Document:

Exhibit

Exhibit 4.8

INDEPENDENT CONTRACTOR AGREEMENT
September 18, 2018
Leslie Auld
199 Rumsey Road, 
Toronto
Ontario M4G 1P6
Dear Leslie:
This will confirm the terms of your engagement as a consultant with Aeterna Zentaris Inc., a corporation duly incorporated under the laws of Canada, having its head office at 315 Sigma Drive, Summerville, South Carolina 29483 (the “Corporation”) effective September 24, 2018 (the “Effective Date”) on the following terms and conditions: 
		
	1.
	Services:  As a consultant you will perform such services as may be mutually agreed to between you and the Corporation (the “Services”) from time to time. We have agreed that you will perform the Services described in Schedule “A” hereto. The Corporation anticipates the provision of these Services will require not more than One Hundred Twenty (120) hours of work each month, with any additional hours to be agreed upon in advance between the parties. To assist in the provision of the Services, you will have the title of Senior Vice President, Chief Financial Officer.

		
	2.
	Standard of Care. You will provide the Services to the best of your ability and in a competent and professional manner.  You represent and warrant that you have sufficient expertise and resources, and the ability, to provide the Services.  You will act in good faith and in the best interests of the Corporation in carrying out the Services.

		
	3.
	Term: The term of this Agreement will commence as of the Effective Date and unless sooner terminated as provided herein, will continue for an indefinite term (the “Term”).

		
	4.
	Conflict of Interest: You represent that (a) there are, as of the date hereof, no conflicts of interest or fiduciary obligations, written or unwritten, which would affect your ability to provide the Services; and (b) during the Term of this Agreement, you will not enter into any agreement, or undertake any other course of action which may reasonably be expected to give rise to a conflict of interest on your part or materially impair your ability to provide the Services hereunder. The Corporation agrees the voluntary team positions held by you at the Effective Date do not give rise to a conflict of interest under this section 4. 

		
	5.
	Direction & Control: You will be solely responsible for determining the means and methods of performing the Services at all times complying with the standards contained in Section 6 below. You will ensure that you devote adequate time and attention in order to provide the Services as required herein provided you are under no obligation to provide the Services for any particular number of hours a day, or for any particular number of days a week.  It is understood and agreed between the parties that you are not limited in providing services to any other person during the term of this Agreement provided that the provision of such Services does not breach the provisions of this Agreement including Section 4 and do not compete with the business of the Corporation. Except as expressly set out herein to the contrary, you will provide all necessary tools, equipment and labour related to the provision of the Services.  

		
	6.
	Service Standards: You will perform the Services in accordance with (i) the overall standards and lawful policies and procedures established by the Corporation, including any code of ethics or business conduct adopted by the Corporation (including any future revisions of such policies, procedures or other codes of business conduct) and you acknowledge having been given copies of the Corporation’s Code of Conduct and Business Ethics in advance of executing this Agreement; and (ii) all applicable laws, rules and regulations, and all requirements of all applicable regulatory, self-regulatory and administrative bodies.

		
	7.
	Reporting:  You will report on the Services to the President and Chief Executive Officer of the Corporation (“CEO”).  You will also provide reporting as part of your Services as a member of the executive management team of the Corporation, including to the Corporation’s Audit Committee and Board, as required.

		
	8.
	Location:  The Services will be principally performed at your home office in Toronto. You agree domestic and international travel will be required in the provision of the Services. Time travelling will be paid up to eight (8) hours per round trip at an hourly rate of C$150.00. 

		
	9.
	Consulting Fees: In consideration of the Services rendered hereunder, you will be paid a consulting fee of C$150.00 per hour (the “Base Fees”), plus goods and services or harmonized sales tax eligible under the Excise Tax Act, 1985 (Canada) (“HST”), as required.  The Base Fee will be paid monthly in arrears, payable within 30 days of submission of appropriate invoices reflecting the Services rendered in the previous month. You will not invoice the Corporation for more than the hours set out in section 1 (together with any time travelling) unless you have obtained prior approval from the CEO for such additional hours. All or part of the Base Fees may be paid through an affiliate of the Corporation.

If you are required to charge HST for the Services provided to the Corporation, you must be registered under the Excise Tax Act (Canada) as required, obtain an HST number, and include such number and the HST payable in your invoices to the Corporation.
		
	10.
	Clawback Entitlement:  If the Corporation finds, after full consideration of the facts, that you engaged in fraud, theft, embezzlement or any other criminal act of a similar nature in the performance of the Services, you agree the Corporation is entitled to obtain reimbursement from you, to the full extent permitted by governing law and to the extent it determines (in its sole discretion) that it is in the Corporation’s best interest to do so. This subsection 10 does not limit the Corporation’s right to take other appropriate actions with respect to you, including termination of this engagement and other remedial and recovery action.

		
	11.
	Independent Status: The parties agree that you are a self-employed independent contractor and that you are not an employee or agent of the Corporation and this Agreement will not create any partnership, joint venture, employer/employee, principal/agent, master/servant or any other relationship between the parties except that of independent contractor.  Accordingly, the Corporation has no responsibility to make deductions for, or to pay, benefits, health, welfare and pension costs, withholdings for income taxes, employment insurance premiums, Workers’ Compensation premiums, Canada Pension Plan premiums, payroll taxes, disability insurance premiums or any other similar charges with respect to the payment for the Services. 

		
	12.
	Expenses: The Corporation will reimburse you for reasonable entertainment, travel and other business expenses, incurred on behalf of or at the request of the Corporation, so long as they are in incurred accordance with the Corporation’s policies and rules for such reimbursements. As an independent contractor, you are solely responsible for any and all other expenses incurred in providing the Services and the Corporation is not responsible for reimbursing you for any other expenses. 

		
	13.
	Confidentiality: You acknowledge that you have received and will receive or conceive, in carrying on or in the course of providing Services to the Corporation, Confidential Information (defined below) pertaining to the activities, the technologies, the operations and the business, past, present and future, of the Corporation, which information is not in the public domain.  You acknowledge that such Confidential Information belongs to the Corporation and that its disclosure or unauthorized use could be damaging or prejudicial to the Corporation and contrary to the Corporation’s best interests. Accordingly, you agree that you will maintain as confidential all information obtained under or in connection with this Agreement and will not use or disclose such information to any third party without prior consent of the Corporation. You agree to take no action that may cause any such information to lose its character as Confidential Information. This clause does not extend to information which was rightfully in your possession prior to the commencement of the negotiations that led to this Agreement, which was already in the public domain, or which becomes so at a future date through no fault by you. 

In the event you are required to disclose confidential information pursuant to any law, regulation, governmental authority or court, you will give prompt notice to the Corporation of such requirement (where it is within your control to provide such notice) so as to allow the Corporation sufficient opportunity to contest such requirement. Any such disclosure must be limited solely to the extent of the requirement.
Nothing in this section 13 shall be read to prevent you from discussing or disclosing confidential information in connection with an investigation by the U.S. Securities and Exchange Commission, or another Canadian or U.S state or federal agency, or from filing and/or pursuing a charge or complaint with any such agency.
Upon the expiration or earlier termination of this Agreement, or whenever requested by the Corporation, you will immediately deliver to the Corporation all Confidential Information you possess or control. These obligations of confidentiality will survive the expiration or any termination of this Agreement.
For the purposes of this Agreement, “Confidential Information” includes, among other things: (a) work product resulting from or related to work or projects performed or to be performed by the Corporation, including, but not limited to, the interim and final lines of inquiry, hypotheses, research and conclusions related thereto and the methods, processes, procedures, analysis, techniques and audits used in connection therewith; (b) products, formulae, processes and composition of products, as well as raw materials and ingredients, of whatever kind, that are used in their manufacture; (c) technical knowledge and methods, quality control processes, inspection methods, laboratory and testing methods, information processing programs and systems, manufacturing processes, plans, drawings, tests, test reports and software; (d) equipment, machinery, devices, tools, instruments and accessories; (e) information relating to Developments (as defined below) prior to any public disclosure thereof, including, but not limited to, the nature of the developments, production data, technical and engineering data, test data and test results, the status and details of research and development of products and services, and information regarding acquiring, protecting, enforcing and licensing proprietary rights (including patents, copyrights and trade secrets); (f) financial information, production cost data, marketing strategies, raw materials supplies, suppliers, staff and client lists and related information, marketing plans, sales techniques and policies, including pricing policies, sales and distribution data, purchasing and internal cost information, internal services, operational manuals and present and future expansion plans; (g) contracts and their contents, client services, data provided by clients and the type, quantity and specifications of products and services purchased, leased, licensed or received by clients of the Corporation; (h) research, experiments, inventions, discoveries, developments, improvements, ideas, industrial secrets and know-how; (i) personnel information of employees of the Corporation; and (j) both the existence and the terms of this Agreement.
		
	14.
	Ownership of Developments and Intellectual Property in Developments:  You acknowledge and agree that all rights, titles and interests in or to the Developments and all Intellectual Property (defined below) in and to the Developments shall be owned exclusively by the Corporation as of their creation and you will make full and prompt disclosure to the Corporation of all information relating to any Developments unless specifically released from such obligation in writing by the Corporation’s Board of Directors. Copyrightable work included in Developments shall be deemed to "work made for hire" (as defined in the Copyright Act, 17 U.S.C.A. § 101 et seq., as amended).  Without further compensation, you hereby irrevocably quit-claim and assign, and agree to assign to the Corporation, or any designee, your entire right, title and interest in and to the Developments and all Intellectual Property in and to the Developments.  You understand that this assignment is intended to, and does, extend to Developments currently in existence, in development, as well as Developments which have yet to be created.

You hereby irrevocably waive, in favour of the Corporation, its successors, assigns and nominees, all moral rights arising under the Copyright Act, 1985 (Canada) as amended (or any successor legislation of similar effect) or similar legislation in any applicable jurisdiction, or at common law, to the full extent that such rights may be waived in each respective jurisdiction, that you may have now or in the future with respect to the Developments. You acknowledge that the Corporation has the right to use, modify or reproduce any Developments realized by you, at its entire discretion, without your authorization and without your name being mentioned.
For the purposes of this Agreement, “Developments” means any discovery, invention, design, improvement, concept, design, specification, creation, development, treatment, computer program, method, process, apparatus, specimen, formula, formulation, product, hardware or firmware, any drawing, report, memorandum, article, letter, notebook and any other work of authorship and ideas (whether or not patentable or copyrightable) and legally recognized proprietary rights (including, but not limited to, patents, copyrights, trademarks, topographies, know-how and trade secrets), and all records and tangible embodiments relating to the foregoing, that:
		
	a)
	result or derive from the relationship created under this Agreement or from your knowledge or use of the Corporation’s confidential information;

		
	b)
	are conceived or made by you (individually or in collaboration with others) in the course of your engagement by the Corporation under this Agreement;

		
	c)
	result from or derive from the use or application of the resources of the Corporation; or 

		
	d)
	relate to the business operations of actual or demonstrably anticipated research and development by the Corporation.

For the purposes of this Agreement, “Intellectual Property” shall mean all common law, statutory and other intellectual and industrial property rights including, without limiting the generality of the foregoing:
		
	a)
	rights to any patents, trademarks, service marks, trade names, domain names, copyright, database rights, designs, industrial designs, trade secrets, integrated circuit rights and topography rights; and

		
	b)
	all domestic and foreign registrations, applications, divisionals, continuations, continuations in-part, re-examinations and renewals thereof. 

		
	15.
	Further Assurances. You shall, at the Corporation’s expense, perform all actions reasonably requested by the Corporation (whether during or after the Term) to establish and confirm title and ownership of Developments and all Intellectual Property in and to the Developments (including, without limitation, assignments, consents, powers of attorney and other instruments).  You agree to execute on demand, whether during or after the Term, any applications, transfers, assignments or other documents as the Corporation may consider necessary for the purpose of either:

		
	a)
	obtaining maintaining, or vesting or assigning absolute title in any Developments and any Intellectual Property related thereto to the Corporation; or

		
	b)
	applying for, prosecuting, obtaining or protecting any patent, copyright, industrial design or trade-mark registration or any other similar right pertaining to any Intellectual Property in Developments in any country.  You further agree to cooperate and assist the Corporation in every way possible in the application for or prosecution of rights pertaining to such Intellectual Property.

		
	16.
	Remedies: You recognize and expressly acknowledge that the Corporation would be subject to irreparable harm should any of the provisions of sections 13 and 14 be infringed, or should any of your  obligations under this Agreement be breached by you, and that damages alone will be an inadequate remedy for any breach or violation thereof and that the Corporation, in addition to all other remedies, will be entitled as a matter of right to equitable relief, including temporary or permanent injunction to restrain such breach.

		
	17.
	Ownership of Files and Other Property: Any property of the Corporation, including any file, sketch, drawing, letter, report, memorandum or other document, any equipment, machinery, tool, instrument or other device, any diskette, recording tape, compact disc, software, electronic communication device or any other property, which comes into your control or possession during the Term in the performance or in the course of performing the Services for the Corporation, regardless of whether you participated in its preparation or design, how it may have come under your control or into your possession and whether it is an original or a copy, shall at all times remain the property of the Corporation and, forthwith upon any request by the Corporation and upon the termination of this Agreement (for any reason), shall promptly be returned to the Corporation or its designated representative. You may not keep a copy or give one to a third party without the prior expressly written permission of the Chairman of the Board.

		
	18.
	Termination: This Agreement and the relationship created under this Agreement may be terminated by you or the Corporation, as the case may be prior to the expiry of the Term, upon the occurrence of any of the following events:

		
	a)
	By the Corporation upon the material breach or default by you of any provision of this Agreement; or

		
	b)
	By the Corporation at any time by providing thirty (30) days written notice to you. During this working notice period you will assist with transitional duties as required by the Corporation; or

		
	c)
	By you by providing at least thirty (30) days prior written notice and during such working notice period assisting with transitional duties as required by the Corporation. Any such notice shall not relieve either party of their mutual obligations to perform under this Agreement (it being understood the Corporation is under no obligation to utilize you to provide Services during this period); or

		
	d)
	Immediately upon your death; or

		
	e)
	Upon the mutual agreement of the parties. 

Following the termination of this Agreement, you will be paid any outstanding Base Fees and incurred expenses owing to the effective date of termination. You agree that you accepting payment under this paragraph is in full and final satisfaction of all claims in respect of Services rendered and that you have no claim to notice or payment in lieu of notice in respect of the termination of your engagement.
		
	19.
	Privacy and Personal Information: You acknowledge that as a result of your engagement, you may become aware of personal information (as such term is defined in the Personal Information Electronic Documents Act) which is collected, used or disclosed by the Corporation.  You agree that you will not, without the prior written consent of the Corporation, disclose or make available any such personal information to any other person or entity except in accordance with the Corporation’s express instructions. You agree that any personal information provided to you by the Corporation will only be used by you for such purposes as are specified therein and for no other purpose. You agree to execute any such further agreements required to evidence your agreement in respect thereof.

		
	20.
	Indemnity: You agree to indemnify the Corporation from and against any and all claims, costs, liabilities, damages, charges and expenses, arising out of or in connection with this Agreement or the Services, including any costs, losses or penalties incurred by the Corporation as a result of the Corporation’s failure to make any deductions, withholdings, remittances and contributions required by law, if any. If the Corporation should ever be required by any governmental authority at any time to pay on your behalf any assessments including, but not limited to, income taxes, employment insurance premiums, workers’ compensation premiums, Canada Pension Plan premiums, payroll taxes or any other similar charges, you will, forthwith upon notice, reimburse the Corporation for such payment, together with interest and any penalties applicable thereon. Your obligation under this paragraph will survive the termination or expiration of this Agreement.

		
	21.
	Survival: Notwithstanding the termination of this Agreement, each party shall remain bound by the provisions of this Agreement which by their terms impose obligations upon that party that extend beyond the termination of this Agreement.

		
	22.
	Binding Arbitration: Any dispute, claim or controversy arising out of or relating to this Agreement or the breach, termination, enforcement, interpretation or validity thereof, including the determination of the scope or applicability of this agreement to arbitrate, shall be determined exclusively by arbitration administered by the International Centre for Dispute Resolution Canada ("ICDR Canada") and carried out in Toronto, Ontario, Canada, before one arbitrator, with the cost of such arbitration to be split equally between the parties.  The arbitration shall be conducted in accordance with ICDR Canada's Canadian Arbitration Rules, except as modified herein.  The arbitrator may award any form of relief permitted under this Agreement and applicable law.  The arbitrator shall have no jurisdiction to vary the express terms of this Agreement.  The decision of the arbitrator shall be in writing, in English, and shall state the reasons for the award.  The decision rendered by the arbitrator may be entered in any court of competent jurisdiction.  The parties hereto waive, to the fullest extent permitted by law, any rights to appeal to, or to seek review of such award by, any court.  The parties hereto further agree to obtain the arbitral tribunal's agreement to preserve the confidentiality of the arbitration.

		
	23.
	Notices: Any notice given hereunder shall be given in writing and sent by registered or certified mail or hand-delivered. If such notice is sent by registered or certified mail, it shall be deemed to have been received five (5) business days following the date of its mailing if the postal services are working normally. If such is not the case, the notice must be sent by electronic mail, hand-delivered or served by bailiff, at the discretion of the sender. In the case of sending by electronic mail, hand-delivery or service, the notice shall be deemed to have been received the same day. It is agreed that if the delivery date is a non-business day, the notice shall be deemed to have been received on the following business day.

For purposes of mailed or hand-delivered notices to be effectively delivered under this provision, the notices must be addressed as follows:
For the Corporation, the address is: 315 Sigma Drive, Summerville, South Carolina 29483.
For you, the address is: 199 Rumsey Road, Toronto, Ontario M4G 1P6.
For purposes of an electronic mail notice to be effectively delivered under this provision, the notice must be addressed as follows:
For the Corporation, the address is: lauld@sympatico.ca
For you, the address is: mward@aezsinc.com 
		
	24.
	General:

		
	a)
	This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and the parties acknowledge and agree that its execution has not been induced by, nor do either of the parties rely upon or regard as material, any representations or writings whatsoever not incorporated and made a part of this Agreement.  This Agreement supersedes any prior agreements understandings, negotiations and discussions, whether oral or written, between the parties with respect to the subject matter hereof.

		
	b)
	No amendment, change or modification of this Agreement will be valid unless in writing signed by the parties hereto.

		
	c)
	This Agreement will be governed by and construed in accordance with the laws of the Province of Ontario and the laws of Canada applicable therein.

		
	d)
	If any provision of this Agreement will be determined by any court of competent jurisdiction to be invalid and unenforceable to any extent, the remainder of this Agreement will not be affected by such invalidity. Moreover, if any provision of this Agreement is deemed to be overbroad or otherwise unenforceable as written, the parties agree that such provision should be modified and reformed, and then enforced, to the maximum extent permitted by applicable law.

		
	e)
	This Agreement is personal to you and may not be assigned. 

		
	25.
	Acknowledgment: By entering into this Agreement, you acknowledge and agree that you have read and understand your obligations under this Agreement, agree to all of the terms hereof and have been given the opportunity to seek independent legal advice in respect of the same. You understand and agree that you are an independent contractor and are not and will not be an employee of the Corporation. You agree that the Corporation will not be obligated to make any payments to you upon termination of this Agreement except in respect of Services rendered to the date of termination.

		
	26.
	Counterparts: This Agreement may be executed in counterparts, each of which when so executed and delivered shall be deemed to be an original and such counterparts will together constitute one and the same Agreement

To confirm your acceptance of the terms and conditions of this Agreement, please sign in the space indicated and return to the undersigned.
Yours very truly,
/s/ Michael V. Ward
Michael Ward

 

AGREED TO AND ACCEPTED this     19th     day of September, 2018.
 
AETERNA ZENTARIS INC. 

 
 
By:    /s/ Michael V. Ward    
Title:    President and CEO    
Printed Name:     Michael V. Ward    
Date:    19 September 2018        
(“CORPORATION”)

LESLIE AULD                    WITNESS
 

 

 
 /s/ Leslie Auld                         /s/ Amelia Filige                
 

 
Date:               /s/ 18 September 2018        Printed Name:        Amelia Filige        
 

 

SCHEDULE “A” 
SERVICES
Planning
Assist the CEO in formulating the Corporation’s future direction and supporting tactical initiatives
Monitor/direct the implementation of strategic business plans in collaboration with the CEO
Develop effective strategic financial and tax strategies
Develop financial performance measures that support the company’s strategic direction
Assist the CEO in developing an effective operating budget
Manage the capital request and budgeting process
Ensure an effective and appropriate IT strategy and operations in support of activities and plans

Operations
Participate in key decisions as a member of the executive management team
Participate in developing new business, specifically assisting the CEO in identifying new funding opportunities
Develop and maintain effective, collaborative relationships with all members of the management team
Oversee all aspects of accounting, cash flow planning, budgeting, forecasting, controlling, tax, treasury and payroll functions
Oversee all transaction processing systems
Oversee employee benefit plans, with particular emphasis on maximizing a cost-effective benefits package
Oversee the IT area and operations, ensuring appropriate technology and support of all Corporation operations
Supervise acquisition due diligence and negotiate acquisitions, mergers and divestitures in collaboration with the CEO
Recruit, train, develop, supervise and evaluate finance department staff 

Financial Information
Oversee the issuance of all financial information in compliance with applicable regulations and laws
Personally review and approve all required filings with regulatory authorities, 
Execute the Corporation’s quarterly financial certifications for filing
Report all monthly, quarterly and annual financial planning, analyses and results to the Board of Directors

Funding
Arrange for debt and equity financing
Monitor cash balances and cash forecasts
Invest funds
Oversee qualified pension/employee savings/retirement funds

Risk Management
Understand and mitigate key elements of the Corporation’s risk profile
Monitor all open legal issues involving financial risk and cost to the Corporation
Construct and monitor reliable control systems
Maintain appropriate insurance coverage
Serve as a member of the executive management team of the Corporation
Report risk issues to the Audit Committee of the Board of Directors
Ensure that the Corporation complies with all applicable regulatory requirements
Ensure that record keeping meets auditors and government agency requirements
Maintain relations with external auditors and investigate their findings and recommendations

Third Parties
Participate in conference calls with the investment community
Maintain effective financing relationships and professional network
Represent the Corporation with investment bankers and investors, ensuring an ongoing effective investor relations program

DMS 14214648.1CHANTICLEER
HOLDINGS, INC.

2014
STOCK INCENTIVE PLAN

 

Restricted
Stock Unit Agreement

(Employees)

 

THIS
AGREEMENT (together with Schedule A attached hereto, this “Agreement”), made effective the 16th day of November 2018
between Chanticleer Holdings, Inc., a Delaware corporation (the “Corporation”), and Frederick L. Glick, an Employee
of the Corporation or an Affiliate (the “Participant”).

 

R E C I T A L S

 

In
furtherance of the purposes of the Chanticleer Holdings, Inc. 2014 Stock Incentive Plan, as it may be hereafter amended (the “Plan”),
and in consideration of the services of the Participant and such other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Corporation and the Participant hereby agree as follows:

 

1.
Incorporation of Plan. The rights and duties of the Corporation and the Participant under this Agreement shall in all respects
be subject to and governed by the provisions of the Plan and the Employment Agreement between Participant and the Corporation
dated November 16, 2018 (“Employment Agreement”), copies of which are delivered herewith or have been previously provided
to the Participant, and the terms of which are incorporated herein by reference. In the event of any conflict between the provisions
in the Agreement and those of the Plan or Employment Agreement, the provisions of the Plan and Employment Agreement shall govern.
Unless otherwise defined herein, capitalized terms in this Agreement shall have the same definitions as set forth in the Plan.

 

2.
Grant of Restricted Stock Units “RSUs”. The Corporation has granted to you on the Award Date an Award of RSUs
as designated herein subject to the terms, conditions, and restrictions set forth in this Agreement, the Plan, the Employment
Agreement and Schedule A. Each RSU shall represent the conditional right to receive, upon settlement of the RSU, one share of
Chanticleer Holdings Inc. common stock, $0.0001 par value per share (each a “Share”), subject to any tax withholding
as described in Section 3. The purpose of such Award is to motivate and retain you as an employee of the Corporation, to encourage
you to continue to give your best efforts for the Corporation’s future success, and to increase your proprietary interest
in the Corporation. Except as may be required by law, you are not required to make any payment (other than payments for taxes
pursuant to Section 3 hereof) or provide any consideration other than the rendering of future services to the Corporation or a
subsidiary of the Corporation.

 

3.
Collection of Withholding Taxes. Regardless of any action the Corporation takes with respect to any or all income tax (including
U.S. federal, state and local tax and/or non-U.S. tax), social insurance, payroll tax, payment on account or other tax-related
withholding (“Tax-Related Items”), Participant acknowledges that the ultimate liability for all Tax-Related Items
legally due by Participant is and remains Participant’s responsibility and that the Corporation (a) makes no representations
or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the RSUs, including the award
of the RSUs, the vesting of the RSUs, the issuance of sShares in settlement of the RSUs, the subsequent sale of Shares and the
receipt of any dividends; and (b) does not commit to structure the terms of the Award or any aspect of the RSUs to reduce or eliminate
Participant’s liability for Tax-Related Items. Prior to the relevant taxable event, Participant will pay or make adequate
arrangements satisfactory to the Corporation to satisfy all withholding obligations for Tax Related Items of the Corporation.
In this regard, Participant authorizes the Corporation to instruct the broker whom it has selected for this purpose to sell a
number of Shares to be issued upon the vesting of the RSUs to meet the withholding obligation for Tax-Related Items. Such sales
shall be effected at the prevailing market price on the 1st or 2nd Trading Day following the date that the RSUs vest. Participant
acknowledges that the proceeds of any such sale may not be sufficient to satisfy Participant’s withholding obligation for
Tax-Related Items. To the extent the proceeds from such sale are insufficient to cover the Tax-Related Items, the Corporation
may in its discretion (a) withhold the balance of all applicable Tax-Related Items legally payable by Participant from Participant’s
wages or other cash compensation paid to Participant by the Corporation and/or (b) withhold in Shares of Common Stock, provided
that the Corporation only withholds an amount of Shares not in excess of the amount necessary to satisfy the minimum withholding
amount. If the Corporation satisfies the obligation for Tax-Related Items by withholding a number of Shares as described above,
Participant will be deemed to have been issued the full number of Shares subject to the award of RSUs, notwithstanding that a
number of the Shares is held back solely for the purpose of paying the Tax-Related Items due as a result of the vesting of the
RSUs. Finally, Participant must pay to the Corporation any amount of Tax-Related Items that the Corporation may be required to
withhold as a result of Participant’s award of the RSUs, vesting of the RSUs, or the issuance of Shares in settlement of
vested RSUs that cannot be satisfied by the means previously described. The Corporation may refuse to deliver the Shares to Participant
if Participant fails to comply with his obligations in connection with the Tax-Related Items as described in this subsection.

 

    	1

    	 

    

 

4.
Effect of Change in Control.

 

(a)
Notwithstanding any other provision of the Plan to the contrary, and except as may be otherwise provided in the Employment Agreement
or required under Code Section 409A, related regulations or other guidance, in the event of a Change in Control (as defined in
Section 4(c) herein), the RSUs, if outstanding as of the date of such Change in Control, shall become fully vested, whether or
not then otherwise vested.

 

(b)
For the purposes herein, except as may be otherwise required in order to comply with Code Section 409A, a “Change in Control”
shall be deemed to have occurred on the earliest of the following dates:

 

(i)
The date any entity or person shall have become the beneficial owner of, or shall have obtained voting control over, fifty percent
(50%) or more of the outstanding Common Stock of the Corporation;

 

(ii)
The date the shareholders of the Corporation approve a definitive agreement (A) to merge or consolidate the Corporation with or
into another corporation or other business entity (each, a “corporation”), in which the Corporation is not the continuing
or surviving corporation or pursuant to which any shares of Common Stock of the Corporation would be converted into cash, securities
or other property of another corporation, in each case other than a merger or consolidation of the Corporation in which the holders
of Common Stock immediately prior to the merger or consolidation continue to own immediately after the merger or consolidation
at least fifty percent (50%) of the Common Stock, or, if the Corporation is not the surviving corporation, the common stock (or
other voting securities) of the surviving corporation; provided, however, that if consummation of such merger or consolidation
is subject to the approval of federal, state or other regulatory authorities, then, unless the Administrator determines otherwise,
a “Change in Control” shall not be deemed to occur until the later of the date of shareholder approval of such merger
or consolidation or the date of final regulatory approval of such merger or consolidation; or (B) to sell or otherwise dispose
of all or substantially all the assets of the Corporation; or

 

    	2

    	 

    

 

(iii)
The date there shall have been a change in a majority of the Board of Directors of the Corporation within a 12-month period unless
the nomination for election by the Corporation’s shareholders of each new Director was approved by the vote of two-thirds
of the members of the Board (or a committee of the Board, if nominations are approved by a Board committee rather than the Board)
then still in office who were in office at the beginning of the 12-month period.

 

(c)
Notwithstanding the foregoing, a Change in Control shall not be deemed to have occurred in the event the Corporation forms a holding
company as a result of which the holders of the Corporation’s voting securities immediately prior to the transaction hold,
in approximately the same relative proportions as they held prior to the transaction, substantially all of the voting securities
of a holding company owning all of the Corporation’s voting securities after the completion of the transaction.

 

(For
the purposes herein, the term “person” shall mean any individual, corporation, partnership, group, association or
other person, as such term is defined in Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, other than the Corporation,
a subsidiary of the Corporation or any employee benefit plan(s) sponsored or maintained by the Corporation or any subsidiary thereof,
and the term “beneficial owner” shall have the meaning given the term in Rule 13d-3 under the Exchange Act.)

 

The
Administrator shall have full and final authority, in its discretion, to determine whether a Change in Control of the Corporation
has occurred pursuant to the above definition, the date of the occurrence of such Change in Control and any incidental matters
relating thereto.

 

5.
Termination of Employment. Except as may be otherwise provided in the Employment Agreement, RSUs that have not vested will
be forfeited if an Employee has not been an Employee continuously since the date of the Award, subject to the following:

 

(a)
The employment relationship of the Participant shall be treated as continuing intact for any period that the Participant is on
military or sick leave or other bona fide leave of absence, provided that the period of such leave does not exceed three months,
or, if longer, as long as the Participant’s right to reemployment is guaranteed either by statute or by contract. The employment
relationship of the Participant shall also be treated as continuing intact while the Participant is not in active service because
of Disability. The Administrator shall have sole authority to determine whether the Participant has incurred a Disability, and,
if applicable, the Participant’s Termination Date.

 

(b)
If the employment of the Participant is terminated for Cause, the RSUs that have not vested will be forfeited on the Termination
Date, as determined by the Administrator. For the purposes of the Agreement, “Cause” shall mean, the Participant’s
termination of employment or service resulting from his (i) termination for “cause” as defined under the Participant’s
employment, consulting or other agreement with the Corporation or an Affiliate, if any, or (ii) if the Participant has not entered
into any such employment, consulting or other agreement (or if any such agreement does not address the effect of a “cause”
termination), then the Participant’s termination shall be for “Cause” if termination results due to the Participant’s
(A) dishonesty; (B) refusal to perform his duties for the Corporation or continued failure to perform his duties to the Corporation
in a manner acceptable to the Corporation, as determined by the Administrator or its designee; (C) engaging in fraudulent conduct;
or (D) engaging in conduct that could be materially damaging to the Corporation without a reasonable good faith belief that such
conduct was in the best interest of the Corporation.

 

    	3

    	 

    

 

6.
No Right of Continued Employment or Service; Forfeiture of Award. Neither the Plan, the grant of the RSUs nor any other
action related to the Plan shall confer upon the Participant any right to continue in the employment or service of the Corporation
or an Affiliate or to interfere in any way with the right of the Corporation or an Affiliate to terminate the Participant’s
employment or service at any time. Except as otherwise expressly provided in the Plan, Employment Agreement or this Agreement
or as determined by the Administrator, all rights of the Participant with respect to the RSUs shall terminate upon termination
of the Participant’s employment or service.

 

7.
Superseding Agreement; Binding Effect. This Agreement supersedes any statements, representations or agreements of the Corporation
with respect to the grant of the RSUs or any related rights, and the Participant hereby waives any rights or claims related to
any such statements, representations or agreements. This Agreement shall be binding upon and shall inure to the benefit of the
parties hereto and their respective executors, administrators, next-of-kin, successors and assigns. This Agreement does not supersede
or amend any non-competition agreement, non-solicitation agreement, employment agreement, consulting agreement or any other similar
agreement between the Participant and the Corporation, including, but not limited to, any restrictive covenants contained in such
agreements.

 

8.
Representations and Warranties of Participant. The Participant represents and warrants to the Corporation that:

 

(a)
Agrees to Terms of the Plan and Agreement. The Participant has received a copy of the Plan, has read and understands the
terms of the Plan and this Agreement, and agrees to be bound by their terms and conditions.

 

(b)
Access to Information. The Participant has had access to all information regarding the Corporation and its present and
prospective business, assets, liabilities and financial condition that the Participant reasonably considers important in making
a decision to acquire the Shares subject to the RSUs, and the Participant has had ample opportunity to ask questions of, and to
receive answers from, the Corporation’s representatives concerning such matters and this investment.

 

(c)
Understanding of Risks. The Participant is fully aware of: (i) the speculative nature of the investment in the Shares;
(ii) the financial hazards involved in investment in the Shares; (iii) the lack of liquidity of the Shares subject to the RSUs
and the restrictions on transferability of the Shares; (iv) the qualifications and backgrounds of the management of the Corporation;
and (v) the tax consequences of investment in the Shares. The Participant is capable of evaluating the merits and risks of this
investment, has the ability to protect his own interests in this transaction and is financially capable of bearing a total loss
from this investment.

 

    	4

    	 

    

 

(d)
Restrictions on Transfer. Participants agrees not to sell any Shares of Common Stock he receives under this Agreement at
a time when applicable laws, regulations, Corporation trading policies (including the Corporation’s Insider Trading Policy)
or an agreement between the Corporation and its underwriters prohibit a sale. This restriction will apply as long as Participant’s
employment continues and for such period of time after the termination of Participant’s employment as the Corporation and
its counsel reasonable determine or as may be required by applicable law.

 

(e)
Tax Consequences. The Corporation has made no warranties or representations to the Participant with respect to the tax
treatment and consequences (including but not limited to income tax consequences) related to the transactions contemplated by
this Agreement, and the Participant is in no manner relying on the Corporation or its representatives for an assessment of such
tax consequences. The Participant acknowledges that there may be adverse tax consequences upon settlement of the RSUs, and upon
the sale of the Shares obtained upon settlement of the RSUs, and that the Participant should consult a tax advisor prior to such
exercise or disposition. The Participant acknowledges that he has been advised that he should consult with his own attorney, accountant
and/or tax advisor regarding the decision to enter into this Agreement and the consequences thereof. The Participant also acknowledges
that the Corporation has no responsibility to take or refrain from taking any actions in order to achieve a certain tax result
for the Participant.

 

9.
Compliance with Applicable Laws, Rules and Regulations. The Corporation may impose such restrictions on the RSUs, the Shares
and any other benefits underlying the RSUs as it may deem advisable, including without limitation restrictions under the federal
securities laws, the requirements of any stock exchange or similar organization and any blue sky, state or foreign securities
laws applicable to such securities. Notwithstanding any other provision in the Plan or the Agreement to the contrary, the Corporation
shall not be obligated to issue, deliver or transfer shares of Common Stock, make any other distribution of benefits under the
Plan, or take any other action, unless such delivery, distribution or action is in compliance with Applicable Laws (including
but not limited to the requirements of the Securities Act). The Corporation may cause a restrictive legend to be placed on any
certificate issued pursuant to the RSUs hereunder in such form as may be prescribed from time to time by Applicable Laws or as
may be advised by legal counsel.

 

10.
Changes in Status. Unless the Administrator determines otherwise, the RSUs shall not be affected by any change in the terms,
conditions or status of the Participant’s employment or service, provided that the Participant continues to be an employee
of, or in service to, the Corporation or an Affiliate.

 

11.
Governing Law; Jurisdiction. Except as otherwise provided in the Plan, this Agreement shall be construed and enforced according
to the laws of the State of Delaware, without regard to the principles of conflicts of laws, and in accordance with applicable
federal laws of the United States. Each party agrees and submits to the exclusive jurisdiction of the state and federal courts
sitting in Mecklenburg County, North Carolina, in any action or proceeding arising out of or relating to this Agreement and agree
that all claims in respect of the action or proceeding may be heard and determined in any such court.

 

    	5

    	 

    

 

12.
Amendment and Termination; Waiver. Subject to the terms of the Plan, this Agreement may be amended, altered and/or terminated
at any time by the Administrator; provided, however, that any such amendment, alteration or termination of the RSUs shall not,
without the consent of the Participant, materially adversely affect the rights of the Participant with respect to the RSUs. Notwithstanding
the foregoing, the Administrator shall have unilateral authority to amend the Plan and this Agreement (without Participant consent
and without shareholder approval, unless such approval is required by Applicable Laws) to the extent necessary to comply with
Applicable Laws or changes to Applicable Laws (including but not limited to Code Section 409A and Code Section 422 or related
regulations or other guidance and federal securities laws). The Administrator shall have unilateral authority to make adjustments
to the terms and conditions of the RSUs in recognition of unusual or nonrecurring events affecting the Corporation or any Affiliate,
or the financial statements of the Corporation or any Affiliate, or of changes in accounting principles, if the Administrator
determines that such adjustments are appropriate in order to prevent dilution or enlargement of the benefits or potential benefits
intended to be made available under the Plan or necessary or appropriate to comply with applicable accounting principles. The
waiver by the Corporation of a breach of any provision of the Agreement by the Participant shall not operate or be construed as
a waiver of any subsequent breach by the Participant.

 

13.
No Rights as a Shareholder and Adjustments for Changes in Capital and Corporate Structure. The Participant and his legal
representatives, legatees, distributees or transferees shall not be deemed to be the holder of any Shares subject to the RSUs
and shall not have any rights of a shareholder unless and until certificates for such Shares have been issued and delivered to
him or them. The RSUs are not Dividend Equivalent Awards under the Plan. The RSUs granted hereunder shall be subject to the provisions
of Section 5(d) of the Plan relating to adjustments for recapitalizations, reclassifications and other changes in the Corporation’s
corporate structure and for material corporate transactions. Withholding. The Participant acknowledges that the Corporation
shall require the Participant to pay the Corporation in cash the amount of any tax or other amount required by any governmental
authority to be withheld and paid over by the Corporation to such authority for the account of the Participant, and the Participant
agrees, as a condition to the grant of the RSUs and delivery of the Shares, to satisfy such obligations. Notwithstanding the foregoing,
the Administrator may establish procedures to permit the Participant to satisfy such obligations in whole or in part, and any
other local, state, federal or foreign income tax obligations relating to the RSUs, by electing (the “election”) to
have the Corporation withhold shares of Common Stock from the Shares to which the Participant is entitled. The number of shares
to be withheld shall have a Fair Market Value as of the date that the amount of tax to be withheld is determined as nearly equal
as possible to (but not exceeding) the amount of such obligations being satisfied. Each election must be made in writing to the
Administrator in accordance with election procedures established by the Administrator.

 

14.
Administration. The authority to construe and interpret this Agreement and the Plan, and to administer all aspects of the
Plan, shall be vested in the Administrator, and the Administrator shall have all powers with respect to this Agreement as are
provided in the Plan. Any interpretation of the Agreement by the Administrator and any decision made by it with respect to the
Agreement shall be final and binding.

 

15.
Notices. Except as may be otherwise provided by the Plan or determined by the Administrator, any written notices provided
for in this Agreement or the Plan shall be in writing and shall be deemed sufficiently given if either hand delivered or if sent
by fax or overnight courier, or by postage paid first class mail. Notices sent by mail shall be deemed received three business
days after mailed but in no event later than the date of actual receipt. Notices shall be directed, if to the Participant, at
the Participant’s address indicated by the Corporation’s records, or if to the Corporation, at the Corporation’s
principal office.

 

    	6

    	 

    

 

16.
Severability. If any provision of the Agreement shall be held illegal or invalid for any reason, such illegality or invalidity
shall not affect the remaining parts of the Agreement, and the Agreement shall be construed and enforced as if the illegal or
invalid provision had not been included.

 

17.
Notice of Disposition. To the extent that the RSUs is designated as an Incentive RSUs, if Shares of Common Stock acquired
upon exercise of the RSUs are disposed of within two years following the date of grant or one year following the transfer of such
Shares to the Participant upon exercise, the Participant shall, promptly following such disposition, notify the Corporation in
writing of the date and terms of such disposition and provide such other information regarding the disposition as the Administrator
may reasonably require.

 

18.
Right of Offset. Notwithstanding any other provision of the Plan or the Agreement, the Corporation may reduce the amount
of any payment otherwise payable to or on behalf of the Participant by the amount of any obligation of the Participant to the
Corporation, and the Participant shall be deemed to have consented to such reduction.

 

19.
Cash Settlement. Notwithstanding any provision of the Plan or this Agreement to the contrary, the Administrator may (subject
to any requirements imposed under Code Section 409A, related regulations or other guidance) cause the RSUs (or portion thereof)
to be cancelled in consideration of an alternative award or cash payment of an equivalent cash value, as determined by the Administrator
in its sole discretion, made to the Participant.

 

20.
Counterparts; Further Instruments. This Agreement may be executed in two or more counterparts, each of which shall be deemed
an original, but all of which together shall constitute one and the same instrument. The parties hereto agree to execute such
further instruments and to take such further action as may be reasonably necessary to carry out the purposes and intent of this
Agreement.

 

[Signature
Page to Follow]

 

    	7

    	 

    

 

IN
WITNESS WHEREOF, this Agreement has been executed in behalf of the Corporation and by the Participant effective as of the day
and year first above written.

 

	 	CHANTICLEER
HOLDINGS, INC.
	 	 
	 	By:	/s/ Michael
    D. Pruitt
	 	 	Michael
    D. Pruitt, CEO

 

	Attest:	 	 
	 	 	 
	 	 	 
	Kathi
    Fath, Secretary	 	 
	[Corporate
    Seal]	 	 

 

	 	PARTICIPANT
	 	 	                 
	 	By:	 
	 	 	 

 

    	8

    	 

    

 

CHANTICLEER
HOLDINGS, INC.

2014
STOCK INCENTIVE PLAN

 

Restricted
Stock Unit Agreement

 

(Employees)

 

SCHEDULE
A

 

	Employee:	 	Frederick
    L. Glick
	 	 	 
	Award
    Date:	 	November
    16, 2018
	 	 	 
	Number
    granted:	 	30,000
    RSUs
	 	 	 
	Schedule
    for Time-related Vesting and Settlement	 	10,000
                                         RSUs vest on the Grant Date

         

        Except
        as provided under the Agreement, 20,000 RSUs vest as to one-eighth of the underlying Shares in eight quarterly installments
        on the first day of each fiscal quarter during Executive’s continued employment with the Corporation commencing
        January 1, 2019

	 	 	 
	Settlement:	 	RSUs
    granted hereunder that have vested will be settled by delivery of one share of the Corporation’s Common Stock for each
    RSU being settled. Settlement of RSUs shall occur at the applicable vesting date.

 

    	A-1

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