Document:

Exhibit 10.1

 

AMENDED AND RESTATED EMPLOYMENT AGREEMENT

 

THIS AMENDED AND RESTATED
EMPLOYMENT AGREEMENT (this “Agreement”), dated January 2, 2019 (the “Effective Date”), is entered into
by and between ARC Group, Inc., a Nevada corporation (the “Company”), and Seenu G. Kasturi (the “Executive”).

 

WITNESSETH:

 

WHEREAS, the Company
and the Executive are parties to that certain Employment Agreement dated January 18, 2017 (the “Original Employment Agreement”);
and

 

WHEREAS, the Company
and the Executed desire to amend and restate the terms of the Original Employment Agreement in the manner set forth herein.

 

NOW THEREFORE, in consideration
of the premises and mutual covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, and intending to be legally bound hereby, the parties hereto agree as follows:

 

1.       Employment
Term. This Agreement shall remain in force and effect for a term commencing on the Effective Date and expiring on the third
(3rd) anniversary of such date (the “Initial Term”), unless earlier terminated in accordance with the provisions
of Section 4 hereof. Upon the expiration of the Initial Term, this Agreement will be renewed automatically for successive one-year
periods (each, a “Renewal Term”), unless earlier terminated in accordance with the provisions of Section 4 or unless
the Company gives written notice of non-renewal to the Executive at least 90 days prior to the date on which the Executive’s
employment would otherwise end. The Initial Term as renewed by any and all Renewal Terms is referred to herein as the “Employment
Period.”

 

2.       Positions
& Duties. The Executive shall hold the positions of Chief Executive Officer and Chief Financial Officer and shall have
such responsibilities, duties and authority consistent with such positions at similarly-sized companies. The Executive shall report
to the Company’s board of directors (the “Board”) and agrees to devote his best efforts, energies and skill to
the faithful, competent and diligent discharge of the duties and responsibilities attributable to his position. Notwithstanding
the forgoing, the Company acknowledges and agrees that the Executive shall be permitted to engage in and pursue such contemporaneous
activities and interests as the Executive may desire, for personal profit or otherwise.

 

3.       Compensation
and Reimbursement. Commencing on the Effective Date, the Executive shall be entitled to receive, for all services rendered
to the Company under this Agreement, the compensation, benefits, reimbursement and other rights set forth in this Agreement.

 

(a)       Base
Salary. During the Employment Period, the Executive shall receive an annual base salary equal to $350,000. The Executive’s
annual base salary shall be payable in equal installments in accordance with the Company’s salary payment policies applicable
to executive officers, but no less frequently than monthly. Beginning January 1, 2020, the Executive’s salary shall be increased
on January 1st of each year remaining of the Employment Period by such amount as shall be determined by the Board in
its sole discretion. The annual base salary shall not be reduced after any increase in accordance herewith. The Company shall commence
paying the increased salary effective January 1st of the calendar year during which the increase is scheduled to take
effect. The Executive’s annual base salary, as the same may be increased from time to time in accordance with this Section
3(a), shall be referred to herein as the “Base Salary.”

 

 

     

     

    

 

(b)       Annual
Bonus. Beginning with the Company’s fiscal year ended December 31, 2019, the Executive will be eligible to receive an
annual bonus as determined by the board of directors of the Company in its sole and absolute discretion based upon the Executive’s
performance during the applicable year (the “Annual Bonus”). The Annual Bonus shall be paid to the Executive within
21⁄2 months of the end of the fiscal year to which such Annual Bonus relates.

 

(c)       Equity
Awards. On the Effective Date, the Executive shall receive a restricted stock award substantially in the form attached hereto
as Exhibit A for a total of 390,000 shares of the Company’s common stock, par value $0.01 per share.

 

(d)       Incentive,
Savings and Retirement Plans. During the Employment Period, the Executive shall be eligible to participate in all incentive
plans, practices, policies and programs, and all savings and retirement plans, practices, policies and programs (including, as
applicable, 401(k) plans, deferred compensation plans and pension plans), maintained by the Company for its executive officers.

 

(e)       Welfare
Benefit Plans. During the Employment Period, the Executive and his spouse and dependents shall be eligible to participate in
all welfare benefit plans, practices, policies and programs (including, as applicable, health, dental and vision insurance, disability
insurance, employee life insurance, group life insurance and accidental death and dismemberment insurance plans, benefits and programs)
maintained by the Company for its executive officers.

 

(f)       Personal
Days. The Executive shall be eligible for a total of 20 days of paid personal days each year of his employment hereunder. In
the event any accrued personal days are not utilized by the Executive, the Executive shall be compensated at a rate equal to the
Base Salary in effect at the time the personal days accrued. Such compensation shall be paid to the Executive in a single lump
sum no later than 30 days after the end of the year during which the unused personal time accrued.

 

(g)       Expenses.
Subject to and in accordance with the Company’s policies and procedures and, upon presentation of itemized receipts, the
Executive shall be reimbursed by the Company for all reasonable business costs and expenses incurred by the Executive on behalf
of the Company during the Employment Period, including travel to and from the Company, hotel rooms, meals, entertainment and other
related expenses, within 10 days of the date the Executive presents such itemized accounts to the Company for reimbursement.

 

(h)       Deductions
from Compensation and Benefits. The Company will withhold from all compensation and benefits payable to the Executive hereunder
all federal, state and local income and employment taxes, and all other taxes and other amounts as are required by law or authorized
by the Executive to be withheld from the compensation and benefits payable to the Executive hereunder.

 

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4.       Termination.

 

(a)       General.
This Agreement may be terminated by either the Executive or the Company at any time.

 

(b)       Death
or Disability. The Executive’s employment shall terminate automatically upon the Executive’s death during the Employment
Period. If, during the Employment Period, in the reasonable opinion of a licensed medical doctor practicing as a specialist in
the area to which the alleged disability relates that was selected by the Company and approved by the Executive (or his guardian)
in his reasonable discretion, the costs of which shall be paid by the Company, the Executive, because of physical or mental illness
or incapacity or disability, shall become unable to perform, with reasonable accommodation, substantially all of the duties and
services required of him under this Agreement for a period of 180 consecutive business days during any 12-month period (“Disability”),
the Company may terminate the Executive’s employment. In the event a determination is made that such a disability exists
and the Executive disagrees with the determination, the Executive may request a review of the determination by independent licensed
medical specialists, the reasonable costs of which shall be paid by the Company. If the licensed medical specialists are unable
to reach a consensus that such a disability exists, then the Company and the Executive shall settle the dispute in accordance with
the provisions of Section 10 hereof. For avoidance of doubt, the date on which the notice period expires or, if later, a final,
non-appealable determination is made that the Executive is disabled shall constitute the Date of Termination (as defined below)
for purposes of this Section 4(b) (such date, the “Disability Effective Date”).

 

(c)       Termination
by Employer for Cause. The Company may terminate this agreement for “Cause” or without “Cause” at any
time during the Employment Period. For the purposes of this Agreement, termination for “Cause” shall mean and be limited
to the following conduct of the Executive during the Employment Period:

 

(i)       The
willful and continuing breach of any material provision of this Agreement by the Executive that the Company can demonstrate had
a material adverse effect on the Company (other than as a result of death, illness or Disability) if not reasonably cured by the
Executive within 30 days after receiving written notice thereof;

 

(ii)       The
willful engagement in illegal or gross misconduct by the Executive against the Company that the Company can demonstrate had a material
adverse effect on the Company; and

 

(iii)       The
conviction of the Executive of, or plea of guilty or nolo contendere by the Executive to, a felony that the Company can
demonstrate had a material adverse effect on the Company.

 

For the purposes of this
Section 4(c), no act or failure to act on the part of the Executive shall be considered “willful” unless it is done,
or omitted to be done, by the Executive in bad faith or without reasonable belief that the Executive’s action or omission
was in the best interests of the Company. Any act, or failure to act, based upon authority given pursuant to a resolution duly
adopted by the Board or upon the advice of counsel for the Company shall be conclusively presumed to be done, or omitted to be
done, by the Executive in good faith and in the best interests of the Company. The termination of employment of the Executive shall
not be deemed to be for Cause unless and until there shall have been delivered to the Executive a copy of a resolution duly adopted
by the affirmative vote of not less than a majority of the Board at a meeting of the Board called and held for such purpose (after
reasonable notice is provided to the Executive and the Executive is given an opportunity, together with counsel, to be heard before
the Board) finding that, in the good faith opinion of the Board, the Executive is guilty of the conduct described in clauses (i),
(ii) or (iii) above, and specifying the particulars thereof in detail.

 

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(d)       Notice
of Termination. Any termination by the Company for Cause shall be communicated by a Notice of Termination (as defined below)
to the Executive after the expiration of all opportunities for cure. For the purposes of this Agreement, a “Notice of Termination”
means a written notice that: (i) indicates the specific termination provision in this Agreement relied upon, (ii) to the extent
applicable, sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Executive’s
employment under the provision so indicated, and (iii) if the Date of Termination (as defined below) is other than the date of
receipt of such notice, specifies the termination date. The failure by the Company to set forth in the Notice of Termination any
fact or circumstance which contributes to a showing of Cause shall not constitute a waiver of any right of the Company hereunder
or preclude the Company from asserting such fact or circumstance in enforcing the Company’s rights hereunder.

 

(e)        Date
of Termination. “Date of Termination” means, in each case after the expiration of all opportunities for cure: (i)
if the Executive’s employment is terminated by the Company for Cause, the date of receipt of the Notice of Termination or
any later date specified therein within 30 days of such notice, as the case may be, (ii) if the Executive’s employment is
terminated by the Executive, the Date of Termination shall be the date on which the Executive notifies the Company of such termination,
(iii) if the Executive’s employment is terminated by the Company other than for Cause, death or Disability, the Date of Termination
shall be the date on which the Company notifies the Executive of such termination, and (iv) if the Executive’s employment
is terminated by reason of death or Disability, the Date of Termination shall be the date of death of the Executive or the Disability
Effective Date, as the case may be. The Company and the Executive shall use their best efforts (including with regard to any post-termination
services by the Executive) to ensure that any termination described in this Section 4 constitutes a “separation from service”
within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and notwithstanding
anything contained herein to the contrary, the date on which such separation from service takes place shall be the “Date
of Termination.” Notwithstanding the above, in no event shall the Executive be required to forgo any compensation, benefits
or other rights to which he is entitled hereunder.

 

5.       Obligations
of the Company Upon Termination.

 

(a)       Voluntary
Termination; Termination for Cause. If the Executive terminates his own employment or the Executive’s employment is terminated
by the Company for Cause: (i) the Company shall be obligated to pay the Executive the Base Salary, unused personal time and reimbursable
expenses accrued but unpaid as of the Date of Termination (collectively, the “Accrued Amount”) in a single lump sum
within 30 days after the Date of Termination, and (ii) in the case of voluntary termination, the Executive shall be given the option
of assuming any disability and health insurance with no lapse in coverage (in the case of health insurance, such option shall be
provided pursuant to the requirements of the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”)).

 

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(b)       Termination
by Death. In the event the Executive’s employment terminates due to the Executive’s death during the Employment
Period, the Executive shall be entitled to receive the Accrued Amount owing to the Executive through the Date of Termination. The
Accrued Amount shall be paid to his spouse or, if the Executive does not have a spouse, his estate. Payment of the Accrued Amount
shall be made to the Executive’s estate in a single lump sum within 30 days after the date of the Executive’s death.
The Executive and his spouse and dependents shall have all rights available under COBRA with respect to participation in the Company’s
welfare benefit plans with no lapse in coverage.

 

(c)       Termination
by Disability. In the event the Company terminates the Executive’s employment due to Disability during the Employment
Period, the Executive shall be entitled to receive the Accrued Amount owing to the Executive through the Date of Termination. Payment
of the Accrued Amount shall be made to the Executive in a single lump sum within 30 days after the Date of Termination. The Executive
and his spouse and dependents shall have all rights available under COBRA with respect to participation in the Company’s
welfare benefit plans with no lapse in coverage.

 

(d)       Termination
Without Cause. If the Company terminates the Executive’s employment without Cause: (i) the Company shall be obligated
to pay the Executive the Accrued Amount in a single lump sum within 30 days after the Date of Termination, and (ii) the Executive
and his spouse and dependents shall have all rights available under COBRA with respect to participation in the Company’s
benefit plans with no lapse in coverage.

 

6.        Proprietary
Rights.

 

(a)              
Confidential Information. The Executive understands that the execution of this Agreement by the Executive and the
Company creates a relationship of trust and confidence between the Executive and the Company. As a result, the Executive agrees
that, during the period commencing on the Effective Date and ending on the date that is three (3) years after the Termination Date,
he will not use or disclose, or knowingly allow anyone else to use or disclose, any Confidential Information (as defined below)
except as expressly permitted under this Agreement. “Confidential Information” shall include, but not be limited to:
(i) all financial, technical, commercial and other information concerning, among other things, the Company’s business, technologies,
strategies, financial position, operations, assets, financial information and data, research and development plans, methods and
data, scientific and technical data, manufacturing and production data, business development, marketing and sales plans and data,
and the identities of, discussions with and the course of dealing with any of the Company’s actual or prospective collaborators,
licensees, sublicensees, acquirors, acquirees, customers, contractors, vendors, suppliers or other third parties, (ii) all Company
information consisting of research and development, patents, trademarks, trade secrets, copyrights and all other intellectual property,
and any applications therefor, technical information, computer programs, software, methodologies, innovations, software tools,
know-how, knowledge, designs, drawings, specifications, concepts, data, reports, processes, methods, techniques and documentation,
(iii) all Company notes, analyses, compilations, forecasts, studies, interpretations and other documents furnished to or prepared
by the Executive, and (iv) any other Company information not available to the general public, whether written or oral, whether
provided to the Executive prior to, on or after the Effective Date, that the Executive knows or has reason to know the Company
would like to treat as confidential for any purpose, such as maintaining a competitive advantage or avoiding undesirable publicity.
Neither the failure to mark any Confidential Information as confidential or proprietary nor the method by which Confidential Information
is communicated to or received by the Executive (i.e., whether orally, electronically or in writing) shall affect its status as
Confidential Information under the terms of this Agreement.

 

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(b)              
Permitted Disclosure. Confidential Information does not include any information that: (i) is or becomes publicly
available without a breach of this Agreement by the Executive, (ii) can be shown by documentation to have been known to the Executive
at the time of its receipt from the Company, (iii) is received by the Executive from a third party that did not acquire or disclose
such information by a wrongful or tortious act, or (iv) can be shown by documentation to have been independently developed by the
Executive without reference to any Confidential Information. If the Executive is required to disclose Confidential Information
by law or by an order or notice from a court or regulatory agency, the Executive shall: (A) promptly send a copy of the notice
to the Company, (B) cooperate with the Company if the Company wishes to object or condition such disclosure through a protective
order or otherwise, (C) limit the extent of such disclosure to the minimum required to comply with the notice, and (D) seek confidential
treatment (i.e., filing “under seal”) for that disclosure.

 

(c)              
Non-Solicitation. During the Employment Period and for a period of one (1) year thereafter, the Executive will not
directly induce or attempt to induce: (i) any person who at the time of such inducement is an employee, officer or director of
the Company, its affiliates or subsidiaries, to terminate such person’s employment or board membership with the Company,
its affiliates or subsidiaries, or (ii) any strategic partners, collaborators, customers, suppliers, vendors, contractors or other
parties, to terminate or reduce their relationship with the Company.

 

(d)              
Non-Compete. During the Employment Period and for a period of one (1) year thereafter, the Executive will not, without
the prior written approval of the Board, whether alone or as a partner, officer, director, consultant, agent, employee or stockholder
of any company or other commercial enterprise, engage in a Competing Business (as defined below) with any person, company or entity
within a five-mile radius of any restaurant locations franchised, owned or operated by the Company on the applicable date. For
the purposes of this Agreement, a “Competing Business” is any business involving: (i) the operation of a restaurant
in any capacity whatsoever, whether individually or in an entity of whatever nature or kind, whose main menu item, focus and prominent
product is substantially similar to the main menu item, focus or prominent product of any restaurants owned, franchised or licensed
by the Company, or (ii) such other activities as the Company may engage in during the Employment Period.

 

(e)              
Return of Property. The Executive acknowledges and agrees that all papers, records, data, notes, drawings, files,
documents, samples, devices, products, equipment and other materials, including copies and in whatever form, relating to the business
of the Company that the Executive possesses or creates as a result of the performance of his duties and responsibilities hereunder,
whether or not confidential, are the sole and exclusive property of the Company and shall be considered Confidential Information.
Upon the termination of this Agreement for any reason whatsoever, the Executive agrees to end all further use and utilization of,
and to immediately return to the Company, without limitation, all Confidential Information, all Company documents, files and other
property, and all documents, files and other property of the Company’s customers, licensors, licensees, business partners
and affiliates, provided to or obtained by the Executive pursuant to this Agreement.

 

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(f)               
Enforcement.

 

(i)   Scope.
The Executive acknowledges and agrees that the type and periods of restrictions imposed in this Section 6 are fair and reasonable,
and that such restrictions are intended solely to protect the legitimate interests of the Company, rather than to prevent the Executive
from earning a livelihood. The Executive recognizes that his access to Confidential Information makes it necessary for the Company
to restrict his post-termination activities in any market in which the Company competes and in which his access to Confidential
Information and other proprietary information could be used to the detriment of the Company. The Executive acknowledges and agrees
that the compensation and benefits to be provided to him under this Agreement are provided, in part, as consideration for the covenants
in this Section 6.

 

(ii)    Injunctive Relief. The Executive acknowledges and agrees that the covenants set forth in this Section 6 are reasonable
and necessary to protect the Company and its legitimate business interests, and to prevent the unauthorized dissemination of Confidential
Information to competitors of the Company. The Executive also agrees that the Company will be irreparably harmed and that money
damages alone will be inadequate to compensate the Company if the Executive breaches any provision in Section 6 of this Agreement.
Therefore, in the event of any such breach, the Executive agrees that, in addition to any other remedies available at law or in
equity, the Company shall be entitled as a matter of right to seek specific performance and injunctive and other equitable relief
in any court of competent jurisdiction to have the covenants, restrictions and agreements contained in Section 6 specifically enforced
without the need to post a bond or other security. The provisions of this Section 6(f)(ii) shall survive the termination of this
Agreement.

 

(iii)
Savings Clause. In the event that any court of competent jurisdiction, tribunal, arbitrator, governmental agency or
other governmental body determines that any provision contained in this Section 6 is overly broad with respect to scope, time or
geographical coverage, the parties agree that such restriction(s) shall be modified and narrowed, either by the court, tribunal,
arbitrator, governmental agency or other governmental body or the Company, to the extent necessary to make the provision enforceable,
and that such determination will not affect the enforceability of any other provision of this Agreement.

 

7.       Non-Disparagement.
During the Employment Period and for a period of 12 months thereafter, the Executive will not knowingly disparage, criticize or
otherwise make any derogatory statements regarding the Company or its officers or directors, and the Company will not knowingly
disparage, criticize or otherwise make any derogatory statements regarding the Executive. The Company’s obligations under
the preceding sentence shall be limited to statements made by the Company’s executive officers and directors. Notwithstanding
the above, statements made in the course of sworn testimony in administrative, judicial or arbitral proceedings (including, without
limitation, depositions in connection with such proceedings) shall not be subject to this Section 7.

 

8.       Representations
and Warranties of the Executive. The Executive hereby represents and warrants to the Company as follows: (a) the Executive
has the legal capacity and unrestricted right to execute and deliver this Agreement and to perform all of his obligations hereunder,
and (b) the execution and delivery of this Agreement by the Executive and the performance of his obligations hereunder will not
violate or be in conflict with any fiduciary or other duty, instrument, agreement, document, arrangement or other understanding
to which the Executive is a party or by which he is bound or subject.

 

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9.       Indemnification.
The Company shall indemnify and hold harmless the Executive for all amounts (including, without limitation, judgments, fines, settlement
payments, losses, damages, costs and expenses (including reasonable attorney fees)) incurred or paid by the Executive in connection
with any actions, suits, proceedings, demands or claims arising out of or relating to the Executive’s performance of services
as a director, officer or employee of the Company or any subsidiary thereof or in any other capacity, including any fiduciary capacity,
to the fullest extent permitted by law and the Company’s articles of incorporation and bylaws. Expenses incurred by the Executive
in defending or investigating a threatened or pending action, suit, proceeding, demand or claim shall be paid by the Company in
advance of the final disposition of such action, suit, proceeding, demand or claim upon receipt by the Company of an undertaking
by or on behalf of the Executive to repay such amount if it shall ultimately be determined that he is not entitled to be indemnified
by the Company. The Company’s obligations under this Section 9 shall survive the termination of this Agreement, regardless
of the reason for termination, and shall inure to the benefit of the Executive’s heirs, executors and administrators. To
the extent the Company reduces the indemnity rights provided for under its articles of incorporation and/or bylaws after the Effective
Date, the Company’s indemnity obligations hereunder shall be unaffected to the extent permitted by applicable law.

 

10.       Arbitration.
All disputes arising under this Agreement, other than actions to enforce the restrictions set forth in Section 6 or as otherwise
expressly stated in this Agreement, shall be subject to final and binding arbitration between the parties. All arbitration proceedings
shall be conducted pursuant to the National Rules for the Resolution of Employment Disputes of the American Arbitration Association
(“AAA”) in effect on the date of the first notice of demand for arbitration. All arbitration proceedings will
be conducted by a neutral arbitrator who is independent and disinterested with respect to the parties, this Agreement and the outcome
of the arbitration. The neutral arbitrator will be selected in a manner consistent with the
AAA’s national rules for the resolution of employment disputes. The arbitration
shall be conducted at a mutually agreeable site located within a 10-mile radius of the Company’s principal executive office
in Jacksonville, Florida (or such other location as the Company’s principal executive office may then be located). The
parties hereto shall share equally the costs of the arbitration; provided, however, that the prevailing party shall be entitled
to recover its share of such costs from the other party.

 

11.       Section
409A of the Code. To the extent that Section 409A of the Code is applicable to this Agreement, the following provisions shall
apply to the terms of this Agreement.

 

(a)        This
Agreement shall be interpreted in accordance with Section 409A of the Code and Department of Treasury regulations and other interpretive
guidance issued thereunder. Notwithstanding any provision of this Agreement to the contrary, if the Company or the Executive determines
that any compensation or benefits payable under this Agreement may be subject to Section 409A of the Code and related Department
of Treasury guidance, the Company shall work in good faith with the Executive to adopt such amendments to this Agreement or adopt
other policies and procedures (including adopting amendments, policies and procedures with retroactive effect), or take any other
actions that the Company and the Executive determine are necessary or appropriate to maintain to the maximum extent practicable
the original intent of the applicable provision while avoiding the imposition of taxes under Section 409A of the Code, including
without limitation, actions intended to: (i) exempt the compensation and benefits payable under this Agreement from Section 409A
of the Code, and/or (ii) comply with the requirements of Section 409A of the Code and related Department of Treasury guidance.
Notwithstanding the above, in no event shall the Executive be required to forgo any compensation, benefits or other rights to which
he is entitled hereunder.

 

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(b)  Any
right to a series of installment payments pursuant to this Agreement is to be treated as a right to a series of separate payments.
To the extent permitted under Section 409A of the Code, any separate payment or benefit under this Agreement or otherwise shall
not be deemed “nonqualified deferred compensation” subject to Section 409A of the Code to the extent provided in the
exceptions in Treasury Regulation Section 1.409A-1(b)(4), Section 1.409A-1(b)(9) or any other applicable exception or provision
of Section 409A of the Code.

 

(c)  Notwithstanding
anything to the contrary in this Agreement: (i) the amount of expenses eligible for reimbursement during any taxable year of the
Executive shall not affect the amount of expenses eligible for reimbursement during any other taxable year of the Executive, (ii)
any expense reimbursement made under this Agreement shall be made promptly, but in no event later than the last day of the Executive’s
taxable year immediately following the taxable year during which the expense was incurred, and (iii) the Executive’s right
to expense reimbursement under this Agreement shall not be subject to liquidation or exchange for another benefit. For purposes
of this Agreement, in-kind benefits and perquisites shall be treated in the same manner as expenses eligible for reimbursement.

 

(d) Notwithstanding
anything to the contrary in this Agreement, no compensation or benefits shall be paid to the Executive during the six-month period
following the Executive’s “separation from service” (within the meaning of Section 409A(a)(2)(A)(i) of the Code)
if: (i) the Executive is a “specified employee” (within the meaning of Section 409A(a)(2)(B)(i)), and (ii) the Company
determines that paying such amounts at the time or times indicated in this Agreement would be a prohibited distribution under Section
409A(a)(2)(B)(i) of the Code. If the payment of any such amounts is delayed as a result of the previous sentence, then on the first
business day following the end of such six-month period (or such earlier date upon which such amount can be paid under Section
409A of the Code without resulting in a prohibited distribution, including as a result of the Executive’s death), the Company
shall pay the Executive a lump-sum amount equal to the cumulative amount that would have otherwise been payable to the Executive
during such period.

 

12.       Miscellaneous.

 

(a)       Entire
Agreement. This Agreement contains the entire agreement between the parties and supersedes all prior agreements and understandings,
both written and oral, between the parties with respect to the subject matter hereto, and no party shall be liable or bound to
any other party in any manner by any warranties, representations, guarantees or covenants except as specifically set forth in this
Agreement. Neither party relied upon any representation or warranty, whether written or oral, made by the other party or any of
his or its officers, directors, employees, agents or representatives, in making his or its decision to enter into this Agreement.

 

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(b)       Amendment
and Modification. This Agreement may not be amended, modified or supplemented except by an instrument or instruments in writing
signed by the party against whom enforcement of any such amendment, modification or supplement is sought.

 

(c)       No
Rights or Licenses Granted. No express or implied licenses or other rights are provided to the Executive under this Agreement
under any patents, patent applications, trade secrets or other intellectual property rights or proprietary rights of the Company,
now or in the future.

 

(d)       Extensions
and Waivers. The parties hereto entitled to the benefits of a term or provision hereof may: (i) extend the time for the performance
of any of the obligations or other acts of the parties hereto, (ii) waive any inaccuracies in the representations and warranties
contained herein or in any document, certificate or writing delivered pursuant hereto, or (iii) waive compliance with any obligation,
covenant, agreement or condition contained herein. Any agreement on the part of a party to any such extension or waiver shall be
valid only if set forth in an instrument or instruments in writing signed by the party against whom enforcement of any such extension
or waiver is sought. No failure or delay on the part of any party hereto in the exercise of any right hereunder shall impair such
right or be construed to be a waiver of, or acquiescence in, any breach of any representation, warranty, covenant or agreement.
No waiver by either party hereto of any breach or default of any of the covenants or agreements herein set forth will be deemed
a waiver as to any subsequent or similar breach or default.

 

(e)       Survival.
Notwithstanding any termination of this Agreement, the rights and obligations set forth in this Agreement shall survive the termination
of this Agreement and remain in full force and effect in accordance with their respective terms.

 

(f)       Successors
and Assigns.

 

(i)       The
Executive may not assign his rights or delegate his obligations under this Agreement, other than by will or the laws of descent
and distribution, without the prior written consent of the Company. This Agreement shall be binding upon and inure to the benefit
of the Executive, and all rights and benefits of the Executive hereunder shall inure to the benefit of, and be enforceable by,
the Executive’s personal and legal representatives, executors, administrators, successors, heirs, distributes, devises and
legatees.

 

(ii)       This
Agreement shall be binding upon and inure to the benefit of the Company and its successors and assigns.

 

(g)       Third-Party
Beneficiaries. Except as expressly provided herein, nothing in this Agreement, express or implied, is intended or shall be
construed to confer upon any person other than the parties hereto (or their respective successors and assigns) any rights, remedies,
obligations or liabilities under or by reason of this Agreement. Except as expressly provided herein, there are no intended third-party
beneficiaries under or by reason of this Agreement.

 

(h)        Headings;
Definitions. The Section headings contained in this Agreement are inserted for convenience of reference only and will not affect
the meaning or interpretation of this Agreement. All references to Sections contained herein mean Sections of this Agreement unless
otherwise stated. All capitalized terms defined herein are equally applicable to both the singular and plural forms of such terms.

 

    	 	10	 

     

    

 

(i)       Severability.
If any provision of this Agreement or the application thereof to any person or circumstance is held to be unreasonable, invalid
or unenforceable to any extent by any court, tribunal, arbitrator, governmental agency or other governmental body, then the parties
agree, and hereby submit, to the reduction and limitation of such provision to such area or period of time as shall be deemed reasonable
by such court, tribunal, arbitrator, governmental agency or other governmental body or the Company, and the remainder of this Agreement
shall remain in full force and effect and shall be reformed to render the Agreement valid and enforceable while reflecting to the
greatest extent permissible the intent of the parties hereto.

 

(j)       Notices.
Any notice, consent, demand, offer, acceptance or other communication required or permitted under this Agreement will be made in
writing and will be deemed to have been duly given if: (a) sent by personal delivery, which will be deemed given upon confirmation
of receipt; (b) mailed by first class registered or certified mail, return receipt requested, postage prepaid, which will be deemed
delivered three days after the date received for delivery by the United States Postal Service, whether or not accepted by the addressee;
(c) sent by nationally recognized next-day delivery courier that guarantees delivery within 24 hours, charges prepaid, which will
be deemed delivered one day after delivery to said courier; or (d) by facsimile transmission, electronic mail or other electronic
delivery medium, which will be deemed delivered on the date of transmission, addressed to the receiving party at the address set
forth below:

 

If to
the Company:

 

ARC Group, Inc.

1409 Kinsley Avenue

Suite 2

Orange Park, FL 32073

Attn: Secretary

 

If to the Executive:

 

To the address set forth on the
Company’s books and records

 

or such other address or to the attention
of such other person as the recipient party shall have specified by prior written notice to the sending party.

 

(k)      Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Florida. Any action arising
out of or relating to any of the provisions of this Agreement may be brought and prosecuted only in the courts of, or located in,
Jacksonville, Florida, and the parties hereto consent to the jurisdiction and venue of said courts.

 

(l)      Counterparts.This
Agreement may be executed in two or more counterparts and delivered via facsimile or other electronic transmission, each of which
shall be deemed to be an original, but all of which together shall constitute one and the same agreement.

 

[Remainder of page
intentionally left blank]

 

    	 	11	 

     

    

 

IN WITNESS WHEREOF,
the Company has caused this Agreement to be executed and attested by its duly authorized officer, and the Executive has set his
hand, all as of the day and year first above written.

 

	 	ARC GROUP, INC.
	 	 	 
	 	 	 
	 	By: 	/s/ Richard W. Akam
	 	 	Richard W. Akam
	 	 	Chief Operating Officer and Secretary
	 	 	 
	 	 	 
	 	EXECUTIVE
	 	 	 
	 	 	 
	 	/s/ Seenu G. Kasturi
	 	Seenu G. Kasturi

 

    	 	12	 

     

    

 

Exhibit A

 

Form of Restricted
Stock Award Agreement

 

RESTRICTED STOCK AWARD AGREEMENT

 

This Restricted Stock
Award Agreement (this “Agreement”) is entered into this 2nd day of January, 2019 (the “Grant Date”),
by and between ARC Group, Inc., a Nevada corporation (the “Company”), and Seenu G. Kasturi (the “Executive”).

 

WHEREAS, the Company
and the Executive are parties to that certain amended and restated employment agreement, dated January 2, 2019, by and between
the Company and the Executive (the “Employment Agreement”); and

 

WHEREAS, under the
terms of the Employment Agreement, the Company agreed to issue a restricted stock award to the Executive; and

 

WHEREAS, the Company
and the Executive wish to enter into this Agreement in accordance with the terms of the Employment Agreement.

 

NOW, THEREFORE, in
consideration of the foregoing, the agreement set forth below and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, and intending to be legally bound hereby, the parties hereby agree as follows:

 

1.       Grant
of Restricted Shares. The Company hereby grants to the Executive 390,000 shares (the “Restricted Shares”) of common
stock, $.01 par value per share (“Common Stock”), of the Company on the terms and subject to the conditions set forth
herein.

 

2.       Vesting
of Restricted Shares. The Restricted Shares shall vest (“Vested Shares”) in accordance with the following schedule:

 

(i)  130,000
shares on March 31, 2019;

 

(ii)  130,000
shares on March 31, 2020; and

 

(iii)  130,000
shares on March 31, 2021.

 

3.       Escrow
of Restricted Shares.

 

(a)       Deposit.
A certificate representing the Restricted Shares shall be issued in the name of the Executive upon the execution of this Agreement
by the Company and the Executive and shall be escrowed with the Secretary of the Company subject to removal of the restrictions
placed thereon or forfeiture pursuant to the terms of this Agreement. Each deposited certificate shall be accompanied by a duly
executed Stock Power (endorsed in blank) in the form attached hereto as Exhibit A. The deposited certificates, together
with any other assets or securities that may be deposited from time to time with the Company pursuant to this Agreement, shall
remain in escrow until such time or times as the certificates (or other assets or securities) are to be released or otherwise surrendered
for cancellation in accordance with the terms of this Agreement. Upon delivery of the certificates to the Company, the Executive
shall be issued an instrument of deposit acknowledging the number of Restricted Shares delivered in escrow to the Secretary of
the Company.

 

     

     

    

 

(b)       Release
or Surrender. The Restricted Shares, together with any other assets or securities held in escrow hereunder, shall be subject
to the following terms and conditions relating to their release from escrow or their surrender to the Company for repurchase and/or
cancellation:

 

(i) Upon any
Restricted Shares becoming Vested Shares, all restrictions shall be removed from the certificates representing such Restricted
Shares and the Secretary of the Company shall deliver to the Executive certificates representing such Vested Shares free and clear
of all restrictions (except for any applicable securities law restrictions) within 10 business days following the date such Restricted
Shares became Vested Shares.

 

(ii) Upon the
Executive’s termination of employment with the Company pursuant to Section 6, any Restricted Shares that are Vested Shares
on the date of termination, and any Restricted Shares that become Vested Shares as a result of such termination, shall be released
from escrow and delivered to the Executive within 10 business days following the date such Restricted Shares became Vested Shares.
All Restricted Shares that have not become Vested Shares shall be forfeited by the Executive in the manner set forth in Section
3(b)(iii).

 

(iii)  Should the Executive forfeit any Restricted Shares pursuant to Section
6, then the escrowed certificates for such forfeited Restricted Shares shall be surrendered to the Company for cancellation concurrently
with such forfeiture. Upon such forfeiture, the Executive shall cease to have any further rights or claims with respect to such
forfeited Restricted Shares. To facilitate the performance or observance by the Executive of this Section 3(b)(iii), the
Executive hereby irrevocably appoints (which appointment is coupled with an interest) the Secretary of the Company as the attorney-in-fact
of the Executive to transfer any Restricted Shares so forfeited to the Company, and the Executive agrees that the transfer of stock
certificates with respect to such forfeited Restricted Shares shall be specifically performable by the Company in a court of equity
or law.

 

4.       Stockholder
Rights. Unless and until such time as the Restricted Shares are forfeited by the Executive pursuant to Section 3, the Executive
shall have all of the rights of a stockholder, including voting and dividend rights, with respect to the Restricted Shares, including
the Restricted Shares held in escrow under Section 3, subject, however, to the transfer restrictions set forth in Section 5. Notwithstanding
the foregoing, any cash dividends declared and paid by the Company with respect to the Restricted Shares shall be paid directly
to the Executive and shall not be held in escrow or subject to forfeiture hereunder.

 

5.       Restrictions
on Transfer.

 

(a)The Restricted
Shares may not be resold, pledged as security or otherwise transferred, assigned or encumbered by the Executive prior to the date
such Restricted Shares are no longer subject to forfeiture, unless specifically agreed to in writing by the Company.

 

    	 	2	 

     

    

 

(b)The Executive
hereby agrees that the Executive shall make no disposition of the Restricted Shares unless and until:

 

(i)The forfeiture
restrictions applicable to such Restricted Shares have lapsed;

 

(ii)The Executive
shall have notified the Company of the proposed disposition, unless there is then in effect a registration
statement under the Securities Act of 1933, as amended (the “Securities Act”) covering such proposed disposition and
such disposition is made in accordance with such registration statement; and

 

(ii)The
Executive shall have complied with all requirements of this Agreement applicable to the disposition of the Restricted Shares
(including the requirements of any applicable securities laws).

 

(c)The Company
shall not be required to (i) transfer on its books any Restricted Shares that have been sold or transferred in violation of the
provisions of this Section 5, or (ii) treat as the owner of the Restricted Shares, or otherwise accord voting or dividend rights
to, any transferee to whom the Restricted Shares have been transferred in contravention of this Agreement. References herein to
the Executive shall include, where applicable, a permitted transferee.

 

6.       Termination
of Employment.

 

(a)       Forfeiture
by Death or Disability, for “Cause,” or by Voluntary Termination. If the Executive’s employment by the Company
terminates by reason of death or Disability as such term is defined in Section 4(b) of the Employment Agreement, or if the Company
terminates the Executive’s employment for “Cause” as such term is defined in Section 4(c) of the Employment Agreement,
or if the Executive terminates his own employment with the Company, all Restricted Shares that have not become Vested Shares shall
be forfeited to the Company. The Company’s board of directors shall have sole authority and discretion to determine whether
the Executive’s employment or services has been terminated by reason of Disability or for “Cause.” 

 

(b)       Termination
Without Cause. If the Executive’s employment by the Company is terminated by the Company without “Cause”
as such term is defined in Section 4(c) of the Employment Agreement, then all Restricted Shares shall immediately become Vested
Shares. 

 

7.       Adjustments
for Changes in Common Stock and Certain Other Events.

 

(a)       Changes
in Capitalization. In the event of any stock split, reverse stock split, stock dividend, recapitalization, combination of shares,
reclassification of shares, spin-off or other similar change in capitalization or event, or any distribution to holders of shares
of Common Stock other than an ordinary cash dividend, the number and class of securities available under this Agreement shall be
adjusted appropriately by the Company to the extent the Company’s board of directors shall determine, in good faith, that
such an adjustment or substitution is necessary or appropriate. Any adjustment under this Section 7(a) shall become effective at
the close of business on the date the subdivision or combination becomes effective, or as of the record date of such dividend,
or in the event that no record date is fixed, upon the making of such dividend. If this Section 7(a) applies to an event and Section
7(c) also applies to the event, Section 7(c) shall be applicable to the event, and this Section 7(a) shall not be applicable to
the event.

 

    	 	3	 

     

    

 

(b)       Liquidation
or Dissolution. In the event the stockholders of the Company approve a plan of complete liquidation or dissolution of the Company
or an agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets, the Company’s
board of directors shall provide that all restrictions and conditions contained herein that are then outstanding shall automatically
be deemed terminated or satisfied immediately prior to the consummation of such liquidation or dissolution.

 

(c)     Reorganization
Event or Change in Control Event. Upon the occurrence of a Reorganization Event (as defined below) that is not a Change in
Control Event (as defined below), this Agreement shall be assumed by the acquiring or succeeding entity (or an affiliate thereof)
and shall apply to the cash, securities or other property that the Common Stock was converted into or exchanged for pursuant to
such Reorganization Event in the same manner and to the same extent as they applied to the Common Stock subject to this Agreement.
Upon the occurrence of a Change in Control Event (regardless of whether such event also constitutes a Reorganization Event), all
restrictions and conditions on any Restricted Shares then outstanding shall automatically be deemed terminated or satisfied in
full, as applicable, immediately prior to the consummation of the Change in Control Event. For the purposes of this Section 7,
“Reorganization Event” and “Change in Control Event” shall have the meanings ascribed to such terms in
the Company’s 2014 Stock Incentive Plan adopted by the Company’s board of directors on June 16, 2014.

 

8.       Investment
Representation. The Executive hereby acknowledges that the Restricted Shares are being acquired for the Executive’s own
account for investment purposes only and not with a view to, or with any present intention of, distributing or reselling any of
such Restricted Shares. The Executive acknowledges and agrees that the Restricted Shares have not been registered under the Securities
Act or under any state securities laws, and that the Restricted Shares may not be, directly or indirectly, sold, transferred, offered
for sale, pledged, hypothecated or otherwise disposed of without registration under the Securities Act and registration or qualification
under applicable state securities laws, except pursuant to an available exemption from such registration or qualification. The
Executive also acknowledges and agrees that neither the Securities and Exchange Commission (“SEC”) nor any securities
commission or other governmental authority has: (i) approved the transfer of the Restricted Shares or passed upon or endorsed the
merits of the transfer of the Restricted Shares; or (ii) confirmed the accuracy of, determined the adequacy of, or reviewed this
Agreement. The Executive has such knowledge, sophistication and experience in financial, tax and business matters in general, and
investments in securities in particular, that it is capable of evaluating the merits and risks of this investment in the Restricted
Shares, and the Executive has made such investigations in connection herewith as it deemed necessary or desirable so as to make
an informed investment decision without relying upon the Company for legal or tax advice related to this investment.

 

    	 	4	 

     

    

 

9.       Restrictive
Legend. The certificates evidencing the Restricted Shares to be issued under this Agreement shall have endorsed thereon (except
to the extent that the restrictions described in any such legend are no longer applicable) the following legend, appropriate notations
thereof will be made in the Company’s stock transfer books, and stop transfer instructions reflecting these restrictions
on transfer will be placed with the transfer agent of the Restricted Shares.

 

THE SECURITIES REPRESENTED HEREBY
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR APPLICABLE STATE SECURITIES
LAWS. THESE SECURITIES MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO REGISTRATION UNDER THE SECURITIES
ACT AND REGISTRATION OR QUALIFICATION UNDER APPLICABLE STATE SECURITIES LAWS, OR PURSUANT TO AN AVAILABLE EXEMPTION THEREFROM.
NO TRANSFER OF THE SECURITIES REPRESENTED HEREBY MAY BE MADE IN THE ABSENCE OF SUCH REGISTRATION OR QUALIFICATION UNLESS THERE
SHALL HAVE BEEN DELIVERED TO THE ISSUER A WRITTEN OPINION OF UNITED STATES COUNSEL OF RECOGNIZED STANDING, IN FORM AND SUBSTANCE
SATISFACTORY TO THE ISSUER, TO THE EFFECT THAT SUCH TRANSFER MAY BE MADE WITHOUT REGISTRATION OF SUCH SECURITIES UNDER THE SECURITIES
ACT AND REGISTRATION OR QUALIFICATION UNDER APPLICABLE STATE SECURITIES LAWS.

 

THE SECURITIES EVIDENCED BY THIS
CERTIFICATE ARE SUBJECT TO AND TRANSFERABLE ONLY IN ACCORDANCE WITH THAT CERTAIN RESTRICTED STOCK AWARD AGREEMENT DATED JANUARY
2, 2019, BETWEEN THE COMPANY AND THE EXECUTIVE, A COPY OF WHICH IS ON FILE AT THE PRINCIPAL OFFICE OF THE COMPANY. NO TRANSFER
OR PLEDGE OF THE SHARES EVIDENCED HEREBY MAY BE MADE EXCEPT IN ACCORDANCE WITH AND SUBJECT TO THE PROVISIONS OF SAID AGREEMENT.
BY ACCEPTANCE OF THIS CERTIFICATE, ANY HOLDER, TRANSFEREE OR PLEDGEE HEREOF AGREES TO BE BOUND BY ALL OF THE PROVISIONS OF THE
AGREEMENT.

 

10.       Section
83(b) Election. The Executive understands that under Section 83 of the Internal Revenue Code of 1986, as amended (the “Code”),
the difference between the purchase price, if any, paid for the Restricted Shares and their fair market value on the date any forfeiture
restrictions applicable to such Restricted Shares lapse will be reportable as ordinary income at that time. The Executive understands
that the Executive may elect to be taxed at the time the Restricted Shares are acquired hereunder to the extent the fair market
value of the Restricted Shares differs from the purchase price, if any, rather than when and as such Restricted Shares cease to
be subject to such forfeiture restrictions, by filing an election under Section 83(b) of the Code with the Internal Revenue Service
within 30 days after the Gant Date. If the fair market value of the Restricted Shares at the Grant Date equals the purchase price
paid (and thus no tax is payable), the election should be made to avoid adverse tax consequences in the future. Executive understands
that failure to make this filing within the 30-day period will result in the recognition of ordinary income by Executive as the
forfeiture restrictions lapse. THE EXECUTIVE ACKNOWLEDGES THAT IT IS THE EXECUTIVE’S SOLE RESPONSIBILITY, AND NOT THE COMPANY’S,
TO FILE A TIMELY ELECTION UNDER SECTION 83(b) OF THE CODE, EVEN IF THE EXECUTIVE REQUESTS THE COMPANY OR ITS REPRESENTATIVES TO
MAKE THIS FILING ON THE EXECUTIVE’S BEHALF. THE EXECUTIVE IS RELYING SOLELY ON THE EXECUTIVE’S ADVISORS WITH RESPECT
TO THE DECISION AS TO WHETHER OR NOT TO FILE A SECTION 83(b) ELECTION.

 

    	 	5	 

     

    

 

11.       Covenants
of the Company. The Company covenants and agrees that the Restricted Shares have been duly authorized and, when issued and
paid for in accordance with the terms of this Agreement, will be validly issued, fully paid and non-assessable shares of Common
Stock with no personal liability resulting solely from the ownership of such shares and will be free and clear of all liens, charges,
restrictions, claims and encumbrances imposed by or through the Company.

 

12.       Notices.
All notices hereunder shall be sufficiently given for all purposes hereunder if in writing and delivered personally, sent by documented
overnight delivery service or, to the extent receipt is confirmed, telecopy, telefax or other electronic transmission service to
the appropriate address or number as set forth below:

 

If to the Company:

 

ARC Group,
Inc.

1409 Kinsley Avenue

Suite 2

Orange Park, FL 32073

Attn: Secretary

 

If to the Executive:

 

To the address
specified for the Executive in the Company’s records.

 

13.       Amendment
and Waiver. This Agreement may not be amended, modified or supplemented except by an instrument or instruments in writing signed
by the party against whom enforcement of any such amendment, modification or supplement is sought. The parties hereto entitled
to the benefits of a term or provision may waive compliance with any obligation, covenant, agreement or condition contained herein.
Any agreement on the part of a party to any such waiver shall be valid only if set forth in an instrument or instruments in writing
signed by the party against whom enforcement of any such waiver is sought. No failure or delay on the part of any party hereto
in the exercise of any right hereunder shall impair such right or be construed to be a waiver of, or acquiescence in, any breach
of any representation, warranty, covenant or agreement contained herein.

 

    	 	6	 

     

    

 

14.       Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors
and assigns; provided, however, that no party hereto may assign its rights or delegate its obligations under this Agreement
without the express prior written consent of the other party hereto. Nothing in this Agreement is intended to confer upon any person
not a party hereto (and their successors and assigns) any rights, remedies, obligations or liabilities under or by reason of this
Agreement.

 

15.       Headings;
Definitions. The section headings contained in this Agreement are inserted for convenience of reference only and will not affect
the meaning or interpretation of this Agreement. All references to sections contained herein mean sections of this Agreement unless
otherwise stated. All capitalized terms defined herein are equally applicable to both the singular and plural forms of such terms.

 

16.       Severability.
If any provision of this Agreement or the application thereof to any person or circumstance is held to be invalid or unenforceable
to any extent, the remainder of this Agreement shall remain in full force and effect and shall be reformed to render this Agreement
valid and enforceable while reflecting to the greatest extent permissible the intent of the parties.

 

17.       Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Florida, without regard
to the laws that might otherwise govern under applicable principles of conflicts of laws thereof.

 

18.       Counterparts.
This Agreement may be executed and delivered by facsimile in two or more counterparts, each of which shall be deemed to be an original,
but all of which together shall constitute one and the same agreement.

 

[Remainder of page
intentionally left blank]

 

    	 	7	 

     

    

 

IN WITNESS WHEREOF,
the parties have executed this Agreement as of the date written above.

 

	 	ARC GROUP, INC.
	 	 	 
	 	 	 
	 	By:	 
	 	 	Richard W. Akam
	 	 	Chief Operating Officer and Secretary

  

	 	EXECUTIVE 
	 	 
	 	 
	 	 
	 	Seenu G. Kasturi

 

 

 

 

    	 	8	 

     

    

 

Exhibit A

 

Stock Power

 

FOR VALUE RECEIVED,
___________________________ hereby sells, assigns and transfers unto ARC Group, Inc., a Nevada corporation (the “Company”),
______________________ (_________) shares of the common stock of the Company standing in the name of _______________________ on
the books of the Company represented by Certificate No. __________ herewith and does hereby irrevocably constitute and appoint
the Secretary of the Company attorney-in-fact to transfer the said stock on the books of the within named Company with full power
of substitution and resubstitution in the premises.

 

	Dated:	 	 	 
	 	 	 	(Signature)
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	(Print Name)Exhibit 10.2

 

SECOND AMENDMENT TO EMPLOYMENT AGREEMENT

 

THIS SECOND AMENDMENT
TO EMPLOYMENT AGREEMENT (this “Amendment”) is made and entered into this 2nd day of January, 2019, by and
between ARC Group, Inc., a Nevada corporation (“American”), and Richard W. Akam (“Akam”) for the purpose
of amending that certain Employment Agreement dated January 22, 2013, by and between American and Akam (as amended to date, the
“Employment Agreement”). Capitalized terms not otherwise defined herein shall have the meanings ascribed to such terms
in the Employment Agreement.

 

Recitals

 

WHEREAS, the parties
hereto desire to amend certain provisions of the Employment Agreement to reflect changes to the employment relationship previously
made by American and Akam as well as to reflect new changes to the employment relationship between American and Akam.

 

NOW, THEREFORE, in
consideration of the foregoing premises and representations, warranties, covenants and agreements contained herein, and for other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound
hereby, the parties hereto hereby agree as follows:

 

1.        The
first sentence of Section 1 is hereby deleted in its entirety and replaced with the following sentence:

 

Akam was appointed as the Chief
Operating Officer on January 22, 2013, and as the Chief Executive Officer, Chief Financial Officer and Secretary on July 31, 2013.
Akam resigned as the Chief Financial Officer on August 19, 2013. Akam shall continue to serve as the Chief Operating Officer and
Secretary with such duties that are customarily associated with such executive positions and such other specific duties as assigned
by American’s Board of Directors.

 

2.       Except
as expressly provided herein, the Employment Agreement shall remain in full force and effect.

 

3.       This
Amendment may be executed in two or more counterparts and delivered electronically, each of which shall be deemed to be an original,
but all of which together shall constitute one and the same agreement.

 

4.        
The Amendment shall be governed and interpreted by the laws of the State of Florida. Any dispute concerning the Agreement shall
be litigated in Duval County, Florida, State Court, without a jury, American and Akam waiving any right to a jury trial. American
and Akam agree that Duval County, Florida, State Court is a proper forum and venue and further consent to Duval County, Florida,
State Court and waive any objection to the venue or jurisdiction of the Duval County, Florida, State Court to hear such dispute.

 

     

     

    

 

IN WITNESS WHEREOF,
the parties have caused this Amendment to be signed as of the date first written above.

 

 

	 	ARC GROUP, INC.
	 	 	 
	 	 	 
	 	By: 	/s/ Seenu G. Kasturi
	 	 	Seenu G. Kasturi
	 	 	Chief Financial Officer
	 	 	 
	 	 	 
	 	RICHARD W. AKAM
	 	 	 
	 	 	 
	 	/s/ Richard W. Akam
	 	Richard W. Akam

 

 

 

    	 	2

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