Document:

Exhibit
10.7 

 

JE
CLEANTECH HOLDINGS LIMITED

COMPENSATION
COMMITTEE CHARTER

 

PURPOSE:

 

The
Compensation Committee of the Board of Directors (“the Board) of JE Cleantech Holdings Limited (the “Corporation”)
is established pursuant to this charter. The purpose of the Compensation Committee is to review and make recommendations to the Board
regarding all forms of compensation to be provided to the executive officers and directors of the Corporation, including stock compensation
and loans, and all bonus and stock compensation to all employees.

 

The
Compensation Committee has the authority to undertake the specific duties and responsibilities listed below and will have the authority
to undertake such other specific duties as the Board may from time to time prescribe.

 

MEMBERSHIP:

 

The
Compensation Committee shall consist of at least two (2) members of the Board, all of whom shall be independent directors in accordance
with Rule 5605 (d) of the NASDAQ Listing Rules. The members of the Compensation Committee will be appointed by a majority of the Board.
No member of the Compensation Committee shall be removed except by a majority vote of the independent directors then in office.

 

RESPONSIBILITIES:

 

The
responsibilities and duties of the Compensation Committee shall include:

 

	1.	To
    review and approve annually the corporate goals and objectives applicable to the compensation of the chief executive officer (“CEO”),
    evaluate at least annually the CEO’s performance in light of those goals and objectives, and determine and approve the CEO’s
    compensation level based on this evaluation. In determining the long-term incentive component of CEO compensation, the Compensation
    Committee may consider the Corporation’s performance and relative stockholder return, the value of similar incentive awards
    given to CEOs at comparable companies and the awards given to the company’s CEO in past years.

 

	2.	Matters
    Related to Compensation of the Officers Other Than the Chief Executive Officer:

 

	 	a.	Review
    and approve the proposed compensation for all Officers of the Company other than the CEO; for purposes hereof, the term “Officer”
    shall mean any officer at C-level,, and any individual that reports directly to the CEO.

 

	 	b.	Review
    no less frequently than annually the aggregate amount of compensation being paid or potentially payable to the Company’s Officers.

 

	 	c.	Reviewing
    and making recommendations to the Board regarding the compensation policy for executive officers and directors of the Corporation,
    and such other officers of the Corporation as directed by the Board.

 

	3.	Reviewing
    and making recommendations to the Board regarding all forms of compensation (including all “plan” compensation, as such
    term is defined in Item 402(a)(7) of Regulation S-K promulgated by the U.S. Securities and Exchange Commission, and all non-plan
    compensation) to be provided to the executive officers of the Corporation.

 

	4.	Reviewing
    and making recommendations to the Board regarding general compensation goals and guidelines for the Corporation’s employees
    and the criteria by which bonuses to the Corporation’s employees are determined.

 

	5.	Acting
    as Administrator of any Stock Option Plan and administering, within the authority delegated by the Board, any Employee Stock Purchase
    Plan adopted by the Corporation. In its administration of the plans, the Compensation Committee may, pursuant to authority delegated
    by the Board, grant stock options or stock purchase rights to individuals eligible for such grants and amend such stock options or
    stock purchase rights. The Compensation Committee shall also make recommendations to the Board with respect to amendments to the
    plans and changes in the number of shares reserved for issuance hereunder.

 

	6.	Review
    and approve grants and awards under incentive-based compensation plans and equity-based plans, in each case consistent with the terms
    of such plans.

 

	7.	Review
    and make such recommendations to the Board as the Compensation Committee deems advisable with regard to policies and procedures for
    the grant of equity-based awards by the Company.

 

	8.	Reviewing
    and making recommendations to the Board regarding other plans that are proposed for adoption or adopted by the Corporation for the
    provision of compensation to employees of, directors of and consultants to the Corporation.

 

    	 

     

    

 

	9.	Preparing
    a report (to be included in the Corporation’s Annual Report on Form 20-F) which describes: (a) the criteria on which compensation
    paid to the Chief Executive Officer for the last completed fiscal year is based; (b) the relationship of such compensation to the
    Corporation’s performance; and (c) the Compensation Committee’s executive compensation policies applicable to executive
    officers.

 

	10.	Authorizing
    the repurchase of shares from terminated employees pursuant to applicable law.

 

	11.	If
    applicable, the Compensation Committee shall consider the results of the most recent stockholder advisory vote on executive compensation
    in its recommendations and decisions.

 

MEETINGS:

 

It
is anticipated that the Compensation Committee will meet at least two times each year. However, the Compensation Committee may establish
its own schedule, which it will provide to the Board in advance. At a minimum of one of such meetings annually, the Compensation Committee
will consider stock plans, performance goals and incentive awards, and the overall coverage and composition of the compensation package.
The Compensation Committee will maintain written minutes of its meetings, which minutes will be filed with the minutes of the meetings
of the Board. The Compensation Committee shall report regularly to the Board regarding its actions and make recommendations to the Board
as appropriate.

 

The
Compensation Committee may invite such members of management to its meetings as it deems appropriate. However, the Compensation Committee
shall meet regularly without such members present, and in all cases the CEO and any other such officers shall not be present at meetings
at which their compensation or performance is discussed or determined.

 

REPORTS:

 

The
Compensation Committee will provide written reports to the Board of the Corporation regarding recommendations of the Compensation Committee
submitted to the Board for action, and copies of the written minutes of its meetings.

 

Review
and discuss with management the Compensation Discussion and Analysis to be included in the Company’s annual report on Form 20-F
(“CD&A”).

 

Based
on the Compensation Committee’s review and discussions with management of the CD&A, make a recommendation to the Board that
the CD&A be included in the Company’s annual report on Form 20-F.

 

Prepare
the Compensation Committee Report to be included in the Company’s annual report on Form 20-F in accordance with any applicable
rules and regulations of the Securities and Exchange Commission, any securities exchange on which the Company’s securities are
traded, and any other rules and regulations applicable to the Company.

 

EVALUATION
OF COMMITTEE PERFORMANCE:

 

The
Compensation Committee shall on an annual basis, evaluate its performance under this Charter. The Compensation Committee shall address
all matters that the Board of Directors considers relevant to its performance. The Compensation Committee shall deliver a report setting
forth the results of its evaluation, including any recommended amendments to this Charter and any recommended changes to the Board’s
or the Corporation’s policies or procedures.

 

COMMITTEE
RESOURCES:

 

The
Compensation Committee shall have the authority to obtain advice and seek assistance from internal and external legal, accounting, and
other advisors. The Compensation Committee shall have sole authority to retain and terminate any compensation consultant to be used to
evaluate director or officer compensation, including sole authority to approve the consulting firm’s fee and retention terms.Document

Exhibit 10.24
AMENDMENT TO AGREEMENT

THIS AMENDMENT TO AGREEMENT (this “Amendment”) is entered into as of ________, 2022, by and among FIESTA RESTAURANT GROUP, INC., a Delaware corporation (the “Employer”) and [___________]  (the “Executive”).

W I T N E S S E T H:

WHEREAS, Employer and the Executive are parties to that certain Agreement dated on or about [___________] (as amended, restated, supplemented or otherwise modified from time to time, the “Agreement”) which provides for certain payments and other consideration to the Executive upon such Executive’s termination Without Cause or for Good Reason (each as defined in the Agreement); and

WHEREAS, Employer and Executive wish to amend certain provisions of the Agreement.

NOW, THEREFORE, in consideration of the mutual agreements, provisions and covenants contained herein, the parties agree as follows:

1.Defined Terms.  Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Agreement. 

2.Amendment to the Agreement.  

a.Section 1 of the Agreement shall be amended by deleting subsection 1.4 in its entirety.

b.Section 1 of the Agreement shall be amended by deleting subsection 1.7 in its entirety and replacing it with the following:

“1.7.   Severance Payment” shall mean: an amount equal to one time the Executive’s highest annual base salary in effect prior to the date the Executive incurs a Termination of employment.

c.Section 1 of the Agreement shall be amended by adding a new subsection 1.9 that reads as follows:

“1.9   COBRA Payments” shall mean: “to the extent Executive and his/her dependents elect coverage under the Company’s health insurance plan pursuant to the Consolidated Omnibus Budget Reconciliation Act (“COBRA”), COBRA premium payments of Executive and his/her dependents for a period of up to twelve (12) months after the Executive’s Termination of employment.”

d.Section 2.1 of the Agreement is amended by deleting said section in its entirety and replacing it with the following:

“2.1     Termination For Good Reason by Executive and By the Company Without Cause.  Subject to the provisions of this Agreement, in the event that the Executive incurs a Termination of employment (a) by the Employer without Cause or (b) by the Executive with Good Reason, the Employer (or any successor thereto) shall pay to the Executive the Severance Payment, the Severance Bonus and the COBRA Payments. The Severance Payment shall be paid to the Executive in a single lump sum cash 

payment within thirty (30) days following the Termination of employment.  The Severance Bonus shall be paid to the Executive in a single lump sum cash payment on the date that bonuses are paid under the Executive Bonus Plan, but in no event later than March 15th of the calendar year following the calendar year in which the Executive’s employment terminates.  Notwithstanding the foregoing, the Executive shall not be entitled to any payment under this Section 2.1 unless prior to the date such payment is required to be made to the Executive, the Executive delivers to the Employer the executed Release and further provided that the Release has been executed and delivered to the Employer prior to the payment date and the Release becomes effective and irrevocable (as more fully described in the Release) prior to the payment date. ”     

3.No Modification.  Except as expressly set forth herein, the Agreement remains unmodified and in full force and effect.  

4.Counterparts.  This Amendment may be executed in any number of counterparts and by different parties in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Signature pages may be detached from multiple separate counterparts and attached to a single counterpart. Delivery of an executed signature page of this Amendment by facsimile transmission or electronic transmission shall be as effective as delivery of a manually executed counterpart hereof.

5.Successors and Assigns.  The provisions of this Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns.

6.Governing Law; Dispute Resolution.  The terms and provisions of Section 11 of the Agreement are incorporated herein by reference and shall apply to this Amendment. 

[Remainder of Page Intentionally Left Blank; Signature Pages Follow]

IN WITNESS WHEREOF, each of the undersigned has executed this Amendment as of the date set forth above.

EMPLOYER:

FIESTA RESTAURANT GROUP, INC.
By:                                                                            
Name:  Richard Stockinger
                                                                        Title:    President and CEO

                                                                        EXECUTIVE:

                                                                            
                                                                        [NAME]

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