Document:

Exhibit 10.2

 

NEITHER THIS SECURITY NOR THE SECURITIES
INTO WHICH THIS SECURITY IS CONVERTIBLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION
OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF
THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR
TO SUCH EFFECT, THE SUBSTANCE OF WHICH MUST BE REASONABLY ACCEPTABLE TO THE COMPANY.

 

	Original Issue Date:  January ___, 2015	$__________

 

8% CONVERTIBLE
NOTE

 

THIS 8% CONVERTIBLE
NOTE is a duly authorized and validly issued 8% Convertible Note of Chanticleer Holdings, Inc., a Delaware corporation, having
its principal place of business at 7621 Little Avenue, Suite 414, Charlotte, North Carolina 28226 (the “Company”),
designated as its 8% Convertible Note (the “Note”).

 

FOR VALUE RECEIVED,
the Company promises to pay to ___________, (the “Holder”), or Holder’s assigns, the principal sum of
__________ dollars ($__________) on or before January ___, 2018, unless the Holder exercises its early prepayment option as set
forth in Section 6(a) of this Note (the “Maturity Date”), to pay interest to the Holder on the aggregate unconverted
and then outstanding principal amount of this Note at the non-compounded rate of eight percent (8%) per annum, payable quarterly
in arrears beginning on March 31, 2015 and continuing thereafter until the Maturity Date. Interest shall be calculated on the
basis of a 360-day year and shall accrue daily commencing on the Original Issue Date until payment in full of the principal sum,
together with all accrued and unpaid interest, and other amounts, which may become due hereunder, has been made. The Company shall
not be required to make any principal or interest payments until the date that is one hundred and eighty (180) days from the Original
Issue Date. Interest hereunder will be paid to the Person in whose name this Note is registered on the records of the Company
regarding registration and transfers of this Note (the “2014 Note Register”). On and after June 30, 2015, at
the Company’s discretion, each payment of principal and/or interest may be paid in cash or in kind at the Conversion Price
(by an increase in the principal amount payable equal to the interest due); provided, however a payment in kind may only be made
if and to the extent that (A) there is an effective registration statement permitting the resale of the Conversion Shares and
Warrant Shares, pursuant to the terms of the Registration Rights Agreement or (B) the Conversion Shares and Warrant Shares are
eligible for resale without volume or manner-of-sale limitations pursuant to Rule 144, with the Company bearing all costs of the
aforementioned sales (e.g., legal and transfer agent expenses). Interest shall cease to accrue with respect to any principal amount
converted or paid. This Note is being issued to the Holder pursuant to the terms and conditions of that certain Subscription Agreement
of even date herewith by and between the Company and the Holder (the “Subscription Agreement”). All terms not
otherwise defined herein shall have the same meaning as in the Subscription Agreement.

 

    	 

    	 

    

 

This Note is subject
to the following additional provisions:

 

1.           Definitions.
For the purposes hereof, in addition to the terms defined elsewhere in this Note , the following terms shall have the following
meanings:

 

“Bankruptcy
Event” means any of the following events: (a) the Company or any subsidiary commences a case or other proceeding under
any bankruptcy, reorganization, arrangement, adjustment of debt, relief of debtors, dissolution, insolvency or liquidation or similar
law of any jurisdiction relating to the Company or any subsidiary thereof; (b) there is commenced against the Company or any subsidiary
thereof any such case or proceeding that is not dismissed within 60 days after commencement; (c) the Company or any subsidiary
thereof is adjudicated insolvent or bankrupt or any order of relief or other order approving any such case or proceeding is entered;
(d) the Company or any subsidiary thereof suffers any appointment of any custodian or the like for it or any substantial part of
its property that is not discharged or stayed within 60 calendar days after such appointment; or (e) the Company or any subsidiary
thereof makes a general assignment for the benefit of creditors.

 

“Business Day”
means any day except Saturday, Sunday, any day which shall be a federal legal holiday in the United States or any day on which
banking institutions in the State of Delaware are authorized or required by law or other governmental action to close.

 

“Common Stock”
means the common stock, par value $0.0001 per share, of the Company.

 

“Common Stock
Equivalent” means any securities of the Company entitling the holder thereof to acquire at any time Common Stock, including,
without limitation, any debt, preferred stock, rights, options, warrants or other instrument that is at any time convertible into
or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock.

 

“Conversion
Price” means the lesser of $2.00 per share of Common Stock and the Variable Conversion Price, provided however, that
the Conversion Price shall not be lower than the Floor Conversion Price.

 

“Floor Conversion
Price” means $1.00 per share of Common Stock; provided, however, that in the event the Company (i) subdivides its outstanding
Common Stock into a greater number of shares, or (ii) combines its outstanding Common Stock into a lesser number of shares, or
(iii) increases or decreases the number of shares of outstanding Common Stock by reclassification of its Common Stock, then the
Floor Conversion Price on the date of such division or distribution of the effective date of such action shall be adjusted by multiplying
the Floor Conversion Price by a fraction, the numerator of which is the number of shares of Common Stock outstanding immediately
before such event and the denominator of which is the number of shares of Common Stock outstanding immediately after such event.

 

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“Indebtedness”
shall mean as to any person at any time, any and all indebtedness, obligations or liabilities (whether matured or unmatured, liquidated
or unliquidated, direct or indirect, absolute or contingent, or joint or several) of such Person for or in respect of: (i) borrowed
money, (ii) amounts raised under or liabilities in respect of any note purchase or acceptance credit facility, (iii) reimbursement
obligations under any letter of credit, currency swap agreement, interest rate swap, cap, collar or floor agreement or other interest
rate management device, (iv) any other transaction (including, without limitation, forward sale or purchase agreements, capitalized
leases and conditional sales agreements) having the commercial effect of a borrowing of money entered into by such person to finance
its operations or capital requirements (but not including trade payables and accrued expenses incurred in the ordinary course of
business which are not represented by a promissory note), or (v) any guaranty of Indebtedness for borrowed money.

 

“Market Price”
means the average of the lowest three (3) Trading Prices for the Common Stock during the ten (10) Trading Day period ending on
the last complete Trading Day prior to the Conversion Date.

 

“Notice of Conversion”
means a notice in the form of Attachment A.

 

“Original Issue
Date” means the date of the first issuance of this Note, regardless of any transfers of this Note and regardless of the
number of instruments which may be issued to evidence such Note.

 

“Person”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

“Registration
Rights Agreement” shall mean the Registration Rights Agreement of even date herewith by and between the Company and the
Holder pursuant to which the Company is obligated to register the resale of the shares of Common Stock issuable upon the conversion
of this Note or otherwise pursuant to its terms.

 

“SEC”
means U.S. Securities and Exchange Commission.

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Subscription
Agreement” means that certain subscription agreement entered into by the Company and the Holder with respect to the Holders’
purchase of Note from the Company.

 

“Trading Day”
means a day on which the principal market or exchange, on which the Common Stock is listed or quoted for trading, is open (e.g.
The Nasdaq Stock Market, the NYSE AMEX Equities Exchange, the New York Stock Exchange, the OTC Bulletin Board or the OTC Markets,
etc.).

 

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“Trading Price”
means the closing bid price of the Common Stock on The Nasdaq Stock Exchange or if The Nasdaq Stock Exchange is not the principal
trading market for such security, the closing bid price of the Common Stock on the principal securities exchange or trading market
where the Company Stock is listed or traded or, if no closing bid price of the Common Stock is available in any of the foregoing
manners, the average of the closing bid prices of any market makers for the Common Stock on the OTC Markets.

 

“Variable Conversion
Price” means 85% multiplied by the Market Price (representing a discount rate of 15%).

 

2.            Conversion
of Outstanding Balance.

 

(a)          The
Holder shall have the right from time to time, and at any time during the period beginning on the date which is one hundred eighty
(180) days following the date of this Note and ending on the later of: (i) the Maturity Date and (ii) the date of payment of the
Note, each in respect of the remaining outstanding principal amount of this Note plus all accrued and unpaid interest to convert
all or any part of the outstanding and unpaid principal amount of this Note into fully paid and non- assessable shares of Common
Stock, as such Common Stock exists on the Original Issuance Date, or any shares of capital stock or other securities of the Company
into which such Common Stock shall hereafter be changed or reclassified at the Conversion Price. The number of shares of Common
Stock to be issued upon each conversion of this Note shall be determined by dividing the Conversion Amount (as defined below) by
the applicable Conversion Price then in effect on the date specified in the notice of conversion, in the form attached hereto as
Exhibit A (the “Notice of Conversion”), delivered to the Company by the Holder in accordance with this Note;
provided that the Notice of Conversion is submitted by facsimile or e-mail (or by other means resulting in, or reasonably expected
to result in, notice) to the Company before 6:00 p.m., New York, New York time on such conversion date (the “Conversion
Date”). The term “Conversion Amount” means, with respect to any conversion of this Note, the sum of
(1) the principal amount of this Note to be converted in such conversion plus (2) at the Holder’s option, accrued
and unpaid interest, if any, on such principal amount at the interest rates provided in this Note to the Conversion Date.

 

(b)          Mechanism
to Effect Conversions. The Holder may convert this Note in whole or in part at any time and from time to time after the Original
Issuance Date by delivering to the Company, via e-mail or a nationally recognized overnight courier service, a fully completed
Notice of Conversion. To effect conversion(s) hereunder, the Holder shall not be required to physically surrender this Note to
the Company unless the entire principal amount of this Note, plus all accrued and unpaid interest thereon, has been so converted.
Conversion(s) hereunder shall have the effect of lowering the outstanding principal amount of this Note in an amount equal to the
applicable conversion(s). The Company shall maintain records showing the amount(s) converted and the date of such conversion(s).
The Holder, and any assignee by acceptance of this Note, acknowledge and agree that, by reason of the provisions of this paragraph,
following conversion of a portion of this Note , the unpaid and unconverted amount of this Note may be less than the amount stated
on the face hereof. 

 

(c)          Delivery
of Common Stock Upon Conversion. Upon receipt by the Company from the Holder of a facsimile transmission or e-mail (or other
reasonable means of communication) of a Notice of Conversion, the Company shall, at its sole expense, issue and deliver or cause
to be issued and delivered to or upon the order of the Holder certificates for the Common Stock issuable upon such conversion within
two (2) Business Days after such receipt (the “Deadline”) in accordance with the terms hereof and the Subscription
Agreement.

 

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(d)          Obligation
of Company to Deliver Common Stock. Upon receipt by the Company of a Notice of Conversion, the Holder shall be deemed to be
the holder of record of the Common Stock issuable upon such conversion, the outstanding principal amount and the amount of accrued
and unpaid interest on this Note shall be reduced to reflect such conversion, and, unless the Company defaults on its obligations
under this Section 2, all rights with respect to the portion of this Note being so converted shall forthwith terminate except the
right to receive the Common Stock or other securities, cash or other assets, as herein provided, on such conversion. If the Holder
shall have given a Notice of Conversion as provided herein, the Company’s obligation to issue and deliver the certificates
for Common Stock shall be absolute and unconditional, irrespective of the absence of any action by the Holder to enforce the same,
any waiver or consent with respect to any provision thereof, the recovery of any judgment against any person or any action to enforce
the same, any failure or delay in the enforcement of any other obligation of the Company to the holder of record, or any setoff,
counterclaim, recoupment, limitation or termination, or any breach or alleged breach by the Holder of any obligation to the Company,
and irrespective of any other circumstance which might otherwise limit such obligation of the Company to the Holder in connection
with such conversion.

 

(e)          Delivery
of Common Stock by Electronic Transfer. In lieu of delivering physical certificates representing the Common Stock issuable
upon conversion, provided the Company is participating in the Depository Trust Company (“DTC”) Fast Automated
Securities Transfer (“FAST”) program, upon request of the Holder the Company shall use its best efforts to cause
its transfer agent to electronically transmit the Common Stock issuable upon conversion to the Holder by crediting the account
of Holder’s Prime Broker with DTC through its Deposit Withdrawal Agent Commission (“DWAC”) system.

 

(f)          Failure
to Deliver Common Stock Prior to Deadline. Without in any way limiting the Holder’s right to pursue other remedies, including
actual damages and/or equitable relief, the parties agree that if delivery of the Common Stock issuable upon conversion of this
Note is not delivered by the Deadline, the Company shall pay to the Holder $2,000 per day in cash, for each day beyond the Deadline
that the Company fails to deliver such Common Stock. Such cash amount shall be paid to Holder by the fifth day of the month following
the month in which it has accrued or, at the option of the Holder (by written notice to the Company by the first day of the month
following the month in which it has accrued), shall be added to the principal amount of this Note and be due on demand, in which
event interest shall accrue thereon in accordance with the terms of this Note and such additional principal amount shall be convertible
into Common Stock in accordance with the terms of this Note. The Company agrees that the right to convert is a valuable right to
the Holder. The damages resulting from a failure, attempt to frustrate, interference with such conversion right are difficult if
not impossible to qualify. Accordingly the parties acknowledge that the liquidated damages provision contained in this Section
2 are justified.

 

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(g)          Concerning
the Shares. The registration rights for the shares of Common Stock issuable upon conversion of this Note are set forth in the
Registration Rights Agreement. The shares of Common Stock issuable upon conversion of this Note may not be sold or transferred
unless (i) such shares are sold pursuant to an effective registration statement under the Securities Act, or (ii) the Company or
its transfer agent shall have been furnished with an opinion of counsel (which opinion shall be in form, substance and scope customary
for opinions of counsel in comparable transactions) to the effect that the shares to be sold or transferred may be sold or transferred
pursuant to an exemption from such registration or (iii) such shares are sold or transferred pursuant to Rule 144 under the Securities
Act (or a successor rule) (“Rule 144”) or (iv) such shares are transferred to an “affiliate” (as
defined in Rule 144) of the Holder who agrees to sell or otherwise transfer the shares only in accordance with this Section 2 and
who is an accredited investor (as defined in the Subscription Agreement). Until such time as the shares of Common Stock issuable
upon conversion of this Note have been registered under the Securities Act or otherwise may be sold pursuant to Rule 144 without
any restriction as to the number of securities as of a particular date that can then be immediately sold, each certificate for
shares of Common Stock issuable upon conversion of this Note that has not been so included in an effective registration statement
or that has not been sold pursuant to an effective registration statement or an exemption that permits removal of the legend, shall
bear a legend substantially in the following form, as appropriate:

 

“NEITHER THE ISSUANCE
AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE EXERCISABLE HAVE
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED
FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER
THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL (WHICH COUNSEL SHALL BE SELECTED BY THE HOLDER), IN A GENERALLY
ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER SAID
ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR
FINANCING ARRANGEMENT SECURED BY THE SECURITIES.”

 

The legend set forth
above shall be removed and the Company shall issue to the Holder a new certificate therefore free of any transfer legend if (i)
the Company or its transfer agent shall have received an opinion of counsel, in form, substance and scope customary for opinions
of counsel in comparable transactions, to the effect that a public sale or transfer of such Common Stock may be made without registration
under the Securities Act, which opinion shall be accepted by the Company so that the sale or transfer is effected or (ii) in the
case of the Common Stock issuable upon conversion of this Note, such security is registered for sale by the Holder under an effective
registration statement filed under the Securities Act or otherwise may be sold pursuant to Rule 144 without any restriction as
to the number of securities as of a particular date that can then be immediately sold.

 

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(h)          Reservation
of Shares Issuable Upon Conversion. The Company covenants that it will at all times reserve and keep available out of its authorized
and unissued shares of Common Stock for the sole purpose of issuance under this Section 2, free from preemptive rights or any other
actual contingent purchase rights of Persons other than the Holder, not less than such aggregate number of shares of the Common
Stock as shall be issuable from time to time under this Section 2 (taking into account the adjustments of Section 3). The Company
covenants that all shares of Common Stock that shall be so issuable shall, upon issue, be duly authorized, validly issued, fully
paid and nonassessable.

 

(i)          Fractional
Shares. Upon a conversion hereunder the Company shall not be required to issue stock certificates representing fractions of
shares of Common Stock, but may if otherwise permitted, issue, in lieu of the final fraction of a share, one (1) whole share of
Common Stock.

 

(j)          Transfer
Taxes. The Company shall not be required to pay any tax that may be payable in respect of any transfer involved in the issuance
and delivery of any certificate(s) upon conversion in a name other than that of the Holder of this Note and the Company shall not
be required to issue or deliver such certificates unless or until the person or persons requesting the issuance thereof shall have
paid to the Company the amount of such tax or shall have established to the satisfaction of the Company that such tax has been
paid. .

 

3.            Certain
Adjustments.

 

(a)          Adjustment
Due to Merger, Consolidation, Etc. If, at any time when all or any portion of this Note is outstanding, there shall be any
merger, consolidation, exchange of shares, recapitalization, reorganization, or other similar event, as a result of which shares
of Common Stock of the Company shall be changed into the same or a different number of shares of another class or classes of stock
or securities of the Company or another entity, or in case of any sale or conveyance of all or substantially all of the assets
of the Company other than in connection with a plan of complete liquidation of the Company, then the Holder of this Note shall
thereafter have the right to receive upon conversion of this Note, upon the basis and upon the terms and conditions specified herein
and in lieu of the shares of Common Stock immediately theretofore issuable upon conversion, such stock, securities or assets which
the Holder would have been entitled to receive in such transaction had this Note been converted in full immediately prior to such
transaction, and appropriate provisions shall be made with respect to the rights and interests of the Holder of this Note to the
end that the provisions hereof shall thereafter be applicable, as nearly as may be practicable in relation to any securities or
assets thereafter deliverable upon the conversion hereof. The Company shall not affect any transaction described in this Section
3(a) unless (a) it first gives, to the extent practicable, thirty (30) Business Days prior written notice (but in any event at
least fifteen (15) Business Days prior written notice) of the record date of the meeting of stockholders to approve, or if there
is no such record date, the consummation of, such merger, consolidation, exchange of shares, recapitalization, reorganization or
other similar event or sale of assets (during which time the Holder shall be entitled to convert this Note) and (b) the resulting
successor or acquiring entity (if not the Company) assumes by written instrument the obligations of this Section 3(a). These provisions
shall similarly apply to successive consolidations, mergers, sales, transfers or share exchanges.

 

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(b)          Adjustment
Due to Distribution. If the Company shall declare or make any distribution of its assets (or rights to acquire its assets)
to holders of Common Stock as a dividend, stock repurchase, by way of return of capital or otherwise (including any dividend or
distribution to the Company’s shareholders in cash or shares (or rights to acquire shares) of capital stock of a subsidiary
(i.e., a spin-off)) (a “Distribution”), then the Holder of this Note shall be entitled, upon any conversion
of this Note after the date of record for determining shareholders entitled to such Distribution, to receive the amount of such
assets which would have been payable to the Holder with respect to the shares of Common Stock issuable upon such conversion had
such Holder been the holder of such shares of Common Stock on the record date for the determination of shareholders entitled to
such Distribution.

 

(c)          Notice
of Adjustment. While this Note is outstanding, should the Company propose to take any action set forth in Section 3, the Company
shall send to each Holder a notice of such proposed action or offer. Such notice shall be mailed to the Holders, and shall specify
the record date for the proposed event, shall briefly indicate the effect of the proposed event on the securities or property issuable
upon the conversion of the Note , and shall indicate the effect of the proposed event, if any, on the Conversion Price (after giving
effect to any adjustment pursuant to Section 2).

 

4.            Events
of Default. “Event of Default” means, wherever used herein, any of the following events (whatever the reason
for such event and whether such event shall be voluntary or involuntary or 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):

 

(a)          The
Company fails to pay the principal hereof or interest thereon when due on this Note, whether at the Maturity Date, upon acceleration
or otherwise.

 

(b)          The
Company (i) fails to issue shares of Common Stock to the Holder (or announces or threatens in writing that it will not honor its
obligation to do so) upon exercise by the Holder of the conversion rights of the Holder in accordance with the terms of this Note,
(ii) fails to transfer or cause its transfer agent to transfer (issue) (electronically or in certificated form) any certificate
for shares of Common Stock issued to the Holder upon conversion of or otherwise pursuant to this Note as and when required by this
Note, (iii) directs its transfer agent not to transfer or delays, impairs, and/or hinders its transfer agent in transferring (or
issuing) (electronically or in certificated form) any certificate for shares of Common Stock to be issued to the Holder upon conversion
of or otherwise pursuant to this Note as and when required by this Note, or (iv) fails to remove (or directs its transfer agent
not to remove or impairs, delays, and/or hinders its transfer agent from removing) any restrictive legend (or to withdraw any stop
transfer instructions in respect thereof) on any certificate for any shares of Common Stock issued to the Holder upon conversion
of or otherwise pursuant to this Note as and when required by this Note (or makes any written announcement, statement or threat
that it does not intend to honor the obligations described in this paragraph), and any such failure shall continue uncured (or
any written announcement, statement or threat not to honor its obligations shall not be rescinded in writing) for three (3) Business
Days after the Holder shall have delivered a Notice of Conversion.

 

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(c)          The
Company breaches any material covenant or other material term or condition contained in this Note and any collateral documents
including but not limited to the Subscription Agreement and the Registration Rights Agreement, and such breach continues for a
period of ten (10) days after written notice thereof to the Company from the Holder.

 

(d)          Any
representation or warranty of the Company made herein or in any agreement, statement or certificate given in writing pursuant hereto
or in connection herewith (including, without limitation, the Subscription Agreement), shall be false or misleading in any material
respect when made and the breach of which has (or with the passage of time will have) a material adverse effect on the rights of
the Holder with respect to this Note or the Subscription Agreement.

 

(e)          The
Company shall be subject to a Bankruptcy Event.

 

(f)          The
Company defaults under, or repays, redeems or is forced to redeem or repay (whether by acceleration or otherwise), any portion
of the notes issued by the Company to seven individual accredited investors on August 2, 2013 in the initial principal amount of
$3,000,000.

 

5.            Remedies
Upon Event of Default. If any Event of Default occurs, the outstanding principal amount of this Note plus accrued but unpaid
interest, shall become, at the Holder’s election, immediately due and payable in cash. Upon the occurrence and during the
continuation of an Event of Default (after the tolling of all applicable cure periods), the interest rate on this Note shall increase
to the lesser of twenty one percent (21%) per annum or the maximum rate permitted under applicable law (the “Default Interest”).
In connection with any acceleration described herein, the Holder need not provide, and the Company hereby waives, any presentment,
demand, protest or other notice of any kind, and the Holders may immediately and without expiration of any grace period enforce
any and all of its rights and remedies hereunder and all other remedies available to it under applicable law. The Holder shall
have all rights as a holder of the Note until such time, if any, as the Holder receives full pro rata payment according to the
original investment pursuant to this Section.

 

6.            Miscellaneous.

 

(a)          Holder
Early Prepayment Option. Notwithstanding any provision contained herein to the contrary, at any time after the one (1) year
anniversary of the Original Holder may, at its sole option, demand full repayment of the remaining outstanding principal amount
of this Note plus all accrued and unpaid interest upon thirty (30) days prior written notice to the Company.

 

(b)          Prepayment.
The Company may prepay any amount outstanding under this Note without penalty upon ten (10) Business Days prior notice to the Holder.

 

(c)          Legal
Fees. In the event that Holder is required to take legal or other action to enforce its rights or obtain collection under this
Note, the Company shall pay the Holder hereof reasonable costs of collection, or enforcement of the terms hereof, including reasonable
attorneys’ fees.

 

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(d)          Assignability.
This Note shall be binding upon the Company and its successors and assigns, and shall inure to be the benefit of the Holder and
its successors and assigns. This Note is not assignable by the Company without the Holder’s prior written consent.

 

(e)          Notices.
Any and all notices or other communications or deliveries to be provided by the Holders hereunder, including, without limitation,
any Notice of Conversion, shall be in writing and delivered personally, by facsimile, or sent by a nationally recognized overnight
courier service, addressed to the Company, at the address set forth above, facsimile number (704) 366-2463, Attn: Chief
Executive Officer or such other facsimile number or address as the Company may specify for such purpose by notice to the
Holder delivered in accordance with this Section. Any and all notices or other communications or deliveries to be provided by the
Company hereunder shall be in writing and delivered personally, by facsimile, or sent by a nationally recognized overnight courier
service addressed to each Holder at the facsimile number or address of such Holder appearing on the books of the Company, or if
no such facsimile number or address appears, at the principal place of business of the Holder. Any notice or other communication
or deliveries hereunder shall be deemed given and effective on the earliest of (i) the date immediately following the date of transmission,
if such notice or communication is delivered via facsimile at the facsimile number specified in this Section or by electronic mail,
receipt confirmed in each case, (ii) the second Business Day following the date of mailing, if sent by nationally recognized overnight
courier service, or (iii) upon actual receipt by the party to whom such notice is required to be given.

 

(f)          Lost
or Mutilated Debenture. If this Note shall be mutilated, lost, stolen or destroyed, the Company shall execute and deliver,
in exchange and substitution for and upon cancellation of a mutilated Note, or in lieu of or in substitution for a lost, stolen
or destroyed Note, a new Note for the principal amount of this Note so mutilated, lost, stolen or destroyed, but only upon receipt
of evidence of such loss, theft or destruction of such Note, and of the ownership hereof, reasonably satisfactory to the Company.

 

(g)          Governing
Law; Venue. This Note shall be governed by and construed in accordance with the domestic laws of the State of New York, without
giving effect to any choice or conflict of law provision or rule. The parties further: (i) agree that any legal suit, action or
proceeding arising out of or relating to this Note shall be instituted exclusively in any Federal or State court of competent jurisdiction
within the State of New York, County of New York, (ii) waive any objection that they may have now or hereafter to the venue of
any such suit, action or proceeding, and (iii) irrevocably consent to the in personam jurisdiction of any Federal or
State court of competent jurisdiction within the State of New York, County of New York in any such suit, action or proceeding.
The parties each further agree to accept and acknowledge service of any and all process which may be served in any such suit, action
or proceeding in a Federal or State court of competent jurisdiction within the State of New York, County of New York, and that
service of process upon the parties mailed by certified mail to their respective addresses shall be deemed in every respect effective
service of process upon the parties, in any action or proceeding.

 

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(h)        Construction
and Enforcement. Each party acknowledges that its legal counsel participated in the preparation of this Note and, therefore,
stipulates that the rule of construction that ambiguities are to be resolved against the drafting party shall not be applied in
the interpretation of this Note to favor any party against the other. This Note reflects an investment made by Holder or its assignor
to the Company. This Note is intended as, and shall be deemed an unconditional obligation of the Company for the payment of
money only and, without limitation to any other remedies of Holder (such as, without limitation, summary judgment after initiation
of a proceeding, or equitable remedies), shall be enforceable against the Company by summary proceeding pursuant to New York Civil
Procedure Law and Rules Section 3213 or any similar rule or statute in the jurisdiction where enforcement is sought. For purposes
of such rule or statute, any other document or agreement to which Holder and the Company are parties or which the Company delivered
to Holder, which may be convenient or necessary to determine the Company’s rights hereunder or the Company’s obligations
to Holder are deemed a part of this Note, whether or not such other document or agreement was delivered together herewith or was
executed apart from this Note.

 

(i)          Maximum
Payments. Nothing contained herein shall be deemed to establish or require the payment of a rate of interest or other charges
in excess of the maximum permitted by applicable law. In the event that the rate of interest required to be paid or other charges
hereunder exceed the maximum permitted by such law (such as, without limitation, the usury laws), any payments in excess of such
maximum shall be credited against amounts owed by the Company to the Holder and thus refunded to the Company, or if no further
amounts are owed by the Company to the Holder, shall be refunded to the Company. The Company hereby irrevocable consents to the
reformation of this Note, as may be necessary by a court of law, so as to enable enforcement of this Note pursuant to summary judgment
or summary proceeding. For avoidance of doubt, in the event that, for any reason, a finding by a court having jurisdiction over
this Note is made that limits enforceability as a result of excessive interest or other origination or investment banking fees
pursuant to the laws of any jurisdiction, then, such defense shall not be deemed to bar a summary proceeding or summary judgment
on the Note but rather, the Note shall be fully and absolutely enforceable as to all principal and, the court having jurisdiction
shall, after an inquest, have power to reform the Note so as to reduce interest amount to such amount as is immediately enforceable
pursuant to summary judgment or summary proceeding and grant such award, plus any legal or enforcement fees of Holder(s).

 

(h)          Waiver.
Any waiver by the Company or the Holder of a breach of any provision of this Note shall not operate as or be construed to be a
waiver of any other breach of such provision or of any breach of any other provision of this Note. The failure of the Company or
the Holder to insist upon strict adherence to any term of this Note on one or more occasions shall not be considered a waiver or
deprive that party of the right thereafter to insist upon strict adherence to that term or any other term of this Note. Any waiver
by the Company or the Holder must be in writing.

 

(i)          Severability.
If any provision of this Note is invalid, illegal or unenforceable, the balance of this Note shall remain in effect, and if any
provision is inapplicable to any Person or circumstance, it shall nevertheless remain applicable to all other Persons and circumstances.
If it shall be found that any interest or other amount deemed interest due hereunder violates the applicable law governing usury,
the applicable rate of interest due hereunder shall automatically be lowered to equal the maximum rate of interest permitted under
applicable law.

 

    	11

    	 

    

 

(j)          Next
Business Day. Whenever any payment or other obligation hereunder shall be due on a day other than a Business Day, such payment
shall be made on the next succeeding Business Day.

 

(k)          Headings.
The headings contained herein are for convenience only, do not constitute a part of this Note and shall not be deemed to limit
or affect any of the provisions hereof.

 

[SIGNATURE PAGE TO FOLLOW]

 

    	12

    	 

    

 

IN WITNESS WHEREOF,
the Company has caused this Note to be duly executed by a duly authorized officer as of the date first above indicated

 

	 	CHANTICLEER HOLDINGS, INC.
	 	 	 
	 	Signature:	 
	 	Name:  Michael Pruitt
	 	Title:  Chief Executive Officer

 

    	13

    	 

    

 

ATTACHMENT
A

 

NOTICE OF
CONVERSION

 

The undersigned hereby
elects to convert amounts outstanding under the 8% Convertible Note of Chanticleer Holdings, Inc., a Delaware corporation (the
“Company”), into shares of common stock, par value $0.0001 per share (the “Common Stock”),
of the Company according to the conditions hereof, as of the date written below. If shares of Common Stock are to be issued in
the name of a person other than the undersigned, the undersigned will pay all transfer taxes payable with respect thereto and is
delivering herewith such certificates and opinions as reasonably requested by the Company in accordance therewith. No fee will
be charged to the Holders for any conversion, except for such transfer taxes, if any.

 

	Date to Effect Conversion:	 	 
	(if not date is set, conversion date shall be the date this notice is received)

 

	Amount of Debenture to be Converted:	$_____________________________

 

	 	Signature:	 

	 	Name:	 

	 	Address:Exhibit 10.3

 

REGISTRATION RIGHTS AGREEMENT

 

This REGISTRATION
RIGHTS AGREEMENT (this “Agreement”) is made as of January ___, 2015 by and among (i) Chanticleer
Holdings, Inc., a Delaware corporation (the “Company”), (ii) __________ (the “Purchaser”),
and (iii) each person or entity that subsequently becomes a party to this Agreement pursuant to, and in accordance with, the provisions
of Section 10 hereof (each a “Purchaser Permitted Transferee” and, collectively, the “Purchaser
Permitted Transferees”).

 

WHEREAS, pursuant
to the terms and conditions set forth in subscription agreement (the “Subscription Agreement”), the
Company has agreed to issue and sell (the “Offering”) to the Purchaser, and the Purchasers have agreed
to purchase from the Company units consisting of an 8% convertible note in the principal amount of $________ (the “Note”)
and a common stock purchase warrant to purchase ________shares of the Company’s common stock, par value $0.0001 per share
(the “Common Stock”) exercisable at $2.50 per share for a period of up to five (5) years from the issuance
date (the “Warrants”) (collectively, the “Securities”) in a private placement
exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”) for an
aggregate purchase price of $________; and

 

WHEREAS, as
partial consideration for each Purchaser’s purchase of Securities in the Offering, the Company has agreed to provide each
Purchaser with the registration rights set forth herein with respect to the resale of the Shares purchased by the Purchasers in
the Offering; and

 

NOW, THEREFORE,
in consideration of the promises and mutual covenants contained herein, the parties hereto hereby agree as follows:

 

1.          DEFINITIONS.
All terms not otherwise defined herein shall have the same meaning as in the Subscription Agreement. The following terms shall
have the meanings provided therefor below:

 

“Business
Day” means a day, other than a Saturday or Sunday, on which banks in New York City are open for the general transaction
of business.

 

“Closing”
shall have the meaning ascribed to such term in the Subscription Agreement.

 

“Common
Stock” shall have the meaning ascribed to such term in the Subscription Agreement

 

“Effectiveness
Date” means the date a Registration Statement is declared effective by the SEC.

 

“Effectiveness
Deadline” means the date that is one hundred and fifty (150) calendar days after the final Closing Date of the Offering.

 

“Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended, and all of the rules and regulations promulgated
thereunder.

 

    	1

    	 

    

 

“Filing
Date” shall mean, with respect to the Initial Registration Statement, the date sixty (60) calendar days after the
final Closing of the Offering, provided, however, that if the Filing Date falls on a Saturday, Sunday or other day,
that the SEC is closed for business the Filing Date shall be extended to the next Business Day.

 

“Holder”
or “Holders” shall mean the holder or holders, as the case may be, from time to time, of Registrable
Securities.

 

“Initial
Registration Statement” shall mean the initial Registration Statement filed pursuant to this Agreement.

 

“Note”
shall have the meaning ascribed to it in the Subscription Agreement.

 

“Person”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or agency or subdivision thereof) or other entity of any kind.

 

“Purchaser
Permitted Transferees” shall have the meaning ascribed to such term in the Preamble.

 

“Purchasers”
shall mean, collectively, the Purchasers and the Purchaser Permitted Transferees; provided, however, that the term
“Purchasers” shall not include any of the Purchasers or any of the Purchaser Permitted Transferees that do not own
or hold any Registrable Securities.

 

“Registrable
Securities” shall mean (i) 120% of the shares of Common Stock issuable, adjusted from time to time upon the conversion
of the Note or for the payment of interest thereunder, and (ii) the shares of Common Stock issuable as may be adjusted from time
to time upon the exercise of the Warrant.

 

“Registration
Statement” means any one or more registration statements filed (and/or required to be filed pursuant hereto) with
the SEC by the Company on Form S-3, or in the event the Company is not eligible to use Form S-3, on Form S-1, for the purpose of
registering the Registrable Securities, including (in each case) the prospectus, amendments and supplements to such registration
statement or prospectus, including pre- and post-effective amendments, all exhibits thereto, and all material incorporated by reference
or deemed to be incorporated by reference in such registration statement. The term “Registration Statement” shall include,
but not be limited to, the Initial Registration Statement.

 

“Rule 144”
shall mean Rule 144 promulgated by the SEC pursuant to the Securities Act and any successor or substitute rule, law or provision.

 

“Rule 172”
means Rule 172 promulgated by the SEC pursuant to the Securities Act, as such Rule may be amended from time to time, or any similar
rule or regulation hereafter adopted by the SEC having substantially the same purpose and effect as such Rule.

 

    	2

    	 

    

 

“Rule 424”
means Rule 424 promulgated by the SEC pursuant to the Securities Act, as such Rule may be amended from time to time, or any similar
rule or regulation hereafter adopted by the SEC having substantially the same purpose and effect as such Rule.

 

“SEC”
shall mean the United States Securities and Exchange Commission.

 

“SEC Guidance”
means (i) any publicly-available written guidance, or rule of general applicability of the SEC staff, or (ii) oral or written comments,
requirements or requests of the SEC staff to the Company in connection with the review of a Registration Statement.

 

“Securities
Act” shall mean the Securities Act of 1933, as amended, and all of the rules and regulations promulgated thereunder.

 

“Trading
Day” shall mean any day on which the Common Stock is traded for any period on The Nasdaq Stock Market, or on the
principal securities exchange or other securities market on which the Common Stock is then being traded.

 

“Warrant”
shall have the meaning ascribed to it in the Subscription Agreement.

 

2.           MANDATORY
REGISTRATION.

 

(a)          The
Company shall file an Initial Registration Statement on or prior to the Filing Date registering the Registrable Securities for
resale by the Holders as selling stockholders thereunder. On or prior to the Filing Date, the Company shall prepare and file with
the SEC an Initial Registration Statement for the purpose of registering under the Securities Act the resale of all, or such portion
as permitted by SEC Guidance (and the Company shall use its best efforts to advocate with the SEC for the registration of all or
the maximum number of the Registrable Securities as permitted by SEC Guidance) of the Registrable Securities by, and for the account
of, the Holders as selling stockholders thereunder, that are not then registered on an effective Registration Statement for an
offering to be made on a continuous basis pursuant to Rule 415. The Company shall use its best efforts to cause the Initial Registration
Statement to be declared effective by the SEC under the Securities Act as promptly as practicable after the filing thereof, but
in any event on or prior to the applicable Effectiveness Deadline.

 

(b)          The
Company shall be required to keep the Initial Registration Statement current and effective until such date that is the earlier
of (the “Effectiveness Period”) (i) the date as of which all of the Holders as selling stockholders thereunder
may sell all of the Registrable Securities registered for resale thereon without restriction pursuant to Rule 144, or (ii) the
date when all of the Registrable Securities registered thereunder shall have been sold (such date is referred to herein as the
“Mandatory Registration Termination Date”), or (iii) three (3) years from the effective date of the Initial
Registration Statement. Thereafter, the Company shall be entitled to withdraw such Registration Statement and the Holders shall
have no further right to offer or sell any of the Registrable Securities registered for resale thereon pursuant to the respective
Registration Statement (or any prospectus relating thereto).

 

    	3

    	 

    

 

(c)          Notwithstanding
any other provision of this Agreement, if any SEC Guidance sets forth a limitation on the number of Registrable Securities to be
registered in the Initial Registration Statement (and the Company has used its best efforts to advocate with the SEC for the registration
of all or the maximum number of Registrable Securities), the number of Registrable Securities to be registered on such Registration
Statement will be reduced on a pro rata basis among the Purchasers based on the total number of unregistered Shares held by such
Purchasers on a fully diluted basis. The Company shall file a new registration statement as soon as reasonably practicable covering
the resale by the Holders of not less than the number of such Registrable Securities that are not registered in the Initial Registration
Statement. The Company shall not be liable for liquidated damages under Section 3(a) as to any Registrable Securities which
are not permitted by the SEC to be included in a Registration Statement due solely to SEC Guidance from time to time. In such case,
any liquidated damages payable under Section 3(a) shall be calculated to apply only to the percentage of Registrable Securities
which are permitted in accordance with SEC Guidance to be included in such Registration Statement.

 

(d)          If
during the Effectiveness Period, the Company becomes aware that the number of Registrable Securities at any time exceeds the number
of Registrable Securities then registered for resale in a Registration Statement, then the Company shall file as soon as reasonably
practicable an additional Registration Statement covering the resale by the Holders of not less than the number of such Registrable
Securities that are not then registered.

 

3.           PENALTIES/SUSPENSION
OF A REGISTRATION STATEMENT.

 

(a)          If:
(i) the Initial Registration Statement and any other Registration Statement is not filed on or prior to the Filing Date, or (ii)
the Company fails to file with the SEC a request for acceleration in accordance with Rule 461 promulgated under the Securities
Act, within five (5) Business Days of the date that the Company is notified (orally or in writing, whichever is earlier) by the
SEC that the Initial Registration Statement or any other Registration Statement will not be “reviewed” or not be subject
to further review, or (iii) prior to the Effectiveness Deadline of the Initial Registration Statement or any other Registration
Statement, the Company fails to file a pre-effective amendment and otherwise respond in writing to comments made by the SEC in
respect of such Initial Registration Statement or any other Registration Statement within ten (10) Business Days after the receipt
of comments by or notice from the SEC that such amendment is required in order for such Initial Registration Statement or any other
Registration Statement to be declared effective, or (iv) the Initial Registration Statement and/or any other Registration Statement
covering Registrable Securities is not declared effective by the SEC by the Effectiveness Deadline, or (v) after the Effectiveness
Date of the Initial Registration Statement or any other Registration Statement, other than during an Allowable Grace Period (as
defined below) such Initial Registration Statement or other Registration Statement ceases for any reason to remain for any period
current and effective as to all Registrable Securities included in such Initial Registration Statement or other Registration Statement,
as applicable, or the Purchasers are otherwise not permitted to utilize the prospectus therein to resell such Registrable Securities
(any such failure or breach being referred to as an “Event,” and the date such default occurs referred
to as an “Event Date”), then, in addition to any other rights the Purchasers may have hereunder or under
applicable law, on each such Event Date and on each monthly anniversary of each such Event Date (if the applicable Event shall
not have been cured by such date) until the applicable Event is cured, the Company shall, subject to Section 3(c), pay to
each Purchaser on a monthly basis within three (3) Business Days of the end of the month either an amount in cash, as partial liquidated
damages, equal to one percent (1%) of the aggregate purchase price paid by each Purchaser to purchase any Registrable Securities
then held by such Purchaser (the “Penalty”), provided, however, that the Company, within
its sole discretion, shall have the right to elect to pay the Penalty in shares of its Common Stock with each share valued at a
price equal to fair market value of the shares on the date of issuance. The partial liquidated damages pursuant to the terms hereof
shall apply on a daily pro-rata basis for any portion of a month prior to the cure of an Event.

 

    	4

    	 

    

 

(b)          The
Company shall notify each Holder by facsimile or e-mail as promptly as practicable, and in any event, within three (3) Business
Days, after a Registration Statement is declared effective and shall simultaneously provide the Purchasers with a copy of any related
prospectus to be used in connection with the sale or other disposition of the Registrable Securities covered thereby. Failure to
notify the Holders in accordance with this Section 3(b) shall be deemed an Event under Section 3(a).

 

(c)          No
Purchaser shall be entitled to a payment pursuant to this Section 3 if effectiveness of a Registration Statement has been
delayed or a prospectus has been unavailable as a result of (i) a failure by such Purchaser to promptly provide on request by the
Company the information required under the Subscription Agreement or this Agreement or requested by the SEC as a condition to effectiveness
of a Registration Statement; (ii) the provision of inaccurate or incomplete information by such Purchaser; or (iii) a statement
or determination of the SEC that any provision of the rights of the Purchaser under this Agreement are contrary to the provisions
of the Securities Act.

 

(d)          Notwithstanding
anything to the contrary herein, at any time after the Effectiveness Date of a particular Registration Statement, the Company may
delay the disclosure of material, non-public information concerning the Company, the disclosure of which at the time is not, in
the good faith opinion of the board of directors of the Company, in the best interest of the Company and, in the opinion of counsel
to the Company, otherwise required (a “Grace Period”), provided that the Company shall promptly notify
the Purchasers in writing of the (i) existence of material, non-public information giving rise to a Grace Period (provided that
in each such notice the Company shall not disclose the content of such material, non-public information to any of the Purchasers)
and the date on which such Grace Period will begin and (ii) date on which such Grace Period ends, provided further that (i) no
Grace Period shall exceed ten (10) consecutive days and during any three hundred sixty five (365) day period all such Grace Periods
shall not exceed an aggregate of thirty (30) days, (ii) the first day of any Grace Period must be at least five (5) Trading Days
after the last day of any prior Grace Period, and (iii) no Grace Period may exist during the thirty (30) Trading Day period immediately
following the Effectiveness Date of such Registration Statement (provided that such thirty (30) Trading Day period shall be extended
by the number of Trading Days during such period and any extension thereof contemplated by this proviso during which such Registration
Statement is not effective or the prospectus contained therein is not available for use) (each, an “Allowable Grace
Period”). For purposes of determining the length of a Grace Period above, such Grace Period shall begin on and include
the date the Purchasers receive the notice referred to in clause (i) above and shall end on and include the later of the date the
Purchasers receive the notice referred to in clause (ii) above and the date referred to in such notice. 

 

    	5

    	 

    

 

4.          OBLIGATIONS
OF THE COMPANY. With respect to the Initial Registration Statement and any other Registration Statement filed by the Company
with the SEC that covers the Registrable Securities, the Company shall:

 

(a)          Prepare
and file with the SEC such amendments and supplements to a Registration Statement and the prospectus used in connection therewith
as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all Registrable Securities
covered by a Registration Statement;

 

(b)          Furnish
to the selling Holders such number of copies of a prospectus, including a preliminary prospectus, in conformity with the requirements
of the Securities Act, and such other documents (including, without limitation, prospectus amendments and supplements as are prepared
by the Company in accordance with Section 4(a) above) as the selling Holders may reasonably request in order to facilitate
the disposition of such selling Holders’ Registrable Securities;

 

(c)          Use
best efforts to comply with all applicable rules and regulations of the SEC under the Securities Act and the Exchange Act, including,
without limitation, Rule 172 under the Securities Act, file any final prospectus, including any supplement or amendment thereof,
with the SEC pursuant to Rule 424 under the Securities Act, promptly inform the Holders in writing if, at any time during the Effectiveness
Period, the Company does not satisfy the conditions specified in Rule 172 and, as a result thereof, the Holders are required to
deliver a prospectus in connection with any disposition of Registrable Securities; notify the selling Holders of the happening
of any event as a result of which the prospectus included in or relating to a Registration Statement contains an untrue statement
of a material fact or omits any fact necessary to make the statements therein not misleading; and, thereafter, subject to Section
9 hereof, the Company will promptly prepare (and, when completed, give notice and provide a copy thereof to each selling Holder)
a supplement or amendment to such prospectus so that such prospectus will not contain an untrue statement of a material fact or
omit to state any fact necessary to make the statements therein not misleading; provided, however, that upon such
notification by the Company (which shall be a Suspension pursuant to Section 9), the selling Holders will not offer or sell
Registrable Securities until the Company has notified the selling Holders that it has prepared a supplement or amendment to such
prospectus and filed it with the SEC or, if the Company does not then meet the conditions for the use of Rule 172, delivered copies
of such supplement or amendment to the selling Holders (it being understood and agreed by the Company that the foregoing proviso
shall in no way diminish or otherwise impair the Company’s obligation to promptly prepare a prospectus amendment or supplement
as above provided in this Section 4(c) and deliver copies of same as above provided in Section 4(b) hereof); and

 

(d)          Use
its best efforts to register and qualify the Registrable Securities covered by a Registration Statement under such other securities
or Blue Sky laws of such states as shall be reasonably appropriate in the opinion of the Company, provided, however,
that the Company shall not be required in connection therewith or as a condition thereto to qualify to do business.

 

    	6

    	 

    

 

(e)          Subject
to the terms and conditions of this Agreement, including Section 2 hereof, the Company shall use its best efforts to (i)
prevent the issuance of any stop order or other suspension of effectiveness of any Registration Statement, or the suspension of
the qualification of any of the Registrable Securities for sale in any jurisdiction in the United States, and (ii) if such an order
or suspension is issued, obtain the withdrawal of such order or suspension at the earliest practicable moment and notify each Holder
of Registrable Securities of the issuance of such order and the resolution thereof or its receipt of notice of the initiation or
threat of any proceeding for that purpose.

 

(f)          The
Company will file any Registration Statement and all amendments and supplements thereto electronically on EDGAR.

 

5.           OBLIGATIONS
OF THE HOLDERS.

 

(a)          Each
Holder agrees to cooperate with the Company as reasonably requested by the Company in connection with the filing of any Registration
Statement hereunder, unless such Holder has notified the Company in writing that such Holder elects to exclude all of its Registrable
Securities from such Registration Statement.

 

(b)          Each
Holder agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in Section
4(c), each Holder shall immediately discontinue disposition of Registrable Securities pursuant to any Registration Statement
covering such Registrable Securities until such Holders receipt of the copies of the supplemented or amended prospectus contemplated
by Section 4(c) or receipt of notice that no supplement or amendment is required.

 

6.           EXPENSES
OF REGISTRATION.

 

(a)          All
expenses incurred in connection with the registration of the Registrable Securities pursuant to this Agreement (excluding underwriting,
brokerage and other selling commissions and discounts), including without limitation all registration and qualification and filing
fees, printing, fees and disbursements of counsel for the Company and fees and expenses shall be borne by the Company; provided,
however, other than as provided in this Section 6(a), the Holders shall be required to pay the expenses of
counsel and any other advisors for the Holders and any brokerage or other selling discounts or commissions and any other expenses
incurred by the Holders for their own account.

 

(b)          Until
such time as all of the Registrable Securities have been sold pursuant to an effective Registration Statement, the Company shall
take such reasonable action as the Holder may request (including, without limitation, promptly obtaining any required legal opinions
from Company counsel necessary to effect the sale of the Registrable Securities under Rule 144 and paying the related fees and
expenses of such counsel), to the extent required from time to time to enable such Holder to sell the Registrable Securities without
registration under the Securities Act pursuant to the provisions of Rule 144 under the Securities Act (or any successor provision).
The Company further covenants to take such action and to provide such legal opinions within five (5) Business Days after receipt
from such Holder (or its representative) of documentation reasonably required by the Company’s counsel to provide such opinion.

 

    	7

    	 

    

 

7.           INDEMNIFICATION.

 

(a)          To
the extent permitted by law, the Company will indemnify and hold harmless each selling Holder, and each officer and director of
such selling Holder and each person, if any, who controls such selling Holder, within the meaning of the Securities Act, against
any losses, claims, damages or liabilities, joint or several, to which they may become subject under the Securities Act or otherwise,
insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon (i) any untrue
or alleged untrue statement of any material fact contained in any Registration Statement, in any preliminary prospectus or final
prospectus relating thereto or in any amendments or supplements to any Registration Statement or any such preliminary prospectus
or final prospectus, or the omission or alleged omission to state therein a material fact required to be stated therein, or necessary
to make the statements therein not misleading; (ii) any blue sky application or other document executed by the Company specifically
for that purpose or based upon written information furnished by the Company filed in any state or other jurisdiction in order to
qualify any or all of the Registrable Securities under the securities laws thereof (any such application, document or information
herein called a “Blue Sky Application”); (iii) the omission or alleged omission to state in a Blue Sky
Application a material fact required to be stated therein or necessary to make the statements therein not misleading; (iv) any
violation by the Company or its agents of any rule or regulation promulgated under the Securities Act applicable to the Company
or its agents and relating to action or inaction required of the Company in connection with such registration of the Registrable
Securities; or (v) any failure to register or qualify the Registrable Securities included in any such Registration Statement in
any state where the Company or its agents has affirmatively undertaken or agreed in writing that the Company will undertake such
registration or qualification on a Holder’s behalf; and will reimburse such selling Holder, or such officer, director or
controlling person of such selling Holder for any legal or other expenses reasonably incurred by them in connection with investigating
or defending any such loss, claim, damage, liability or action; provided, however, that the indemnity agreement contained
in this Section 7(a) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action
if such settlement is effected without the consent of the Company (which consent shall not be unreasonably withheld), nor shall
the Company be liable in any such case for any such loss, damage, liability or action to the extent that it arises out of or is
based upon (i) an untrue statement or alleged untrue statement or omission made in connection with any Registration Statement,
any preliminary prospectus or final prospectus relating thereto or any amendments or supplements to any Registration Statement
or any such preliminary prospectus or final prospectus, in reliance upon and in conformity with written information furnished expressly
for use in connection with any Registration Statement or any such preliminary prospectus or final prospectus by the selling Holders
or (ii) at any time when the Company has advised the Holder in writing that the Company does not meet the conditions for use of
Rule 172 and as a result that the Holder is required to deliver a current prospectus in connection with any disposition of Registrable
Securities, an untrue statement or alleged untrue statement or omission in a prospectus that is (whether preliminary or final)
corrected in any subsequent amendment or supplement to such prospectus was delivered to the selling Holder before the pertinent
sale or sales by the selling Holder.

 

    	8

    	 

    

 

(b)          To
the extent permitted by law, each selling Holder will severally and not jointly indemnify and hold harmless the Company, each of
its directors, each of its officers who have signed any Registration Statement, each person, if any, who controls the Company within
the meaning of the Securities Act, against any losses, claims, damages or liabilities to which the Company or any such director,
officer, controlling person, may become subject to, under the Securities Act or otherwise, insofar as such losses, claims, damages
or liabilities (or actions in respect thereto) arise out of or are based upon any untrue or alleged untrue statement of any material
fact contained in any Registration Statement or any preliminary prospectus or final prospectus, relating thereto or in any amendments
or supplements to any Registration Statement or any such preliminary prospectus or final prospectus, or arise out of or are based
upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements
therein not misleading, in each case to the extent and only to the extent that such untrue statement or alleged untrue statement
or omission or alleged omission (i) was made in any Registration Statement, in any preliminary prospectus or final prospectus relating
thereto or in any amendments or supplements to any Registration Statement or any such preliminary prospectus or final prospectus,
in reliance upon and in conformity with written information furnished by the selling Holder expressly for use in connection with
any Registration Statement, or any preliminary prospectus or final prospectus or (ii) at any time when the Company has advised
the Holder in writing that the Company does not meet the conditions for use of Rule 172 and as a result that the Holder is required
to deliver a current prospectus in connection with any disposition of Registrable Securities, an untrue statement or alleged untrue
statement or omission in a prospectus that is (whether preliminary or final) corrected in any subsequent amendment or supplement
to such prospectus was corrected in any subsequent amendment or supplement to such prospectus that was delivered to the selling
Holder before the pertinent sale or sales by the selling Holder; and such selling Holder will reimburse any legal or other expenses
reasonably incurred by the Company or any such director, officer, controlling person; provided, however, that the
liability of each selling Holder hereunder shall be limited to the net proceeds received by such selling Holder from the sale of
Registrable Securities giving rise to such liability, and provided further, that the indemnity agreement contained
in this Section 7(b) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action
if such settlement is effected without the consent of those selling Holder(s) against which the request for indemnity is being
made (which consent shall not be unreasonably withheld).

 

    	9

    	 

    

 

(c)          Promptly
after receipt by an indemnified party under this Section 7 of notice of the commencement of any action, such indemnified
party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 7, notify the
indemnifying party in writing of the commencement thereof and the indemnifying party shall have the right to participate in and,
to the extent the indemnifying party desires, jointly with any other indemnifying party similarly noticed, to assume at its expense
the defense thereof with counsel satisfactory to the indemnifying party or indemnifying parties, but the omission so to notify
the indemnifying party will not relieve it from any liability which it may have to any indemnified party for contribution or otherwise
under the indemnity agreement contained in this Section 7 (except to the extent that such omission materially and adversely
affects the indemnifying party’s ability to defend such action). In the event that the indemnifying party assumes any such
defense, the indemnified party may participate in such defense with its own counsel and at its own expense, provided, however,
if the defendants in any such action include both the indemnified party and the indemnifying party and the indemnified party shall
have reasonably concluded, based on an opinion of counsel reasonably satisfactory to the indemnifying party, that there may be
a conflict of interest between the positions of the indemnifying party and the indemnified party in conducting the defense of any
such action or that there may be legal defenses available to it and/or other indemnified parties which are different from or additional
to those available to the indemnifying party, the indemnified party or parties shall have the right to select separate counsel
to assume such legal defenses and to otherwise participate in the defense of such action on behalf of such indemnified party or
parties. Upon receipt of notice from the indemnifying party to such indemnified party of its election to assume the defense of
such action and approval by the indemnified party of counsel, the indemnifying party will not be liable to such indemnified party
under this Section 7 for any legal or other expenses subsequently incurred by such indemnified party in connection with
the defense thereof unless the indemnified party shall have employed such counsel in connection with the assumption of legal defenses
in accordance with the proviso to the preceding sentence (it being understood, however, that the indemnifying party shall not be
liable for the expenses of more than one separate counsel and one local counsel, reasonably satisfactory to such indemnifying party,
representing all of the indemnified parties who are parties to such action in which case the reasonable fees and expenses of counsel
shall be at the expense of the indemnifying party.

 

(d)          Notwithstanding
anything to the contrary herein, the indemnifying party shall not be entitled to settle any claim, suit or proceeding unless in
connection with such settlement the indemnified party receives an unconditional release with respect to the subject matter of such
claim, suit or proceeding and such settlement does not contain any admission of fault by the indemnified party.

 

(e)          If
the indemnification provided for in this Section 7 is unavailable to or insufficient to hold harmless an indemnified party
under subsection (a) or (b) above in respect of any losses, claims, damages or liabilities (or actions or proceedings in respect
thereof) referred to therein, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party
as a result of such losses, claims, damages or liabilities (or actions in respect thereof) in such proportion as is appropriate
to reflect the relative fault of the Company on the one hand and the Holders on the other in connection with the statements or
omissions or other matters which resulted in such losses, claims, damages or liabilities (or actions in respect thereof), as well
as any other relevant equitable considerations. The relative fault shall be determined by reference to, among other things, in
the case of an untrue statement, whether the untrue statement relates to information supplied by the Company on the one hand or
a Holder on the other and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent
such untrue statement. The Company and the Holders agree that it would not be just and equitable if contribution pursuant to this
subsection (e) were determined by pro rata allocation (even if the Holders were treated as one entity for such purpose) or by any
other method of allocation which does not take into account the equitable considerations referred to above in this subsection (e).
The amount paid or payable by an indemnified party as a result of the losses, claims, damages or liabilities (or actions in respect
thereof) referred to above in this subsection (e) shall be deemed to include any legal or other expenses reasonably incurred by
such indemnified party in connection with investigating or defending any such action or claim. No person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty
of such fraudulent misrepresentation. The Holders’ obligations in this subsection to contribute are several in proportion
to their sales of Registrable Securities to which such loss relates and not joint. In no event shall the contribution obligation
of a Holder be greater in amount than the dollar amount of the net proceeds (net of all expenses paid by such Holder in connection
with any claim relating to this Section 7 and the amount of any damages such Holder has otherwise been required to pay by
reason of such untrue or alleged untrue statement or omission or alleged omission) received by it upon the sale of the Registrable
Securities giving rise to such contribution obligation.

 

    	10

    	 

    

 

8.          REPORTS
UNDER THE EXCHANGE ACT. With a view to making available to the Holders the benefits of Rule 144 and any other rule or regulation
of the SEC that may at any time permit the Holders to sell the Registrable Securities to the public without registration, the Company
agrees: (i) to make and keep public information available as those terms are understood in Rule 144, (ii) to file with the SEC
in a timely manner all reports and other documents required to be filed by an issuer of securities registered under the Securities
Act or the Exchange Act pursuant to Rule 144, (iii) as long as any Holder owns any Registrable Securities, to furnish in writing
upon such Holder’s written request a written statement by the Company that it has complied with the reporting requirements
of Rule 144 and of the Securities Act and the Exchange Act, and to furnish upon written request to such Holder a copy of the most
recent annual or quarterly report of the Company, and such other reports and documents so filed by the Company as may be reasonably
requested in availing such Holder of any rule or regulation of the SEC permitting the selling of any such Registrable Securities
without registration and (iv) undertake any additional actions reasonably necessary to maintain the availability of the use of
Rule 144.

 

9.          SUSPENSION.
Notwithstanding anything in this Agreement to the contrary, in the event (i) of any non-voluntary demand on the Company by the
SEC or any other federal or state governmental authority during the period of effectiveness of any Registration Statement for amendments
or supplements to any Registration Statement or related prospectus or for additional information; (ii) of the issuance by the SEC
or any other federal or state governmental authority of any stop order suspending the effectiveness of any Registration Statement
or the initiation of any proceedings for that purpose; (iii) of the receipt by the Company of any notification with respect to
the suspension of the qualification or exemption from qualification of any of the Registrable Securities for sale in any jurisdiction
or the initiation of any proceeding for such purpose; or (iv) of any event or circumstance which requires in order to comply with
applicable law the making of any changes in any Registration Statement or related prospectus, or any document incorporated or deemed
to be incorporated therein by reference, so that, in the case of any Registration Statement, it will not contain any untrue statement
of a material fact or any omission to state a material fact required to be stated therein or necessary to make the statements therein
not misleading, and that in the case of the prospectus, it will not contain any untrue statement of a material fact or any omission
to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading, then the Company shall furnish to the selling Holders a certificate signed by the President
or Chief Executive Officer of the Company setting forth in detail the facts relating to one or more of the above described circumstances,
and the right of the selling Holders to use any Registration Statement (and the prospectus relating thereto) shall be suspended
for a period (the “Suspension Period”) of not more than ten (10) days after delivery by the Company of
the certificate referred to above in this Section 9. During the Suspension Period, none of the Holders shall offer or sell
any Registrable Securities pursuant to or in reliance upon any Registration Statement (or the prospectus relating thereto). The
Company shall use its best efforts to terminate any Suspension Period as promptly as practicable.

 

    	11

    	 

    

 

10.         TRANSFER
OF REGISTRATION RIGHTS. A Holder shall have the right and may transfer or assign, at any time and from time to time, in whole
or in part, to one or more Persons its rights hereunder in connection with the transfer of the Registrable Securities by such Holder
to such person, provided that (a) such Holder complies with all laws applicable thereto, (b) the Company is furnished with written
notice of the name and address of such transferee or assignee and the Registrable Securities to which such registration rights
are being transferred, (c) at or before the time the Company received the written notice contemplated by clause (b) of this sentence
the transferee or assignee agrees in writing (i) that such transferee or assignee is an “accredited purchaser” as that
term is defined in Rule 501 of Regulation D, (ii) to be bound by all of the terms and conditions of this Agreement by duly executing
and delivering to the Company an Instrument of Adherence in the form attached as Annex A hereto.

 

11.         ENTIRE
AGREEMENT. This Agreement and the Subscription Agreement constitute and contain the entire agreement and understanding of the
parties with respect to the subject matter hereof, and supersede any and all prior negotiations, correspondence, agreements or
understandings with respect to the subject matter hereof.

 

12.         MISCELLANEOUS.

 

(a)          This
Agreement may not be amended, modified or terminated, and no rights or provisions may be waived, except with the written consent
of the Company and the holders of a majority of the Registrable Securities issued and outstanding; provided, that,
no consent shall be required in order to add additional Purchasers as parties hereto in accordance with the Offering.

 

(b)          This
Agreement shall be governed by and construed in accordance with the domestic laws of the State of New York, without giving effect
to any choice or conflict of law provision or rule. The parties further: (i) agree that any legal suit, action or proceeding arising
out of or relating to this Note shall be instituted exclusively in any Federal or State court of competent jurisdiction within
the State of New York, County of New York, (ii) waive any objection that they may have now or hereafter to the venue of any such
suit, action or proceeding, and (iii) irrevocably consent to the in personam jurisdiction of any Federal or State court
of competent jurisdiction within the State of New York, County of New York in any such suit, action or proceeding. The parties
each further agree to accept and acknowledge service of any and all process which may be served in any such suit, action or proceeding
in a Federal or State court of competent jurisdiction within the State of New York, County of New York, and that service of process
upon the parties mailed by certified mail to their respective addresses shall be deemed in every respect effective service of process
upon the parties, in any action or proceeding.

 

    	12

    	 

    

 

(c)          Any
notices, reports or other correspondence (hereinafter collectively referred to as “correspondence”) required or permitted
to be given hereunder shall be in writing and shall be sent by postage prepaid first class mail, courier or telecopy or delivered
by hand to the party to whom such correspondence is required or permitted to be given hereunder, and shall be deemed sufficient
upon receipt when delivered personally or by courier, overnight delivery service or confirmed facsimile, or three (3) business
days after being deposited in the regular mail as certified or registered mail (airmail if sent internationally) with postage prepaid,
if such notice is addressed to the party to be notified at such party’s address or facsimile number as set forth below:

 

(i)          All
correspondence to the Company shall be addressed it to the Company to 7621 Little Avenue, Suite 414, Charlotte, NC 28226 and if
to the Purchaser to the address set forth on the Purchaser’s signature page to the Subscription Agreement, or such other
address as designated by a party pursuant to the provisions hereof.

 

(ii)         All
correspondence to any Purchaser shall be sent to such Purchaser at the address set forth in the signature page to the Subscription
Agreement.

 

(iii)        Any
party may change the address to which correspondence to it is to be addressed by written notification as provided for herein.

 

(d)          The
parties acknowledge and agree that in the event of any breach of this Agreement, remedies at law may be inadequate, and each of
the parties hereto shall be entitled to seek specific performance of the obligations of the other parties hereto and such appropriate
injunctive relief as may be granted by a court of competent jurisdiction.

 

(e)          Should
any part or provision of this Agreement be held unenforceable, the unenforceable part or provisions shall be replaced with a provision
which accomplishes, to the extent possible, the original business purpose of such part or provision in a valid and enforceable
manner, and the remainder of this Agreement shall remain binding upon the parties hereto.

 

(f)          This
Agreement may be executed in a number of counterparts, any of which together shall for all purposes constitute one Agreement, binding
on all the parties hereto notwithstanding that all such parties have not signed the same counterpart.

 

[REMAINDER OF PAGE INTENTIONALLY BLANK]

 

    	13

    	 

    

 

IN WITNESS WHEREOF,
the parties hereto have executed this Registration Rights Agreement as of the date and year first above written.

 

	 	CHANTICLEER HOLDINGS, INC.

 

	 	By: 	 
	 	 	Michael Pruitt,
	 	 	Chief Executive Officer

 

[SIGNATURE PAGE OF PURCHASER FOLLOWS]

 

    	14

    	 

    

 

[SIGNATURE
PAGE OF PURCHASER TO CHANTICLEER HOLDINGS, INC. 

REGISTRATION RIGHTS AGREEMENT]

 

Name of Holder: __________________________

 

Signature of Authorized Signatory of Holder: __________________________

 

Name of Authorized Signatory: _________________________

 

Title of Authorized Signatory: __________________________

 

    	15

    	 

    

 

ANNEX A

 

Instrument of Adherence

 

Reference is hereby
made to that certain Registration Rights Agreement, dated as of January ____, 2015, among Chanticleer Holdings, Inc., a Delaware
corporation (the “Company”), the Purchasers and the Purchaser Permitted Transferees, as amended and in
effect from time to time (the “Registration Rights Agreement”). Capitalized terms used herein without
definition shall have the respective meanings ascribed thereto in the Registration Rights Agreement.

 

The undersigned, in
order to become the owner or holder of [___________] shares of common stock, par value $0.0001 per share of the Company (the “Common
Stock”) hereby agrees that, from and after the date hereof, the undersigned has become a party to the Registration
Rights Agreement in the capacity of an Purchaser Permitted Transferee, and is entitled to all of the benefits under, and is subject
to all of the obligations, restrictions and limitations set forth in the Registration Rights Agreement that are applicable to Purchaser
Permitted Transferees. This Instrument of Adherence shall take effect and shall become a part of the Registration Rights Agreement
immediately upon execution.

 

Executed as of the
date set forth below.

 

	 	Signature:	 
	 	 	Name:
	 	 	Title:

 

Accepted:

CHANTICLEER HOLDINGS, INC.

 

	By:	 	 
	Name:
	Title:

 

Date:______________, 20__

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