Document:

Exhibit 10.1 

 

LOAN AGREEMENT

 

This Loan Agreement
(this “Agreement”) is made by and between The ONE Group Hospitality, Inc., a Delaware corporation (the “Company”),
and the undersigned noteholder (“Noteholder”), effective as of October 24, 2016 (the “Effective Date”).
The Company and Noteholder are each sometimes referred to herein as a “Party”, and collectively as the “Parties”.

 

Whereas,
Noteholder has agreed to lend the Company, and the Company has agreed to borrow from Noteholder, $2,250,000 (the “Loan
Amount”) through an unsecured promissory note in substantially the form attached hereto as Exhibit A (the
“Note”), in accordance with the terms of this Agreement, the Note and the Warrant (as hereinafter defined).

 

In consideration of
the above recital and the promises set forth in this Agreement, the Parties agree as follows:

 

		1.	Note. Simultaneous with the execution of this Agreement by Noteholder and the delivery to
the Company from Noteholder of a certified check or wire as described in Section 1(a) below, the Company will deliver to Noteholder
the Note and the Warrant.

 

		a.	Noteholder agrees, on the terms and subject to the conditions set forth in this Agreement, to lend
to the Company the Loan Amount, and upon the execution of this Agreement, to deliver a certified check or wire made payable to
the Company in an amount equal to the Loan Amount.

 

		b.	The Loan Amount, together with any accrued and unpaid interest thereon, will be due and payable
in a lump sum to Noteholder on the Maturity Date (as such term is defined in the Note). Notwithstanding the foregoing, the Company
may prepay the Note at any time, and from time to time, without penalty.

 

		2.	Warrant Coverage.

 

		a.	In consideration of the Loan Amount, Noteholder will receive a warrant, substantially in the form
attached hereto as Exhibit B (the “Warrant”), to purchase 340,000 shares of common stock, par value $0.0001
per share (“Common Stock”), of the Company (each, a “Warrant Share” and together with the
Warrant and the Note, the “Securities”). The Warrant will have an exercise price of $2.39 per Warrant Share.
The Warrant will be exercisable until the tenth (10th) anniversary of the Effective Date.

 

		b.	The Company will, during the time that the Warrant remains outstanding, reserve and keep available
out of its authorized but unissued shares of Common Stock a sufficient number of shares of Common Stock to effect the exercise
of the Warrant with respect to all Warrant Shares. In the event that, on the date of exercise of the Warrant, the number of authorized
but unissued shares of Common Stock is not sufficient to enable the Company to issue the number of Warrant Shares issuable upon
such exercise, the Company will cause the number of authorized shares of Common Stock to be increased to an amount at least sufficient
to enable the Company to issue the Warrant Shares then subject to the Warrant as soon as practicable thereafter and the term of
the Warrant shall be extended by a number of days equal to the number of days the Warrant Shares are not issuable as a result of
such failure.

 

     

     

    

 

		c.	Certificates evidencing the Warrant Shares shall not contain any legend: (i) while a registration
statement covering the resale of such security is effective under the Securities Act of 1933 (“Securities Act”),
or (ii) following any sale of such Warrant Shares pursuant to Rule 144 under the Securities Act (“Rule 144”),
or (iii) if such Warrant Shares are eligible for sale under Rule 144, or (iv) if such legend is not required under applicable requirements
of the Securities Act (including judicial interpretations and pronouncements issued by the staff of the Commission). The Company
shall cause its counsel to issue a legal opinion to its transfer agent promptly if required by the transfer agent to effect the
removal of the legend hereunder and such counsel shall request any supporting documents from the Noteholder in connection with
such opinion, which Noteholder shall use commercially reasonable efforts to promptly deliver. If all or any portion of a Warrant
is exercised at a time when there is an effective registration statement to cover the resale of the Warrant Shares, or if such
Warrant Shares may be sold under Rule 144 or if such legend is not otherwise required under applicable requirements of the Securities
Act (including judicial interpretations and pronouncements issued by the staff of the Securities and Exchange Commission (“Commission”))
then such Warrant Shares shall be issued free of all legends. The Company agrees that following such time as such legend is no
longer required under this clause (c), it will, no later than three Trading Days (as the term “Trading Day” is defined
in the Warrant) following the delivery by a Noteholder to the Company or the Transfer Agent of a certificate representing Warrant
Shares, as applicable, issued with a restrictive legend (such third Trading Day, the “Legend Removal Date”),
deliver or cause to be delivered to such Noteholder a certificate representing such shares that is free from all restrictive and
other legends. The Company may not make any notation on its records or give instructions to the transfer agent that enlarge the
restrictions on transfer set forth in this clause (c). Certificates for Warrant Shares subject to legend removal hereunder shall
be transmitted by the Transfer Agent to the Noteholder by crediting the account of the Noteholder’s prime broker with the
Depository Trust Company System as directed by such Noteholder.

 

		d.	In addition to such Noteholder’s other available remedies, the Company shall pay to a Noteholder,
in cash, (i) as partial liquidated damages and not as a penalty, for each $1,000 of Warrant Shares (based on the VWAP (as defined
in the Warrant) of the Common Stock on the date such Securities are submitted to the Transfer Agent) delivered for removal of the
restrictive legend and subject to Section 2(c), $5 per Trading Day (increasing to $10 per Trading Day five (5) Trading Days after
such damages have begun to accrue) for each Trading Day after the second Trading Day following the Legend Removal Date until such
certificate is delivered without a legend and (ii) if the Company fails to (a) issue and deliver (or cause to be delivered) to
a Noteholder by the Legend Removal Date a certificate representing the Securities so delivered to the Company by such Noteholder
that is free from all restrictive and other legends and (b) if after the Legend Removal Date such Noteholder purchases (in an open
market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale by such Noteholder of all or any portion
of the number of shares of Common Stock, or a sale of a number of shares of Common Stock equal to all or any portion of the number
of shares of Common Stock that such Noteholder anticipated receiving from the Company without any restrictive legend, then, an
amount equal to the excess of such Noteholder’s total purchase price (including brokerage commissions and other out-of-pocket
expenses, if any) for the shares of Common Stock so purchased (including brokerage commissions and other out-of-pocket expenses,
if any) (the “Buy-In Price”) over the product of (A) such number of Warrant Shares that the Company was required
to deliver to such Noteholder by the Legend Removal Date multiplied by (B) the lowest closing sale price of the Common Stock on
any Trading Day during the period commencing on the date of the delivery by such Noteholder to the Company of the applicable Warrant
Shares (as the case may be) and ending on the date of such delivery and payment under this clause (d).

 

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		e.	The Noteholder agrees to the imprinting, so long as is required by this Section 2, of a legend
on any of the Warrant Shares in the following form:

 

THIS SECURITY HAS NOT BEEN REGISTERED
WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT
PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION
NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. THIS
SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT WITH A REGISTERED BROKER-DEALER OR OTHER LOAN WITH A FINANCIAL
INSTITUTION THAT IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a) UNDER THE SECURITIES ACT OR OTHER LOAN SECURED
BY SUCH SECURITIES.

 

		3.	Representations of Noteholder. Noteholder hereby acknowledges, agrees, represents, warrants
and covenants to the Company that:

 

		a.	This Agreement constitutes Noteholder’s valid and legally binding obligation, enforceable
in accordance with its terms, except as limited by (i) applicable bankruptcy, insolvency, reorganization, moratorium and other
laws of general application affecting enforcement of creditors’ rights generally, and (ii) laws relating to the availability
of specific performance, injunctive relief or other equitable remedies.

 

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		b.	The transactions contemplated hereby will constitute an investment for Noteholder’s own account,
and not with a view to the resale or distribution of any part thereof.

 

		c.	Noteholder has no present intention of selling, granting any participation right in, or otherwise
distributing any portion of this investment to any party, including, without limitation, any Warrant Shares issuable upon the exercise
of the Warrant.

 

		d.	Noteholder has received all the information it considers necessary or appropriate for deciding
whether to enter into this Agreement, the Note and the Warrant, and has had an opportunity to ask questions and receive answers
from the Company regarding the terms and conditions hereof and thereof.

 

		e.	Noteholder qualifies as an “accredited investor”, as such term is defined in Rule 501
of Regulation D promulgated under the Securities Act of 1933 (as amended).

 

		4.	Representations of Company.

 

		a.	The Company is an entity duly incorporated or otherwise organized, validly existing and in good
standing under the laws of the jurisdiction of its incorporation or organization, with the requisite power and authority to own
and use its properties and assets and to carry on its business as currently conducted. The Company and each Subsidiary of the Company
(collectively, the “Subsidiaries”) is not in violation nor default of any of the provisions of its respective
certificate or articles of incorporation, bylaws or other organizational or charter documents. The Company is duly qualified to
conduct business and is in good standing as a foreign corporation or other entity in each jurisdiction in which the nature of the
business conducted or property owned by it makes such qualification necessary, except where the failure to be so qualified or in
good standing, as the case may be, would not have or reasonably be expected to result in: (i) a material adverse effect on the
legality, validity or enforceability of this Agreement or the Note, (ii) a material adverse effect on the results of operations,
assets, business, prospects or condition (financial or otherwise) of the Company or any of its Subsidiaries, taken as a whole,
or (iii) a material adverse effect on the Company’s ability to perform in any material respect on a timely basis its obligations
under this Agreement (any of (i), (ii) or (iii), a “Material Adverse Effect”); provided, however,
that none of the following, either alone or in combination, shall be considered in determining whether there has been a breach
of a representation, warranty, covenant or agreement that is qualified by the term “Material Adverse Effect” or whether
a “Material Adverse Effect” has occurred or would reasonably be expected to occur: (A) general economic or political
conditions or the financing, banking, currency or capital markets in general; (B) events occurring generally in, or generally
affecting, the industries or the markets in which the Company or its Subsidiaries conduct business; (C)  events resulting
from the consummation of the transactions contemplated by this Agreement, the compliance with the terms of this Agreement or the
taking of any action required or contemplated by this Agreement or consented to by Noteholder; (D) events resulting from changes
in laws or orders, or in GAAP or other accounting requirements or principles, or any interpretation thereof, after the date hereof;
(E) events resulting from an outbreak or escalation of hostilities involving any country where the Company or its Subsidiaries
do business, the declaration by any country where the Company or its Subsidiaries do business of a national emergency or war, or
the occurrence of any acts of terrorism and any actions or reactions thereto in such country; (F)  events resulting from any
natural disaster; and (G) events resulting from any failure of the Company to meet any projections or forecasts, provided
that in determining whether a Material Adverse Effect has occurred or would reasonably be likely to occur in the cases of (A),
(B) and (D), the effects of such events shall be excluded only to the extent they do not have a disproportionate effect on the
Company and its Subsidiaries as compared with similarly situated companies in the industry in which the Company and its Subsidiaries
operate.

 

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		b.	The Company has the requisite corporate power and authority to enter into and to consummate the
transactions contemplated by this Agreement and otherwise to carry out its obligations hereunder and thereunder, including the
issuance of the Note. The execution and delivery of this Agreement by the Company and the consummation by it of the transactions
contemplated hereby and thereby have been duly authorized by all necessary action on the part of the Company and no further action
is required by the Company, the Board of Directors or the Company’s stockholders in connection herewith or therewith. This
Agreement has been duly executed by the Company and, when delivered in accordance with the terms hereof and thereof, will constitute
the valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except (i) as limited
by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application
affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance,
injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by
applicable law.

 

		c.	The execution, delivery and performance by the Company of this Agreement, the issuance and sale
of the Note and the consummation by it of the transactions contemplated hereby and thereby do not and will not (i) materially conflict
with or violate any provision of the Company’s or any Subsidiary’s certificate or articles of incorporation, bylaws
or other organizational or charter documents, or (ii) conflict with, or constitute a default (or an event that with notice or lapse
of time or both would become a default) under, result in the creation of any lien upon any of the properties or assets of the Company
or any of its Subsidiaries, or give to others any rights of termination, amendment, acceleration or cancellation (with or without
notice, lapse of time or both) of, any material agreement, credit facility, debt or other instrument or other understanding to
which the Company or any Subsidiary is a party or by which any property or asset of the Company or any Subsidiary is bound, or
(iii) to the Company’s knowledge, conflict with or result in a violation of any law, rule, regulation, order, judgment, injunction,
decree or other restriction of any court or governmental authority to which the Company is subject (including federal and state
securities laws and regulations), or by which any property or asset of the Company or a Subsidiary is bound or affected; except
in the case of each of clauses (ii) and (iii), such as would not have or reasonably be expected to result in a Material Adverse
Effect.

 

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		d.	The Securities are duly authorized and, when issued and paid for in accordance with this Agreement,
will be duly and validly issued, fully paid and nonassessable, free and clear of all liens imposed by the Company. The Warrant
Shares, when issued in accordance with the terms of the Warrants, will be validly issued, fully paid and nonassessable, free and
clear of all liens imposed by the Company.

 

		e.	The Company has filed all reports, schedules, forms, statements and other documents required to
be filed by the Company under the Securities Act and the Securities Exchange Act of 1934 (“Exchange Act”), including
pursuant to Section 13(a) or 15(d) thereof, for the two years preceding the date hereof (or such shorter period as the Company
was required by law or regulation to file such material) (the foregoing materials, including the exhibits thereto and documents
incorporated by reference therein, being collectively referred to herein as the “SEC Reports”) on a timely basis
or has received a valid extension of such time of filing and has filed any such SEC Reports prior to the expiration of any such
extension. As of their respective dates, the SEC Reports complied in all material respects with the requirements of the Securities
Act and the Exchange Act, as applicable, and none of the SEC Reports, when filed, contained any untrue statement of a material
fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in
light of the circumstances under which they were made, not misleading. The financial statements of the Company included in the
SEC Reports comply in all material respects with applicable accounting requirements and the rules and regulations of the Commission
with respect thereto as in effect at the time of filing. Such financial statements have been prepared in accordance with United
States generally accepted accounting principles applied on a consistent basis during the periods involved (“GAAP”),
except as may be otherwise specified in such financial statements or the notes thereto and except that unaudited financial statements
may not contain all footnotes required by GAAP, and fairly present in all material respects the financial position of the Company
and its consolidated Subsidiaries as of and for the dates thereof and the results of operations and cash flows for the periods
then ended, subject, in the case of unaudited statements, to normal, immaterial, year-end audit adjustments.

 

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		f.	Since the date of the latest audited financial statements included within the SEC Reports, except
as specifically disclosed in a subsequent SEC Report filed prior to the date hereof, (i) there has been no event, occurrence or
development that has had or that would reasonably be expected to result in a Material Adverse Effect, (ii) the Company has not
incurred any liabilities (contingent or otherwise) other than (A) trade payables and accrued expenses incurred in the ordinary
course of business consistent with past practice and (B) liabilities not required to be reflected in the Company’s financial
statements pursuant to GAAP or disclosed in filings made with the Commission, other than that certain subordinated debt with 2235570
Ontario Limited in the aggregate amount of $1,000,000 which shall be disclosed in the Company’s Form 10-Q for the period
ended June 30, 2016, (iii) the Company has not altered its method of accounting, and (iv) the Company has not declared or made
any dividend or distribution of cash or other property to its stockholders or purchased, redeemed or made any agreements to purchase
or redeem any shares of its capital stock. No event, liability, fact, circumstance, occurrence or development has occurred or exists
or is reasonably expected to occur or exist with respect to the Company or its Subsidiaries or their respective businesses, prospects,
properties, operations, assets or financial condition that would be required to be disclosed by the Company under applicable securities
laws at the time this representation is made or deemed made that has not been publicly disclosed at least 1 Trading Day prior to
the date that this representation is made.

 

Except for
the representations and warranties contained in this Section 4, neither the Company or any of its Subsidiaries, nor any other person,
has made or makes any other express or implied representation or warranty, either written or oral, on behalf of the Company and
its Subsidiaries, including any representation or warranty as to the accuracy or completeness of any information regarding the
Company and its Subsidiaries furnished or made available to Noteholder and its representatives or as to the future revenue, profitability
or success of the Company and its Subsidiaries, or any representation or warranty arising from statute or otherwise in law. 
The Company hereby disclaims any other express or implied representations or warranties with respect to any matter whatsoever,
including without limitation, any regarding the pro forma financial information, financial projections or other forward-looking
statements relating to the Company and its Subsidiaries.

 

		5.	Covenants of the Company.

 

		a.	Furnishing of Information.

 

		(i)	Until the earliest of the time that the Warrants have expired, the Company covenants to timely
file (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to be filed by
the Company after the date hereof pursuant to the Exchange Act.

 

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		(ii)	At any time during the period commencing from the six (6) month anniversary of the date hereof
and ending at such time that all of the Warrant Shares (assuming cashless exercise) may be sold without the requirement for the
Company to be in compliance with Rule 144(c)(1) and otherwise without restriction or limitation pursuant to Rule 144, if the Company
(i) shall fail for any reason to satisfy the current public information requirement under Rule 144(c) or (ii) has ever been an
issuer described in Rule 144(i)(1)(i) or becomes an issuer in the future, and the Company shall fail to satisfy any condition set
forth in Rule 144(i)(2) (a “Public Information Failure”) then, in addition to such Noteholder’s other
available remedies, the Company shall pay to a Noteholder, in cash, as partial liquidated damages and not as a penalty, by reason
of any such delay in or reduction of its ability to sell the Warrant Shares, an amount in cash equal to one percent (1.0%) of the
aggregate Exercise Price of such Noteholder’s Warrants on the day that is five (5) Trading Days following the date of a Public
Information Failure and on every thirtieth (30th) day (pro-rated for periods totaling less than thirty days) thereafter
until the earlier of (a) the date such Public Information Failure is cured and (b) such time that such public information is no
longer required  for the Noteholders to transfer the Warrant Shares pursuant to Rule 144.  The payments to which a Noteholder
shall be entitled pursuant to this Section 4.2(b) are referred to herein as “Public Information Failure Payments.” 
Public Information Failure Payments shall be paid on the earlier of (i) the last day of the calendar month during which such Public
Information Failure Payments are incurred and (ii) the third (3rd) Business Day after the event or failure giving rise
to the Public Information Failure Payments is cured.  In the event the Company fails to make Public Information Failure Payments
in a timely manner, such Public Information Failure Payments shall bear interest at the rate of 1.5% per month (prorated for partial
months) until paid in full. Nothing herein shall limit such Noteholder’s right to pursue actual damages for the Public Information
Failure, and such Noteholder shall have the right to pursue all remedies available to it at law or in equity including, without
limitation, a decree of specific performance and/or injunctive relief.

 

		b.	The Company shall (a) by 9:00 a.m. (New York City time) on the Trading Day immediately following
the date hereof, issue a press release disclosing the material terms of the transactions contemplated hereby, and (b) file a Current
Report on Form 8-K, including this Agreement and the form of Note and Warrant as exhibits thereto, with the Commission within the
time required by the Exchange Act. From and after the issuance of such press release, the Company represents to the Noteholders
that it shall have publicly disclosed all material, non-public information delivered to any of the Noteholders by the Company or
any of its Subsidiaries, or any of their respective officers, directors, employees or agents. In addition, effective upon the issuance
of such press release, the Company acknowledges and agrees that any and all confidentiality or similar obligations under any agreement,
whether written or oral, between the Company, any of its Subsidiaries or any of their respective officers, directors, agents, employees
or Affiliates on the one hand, and any of the Noteholders or any of their Affiliates on the other hand, shall terminate. The Company
and each Noteholder shall consult with each other in issuing any other press releases with respect to the transactions contemplated
hereby, and neither the Company nor any Noteholder shall issue any such press release nor otherwise make any such public statement
without the prior consent of the Company, with respect to any press release of any Noteholder, or without the prior consent of
each Noteholder, with respect to any press release of the Company, which consent shall not unreasonably be withheld or delayed,
except if such disclosure is required by law, in which case the disclosing party shall promptly provide the other party with prior
notice of such public statement or communication. Notwithstanding the foregoing, the Company shall not publicly disclose the name
of any Noteholder, or include the name of any Noteholder in any filing with the Commission or any regulatory agency or the Nasdaq
Capital Market (“Trading Market”), without the prior written consent of such Noteholder, except (a) as required
by federal securities law in connection with the filing of this Agreement with the Commission and (b) to the extent such disclosure
is required by law or Trading Market regulations, in which case the Company shall provide the Noteholders with prior notice of
such disclosure permitted under this clause (b).

 

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		c.	Except with respect to the material terms and conditions of the transactions contemplated by this
Agreement, which shall be disclosed pursuant to clause (b) above, the Company covenants and agrees that neither it, nor any other
Person acting on its behalf will provide any Noteholder or its agents or counsel with any information that constitutes, or the
Company reasonably believes constitutes, material non-public information, unless prior thereto such Noteholder shall have consented
to the receipt of such information and agreed with the Company to keep such information confidential. The Company understands and
confirms that each Noteholder shall be relying on the foregoing covenant in effecting transactions in securities of the Company.

 

		d.	The Company hereby agrees to use best efforts to maintain the listing or quotation of the Common
Stock on the Trading Market on which it is currently listed, and concurrently with the consummation of the transactions hereunder,
the Company shall apply to list or quote all of the Warrant Shares on such Trading Market and promptly secure the listing of all
of the Warrant Shares on such Trading Market. The Company further agrees, if the Company applies to have the Common Stock traded
on any other Trading Market, it will then include in such application all of the Warrant Shares, and will take such other action
as is necessary to cause all of the Warrant Shares to be listed or quoted on such other Trading Market as promptly as possible.
The Company will then take all action reasonably necessary to continue the listing and trading of its Common Stock on a Trading
Market and will comply in all respects with the Company’s reporting, filing and other obligations under the bylaws or rules
of the Trading Market. The Company agrees to maintain the eligibility of the Common Stock for electronic transfer through the Depository
Trust Company or another established clearing corporation, including, without limitation, by timely payment of fees to the Depository
Trust Company or such other established clearing corporation in connection with such electronic transfer.

 

		e.	The form of Notice of Exercise included in the Warrants set forth
the totality of the procedures required of the Noteholders in order to exercise the Warrants. No additional legal opinion, other
information or instructions shall be required of the Noteholders to exercise their Warrants. Without limiting the preceding sentences,
no ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization)
of any Notice of Exercise form be required in order to exercise the Warrants.

 

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		6.	Participation in Future Financing.

 

		a.	From the date hereof until the date that the Note and any other promissory note or indebtedness
of the Company or any Subsidiary held by the Noteholder is no longer outstanding, upon any issuance by the Company or any of its
Subsidiaries of Debt Common Stock Equivalents for cash consideration, Indebtedness or a combination of units thereof (a “Subsequent
Financing”), the Noteholder shall have the right to participate in up to an amount of the Subsequent Financing equal
to 100% of the Subsequent Financing on the same amount, terms, conditions and price provided for in the Subsequent Financing.

 

		b.	At least five (5) Trading Days prior to the closing of the Subsequent Financing, the Company shall
deliver to the Noteholder a written notice of its intention to effect a Subsequent Financing (“Pre-Notice”),
which Pre-Notice shall ask the Noteholder if it wants to review the details of such financing (such additional notice, a “Subsequent
Financing Notice”). Upon the request of the Noteholder, and only upon a request by the Noteholder, for a Subsequent Financing
Notice, the Company shall promptly, but no later than one (1) Trading Day after such request, deliver a Subsequent Financing Notice
to the Noteholder. The Subsequent Financing Notice shall describe in reasonable detail the proposed terms of such Subsequent Financing,
the amount of proceeds intended to be raised thereunder and the person or persons through or with whom such Subsequent Financing
is proposed to be effected and shall include a term sheet or similar document relating thereto as an attachment.

 

		c.	If the Noteholder desires to participate in such Subsequent Financing, the Noteholder must provide
written notice to the Company by not later than 5:30 p.m. (New York City time) on the fifth (5th) Trading Day after the Company
has delivered the Pre-Notice to the Noteholder that the Noteholder is willing to participate in the Subsequent Financing, the amount
of the Noteholder’s participation, and representing and warranting that the Noteholder has such funds ready, willing, and
available for investment on the terms set forth in the Subsequent Financing Notice. If the Company receives no such notice from
the Noteholder as of such fifth (5th) Trading Day, the Noteholder shall be deemed to have notified the Company that it does not
elect to participate.

 

		d.	If by 5:30 p.m. (New York City time) on the fifth (5th) Trading Day after the Company has delivered
the Pre-Notice to the Noteholder, notification by the Noteholder of its willingness to participate in the Subsequent Financing
(or to cause its designee to participate) is less than the total amount of the Subsequent Financing, then the Company may effect
the remaining portion of such Subsequent Financing on the terms and with the person or persons set forth in the Subsequent Financing
Notice.

 

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		e.	The Company must provide the Noteholder with a second Subsequent Financing Notice, and the Noteholder
will again have the right of participation set forth above in this Section 6, if the Subsequent Financing subject to the initial
Subsequent Financing Notice is not consummated for any reason on the terms set forth in such Subsequent Financing Notice within
thirty (30) Trading Days after the date of the initial Subsequent Financing Notice.

 

		f.	The
                                         Company and the Noteholder agree
                                         that if the Noteholder elects to participate
                                         in the Subsequent Financing, the transaction documents related to the Subsequent Financing
                                         shall not include any term or provision whereby the Noteholder shall
                                         be required to agree to any restrictions on trading as to any of the Securities purchased
                                         hereunder or be required to consent to any amendment to or termination of, or grant any
                                         waiver, release or the like under or in connection with, this Agreement, without the
                                         prior written consent of the Noteholder.

 

		g.	Notwithstanding
                                         anything to the contrary in this Section 6 and unless otherwise agreed to by the
                                         Noteholder, the Company shall either confirm
                                         in writing to the Noteholder that the
                                         transaction with respect to the Subsequent Financing has been abandoned or shall publicly
                                         disclose its intention to issue the securities in the Subsequent Financing, in either
                                         case in such a manner such that the Noteholder will
                                         not be in possession of any material, non-public information, by the tenth (10th) Trading
                                         Day following delivery of the Subsequent Financing Notice. If by such tenth (10th) Trading
                                         Day, no public disclosure regarding a transaction with respect to the Subsequent Financing
                                         has been made, and no notice regarding the abandonment of such transaction has been received
                                         by the Noteholder, such transaction
                                         shall be deemed to have been abandoned and the Noteholder shall
                                         not be deemed to be in possession of any material, non-public information with respect
                                         to the Company or any of its Subsidiaries.

 

		h.	Notwithstanding the foregoing, this Section 6 shall not apply in respect of an Exempt Issuance.
For purposes of this Section 6, the following defined terms have the following meanings: (A) “Debt Common Stock Equivalents”
means any debt securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire at any time Common
Stock, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument that is at any time
convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock; (B) “Exempt
Issuance” means the issuance of (a) shares of Common Stock or options to employees, officers or directors of the Company
pursuant to any stock or option plan duly adopted for such purpose, by a majority of the non-employee members of the board of directors
of the Company or a majority of the members of a committee of non-employee directors established for such purpose for services
rendered to the Company (for purposes of clarity, this clause (a) shall not cover any issuance of securities to any employee, officer
or director in any financing transaction), or (b) securities upon the exercise or exchange of or conversion of any Securities issued
hereunder and/or other securities exercisable or exchangeable for or convertible into shares of Common Stock issued and outstanding
on the date of this Agreement, provided that such securities have not been amended since the date of this Agreement to increase
the number of such securities or to decrease the exercise price, exchange price or conversion price of such securities (other than
in connection with stock splits or combinations) or to extend the term of such securities; and (C) “Indebtedness”
means any liabilities for borrowed money in excess of $50,000 (other than trade accounts payable incurred in the ordinary course
of business and other than equipment financing transactions and receivable factoring transactions in the ordinary course of business
consistent with the Company’s past practice, including the terms thereof).

 

    	 	11	 

     

    

 

		7.	Miscellaneous.

 

		a.	Notices. All notices, requests, demands, claims and other communications under this Agreement
must be in writing. Any notice, request, demand, claim or other communication under this Agreement will be deemed duly given (i)
two (2) business days after such notice is sent by registered or certified mail, return receipt requested, postage prepaid or (ii)
immediately after such notice is sent via email, in each case, addressed to the intended recipient as set forth below:

 

If to the Company:

 

The ONE Group Hospitality, Inc.

411 West 14th Street,
3rd Floor

New York, New York 10014

Attn: Jonathan Segal

Email: js@togrp.com

 

with a required copy, which does
not constitute notice, to:

 

The Giannuzzi Group, LLP

411 West 14th Street,
4th Floor

New York, New York 10014

Attn: Nicholas L. Giannuzzi,
Esq.

Email: nick@gglaw.us

 

If to Noteholder, at the address
set forth on the signature page to this Agreement, or any other address applicable to Noteholder if the Company has been given
notice of such change of address in accordance with this Section 7(a). Any Party may change the address to which notices, requests,
demands, claims and other communications hereunder are to be delivered by giving the other Parties notice in the manner set forth
in this Agreement.

 

    	 	12	 

     

    

 

		b.	Invalidity of Particular Provisions. The Company and Noteholder agree that the unenforceability
or invalidity of any provision or provisions of this Agreement will not render any other provision or provisions herein contained
unenforceable or invalid.

 

		c.	Successors or Assigns. The Company and Noteholder agree that all of the terms of this Agreement
will be binding on their respective successors and assigns, and that the term “Company” and the term “Noteholder”
as used herein will be deemed to include, for all purposes, the respective designees, successors, assigns, heirs, executors and
administrators. Notwithstanding the foregoing, this Agreement and the rights and obligations of the Company hereunder will not
be assignable (other than by merger), in whole or in part, without the prior written consent of the Noteholder.

 

		d.	Governing Law. All questions concerning the construction, validity, enforcement and interpretation
of the this Agreement and the Note shall be governed by and construed and enforced in accordance with the internal laws of the
State of New York, without regard to the principles of conflicts of law thereof. Each party agrees that all legal Proceedings concerning
the interpretations, enforcement and defense of the transactions contemplated by this Agreement (whether brought against a party
hereto or its respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be commenced
exclusively in the state and federal courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive
jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan for the adjudication of any
dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect
to the enforcement of this Agreement), and hereby irrevocably waives, and agrees not to assert in any action or proceeding, any
claim that it is not personally subject to the jurisdiction of any such court, that such action or proceeding is improper or is
an inconvenient venue for such Proceeding. Each party hereby irrevocably waives personal service of process and consents to process
being served in any such action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery
(with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such
service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to
limit in any way any right to serve process in any other manner permitted by law. If any party shall commence an action or proceeding
to enforce any provisions of the this Agreement, then the prevailing party in such action or proceeding shall be reimbursed by
the non-prevailing party for its reasonable attorneys’ fees and other costs and expenses incurred with the investigation,
preparation and prosecution of such action or proceeding.

 

		e.	Waiver. Waiver of any Event of Default hereunder by a Noteholder will not be a waiver of
any other Event of Default or of a same Event of Default on a later occasion. No delay or failure by a Noteholder to exercise any
right or remedy will be a waiver of such right or remedy and no single or partial exercise by a Noteholder of any right or remedy
will preclude other or further exercise thereof or the exercise of any other right or remedy at any other time.

 

    	 	13	 

     

    

 

		f.	Amendment. This Agreement, the Note and the Warrant may not be amended, converted or a right
granted pursuant to thereto waived, without the written consent of the Company and Noteholder.

 

		g.	Entire Agreement. This Agreement, including the Exhibits attached hereto, the Warrant and
the Note constitute the entire agreement of the Parties relative to the subject matter hereof and supersede any and all other agreements
and understandings, whether written or oral, relative to the matters discussed herein.

 

		h.	Fee Reimbursement. The Company shall reimburse the Noteholder for its reasonable and documented
legal fees and expenses out of the proceeds of the purchase of the Note at closing, not to exceed $5,000.

 

		i.	Counterparts. This Agreement may be executed simultaneously in two or more counterparts
and by email or facsimile, each of which will be deemed an original but all of which together will constitute one and the same
instrument.

 

[Remainder of page intentionally left
blank; signature page to follow.]

 

    	 	14	 

     

    

 

IN WITNESS WHEREOF,
the Parties hereto have executed this Loan Agreement as of the Effective Date.

 

	 	 
	 	COMPANY:
	 	 
	 	THE ONE GROUP HOSPITALITY, INC.
	 	 
	 	 
	 	/s/ Samuel Goldfinger	 
	 	Name: Samuel Goldfinger
	 	Title: Chief Financial Officer

 

NOTEHOLDER:

 

Name of Noteholder: Anson Investments
Master Fund LP                                                    

 

Signature of Authorized Signatory of
Noteholder: /s/ Moez Kassam                                  

 

Name of Authorized Signatory: Moez Kassam                                                                          

 

Title of Authorized Signatory: Principal                                                                                     

 

Email Address of Authorized Signatory:
mkassam@ansonfunds.com                                

 

Facsimile Number of Authorized Signatory: 416-352-1880                                                      

 

Address for Notice to Noteholder: 1155 University Avenue - Suite
207, Toronto, Ontario, M5H 2B7

 

 

 

Address for Delivery of Securities to Noteholder (if not same
as address for notice):

  

 

	 	Investment Details:
	 	 	 
	 	Loan Amount:	$2,250,000
	 	 	 
	 	Date of Loan:	October 24, 2016
	 	 	 
	 	Warrant Shares:	340,000

 

 

    	 	15	 

     

    

 

Exhibit A

 

Promissory Note

 

(attached)

 

 

    	 	16	 

     

    

 

Exhibit B

 

Warrant

 

(attached)

 

 

 

    	 	17Exhibit 10.2

 

THE
ONE GROUP HOSPITALITY, INC.

 

UNSECURED
PROMISSORY NOTE

 

	$2,250,000.00	October 24, 2016

 

For
value received, THE ONE GROUP HOSPITALITY, INC., a Delaware corporation (the “Company”), hereby promises
to pay to the order of ANSON INVESTMENTS MASTER FUND LP (“Noteholder”),
the principal sum of $2,250,000.00 (the “Principal Balance”) with interest thereon at the rate of ten percent
(10%) per annum, compounded annually based on an assumed 365-day year. Interest shall commence on the date hereof and shall become
due and payable on a quarterly basis, commencing on December 31, 2016, and continuing on each December 31, March 31, June 30 and
September 30 thereafter until the Maturity Date (as hereinafter defined).

 

This Unsecured Promissory
Note (this “Note”) is made in connection with a Loan Agreement made by and between the Company and the Noteholder
(the “Loan Agreement”).

 

1.       Payment;
Maturity.

 

(a)       Payment
of the entire outstanding Principal Balance (with interest thereon) shall be immediately due and payable to Noteholder upon the
earliest to occur of (i) the fifth (5th) anniversary of the date set forth above, (ii) an Event of Default (as hereinafter
defined) or (iii) a Company Sale (as hereinafter defined) ((i), (ii) or (iii), as applicable, the “Maturity Date”);
provided that this Note has not been previously paid in accordance with the terms of Section 2 below. For purposes hereof, the
term “Company Sale” shall mean any liquidation, sale, dissolution or winding up of the Company, whether voluntary
or involuntary, including, without limitation, by means of the sale, lease or other disposition of all or substantially all of
the assets of the Company.

 

(b)       All
payments shall be in lawful money of the United States of America. If any payments on this Note become due on a Saturday, Sunday
or a public holiday under the laws of the State of New York, such payment shall be made on the next succeeding business day and
such extension of time shall be included in computing interest in connection with such payment. Notwithstanding anything to the
contrary, in the event the Principal Balance and all interest accrued thereon has not been paid to Noteholder in full on the Maturity
Date, the then-outstanding Principal Balance shall thereafter bear interest at the default rate of sixteen percent (16%) per annum.

 

2.       Events
of Default.

 

Any of the following events constitutes
an “Event of Default”:

 

(a)       any
default in the payment of the principal of, or the interest on, this Note, as and when the same shall become due and payable, which
default is not cured within ten (10) business days after notice of such default sent by the Noteholder to the Company;

 

    	 	 	 

     

    

(b)       the
Company defaults in the due observance or performance of any term, covenant or agreement of the Company contained in this Note
or the Loan Agreement, which default is not cured within ten (10) business days after notice of such default sent by the Noteholder
to the Company;

 

(c)       any
representation or warranty made by the Company in this Note or the Loan Agreement will be false in any material respect when so
made;

 

(d)       the
Company pursuant to or within the meaning of Title 11 of the United States Code or any similar federal or state or foreign law
for the relief of debtors (each, a “Bankruptcy Law”) (1) commences a voluntary case in bankruptcy or any
other action or proceeding for any other similar relief under any Bankruptcy Law, (2) consents by answer or otherwise to the
commencement against it of an involuntary case of bankruptcy, or (3) seeks or consents to the appointment of a receiver, trustee,
assignee, liquidator, custodian or similar official (collectively, a “Custodian”) of it or for all or substantially
all of its assets;

 

(e)       a
court of competent jurisdiction enters an order or decree under any Bankruptcy Law that (1) is for relief against the Company
in an involuntary case of bankruptcy against the Company, (2) appoints a Custodian of the Company for all or substantially
all of its assets, or (3) orders the liquidation of the Company, and the order remains unstayed and in effect for 30 days,
or any dismissal, stay rescission or termination thereof ceases to remain in effect;

 

(f)       any
involuntary proceeding under any Bankruptcy Law or any involuntary proceeding seeking the appointment of a Custodian for the Company
or a substantial part of its property will remain unstayed and undismissed for a period of 45 days; or

 

(g)       the
Company or any subsidiary makes a general assignment for the benefit of creditors; or Company or any subsidiary shall fail to pay,
or shall state that it is unable to pay, or shall be unable to pay, its debts generally as they become due; or Company or any subsidiary
shall call a meeting of its creditors with a view to arranging a composition, adjustment or restructuring of its debts; or Company
or any subsidiary shall by any act or failure to act expressly indicate its consent to, approval of or acquiescence in any of the
foregoing; or any corporate or other action is taken by Company or any subsidiary for the purpose of effecting any of the foregoing;

 

(h)       the
Company or any subsidiary shall default in any of its respective obligations under any other note or any mortgage, credit agreement
or other facility, indenture agreement, factoring agreement or other instrument under which there may be issued, or by which there
may be secured or evidenced any indebtedness for borrowed money or money due under any long term leasing or factoring arrangement
of Company or any subsidiary, whether such indebtedness now exists or shall hereafter be created and such default shall result
in such indebtedness becoming or being declared due and payable prior to the date on which it would otherwise become due and payable,
provided that any applicable cure period related to such default under the terms of such note, mortgage, credit agreement or other
facility, agreement or instrument is applicable; or

 

    	 	2	 

     

    

 

(i)       the
Company shall (a) be a party to any Change of Control Transaction (as defined below) or (b) agrees to sell or dispose of all or
in excess of 50% of its assets in one or more transactions (other than sales of the Company’s equipment and whether or not
such sale would constitute a Change of Control Transaction). "Change of Control Transaction" means the occurrence
of any of: (i) an acquisition after the date hereof by an individual or legal entity or "group" (as described in Rule
13d-5(b)(1) promulgated under the Securities Exchange Act of 1934, as amended) of effective control (whether through legal or beneficial
ownership of capital stock of Company, by contract or otherwise) of in excess of 50% of the voting securities of Company, (ii)
a replacement at one time or over time of more than one-half of the members of Company's board of directors which is not approved
by a majority of those individuals who are members of the board of directors on the date hereof (or by those individuals who are
serving as members of the board of directors on any date whose nomination to the board of directors was approved by a majority
of the members of the board of directors who are members on the date hereof), (iii) the merger of Company with or into another
entity that is not wholly-owned by Company, consolidation or sale of 50% or more of the assets of Company in one or a series of
related transactions, or (iv) the execution by Company of an agreement to which Company is a party or by which it is bound, providing
for any of the events set forth above in (i), (ii) or (iii).

 

If any Event of Default
will occur and be continuing, the Noteholder will have the right, by notice to the Company, to declare the entire principal amount
then outstanding on this Note and accrued interest thereon immediately due and payable, whereupon all such amounts will become
immediately due and payable, all without diligence, presentment, demand of payment, protest or further notice of any kind, all
of which are hereby expressly waived by the Company.

 

If an Event of Default
will have occurred and be continuing, the Noteholder is hereby authorized at any time and from time to time, to the fullest extent
permitted by law, to set off and apply any and all indebtedness, if any, at any time owing by the Noteholder to or for the credit
or the account of the Company against any and all of the obligations of the Company now or hereafter existing under this Note,
whether or not the Noteholder will have made any demand under this Note and although such obligations may be unmatured. By acceptance
of this Note, the Noteholder agrees to promptly notify the Company after any such setoff and application, provided that
the failure to give such notice will not affect the validity of such setoff and application. The rights of the Noteholder under
this Section 2 are in addition to other rights and remedies (including, without limitation, other rights of setoff) which
the Noteholder may have.

 

No right or remedy
herein conferred upon or reserved to the Noteholder is intended to be exclusive of any other right or remedy, and every right and
remedy will, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now
or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder will not prevent
the concurrent assertion or employment of any other appropriate right or remedy.

 

    	 	3	 

     

    

 

3.       Prepayment.
The Company may prepay the Principal Balance, either in whole or in part, at any time and from time to time, without penalty.

 

4.       Negative
Covenants. As long as any portion of this Note remains outstanding, unless the Noteholder shall have otherwise given prior
written consent, the Company shall not, and, other than under clause (b) hereunder with respect to dividends or distributions to
the Company or a subsidiary or a distribution to an equity interest holder of a non-wholly owned subsidiary, shall not permit any
of its subsidiaries to, directly or indirectly:

 

(a)       amend
its charter documents, including, without limitation, its certificate of incorporation and bylaws, in any manner that materially
and adversely affects any rights of the Noteholder under this Note;

 

(b)       pay
cash dividends or distributions on any equity securities of the Company;

 

(c)       (i)
during any time in which the Company’s Coverage Ratio equals or exceeds 200%, enter into or incur any indebtedness for borrowed
money of any kind, other than indebtedness owing to the Noteholder and indebtedness incurred in the ordinary course of business
and an aggregate of $250,000 of indebtedness for borrowed money in any 12 month period, or (ii) enter into, create or incur any
liens of any kind (other than liens that have arisen under law or customary arrangement in the ordinary course of business);

 

(d)       enter
into any transaction with any affiliate of the Company in excess of $120,000, unless such transaction is made on an arm’s-length
basis and expressly approved by a majority of the disinterested directors of the Company (even if less than a quorum otherwise
required for board approval); or

 

(e)       enter
into any agreement with respect to any of the foregoing.

 

For purposes herein, (A) “Coverage
Ratio” means the ratio of the amount of the Company’s Debt over the amount of Company’s EBITDA, expressed
as a percentage; (B) “Debt” means the liabilities of the Company and its consolidated Subsidiaries, determined
in accordance with GAAP, consistently applied, other than normal course liabilities, including accounts payable, accrued expenses,
deferred revenue, deferred license revenue and deferred rent. Debt shall be determined from the Company’s most recently filed
Form 10-K and Form 10-Q, as applicable, as supplemented by any financial information that is disclosed by the Company on Form 8-K;
and (C) “EBITDA” means net income (or net loss) of the Company and its consolidated Subsidiaries before interest
expense, provision for income taxes, depreciation and amortization, non-cash impairment loss, deferred rent, pre-opening expenses,
non-recurring gains and losses, stock based compensation and losses from discontinued operations. EBITDA shall be determined from
the Company’s most recently filed Form 10-K and Form 10-Q, as applicable, as supplemented by any financial information that
is disclosed by the Company on Form 8-K.

 

    	 	4	 

     

    

 

5.       Waiver;
Payment of Fees and Expenses. The Company waives presentment and demand for payment, notice of dishonor, protest
and notice of protest of this Note, and shall pay all costs of collection when incurred, including, without limitation, reasonable
outside attorneys’ fees, costs and other expenses. The right to plead any and all statutes of limitations as a defense to
any demands hereunder is hereby waived to the full extent permitted by law. No delay by Noteholder shall constitute a waiver, election
or acquiescence by it, nor shall any single or partial exercise of any right, power or remedy under this Note, or any abandonment
or discontinuance of steps to enforce such a right, power or remedy, preclude any other or further exercise thereof or the exercise
of any other right, power or remedy.

 

6.       Interest.
Nothing contained herein shall require the Company to pay interest at a rate exceeding the maximum permissible rate under applicable
law. If interest payable by the Company on any date would exceed the maximum permissible rate, such interest payment shall automatically
be reduced to such maximum permitted amount.

 

7.       Waiver
of Presentment, Etc. Except as expressly set forth in this Note, the Company, and the Noteholder and all endorsers of
this Note by acceptance or endorsement of this Note, hereby waive presentment, demand, notice, protest and all other demands and
notices in connection with the delivery, acceptance, performance and enforcement of this Note, except as specifically provided
herein, and assent to extensions of the time of payment, or forbearance or other indulgence without notice.

 

8.       Governing
Law. THIS NOTE WILL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

9.       Submission
to Jurisdiction; Waiver of Jury Trial. The Company and Noteholder each hereby submit to the exclusive jurisdiction of
any state or federal court of competent jurisdiction in the state, county and city of New York for purposes of all legal proceedings
arising out of or relating to this Note. Each of the Company and Noteholder irrevocably waives, to the fullest extent permitted
by law, any objection which it may now or hereafter have to the laying of the venue of any such proceeding brought in such a court
and any claim that any such proceeding brought in such a court has been brought in an inconvenient forum. TO THE FULLEST EXTENT
PERMITTED BY LAW, EACH OF THE COMPANY AND HOLDER HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
ARISING OUT OF OR RELATING TO THIS NOTE.

 

10.       Miscellaneous.
The Company may not assign this Note or delegate any of its obligations or rights hereunder without the written consent of the
Noteholder. The titles and subtitles used in this Note are used for convenience only and are not to be considered in construing
or interpreting this Note. Any notice, request, demand, claim or other communication under this Note shall be given in accordance
with Section 7(a) of the Loan Agreement.

 

[Signature page follows.]

 

    	 	5	 

     

    

 

In
Witness Whereof, the undersigned has executed this Unsecured Promissory Note
as of the date first written above.

 

	 	 
	 	THE COMPANY:
	 	 
	 	THE ONE GROUP HOSPITALITY, INC., 
	 	a Delaware Corporation
	 	 
	 	 
	 	 
	 	/s/ Samuel Goldfinger 	 
	 	Name: Samuel Goldfinger
	 	Title: Chief Financial Officer 

 

 

 

 

    	 	6

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