by Employee shall be delivered promptly to the Company upon request by
                                         the Company upon termination of Employee’s employment and Employee shall not retain
                                         any copies of the same.
	 	 
	11.	Survival.
                                         The provisions of Sections 5 through 20 will survive the termination of this Agreement,
                                         regardless of the manner or cause of such termination.
	 	 
	12.	Effect
                                         of Agreement. This Agreement sets forth the final and complete Agreement of the
                                         parties with respect to the subject matter hereof. It will not be assigned and may not
                                         be modified, except by way of a writing executed by both parties. All the terms and provisions
                                         of this Agreement will be binding upon and inure to the benefit of and be enforceable
                                         by the parties hereto and their successors and assigns.
	 	 
	13.	Governing
                                         Law. The provisions of this Agreement and any disputes arising hereunder will
                                         be governed by and construed in accordance with the laws of the State of North Carolina.

 

    	6

    	 	 	 

    

 

	14.	Notice.
                                         All notices and other communications hereunder will be in writing and may be given
                                         by personal delivery, express courier doing business throughout the United States, registered
                                         or certified mail (return receipt requested). Such notice will be deemed effective when
                                         received if it is given by personal delivery, express courier doing business throughout
                                         the United States, or facsimile, and will be effective three (3) days after mailing by
                                         registered or certified mail, so long as it is actually received within five (5) days
                                         (and, if not so received within five (5) days, is effective when actually received) by
                                         the parties at the following addresses (or at such other address for a party as will
                                         be specified by like notice):

 

If
to Company:

Chanticleer
Holdings, Inc

7621
Little Ave

Suite
414

Charlotte,
NC 28226

Attn.:
Michale D. Pruitt, CEO

 

If
to Executive:

Patrick
Harkleroad

318
Ridgewood Ave

Charlotte,
NC 28209

 

	15.	Dispute
                                         Resolution.

 

		a.	Subject
                                         to Company’s rights under Section 9, any controversy or claim arising out of or
                                         related to this Agreement that cannot be amicably resolved, including, without limitation,
                                         whether such controversy or claim is subject to arbitration, will be resolved by binding
                                         arbitration in accordance with the then-current rules and regulations of the American
                                         Arbitration Association, subject to Company’s rights under Section 9.
	 	 	 
		b.	Arbitration
                                         will take place within Charlotte, North Carolina, or any other location mutually agreeable
                                         to the parties involved in such dispute. The arbitrator(s) will be able to decree any
                                         and all relief of an equitable nature, including but not limited to such relief as a
                                         temporary restraining order, a temporary or a permanent injunction, and will also be
                                         able to award damages. The decree or judgment of an award rendered by the arbitrators
                                         may be entered in any court having jurisdiction thereof. Except as the arbitrator(s)
                                         will otherwise decide is fair and reasonable, each party will bear its own attorneys’
                                         fees and expenses in connection with such proceeding and will bear one-half of the fees
                                         and expenses of the arbitrator(s) relating to such proceeding.
	 	 	 
		c.	Executive
                                         waives any right to bring any claim against Company or any Affiliate as part of a class
                                         or collective action.
	 	 	 
		d.	To
                                         the extent any claim or cause of action cannot, by operation of law, be submitted to
                                         arbitration as provided herein, Executive waives his right to trial by jury.

 

	16.	Confidentiality.
                                         Executive shall keep the terms and conditions of this Agreement confidential and
                                         shall not publicize or disclose the conditions, terms, or contents of this Agreement
                                         in any manner, whether in writing or orally, to any person, directly or indirectly, or
                                         by or through any agent, representative, attorney, or any other person unless compelled
                                         to do so by law or for public filings reasons. Notwithstanding the foregoing, the Executive
                                         may discuss this Agreement with his attorney and financial advisor as long as he informs
                                         them that the terms of this Agreement are confidential and direct that they maintain
                                         the same.

 

    	7

    	 	 	 

    

 

	17.	Complete
                                         Integrated Agreement. This Agreement and the Plan constitute the entire Agreement
                                         between the Company and Employee. Further, while Employee’s compensation, including
                                         salary, bonus and Executive benefits may change from time to time upon mutual agreement
                                         between the Company and Executive, and without a written modification of this Agreement,
                                         neither the provisions of this Agreement concerning at-will employment (Section 4), nor
                                         any other provision of this Agreement, may-be modified, altered, amended or changed except
                                         by in writing signed by Company and Executive.
	 	 
	18.	Counterparts.
                                         This Agreement may be executed in one or more counterparts, all of which will be
                                         considered one and the same agreement and will become effective when one or more counterparts
                                         have been signed by each of the parties and delivered to the other parties.
	 	 
	19.	Severability.
                                         If any provision of this Agreement is held invalid, illegal or unenforceable, the validity,
                                         legality and enforceability of the remaining provisions of this Agreement are not affected
                                         or impaired in any way and the parties agree to negotiate in good faith to replace such
                                         invalid, illegal and unenforceable provision with a valid, legal and enforceable provision
                                         that achieves, to the greatest lawful extent under this Agreement, the economic, business
                                         and other purposes of such invalid, illegal or unenforceable provision. A court of competent
                                         jurisdiction, if it determines any provision of this Agreement to be unreasonable in
                                         scope, time or geography, is hereby authorized by the Executive and the Company to enforce
                                         the same in such narrower scope, shorter time or lesser geography as such court determines
                                         to be reasonable and proper under all the circumstances.
	 	 
	20.	Voluntary
                                         Execution; Representations. Executive acknowledges that (a) he or she has been
                                         represented by independent counsel of his or her own choosing concerning this Agreement
                                         and has been advised to do so by the Company, and (b) he or she has read and understands
                                         this Agreement, is competent and of sound mind to execute this Agreement, is fully aware
                                         of the legal effect of this Agreement and has entered into it freely based on his own
                                         judgment and without duress.

 

[Signature
page follows]

 

    	8

    	 	 	 

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement on the dates set forth below, all being effective as of the
Effective Date.

 

	 	CHANTICLEER
    HOLDINGS, INC
	 	 	 
	 	By:	             
	 	Name:	 
	 	Title:	 
	 	Date:	 
	 	 	 
	 	/s/
    PATRICK HARKLEROAD
	 	PATRICK
    HARKLEROAD
	 	Date:	

 

 

    	9

    	 	 	 

    

 

Exhibit
A

 

Job
Description and Areas of Responsibility.

 

The
CFO will be responsible for the financial management and financial performance of the Company. Producing strategic metrics tied
to each operating department, and the development and monitoring of control systems for each department designed to guide company
growth, preserve Company assets and report accurate financial results. On
a day-to-day basis, CFO will help drive organizational improvement and ensure profitable growth by utilizing operations
knowledge, data analysis, judgment, leadership and organizational skills to make strategic recommendations to help Company achieve
their goals.

 

The
CFO will report to the President of the Company and will partner with other company leaders to guide the development and implementation
of systems and protocols that will ensure the achievement of short-term, annual, and long-term brand goals of Company.
The CFO will work closely with other members of the
executive and management team to achieve revenue, cash flow and profitability growth targets.

 

Key
Areas of Responsibility and Accountability:

 

		●	Provide
                                         guidance and leadership to finance organization with focus on continual improvement,
                                         positive change management, staff development and succession planning
	 	 	 
		●	Ensure
                                         the organization has a highly competent team overseeing the functions of Finance, Analysis,
                                         Accounting, Information Technology, and Risk Management.
	 	 	 
		●	Continue
                                         to improve the timeliness of financial and management reporting and the quality of business
                                         planning, budgeting and financial analysis for all departments; facilitate development
                                         of robust financial analytics and metrics
	 	 	 
		●	Provide
                                         timely and accurate financial reporting, information and analysis necessary to drive
                                         the weekly, monthly, quarterly and annual financial performance of the Company (Annual
                                         Budgets, Weekly KPI, Monthly PRP, etc).
	 	 	 
		●	Develop
                                         a reliable cash flow projection process and reporting mechanism that includes minimum
                                         cash threshold to meet operating needs
	 	 	 
		●	Oversee
                                         the Company’s and Affiliates’ capital structure and balance sheet, and ensure
                                         the appropriate level of funding to support growth and changes in Company’s business
                                         strategy
	 	 	 
		●	Raise
                                         capital as necessary for future growth
	 	 	 
		●	Oversee
                                         financial analysis and budgeting of business operations and new store development opportunities
                                         spearhead the interpretation of operating results and NSO capex budgets in relation to
                                         anticipated results
	 	 	 
		●	Partner
                                         with Operations and Information Technology to improve business intelligence and work
                                         flow processes across the enterprise

 

    	10

    	 	 	 

    

 

		●	Partner
                                         with Risk Management to ensure Company maintains proper insurance protection for General
                                         Liability, Property, Epli, D&O) and other insurance policies required to protect
                                         Company from risks associated with its business.
	 	 	 
		●	Partner
                                         with Human Resources to ensure compliance with labor laws (e.g., FLSA) and ERISA, including
                                         any and all requirements to maintain the ESOP in good standing.
	 	 	 
		●	Partner
                                         with the President, Controller to facilitate “best practices” throughout
                                         the business through timely data dissemination, and enhanced financial tools
	 	 	 
		●	Continue
                                         Development of finance department as a key business partner to the organization in all
                                         areas.
	 	 	 
		●	Be
                                         a trusted and value-added advisor from the financial perspective on any contracts into
                                         which the corporation may enter.
	 	 	 
		●	Maintenance
                                         of relations with external auditors, and the investigation of their findings and recommendations
	 	 	 
		●	Ensure
                                         a high level of integrity of accounting policies, practices, procedures and initiatives.

 

    	11

    	 	 	 

    

 

Exhibit
B

 

Bonus
Parameters

 

Annual
Bonus up to $25,0000: 50% merit based, 50% based on meeting performance goals in EBITDA/ EPS as determined by the Board of Directors.

 

    	12Exhibit 10.7

 

EMPLOYMENT
AGREEMENT

 

This
Employment Agreement (the “Agreement”) is made and effective as of November 16, 2018 (the “Effective Date”)
by and between Chanticleer Holdings, Inc., a Delaware corporation (“Chanticleer” or the “Company”), and
Frederick L. Glick (the “Executive”).

 

WHEREAS,
Chanticleer and the Executive desire to enter into this Agreement to evidence the terms and conditions of the employment of the
Executive by Chanticleer.

 

NOW,
THEREFORE, intending to be legally bound and in consideration of the mutual provisions set forth in this Agreement, and for other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

 

Section 1 Employment. Chanticleer hereby employs the Executive and the Executive hereby accepts such employment, in accordance
with the terms and conditions set forth in this Agreement. By executing this Agreement, Executive represents and warrants to Chanticleer
that (i) the Executive is entering into this Agreement voluntarily and that his employment hereunder and compliance with the terms
and conditions hereof will not conflict with or result in the breach by him of any agreement to which he is a party or by which
he may be bound; (ii) the Executive has not violated, and in connection with his employment with Chanticleer will not violate,
any non-solicitation, non-competition, or other similar covenant or agreement of a prior employer by which he is bound; and (iii)
in connection with his employment with Chanticleer, the Executive will not use any confidential or proprietary information he
may have obtained in connection with employment with any prior employer.

 

Section 2 Term. The Executive’s employment with Chanticleer under this Agreement will commence on the Effective
Date and continue until December 31, 2020 (“Initial Term”), automatically renewing thereafter for additional one-year
renewal terms (each a “Renewal Term”) until terminated in accordance with Section 6 below (Initial Term together with
Renewal Terms, the “Term”); provided however, either party may give notice of non-renewal with no less than 60 days
notice prior to the commencement of any renewal term. Executive’s employment with the Company shall be on an “at-will”
basis.

 

Section 3 Position.
The Executive will be employed as the President of Chanticleer and will report to the Chief Executive Officer. The Executive will
have the duties and responsibilities customarily attendant to the position of President. Executive will also have such other duties
and responsibilities that are commensurate with his position as specifically delegated to him from time to time by the Chief Executive
Officer. Executive shall be subject to the Bylaws, policies, practices, procedures and rules of the Company, currently existing
and as may be modified from time to time, including those policies and procedures set forth in the Company’s Code of Conduct
and Ethics. Executive’s principal place of employment shall be in Oceanside, California; provided that Executive may be
required under business circumstances to travel outside the location of his principal employment in connection with performing
his duties under this Agreement.

 

    	 

     

    

 

Section 4 Restrictive Covenants; Representations.

 

4.1
Loyal Performance. During the Executive’s employment with Chanticleer, the Executive will devote his full business
time and attention to the performance of his duties as President and will perform his duties and carry out his responsibilities
as President in a diligent and businesslike manner. Nothing in this Section 4.1, however, will prevent the Executive from engaging
in additional activities in connection with personal investments or from serving in a non-management capacity with any for profit
or not for profit organization that does not conflict with his duties under this Agreement.

 

4.2
Confidentiality; Return of Property.

 

(a)
Executive acknowledges that: (i) the Confidential Information (as hereinafter defined) is a valuable, special, and unique asset
of the Company, the unauthorized disclosure or use of which could cause substantial injury and loss of profits and goodwill to
the Company; (ii) Executive is in a position of trust and subject to a duty of loyalty to the Company, and (iii) by reason of
his employment and service to the Company, Executive will have access to the Confidential Information. Executive, therefore, acknowledges
that it is in the Company’s legitimate business interest to restrict Executive’s disclosure or use of Confidential
Information for any purpose other than in connection with Executive’s performance of Executive’s duties for the Company,
and to limit any potential misappropriation of such Confidential Information by Executive. Executive agrees to keep secret and
to treat confidentially all of the Confidential Information (as defined below), and not to, without the express prior written
consent of Chanticleer or in connection with the good faith performance of his duties to Chanticleer, directly or indirectly,
(i) divulge, disclose or intentionally make accessible any Confidential Information to any other Person (as defined below) or
assist any other Person or entity in improperly using any Confidential Information or (ii) use any Confidential Information for
his own purposes or for the benefit of any other Person (except when required to do so by a court of competent jurisdiction, by
any governmental agency having supervisory authority over the business of Chanticleer, or by any administrative body or legislative
body (including a committee thereof) with jurisdiction to order the Executive to divulge, disclose or make accessible such Confidential
Information; provided, however, that, in the event that the Executive is so required to disclose Confidential Information,
the Executive shall, if legally permitted to do so, prior to making any such disclosure, provide Chanticleer with prompt written
notice of such requirement so that Chanticleer may seek an appropriate protective order); provided, further, that, during the
Employment Period, the Executive may utilize any Confidential Information in the course of performing his services under this
Agreement. All Confidential Information is and shall remain the property of Chanticleer. For purposes of this Agreement, “Person”
shall mean an individual, a partnership, a corporation, a limited liability company, an association, a joint stock company, an
estate, a trust, a joint venture, an unincorporated organization or a governmental entity or any department, agency or political
subdivision thereof.

 

    	 	 	2

    	 

    

 

(b)
For purposes of this Agreement, “Confidential Information” shall mean any and all proprietary information, trade secrets,
know-how or other information of Chanticleer or concerning the affairs of Chanticleer (whether tangible or intangible and whether
or not such information is in writing or other physical form), including, but not limited to, data, plans, concepts, programs,
procedures, innovations, inventions, improvements, information regarding customers, financial information, costs, prices, earnings,
systems, sources of supply, marketing, prospective and executed contracts, budgets, business plans and other business arrangements,
information on the performance, identities, capabilities, performance strength and weaknesses, and compensation arrangements of
particular managerial or technical employees of Chanticleer; provided, however, that Confidential Information will not include
any information that (i) has been published in a form generally available to the public prior to the date Executive proposes to
disclose or use such information (ii) was known to Executive or the public prior to its disclosure to Executive; (iii) becomes
generally known to the public subsequent to disclosure to Executive through no wrongful act of Executive or any representative
of Executive; or (iii) Executive is required to disclose by applicable law, regulation or legal process. Confidential Information
will not be deemed to have been published merely because individual portions of the information have been separately published,
but only if all material features comprising such information have been published in combination.

 

(c)
Upon termination of the Executive’s employment, the Executive shall promptly return to Chanticleer any car, cell phone,
mobile device, laptop or other property provided to the Executive by Chanticleer, and any Confidential Information or proprietary
information of Chanticleer that remains in the Executive’s possession (“Chanticleer Property”); provided, however,
that nothing in this Agreement or elsewhere shall prevent the Executive from retaining and utilizing documents and information
relating to his personal benefits, entitlements and obligations, documents relating to his personal tax obligations. If the Executive
discovers Chanticleer Property in his possession after the termination of his employment he shall notify Chanticleer and promptly
either deliver the same to Chanticleer or destroy it as directed by Chanticleer.

 

4.3
Nonsolicitation. To the full extent permitted by law, the Executive will not directly or indirectly, individually or on
behalf of any person, company, enterprise or entity, or as a sole proprietor, partner, stockholder, director, officer, principal,
agent, executive, or in any other capacity or relationship, during his employment with Chanticleer and for a period of six (6)
months thereafter unlawfully:

 

(a)
solicit or in any manner attempt to solicit any person, firm, corporation, or other entity or organization which is a client,
customer, account, vendor, supplier, distributor, licensee of, or has any business relationship with, Chanticleer or any of its
subsidiaries to terminate such relationship with, reduce the amount of business conducted with, or change in a manner adverse
to Chanticleer or its subsidiaries; or

 

(b)
solicit or in any manner attempt to solicit any person employed by or providing services to Chanticleer or its subsidiaries to
leave, curtail, or change in a manner adverse to Chanticleer, such employment or service relationship.

 

    	 	 	3

    	 

    

 

4.4
Cooperation. The Executive agrees that, following any termination of the Executive’s employment, the Executive will
continue to provide reasonable cooperation to Chanticleer and/or any of its subsidiaries and its or their respective counsel in
connection with any investigation, administrative proceeding, or litigation relating to any matter that occurred during the Executive’s
employment in which the Executive was involved or of which the Executive has knowledge. As a condition of such cooperation, Chanticleer
shall reimburse the Executive for reasonable out-of-pocket expenses incurred at the request of Chanticleer and shall compensate
Executive at a daily rate equal to his daily rate of compensation at the time of termination of his employment. The Executive
also agrees that, in the event that the Executive is subpoenaed by any person or entity (including, but not limited to, any government
agency) to give testimony or provide documents (in a deposition, court proceeding, or otherwise) that in any way relates to the
Executive’s employment by Chanticleer, the Executive will, if legally permitted, give prompt notice of such request to Chanticleer
and, unless legally required to do so, will make no disclosure until Chanticleer subsidiaries has had a reasonable opportunity
to contest the right of the requesting person or entity to such disclosure.

 

4.5
Property; Inventions and Patents.

 

(a)
Property. Executive agrees that all inventions, innovations, improvements, technical information, systems, software developments,
methods, designs, analyses, drawings, reports, service marks, trademarks, trade names, logos, products, equipment, and all similar
or related information and materials (whether patentable or unpatentable) (collectively, “Inventions”) which relate
to Chanticleer actual or planned business, research and development, or existing or future products or services and which are
conceived, developed, or made by Executive (whether or not during usual business hours and whether or not alone or in conjunction
with any other person) while employed by Chanticleer (including those conceived, developed, or made prior to the date of this
Agreement) together with all patent applications, letters patent, trademark, brands, tradename and service mark applications or
registrations, copyrights, and reissues thereof that may be granted for or upon any of the foregoing (collectively referred to
herein as, the “Work Product”), belong in all instances to Chanticleer. Executive will promptly disclose such Work
Product to Chanticleer and perform all actions reasonably requested by Chanticleer (whether during or after the Term) to establish
and confirm Chanticleer ownership of such Work Product (including, without limitation, the execution and delivery of assignments,
consents, powers of attorney, and other instruments) and to provide reasonable assistance to Chanticleer (whether during or after
the Term) in connection with the prosecution of any applications for patents, trademarks, brands, trade names, service marks,
or reissues thereof or in the prosecution or defense of interferences relating to any Work Product. Executive recognizes and agrees
that the Work Product, to the extent copyrightable, constitutes works for hire under the copyright laws of the United States and
that to the extent Work Product constitutes works for hire, the Work Product is the exclusive property of Chanticleer, and all
right, title, and interest in the Work Product vests in Chanticleer. To the extent Work Product is not works for hire, the Work
Product, and all of Executive’s right, title, and interest in Work Product, including without limitation every priority
right, is hereby assigned to the Company.

 

    	 	 	4

    	 

    

 

(b)
Cooperation. Executive shall, during the Term and at any time thereafter, at the expense of Chanticleer and with no expense
or potential expense or liability to the Executive, assist and cooperate with the Company in obtaining for the Company the grant
of letters patent, copyrights, and any other intellectual property rights relating to the Work Product in the United States and/or
such other countries as the Company may designate. With respect to Work Product, Executive shall, during the Term and at any time
thereafter, at the expense of Chanticleer and with no expense or potential expense or liability to the Executive, execute all
applications, statements, instruments of transfer, assignment, conveyance or confirmation, or other documents, furnish all such
information to the Company and take all such other appropriate lawful actions as the Company requests that are necessary to establish
Chanticleer ownership of such Work Product. Executive will not assert or make a claim of ownership of any Work Product, and Executive
will not file any applications for patents or copyright or trademark registration relating to any Work Product, except on behalf
of or as directed by Chanticleer.

 

(c)
No Designation as Inventor; Waiver of Moral Rights. Executive agrees that the Company shall not be required to designate
Executive as the inventor or author of any Work Product. Executive hereby irrevocably and unconditionally waives and releases,
to the extent permitted by applicable law, all of Executive’s rights to such designation and any rights concerning future
modifications to any Work Product. To the extent permitted by applicable law, Executive hereby waives all claims to moral rights
in and to any Work Product.

 

(d)
Pre-Existing and Third Party Materials. Executive will not, in the course of employment with Chanticleer, incorporate into
or in any way use in creating any Work Product any pre-existing invention, improvement, development, concept, discovery, works,
or other proprietary right or information owned by Executive or in which Executive has an interest without Chanticleer prior written
permission. Executive hereby grants the Company a nonexclusive, royalty-free, fully-paid, perpetual, irrevocable, sublicensable,
worldwide license to make, have made, modify, use, sell, copy, and distribute, and to use or exploit in any way and in any medium,
whether or not now known or existing, such item as part of or in connection with such Work Product. Executive will not incorporate
any invention, improvement, development, concept, discovery, intellectual property, or other proprietary information owned by
any party other than Executive into any Work Product without the Company’s prior written permission.

 

(e)
Attorney-in-Fact. Executive hereby irrevocably designates and appoints Chanticleer and its duly authorized officers and
agents as Executive’s agent and attorney-in-fact, to act for and on Executive’s behalf to execute and file any such
applications and to do all other lawfully permitted acts as contemplated by this Section 4 above to further the prosecution and
issuance of patents, copyright, trademark, and mask work registrations with the same legal force and effect as if executed by
Executive, if Chanticleer is unable because of Executive’s unavailability, dissolution, mental or physical incapacity, or
for any other reason, to secure Executive’s signature for the purpose of applying for or pursuing any application for any
United States or foreign patents or mask work or copyright or trademark registrations covering the Work Product owned by Chanticleer
pursuant to this Section.

 

    	 	 	5

    	 

    

 

Section
5 Compensation.

 

5.1
Base Salary. The Executive will be paid a base salary at the initial rate of two hundred and fifty thousand dollars ($250,000.00)
per year (the “Base Salary”). Base Salary shall be subject to annual review for additional increase, but not
decrease, in the sole discretion of the Board. The Base Salary will be payable in equal periodic installments in accordance with
Chanticleer customary payroll practices.

 

5.2
Benefits. The Executive will be entitled to four weeks of paid vacation per calendar year in accordance with the Company’s
vacation and paid time off policy, inclusive of vacation days and sick days and excluding standard paid Company holidays, in the
same manner as paid time off days for employees of the Company generally accrue; provided however, in no event shall Executive
forfeit any accrued or unused vacation. Notwithstanding the foregoing, for calendar year 2018, Executive shall be entitled to
one week of paid vacation. The Executive and his dependents will be entitled to participate in all medical insurance and other
benefit programs in effect from time to time and available to senior executives of Chanticleer at levels commensurate with Executive’s
position as President and a member of the Board. The Company shall pay the cost of medical insurance benefits for Executive and
his dependents.

 

5.3
Equipment. The Company shall provide Executive with a laptop computer for his use exclusively in providing services to
the Company.

 

5.4
Automobile Allowance. The Company shall provide Executive with a monthly allowance for an automobile in the amount of $750.00.

 

5.5
Cell Phone Allowance. The Company shall provide Executive with a monthly allowance for a cell phone in the amount of $125.00.

 

5.6
Expenses. Executive shall be entitled to reimbursement for expenses incurred in connection with performance of services
to Chanticleer, in accordance with Chanticleer expense reimbursement policies as in effect from time to time.

 

5.7
Signing Bonus. The Executive shall receive 10,000 restricted stock units pursuant to the Chanticleer Holdings Inc. 2014
Stock Incentive Plan (“Plan”) that vest in full upon the Effective Date. The restricted stock units are subject to
the terms of the Plan and award agreement.

 

5.8
Equity Awards. During the Initial Term, the Executive shall receive additional equity awards pursuant to the Plan consisting
of (1) 20,000 restricted stock units (2) 10,000 5-year Incentive Stock Options with an exercise price of $3.50 and (3) 10,000
5-year Incentive Stock Options with an exercise price of $4.50 ((1), (2) and (3) referred to herein as the “Equity Awards”).
The Equity Awards shall vest in eight quarterly installments on the first day of each fiscal quarter during Executive’s
continued employment with the Company commencing January 1, 2019 and are subject to the terms of the Plan. Each award further
will be subject to its respective award agreement. Executive will be granted comparable Equity Awards annually during renewal
periods of this Agreement, subject to the terms of the Plan and approval of the Company’s Board of Directors and/or Compensation
Committee.

 

    	 	 	6

    	 

    

 

Section
6 Termination of Employment.

 

6.1
Termination by Chanticleer. Chanticleer may terminate the Executive’s employment with Chanticleer for Cause or without
Cause. Termination by Chanticleer for Cause will be effective immediately on the day Chanticleer gives written notice of such
termination to the Executive. For purposes of this Agreement, “Cause” means (i) a breach by Executive of his fiduciary
duties to the Company; (ii) Executive’s breach of this Agreement which is materially and demonstrably injurious to the Company,
which, if curable, remains uncured or continues after 30 days’ notice by the Company thereof; (iii) the commission of (A)
any crime constituting a felony in the jurisdiction in which committed, (B) any crime involving moral turpitude (whether or not
a felony), or (C) any other criminal act involving embezzlement, misappropriation of money, fraud, theft, or bribery (whether
or not a felony); (iv) illegal or controlled substance abuse or insobriety by Executive that interferes with the performance of
the Executive’s duties to the Company; (v) Executive’s material negligence or dereliction in the performance of, or
failure to perform Executive’s duties of employment with the Company which is materially and demonstrably injurious to the
Company, provided such duties and services are within Executive’s control, which remains uncured or continues after 30 days’
written notice by the Company thereof or failure recurs following any such correction; or (vi) any conduct, action or behavior
by Executive that is materially and demonstrably damaging to the Company, whether to the business interests, finance or reputation,
which remains uncured or continues after 30 days’ written notice by the Company thereof or failure recurs following any
such correction or (vii) disqualifying event causing Company “bad actor” disqualification under Rule 506(d) of the
Securities Act of 1933, as amended.

 

6.2
Termination by the Executive. The Executive may terminate his employment with Chanticleer for Good Reason or without Good
Reason, by written notice to Chanticleer effective no earlier than 30 days after the date of such notice of termination is other
than for Good Reason (provided that Chanticleer shall have the right to waive such 30-day notice period and accelerate termination
to any date on or after the date of such notice) and effective upon the expiration of the cure period described below in this
Section 6.2 if termination is for Good Reason. During any period between receipt of notice of termination from the Executive,
Chanticleer may suspend, reduce, or otherwise modify any or all of Executive’s authority, duties, and responsibilities,
and may require the Executive’s absence from Chanticleer offices without any such suspension, reduction, modification, or
requirement constituting grounds for Good Reason. “Good Reason” means (i) a material diminution in Executive’s
authority, duties, position or responsibilities; (ii) a material reduction of Executive’s Base Salary or other compensation;
(iii) a relocation of Executive’s principal office to a location more than fifty (50) miles from Executive’s office
location in Oceanside, California (excluding reasonable business travel required as part of Executive’s duties); (iv)a material
diminution in the budget over which Executive retains authority that, in effect, substantially and materially alters Executive’s
duties; (v) the failure of the Company or any successor to honor any material term of this Agreement; or (vi) the modification
or termination of any bonus arrangement or agreement without Executive’s written consent.

 

    	 	 	7

    	 

    

 

An
event described in this Section 6.2 will not constitute Good Reason unless the Executive provides written notice to Chanticleer
of the Executive’s intention to resign for Good Reason and specifying the event or circumstance giving rise to Good Reason
within 90 days of its initial existence and Chanticleer does not cure such breach or action within 30 days after the date of the
Executive’s notice and Executive actually terminates his employment within one hundred and eighty (180) calendar days after
the expiration of the remedy period without remedy of the Good Reason by Chanticleer

 

6.3
Death and Disability. The Executive’s employment under this Agreement will terminate upon the Executive’s death.
In addition, Chanticleer may terminate the Executive’s employment with Chanticleer by written notice to the Executive due
to Disability. For purposes of this Agreement, “Disability” means that the Executive has been unable, with
or without reasonable accommodation and due to physical or mental incapacity, to substantially perform the essential functions
of his duties for 180 days, whether consecutive or non-consecutive, within any calendar year.

 

6.4
Termination of Agreement. This Agreement will terminate when all obligations of the parties under this Agreement have been
satisfied

 

6.5
Resignations. Upon any termination of the Executive’s employment hereunder for any reason, except as may otherwise
be requested by Chanticleer in writing, the Executive agrees that he will resign from any and all directorships, committee memberships
and any officer positions that he holds with Chanticleer or any of its subsidiaries.

 

Section
7 Remuneration upon Termination of Employment.

 

7.1
Termination by Chanticleer without Cause, by the Executive for Good Reason, or by either party by notice of the expiration
of the Initial Term of Agreement at the end of the Initial Term. If the Executive’s employment with Chanticleer is terminated
pursuant to Section 6.1 by Chanticleer without Cause, pursuant to Section 6.2 by the Executive for Good Reason, or by either party
by notice of the expiration of the Initial Term of the Agreement at the end of the Initial Term, the Executive will be entitled
to the following:

 

(a)
the net amount representing base salary earned but unpaid as of the date of termination, after deduction of standard payroll taxes
and deductions, and the net amount representing vacation earned but not taken prior to the termination date, after deduction of
standard payroll taxes and deductions (the “Accrued Benefits”);

 

(b)
installment payments equal to the Executive’s Base Salary in effect at the time of termination for a period of 12
months (“Severance Period”) following the date of termination, before deduction of standard payroll taxes and
deductions, to be paid in 24 equal increments bi-monthly starting on the first pay period following the date of termination,
vested Equity Awards, and full acceleration of unvested Equity Awards (the “Severance Amount”). In addition, to
the extent permitted by applicable law, subject to the Executive’s election of COBRA continuation coverage under
Chanticleer group health plan, on the first regularly scheduled payroll date of each month during the Severance Period,
Chanticleer will pay the Executive an amount equal to the COBRA premium cost for Executive and its dependents; provided, that
such payments shall cease earlier than the expiration of the Severance Period in the event that the Executive becomes
eligible to receive any comparable health benefits, including through a spouse’s employer, during the Severance Period
(the “COBRA Payments”). Executive will notify Chanticleer of Executive’s eligibility for health benefits
during the Severance Period within 15 days of such eligibility; and

 

    	 	 	8

    	 

    

 

(c)
any and all rights he may have as a holder of equity interests in Chanticleer or under any applicable plan, program, or arrangement
of Chanticleer, including the vested Equity Awards and related payments. 

 

7.2
Termination by Chanticleer for Cause, by the Executive without Good Reason. If the Executive’s employment with Chanticleer
is terminated any time for Cause, or by the Executive any time without Good Reason, the Executive will be entitled to the Accrued
Benefits and any and all rights he may have as a holder of equity interests in Chanticleer (including, without limitation, the
vested Equity Awards) or under any applicable plan, program, or arrangement of Chanticleer.

 

7.3
Termination as a Result of Death or Disability. In the event of the termination of the Executive’s employment with
Chanticleer pursuant to Section 6.3 as a result of death or Disability, the Executive or the Executive’s heirs will be entitled
to the Accrued Benefits, the Severance Amount, the COBRA Payments and any and all rights Executive may have as a holder of equity
interests in Chanticleer.

 

7.4
Termination by Notice Not to Renew Renewal Term. In the event the Agreement is terminated after any Renewal Term by either
party as provided in Section 2, Executive will be entitled to the Accrued Benefits, the Severance Amount, the COBRA Payment and
any and all rights Executive may have as a holder of equity interests in Chanticleer; provided however, in the event Executive
commences employment or a consulting position with a third party prior to the end of the Severance Period, Executive will notify
Chanticleer of his start date, amount of his new salary and/ or fees payable pursuant to any consulting engagement. The amount
of Executive’s new salary (before deduction of standard payroll taxes and after deduction of costs incurred by Executive)
and/ or fees paid pursuant to a consulting engagement received during the Severance Period (after deduction of costs incurred
by Executive) will be deducted from Executive’s Severance Amount on the same periodic basis as payment by the new company/
employer. Notwithstanding the foregoing, Executive shall be entitled to a minimum of 45 days’ severance payment in the event
of termination by notice not to renew.

 

7.5
Termination as a result of Change of Control. If Executive is terminated or resigns within 12 months of a Change of Control,
the Executive will be entitled to the Accrued Benefits, the Severance Amount, the COBRA Payments and any and all rights Executive
may have as a holder of equity interests in Chanticleer.

 

“Change
in Control” as used herein means any (i) any individual, entity or group (within the meaning of Section 13(d)(3) of
the Securities Exchange Act of 1933) (a “Person”) acquires beneficial ownership, directly or indirectly (within the
meaning of Rule 13d-3 promulgated under the Exchange Act) (a “Beneficial Owner”), of more than fifty percent of the
combined voting power of the then issued and outstanding shares of the voting common stock of the Company (the “Voting Stock”),
(ii) the occurrence of a merger, consolidation, reorganization, share exchange or similar corporate transaction, whether or not
the Company is the surviving corporation, other than a transaction which would result in the Voting Stock outstanding immediately
prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving
entity) at least fifty percent of the voting stock of the Company or such surviving entity immediately after such transaction,
or (iii) the sale, transfer or disposition of all or substantially all of the business and assets of the Company to any Person.

 

    	 	 	9

    	 

    

 

7.6
Release. The payment of the Severance Amount and the COBRA Payments shall be conditioned upon the Executive’s (or,
if applicable the Executive’s estate’s or legal representative’s) execution, delivery to Chanticleer, and non-revocation
of a release of claims (the “Release of Claims”) in substantially the form attached to this Agreement as Exhibit
A within 30 days following the date of the Executive’s termination of employment hereunder. Further, to the extent that
any portion of the Severance Amount or COBRA Payments constitutes “nonqualified deferred compensation” for purposes
of Section 409A of the Code (as defined below), any payment of any amount otherwise scheduled to occur prior to the thirtieth
(30th) day following the date of the Executive’s termination of employment hereunder, but for the condition on executing
the Release of Claims as set forth herein, shall not be made until the first regularly scheduled payroll date following such thirtieth
(30th) day, after which any remaining installment of the Severance Amount or the COBRA Payments, as applicable, shall thereafter
be provided to Executive according to the applicable schedule set forth herein. With respect to any portion of the Severance Amount
or COBRA Payments that does not constitute “nonqualified deferred compensation” for purposes of Section 409A of the
Code (as defined below), any payment of any amount otherwise scheduled to occur following the date of the Executive’s termination
of employment hereunder, but for the condition on executing the Release of Claims as set forth herein, shall not be made until
the first regularly scheduled payroll date following the date such Release of Claims is timely executed and the applicable revocation
period has ended, after which the entire Severance Amount and any unpaid installments of the COBRA Payments, as applicable, shall
thereafter be provided to Executive according to the applicable schedule set forth herein. Each payment of the Severance Amount
or COBRA Payments shall be deemed to be a separate payment for purposes of Section 409A of the Code.

 

Section
8 General Provisions.

 

8.1
Notices. All notices and other communications under this Agreement must be in writing and are deemed duly delivered when
(a) delivered if delivered personally or by recognized overnight courier service (costs prepaid), (b) sent by facsimile with confirmation
of transmission by the transmitting equipment (or, the first business day following such transmission if the date of transmission
is not a business day) (c) sent by electronic mail with receipt acknowledged by the recipient via email reply, or (d) received
or rejected by the addressee, if sent by certified or registered mail, return receipt requested; in each case to the following
addresses or facsimile numbers and marked to the attention of the individual (by name or title) designated below (or to such other
address, facsimile number or individual as a party may designate by notice to the other parties in writing):

 

If
to the Executive:

Frederick
L. Glick

2320
Littler Lane

Oceanside,
CA 92056

Facsimile:____________________

 

    	 	 	10

    	 

    

 

If
to Chanticleer:

Attention
Michel D. Pruitt

Chanticleer
Holdings, Inc.

7621
Little Avenue, Suite 414

Charlotte,
North Carolina 28226

Facsimile:
704-366-2463 

 

8.2
Amendment. This Agreement may not be amended, supplemented or otherwise modified except in a writing signed by the Executive
and a director or authorized officer of Chanticleer (other than the Executive).

 

8.3
Waiver and Remedies. The Executive and Chanticleer may (a) extend the time for performance of any of the obligations or
other acts of the other party, (b) waive any inaccuracies in the representations and warranties of the other party contained in
this Agreement or in any certificate, instrument or document delivered pursuant to this Agreement or (c) waive compliance with
any of the covenants, agreements or conditions for the benefit of such party contained in this Agreement. Any such extension or
waiver will be valid only if set forth in a written document signed on behalf of the party against whom the waiver or extension
is to be effective. No extension or waiver will apply to any time for performance, inaccuracy in any representation or warranty,
or noncompliance with any covenant, agreement or condition, as the case may be, other than that which is specified in the written
extension or waiver. No failure or delay by a party in exercising any right or remedy under this Agreement or any of the documents
delivered pursuant to this Agreement, and no course of dealing between the parties, operates as a waiver of such right or remedy,
and no single or partial exercise of any such right or remedy precludes any other or further exercise of such right or remedy
or the exercise of any other right or remedy. Any enumeration of a party’s rights and remedies in this Agreement is not
intended to be exclusive, and a party’s rights and remedies are intended to be cumulative to the extent permitted by law
and include any rights and remedies authorized in law or in equity. Because Executive’s services are special, unique, and
extraordinary and because Executive has access to Confidential Information and Work Product, the parties hereto agree that money
damages may be an inadequate remedy for any breach of Section 4 of this Agreement. Therefore, in the event of a breach or threatened
breach of Section 4 of this Agreement, the Company, or any of its successors or assigns may, in addition to other rights and remedies
existing in their favor at law or in equity, apply to any court of competent jurisdiction for specific performance and/or injunctive
or other relief in order to enforce, or prevent any violations of, the provisions hereof (without posting a bond or other security).

 

    	 	 	11

    	 

    

 

8.4
Entire Agreement. This Agreement constitutes the entire agreement between the Executive and Chanticleer with respect
to its subject matter and supersedes any prior understandings, agreements or representations between the parties, written or oral,
with respect to the subject matter of this Agreement. In the event of any conflict between the terms of this Agreement and the
terms of any equity or compensation plan, grant agreement, award agreement, deferred compensation agreement or arrangement, or
any other plan, program, policy, agreement or document, Executive shall receive such compensation, benefits or remuneration which
in Executive’s sole discretion is more favorable to Executive.

 

8.5
Assignment and Successors. This Agreement binds and benefits the parties and their respective heirs, executors, administrators,
successors and assigns, except that the Executive may not assign any rights under this Agreement without the prior written consent
of Chanticleer and Chanticleer may not assign this Agreement or any of its rights or obligations hereunder without the prior written
consent of the Executive except in the case of an assignment of this Agreement to a successor to all or substantially all of the
business and assets of Chanticleer and its subsidiaries or any business division thereof or a restructuring of Chanticleer. The
Executive’s obligations under this Agreement are personal to the Executive and may not be delegated.

 

8.6
Severability. If any provision of this Agreement is held invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions of this Agreement are not affected or impaired in any way and the parties agree to
negotiate in good faith to replace such invalid, illegal and unenforceable provision with a valid, legal and enforceable provision
that achieves, to the greatest lawful extent under this Agreement, the economic, business and other purposes of such invalid,
illegal or unenforceable provision. A court of competent jurisdiction, if it determines any provision of this Agreement to be
unreasonable in scope, time or geography, is hereby authorized by the Executive and Chanticleer to enforce the same in such narrower
scope, shorter time or lesser geography as such court determines to be reasonable and proper under all the circumstances.

 

8.7
Governing Law; Jurisdiction. The validity, interpretation, performance and enforcement of this Agreement shall be governed
by the laws of the North Carolina without giving effect to any choice of law rules or other conflicting provision or rule that
would cause the laws of any jurisdiction to be applied. Each party agrees and submits to the exclusive jurisdiction of the state
and federal courts sitting in Mecklenberg County, North Carolina, in any action or proceeding arising out of or relating to this
Agreement and agree that all claims in respect of the action or proceeding may be heard and determined in any such court; provided
however, the Company will pay Executive’s travel costs incurred as a result of any action or proceeding arising out of or
relating to this Agreement. Each party further agrees that personal jurisdiction over it may be effected by service of process
by registered or certified mail addressed as provided in Section 8.1 and that when so made shall be as if served upon it personally.

 

    	 	 	12

    	 

    

 

8.8
Drafting Presumption. In the event of any ambiguity or dispute regarding the definition or meaning of any word, phrase,
or other verbiage, or the construction of any provision in this Agreement, there shall be no presumption favoring the definition,
meaning or construction propounded by a particular party based upon which party (or which party’s attorney) drafted the
word, verbiage or provision at issue, and same will be deemed mutually drafted.

 

8.9
Survival. The respective rights and obligations of the parties hereunder shall survive any termination of this Agreement
to the extent necessary to the intended preservation of such rights and obligations and to the extent that any performance is
required following termination or expiration of this Agreement.

 

8.10
Withholding. All amounts paid pursuant to this Agreement shall be subject to withholding for taxes (federal, state, local,
non-U.S. or otherwise) to the extent required by applicable law.

 

8.11
Counterparts. The parties may execute this Agreement in multiple counterparts, each of which constitutes an original as
against the party that signed it, and all of which together constitute one agreement. This Agreement is effective upon delivery
of one executed counterpart from each party to the other party. The signatures of all parties need not appear on the same counterpart.
The delivery of signed counterparts by facsimile or email transmission that includes a copy of the sending party’s signature
is as effective as signing and delivering the counterpart in person.

 

8.12
Code Section 409A Compliance; Parachute Payments. 

 

(a)
Notwithstanding anything herein to the contrary, this Agreement is intended to be interpreted and applied so that the payment
of the benefits set forth herein shall either be exempt from, or in the alternative, comply with, the requirements of Section
409A of the Internal Revenue Code of 1986, as amended (the “Code”), and the published guidance thereunder (“Section
409A”). A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement
providing for the payment of any amounts or benefits upon or following a termination of employment that are considered “nonqualified
deferred compensation” under Section 409A unless such termination is also a “separation from service” within
the meaning of Section 409A and, for purposes of any such provision of this Agreement, references to a “termination,”
“Termination Date,” or like terms shall mean “separation from service.” Notwithstanding any provision
of this Agreement to the contrary, if Executive is a “specified employee” within the meaning of Section 409A, any
payments or arrangements due upon a termination of Executive’s employment under any arrangement that constitutes a “nonqualified
deferral of compensation” within the meaning of Section 409A and which do not otherwise qualify under the exemptions under
Treas. Regs. Section 1.409A-1 (including without limitation, the short-term deferral exemption or the permitted payments under
Treas. Regs. Section 1.409A-1(b)(9)(iii)(A)), shall be delayed and paid or provided on the earlier of (a) the date which is six
months after Executive’s “separation from service” for any reason other than death, or (b) the date of Executive’s
death. This Agreement may be amended without requiring Executive’s consent to the extent necessary (including retroactively)
by the Company in order to preserve compliance with Section 409A. The preceding shall not be construed as a guarantee of any particular
tax effect for Executive’s compensation and benefits and the Company does not guarantee that any compensation or benefits
provided under this Agreement will satisfy the provisions of Section 409A. After any Termination Date, Executive shall have no
duties or responsibilities that are inconsistent with having a “separation from service” within the meaning of Section
409A as of the Termination Date and, notwithstanding anything in the Agreement to the contrary, distributions upon termination
of employment of nonqualified deferred compensation may only be made upon a “separation from service” as determined
under Section 409A and such date shall be the Termination Date for purposes of this Agreement. Each payment under this Agreement
or otherwise shall be treated as a separate payment for purposes of Section 409A. In no event may Executive, directly or indirectly,
designate the calendar year of any payment to be made under this Agreement which constitutes a “nonqualified deferral of
compensation” within the meaning of Section 409A and to the extent an amount is payable within a time period, the time during
which such amount is paid shall be in the discretion of the Company.

 

    	 	 	13

    	 

    

 

(b)
All reimbursements and in-kind benefits provided under this Agreement shall be made or provided in accordance with the requirements
of Section 409A. To the extent that any reimbursements are taxable to Executive, such reimbursements shall be paid to Executive
on or before the last day of Executive’s taxable year following the taxable year in which the related expense was incurred.
Reimbursements shall not be subject to liquidation or exchange for another benefit and the amount of such reimbursements that
Executive receives in one taxable year shall not affect the amount of such reimbursements that Executive receives in any other
taxable year.

 

(c)
Section 280G. Notwithstanding any other provision of this Agreement or any other plan, arrangement or agreement to the contrary,
if any of the payments or benefits provided or to be provided by the Company or its affiliates to the Executive or for the Executive’s
benefit pursuant to the terms of this Agreement or otherwise (“Covered Payments”) constitute parachute payments (“Parachute
Payments”) within the meaning of Section 280G of the Code and would, but for this Section 8.12(c) be subject to the excise
tax imposed under Section 4999 of the Code (or any successor provision thereto) or any similar tax imposed by state or local law
or any interest or penalties with respect to such taxes (collectively, the “Excise Tax”), then prior to making the
Covered Payments, a calculation shall be made comparing (i) the Net Benefit (as defined below) to the Executive of the Covered
Payments after payment of the Excise Tax to (ii) the Net Benefit to the Executive if the Covered Payments are limited to the extent
necessary to avoid being subject to the Excise Tax. Only if the amount calculated under (i) above is less than the amount under
(ii) above will the Covered Payments be reduced to the minimum extent necessary to ensure that no portion of the Covered Payments
is subject to the Excise Tax (that amount, the “Reduced Amount”). “Net Benefit” shall mean the present
value of the Covered Payments net of all federal, state, local, foreign income, employment and excise taxes. Any such reduction
shall be made in accordance with Section 409A of the Code and the Covered Payments shall be reduced in a manner that maximizes
the Executive’s economic position. In applying this principle, the reduction shall be made in a manner consistent with the
requirements of Section 409A of the Code, and where two economically equivalent amounts are subject to reduction but payable at
different times, such amounts shall be reduced on a pro rata basis but not below zero. Any determination required under this Section
8.12(c), including whether any payments or benefits are parachute payments, shall be made by the Company in its sole discretion.
The Executive shall provide the Company with such information and documents as the Company may reasonably request in order to
make a determination under this Section 8.12(c). The Company’s determination shall be final and binding on the Executive.

 

    	 	 	14

    	 

    

 

8.13
Voluntary Execution; Representations. Executive acknowledges that (a) he or she has been represented by independent counsel
of his or her own choosing concerning this Agreement and has been advised to do so by the Company, and (b) he or she has read
and understands this Agreement, is competent and of sound mind to execute this Agreement, is fully aware of the legal effect of
this Agreement, and has entered into it freely based on his or her own judgment and without duress.

 

8.14
Indemnification; D&O Insurance; Legal Fees and Expenses. The Company and Executive will enter into the Indemnification
Agreement attached hereto as Exhibit B. Furthermore, the Company shall provide and pay for D&O insurance in the amount
of no less than $5,000,000 per claim arising out of or related to Executive’s position with the Company as an officer. In
the event either party hereto institutes any legal proceeding for the enforcement or interpretation of this Agreement or because
of any alleged dispute, breach, default or misrepresentation in connection with or arising out of the provisions of this Agreement,
the prevailing party shall be entitled to receive such party’s reasonable attorneys’ fees and costs incurred in such
proceeding in addition to any other relief to which such party may be entitled.

 

    	 	 	15

    	 

    

 

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

 

	 	CHANTICLEER
    HOLDINGS, INC.
	 	 	 
	 	By:	/s/ Michael
    D. Pruitt
	 	Name:	Michael
D. Pruitt
	 	Title:	Chief
    Executive Officer
	 	 	 
	 	Date:	_______________,
    2018
	 	 	 
	 	/s/ Frederick
    L. Glick
	 	Frederick L. Glick Date: _______________, 2018

 

[Signature
page to Employment Agreement]

 

    	 	 	16

    	 

    

 

Exhibit
A

 

RELEASE

 

KNOW
ALL MEN BY THESE PRESENTS: That the undersigned, Frederick L. Glick (“Executive”), on behalf of himself and his heirs,
legal representatives, administrators, executors, successors and assigns, and each of them, for good and valuable consideration
received as set forth in the Employment Agreement dated as of _________, 2018 (the “Employment Agreement”) between
Chanticleer, Inc., a Delaware corporation (the “Company”), does hereby unconditionally, knowingly, and voluntarily
release and forever discharge the Company, and its present and former related companies, subsidiaries and affiliates, and all
of their present and former executives, officers, managers, directors, owners, members, shareholders, partners, employees, agents,
and attorneys, including in their individual capacity, and each of its and their successors and assigns (hereinafter collectively
the “Released Parties”), from any and all known or unknown claims, demands, actions or causes of action that now exist
or may arise in the future, based upon events occurring or omissions on or before the date of the execution of this Release, including,
but not limited to any and all claims whatsoever pertaining in any way to Executive’s employment at the Company or with
any of the Released Parties or the termination of Executive’s employment, including, but not limited to, any claims under:
(1) the Americans with Disabilities Act; the Family and Medical Leave Act; Title VII of the Civil Rights Act; 42 U.S.C. Section
1981; the Older Workers Benefit Protection Act; the Age Discrimination in Employment Act of 1967, as amended (the “ADEA”);
the Employee Retirement Income Security Act of 1974; the Civil Rights Act of 1866, 1871, 1964, and 1991; the Rehabilitation Act
of 1973; the Equal Pay Act of 1963; the Vietnam Veteran’s Readjustment Assistance Act of 1974; the Occupational Safety and
Health Act; and the Immigration Reform and Control Act of 1986; and any and all other federal, state, local or foreign laws, statutes,
ordinances, or regulations pertaining to employment, discrimination or pay; (2) any state tort law theories under which an action
could have been brought, including, but not limited to, claims of negligence, negligent supervision, training and retention or
defamation; (3) any claims of alleged fraud and/or inducement, or alleged inducement to enter into this Release; (4) any and all
other tort claims; (5) all claims for attorneys’ fees and costs; (6) all claims for physical, mental, emotional, and/or
pecuniary injuries, losses and damages of every kind, including but not limited to earnings, punitive, liquidated and compensatory
damages, and employee benefits; (7) any and all claims whatsoever arising under any of the Released Parties’ express or
implied contract or under any federal, state, local, or foreign law, ordinance, or regulation, or the Constitution of any State
or the United States; (8) any and all claims whatsoever against any of the Released Parties for wages, bonuses, benefits, fringe
benefits, vacation pay, or other compensation or for any damages, fees, costs, or benefits, in each case, except to the extent
Executive has vested rights in any of the same; and (9) any and all claims whatsoever to reinstatement (collectively, the “Released
Claims”); provided, however, that, notwithstanding anything to the contrary contained herein, this Release shall not
cover and the Released Claims shall extend to any rights or claims, if any, of Executive (A) as a holder of equity interests in
the Company, (B) to indemnification or advancement of expenses, (C) under Consolidated Omnibus Budget Reconciliation Act of 1985,
as amended, (D) under any profit-sharing and/or retirement plans or benefits in which Executive has vested rights, or (E) under
Sections 7 and 8.14 of the Employment Agreement. Executive also intends that this Release operate as a general release of any
and all claims to the fullest extent permitted by law and a waiver of all unknown claims of the type being released hereunder.

 

    	 	 	17

    	 

    

 

Section
1542 of the Civil Code of the State of California states:

 

“A
general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time
of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor.”

 

Notwithstanding
the provisions of Section 1542, and for the purpose of implementing a full and complete release and discharge of all Releasees
with respect to claims in California and all other jurisdictions, Executive expressly acknowledges that this is
intended to include not only claims that are known, anticipated, or disclosed, but also claims that are unknown, unanticipated,
and undisclosed.

 

Executive
acknowledges that the Severance Amount and the COBRA Payments are in addition to anything of value to which Employee already is
entitled from the Company and constitutes good and valuable consideration for this Release.

 

Executive
represents and warrants that he has not previously filed, and to the maximum extent permitted by law agrees that he will not file,
a complaint, charge, or lawsuit against any member of the Released Parties regarding any of the claims released herein. If, notwithstanding
this representation and warranty, the Executive has filed or files such a complaint, charge, or lawsuit, he agrees that he shall
cause such complaint, charge, or lawsuit to be dismissed with prejudice and shall pay any and all costs required in obtaining
dismissal of such complaint, charge, or lawsuit, including without limitation the attorneys’ fees of any member of the Released
Parties against whom he has filed such a complaint, charge, or lawsuit. This paragraph shall not apply, however, to a claim of
age discrimination under the ADEA or to any non-waivable right to file a charge with the United States Equal Employment Opportunity
Commission (the “EEOC”); provided, however, that if the EEOC were to pursue any claims relating to the
Executive’s employment with Company, the Executive agrees that he shall not be entitled to recover any monetary damages
or any other remedies or benefits as a result and that this Release and Sections 7 of the Employment Agreement will control as
the exclusive remedy and full settlement of all such claims by the Executive.

 

Executive
agrees not to make disparaging, critical or otherwise detrimental comments to any person or entity concerning the Released Parties;
the products, services or programs provided or to be provided by the Released Parties; the business affairs or the financial condition
of the Released Parties; or the circumstances surrounding Executive’s employment and/or termination of employment from Company.
Company agrees to cause its executive and senior management teams not to take any action, or encourage others to take any action,
to disparage or criticize Executive.

 

Executive
acknowledges that he has been given the opportunity to review and consider this Release for twenty-one (21) days from the date
he received a copy. If he elects to sign before the expiration of the twenty-one (21) days, Executive acknowledges that he will
have chosen, of his own free will without any duress, to waive his right to the full twenty-one (21) day period.

 

    	 	 	18

    	 

    

 

Executive
may revoke this Release after signing it by giving written notice to the Company’s Board of Directors, within seven (7)
days after signing it (the “Revocation Period”). This Release, provided it is not revoked, will be effective on the
eighth (8th) day after execution. The Executive acknowledges and agrees that if he revokes this Release during the Revocation
Period, this Release will be null and void and of no effect, and neither the Company nor any other Released Party will have any
obligations to pay the Executive the amounts under Section 7 of the Employment Agreement.

 

Executive
acknowledges that he has consulted with an attorney prior to signing this Release and that he has no knowledge of any facts or
circumstances that give rise or could give rise to any claims under any of the laws listed in this Release.

 

Executive
is signing this Release knowingly, voluntarily and with full understanding of its terms and effects. Executive is signing this
Release of his own free will without any duress, being fully informed and after due deliberation. Executive voluntarily accepts
the consideration provided to him for the purpose of making full and final settlement of all claims referred to above. This Release
shall be governed by and construed in accordance with the laws of the State of North Carolina.

 

	IN
    WITNESS WHEREOF, Executive has duly executed this Release
	effective
    as of ___________________, 20__.	 
	 	 
	/s/ Frederick
    L. Glick	 
	Frederick
    L. Glick	 

 

    	 	 	19

    	 

    

 

Exhibit
B

 

INDEMNIFICATION
AGREEMENT

 

This
Indemnification Agreement (the “Agreement”) is entered between Chanticleer Holdings, Inc., a Delaware corporation
(the “Company”), and the undersigned, a director, officer, or both, of the Company and/or one or more of its subsidiaries
(“Indemnitee”).

 

RECITALS

 

	 	A.	The
    Company recognizes the importance, and increasing difficulty, of obtaining adequate liability insurance coverage for its directors,
    officers, employees, agents and fiduciaries.
	 	 	 
	 	B.	The
    Company further recognizes that, at the same time as the availability and coverage of such insurance has become more limited,
    litigation against corporate directors, officers, employees, agents and fiduciaries has continued to increase.
	 	 	 
	 	C.	The
    Company desires to retain and attract the services of highly qualified individuals, such as Indemnitee, to serve the Company
    and, in that connection, also desires to provide contractually for indemnification of, and advancement of expenses to, Indemnitee
    to the full extent authorized by law.

 

For
good and valuable consideration, the parties agree to the terms set forth below.

 

AGREEMENT

 

1.
Indemnification.

 

(a)
Scope. The Company agrees to hold harmless and indemnify Indemnitee against any Damages (as defined in Section 1(c)) incurred
by Indemnitee with respect to any Proceeding (as defined in Section 1(d)) to which Indemnitee is or is threatened to be made a
party or in which Indemnitee is otherwise involved (including, but not limited to, as a witness), to the full extent authorized
by law except that Indemnitee shall have no right to indemnification on account of:

 

(i)
acts or omissions of Indemnitee that have been finally adjudged (by a court having proper jurisdiction, and after all rights of
appeal have been exhausted or lapsed, herein “Finally Adjudged”) to be intentional misconduct or a knowing violation
of law;

 

(ii)
any transaction with respect to which it has been Finally Adjudged that Indemnitee personally received a benefit in money, property
or services to which Indemnitee was not legally entitled; or

 

(iii)
any suit in which it is Finally Adjudged that Indemnitee is liable for an accounting of profits made from the purchase or sale
by Indemnitee of securities of the Company in violation of the provisions of Section 16(b) of the Securities Exchange Act of 1934
and amendments thereto.

 

    	 	 	20

    	 

    

 

(b)
Changes to Indemnification Right. Indemnitee’s right to be indemnified to the full extent authorized by law shall
include the benefits of any change, after the date of this Agreement, in the Section 145 of the Delaware General Corporation Law
(“Statute”) or other applicable law regarding the right of a Delaware corporation to indemnify directors or officers,
to the extent that it would expand Indemnitee’s rights hereunder. Any such change that would narrow or interfere with Indemnitee’s
rights hereunder shall not apply to, limit, or affect the interpretation of, this Agreement, unless and then only to the extent
that it has been Finally Adjudged that its application hereto does not constitute an unconstitutional impairment of Indemnitee’s
contract rights or otherwise violate applicable law. In the event the Company grants indemnification rights to any other officer
or director that are more favorable to the rights granted to Indemnitee hereunder, the Indemnitee will automatically, and without
any further action, be entitled to substantially the same benefits set forth in such agreement with such other officer or director.

 

(c)
Indemnified Amounts. If Indemnitee is or is threatened to be made a party to, or is otherwise involved (including, but
not limited to, as a witness) in, any Proceeding, the Company shall hold harmless and indemnify Indemnitee from and against any
and all losses, claims, damages, costs, expenses and liabilities incurred in connection with investigating, defending, being a
witness in, participating in or otherwise being involved in (including on appeal), or preparing to defend, be a witness in, participate
in or otherwise be involved in (including on appeal), such Proceeding, including but not limited to attorney’s fees, judgments,
fines, penalties, ERISA excise taxes, amounts paid in settlement, any federal, state, local or foreign taxes imposed on Indemnitee
as a result of the actual or deemed receipt of any payments pursuant to this Agreement, and other expenses (collectively, “Damages”),
including all interest, assessments or charges paid or payable in connection with or in respect of such Damages.

 

(d)
Definition of Proceeding. For purposes of this Agreement, “Proceeding” shall mean any actual, pending, threatened
or completed action, suit, claim, investigation, hearing or proceeding (whether civil, criminal, administrative or investigative,
and whether formal or informal) in which Indemnitee is, has been, or becomes involved, or regarding which Indemnitee is threatened
to be made a named defendant or respondent, based in whole or in part on or arising out of the fact that Indemnitee is or was
a director, officer, member of a board committee, employee or agent of the Company and/or any of its subsidiaries or that, being
or having been such a director, officer, member of a board committee, employee or agent, Indemnitee is or was serving at the request
of the Company as a director, officer, partner, employee, trustee or agent of another corporation or of a foreign or domestic
corporation, partnership, joint venture, trust, employee benefit plan or other enterprise (each, a “Related Company”),
whether the basis of such action, suit, claim, investigation, hearing or proceeding is alleged action or omission by Indemnitee
in an official capacity as a director, officer, committee member, partner, employee, trustee or agent or in any other capacity
while serving as a director, officer, committee member, partner, employee, trustee or agent. “Proceeding” shall not,
however, include any action, suit, claim, investigation, hearing or proceeding instituted by or at the direction of Indemnitee
unless pursuant to an Enforcement Action (as defined in Section 3(a)) or its institution has been authorized by the Company’s
Board of Directors (the “Board”).

 

(e)
Notifications.

 

(i)
Promptly after receipt by Indemnitee of notice of the commencement (including a threatened assertion or commencement) of any Proceeding,
Indemnitee will, if it is reasonably foreseeable that a claim in respect thereof will be made against the Company under this Agreement,
notify the Chair of the Board’s Audit Committee of the commencement thereof (the “Indemnification Notice”).
A failure to notify the Company in accordance with this subsection (e)(i) will not, however, relieve the Company from any liability
to Indemnitee under this Agreement unless (and then only to the extent that) such failure is Finally Adjudged to have materially
prejudiced the Company’s ability to defend the Proceeding.

 

    	 	 	21

    	 

    

 

(ii)
At the same time, or from time to time thereafter, Indemnitee may further notify the Chair of the Board’s Audit Committee,
by delivery of a supplemental Indemnification Notice (or by checking the second box and providing the corresponding information
on the initial Indemnification Notice), of any Proceeding for which indemnification is being sought under this Agreement.

 

(f)
Determination of Entitlement.

 

(i)
To the extent Indemnitee has been wholly successful, on the merits or otherwise, in the defense of any Proceeding, the Company
shall indemnify Indemnitee against all expenses incurred by Indemnitee in connection with the Proceeding, within ten (10) days
after receipt of an Indemnification Notice delivered pursuant to subsection (e)(ii).

 

(ii)
In the event that subsection (f)(i) above is inapplicable, or does not apply to the entire Proceeding, the Company shall indemnify
Indemnitee within thirty (30) days after receipt of an Indemnification Notice delivered pursuant to subsection (e)(ii) unless
during such thirty (30) day period the Audit Committee of the Board delivers to Indemnitee a written notice contesting Indemnitee’s
indemnification claim (the “Contest Notice”), which Contest Notice shall state with particularity the reasons for
the decision to challenge Indemnitee’s indemnification claim and the evidence the Company would present in any forum in
which Indemnitee might seek review of such decision. The Company’s failure to deliver a Contest Notice within thirty (30)
days after the Company’s receipt of an Indemnification Notice pursuant to subsection (e)(ii) shall obligate the Company
unconditionally to indemnify Indemnitee to the extent requested in the Indemnification Notice.

 

(iii)
At any time following receipt of a Contest Notice, Indemnitee shall be entitled to select a forum for the review of, and in which
the Company will defend, the Contest Notice and the Company’s decision to challenge Indemnitee’s indemnification claim.
Such selection shall be made from among the following alternatives, by delivering a written notice to the Chair of the Board’s
Audit Committee indicating Indemnitee’s selection of forum:

 

(a)
A quorum of the Board consisting of directors who are not parties to the Proceeding for which indemnification is being sought;

 

(b)
Special Legal Counsel (as defined in subsection (f)(vii) below); or

 

(c)
A panel of three independent arbitrators, one of whom is selected by the Company, another of whom is selected by Indemnitee and
the last of whom is selected by the first two arbitrators so selected,

 

provided,
that nothing in this Section 1(f) shall prevent Indemnitee at any time from bringing suit against the Company to recover the amount
of the indemnification claim (whether or not Indemnitee has otherwise exhausted its contractual remedies hereunder). In addition,
any determination by a forum selected by Indemnitee that Indemnitee is not entitled to indemnification, or any failure to make
the payments requested in the Indemnification Notice, shall be subject to judicial review by any court of competent jurisdiction,
as described in Section 3.

 

    	 	 	22

    	 

    

 

(iv)
In any forum in which the Company defends its Contest Notice and its decision to challenge Indemnitee’s indemnification
claim under this Section 1(f), the presumptions, burdens and standard of review set forth in Section 3(c) shall apply and are
incorporated into this Section 1(f) by reference, except as otherwise expressly provided in Section 3(c).

 

(v)
As soon as practicable, and in no event later than fifteen (15) days after the forum has been selected pursuant to subsection
(f)(iii) above, the Company shall, at its own expense, submit the defense of its Contest Notice and the question of Indemnitee’s
right to indemnification to the selected forum.

 

(vi)
The forum selected shall render its decision concerning the validity of the Contest Notice and the Company’s decision to
deny Indemnitee’s indemnification claim within thirty (30) days after the forum has been selected in accordance with subsection
(f)(iii).

 

(vii)
For the purposes of this Agreement, “Special Legal Counsel” shall mean an attorney or firm of attorneys, selected
by Indemnitee and approved by the Company (which approval shall not be unreasonably withheld), who must not have performed other
services for the Company or Indemnitee within the last three years.

 

2.
Expense Advances.

 

(a)
Generally. The right to indemnification conferred by Section 1 shall include the right to have the Company pay Indemnitee’s
attorney’s fees and other expenses, including but not limited to out of pocket costs and disbursements, incurred in connection
with any Proceeding, or in connection with bringing, defending and/or pursuing an Enforcement Action (as defined in Section 3(a)),
as such expenses are incurred and in advance of the final disposition of such Proceeding or Enforcement Action (such entitlement
is referred to hereinafter as an “Expense Advance”).

 

(b)
Undertaking. The Company’s obligation to provide an Expense Advance is subject only to the following condition: if
the Proceeding arose in connection with Indemnitee’s service as a director and/or officer of the Company or member of a
committee of the Board (and not in any other capacity in which Indemnitee rendered service, including but not limited to service
to any Related Company), then Indemnitee or his or her representative must have executed and delivered to the Chair of the Board’s
Audit Committee an undertaking (the “Statement of Undertaking”) to repay all Expense Advances if and to the extent
that it may be Finally Adjudged that Indemnitee is not entitled to be indemnified for such Expense Advance under one or more of
clauses (i) through (iv) of the first sentence of Section 1(a). The Statement of Undertaking need not be secured and shall be
accepted by the Company without reference to Indemnitee’s financial ability to make repayment. No interest shall be charged
on any obligation to reimburse the Company for any Expense Advance.

 

(c)
Service as Witness. Notwithstanding any other provision of this Agreement, the Company’s obligation to indemnify,
or provide Expense Advances under Section 2, to Indemnitee in connection with Indemnitee’s appearance as a witness in a
Proceeding at a time when Indemnitee has not been made a named defendant or respondent to the Proceeding shall be absolute and
unconditional, and not subject to any of the limitations on, or conditions to, Indemnitee’s right to indemnification or
to receive an Expense Advance otherwise contained in this Agreement.

 

    	 	 	23

    	 

    

 

3.
Procedures for Enforcement.

 

(a)
Enforcement. If a claim for indemnification made by Indemnitee hereunder is not paid in full (whether or not the provisions
of Section 1(f) have been complied with, or completed), or a claim for an Expense Advance made by Indemnitee hereunder is not
paid in full within twenty (20) days from delivery of a Statement of Undertaking to the Chair of the Board’s Audit Committee,
Indemnitee may, but need not, at any time thereafter bring suit against the Company to recover the unpaid amount of the claim
(an “Enforcement Action”).

 

(b)
Required Indemnification. The court hearing the Enforcement Action shall order the Company to provide indemnification or
to advance expenses to Indemnitee to the full extent sought in the Enforcement Action if it determines that (i) the Enforcement
Action is brought by Indemnitee to enforce the Company’s obligation under Section 1(f)(ii) unconditionally to indemnify
Indemnitee to the extent requested in the Indemnification Notice where the Company has failed timely to deliver a Contest Notice,
(ii) the Company failed to prove by clear and convincing evidence that Indemnitee is not entitled to indemnification based on
one or more of clauses (i) through (iv) of the first sentence of Section 1(a), or (iii) Section 2(c) applies.

 

(c)
Presumptions, Burdens and Standard of Review in Enforcement Action or Company Determination. In any Enforcement Action
(and, except as otherwise expressly provided in this Section 3(c), in any review of a Contest Notice by a forum described in Section
1(f)) the following presumptions (and limitations on presumptions), burdens and standard of review shall apply:

 

	 	(i)	The
    Company shall conclusively be presumed to have entered into this Agreement and assumed the obligations imposed hereunder in
    order to induce Indemnitee to serve or to continue to serve as an director and/or officer of the Company and/or one or more
    of its subsidiaries;
	 	 	 
	 	(ii)	This
    Agreement shall conclusively be presumed to be valid and Article 5 of the Certificate shall conclusively be presumed to be
    effective to waive all of the applicable limitations in the Statute regarding indemnification;
	 	 	 
	 	(iii)	Submission
    of an Indemnification Notice in accordance with Section 1(e)(ii) or a Statement of Undertaking to the Company shall create
    a presumption that Indemnitee is entitled to indemnification or an Expense Advance hereunder, and thereafter the Company shall
    have the burden of proving by clear and convincing evidence (sufficient to rebut the foregoing presumption) that Indemnitee
    is not entitled to indemnification based on one or more of clauses (i) through (iv) of the first sentence of Section 1(a);
	 	 	 
	 	(iv)	Indemnitee
    may establish a conclusive presumption of any objective fact related to an event or occurrence by delivering to the Company
    a declaration made under penalty of perjury that such fact is true, provided, that no such presumption may be established
    with respect to the ultimate conclusions set forth in any of clauses (i) through (iv) of the first sentence of Section 1(a);

 

    	 	 	24

    	 

    

 

	 	(v)	If
    Indemnitee is or was serving as a director, officer, employee, trustee or agent of a corporation of which a majority of the
    shares entitled to vote in the election of its directors is held by the Company or in an executive or management capacity
    in a partnership, joint venture, trust or other enterprise of which the Company or a wholly-owned subsidiary of the Company
    is a general partner or has a majority ownership, then such corporation, partnership, joint venture, trust or enterprise shall
    conclusively be deemed a Related Company and Indemnitee shall conclusively be deemed to be serving such Related Company at
    the request of the Company;
	 	 	 
	 	(vi)	Neither
    (a) the failure of the Company (including but not limited to the Board, the Company’s officers, independent counsel,
    Special Legal Counsel, any arbitrator or the Company’s shareholders) to make a determination prior to the commencement
    of the Enforcement Action whether indemnification, or payment of an Expense Advance, of Indemnitee is proper in the circumstances,
    nor (b) an actual determination by the Company, the Board, the Company’s officers, independent counsel, Special Legal
    Counsel, any arbitrator or the Company’s shareholders that Indemnitee is not entitled to indemnification or payment
    of an Expense Advance shall be a defense to the Enforcement Action, create a presumption that Indemnitee is not entitled to
    indemnification hereunder or be considered by a court in an Enforcement Action, which shall conduct a de novo review of the
    relevant issues; and
	 	 	 
	 	(vii)	If
    the court hearing the Enforcement Action is unable to make either of the determinations specified in Sections 3(b)(i) or 3(b)(ii),
    the court hearing the Enforcement Action shall nonetheless order the Company to provide indemnification or to advance expenses
    to Indemnitee to the full extent sought in the Enforcement Action if it determines that Indemnitee is fairly and reasonably
    entitled to such indemnification or Expense Advance in view of all of the relevant circumstances, and without regard to the
    limitations set forth in clauses (i) through (iii) of the first sentence of Section 1(a). In determining whether Indemnitee
    is fairly and reasonably entitled to such indemnification or expense advance, the court shall weigh (a) the relative benefits
    received by the Company and/or any of its subsidiaries or any Related Company, or any of their affiliates other than Indemnitee,
    on the one hand, and Indemnitee on the other from the transaction from which such Proceeding arose or to which such Proceeding
    relates, and (b) the relative fault of the Company and/or any of its subsidiaries or any Related Company, or any of their
    affiliates other than Indemnitee, on the one hand, and of Indemnitee on the other in connection with the transaction that
    resulted in such Damages, as well as any other relevant equitable considerations. The relative fault of the Company and/or
    any of its subsidiaries or any Related Company, or any of their affiliates other than Indemnitee, on the one hand, and of
    Indemnitee on the other shall be determined by reference to, among other things, the parties’ relative intent, knowledge,
    access to information and opportunity to correct or prevent the circumstances resulting in such Damages. If either (Y) the
    relative benefits received by the Company and/or any of its subsidiaries or any Related Company, or any of their affiliates
    other than Indemnitee, exceed the relative benefits received by Indemnitee, or (Z) the relative fault of the Company and/or
    any of its subsidiaries or any Related Company, or any of their affiliates other than Indemnitee, exceeds the relative fault
    of Indemnitee, then Indemnitee shall be entitled to the full amount of indemnification and/or Expense Advance sought in the
    Enforcement Proceeding.

 

    	 	 	25

    	 

    

 

(d)
Attorneys’ Fees and Expenses for Enforcement Action. In any Enforcement Action, the Company shall hold harmless and
indemnify Indemnitee against all of Indemnitee’s attorney’s fees and expenses in bringing, defending and/or pursuing
the Enforcement Action (including but not limited to attorney’s fees at any stage, and on appeal); provided, however, that
the Company shall not be required to provide such indemnification for such fees and expenses if it is Finally Adjudged that Indemnitee
knew prior to commencement of the Enforcement Action that Indemnitee was not entitled to indemnification based on any of clauses
(i) through (iv) of the first sentence of Section 1(a).

 

4.
Defense of Claim. With respect to any Proceeding as to which Indemnitee has provided notice to the Company pursuant to Section
1(e)(i):

 

(a)
The Company may participate therein at its own expense.

 

(b)
The Company (jointly with any other indemnifying party similarly notified, if any) may assume the defense thereof, with counsel
reasonably satisfactory to Indemnitee. After notice from the Company to Indemnitee of its election to so assume the defense thereof,
the Company shall not be liable to Indemnitee under this Agreement for any legal fees or other expenses (other than reasonable
costs of investigation) subsequently incurred by Indemnitee in connection with the defense thereof unless (i) the employment of
counsel by Indemnitee or the incurring of such expenses has been authorized by the Company, (ii) Indemnitee shall have concluded
that there is a reasonable possibility that a conflict of interest could arise between the Company and Indemnitee in the conduct
of the defense of such Proceeding, which conflict of interest shall be conclusively presumed to exist upon Indemnitee’s
delivery to the Company of a written certification of such conclusion, or (iii) the Company shall not in fact have employed counsel
to assume the defense of such Proceeding, in each of which cases the legal fees and other expenses of Indemnitee shall be at the
expense of the Company. The Company shall not be entitled to assume the defense of a Proceeding brought by or on behalf of the
Company or as to which Indemnitee shall have reached the conclusion described in clause (ii) above.

 

(c)
The Company shall not be liable for any amounts paid in settlement of any Proceeding effected without its written consent.

 

    	 	 	26

    	 

    

 

(d)
The Company shall not settle any Proceeding in any manner that would impose any penalty or limitation on Indemnitee without Indemnitee’s
written consent.

 

(e)
Neither the Company nor Indemnitee will unreasonably withhold its or his or her consent to any proposed settlement of any Proceeding.

 

(f)
In addition to all the requirements above, if Company has directors and officers liability insurance, or other insurance, with
a panel counsel requirement that may be triggered then or at some future point by the matter for which indemnity is owed to Indemnitee,
then Indemnitee shall use such panel counsel, unless there is an actual conflict of interest with representation by all such panel
counsel, or unless and to the extent Company waives such requirement in writing.

 

5.
Maintenance of D&O Insurance.

 

(a)
Subject to Section 5(c) below, during the period (the “Coverage Period”) beginning on the date of this Agreement and
ending at the later of six (6) years following the time Indemnitee is no longer serving as either a director or officer of the
Company and/or one or more subsidiaries or any Related Company, or at the end of such longer period during which Indemnitee believes
that a reasonable possibility of exposure to a Proceeding or Damages persists (which extended period must be consented to by the
Company, such consent not to be unreasonably withheld), the Company shall maintain a directors’ and officers’ liability
insurance policy in full force and effect or shall have purchased or otherwise provided for a run-off or tail policy or endorsement
to such existing policy (“D&O Insurance”), providing in all respects coverage at least comparable to and in similar
amounts, and with similar exclusions, as that obtained by other similarly situated companies as determined in good faith by any
of the parties referenced in Section 1(f)(iii)(a) through (c).

 

(b)
Under all policies of D&O Insurance, Indemnitee shall during the Coverage Period be named as an insured in such a manner as
to provide Indemnitee the same rights and benefits, subject to the same limitations, as are accorded to the Company’s directors
or officers most favorably insured by such policy, and each insurer under a policy of D&O Insurance shall be required to provide
Indemnitee written notice at least thirty (30) days prior to the effective date of termination of the policy.

 

(c)
The Company shall have no obligation to obtain or maintain D&O Insurance to the extent that such insurance is not reasonably
available, the premium costs for such insurance are disproportionate to the amount of coverage provided, or the coverage provided
by such insurance is so limited by exclusions as to provide an insufficient benefit, such determination to be made by any of the
parties referenced in Section 1(f)(iii)(a) through (c).

 

(d)
It is the intention of the parties in entering into this Agreement that the insurers under the D&O Insurance, if any, shall
be obligated ultimately to pay any claims by Indemnitee which are covered by D&O Insurance, and nothing herein shall be deemed
to diminish or otherwise restrict the Company’s or Indemnitee’s right to proceed or collect against any insurers under
D&O Insurance or to give such insurers any rights against the Company or Indemnitee under or with respect to this Agreement,
including but not limited to any right to be subrogated to the Company’s or Indemnitee’s rights hereunder, unless
otherwise expressly agreed to by the Company and Indemnitee in writing. The obligation of such insurers to the Company and Indemnitee
shall not be deemed reduced or impaired in any respect by virtue of the provisions of this Agreement.

 

    	 	 	27

    	 

    

 

(e)
No indemnification pursuant to this Agreement shall be provided by the Company for Damages or Expense Advances that have been
paid directly to Indemnitee by an insurance carrier under a policy of D&O Insurance or other insurance maintained by the Company.

 

(f)
In the event of payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights
of Indemnitee to recover the same amounts from any insurer or other third person (other than another person with indemnification
rights against the Company substantially similar those of Indemnitee under this Agreement). Indemnitee shall execute all documents
required and take all acts necessary to secure such rights and enable the Company effectively to bring suit to enforce such rights.

 

6.
Partial Indemnification; Mutual Acknowledgment; Contribution.

 

(a)
Partial Indemnification. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company
for some or a portion of any Damages in connection with a Proceeding, but not for the total amount thereof, the Company shall
nevertheless indemnify Indemnitee for the portion of such Damages to which Indemnitee is entitled.

 

(b)
Mutual Acknowledgment. The Company and Indemnitee acknowledge that, in certain instances, federal law or public policy
may override applicable state law and prohibit the Company from indemnifying Indemnitee under this Agreement or otherwise. For
example, the Company and Indemnitee acknowledge that the Securities and Exchange Commission (the “SEC”) has taken
the position that indemnification is not permissible for liabilities arising under certain federal securities laws, and federal
legislation prohibits indemnification for certain ERISA violations. Furthermore, Indemnitee understands that the Company has undertaken
or may be required in the future to undertake with the SEC to submit for judicial determination the issue of the Company’s
power to indemnify Indemnitee in certain circumstances; all of the Company’s obligations under this Agreement will be subject
to the requirements of any such undertaking required by the SEC to be made by the Company.

 

(c)
Contribution. If the indemnification provided under Sections 1, 2 and 6 is unavailable by reason of any of the circumstances
specified in one or more of clauses (i) through (iii) of the first sentence of Section 1(a) then, in respect of any Proceeding
in which the Company is jointly liable with Indemnitee (or would be if joined in such Proceeding), the Company shall contribute
to the amount of Damages (including attorney’s fees) actually and reasonably incurred and paid or payable by Indemnitee
in such proportion as is appropriate to reflect (i) the relative benefits received by the Company and/or any of its subsidiaries
or any Related Company, or any of their affiliates other than Indemnitee, on the one hand, and Indemnitee on the other from the
transaction or events from which such Proceeding arose or to which such Proceeding relates, and (ii) the relative fault of the
Company and/or any of its subsidiaries or any Related Company, or any of their affiliates other than Indemnitee, on the one hand,
and of Indemnitee on the other in connection with the transaction or events that resulted in such Damages, as well as any other
relevant equitable considerations. The relative fault of the Company and/or any of its subsidiaries or any Related Company, or
any of their affiliates other than Indemnitee, on the one hand, and of Indemnitee on the other shall be determined by reference
to, among other things, the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent
the circumstances resulting in such Damages. The Company agrees that it would not be just and equitable if contribution pursuant
to this Section 6(c) were determined by pro rata allocation or any other method of allocation that does not take account of the
foregoing equitable considerations.

 

    	 	 	28

    	 

    

 

7.
Release of Claims Relating to Officer’s Failure to Discharge Duties. If Indemnitee is an officer of the Company and/or
one or more of its subsidiaries, the indemnification and other rights and benefits provided to Indemnitee by this Agreement shall
apply fully with respect to any Proceeding in which it is claimed or adjudicated that Indemnitee is liable to the Company and/or
one or more of its subsidiaries by reason of having failed to discharge the duties of Indemnitee’s office, and the Company
hereby irrevocably releases all such claims and liabilities, agrees to cause its subsidiaries to release all such claims, and
agrees to hold Indemnitee harmless with respect to any such claims; provided, however, that the foregoing indemnification, release
and hold harmless obligations of the Company shall have no application with respect to claims by and liabilities to the Company
based upon actions or omissions described in one or more of clauses (i) through (iv) of the first sentence of Section 1(a).

 

8.
Miscellaneous.

 

(a)
This Agreement shall be interpreted and enforced in accordance with the laws of the State of Delaware.

 

(b)
This Agreement shall be binding upon Indemnitee and upon the Company, its successors and assigns, and shall inure to the benefit
of Indemnitee, Indemnitee’s heirs, personal representatives and assigns and to the benefit of the Company, its successors
and assigns. The Company shall require any successor to the Company (whether direct or indirect, by purchase, merger, consolidation
or otherwise) to all or substantially all of the business or assets of the Company, expressly to assume and agree to perform this
Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken
place.

 

(c)
Indemnitee’s rights to indemnification and advancement of expenses under this Agreement shall not be deemed exclusive of
any other or additional rights to which Indemnitee may be entitled under the Certificate or the Bylaws of the Company, any vote
of shareholders or disinterested directors, the Statute or otherwise, whether as to actions or omissions in Indemnitee’s
official capacity or otherwise. The Company hereby acknowledges that Indemnitee has or may have certain rights to indemnification,
advancement of expenses and/or insurance provided by third party indemnitors, such as an employer. The Company hereby agrees (i)
that the Company is the indemnitor of first resort (i.e., the Company’s obligations to Indemnitee are primary and any obligation
of the third party indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities incurred
by Indemnitee are secondary) and (ii) that the Company shall be required to advance the full amount of expenses incurred by Indemnitee
and shall be liable for the full amount of all Damages and Expense Advances required by the terms of this Agreement, the Certificate
and the Bylaws, without regard to any rights Indemnitee may have against third party indemnitors. The Company further agrees that
no advancement or payment by the third party indemnitors on behalf of Indemnitee with respect to any claim for which Indemnitee
has sought indemnification or advancement from the Company shall affect the foregoing and the third party indemnitors shall have
a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery of
Indemnitee against the Company.

 

    	 	 	29

    	 

    

 

(d)
Nothing in this Agreement shall confer upon Indemnitee the right to continue to serve as a director and/or officer of the Company
or any of its subsidiaries or any Related Company. If Indemnitee is an officer of the Company, then, unless otherwise expressly
provided in a written employment agreement between the Company and Indemnitee, the employment of Indemnitee with the Company shall
be terminable at will by either party. The indemnification and release provided under this Agreement shall apply to any and all
Proceedings, notwithstanding that Indemnitee has ceased to be a director, officer, partner, employee, trustee or agent of the
Company, any of its subsidiaries or a Related Company, and shall inure to the benefit of the heirs, executors and administrators
of Indemnitee.

 

(e)
If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever,
then: (i) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation,
all portions of any paragraphs of this Agreement containing any such invalid, illegal or unenforceable provision that are not
themselves invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby; and (ii) to the fullest extent
possible, the provisions of this Agreement (including, without limitation, all portions of any paragraphs of this Agreement containing
any such invalid, illegal or unenforceable provision, that are not themselves invalid, illegal or unenforceable) shall be construed
so as to give effect to the intent manifested by the provision held invalid, illegal or unenforceable.

 

(f)
Any notices or communications to be given or required to be given under this Agreement shall be given by personal delivery or
registered airmail, overnight courier, telex, facsimile or electronic mail at the address set forth on the signature page hereto
(or such other address as the relevant party provides the other party in writing. Notices and communications shall be deemed received
by the addressee on the date of delivery if delivered in person, on the third (3rd) day after mailing if delivered
by registered airmail, on the next business day after mailing if sent by overnight courier, on the next business day if sent by
telex or facsimile, or upon confirmation of delivery when directed to the electronic mail address described above if sent by electronic
mail.

 

(g)
No amendment, modification, termination or cancellation of this Agreement shall be effective unless in writing signed by both
parties hereto.

 

(h)
If Indemnitee has previously executed an indemnification agreement with the Company, this Agreement supersedes such prior indemnification
agreement in its entirety.

 

(i)
This Agreement may be executed in two counterparts, each of which shall be deemed an original, but both of which together shall
constitute one and the same instrument.

 

[Signature
page follows]

 

    	 	 	30

    	 

    

 

IN
WITNESS WHEREOF, the parties have executed and delivered this Agreement effective as of the last date indicated below.

 

	“COMPANY”

	 	“INDEMNITEE”

        

	CHANTICLEER
                                         HOLDINGS, INC.,

	 	an
                                         individual

        

	a
                                         Delaware corporation

	 	 
	 	 	 	 
	By:	/s/
    Michael D. Pruitt	 	/s/ Frederick
    L. Glick 
	Name:	Michael
    D. Pruitt	 	Print
                                         Name:

        

	Title:	Chief
    Executive Officer		
	Date:	 	 	Date:
	 	 	 	 
	Address	 	 	Address

 

 

    	 	 	31

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00310-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00310-of-00352.parquet"}]]