Document:

Assignment,
Assumption, Joinder AND AMENDMENT Agreement

JF
Franchise Systems, LLC

 

This
ASSIGNMENT, Assumption AND JOINDER Agreement (this “Agreement”)
is entered into effective as of December _______, 2013 by and between Cameron M. Harris, Darrell C. Ferguson, Joseph H. Drury,
and H. Keith Stoneman (individually as “Assignor”, and together as “Assignors”),
Chanticleer Holdings, Inc., a Delaware corporation (as “Assignee”), and JF Franchise Systems, LLC, a
North Carolina limited liability company (the “Company”). Terms capitalized herein but not otherwise defined
shall have the meaning ascribed thereto in the Amended and Restated Operating Agreement of the JF Franchise Systems, LLC, a North
Carolina limited liability company dated as of the 1st day of June, 2008, and in effect as of the date hereof (the “Operating
Agreement”).

 

FOR AND IN CONSIDERATION
OF the payment of the purchase price and the mutual covenants contained herein, and for other good and valuable consideration,
the receipt, adequacy and legal sufficiency of which are hereby acknowledged, the parties do hereby agree as follows:

 

1.           Assignment
and Assumption. The Assignors hereby assign, sell, transfer and set over (collectively, the "Assignment")
to the Assignee, the Assignors’ rights, titles, benefits, privileges and interests in and to a Fifty-One Percent (51%) Preferred
Membership Interest and Shares in the Company so that the Assignors’ Interest are reduced, as set out in Exhibit A hereto.
The Assignee hereby accepts the Assignment and assumes and agrees to observe and perform all of the duties, obligations, terms,
provisions and covenants to be observed, performed, paid or discharged from and after the date hereof, with respect to Assignors’
Preferred Membership Interest being transferred in the Company.

 

2.           Purchase
Price. The Assignee shall pay the sum of One Thousand Dollars ($1,000.00) to H. Dockery Teele, Jr., PA, as Escrow Agent on
or before December ______, 2013. The Escrow Agent shall pay the amounts received as set out in Schedule I, attached.

 

3.           Joinder
in Operating Agreement. The undersigned Assignee hereby agrees (i) to become a Preferred Member of the Company, (ii) to become
a party to the Operating Agreement and to be bound by and to comply with the terms, conditions and provisions of the Operating
Agreement by executing this Assignment, Assumption, Joinder and Amendment Agreement.

 

4.           Recapitalization
and Amendment of Operating Agreement. The Operating Agreement is amended by replacing its Exhibit A by the Exhibit A, attached
and the Company is recapitalized so that the Membership Interest and Units are owned by the Members as set out in Exhibit A. The
Assignors each acknowledge that the Company is not indebted to them for prior services, loans, or contractual obligations.         

 

5.           Representations
By Assignors. To induce the Assignee to accept the delivery of this Assignment, the Assignors each hereby represent and warrant
the following to the Assignee with respect to their Preferred Membership Interest that, on the date hereof and at the time of such
delivery:

 

5.1.          Each
Assignor is the legal and beneficial owner of the Preferred Membership Interest being assigned. Each Assignor has not sold, transferred,
or encumbered any or all of the Preferred Membership Interest. Subject to the provisions of the Operating Agreement, each Assignor
has the full and sufficient right at law and in equity to transfer and assign the Preferred Membership Interest, and is transferring
and assigning the Preferred Membership Interest to the Assignee free and clear of any and all right, title, or interest of any
other person whatsoever.

 

    	 

    	 

    

 

5.2.          Each
Assignor has been given no notice of any default by the Assignor in performing his obligations under the provisions of the Operating
Agreement and, to the best of the Assignor=s knowledge, information,
and belief, the Assignor is not in default in performing those obligations.

 

5.3.          All
Preferred Members of the Company have consented to this Agreement. There are no Common Members.

 

5.4.          The
Assignors also are the Preferred Members of JF Restaurants, LLC (“JFR”) and own a majority of the Preferred Unit Percentage
Interest in JFR, and by Majority Approval hereby authorize the Manager of JFR to join in this Agreement to acknowledge consent
and agree to this Agreement and the Recapitalization on behalf of JFR.

 

6.           Consent
to Transfers.

 

6.1           The
parties hereby consent to the transfer by   [_____] of  [___] of his Preferred Share Percentage Interest (and Shares
representing said Interest) to [_________], it being agreed for such Shares to be subject to the terms of the Operating
Agreement; such transfer is reflected in Exhibit A, attached hereto.

 

6.2           The
parties hereby consent to the future transfer by Joseph Drury of 5.00% of his Preferred Share Percentage Interest (and Shares representing
said Interest) to Chanticleer Holdings, Inc. subject to the execution of such joinder and other documents required for such Shares
to be subject to the terms of the Operating Agreement.

 

6.3           All
the parties consent to the future transfer of   [________] Membership Interest and Shares to     [_______] and its becoming a
Preferred Member upon     [__________] executing such joinder and other documents required by the Operating
Agreement to become a Preferred Member.

 

7.           Miscellaneous.
This Agreement may be executed in one or more counterparts, including facsimile counterparts, each of which shall be deemed an
original but all of which, taken together, shall constitute one and the same instrument.  Delivery of an executed counterpart
of this Agreement via facsimile transmission shall be equally as effective as delivery of an original executed counterpart. This
Agreement shall be governed by and construed in accordance with the laws of the State of North Carolina, without regard to its
choice of law principles.

 

IN WITNESS WHEREOF, the parties have executed
this Assignment, Assumption and Joinder Agreement as of the date first above written.

 

	 	ASSIGNORS:
	 	 
	 	 
	 	Cameron M. Harris
	 	 
	 	 
	 	Darrell C. Ferguson

 

    	 

    	 

    

 

	 	 
	 	Joseph H. Drury
	 	 
	 	
	 	H. Keith Stoneman
	 	ASSIGNEE:
	 	Chanticleer Holdings, Inc.
	 	 
	 	By:	 
	 	 
	 	(print name)
	 	Its:	 

 

THIS AGREEMENT IS

CONSENTED AND AGREED TO:

JF Restaurants, LLC

 

	 	 
	By:  Joseph H. Drury, Manager 	 
	Dated:  December _______, 2013	 

 

Acknowledgement of Assignment and Admission
as a Preferred Member. The Company hereby acknowledges and agrees that all the terms and conditions for the valid transfer
of Assignors’ Preferred Membership Interest in the Company to Assignee has been satisfied or waived and that the Assignee
is hereby admitted as a Preferred Member of the Company.

 

Dated: December ______,
2013

 

	 	THE COMPANY:
	 	JF Franchise Systems, LLC
	 	 
	 	 
	 	By: Joseph H. Drury, Manager

 

    	 

    	 

    

 

EXHIBIT A

JF FRANCHISE SYSTEMS, LLC

CAPITALIZATION SCHEDULE

(AS OF DECEMBER _______, 2013)

 

	Member	 	Capital Account

    (1)	 	 	Preferred Shares

    (2)	 	 	Preferred Share

    Percentage
 Interest (3)	 	 	Common Shares

    (4)	 	 	Percentage

    Interest (5)	 	 	Convertible

    Loans (6)	 	 	Non-Convertible

    Loans (7)	 
	Chanticleer Holdings, Inc.	 	$	51,000.00	 	 	 	51.00	 	 	 	51.00	 	 	 	-0-	 	 	 	51.00	 	 	 	-0-	 	 	 	-0-	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total	 	$	100,000.00	 	 	 	100.00	 	 	 	100.00	 	 	 	-0-	 	 	 	100.00	 	 	 	-0-	 	 	 	-0-	 

 

Notes:

(1)  Capital accounts adjusted
to reflect the Company’s value as of the date of this Amendment and recapitalization.

 

(2)  Reflects (i) the Units
after recapitalization, (ii) assignment of  [___] Preferred Share Percentage Interest and Shares by  [____] to [________], and (iii) the 51% assignment of Preferred Membership and Percentage Interest to Chanticleer by the Preferred
Members.

 

(3)  Reflects the reallocation
of Preferred Units after (2) above.

 

(5)  Reflects Percentage Interest
after (2) and (3) above.

 

Each Preferred Member hereby acknowledges
and agrees that this Exhibit A is accurate with respect to himself and each other Preferred Member as of December _______,
2013.

 

	 	 	 	 	 	 	 	 	 
	CMH	 	DCF	 	JHD	 	HKS	 	CH, Inc.

 

    	 

    	 

    

 

Schedule I

 

    	 

    	 

    

 

Assignment,
Assumption, Joinder AND AMENDMENT Agreement

jf
restaurants, llc

 

This
ASSIGNMENT, Assumption AND JOINDER Agreement (this “Agreement”)
is entered into effective as of December _______, 2013 by and between Cameron M. Harris, Ferguson Family Investments, LLC, Joseph
H. Drury, and H. Keith Stoneman (individually as “Assignor”, and together as “Assignors”),
Chanticleer Holdings, Inc., a Delaware corporation (as “Assignee”), and JF Restaurants, LLC, a North
Carolina limited liability company (the “Company”). Terms capitalized herein but not otherwise defined shall
have the meaning ascribed thereto in the Second Amended and Restated Operating Agreement of the JF Restaurants, LLC, a North Carolina
limited liability company dated as of the 1st day of January, 2010, and in effect as of the date hereof (the “Operating
Agreement”).

 

FOR AND IN CONSIDERATION
OF the payment of the purchase price and the mutual covenants contained herein, and for other good and valuable consideration,
the receipt, adequacy and legal sufficiency of which are hereby acknowledged, the parties do hereby agree as follows:

 

1.           Assignment
and Assumption. The Assignors hereby assign, sell, transfer and set over (collectively, the "Assignment")
to the Assignee, the Assignors’ rights, titles, benefits, privileges and interests in and to a Fifty-One Percent (51%) Preferred
Membership Interest and Units in the Company so that the Assignors’ Interest are reduced, as set out in Exhibit A hereto.
The Assignee hereby accepts the Assignment and assumes and agrees to observe and perform all of the duties, obligations, terms,
provisions and covenants to be observed, performed, paid or discharged from and after the date hereof, with respect to Assignors’
Preferred Membership Interest being transferred in the Company.

 

2.           Purchase
Price. The Assignee has paid, and the Assignors’ acknowledge the payment of Four Hundred Thirty-Four Thousand Three Hundred
Twenty-Four and 71/100 Dollars ($434,324.71) to the Company. The Assignee shall pay the additional sum of One Hundred Twenty-Five
Thousand Six Hundred Seventy-Five and 29/100 Dollars ($125,675.29) to H. Dockery Teele, Jr., PA, as Escrow Agent on or before December
______, 2013. The Escrow Agent shall pay the amounts received as set out in Schedule I, attached.

 

3.           Joinder
in Operating Agreement. The undersigned Assignee hereby agrees (i) to become a Preferred Member of the Company, (ii) to become
a party to the Operating Agreement and to be bound by and to comply with the terms, conditions and provisions of the Operating
Agreement by executing this Assignment, Assumption, Joinder and Amendment Agreement.

 

4.           Recapitalization
and Amendment of Operating Agreement. The Operating Agreement is amended by replacing its Exhibit A by the Exhibit A, attached
and the Company is recapitalized so that the Membership Interest and Units are owned by the Members as set out in Exhibit A. As
a part of said recapitalization and in consideration of the Purchase Price, the Assignors each agree that all loans of any kind
made or held by each of them or their affiliates to the Company are deemed paid and satisfied, and the Assignors each release the
Company from any obligation to pay said loans, and further acknowledge that the Company is not indebted to them for prior services
or contractual obligations.         

 

5.           Representations
By Assignors. To induce the Assignee to accept the delivery of this Assignment, the Assignors each hereby represent and warrant
the following to the Assignee with respect to their Preferred Membership Interest that, on the date hereof and at the time of such
delivery:

 

5.1.          Each
Assignor is the legal and beneficial owner of the Preferred Membership Interest being assigned. Each Assignor has not sold, transferred,
or encumbered any or all of the Preferred Membership Interest. Subject to the provisions of the Operating Agreement, each Assignor
has the full and sufficient right at law and in equity to transfer and assign the Preferred Membership Interest, and is transferring
and assigning the Preferred Membership Interest to the Assignee free and clear of any and all right, title, or interest of any
other person whatsoever.

 

    	 

    	 

    

 

5.2.          Each
Assignor has been given no notice of any default by the Assignor in performing his obligations under the provisions of the Operating
Agreement and, to the best of the Assignor=s knowledge, information,
and belief, the Assignor is not in default in performing those obligations.

 

5.3.          All
Preferred Members and Common Members of the Company have consented to this Agreement.

 

6.           Consent
to Transfer. The parties hereby consent to the transfer by Joseph Drury of Five Percent (5%) of his Preferred Unit Percentage
Interest (and the Units representing such Interest) to Chanticleer Holdings, Inc. subject to the execution of such joinder and
other documents required for such Units to be subject to the terms of the Operating Agreement.

 

7.           Miscellaneous.
This Agreement may be executed in one or more counterparts, including facsimile counterparts, each of which shall be deemed an
original but all of which, taken together, shall constitute one and the same instrument.  Delivery of an executed counterpart
of this Agreement via facsimile transmission shall be equally as effective as delivery of an original executed counterpart. This
Agreement shall be governed by and construed in accordance with the laws of the State of North Carolina, without regard to its
choice of law principles.

 

IN WITNESS WHEREOF, the parties have executed
this Assignment, Assumption and Joinder Agreement as of the date first above written.

 

	 	ASSIGNORS:
	 	 
	 	 
	 	Cameron M. Harris
	 	 
	 	Ferguson Family Investments, LLC
	 	 	 
	 	By:	 
	 	 	Darrell C. Ferguson, Manager
	 	 	 
	 	 
	 	Joseph H. Drury
	 	 
	 	 
	 	H. Keith Stoneman

 

    	 

    	 

    

 

	 	ASSIGNEE:
	 	Chanticleer Holdings, Inc.
	 	 
	 	By:	 
	 	 
	 	(print name)
	 	Its:	 

 

	CONSENTED AND AGREED TO:	 
	 	 
	 	 
	Thomas G. Lewison	 
	 	 
	 	 
	Shelley Curtin	 
	 	 
	 	 
	Dana Sinkler	 

 

Acknowledgement of Assignment and Admission
as a Preferred Member. The Company hereby acknowledges and agrees that all the terms and conditions for the valid transfer
of Assignors’ Preferred Membership Interest in the Company to Assignee has been satisfied or waived and that the Assignee
is hereby admitted as a Preferred Member of the Company.

 

Dated: December ______,
2013

	 	THE COMPANY:
	 	JF Restaurants, LLC
	 	 
	 	 
	 	By: Joseph H. Drury, Manager

 

    	 

    	 

    

 

EXHIBIT A

JF RESTAURANTS, LLC CAPITALIZATION SCHEDULE

(AS OF DECEMBER _______, 2013)

 

	Member	 	Capital Account

    (1)	 	 	Preferred Units

    (2)	 	 	Preferred Unit

    Percentage
 Interest (3)	 	 	Common Units

    (4)	 	 	Percentage

    Interest (5)	 	 	Convertible

    Loans (6)	 	 	Non-Convertible

    Loans (7)	 
	Chanticleer Holdings, Inc.	 	$	560,000.00	 	 	 	47.25	 	 	 	51.00	 	 	 		 	 	 	47.25	 	 	 		 	 	 		 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total	 	$	1,098,039.00	 	 	 	92.65	 	 	 	100.00	 	 	 	4.90	 	 	 	100.00	 	 	 	 	 	 	 	 	 

Notes:

(1)  Capital accounts adjusted
to reflect the Company’s value as of the date of this Amendment and recapitalization.

 

(2)  Reflects (i) the Units after
recapitalization and satisfaction of Member loans, (ii) assignment of [________] (principal and accrued interest) of Convertible
Loans and [________] (principal and accrued interest) of Non-Convertible Loans by [____] to [_________], (iii) [_______]
re-assignment to [___________], and (iv) the 51% assignment of Preferred Membership and Percentage Interest
to Chanticleer by the Preferred Members.

 

(3)  Reflects the reallocation
of Preferred Units after (2) above.

 

(4)  Reflects the reduction of
Common Units following (2) above.

 

(5)  Reflects Percentage Interest
after (2) (3) and (4) above.

 

(6)  Reflects conversion of Convertible
Loans to Preferred Members Percentage Interest and Units at 130%

 

(7)  Reflects conversion of Non-Convertible
Loans to Preferred Members Percentage Interest and Units at 100%

 

Each Preferred Member hereby acknowledges
and agrees that this Exhibit A is accurate with respect to himself and each other Preferred Member as of December _______,
2013.

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	CMH	 	FFI, LLC	 	JHD	 	HKS	 	TGL	 	SC	 	DS	 	CH, Inc.

 

    	 

    	 

    

 

Schedule IAssignment
Agreement

 

This
ASSIGNMENT (the “Agreement”) is entered into effective as of December 11th, 2013 by and between
Joseph H. Drury (the “Assignor”) and Chanticleer Holdings, Inc., a Delaware corporation (as “Assignee”).
Terms capitalized herein but not otherwise defined shall have the meaning ascribed thereto in the Second Amended and Restated Operating
Agreement of the JF Restaurants, LLC, a North Carolina limited liability company (the “Company”) dated
as of the 1st day of January, 2010, and in effect as of the date hereof (the “Operating Agreement”).

 

FOR AND IN CONSIDERATION
OF the payment of the purchase price and the mutual covenants contained herein, and for other good and valuable consideration,
the receipt, adequacy and legal sufficiency of which are hereby acknowledged, the parties do hereby agree as follows:

 

1.           Assignment
and Assumption. The Assignor hereby assigns, sells, transfers and sets over (the "Assignment") to the
Assignee, the Assignor’s rights, titles, benefits, privileges and interests in and to a five percent (5%) Preferred Membership
Interest and Units in the Company so that the Assignor’s Interests are reduced. The Assignee hereby accepts the Assignment
and assumes and agrees to observe and perform all of the duties, obligations, terms, provisions and covenants to be observed, performed,
paid or discharged from and after the date hereof, with respect to Assignor’s Preferred Membership Interest being transferred
in the Company.

 

2.           Purchase
Price. The Assignee has paid, and the Assignor acknowledges the payment of thirty thousand dollars ($30,000.00) to the Assignor.

 

3.           Recapitalization
and Amendment of Operating Agreement. The Operating Agreement will be amended to reflect the Assignment.

 

4.           Representations
By Assignor. To induce the Assignee to accept the delivery of this Assignment, the Assignor hereby represents and warrants
the following to the Assignee with respect to their Preferred Membership Interest that, on the date hereof and at the time of such
delivery:

 

5.1.          The
Assignor is the legal and beneficial owner of the Preferred Membership Interest being assigned. The Assignor has not sold, transferred,
or encumbered any or all of the Preferred Membership Interest being assigned. Subject to the provisions of the Operating Agreement,
the Assignor has the full and sufficient right at law and in equity to transfer and assign the Preferred Membership Interest, and
is transferring and assigning the Preferred Membership Interest to the Assignee free and clear of any and all right, title, or
interest of any other person whatsoever.

 

5.2.          The
Assignor has been given no notice of any default by the Assignor in performing his obligations under the provisions of the Operating
Agreement and, to the best of the Assignor’s knowledge, information, and belief, the Assignor is not in default in performing
those obligations.

 

5.           Miscellaneous.
This Agreement may be executed in one or more counterparts, including facsimile counterparts, each of which shall be deemed an
original but all of which, taken together, shall constitute one and the same instrument.  Delivery of an executed counterpart
of this Agreement via facsimile transmission shall be equally as effective as delivery of an original executed counterpart. This
Agreement shall be governed by and construed in accordance with the laws of the State of North Carolina, without regard to its
choice of law principles.

 

    	 

    	 

    

 

IN WITNESS WHEREOF, the parties have executed
this Assignment, Assumption and Joinder Agreement as of the date first above written.

 

	 	ASSIGNOR:
	 	 
	 	 
	 	Joseph H. Drury
	 	 
	 	ASSIGNEE:
	 	Chanticleer Holdings, Inc.
	 	 
	 	By:	 
	 	Michael D. Pruitt,
	 	President & CEO

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