Document:

Exhibit
10.5 

 

STOCK
REPURCHASE AGREEMENT

 

This
Stock Repurchase Agreement (this “Agreement”) is entered into as of this 22nd day of January 2018, by and among
Hometown International, Inc., a Nevada corporation (the "Company"), and Benchmark Capital LLC (the "Stockholder").

 

RECITALS

 

WHEREAS,
the Stockholder purchased 7,000 units from the Company in August 2014, said units consisting of 7,000 shares of common stock of
the Company (the "Shares") and 14,000 warrants which expired pursuant to the terms thereof on September 30, 2017;

 

WHEREAS,
the Stockholder desires to sell the Shares to the Company, and the Company is willing to repurchase the Shares from the Stockholder
upon the terms and subject to the conditions set forth in this Agreement.

 

NOW,
THEREFORE, in consideration of the premises and agreements of the parties contained in this Agreement, and for other good and
valuable consideration, the receipt and sufficiency of which are acknowledged, the parties agree as follows:

 

SECTION
1

REPURCHASE
AND SALE OF SHARES; CLOSING

 

1.1      
Repurchase and Sale of Shares. On the terms and subject to the conditions set forth in this Agreement, the Company agrees
to purchase from the Stockholder and the Stockholder agrees to sell, transfer, convey and deliver to the Company all of the Shares
for an aggregate purchase price of Five Thousand, Two Hundred and Fifty dollars ($5,250.00) (the “Purchase Price”).

 

1.2
      Payment for Shares. Simultaneous with the execution and delivery of this Agreement, the Company shall pay the Purchase
Price by the issuance and delivery to the Stockholder of a Promissory Note (the “Note”) in the form attached
hereto as Exhibit A.

 

1.3       Closing
Date. The consummation of the transactions contemplated by this Agreement (the “Closing”) shall
take place simultaneous on the date of execution and delivery of this Agreement (the “Closing Date”) and any
other appropriate documentation between the parties (via overnight delivery, facsimile, electronic transmission, or by any other
means as agreed upon by the parties hereto in writing), or such other time or place as shall be mutually agreed upon by the parties
to this Agreement.

 

1.4       Deliverables
by the Company. At the Closing, the Company shall deliver to the Stockholder (i) this Agreement and (ii) the Note, both duly
executed by the Company.

 

    Page 1 of 5

     

    

 

1.5
     Deliverables by the Stockholder. At the Closing, the Stockholder shall deliver
to the Company this Agreement. The execution and delivery of this Agreement by the Stockholder to the Company evidences the irrevocable
appointment by the Stockholder of any officer, employee or agent of the Company as its attorney to cancel or transfer the Shares
on the books of the Company with full power of substitution.

 

SECTION
2

REPRESENTATIONS
AND WARRANTIES

 

2.1      
Representations and Warranties of the Stockholder. The Stockholder represents and warrants to the Company as follows:

 

2.1.1     
Power and Authority. The Stockholder has the power and authority to execute and deliver this Agreement and consummate the
transactions contemplated hereby.

 

2.1.2    

Validity; Enforceability. This Agreement has been duly executed by the Stockholder, and constitute legal, valid and binding
obligations of the Stockholder, enforceable in accordance with its terms except as enforceability may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors' rights generally and
general principles of equity (whether considered in an action at law or in equity).

 

2.1.3    

No Encumbrances, Etc. The Stockholder is the owner of record of all right, title and interest (legal and beneficial), free
and clear of all liens, in and to the Shares. Upon delivery of this Agreement and delivery to the Stockholder of the Purchase
Price, good, valid and marketable title to the Shares, free and clear of all liens, encumbrances, equities, claims, liabilities
or obligations, whether absolute, accrued, contingent or otherwise, will be transferred to the Company.

 

2.1.4    

Knowledge; Access. The Stockholder has such knowledge and experience in financial and business matters and has been furnished
access to such information and documents concerning the Company that it is capable of evaluating the merits and risks of accepting
the Purchase Price in exchange for the Shares and the other terms and conditions of this Agreement. The Stockholder has had an
opportunity to ask questions and receive answers concerning the terms and conditions of this repurchase and to obtain additional
information regarding the Company's plans and future prospects.

 

2.1.5    

Accredited Investor Status. The Stockholder is an "accredited investor" as such term is defined in Rule 501(a)
of Regulation D promulgated under the Securities Act of 1933, as amended.

 

    Page 2 of 5

     

    

 

2.2
    
 Representations and Warranties of the Company. The Company represents and warrants to the Stockholder as follows:

 

2.2.1    

Power and Authority. The Company has the power and authority to execute and deliver this Agreement and consummate the transactions
contemplated hereby.

 

2.2.2    

Organization and Qualification. The Company is a corporation, duly organized, validly existing and in good standing under
the laws of the State of Nevada.

 

2.2.3    

Validity; Enforceability. This Agreement and the Note have been duly executed by the Company, and constitute legal, valid
and binding obligations of the Company, enforceable in accordance with their respective terms, except as enforceability may be
limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors'
rights generally and general principles of equity (whether considered in an action at law or in equity).

 

SECTION
3

MISCELLANEOUS

 

3.1
    
 Notices.  In order to be effective, any notice or other communication required or permitted hereunder, shall, unless
otherwise stated herein, be in writing and shall be transmitted by messenger, delivery service, mail or telecopy, as specified
below:

 

If
to the Company:

 

Hometown
International, Inc.

25
E. Grant Street

Woodstown,
NJ 08098 

 

If
to the Stockholder:

 

Benchmark
Capital LLC

P.
O. Box 25064

Winston
Salem, NC 27114

 

or
at such other address as a party shall designate in a written notice to the other parties hereto given in accordance with this
Section 3.1. All notices and other communications shall be effective (a) if sent by messenger or delivery service, when delivered,
(b) if sent by mail, five (5) days after having been sent by certified mail, with return receipt requested, or (c) if sent by
telecopier with receipt acknowledged, when sent.

 

3.2    

Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective
permitted successors and assigns.

 

3.3    

Entire Agreement, Amendment. This Agreement constitutes the entire agreement between the Company and Stockholder with respect
to the transactions contemplated hereby and thereby; supersedes all prior or contemporaneous negotiations, communications, discussions
and correspondence concerning the subject matter hereof; and may be amended or modified only with the written consent of the Company
and the Stockholder.

 

    Page 3 of 5

     

    

 

3.4    

Severability of Provisions. If any provision of this Agreement shall be prohibited by or invalid under applicable law,
such provision shall be ineffective only to the extent of such prohibition or invalidity without invalidating the remainder of
such provision or any remaining provisions of this Agreement, and the parties shall use their respective best efforts to negotiate
and enter into an amendment to this Agreement whereby such provision will be modified in a manner that is consistent with the
intended economic consequences of the invalid provision and that, as modified, is legal and enforceable.

 

3.5    

Governing Law. This agreement shall be governed by and construed in accordance with the internal laws of the State of New
Jersey without giving effect to any choice of law or conflict, provision or rule (whether of the State of New Jersey or any other
jurisdiction) that would cause the laws of any jurisdiction other than the State of New Jersey to be applied.

 

3.6    

Counterparts. This Agreement may be executed in separate counterparts, either of which, when so executed, shall be deemed
to be an original and both of which, when taken together, shall constitute but one and the same agreement.

 

3.7    

Survival. The representations, warranties, covenants and agreements made herein shall survive the execution and delivery
of this Agreement and the consummation of the transactions contemplated hereby, notwithstanding any investigation made by either
party.

 

3.8
    
Further Assurances. Each party shall at any time and from time to time after the date hereof take whatever actions the
other party or its affiliates or agents reasonably request to effectuate, record, evidence or perfect its transfer of the Shares
to the Company pursuant to this Agreement or to otherwise effectuate or consummate any of the transactions contemplated hereby.
Any expenses incurred by the party being requested to take any further action pursuant to this Agreement shall be paid in advance
by the party making such request.

 

[Remainder
of Page Intentionally Omitted; Signature Pages to Follow]

 

    Page 4 of 5

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Stock Repurchase Agreement to be executed the day and year first written
above.

 

	 	HOMETOWN INTERNATIONAL, INC.
	 	 	 
	 	By:	/s/Paul F. Morina
	 	Name:     Paul F. Morina     
	 	Title:       President
	 	 	 
	 	BENCHMARK CAPITAL LLC
	 	 	 
	 	By:	/s/James T. Patten
	 	Name:     James T. Patten     
	 	Title:       Manager

 

Page 5 of 5Exhibit
10.6

 

THIS
PROMISSORY NOTE (THE “NOTE”) HAS NOT BEEN REGISTERED WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION
OR THE SECURITIES COMMISSION OF ANY STATE. THE NOTE IS BEING OFFERED PURSUANT TO A SAFE HARBOR FROM REGISTRATION UNDER REGULATION
D PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”). THE NOTE IS “RESTRICTED”
AND MAY NOT BE OFFERED OR SOLD UNLESS IT IS REGISTERED UNDER THE ACT, PURSUANT TO REGULATION D OR PURSUANT TO AVAILABLE EXEMPTIONS
FROM THE REGISTRATION REQUIREMENTS OF THE ACT, AND THE COMPANY RECEIVES AN OPINION OF COUNSEL OR OTHER SUCH INFORMATION AS IT
MAY REASONABLY REQUIRE TO CONFIRM THAT SUCH EXEMPTIONS ARE AVAILABLE.

 

PROMISSORY
NOTE

 

		$5,250.00	January
22, 2018

 

THIS
PROMISSORY NOTE (this “Note”) is issued by HOMETOWN INTERNATIONAL, INC., a Nevada corporation, with
an address at 25 E. Grant Street, Woodstown, New Jersey 08098 (the “Company”), to BENCHMARK CAPITAL LLC,
a NJ limited liability company with an address at P.O. Box 25064, Winston Salem, NC 27114 (the “Holder”).

 

ARTICLE
I

 

Section
1.01     Principal. For value received, the Company hereby promises to pay on or before July 31, 2018 (the
“Maturity Date”) to the order of the Holder, in lawful money of the United States of America and in immediately
available funds, the principal sum of Five Thousand, Two Hundred Fifty Dollars ($5,250.00) (the “Principal Amount”).

 

Section
1.02     Interest. Interest shall accrue on the Principal Amount at the rate of six percent (6 %) per annum
(computed on the basis of a 365-day year and the actual days elapsed) from the date of this Note until the Principal Amount is
repaid in full.

 

Section
1.03     Payment of Interest. Interest on the Principal Amount shall be due and payable on the Maturity Date.

 

Notwithstanding
any provision contained herein to the contrary, the total liability of the Company for payment of interest pursuant hereto, including
late charges, shall not exceed the maximum amount of such interest permitted by law to be charged, collected, or received from
the Company, and if any payments by the Company include interest in excess of such a maximum amount, the Holder shall apply such
excess to the reduction of the unpaid Principal Amount, or if none is due, such excess shall be refunded.

 

    

     

    

 

Section
1.04     Right to Prepay.     The Company shall have the right to prepay all or any portion of the Principal Amount
and all accrued interest thereon (the “Prepaid Amount”) at any time, on or before the Maturity Date, without
penalty or premium.

 

ARTICLE
II

 

Section
2.01     Representations and Warranties of the Holder. The Holder hereby acknowledges, represents and warrants
to, and agrees with, the Company and its affiliates as follows:

 

(a)       The
Holder understands that this Note has not been registered under the Securities Act of 1933, as amended (the “Securities
Act”) or registered or qualified under any the securities laws of any state or other jurisdiction, and is a “restricted
security,” and cannot be resold or otherwise transferred unless it is registered under the Securities Act, and registered
or qualified under any other applicable securities laws, or an exemption from such registration and qualification is available.

 

(b)       The
Holder is acquiring this Note for its own account as principal, not as a nominee or agent, for investment purposes only, and not
with a view to, or for, resale, distribution or fractionalization thereof in whole or in part, and no other person has a direct
or indirect beneficial interest in this Note or any portion thereof. Further, the Holder does not have any contract, undertaking,
agreement or arrangement with any person to sell, transfer or grant participations to such person or to any third person, with
respect to this Note for which the Holder is subscribing or any part of thereof.

 

(c)       The
Holder has full power and authority to enter into this Note, the execution and delivery of this Note has been duly authorized,
and this Note constitutes a valid and legally binding obligation of the Holder.

 

(d)       The
Holder is not subscribing for this Note as a result of or subsequent to any advertisement, article, notice or other communication
published in any newspaper, magazine or similar media or broadcast over television or radio, or presented at any seminar or meeting,
or any solicitation of a subscription by person previously not known to the Holder in connection with investment.

 

(e)       The
Holder understands that the Company is under no obligation to register this Note under the Securities Act, or to assist the Holder
in complying with the Securities Act or the securities laws of any state of the United States or of any foreign jurisdiction.

 

(f)       The
Holder is (i) experienced in making investments of the kind, (ii) able, by reason of the business and financial experience of
its officers (if an entity) and professional advisors (who are not affiliated with or compensated in any way by the Company or
any of its affiliates or selling agents), to protect its own interests in connection with the transactions described in this Note,
and the related documents, and (iii) able to afford the entire loss of its investment in this Note.

 

    2

     

    

 

(g)       The Holder has the financial ability to bear the economic risk of its investment, has adequate means for providing for his current
needs and personal contingencies and has no need for liquidity with respect to its investment in this Note.

 

(h)       The Holder has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks
of the prospective investment in this Note. The Holder is not relying on the Company, or its affiliates or agents, with respect
to economic considerations involved in this investment. The Holder has relied solely on its own advisors.

 

(i)       
The Holder has been provided an opportunity for a reasonable period of time prior to the date hereof to obtain additional
information concerning this Note and the Company and all other information, to the extent the Company possesses such
information or can acquire it without unreasonable effort or expense, and agrees and acknowledges that it has carefully
reviewed all of the filings made by the Company.

 

(j)        No
representations or warranties have been made to the Holder by the Company, or any officer, employee, agent, affiliate or subsidiary
of the Company, other than the representations of the Company contained herein, and in subscribing for this Note, the Holder is
not relying upon any representations other than those contained herein. The Holder has consulted, to the extent it has deemed
appropriate, with its own advisers as to the financial, tax, legal and related matters concerning an investment in this Note and
on that basis believes that its investment in this Note is suitable and appropriate for the Holder.

 

(k)       The Holder is an “accredited investor” as that term is defined in Rule 501 of the General Rules and Regulations under
the Securities Act.

 

ARTICLE
III

 

Section
3.01     Representations and Warranties of the Company. The Company hereby acknowledges, represents and warrants
to, and agrees with, the Holder as follows:

 

(a)       Organization.
The Company is a corporation duly organized, validly existing, and in good standing under the laws of the State of Nevada. The
Company has all requisite power to own, operate and lease its business and assets and carry on its business as the same is now
being conducted.

 

(b)       Corporate
Power and Authority. The Company has all requisite power and authority to enter into and deliver this Note and to consummate
the transactions contemplated hereby. The execution, delivery, and performance of this Note by the Company and the consummation
of the transactions contemplated hereby, have been duly authorized by all necessary action and no other action or proceeding on
the part of the Company is necessary to authorize the execution, delivery, and performance by the Company of this Note and the
consummation by the Company of the transactions contemplated hereby.

 

    3

     

    

 

ARTICLE
IV

 

Section
4.01     Events of Default.  Upon the occurrence of any of the following events (each, an “Event of Default”)
(whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of
law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental
body) an Event of Default shall be deemed to have occurred:

 

(a)       Default
in the payment of the Principal Amount on the Maturity Date, which default has not been cured within 10 days after its due date
by acceleration or otherwise; or

 

(b)       Default
in the payment, when due or declared due, of any interest payment hereunder, which default has not been cured within 10 days after
its due date by acceleration or otherwise; or

 

(c)       The Company files for relief under the United States Bankruptcy Code (the “Bankruptcy Code”) or under any other
state or federal bankruptcy or insolvency law, or files an assignment for the benefit of creditors, or if an involuntary proceeding
under the Bankruptcy Code or under any other federal or state bankruptcy or insolvency law is commenced against the Company, and
has not been resolved in a period of thirty (30) days after such commencement.

 

Section
4.02     Effect of Default.     Upon the occurrence of an Event of Default as set forth in Section 4.01, the Holder
shall have the right to declare the Principal Amount and all interest accrued thereon to be immediately due and payable.

 

ARTICLE
V

 

Section
5.01     Notice.          All notices, requests, claims, demands and other communications given or made pursuant hereto
shall be in writing and shall be deemed to have been duly given if delivered in person against written receipt, by facsimile transmission,
overnight courier prepaid, or mailed by prepaid first class registered or certified mail, postage prepaid, return receipt requested
to the respective parties at the following addresses (or at such other address for a party as shall be specified in a notice given
in accordance with this Section):

 

		(i)	If
                                         to the Company:

 

Hometown
International, Inc.

25
E. Grant Street

Woodstown,
NJ 08098 

 

    4

     

    

 

		(ii)	If
to the Holder:

 

Benchmark
Capital LLC

P.
O Box 25064     

Winston
Salem, NC 25117

 

All
such notices, requests and other communications will (i) if delivered personally to the address as provided in this Section, be
deemed given upon delivery, (ii) if delivered by facsimile transmission to the facsimile number as provided in this Section, be
deemed given upon receipt, (iii) if delivered by overnight courier to the address as provided in this Section, be deemed given
on the earlier of the first business day following the date sent by such overnight courier or upon receipt, or (iv) if delivered
by mail in the manner described above to the address provided in this Section, be deemed given on the earlier of the third business
day following mailing or upon receipt.

 

Section
5.02     Governing Law. This Note shall be deemed to be made under and shall be construed in accordance with the
laws of the State of New Jersey without giving effect to the principals of conflict of laws thereof.

 

Section
5.03     Severability. The invalidity of any of the provisions of this Note shall not invalidate or otherwise affect
any of the other provisions of this Note, which shall remain in full force and effect.

 

Section
5.04     Construction and Joint Preparation. This Note shall be construed to effectuate the mutual intent of the
parties. The parties and their counsel have cooperated in the drafting and preparation of this Note, and this Note therefore shall
not be construed against any party by virtue of its role as the drafter thereof. No drafts of this Note shall be offered by any
party, nor shall any draft be admissible in any proceeding, to explain or construe this Note. The headings contained in this Note
are intended for convenience of reference only and are not intended to be a part of or to affect the meaning or interpretation
of this Note.     

 

Section
5.05     Entire Agreement and Amendments. This Note shall be binding upon and inure to the benefit of and be enforceable
by the respective successors and assigns of the Company and the Holder. This Note represents the entire agreement between the
parties hereto with respect to the subject matter hereof and there are no representations, warranties or commitments, except as
set forth herein. This Note may be amended only by an instrument in writing executed by the parties hereto.

 

Section
5.06     Counterparts. This Note may be executed in multiple counterparts, each of which shall be an original, but
all of which shall be deemed to constitute on instrument.

 

    5

     

    

 

IN
WITNESS WHEREOF, with the intent to be legally bound hereby, the Company has executed this Note as of the date first written
above.

 

	 	HOMETOWN INTERNATIONAL, INC.
	 	 	 
	 	By:	/s/Paul F. Morina
	 	Name:    Paul F. Morina     
	 	Title:      President
	 	 	 
	 	BENCHMARK CAPITAL LLC
	 	 	 
	 	By:	/s/James T. Patten
	 	Name:    James T. Patten     
	 	Title:      Manager

 

6

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