Document:

SECURITY
AND PLEDGE AGREEMENT

 

This
SECURITY AND PLEDGE AGREEMENT, dated as of September __, 2018 (this “Agreement”), is among Muscle Maker, Inc.,
a California corporation (the “Company”), any subsidiary of the Company that is a signatory hereto either now or joined
in the future, if any, (such subsidiaries, the “Guarantors,” and together with the Company, the “Debtors”
and each, a “Debtor”), and the holder of the Company’s 15% Senior Secured Convertible Promissory Note
(the “Lender”) , in the original aggregate principal amount of up to $4,000,000 (the “Note”)
signatory hereto (including such Lenders that become a party to this Agreement subsequent to the date hereof), their endorsees,
transferees and assigns (collectively, the “Secured Parties”).

 

W
I T N E S S E T H:

 

WHEREAS,
pursuant to the Purchase Agreement (as defined in the Note), the Secured Parties have severally agreed to extend the loans
to the Company evidenced by the Note; and

 

WHEREAS,
pursuant to a certain Subsidiary Guarantee, if any, (the “Guarantee”), the Guarantors have jointly and
severally agreed to guarantee and act as surety for payment of such Note; and

 

WHEREAS,
in order to induce the Secured Parties to extend the loans evidenced by the Note, the Debtor has agreed to execute and deliver
to the Secured Parties this Agreement and to grant the Secured Parties, pari passu with each other Secured Party and through
the Collateral Agent (as defined in Section 18 hereof), a security interest in certain property of such Debtor to secure the prompt
payment, performance and discharge in full of all of the Company’s obligations under the Note and the Guarantors’
obligations under the Guarantee;

 

NOW,
THEREFORE, in consideration of the agreements herein contained and for other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows:

 

1.
Certain Definitions. As used in this Agreement, the following terms shall have the meanings set forth in this Section 1.
Terms used but not otherwise defined in this Agreement that are defined in Article 9 of the UCC (such as “account”,
“chattel paper”, “commercial tort claim”, “deposit account”, “document”, “equipment”,
“fixtures”, “general intangibles”, “goods”, “instruments”, “inventory”,
“investment property”, “letter-of-credit rights”, “proceeds” and “supporting obligations”)
shall have the respective meanings given such terms in Article 9 of the UCC.

 

(a)
“Collateral” means the collateral in which the Secured Parties are granted a security interest by this Agreement
and which shall include all personal property of the Debtors, whether presently owned or existing or hereafter acquired or coming
into existence, wherever situated, and all additions and accessions thereto and all substitutions and replacements thereof, and
all proceeds, products and accounts thereof, including, without limitation, all proceeds from the sale or transfer of the Collateral
and of insurance covering the same and of any tort claims in connection therewith, and all dividends, interest, cash, notes, securities,
equity interest or other property at any time and from time to time acquired, receivable or otherwise distributed in respect of,
or in exchange for, any or all of the Pledged Securities, if applicable (as defined below):

 

(i)
All goods, including, without limitation, (A) all machinery, equipment, computers, motor vehicles, trucks, tanks, rigs, ships,
appliances, furniture, special and general tools, fixtures, test and quality control devices and other equipment of every kind
and nature and wherever situated, together with all documents of title and documents representing the same, all additions and
accessions thereto, replacements therefor, all parts therefor, and all substitutes for any of the foregoing and all other items
used and useful in connection with any Debtor’s businesses and all improvements thereto, and (B) all inventory;

 

(ii)
All contract rights and other general intangibles, including, without limitation, all partnership interests, membership interests,
stock or other securities, rights under any of the Organizational Documents, agreements related to the Pledged Securities, licenses,
distribution and other agreements, computer software (whether “off-the-shelf’, licensed from any third party or developed
by any Debtor), computer software development rights, leases, franchises, customer lists, quality control procedures, grants and
rights, goodwill, Intellectual Property and income tax refunds;

 

    	 	 	 

    	 

    

 

(iii)
All accounts, together with all instruments, all documents of title representing any of the foregoing, all rights in any merchandising,
goods, equipment, motor vehicles and trucks which any of the same may represent, and all right, title, security and guaranties
with respect to each account, including any right of stoppage in transit;

 

(iv)
All documents, letter-of-credit rights, instruments and chattel paper;

 

(v)
All commercial tort claims;

 

(vi)
All deposit accounts and all cash (whether or not deposited in such deposit accounts);

 

(vii)
All investment property;

 

(viii)
All supporting obligations;

 

(ix)
All files, records, books of account, business papers, and computer programs; and

 

(x)
the products and proceeds of all of the foregoing Collateral set forth in clauses (i)-(ix) above.

 

Without
limiting the generality of the foregoing, the “Collateral” shall include all investment property and general
intangibles respecting ownership and/or other equity interests in each Guarantor, including, without limitation, the shares of
capital stock and the other equity interests listed on Schedule H hereto (as the same may be modified from time to time
pursuant to the terms hereof), and any other shares of capital stock and/or other equity interests of any other direct or indirect
subsidiary of any Debtor obtained in the future, and, in each case, all certificates representing such shares and/or equity interests
and, in each case, all rights, options, warrants, stock, other securities and/or equity interests that may hereafter be received,
receivable or distributed in respect of, or exchanged for, any of the foregoing and all rights arising under or in connection
with the Pledged Securities, including, but not limited to, all dividends, interest and cash.

 

Notwithstanding
the foregoing, nothing herein shall be deemed to constitute an assignment of any asset which, in the event of an assignment, becomes
void by operation of applicable law or the assignment of which is otherwise prohibited by applicable law (in each case to the
extent that such applicable law is not overridden by Sections 9-406, 9-407 and/or 9-408 of the UCC or other similar applicable
law); provided, however, that to the extent permitted by applicable law, this Agreement shall create a valid security
interest in such asset and, to the extent permitted by applicable law, this Agreement shall create a valid security interest in
the proceeds of such asset.

 

(b)
“Intellectual Property” means the collective reference to all rights, priorities and privileges relating to
intellectual property, whether arising under United States, multinational or foreign laws or otherwise, including, without limitation,
(i) all copyrights arising under the laws of the United States, any other country or any political subdivision thereof, whether
registered or unregistered and whether published or unpublished, all registrations and recordings thereof, and all applications
in connection therewith, including, without limitation, all registrations, recordings and applications in the United States Copyright
Office, (ii) all letters patent of the United States, any other country or any political subdivision thereof, all reissues and
extensions thereof, and all applications for letters patent of the United States or any other country and all divisions, continuations
and continuations-in-part thereof, (iii) all trademarks, trade names, corporate names, company names, business names, fictitious
business names, trade dress, service marks, logos, domain names and other source or business identifiers, and all goodwill associated
therewith, now existing or hereafter adopted or acquired, all registrations and recordings thereof, and all applications in connection
therewith, whether in the United States Patent and Trademark Office or in any similar office or agency of the United States, any
State thereof or any other country or any political subdivision thereof, or otherwise, and all common law rights related thereto,
(iv) all trade secrets arising under the laws of the United States, any other country or any political subdivision thereof, (v)
all rights to obtain any reissues, renewals or extensions of the foregoing, (vi) all licenses for any of the foregoing, and (vii)
all causes of action for infringement of the foregoing.

 

    	 	 	 

    	 

    

 

(c)
“Majority in Interest” means, at any time of determination, the majority in interest (based on then-outstanding
principal amounts of the Note at the time of such determination) of the Secured Parties.

 

(d)
“Necessary Endorsements” means undated stock powers endorsed in blank or other proper instruments of assignment
duly executed and such other instruments or documents as the Collateral Agent (as that term is defined below) may reasonably request.

 

(e)
“Organizational Documents” means with respect to any Debtor, the documents by which such Debtor was organized
(such as articles of incorporation, certificate of limited partnership or articles of organization, and including, without limitation,
any certificates of designation for preferred stock or other forms of preferred equity) and which relate to the internal governance
of such Debtor (such as bylaws, a partnership agreement or an operating, limited liability or members agreement).

 

(f)
“Permitted Liens” means the following:

 

(i)
Liens imposed by law for taxes that are not yet due or are being contested in good faith, which in each case, have been appropriately
reserved for;

 

(ii)
carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s and other like Liens imposed by
law, arising in the ordinary course of business and securing obligations that are not overdue by more than thirty (30) days or
are being contested in good faith;

 

(iii)
pledges and deposits made in the ordinary course of business in compliance with workers’ compensation, unemployment insurance
and other social security laws or regulations;

 

(iv)
deposits to secure the performance of bids, trade contracts, leases, statutory obligations, surety and appeal bonds, performance
bonds and other obligations of a like nature, in each case in the ordinary course of business;

 

(v)
Liens under this Agreement;

 

(vi)
any other liens in favor of the Lender; and

 

(vii)
Liens as defined in that certain Securities Purchase Agreement entered between the Debtor and the Secured Parties.

 

(g)
“Pledged Interests” shall have the meaning ascribed to such term in Section 4(j).

 

(h)
“Pledged Securities” shall have the meaning ascribed to such term in Section 4(i).

 

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

 

    	 	 	 

    	 

    

 

(j)
“UCC” means the Uniform Commercial Code of the State of New York and or any other applicable law of any state
or states which has jurisdiction with respect to all, or any portion of, the Collateral or this Agreement, from time to time.
It is the intent of the parties that defined terms in the UCC should be construed in their broadest sense so that the term “Collateral”
will be construed in its broadest sense. Accordingly, if there are, from time to time, changes to defined terms in the UCC that
broaden the definitions, they are incorporated herein and if existing definitions in the UCC are broader than the amended definitions,
the existing ones shall be controlling.

 

2.
Grant of Security Interest in Collateral. As an inducement for the Secured Parties to extend the loans as evidenced by
the Note and to secure the complete and timely payment, performance and discharge in full, as the case may be, of all of the Secured
Obligations, each Debtor hereby unconditionally and irrevocably pledges, grants and hypothecates to the Secured Parties a perfected,
first priority security interest in and to, a lien upon and a right of set-off against all of their respective right, title and
interest of whatsoever kind and nature in and to, the Collateral (a “Security Interest” and, collectively,
the “Security Interests”). The Lenders must consent to any and all Collateral distributions.

 

3.
Delivery of Certain Collateral. Within 15 days of the execution of this Agreement, each Debtor shall deliver or cause to
be delivered to the Collateral Agent (a) any and all certificates and other instruments representing or evidencing the Pledged
Securities, and (b) any and all certificates and other instruments or documents representing any of the other Collateral, in each
case, together with all Necessary Endorsements. The Debtors are, contemporaneously with the execution hereof, delivering to the
Collateral Agent, or have previously delivered to the Collateral Agent, a true and correct copy of each of the Organizational
Documents governing any of the Pledged Securities.

 

4.
Representations, Warranties, Covenants and Agreements of the Debtor. Except as set forth under the corresponding section
of the disclosure schedules delivered to the Secured Parties concurrently herewith (the “Disclosure Schedules”),
which Disclosure Schedules shall be deemed a part hereof, each Debtor represents and warrants to, and covenants and agrees with,
the Secured Parties as follows:

 

(a)
Each Debtor has the requisite corporate, partnership, limited liability company or other power and authority to enter into this
Agreement and otherwise to carry out its obligations hereunder. The execution, delivery and performance by each Debtor of this
Agreement and the filings contemplated therein have been duly authorized by all necessary action on the part of such Debtor and
no further action is required by such Debtor. This Agreement has been duly executed by each Debtor. This Agreement constitutes
the legal, valid and binding obligation of each Debtor, enforceable against each Debtor in accordance with its terms except as
such enforceability may be limited by applicable bankruptcy, insolvency, reorganization and similar laws of general application
relating to or affecting the rights and remedies of creditors and by general principles of equity.

 

(b)
Each Debtor has no place of business or offices where its respective books of account and records are kept (other than temporarily
at the offices of its attorneys or accountants) or places where Collateral is stored or located, except as set forth on Schedule
A attached hereto. Except as specifically set forth on Schedule A, each Debtor is the record owner of the real property
where such Collateral is located, and there exist no mortgages or other liens on any such real property except for Liens (as defined
in the Note) as set forth on Schedule A. Except as disclosed on Schedule A, none of such Collateral is in the possession
of any consignee, bailee, warehouseman, agent or processor.

 

(c)
Except as set forth on Schedule B attached hereto, the Debtors are the sole owners of the Collateral (except for non-exclusive
licenses granted by any Debtor in the ordinary course of business), free and clear of any liens, security interests, encumbrances,
rights or claims, and are fully authorized to grant the Security Interests. Except as set forth on Schedule C attached
hereto, there is not on file in any governmental or regulatory authority, agency or recording office an effective financing statement,
security agreement, license or transfer or any notice of any of the foregoing (other than those that will be filed in favor of
the Secured Parties pursuant to this Agreement) covering or affecting any of the Collateral. Except as set forth on Schedule
C attached hereto and except pursuant to this Agreement, as long as this Agreement shall be in effect, the Debtors shall not
execute and shall not knowingly permit to be on file in any such office or agency any other financing statement or other document
or instrument (except to the extent filed or recorded in favor of the Secured Parties pursuant to the terms of this Agreement).

 

    	 	 	 

    	 

    

 

(d)
No written claim has been received that any Collateral or any Debtor’s use of any Collateral violates the rights of any
third party. There has been no adverse decision to any Debtor’s claim of ownership rights in or exclusive rights to use
the Collateral in any jurisdiction or to any Debtor’s right to keep and maintain such Collateral in full force and effect,
and there is no proceeding involving said rights pending or, to the best knowledge of any Debtor, threatened before any court,
judicial body, administrative or regulatory agency, arbitrator or other governmental authority.

 

(e)
Each Debtor shall at all times maintain its books of account and records relating to the Collateral at its principal place of
business and its Collateral at the locations set forth on Schedule A attached hereto and may not relocate such books of
account and records or tangible Collateral unless it delivers to the Secured Parties at least 30 days prior to such relocation
(i) written notice of such relocation and the new location thereof (which must be within the United States) and (ii) evidence
that appropriate financing statements under the UCC and other necessary documents have been filed and recorded and other steps
have been taken to perfect the Security Interests to create in favor of the Secured Parties a valid, perfected and continuing
perfected first priority lien in the Collateral.

 

(f)
This Agreement creates in favor of the Secured Parties a valid first priority security interest, subject to existing liens, in
the Collateral, securing the payment and performance of the Secured Obligations. Upon making the filings described in the immediately
following paragraph, all security interests created hereunder in any Collateral which may be perfected by filing Uniform Commercial
Code financing statements shall have been duly perfected. Except for (i) the filing of the Uniform Commercial Code financing statements
referred to in the immediately following paragraph, (ii) the execution and delivery of deposit account control agreements satisfying
the requirements of Section 9-104(a)(2) of the UCC with respect to each deposit account of the Debtor, (iii) if there is any investment
property or deposit account included as Collateral that can be perfected by “control” through an account control agreement,
the execution and delivery of securities account control agreements satisfying the requirements of 9-106 of the UCC with respect
to each such investment property of the Debtors, and (iv) the delivery of the certificates and other instruments provided in Section
3, Section 4(aa) and Section 4(cc), no action is necessary to create, perfect or protect the security interests created hereunder.
Without limiting the generality of the foregoing, except for the foregoing, no consent of any third parties and no authorization,
approval or other action by, and no notice to or filing with, any governmental authority or regulatory body is required for (x)
the execution, delivery and performance of this Agreement, (y) the creation or perfection of the Security Interests created hereunder
in the Collateral or (z) the enforcement of the rights of the Collateral Agent and the Secured Parties hereunder.

 

(g)
Each Debtor hereby authorizes the Collateral Agent to file one or more financing statements under the UCC, with respect to the
Security Interests, with the proper filing and recording agencies in any jurisdiction deemed proper by it.

 

(h)
The execution, delivery and performance of this Agreement by the Debtor does not (i) violate any of the provisions of any Organizational
Documents of any Debtor or any judgment, decree, order or award of any court, governmental body or arbitrator or any applicable
law, rule or regulation applicable to any Debtor or (ii) conflict with, or constitute a default (or an event that with notice
or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or
cancellation (with or without notice, lapse of time or both) of, any agreement, credit facility, debt or other instrument (evidencing
any Debtor’s debt or otherwise) or other understanding to which any Debtor is a party or by which any property or asset
of any Debtor is bound or affected. If any, all required consents (including, without limitation, from stockholders or creditors
of any Debtor) necessary for any Debtor to enter into and perform its obligations hereunder have been obtained.

 

(i)
The capital stock and other equity interests listed on Schedule H hereto (if any) (the “Pledged Securities”)
represent all of the capital stock and other equity interests of the Guarantors and represent all capital stock and other equity
interests owned, directly or indirectly, by the Company. All of the Pledged Securities, when issued, will be validly issued, fully
paid and nonassessable, and the Company will be the legal and beneficial owner of the Pledged Securities, free and clear of any
lien, security interest or other encumbrance except for the security interests created by this Agreement and except for Permitted
Liens.

 

    	 	 	 

    	 

    

 

(j)
The ownership and other equity interests in partnerships and limited liability companies (if any) included in the Collateral (the
“Pledged Interests”) by their express terms provide that they are securities governed by Article 8 of the UCC.

 

(k)
Each Debtor shall at all times maintain the liens and Security Interests provided for hereunder as valid and perfected, first
priority liens and security interests in the Collateral in favor of the Secured Parties until this Agreement and the Security
Interest hereunder shall be terminated pursuant to Section 14 hereof. Each Debtor hereby agrees to defend the same against the
claims of any and all persons and entities. Each Debtor shall safeguard and protect all Collateral for the account of the Secured
Parties. At the request of the Collateral Agent, each Debtor will sign and deliver to the Collateral Agent on behalf of the Secured
Parties at any time or from time to time one or more financing statements pursuant to the UCC in form reasonably satisfactory
to the Collateral Agent and will pay the cost of filing the same in all public offices wherever filing is, or is deemed by the
Collateral Agent to be, necessary or desirable to effect the rights and obligations provided for herein. Without limiting the
generality of the foregoing, each Debtor shall pay all fees, taxes and other amounts necessary to maintain the Collateral and
the Security Interests hereunder, and each Debtor shall obtain and furnish to the Collateral Agent from time to time, upon demand,
such releases and/or subordinations of claims and liens which may be required to maintain the priority of the Security Interests
hereunder.

 

(l)
No Debtor will transfer, pledge, hypothecate, encumber, license, sell or otherwise dispose of any of the Collateral (except for
non-exclusive licenses granted by a Debtor in its ordinary course of business, sales of inventory by a Debtor in its ordinary
course of business and the replacement of worn-out or obsolete equipment by a Debtor in its ordinary course of business) without
the prior written consent of a Majority in Interest.

 

(m)
Each Debtor shall keep and preserve its equipment, inventory and other tangible Collateral in good condition, repair and order
and shall not operate or locate any such Collateral (or cause to be operated or located) in any area excluded from insurance coverage.

 

(n)
Each Debtor shall maintain with financially sound and reputable insurers, insurance with respect to the Collateral, including
Collateral hereafter acquired, against loss or damage of the kinds and in the amounts customarily insured against by entities
of established reputation having similar properties similarly situated and in such amounts as are customarily carried under similar
circumstances by other such entities and otherwise as is prudent for entities engaged in similar businesses but in any event sufficient
to cover the full replacement cost thereof. Each Debtor shall cause each insurance policy issued in connection herewith to provide,
and the insurer issuing such policy to certify to the Collateral Agent, that (i) the Collateral Agent will be named as lender
loss payee and additional insured under each such insurance policy; (ii)if such insurance be proposed to be cancelled or materially
changed for any reason whatsoever, such insurer will promptly notify the Collateral Agent and such cancellation or change shall
not be effective as to the Collateral Agent for at least thirty (30) days after receipt by the Collateral Agent of such notice,
unless the effect of such change is to extend or increase coverage under the policy; and (iii) the Collateral Agent will have
the right (but no obligation) at its election to remedy any default in the payment of premiums within thirty (30) days of notice
from the insurer of such default. If no Event of Default (as defined in the Note) exists and if the proceeds arising out of any
claim or series of related claims do not exceed $25,000, loss payments in each instance will be applied by the applicable Debtor
to the repair and/or replacement of property with respect to which the loss was incurred to the extent reasonably feasible, and
any loss payments or the balance thereof remaining, to the extent not so applied, shall be payable to the applicable Debtor; provided,
however, that payments received by any Debtor after an Event of Default occurs and is continuing or in excess of $25,000 for
any occurrence or series of related occurrences shall be paid to the Collateral Agent on behalf of the Secured Parties and, if
received by such Debtor, shall be held in trust for the Secured Parties and immediately paid over to the Collateral Agent unless
otherwise directed in writing by the Collateral Agent. Copies of such policies or the related certificates, in each case, naming
the Collateral Agent as lender loss payee and additional insured shall be delivered to the Collateral Agent at least annually
and at the time any new policy of insurance is issued.

 

(o)
Each Debtor shall, within five (5) days of obtaining knowledge thereof, advise the Secured Parties promptly, in sufficient detail,
of any material adverse change in the Collateral, and of the occurrence of any event which would have a material adverse effect
on the value of the Collateral or on the Secured Parties’ security interest, through the Collateral Agent, therein.

 

    	 	 	 

    	 

    

 

(p)
Each Debtor shall promptly execute and deliver to the Collateral Agent such further deeds, mortgages, confessions of judgment,
assignments, security agreements, financing statements or other instruments, documents, certificates and assurances and take such
further action as the Collateral Agent may from time to time request and may in its sole discretion deem necessary to perfect,
protect or enforce the Secured Parties’ security interest in the Collateral.

 

(q)
Upon reasonable prior notice (so long as no Event of Default has occurred or continuing, which in either such event, no prior
notice is required), each Debtor shall permit the Collateral Agent and its representatives and agents to inspect the Collateral
during normal business hours and to make copies of records pertaining to the Collateral as may be reasonably requested by the
Collateral Agent from time to time.

 

(r)
Each Debtor shall take all steps reasonably necessary to diligently pursue and seek to preserve, enforce and collect any rights,
claims, causes of action and accounts receivable in respect of the Collateral.

 

(s)
Each Debtor shall promptly notify the Secured Parties in sufficient detail upon becoming aware of any attachment, garnishment,
execution or other legal process levied against any Collateral and of any other information received by such Debtor that may materially
affect the value of the Collateral, the Security Interest or the rights and remedies of the Secured Parties hereunder.

 

(t)
All information heretofore, herein or hereafter supplied to the Secured Parties by or on behalf of any Debtor with respect to
the Collateral is accurate and complete in all material respects as of the date furnished.

 

(u)
The Debtors shall at all times preserve and keep in full force and effect their respective valid existence and good standing and
any rights and franchises material to its business.

 

(v)
No Debtor will change its name, type of organization, jurisdiction of organization, organizational identification number (if it
has one), legal or corporate structure, or identity, or add any new fictitious name unless it provides at least 30 days prior
written notice to the Secured Parties of such change and, at the time of such written notification, such Debtor provides any financing
statements or fixture filings necessary to perfect and continue the perfection of the Security Interests granted and evidenced
by this Agreement.

 

(w)
Except in the ordinary course of business, no Debtor may consign any of its inventory or sell any of its inventory on bill and
hold, sale or return, sale on approval, or other conditional terms of sale without the consent of the Collateral Agent which shall
not be unreasonably withheld.

 

(x)
No Debtor may relocate its chief executive office to a new location without providing 30 days prior written notification thereof
to the Secured Parties and so long as, at the time of such written notification, such Debtor provides any financing statements
or fixture filings necessary to perfect and continue the perfection of the Security Interests granted and evidenced by this Agreement.

 

(y)
Each Debtor was organized and remains organized solely under the laws of the state set forth next to such Debtor’s name
in Schedule D attached hereto, which Schedule D sets forth each Debtor’s organizational identification number
or, if any Debtor does not have one, states that one does not exist.

 

(z)
(i) The actual name of each Debtor is the name set forth in Schedule D attached hereto; (ii) no Debtor has any trade names
except as set forth on Schedule E attached hereto; (iii) no Debtor has used any name other than that stated in the preamble
hereto or as set forth on Schedule E for the preceding five (5) years; and (iv) no entity has merged into any Debtor or
been acquired by any Debtor within the past five years except as set forth on Schedule E.

 

(aa)
At any time and from time to time that any Collateral consists of instruments, certificated securities or other items that require
or permit possession by the secured party to perfect the security interest created hereby, the applicable Debtor shall deliver
such Collateral to the Collateral Agent.

 

    	 	 	 

    	 

    

 

(bb)
Each Debtor, in its capacity as issuer, hereby agrees to comply with any and all orders and instructions of the Collateral Agent
regarding the Pledged Interests consistent with the terms of this Agreement without the further consent of any Debtor as contemplated
by Section 8-106 (or any successor section) of the UCC. Further, each Debtor agrees that it shall not enter into a similar agreement
(or one that would confer “control” within the meaning of Article 8 of the UCC) with any other person or entity.

 

(cc)
Each Debtor shall cause all tangible chattel paper constituting Collateral to be delivered to the Collateral Agent, or, if such
delivery is not possible, then to cause such tangible chattel paper to contain a legend noting that it is subject to the security
interest created by this Agreement. To the extent that any Collateral consists of electronic chattel paper, the applicable Debtor
shall cause the underlying chattel paper to be “marked” within the meaning of Section 9-105 of the UCC (or successor
section thereto).

 

(dd)
If there is any investment property or deposit account included as Collateral that can be perfected by “control” through
an account control agreement, the applicable Debtor shall cause such an account control agreement, in form and substance in each
case satisfactory to the Collateral Agent, to be entered into and delivered to Collateral Agent for the benefit of the Secured
Parties.

 

(ee)
To the extent that any Collateral consists of letter-of-credit rights, the applicable Debtor shall cause the issuer of each underlying
letter of credit to consent to an assignment of the proceeds thereof to the Secured Parties.

 

(ff)
To the extent that any Collateral is in the possession of any third party, the applicable Debtor shall join with the Collateral
Agent in notifying such third party of the Secured Parties’ security interest in such Collateral and shall use its best
efforts to obtain an acknowledgement and agreement from such third party with respect to the Collateral, in form and substance
reasonably satisfactory to the Collateral Agent.

 

(gg)
If any Debtor shall at any time hold or acquire a commercial tort claim, such Debtor shall promptly notify the Secured Parties
in a writing signed by such Debtor of the particulars thereof and grant to the Secured Parties in such writing a security interest
therein and in the proceeds thereof, all upon the terms of this Agreement, with such writing to be in form and substance satisfactory
to the Collateral Agent.

 

(hh)
Each Debtor shall immediately provide written notice to the Secured Parties of any and all accounts which arise out of contracts
with any governmental authority and, to the extent necessary to perfect or continue the perfected status of the Security Interests
in such accounts and proceeds thereof, shall execute and deliver to the Collateral Agent an assignment of claims for such accounts
and cooperate with the Collateral Agent in taking any other steps required, in its judgment, under the Federal Assignment of Claims
Act or any similar federal, state or local statute or rule to perfect or continue the perfected status of the Security Interests
in such accounts and proceeds thereof.

 

(ii)
Each Debtor shall vote the Pledged Securities to comply with the covenants and agreements set forth herein and in the Note.

 

(jj)
Each Debtor shall register the pledge of the applicable Pledged Securities on the books of such Debtor. Each Debtor shall notify
each issuer of Pledged Securities to register the pledge of the applicable Pledged Securities in the name of the Secured Parties
on the books of such issuer. Further, except with respect to certificated securities delivered to the Collateral Agent, the applicable
Debtor shall deliver to the Collateral Agent an acknowledgement of pledge (which, where appropriate, shall comply with the requirements
of the relevant UCC with respect to perfection by registration) signed by the issuer of the applicable Pledged Securities, which
acknowledgement shall confirm that: (i) it has registered the pledge on its books and records; and (ii) at any time directed by
Collateral Agent during the continuation of an Event of Default, such issuer will transfer the record ownership of such Pledged
Securities into the name of any designee of Collateral Agent, will take such steps as may be necessary to effect the transfer,
and will comply with all other instructions of Collateral Agent regarding such Pledged Securities without the further consent
of the applicable Debtor.

 

    	 	 	 

    	 

    

 

(kk)
In the event that, upon an occurrence of an Event of Default, Collateral Agent shall sell all or any of the Pledged Securities
to another party or parties (herein called the “Transferee”) or shall purchase or retain all or any of the
Pledged Securities, each Debtor shall, to the extent applicable: (i) deliver to the Collateral Agent or the Transferee, as the
case may be, the articles of incorporation, bylaws, minute books, stock certificate books, corporate seals, deeds, leases, indentures,
agreements, evidences of indebtedness, books of account, financial records and all other Organizational Documents and records
of the Debtors and their direct and indirect subsidiaries (but not including any items subject to the attorney-client privilege
related to this Agreement or any of the transactions hereunder); (ii) use its best efforts to obtain resignations of the persons
then serving as officers and directors of the Debtors and their direct and indirect subsidiaries, if so requested; and (iii) use
its best efforts to obtain any approvals that are required by any governmental or regulatory body in order to permit the sale
of the Pledged Securities to the Transferee or the purchase or retention of the Pledged Securities by the Collateral Agent and
allow the Transferee or Collateral Agent to continue the business of the Debtor and their direct and indirect subsidiaries.

 

(ll)
Without limiting the generality of the other obligations of the Debtor hereunder, each Debtor shall promptly (i) cause to be registered
at the United States Copyright Office all of its material copyrights, (ii) cause the security interest contemplated hereby with
respect to all Intellectual Property registered at the United States Copyright Office or United States Patent and Trademark Office
to be duly recorded at the applicable office, and (iii) give the Collateral Agent notice whenever it acquires (whether absolutely
or by license) or creates any additional material Intellectual Property.

 

(mm)
Each Debtor will from time to time, at the joint and several expense of the Debtor, promptly execute and deliver all such further
instruments and documents, and take all such further action as may be necessary or desirable, or as the Collateral Agent may reasonably
request, in order to perfect and protect any security interest granted or purported to be granted hereby or to enable the Secured
Parties to exercise and enforce their rights and remedies hereunder and with respect to any Collateral or to otherwise carry out
the purposes of this Agreement.

 

(nn)
Schedule F attached hereto lists all of the patents, patent applications, trademarks, trademark applications, registered
copyrights, and domain names owned by any of the Debtor as of the date hereof. Schedule F lists all material licenses in
favor of any Debtor for the use of any patents, trademarks, copyrights and domain names as of the date hereof. All material patents
and trademarks of the Debtor have been duly recorded at the United States Patent and Trademark Office and all material copyrights
of the Debtor have been duly recorded at the United States Copyright Office.

 

(oo)
Except as set forth on Schedule G attached hereto, none of the account debtors or other persons or entities obligated on
any of the Collateral is a governmental authority covered by the Federal Assignment of Claims Act or any similar federal, state
or local statute or rule in respect of such Collateral.

 

(pp)
Until the Secured Obligations shall have been paid and performed in full, the Company covenants that it shall promptly direct
any direct or indirect subsidiary of the Company formed or acquired after the date hereof to enter into a Guarantee in favor of
the Secured Party, in such a form to be mutually agreed to by the parties.

 

(qq)
Each Debtor shall cause each subsidiary of such Debtor to immediately become a party hereto (an “Additional Debtor”),
by executing and delivering an Additional Debtor Joinder in substantially the form of Annex B attached hereto and comply
with the provisions hereof applicable to the Debtors. Concurrent therewith, the Additional Debtor shall deliver replacement schedules
for, or supplements to all other Schedules to (or referred to in) this Agreement, as applicable, which replacement schedules shall
supersede, or supplements shall modify, the Schedules then in effect. The Additional Debtor shall also deliver such opinions of
counsel, authorizing resolutions, good standing certificates, incumbency certificates, organizational documents, financing statements
and other information and documentation as the Collateral Agent may reasonably request. Upon delivery of the foregoing to the
Collateral Agent, the Additional Debtor shall be and become a party to this Agreement with the same rights and obligations as
the Debtors, for all purposes hereof as fully and to the same extent as if it were an original signatory hereto and shall be deemed
to have made the representations, warranties and covenants set forth herein as of the date of execution and delivery of such Additional
Debtor Joinder, and all references herein to the “Debtors” shall be deemed to include each Additional Debtor.

 

    	 	 	 

    	 

    

 

5.
Effect of Pledge on Certain Rights. If any of the Collateral subject to this Agreement consists of nonvoting equity or
ownership interests (regardless of class, designation, preference or rights) that may be converted into voting equity or ownership
interests upon the occurrence of certain events (including, without limitation, upon the transfer of all or any of the other stock
or assets of the issuer), it is agreed by Debtor that the pledge of such equity or ownership interests pursuant to this Agreement
or the enforcement of any of Secured Parties’ rights hereunder shall not be deemed to be the type of event which would trigger
such conversion rights notwithstanding any provisions in the Organizational Documents or agreements to which any Debtor is subject
or to which any Debtor is party.

 

6.
Defaults. The following events shall be “Events of Default”: an Event of Default as described in the
Note. If any provision of this Agreement shall at any time for any reason be declared to be null and void, or the validity or
enforceability thereof shall be contested by any Debtor, or a proceeding shall be commenced by any Debtor, or by any governmental
authority having jurisdiction over any Debtor, seeking to establish the invalidity or unenforceability thereof, or any Debtor
shall deny that any Debtor has any liability or obligation purported to be created under this Agreement.

 

7.
Duty to Hold in Trust.

 

(a)
Upon the occurrence of any Event of Default and at any time thereafter, each Debtor shall, upon receipt of any revenue, income,
dividend, interest or other sums subject to the Security Interests, whether payable pursuant to the Note or otherwise, or of any
check, draft, note, trade acceptance or other instrument evidencing an obligation to pay any such sum, hold the same in trust
for the Secured Parties and shall forthwith endorse and transfer any such sums or instruments, or both, to the Secured Parties,
pro-rata in proportion to their respective then-currently outstanding principal amount of Note for application to the satisfaction
of the Secured Obligations (and if any Note is not outstanding, pro-rata in proportion to the initial purchases of the remaining
Notes).

 

(b)
If any Debtor shall become entitled to receive or shall receive any securities or other property (including, without limitation,
shares of Pledged Securities or instruments representing Pledged Securities acquired after the date hereof, or any options, warrants,
rights or other similar property or certificates representing a dividend, or any distribution in connection with any recapitalization,
reclassification or increase or reduction of capital, or issued in connection with any reorganization of such Debtor or any of
its direct or indirect subsidiaries) in respect of the Pledged Securities (whether as an addition to, in substitution of, or in
exchange for, such Pledged Securities or otherwise), such Debtor agrees to (i) accept the same as the agent of the Secured Parties;
(ii) hold the same in trust on behalf of and for the benefit of the Secured Parties; and (iii) to deliver any and all certificates
or instruments evidencing the same to Collateral Agent on or before the close of business on the fifth business day following
the receipt thereof by such Debtor, in the exact form received together with the Necessary Endorsements, to be held by Collateral
Agent subject to the terms of this Agreement as Collateral.

 

8.
Rights and Remedies Upon Default.

 

(a)
Upon the occurrence of any Event of Default and at any time thereafter, the Secured Parties, acting through the Collateral Agent,
shall have the right to exercise all of the remedies conferred hereunder and under the Note, and the Secured Parties shall have
all the rights and remedies of a secured party under the UCC. Without limitation, the Collateral Agent, for the benefit of the
Secured Parties, shall have the following rights and powers:

 

(i)
The Collateral Agent shall have the right to take possession of the Collateral and, for that purpose, enter, with the aid and
assistance of any person, any premises where the Collateral, or any part thereof, is or may be placed and remove the same, and
each Debtor shall assemble the Collateral and make it available to the Collateral Agent at places which the Collateral Agent shall
reasonably select, whether at such Debtor’s premises or elsewhere, and make available to the Collateral Agent, without rent,
all of such Debtor’s respective premises and facilities for the purpose of the Collateral Agent taking possession of, removing
or putting the Collateral in saleable or disposable form.

 

    	 	 	 

    	 

    

 

(ii)
Upon notice to the Debtors by the Collateral Agent, all rights of each Debtor to exercise the voting and other consensual rights
which it would otherwise be entitled to exercise and all rights of each Debtor to receive the dividends and interest which it
would otherwise be authorized to receive and retain, shall cease. Upon such notice, the Collateral Agent shall have the right
to receive, for the benefit of the Secured Parties, any interest, cash dividends or other payments on the Collateral and, at the
option of Collateral Agent, to exercise in such Collateral Agent’s discretion all voting rights pertaining thereto. Without
limiting the generality of the foregoing, the Collateral Agent shall have the right (but not the obligation) to exercise all rights
with respect to the Collateral as it were the sole and absolute owner thereof, including, without limitation, to vote and/or to
exchange, at its sole discretion, any or all of the Collateral in connection with a merger, reorganization, consolidation, recapitalization
or other readjustment concerning or involving the Collateral or any Debtor or any of its direct or indirect subsidiaries.

 

(iii)
The Collateral Agent shall have the right to operate the business of each Debtor using the Collateral and shall have the right
to assign, sell, lease or otherwise dispose of and deliver all or any part of the Collateral, at public or private sale or otherwise,
either with or without special conditions or stipulations, for cash or on credit or for future delivery, in such parcel or parcels
and at such time or times and at such place or places, and upon such terms and conditions as the Collateral Agent may deem commercially
reasonable, all without (except as shall be required by applicable statute and cannot be waived) advertisement or demand upon
or notice to any Debtor or right of redemption of a Debtor, which are hereby expressly waived. Upon each such sale, lease, assignment
or other transfer of Collateral, the Collateral Agent, for the benefit of the Secured Parties, may, unless prohibited by applicable
law which cannot be waived, purchase all or any part of the Collateral being sold, free from and discharged of all trusts, claims,
right of redemption and equities of any Debtor, which are hereby waived and released.

 

(iv)
The Collateral Agent shall have the right (but not the obligation) to notify any account debtors and any obligors under instruments
or accounts to make payments directly to the Collateral Agent, on behalf of the Secured Parties, and to enforce the Debtor’s
rights against such account debtors and obligors.

 

(v)
The Collateral Agent may (but is not obligated to) direct any financial intermediary or any other person or entity holding any
investment property to transfer the same to the Secured Parties or their designee.

 

(vi)
The Collateral Agent may (but is not obligated to) transfer any or all Intellectual Property registered in the name of any Debtor
at the United States Patent and Trademark Office and/or Copyright Office into the name of the Secured Parties or any designee
or any purchaser of any Collateral.

 

(b)
The Collateral Agent shall comply with any applicable law in connection with a disposition of Collateral and such compliance will
not be considered adversely to affect the commercial reasonableness of any sale of the Collateral. The Collateral Agent may sell
the Collateral without giving any warranties and may specifically disclaim such warranties. If the Collateral Agent sells any
of the Collateral on credit, the Debtor will only be credited with payments actually made by the purchaser. In addition, each
Debtor waives (except as shall be required by applicable statute and cannot be waived) any and all rights that it may have to
a judicial hearing in advance of the enforcement of any of the Collateral Agent’s rights and remedies hereunder, including,
without limitation, its right following an Event of Default to take immediate possession of the Collateral and to exercise its
rights and remedies with respect thereto.

 

(c)
For the purpose of enabling the Collateral Agent to further exercise rights and remedies under this Section 8 or elsewhere provided
by agreement or applicable law, each Debtor hereby grants to the Collateral Agent, for the benefit of the Secured Parties, an
irrevocable, nonexclusive license (exercisable without payment of royalty or other compensation to such Debtor) to use, license
or sublicense following an Event of Default, any Intellectual Property now owned or hereafter acquired by such Debtor, and wherever
the same may be located, and including in such license access to all media in which any of the licensed items may be recorded
or stored and to all computer software and programs used for the compilation or printout thereof.

 

9.
Applications of Proceeds. The proceeds of any such sale, lease or other disposition of the Collateral hereunder or from
payments made on account of any insurance policy insuring any portion of the Collateral shall be applied first, to the expenses
of retaking, holding, storing, processing and preparing for sale, selling, and the like (including, without limitation, any taxes,
fees and other costs incurred in connection therewith) of the Collateral, to the reasonable attorneys’ fees and expenses
incurred by the Collateral Agent in enforcing the Secured Parties’ rights hereunder and in connection with collecting, storing
and disposing of the Collateral, and then to satisfaction of the Secured Obligations pro rata among the Secured Parties (based
on then-outstanding principal amounts of the Note at the time of any such determination), and to the payment of any other amounts
required by applicable law, after which the Secured Parties shall pay to the applicable Debtor any surplus proceeds. If, upon
the sale, license or other disposition of the Collateral, the proceeds thereof are insufficient to pay all amounts to which the
Secured Parties are legally entitled, the Debtor will be liable for the deficiency, together with interest thereon, at the rate
of 18% per annum or the lesser amount permitted by applicable law (the “Default Rate”), and the reasonable
fees of any attorneys employed by the Secured Parties to collect such deficiency. To the extent permitted by applicable law, each
Debtor waives all claims, damages and demands against the Secured Parties arising out of the repossession, removal, retention
or sale of the Collateral, unless due solely to the gross negligence or willful misconduct of the Secured Parties as determined
by a final judgment (not subject to further appeal) of a court of competent jurisdiction.

 

    	 	 	 

    	 

    

 

10.
Securities Law Provision. Each Debtor recognizes that the Collateral Agent may be limited in its ability to effect a sale
to the public of all or part of the Pledged Securities by reason of certain prohibitions in the Securities Act of 1933, as amended,
or other federal or state securities laws (collectively, the “Securities Laws”), and may be compelled to resort
to one or more sales to a restricted group of purchasers who may be required to agree to acquire the Pledged Securities for their
own account, for investment and not with a view to the distribution or resale thereof. Each Debtor agrees that sales so made may
be at prices and on terms less favorable than if the Pledged Securities were sold to the public, and that the Collateral Agent
has no obligation to delay the sale of any Pledged Securities for the period of time necessary to register the Pledged Securities
for sale to the public under the Securities Laws. Each Debtor shall cooperate with the Collateral Agent in its attempt to satisfy
any requirements under the Securities Laws (including, without limitation, registration thereunder if requested by the Collateral
Agent) applicable to the sale of the Pledged Securities by the Collateral Agent.

 

11.
Costs and Expenses. Each Debtor agrees to pay all reasonable out-of-pocket fees, costs and expenses incurred in connection
with any filing required hereunder, including without limitation, any financing statements pursuant to the UCC, continuation statements,
partial releases and/or termination statements related thereto or any expenses of any searches reasonably required by the Collateral
Agent. The Debtor shall also pay all other claims and charges which in the reasonable opinion of the Collateral Agent are reasonably
likely to prejudice, imperil or otherwise affect the Collateral or the Security Interests therein. The Debtor will also, upon
demand, pay to the Collateral Agent the amount of any and all reasonable expenses, including the reasonable fees and expenses
of its counsel and of any experts and agents, which the Collateral Agent, for the benefit of the Secured Parties, may incur in
connection with the creation, perfection, protection, satisfaction, foreclosure, collection or enforcement of the Security Interest
and the preparation, administration, continuance, amendment or enforcement of this Agreement and pay to the Collateral Agent the
amount of any and all reasonable expenses, including the reasonable fees and expenses of its counsel and of any experts and agents,
which the Collateral Agent, for the benefit of the Secured Parties, and the Secured Parties may incur in connection with (i) the
enforcement of this Agreement, (ii) the custody or preservation of, or the sale of, collection from, or other realization upon,
any of the Collateral, or (iii) the exercise or enforcement of any of the rights of the Secured Parties under the Note. Until
so paid, any fees payable hereunder shall be added to the principal amount of the Note and shall bear interest at the Default
Rate.

 

12.
Responsibility for Collateral. The Debtor assume all liabilities and responsibility in connection with all Collateral,
and the Secured Obligations shall in no way be affected or diminished by reason of the loss, destruction, damage or theft of any
of the Collateral or its unavailability for any reason. Without limiting the generality of the foregoing and except as required
by applicable law, (a) neither the Collateral Agent nor any Secured Party (i) has any duty (either before or after an Event of
Default) to collect any amounts in respect of the Collateral or to preserve any rights relating to the Collateral, or (ii) has
any obligation to cleanup or otherwise prepare the Collateral for sale, and (b) each Debtor shall remain obligated and liable
under each contract or agreement included in the Collateral to be observed or performed by such Debtor thereunder. Neither the
Collateral Agent nor any Secured Party shall have any obligation or liability under any such contract or agreement by reason of
or arising out of this Agreement or the receipt by the Collateral Agent or any Secured Party of any payment relating to any of
the Collateral, nor shall the Collateral Agent or any Secured Party be obligated in any manner to perform any of the obligations
of any Debtor under or pursuant to any such contract or agreement, to make inquiry as to the nature or sufficiency of any payment
received by the Collateral Agent or any Secured Party in respect of the Collateral or as to the sufficiency of any performance
by any party under any such contract or agreement, to present or file any claim, to take any action to enforce any performance
or to collect the payment of any amounts which may have been assigned to the Collateral Agent or any Secured Party or to which
the Collateral Agent or any Secured Party may be entitled at any time or times.

 

    	 	 	 

    	 

    

 

13.
Security Interests Absolute. All rights of the Secured Parties and all obligations of each Debtor hereunder, shall be absolute
and unconditional, irrespective of: (a) any lack of validity or enforceability of this Agreement, the Note or any agreement entered
into in connection with the foregoing, or any portion hereof or thereof, against any other Debtor or Guarantor; (b) any change
in the time, manner or place of payment or performance of, or in any other term of, all or any of the Secured Obligations, or
any other amendment or waiver of or any consent to any departure from the Note or any other agreement entered into in connection
with the foregoing; (c) any exchange, release or nonperfection of any of the Collateral, or any release or amendment or waiver
of or consent to departure from any other collateral for, or any guarantee, or any other security, for all or any of the Secured
Obligations; (d) any action by the Secured Parties to obtain, adjust, settle and cancel in their sole discretion any insurance
claims or matters made or arising in connection with the Collateral; or (e) any other circumstance which might otherwise constitute
any legal or equitable defense available to a Debtor, or a discharge of all or any part of the Security Interests granted hereby.
Until the Secured Obligations shall have been paid and performed in full, the rights of the Secured Parties shall continue even
if the Secured Obligations are barred for any reason, including, without limitation, the running of the statute of limitations.
Each Debtor expressly waives presentment, protest, notice of protest, demand, notice of nonpayment and demand for performance.
In the event that at any time any transfer of any Collateral or any payment received by the Secured Parties hereunder shall be
deemed by final order of a court of competent jurisdiction to have been a voidable preference or fraudulent conveyance under the
bankruptcy or insolvency laws of the United States, or shall be deemed to be otherwise due to any party other than the Secured
Parties, then, in any such event, each Debtor’s obligations hereunder shall survive cancellation of this Agreement, and
shall not be discharged or satisfied by any prior payment thereof and/or cancellation of this Agreement, but shall remain a valid
and binding obligation enforceable in accordance with the terms and provisions hereof. Each Debtor waives all right to require
the Secured Parties to proceed against any other person or entity or to apply any Collateral which the Secured Parties may hold
at any time, or to marshal assets, or to pursue any other remedy. Each Debtor waives any defense arising by reason of the application
of the statute of limitations to any obligation secured hereby.

 

14.
Term of Agreement. This Agreement and the Security Interests shall terminate on the date on which all payments under the
Note have been indefeasibly paid in full and all other Secured Obligations have been paid or discharged; provided, however, that
all indemnities of the Debtor contained in this Agreement (including, without limitation, Annex A hereto) shall survive and remain
operative and in full force and effect regardless of the termination of this Agreement.

 

15.
Power of Attorney; Further Assurances.

 

(a)
Each Debtor authorizes the Collateral Agent, and does hereby make, constitute and appoint the Collateral Agent and its officers,
agents, successors or assigns with full power of substitution, as such Debtor’s true and lawful attorney-in-fact, with power,
in the name of the Collateral Agent or such Debtor, to, after the occurrence and during the continuance of an Event of Default,
(i) endorse any note, checks, drafts, money orders or other instruments of payment (including payments payable under or in respect
of any policy of insurance) in respect of the Collateral that may come into possession of the Collateral Agent; (ii) to sign and
endorse any financing statement pursuant to the UCC or any invoice, freight or express bill, bill of lading, storage or warehouse
receipts, drafts against debtors, assignments, verifications and notices in connection with accounts, and other documents relating
to the Collateral; (iii) to pay or discharge taxes, liens, security interests or other encumbrances at any time levied or placed
on or threatened against the Collateral; (iv) to demand, collect, receipt for, compromise, settle and sue for monies due in respect
of the Collateral; (v) to transfer any Intellectual Property or provide licenses respecting any Intellectual Property; and (vi)
generally, at the option of the Collateral Agent, and at the expense of the Debtor, at any time, or from time to time, to execute
and deliver any and all documents and instruments and to do all acts and things which the Collateral Agent deems necessary to
protect, preserve and realize upon the Collateral and the Security Interests granted therein in order to effect the intent of
this Agreement and the Note all as fully and effectually as the Debtor might or could do; and each Debtor hereby ratifies all
that said attorney shall lawfully do or cause to be done by virtue hereof. This power of attorney is coupled with an interest
and shall be irrevocable for the term of this Agreement and thereafter as long as any of the Secured Obligations shall be outstanding.
The designation set forth herein shall be deemed to amend and supersede any inconsistent provision in the Organizational Documents
or other documents or agreements to which any Debtor is subject or to which any Debtor is a party. Without limiting the generality
of the foregoing, after the occurrence and during the continuance of an Event of Default, each Secured Party is specifically authorized
to execute and file any applications for or instruments of transfer and assignment of any patents, trademarks, copyrights or other
Intellectual Property with the United States Patent and Trademark Office and the United States Copyright Office.

 

    	 	 	 

    	 

    

 

(b)
On a continuing basis, each Debtor will make, execute, acknowledge, deliver, file and record, as the case may be, with the proper
filing and recording agencies in any jurisdiction, including, without limitation, the jurisdictions indicated on Schedule C
attached hereto, all such instruments, and take all such action as may reasonably be deemed necessary or advisable, or as
reasonably requested by the Collateral Agent, to perfect the Security Interests granted hereunder and otherwise to carry out the
intent and purposes of this Agreement, or for assuring and confirming to the Collateral Agent the grant or perfection of a perfected
security interest in all the Collateral under the UCC.

 

(c)
Each Debtor hereby irrevocably appoints the Collateral Agent as such Debtor’s attorney-in-fact, with full authority in the
place and instead of such Debtor and in the name of such Debtor, from time to time in the Collateral Agent’s discretion,
to take any action and to execute any instrument which the Collateral Agent may deem necessary or advisable to accomplish the
purposes of this Agreement, including the filing, in its sole discretion, of one or more financing or continuation statements
and amendments thereto, relative to any of the Collateral without the signature of such Debtor where permitted by law, which financing
statements may (but need not) describe the Collateral as “all assets” or “all personal property” or words
of like import, and ratifies all such actions taken by the Collateral Agent. This power of attorney is coupled with an interest
and shall be irrevocable for the term of this Agreement and thereafter as long as any of the Secured Obligations shall be outstanding.

 

16.
Notices. All notices, requests, demands and other communications hereunder shall be subject to the notice provision of
the Purchase Agreement (as such term is defined in the Note).

 

17.
Other Security. To the extent that the Secured Obligations are now or hereafter secured by property other than the Collateral
or by the guarantee, endorsement or property of any other person, firm, corporation or other entity, then the Collateral Agent
shall have the right, in its sole discretion, to pursue, relinquish, subordinate, modify or take any other action with respect
thereto, without in any way modifying or affecting any of the Secured Parties’ rights and remedies hereunder.

 

18.
Appointment of Collateral Agent. The Secured Parties in their sole discretion may delegate certain of their rights hereunder
to one or more collateral agents. If and as applicable, the Secured Parties may insert the name of the selected collateral agent
in this Section 18. To this end, the Secured Parties hereby appoint Catalytic Holdings 1 LLC to act as their collateral agent
(the “Collateral Agent”) for purposes of exercising any and all rights and remedies of the Secured Parties
hereunder. Such appointment shall continue until revoked in writing by a Majority in Interest, at which time a Majority in Interest
may appoint a new Collateral Agent. The Collateral Agent shall have the rights, responsibilities and immunities set forth in Annex
A hereto.

 

19.
Miscellaneous.

 

(a)
No course of dealing between the Debtors and the Secured Parties, nor any failure to exercise, nor any delay in exercising, on
the part of the Secured Parties, any right, power or privilege hereunder or under the Note shall operate as a waiver thereof;
nor shall any single or partial exercise of any right, power or privilege hereunder or thereunder preclude any other or further
exercise thereof or the exercise of any other right, power or privilege.

 

(b)
All of the rights and remedies of the Secured Parties with respect to the Collateral, whether established hereby or by the Note
or by any other agreements, instruments or documents or by law shall be cumulative and may be exercised singly or concurrently.

 

(c)
This Agreement, together with the exhibits and schedules hereto and the other Transaction Documents (as defined in the Purchase
Agreement), contain the entire understanding of the parties with respect to the subject matter hereof and supersede all prior
agreements and understandings, oral or written, with respect to such matters, which the parties acknowledge have been merged into
this Agreement and the exhibits and schedules hereto. No provision of this Agreement may be waived, modified, supplemented or
amended except in a written instrument signed, in the case of an amendment, by the Debtors and the Secured Parties holding 67%
or more of the principal amount of the Note then outstanding, or, in the case of a waiver, by the party against whom enforcement
of any such waived provision is sought.

 

    	 	 	 

    	 

    

 

(d)
If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid,
illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain
in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially
reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated
by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that
they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be
hereafter declared invalid, illegal, void or unenforceable.

 

(e)
No waiver of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing
waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof,
nor shall any delay or omission of any party to exercise any right hereunder in any manner impair the exercise of any such right.

 

(f)
This Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted assigns. The Company
and the Guarantors may not assign this Agreement or any rights or obligations hereunder without the prior written consent of each
Secured Party (other than by merger). Any Secured Party may assign any or all of its rights under this Agreement to any Person
(as defined in the Purchase Agreement) to whom such Secured Party assigns or transfers any Secured Obligations, provided such
transferee agrees in writing to be bound, with respect to the transferred Secured Obligations, by the provisions of this Agreement
that apply to the “Secured Parties.”

 

(g)
Each party shall take such further action and execute and deliver such further documents as may be necessary or appropriate in
order to carry out the provisions and purposes of this Agreement.

 

(h)
Except to the extent mandatorily governed by the jurisdiction or situs where the Collateral is located, all questions concerning
the construction, validity, enforcement and interpretation of this Agreement shall be governed by and construed and enforced in
accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof. Except
to the extent mandatorily governed by the jurisdiction or situs where the Collateral is located, each Debtor agrees that all proceedings
concerning the interpretations, enforcement and defense of the transactions contemplated by this Agreement and the Note (whether
brought against a party hereto or its respective affiliates, directors, officers, shareholders, partners, members, employees or
agents) shall be commenced exclusively in the state and federal courts sitting in the City of New York, Borough of Manhattan.
Except to the extent mandatorily governed by the jurisdiction or situs where the Collateral is located, each Debtor hereby irrevocably
submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan for
the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein,
and hereby irrevocably waives, and agrees not to assert in any proceeding, any claim that it is not personally subject to the
jurisdiction of any such court, that such proceeding is improper. Each party hereto hereby irrevocably waives personal service
of process and consents to process being served in any such proceeding by mailing a copy thereof via registered or certified mail
or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement
and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein
shall be deemed to limit in any way any right to serve process in any manner permitted by law. Each party hereto hereby irrevocably
waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising
out of or relating to this Agreement or the transactions contemplated hereby.

 

(i)
This Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original
and, all of which taken together shall constitute one and the same Agreement. In the event that any signature is delivered by
facsimile transmission, such signature shall create a valid binding obligation of the party executing (or on whose behalf such
signature is executed) the same with the same force and effect as if such facsimile signature were the original thereof.

 

(j)
All Debtors shall jointly and severally be liable for the obligations of each Debtor to the Secured Parties hereunder.

 

    	 	 	 

    	 

    

 

(k)
Each Debtor shall indemnify, reimburse and hold harmless the Collateral Agent and the Secured Parties and their respective partners,
members, shareholders, officers, directors, employees and agents (and any other persons with other titles that have similar functions)
(collectively, “Indemnitees”) from and against any and all losses, claims, liabilities, damages, penalties,
suits, costs and expenses, of any kind or nature, (including fees relating to the cost of investigating and defending any of the
foregoing) imposed on, incurred by or asserted against such Indemnitee in any way related to or arising from or alleged to arise
from this Agreement or the Collateral, except any such losses, claims, liabilities, damages, penalties, suits, costs and expenses
which result from the gross negligence or willful misconduct of the Indemnitee as determined by a final, nonappealable decision
of a court of competent jurisdiction. This indemnification provision is in addition to, and not in limitation of, any other indemnification
provision in the Note, the Purchase Agreement (as such term is defined in the Note) or any other agreement, instrument or other
document executed or delivered in connection herewith or therewith.

 

(l)
Nothing in this Agreement shall be construed to subject the Collateral Agent or any Secured Party to liability as a partner in
any Debtor or any if its direct or indirect subsidiaries that is a partnership or as a member in any Debtor or any of its direct
or indirect subsidiaries that is a limited liability company, nor shall the Collateral Agent or any Secured Party be deemed to
have assumed any obligations under any partnership agreement or limited liability company agreement, as applicable, of any such
Debtor or any of its direct or indirect subsidiaries or otherwise, unless and until any such Secured Party exercises its right
to be substituted for such Debtor as a partner or member, as applicable, pursuant hereto.

 

(m)
To the extent that the grant of the security interest in the Collateral and the enforcement of the terms hereof require the consent,
approval or action of any partner or member, as applicable, of any Debtor or any direct or indirect subsidiary of any Debtor or
compliance with any provisions of any of the Organizational Documents, the Debtor hereby represents that all such consents and
approvals have been obtained.

 

[SIGNATURE
PAGE OF DEBTORS FOLLOWS]

 

    	 	 	 

    	 

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Security and Pledge Agreement to be duly executed on the day and year first
above written.

 

	 	MUSCLE
    MAKER, INC.
	 	 	 
	 	By:	 
	 	Name:	Michael
    Roper
	 	Title:	Chief
    Executive Officer

 

[SIGNATURE
PAGE OF SECURED PARTIES FOLLOWS]

 

    	 	 	 

    	 

    

 

[SIGNATURE
PAGE OF SECURED PARTIES TO SECURITY AGREEMENT]

 

Name
of Secured Party: CATALYTIC CAPITAL, LLC

 

Signature
of Authorized Signatory of Secured Party:

 

Name
of Authorized Signatory:

 

Title
of Authorized Signatory:

 

    	 	 	 

    	 

    

 

DISCLOSURE
SCHEDULES

(Security Agreement)

 

The
following are the Disclosure Schedules (the “Disclosure Schedules”) referred to in that certain Security and
Pledge Agreement, dated as of September __, 2018 (the “Agreement”), by and among Muscle Maker, Inc., a California
corporation (the “Company”), all of the subsidiaries of the Company (if any) (such subsidiaries, the “Guarantors,”
and together with the Company, the “Debtors”), and the holder of the Company’s 15% Senior Secured Convertible
Promissory Note (the “Note”) signatory thereto (including such Lenders that become a party to this Agreement
subsequent to the date hereof), their endorsees, transferees and assigns (collectively, the “Secured Parties”).

 

    	 	 	 

    	 

    

 

Schedule
A 

Principal Place of Business of Debtor:

Locations Where Collateral is Located or Stored

 

Burleson,
Texas

 

League
City, Texas

 

Ft.
Benning, Georgia

 

Ft.
Bliss, Texas

 

New
York, New York (Tribeca)

 

Colonia,
New Jersey

 

Irvine,
California

 

    	 	 	 

    	 

    

 

Schedule
B

Ownership Interest to Collateral

 

Debtors
are the sole owners of the Collateral except as set forth below.

 

	Food Truck
    Lien on Title (Stearns Bank).	 	$	69,000	 
	Mechanical Liens from
    Fountain Valley location (resolute contractors, etc). The Company has mechanical liens placed against the Fountain Valley
    property by various companies for work and materials performed but not paid	 	$	108,000	 
	Back sales taxes owed
    and not paid in the following states: Illinois, California, North Carolina, New York & New Jersey	 	$	350,000	 

 

    	 	 	 

    	 

    

 

Schedule
C 

Filing Jurisdictions

 

State
of California

State
of Nevada

State
of Texas

State
of New York

State
of Georgia

State
of New Jersey

 

    	 	 	 

    	 

    

 

Schedule
D

 

Legal
Names and Organizational Identification Numbers

 

	Name	 	Jurisdiction
    of Incorporation	 	Entity
    #
	Muscle
    Maker, Inc.	 	California	 	3731484
	Muscle
    Maker Development, LLC	 	California	 	201709410148
	Muscle
    Maker Corp, LLC	 	Nevada	 	5267326
	Muscle
    Maker Brands, Inc	 	California	 	3720012
	Muscle
    Maker brands, LLC	 	California	 	201436010035
	Muscle
    Maker Irvine, LLC	 	California	 	3849987
	Muscle
    Maker Santa Ana, LLC	 	California	 	3849986
	Muscle
    Maker of CA, LLC	 	California	 	201801610478
	MMG
    Fountain Valley CA, Inc	 	California	 	3961092
	MMG
    Columbia NY, Inc	 	New
    York	 	4882854
	MMG
    Gramercy NY, Inc.	 	New
    York	 	4882856
	MMG
    Upper East Side NY, Inc	 	New
    Jersey	 	5043181
	Muscle
    Maker Franchising, LLC	 	New
    Jersey	 	0400205329
	Muscle
    Maker of NJ, LLC	 	New
    Jersey	 	0600447732
	MMG
    Tribeca NY, LLC	 	New
    Jersey	 	0450091813
	MMG
    Upper East Side NY, Inc	 	New
    Jersey	 	0450106666
	MMG
    Upper East Side NY, Inc	 	New
    Jersey	 	0450106666
	MMG
    Winston Salem NC, Inc	 	North
    Carolina	 	1548326
	MMG
    Ft. Bliss, Inc.	 	Texas	 	0802377107
	MMG
    W. Belmont IL, Inc	 	Illinois	 	70974452
	MMG
    W. Jackson IL, Inc	 	Illinois	 	70974525

 

    	 	 	 

    	 

    

 

Schedule
E 

Names; Mergers and Acquisitions

 

Muscle
Maker Grill

 

    	 	 	 

    	 

    

 

Schedule
F 

Intellectual Property

 

Patents/Patent
Applications

 

None.

 

Domain
Names

 

www.musclemakergrill.com

www.ordermmg.com

 

Copyrights

 

Below
is existing trademarks, color licensing and fonts information:

 

 

    	 	 	 

    	 

    

 

Schedule
G 

Account Debtor

 

No
account debtor of the Debtor is a governmental authority covered by the Federal Assignment of Claims Act or any similar federal,
state or local statute or rule in respect of the Collateral.

 

    	 	 	 

    	 

    

 

Schedule
H 

Pledged Securities

 

	Name	 	Jurisdiction
    of Incorporation	 	Entity
    #
	Muscle
    Maker, Inc.	 	California	 	3731484
	Muscle
    Maker Development, LLC	 	California	 	201709410148
	Muscle
    Maker Corp, LLC	 	Nevada	 	5267326
	Muscle
    Maker Brands, Inc	 	California	 	3720012
	Muscle
    Maker brands, LLC	 	California	 	201436010035
	Muscle
    Maker Irvine, LLC	 	California	 	3849987
	Muscle
    Maker Santa Ana, LLC	 	California	 	3849986
	Muscle
    Maker of CA, LLC	 	California	 	201801610478
	MMG
    Fountain Valley CA, Inc	 	California	 	3961092
	MMG
    Columbia NY, Inc	 	New
    York	 	4882854
	MMG
    Gramercy NY, Inc.	 	New
    York	 	4882856
	MMG
    Upper East Side NY, Inc	 	New
    Jersey	 	5043181
	Muscle
    Maker Franchising, LLC	 	New
    Jersey	 	0400205329
	Muscle
    Maker of NJ, LLC	 	New
    Jersey	 	0600447732
	MMG
    Tribeca NY, LLC	 	New
    Jersey	 	0450091813
	MMG
    Upper East Side NY, Inc	 	New
    Jersey	 	0450106666
	MMG
    Upper East Side NY, Inc	 	New
    Jersey	 	0450106666
	MMG
    Winston Salem NC, Inc	 	North
    Carolina	 	1548326
	MMG
    Ft. Bliss, Inc.	 	Texas	 	0802377107
	MMG
    W. Belmont IL, Inc	 	Illinois	 	70974452
	MMG
    W. Jackson IL, Inc	 	Illinois	 	70974525

 

    	 	 	 

    	 

    

 

ANNEX
A to

 

SECURITY
AGREEMENT THE COLLATERAL AGENT

 

1.
Appointment. The Secured Parties (all capitalized terms used herein and not otherwise defined shall have the respective
meanings provided in the Security and Pledge Agreement to which this Annex A is attached (the “Agreement”)),
by their acceptance of the benefits of the Agreement, hereby designate Catalytic Capital LLC (“Catalytic” or
the “Collateral Agent”) as the Collateral Agent to act as specified herein and in the Agreement. Each Secured
Party shall be deemed irrevocably to authorize the Collateral Agent to take such action on its behalf under the provisions of
the Agreement and any other Transaction Document (as such term is defined in the Purchase Agreement) and to exercise such powers
and to perform such duties hereunder and thereunder as are specifically delegated to or required of the Collateral Agent by the
terms hereof and thereof and such other powers as are reasonably incidental thereto. The Collateral Agent may perform any of its
duties hereunder by or through its agents or employees.

 

2.
Nature of Duties. The Collateral Agent shall have no duties or responsibilities except those expressly set forth in the
Agreement. Neither the Collateral Agent nor any of its partners, members, shareholders, officers, directors, employees or agents
shall be liable for any action taken or omitted by it as such under the Agreement or hereunder or in connection herewith or therewith,
be responsible for the consequence of any oversight or error of judgment or answerable for any loss, unless caused solely by its
or their gross negligence or willful misconduct as determined by a final judgment (not subject to further appeal) of a court of
competent jurisdiction. The duties of the Collateral Agent shall be mechanical and administrative in nature; the Collateral Agent
shall not have by reason of the Agreement or any other Transaction Document a fiduciary relationship in respect of any Debtor
or any Secured Party; and nothing in the Agreement or any other Transaction Document, expressed or implied, is intended to or
shall be so construed as to impose upon the Collateral Agent any obligations in respect of the Agreement or any other Transaction
Document except as expressly set forth herein and therein.

 

3.
Lack of Reliance on the Collateral Agent. Independently and without reliance upon the Collateral Agent, each Secured Party,
to the extent it deems appropriate, has made and shall continue to make (i) its own independent investigation of the financial
condition and affairs of the Company and its subsidiaries in connection with such Secured Party’s investment in the Debtors,
the creation and continuance of the Secured Obligations, the transactions contemplated by the Transaction Documents, and the taking
or not taking of any action in connection therewith, and (ii) its own appraisal of the creditworthiness of the Company and its
subsidiaries, and of the value of the Collateral from time to time, and the Collateral Agent shall have no duty or responsibility,
either initially or on a continuing basis, to provide any Secured Party with any credit, market or other information with respect
thereto, whether coming into its possession before any Secured Obligations are incurred or at any time or times thereafter. The
Collateral Agent shall not be responsible to the Debtors or any Secured Party for any recitals, statements, information, representations
or warranties herein or in any document, certificate or other writing delivered in connection herewith, or for the execution,
effectiveness, genuineness, validity, enforceability, perfection, collectability, priority or sufficiency of the Agreement or
any other Transaction Document, or for the financial condition of the Debtors or the value of any of the Collateral, or be required
to make any inquiry concerning either the performance or observance of any of the terms, provisions or conditions of the Agreement
or any other Transaction Document, or the financial condition of the Debtors, or the value of any of the Collateral, or the existence
or possible existence of any default or Event of Default under the Agreement, the Note or any of the other Transaction Documents.

 

4.
Certain Rights of the Collateral Agent. The Collateral Agent shall have the right to take any action with respect to the
Collateral, on behalf of all of the Secured Parties. To the extent practical, the Collateral Agent shall request instructions
from the Secured Parties with respect to any material act or action (including failure to act) in connection with the Agreement
or any other Transaction Document, and shall be entitled to act or refrain from acting in accordance with the instructions of
a Majority in Interest; if such instructions are not provided despite the Collateral Agent’s request therefor, the Collateral
Agent shall be entitled to refrain from such act or taking such action, and if such action is taken, shall be entitled to appropriate
indemnification from the Secured Parties in respect of actions to be taken by the Collateral Agent; and the Collateral Agent shall
not incur liability to any person or entity by reason of so refraining. Without limiting the foregoing, (a) no Secured Party shall
have any right of action whatsoever against the Collateral Agent as a result of the Collateral Agent acting or refraining from
acting hereunder in accordance with the terms of the Agreement or any other Transaction Document, and the Debtors shall have no
right to question or challenge the authority of, or the instructions given to, the Collateral Agent pursuant to the foregoing
and (b) the Collateral Agent shall not be required to take any action which the Collateral Agent believes (i) could reasonably
be expected to expose it to personal liability or (ii) is contrary to this Agreement, the Transaction Documents or applicable
law.

 

    	 	 	 

    	 

    

 

5.
Reliance. The Collateral Agent shall be entitled to rely, and shall be fully protected in relying, upon any writing, resolution,
notice, statement, certificate, telex, teletype or telecopier message, cablegram, radiogram, order or other document or telephone
message signed, sent or made by the proper person or entity, and, with respect to all legal matters pertaining to the Agreement
and the other Transaction Documents and its duties thereunder, upon advice of counsel selected by it and upon all other matters
pertaining to this Agreement and the other Transaction Documents and its duties thereunder, upon advice of other experts selected
by it. Anything to the contrary notwithstanding, the Collateral Agent shall have no obligation whatsoever to any Secured Party
to assure that the Collateral exists or is owned by the Debtors or is cared for, protected or insured or that the liens granted
pursuant to the Agreement have been properly or sufficiently or lawfully created, perfected, or enforced or are entitled to any
particular priority.

 

6.
Indemnification. To the extent that the Collateral Agent is not reimbursed and indemnified by the Debtors, the Secured
Parties will jointly and severally reimburse and indemnify the Collateral Agent, in proportion to their initially purchased respective
principal amounts of the Note, from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments,
suits, costs, expenses or disbursements of any kind or nature whatsoever which may be imposed on, incurred by or asserted against
the Collateral Agent in performing its duties hereunder or under the Agreement or any other Transaction Document, or in any way
relating to or arising out of the Agreement or any other Transaction Document except for those determined by a final judgment
(not subject to further appeal) of a court of competent jurisdiction to have resulted solely from the Collateral Agent’s
own gross negligence or willful misconduct. Prior to taking any action hereunder as Collateral Agent, the Collateral Agent may
require each Secured Party to deposit with it sufficient sums as it determines in good faith is necessary to protect the Collateral
Agent for costs and expenses associated with taking such action.

 

7.
Resignation by the Collateral Agent.

 

(a)
The Collateral Agent may resign from the performance of all its functions and duties under the Agreement and the other Transaction
Documents at any time by giving 30 days’ prior written notice (as provided in the Agreement) to the Debtors and the Secured
Parties. Such resignation shall take effect upon the appointment of a successor Collateral Agent pursuant to clauses (b) and (c)
below.

 

(b)
Upon any such notice of resignation, the Secured Parties, acting by a Majority in Interest, shall appoint a successor Collateral
Agent hereunder.

 

(c)
If a successor Collateral Agent shall not have been so appointed within said 30-day period, the Collateral Agent shall then appoint
a successor Collateral Agent who shall serve as Collateral Agent until such time, if any, as the Secured Parties appoint a successor
Collateral Agent as provided above. If a successor Collateral Agent has not been appointed within such 30- day period, the Collateral
Agent may petition any court of competent jurisdiction or may interplead the Debtors and the Secured Parties in a proceeding for
the appointment of a successor Collateral Agent, and all fees, including, but not limited to, extraordinary fees associated with
the filing of interpleader and expenses associated therewith, shall be payable by the Debtors on demand.

 

8.
Rights with Respect to Collateral. Each Secured Party agrees with all other Secured Parties and the Collateral Agent (a)
that it shall not, and shall not attempt to, exercise any rights with respect to its security interest in the Collateral, whether
pursuant to any other agreement or otherwise (other than pursuant to this Agreement), or take or institute any action against
the Collateral Agent or any of the other Secured Parties in respect of the Collateral or its rights hereunder (other than any
such action arising from the breach of this Agreement) and (b) that such Secured Party has no other rights with respect to the
Collateral other than as set forth in this Agreement and the other Transaction Documents. Upon the acceptance of any appointment
as Collateral Agent hereunder by a successor Collateral Agent, such successor Collateral Agent shall thereupon succeed to and
become vested with all the rights, powers, privileges and duties of the retiring Collateral Agent and the retiring Collateral
Agent shall be discharged from its duties and obligations under the Agreement. After any retiring Collateral Agent’s resignation
or removal hereunder as Collateral Agent, the provisions of the Agreement including this Annex A shall inure to its benefit as
to any actions taken or omitted to be taken by it while it was Collateral Agent.

 

    	 	 	 

    	 

    

 

ANNEX
B

to

SECURITY AND PLEDGE

AGREEMENT

FORM OF ADDITIONAL DEBTOR JOINDER

 

Reference
is made to the Security and Pledge Agreement, dated as of September __, 2018, entered into by Muscle Maker, Inc. and its subsidiaries
party thereto from time to time, as Debtors to and in favor of the Secured Parties identified therein (the “Security
Agreement”). Capitalized terms used herein and not otherwise defined herein shall have the meanings given to such terms
in, or by reference in, the Security Agreement.

 

The
undersigned hereby agrees that upon delivery of this Additional Debtor Joinder to the Secured Parties referred to above, the undersigned
shall (a) be an Additional Debtor under the Security Agreement, (b) have all the rights and obligations of the Debtors under the
Security Agreement as fully and to the same extent as if the undersigned was an original signatory thereto and (c) be deemed to
have made the representations and warranties set forth therein as of the date of execution and delivery of this Additional Debtor
Joinder. WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, THE UNDERSIGNED SPECIFICALLY GRANTS TO THE SECURED PARTIES A SECURITY
INTEREST IN THE COLLATERAL AS MORE FULLY SET FORTH IN THE SECURITY AGREEMENT AND ACKNOWLEDGES AND AGREES TO THE WAIVER OF JURY
TRIAL PROVISIONS SET FORTH THEREIN.

 

Attached
hereto are supplemental and/or replacement Disclosure Schedules to the Security Agreement, as applicable.

 

An
executed copy of this Additional Debtor Joinder shall be delivered to the Secured Parties, and the Secured Parties may rely on
the matters set forth herein on or after the date hereof. This Additional Debtor Joinder shall not be modified, amended or terminated
without the prior written consent of the Secured Parties.

 

IN
WITNESS WHEREOF, the undersigned has caused this Additional Debtor Joinder to be executed in the name and on behalf of the undersigned.

 

	 	[Name
    of Additional Debtor]
	 		 
	 	By:	       
	 	Name:	 
	 	Title:	 
	 	 	 
	 	Address:
	 	 	 
	Dated:Muscle
Maker, Inc

Employment
Agreement

 

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

 

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

 

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

 

Section
1. Position and Duties.

 

1.1      During the Initial Employment Term (as defined below), the Employee shall serve as the Chief Executive Officer of the Company
and shall report solely and directly to the Board. The Employee shall be responsible for oversight and management of all operations
and activities of the Company. In addition, the Employee shall perform all other duties and accept all other responsibilities
incident to such position as may be reasonably assigned to him by the Board.

 

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

 

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

 

1.4       Employee
will perform his duties and responsibilities located at the corporate headquarters or elsewhere within reason.

 

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

 

    	 	1	 

    	 

    

 

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

 

Section
3. Compensation and Benefits.

 

3.1       Base
Salary. Commencing on the Effective Date, the Company shall pay Employee during the Initial Employment Term an annual salary
of $250,000, less ordinary withholdings (the “Annual Salary”). Such Annual Salary will be payable less ordinary withholdings
in accordance with the normal payroll cycle as presently exists (currently weekly) or may hereafter be adopted by the Company.
This annual salary will be increased to $275,000 upon the completion of a certain set of milestones as defined in the Securities
Purchase Agreement dated ______ schedule 2.1(b). Furthermore, the Executive’s annual base salary compensation will be increased
to $350,000 upon the successful completion of an initial public offering. The Executive’s salary will be reviewed at the
end of each fiscal year after a successful initial public offering and, at the discretion of the Board, can be increased based
upon the Company’s financial performance against the established business plan. The
annual rate may not be decreased except with the written consent of the employee.

 

3.2       Bonus.
As additional compensation and as further consideration for Employee entering into this Agreement for services to be rendered
by Employee, the Company may pay Employee annually following the end of each fiscal year after a successful initial public offering,
a cash bonus. The Company’s Board, together with the Compensation Committee of the Company’s Board, will review Employee’s
performance and may award Employee performance-based compensation (“Bonus”) in its sole discretion, if deemed warranted.
Any such Bonus may be in cash or in securities of the Company, or any combination thereof, and shall be subject to such timing
of receipt, vesting and any other conditions (including but not limited to conditions which may extend beyond the termination
of this contract) as imposed by the Board at the time of such grant and at the time of adoption of any plan under which such Bonus
may be granted, if any. However, there will be no cash bonuses awarded prior to the completion of a successful initial public
offering. Any bonus paid prior to a successful public offering can only be in the form of securities of the company. As an incentive
to remain employed with the company through any initial public offering, the employee will receive an additional $100,000 cash
bonus upon the successful completion of an initial public offering. The bonus will be payable within 30 days after the initial
public offering is completed.

 

3.3       Equity
Awards. Employee shall receive, in addition to the previously awarded 350,000 restricted stock units, additional restricted
stock units (.0001 par value) as an additional bonus upon the successful completion of an initial public offering on a national
security exchange. The amount of restricted stock units awarded is dependent upon the total amount raised through the IPO as follows:

 

-
150,000 additional restricted stock units upon $3,000,000 (three million)dollars raised or

 

-
250,000 additional restricted stock units upon $5,000,000 (five million) dollars raised.

 

    	 	2	 

    	 

    

 

In
addition to the above stock grants, the Company will award 100,000 restricted stock units on the Executive’s one and two-year
employment anniversaries as an incentive to retain his services. Additional stock grants may be approved by the Board of Directors
together with the Compensation Committee from time to time.

 

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

 

3.5       Vacation.
Employee shall be entitled to accrue paid vacation at the rate of two (2) weeks per year through 2018 and three (3) weeks per
year starting in 2019. Upon separation, all accrued but not yet used vacation days will be paid in one lump sum in a final paycheck.

 

3.6       Holidays.
Employee shall receive five (5) personal time off days and six (6) paid Company holidays.

 

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

 

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

 

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

 

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

 

Section
4. Termination.

 

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

 

(i)       Employee’s
refusal to comply with a lawful instruction of the Company’s Board of Directors;

 

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

 

    	 	3	 

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

In
the event the company terminates the Executives employment without cause, other than due to disability or death without cause,
or the Employee terminates their employment for Good Reason, the Executive shall be entitled to:

 

	 	(i)	Base
    salary through the end of the month in which the termination of employment occurs;

 

    	 	4	 

    	 

    

 

	 	(ii)	Base
    salary, at the rate in effect of the date of termination of the Executive’s employment, for 24 months beginning with
    the month following the month in which the termination of his employment occurs;
	 	 	 
	 	(iii)	 Any
    accrued bonuses to which the executive is entitled under the terms of the then applicable bonus plans;
	 	 	 
	 	(iv)	Any
    other amounts earned, accrued or owing under the terms of this agreement, but not yet paid;
	 	 	 
	 	(v)	Continued
    participation in all employee benefit plans or programs in which he was participating on the date of the termination of employment
    as permitted by their terms until the earlier of:

 

	 	a.	The
    date which is 24 months following the end of the month in which the termination of employment occurs; or
	 	 	 
	 	b.	The
    date, or dates, he receives an equivalent coverage and benefits under the plans and programs of the subsequent employer (such
    coverages and benefits to be determined on a coverage by coverage, or benefit by benefit, basis); For clarity purposes, the
    Company will continue to pay its portion of all benefit plans including, but not limited to, the company portion/share of
    all health and dental premiums as per the then in effect health insurance plans, provided that

 

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

 

	 	(vi)	Other
    benefits in accordance with applicable plans and programs of the Company; and
	 	 	 
	 	(vii)	All
    granted and vested restricted stock units provided to the employee as part of this agreement or previously awarded units from
    any other agreement.

 

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

 

	 	(i)	Any
    material breach of this Employment Agreement by the Company; or
	 	 	 
	 	(ii)	the
    failure of the Company to assign this Employment Agreement to a successor to the Company or the failure of a successor to
    explicitly assume and agree to be bound by this Employment Agreement or a similar Employment Agreement; or
	 	 	 
	 	(iii)	Failure
    by Catalytic Capital, LLC, Muscle Maker Grill or others to fully fund within 60 days the pre-determined amounts ($1,000,000)
    per additional closing upon the company’s successful completion of the milestones as defined in the Securities Purchase
    Agreement dated _____ schedule 2.1(b). In the event this specific failure occurs, the employee would be limited to 12 months
    versus 24 months on the above conditions in section 4.3 including all sub-sections of section 4.3 (sub-section i, ii, iii,
    iv, v, vi, vii)

 

    	 	5	 

    	 

    

 

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

 

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

 

Section
5. Miscellaneous Provisions.

 

5.1       Confidentiality.
At all times Employee both during and after employment will regard and preserve as confidential all trade secrets and other confidential
information pertaining to the business of the Company, including financial data, strategic business plans, product development,
marketing plans, and other non-public proprietary information.

 

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

 

5.1b       Liability
Insurance. The company agrees to obtain a directors and officers liability insurance policy covering the executive and to
maintain such policy. The amount of coverage should be reasonable in relation to the executive’s position and responsibilities
during the term of employment but in no event shall the amount of coverage be less than $1 million in the aggregate provided that
the cost and availability of such insurance is reasonable within the marketplace.

 

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

 

    	 	6	 

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

If
to the Company, to:

308
E. Renfro Street,

Suite
101

Burleson,
Texas 76028

Attention:
Chairman of the Board

 

    	 	7	 

    	 

    

 

If
to Employee:

2205
Mockingbird Lane

Flower
Mound, TX 75022

Attention:
Michael J. Roper

 

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

 

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

 

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

 

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

 

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

 

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

 

5.11       Employee
Counsel. Employee acknowledges that he has had the opportunity to review this Agreement and the transactions contemplated
hereby with his own legal counsel.

 

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

 

    	 	8	 

    	 

    

 

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

 

	COMPANY:	Muscle
    Maker, Inc
	 	 	 
	 	By:
    	/s/
    Kevin Mohan
	 	 	Kevin
    Mohan, Chairman of the Board
	 	 	 
	 	By:	/s/
Noel DeWinter
	 	 	Noel
    DeWinter, Compensation Committee
	 	 	 
	 	By:	/s/
    A.B Southall
	 	 	A.B
    Southall, Compensation Committee
	 	 	 
	EMPLOYEE:	 	 
	 	 	 
	 	By:
    	/s/
    Michael J. Roper
	 	 	Michael
    J. Roper

 

    	 	9

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