Document:

AMENDMENT
No. 2 TO CREDIT AGREEMENT, CONSENT 

AND TERMINATION
AGREEMENT

 

This
AMENDMENT NO. 2 TO CREDIT AGREEMENT, CONSENT AND
TERMINATION AGREEMENT (this "Amendment") is entered into as of October 15, 2013, by and among THE ONE GROUP, LLC,
a Delaware limited liability company, ONE 29 PARK MANAGEMENT, LLC, a New York limited liability company, STK-LAS VEGAS, LLC, a
Nevada limited liability company, STK ATLANTA, LLC, a Georgia limited liability company, HERAEA VEGAS, LLC, a Nevada limited liability
company, and XI SHI LAS VEGAS, LLC, a Nevada limited liability company (collectively, the "Borrowers"), and BANKUNITED,
N.A., as successor by merger to Herald National Bank (hereinafter referred to as the "Bank").

 

Recitals

 

A.Reference
is made to that certain Credit Agreement, dated as of October 31, 2011 (as amended by that certain Amendment No. 1 and Addendum
to Credit Agreement, dated as of January 24, 2013, the "Credit Agreement"), among the Bank and the Borrowers, pursuant
to which the Bank has extended credit to the Borrowers for the purposes permitted therein.

 

B.Capitalized
terms used but not defined in this Amendment shall have the meanings given to them in the Credit Agreement.

 

C.Reference
is made to that certain Guarantee Agreement, dated as of October 31, 2011 (as amended through the date hereof, the "Guarantee
Agreement"), by Jonathan Segal in favor of the Bank.

 

D.Reference
is made to that certain Pledge Agreement, dated as of October 31, 2011 (as amended through the date hereof, the "Pledge
Agreement – The One Group"), by Jonathan Segal in favor of the Bank.

 

E.Reference
is made to that certain Subordination Agreement [Jonathan Segal], dated as of October 31, 2011 (as amended through the date hereof,
the "Subordination Agreement [Jonathan Segal]"), among Jonathan Segal, the Borrowers and the Bank.

 

F.Reference
is made to that certain Subordination Agreement [Talia LTD], dated as of October 31, 2011 (as amended through the date hereof,
the "Subordination Agreement [Talia LTD]"), among Talia LTD., the Borrowers and the Bank.

 

G.Reference
is made to that certain Subordination Agreement [RCI II, LTD], dated as of October 31, 2011 (as amended through the date hereof,
the "Subordination Agreement [RCI II, LTD]"), among RCI II, LTD., the Borrowers and the Bank.

 

H.The Borrowers
have advised the Bank that, on or about October 11, 2013, The One Group, LLC intends to enter into an agreement and plan of merger
with CCAC Acquisition Sub, LLC, a Delaware limited liability company and Committed Capital Acquisition Corporation, a Delaware
corporation (the "Agreement and Plan of Merger"), whereby CCAC Acquisition Sub, LLC will be merged with and into
The One Group, LLC, with The One Group, LLC continuing as the surviving limited liability company of the merger, in accordance
with the applicable provisions of the Delaware Limited Liability Company Act (the "Merger").

 

    	 

    	 

    

 

I.The Borrowers
have requested that the Bank (a) consent to the consummation of the Merger pursuant to the terms of the Agreement and Plan of Merger,
(b) agree to amend certain provisions of the Loan Agreement in connection therewith (c) agree to terminate certain of the Loan
Documents, as expressly set forth herein in connection therewith, and (d) agree to release Heraea Vegas, LLC and Xi Shi Las Vegas,
LLC (the "Exiting Borrowers") from their obligations as "Borrowers" under the Loan Documents.

 

J.The Bank
has agreed to the Borrowers' requests on the terms and subject to the conditions set forth in this Amendment.

 

Now,
Therefore, in consideration of the foregoing recitals and other good and valuable consideration, the receipt and adequacy
of which is hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows:

 

1.Amendments
to Credit Agreement. Effective upon the occurrence of the Amendment No. 2 Effective Date (as defined in Section 5 below), the
Credit Agreement is hereby amended as follows:

 

1.1The
following definitions are hereby deleted in their entirety from Section 1.1 (Defined Terms) of the Credit Agreement:

 

"Heraea
Vegas LLC" means Heraea Vegas LLC, a Nevada limited liability company.

 

"Xi
Shi Las Vegas" means Xi Shi Las Vegas LLC, a Nevada limited liability company.

 

1.2Section
1.1 (Defined Terms) of the Credit Agreement is hereby amended by restating the definition of "Subsidiary Borrowers" contained
therein to read in its entirety as follows:

 

"Subsidiary
Borrowers" means, collectively, One 29 Park Management, STK-Las Vegas, and STK Atlanta.

 

1.3Section
1.1 (Defined Terms) of the Credit Agreement is hereby amended by restating the definition of "Change in Control" contained
therein to read in its entirety as follows:

 

"Change
in Control" means any time at which (i) 100% of the Capital Stock of each of the Subsidiary Borrowers is not owned (beneficially
and of record) and controlled by The One Group or (ii) not less than 100% of the Capital Stock of The One Group is not owned (beneficially
and of record) and controlled by Committed Capital Acquisition Corporation.

 

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1.4Section
1.1 (Defined Terms) of the Credit Agreement is hereby amended by restating the definition of "Managing Person" contained
therein to read in its entirety as follows:

 

"Managing
Person" means with respect to (i) each of the Subsidiary Borrowers, The One Group, and (ii) The One Group, Committed
Capital Acquisition Corporation.

 

1.5Section
1.1 (Defined Terms) of the Credit Agreement is hereby amended by inserting the following definitions therein in the appropriate
alphabetical location:

 

"Amendment
No. 2" means Amendment No. 2 to Credit Agreement, Consent and Termination Agreement, dated as of October 15, 2013, by
and among the Borrowers and the Bank.

 

"Amendment
No. 2 Effective Date" means the date on which the conditions precedent contained in Section 5 of Amendment No. 2 have
been fulfilled.

 

"Merger"
means the merger to be consummated on or about October 9, 2013 whereby CCAC Acquisition Sub, LLC will be merged with and into The
One Group, LLC, with The One Group, LLC continuing as the surviving limited liability company of the merger, pursuant to an agreement
and plan of merger among The One Group, LLC, CCAC Acquisition Sub, LLC, a Delaware limited liability company and Committed Capital
Acquisition Corporation, a Delaware corporation, and in accordance with the applicable provisions of the Delaware Limited Liability
Company Act.

 

1.6Section
4.3 (Conditions Subsequent) of the Credit Agreement is hereby restated to read in its entirety as follows:

 

Section 4.3[Intentionally
Omitted]

 

1.7Section
5.1 (Financial Information; Compliance Certificates and Reporting Generally) of the Credit Agreement is hereby amended by restating
subsections (c) and (d) thereof to read in their entirety as follows:

 

(c)[Intentionally
Omitted].

 

(d)[Intentionally Omitted].

 

1.8Section
5.2 (Limited Liability Company Existence, Taxes, Maintenance of Properties, Compliance with Law and Insurance) of the Credit Agreement
is hereby amended by restating subsection (f)(ii) thereof to read in its entirety as follows:

 

(ii)[Intentionally Omitted]

 

1.9Section
5.6 (Financial Covenants) of the Credit Agreement is hereby amended by restating subsection (a) thereof to read in its entirety
as follows:

 

(a)Maintain
at all times, Tangible Net Worth of not less than $14,500,000 in the aggregate with respect to
The One Group and its Subsidiaries on a consolidated basis.

 

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1.10Article
7 (Events of Default) of the Credit Agreement is hereby amended by restating subsections (n) and (o) thereof to read in their entirety
as follows:

 

(n)The
Borrowers shall fail, within ten (10) days of the consummation of the Merger, to provide to the Bank (a) a counterpart of a Guarantee
Agreement duly executed by Committed Capital Acquisition Corporation, in favor of the
Bank unconditionally guaranteeing all of the Obligations of the Borrowers to the Bank and (b) a counterpart of a pledge agreement
duly executed by Committed Capital Acquisition Corporation, in favor of the Bank (the "Parent Pledge Agreement"),
together with (i) instruments constituting Collateral, if any, duly indorsed in blank by Committed Capital Acquisition Corporation],
(ii) Uniform Commercial Code financing statements, required by law or reasonably requested by the Bank to be filed, registered
or recorded to create or perfect the Liens intended to be created under the Parent Pledge Agreement and (iii) such other documents
as the Bank may reasonably require in connection with the perfection of its security interests in the Collateral covered by the
Parent Pledge Agreement, each of the forgoing in form and substance satisfactory to the Bank;

 

(o)[Intentionally Omitted];

 

1.11The
Credit Agreement is hereby further amended by deleting all references to Jonathan Segal as the "Guarantor", all references
to Heraea Vegas, LLC as "Borrower" and all references to Xi Shi Las Vegas, LLC as "Borrower".

 

2.Limited
Consent. Effective upon the occurrence of the Amendment No. 2 Effective Date (as defined in Section 5 below):

 

2.1The
Bank hereby consents to the consummation of the Merger by The One Group, LLC, pursuant to the terms of the Agreement and Plan of
Merger.

 

2.2The
Borrowers acknowledge and agree that the consent granted by the Bank under Section 2.1 hereof:

 

(a)is
limited to the specific matters set forth therein; and

 

(b)is
not and shall not be deemed to constitute a consent with respect to or amendment of any other provision of the Credit Agreement.

 

3.Terminations
and Releases. Effective upon the occurrence of the Amendment No. 2 Effective Date (as defined in Section 5 below):

 

3.1Guarantee
Agreement. The Bank hereby acknowledges, confirms and agrees that (a) Jonathan Segal is hereby released from his obligations
under the Guarantee Agreement and (b) the Guarantee Agreement is hereby terminated and of no further force or effect.

 

3.2Pledge
Agreement – The One Group. The Bank hereby acknowledges, confirms and agrees that (a) Jonathan Segal is hereby released
from his obligations under the Pledge Agreement – The One Group and (b) the Pledge Agreement – The One Group is hereby
terminated and of no further force or effect.

 

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3.3Subordination
Agreement [Jonathan Segal]. Each of the Bank, the Borrowers and Jonathan Segal hereby acknowledges, confirms and agrees that
(a) Jonathan Segal is hereby released from his obligations under the Subordination Agreement [Jonathan Segal] and (b) the Subordination
Agreement [Jonathan Segal] is hereby terminated and of no further force or effect.

 

3.4Subordination
Agreement [Talia LTD]. Each of the Bank, the Borrowers and Talia LTD. hereby acknowledges, confirms and agrees that (a) Talia
LTD. is hereby released from its obligations under the Subordination Agreement [Talia LTD] and (b) the Subordination Agreement
[Talia LTD] is hereby terminated and of no further force or effect.

 

3.5Subordination
Agreement [RCI II, LTD]. Each of the Bank, the Borrowers and RCI II, LTD. hereby acknowledges, confirms and agrees that (a)
RCI II, LTD. is hereby released from its obligations under the Subordination Agreement [RCI II, LTD] and (b) the Subordination
Agreement [RCI II, LTD] is hereby terminated and of no further force or effect.

 

3.6Key
Man Life Insurance Policy - Jonathan Segal. The Bank hereby acknowledges, confirms and agrees that (a) the Assignment of Life
Insurance with respect to Jonathan Segal, executed by The One Group, LLC is hereby terminated and of no further force or effect
and (b) the Bank hereby releases its interest in the Key-Person Policy of Jonathan Segal.

 

3.7Subsidiary
Borrowers. The Bank hereby acknowledges, confirms and agrees that Heraea Vegas, LLC and Xi Shi Las Vegas, LLC are hereby released
from their obligations as "Borrowers" under the Credit Agreement and the other Loan Documents.

 

3.8Further
Assurances. In connection with the termination of each of the agreements and the releases provided for in this Section 3, including
the release of Heraea Vegas, LLC and Xi Shi Las Vegas, LLC as "Borrowers" under the Loan Documents, the Bank will execute
and deliver to the Borrowers such additional documentation as the Borrowers shall reasonably request to evidence each such termination.

 

4.Representations
and Warranties. To induce the Bank to enter into this Amendment, each of the Borrowers, other than the Exiting Borrowers (collectively,
the "Remaining Borrowers"), hereby represents and warrants to the Bank as follows:

 

4.1Immediately
after giving effect to this Amendment (i) the representations and warranties contained in the Loan Documents are true, accurate
and complete in all material respects as of the date hereof (except to the extent such representations and warranties refer to
or relate to an earlier date, in which case they are true and correct as of such date), and (ii) no Event of Default has occurred
and is continuing;

 

4.2(i)
The execution, delivery and performance by each of the Remaining Borrowers of this Amendment are within its limited liability company
powers and have been duly authorized by all necessary limited liability company action, (ii) this Amendment is the legal, valid
and binding obligation of the Remaining Borrowers enforceable against each of them in accordance with its terms, subject to applicable
bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors' rights generally and (iii) this Amendment
and the execution, delivery and performance by each of the Remaining Borrowers does not: (A) contravene the terms of any of the
organizational documents of the Remaining Borrowers; (B) conflict with or would cause any breach or contravention of, or the creation
of any Lien (other than Liens permitted under the Loan Documents) under, any document evidencing any contractual obligation to
which any of the Remaining Borrowers is a party, or any order, injunction, writ or decree currently in effect to which it or its
respective property is subject; or (C) violate, in any material respect, any requirement of law applicable thereto.

 

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5.Conditions
Precedent to Effectiveness.

 

This Amendment, the amendments
contained in Section 1, the limited consent contained in Section 2 and the terminations and releases contained in Section 3 hereof
shall each become effective on the date (the "Amendment No. 2 Effective Date") that the following conditions precedent
shall have been fulfilled:

 

5.1Amendment
No. 2. The Bank shall have received this Amendment, duly executed by a duly authorized officer or officers of the Borrowers
and confirmed by the Guarantor and the Subordinated Creditors.

 

5.2Merger.
The Merger shall have been consummated and the Bank shall have received the filing officer acknowledgement copy of the Agreement
and Plan of Merger properly filed with the Delaware Secretary of State and duly executed by a duly authorized officer or officers
of each of The One Group, LLC, CCAC Acquisition Sub, LLC Committed Capital Acquisition Corporation, together with such other documents
as the Bank may reasonably require in connection with the consummation of the Merger.

 

5.3Unrestricted
Cash Requirement. Immediately prior to, and immediately after giving effect to the Amendment No. 2 Effective Date, The One
Group, LLC shall have cash and cash equivalents, not subject to any Lien or other encumbrance, of not less than [$8,000,000]. For
the avoidance of doubt, (i) any and all sums committed to The One Group, LLC as of the Amendment No. 2 Effective Date shall be
counted toward the unrestricted cash requirement set forth in this Section 5.3 (e.g., sums being held in escrow in connection with
the Merger), and (ii) the unrestricted cash requirement set forth in this Section 5.3 shall only apply with respect to the time
periods specified herein, and shall not be interpreted as an ongoing obligation.

 

5.4Certificates
of Borrowers. The Bank shall have received:

 

(a)a
certificate of the chief executive officer or other analogous counterpart of each Borrower: (i) attaching a true and complete copy
of the resolutions of its Managing Person and of all documents evidencing all necessary limited liability company action (in form
and substance satisfactory to the Bank) taken by it to authorize this Amendment and the transactions contemplated hereby, (ii)
certifying that its certificate of formation and operating agreement have not been amended since October 31, 2011, or, if so, setting
forth the same, and (iii) setting forth the incumbency of its officer or officers who may sign this this Amendment, including therein
a signature specimen of such officer or officers; and

 

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(b)a
certificate of good standing of the secretary of state of the state of organization or formation of each Borrower, issued not more
than 30 days prior to the Amendment No. 2 Effective Date.

 

5.5Legal
Opinion. Counsel to the Borrowers shall have delivered its opinion to, and in form and substance reasonably satisfactory to,
the Bank.

 

5.6Fees.
The Bank shall have received from the Borrowers payment in full of all reasonable out-of-pocket costs incurred in connection with
this Amendment (including, without limitation, attorneys' fees for which an invoice shall have been provided).

 

6.Conditions
Subsequent.

 

6.1The
obligation of the Bank to make Loans on the occasion of any Borrowing after the tenth (10th) day following the consummation of
the Merger, is subject to the receipt by the Bank of (a) a counterpart of a Guarantee Agreement duly executed by Committed Capital
Acquisition Corporation, in favor of the Bank unconditionally guaranteeing all of the Obligations of the Borrowers to the
Bank and (b) a counterpart of a pledge agreement duly executed by Committed Capital Acquisition Corporation, in favor of
the Bank (the "Parent Pledge Agreement"), together with (i) instruments constituting Collateral, if any, duly
indorsed in blank by Committed Capital Acquisition Corporation, (ii) Uniform Commercial Code financing statements, required by
law or reasonably requested by the Bank to be filed, registered or recorded to create or perfect the Liens intended to be created
under the Parent Pledge Agreement and (iii) such other documents as the Bank may reasonably require in connection with the perfection
of its security interests in the Collateral covered by the Parent Pledge Agreement, each of the forgoing in form and substance
satisfactory to the Bank.

 

7.Reference
to and Effect upon the Credit Agreement.

 

7.1Effect.
Except as specifically amended or terminated hereby, the Credit Agreement and the other Loan Documents shall remain in full force
and effect in accordance with their terms and are hereby ratified and confirmed.

 

7.2No
Waiver; References. The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right,
power or remedy of the Bank under the Credit Agreement, or constitute a waiver of any provision of the Credit Agreement, except
as specifically set forth herein. Upon the effectiveness of this Amendment, each reference in:

 

(a)the
Credit Agreement to "this Agreement", "hereunder", "hereof", "herein" or words of similar
import shall mean and be a reference to the Credit Agreement as amended hereby;

 

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(b)the
other Loan Documents to the term "the Credit Agreement" shall mean and be a reference to the Credit Agreement as amended
hereby; and

 

(c)the
Loan Documents to the term "the Loan Documents" shall be deemed to include this Amendment.

 

8.Prior
Agreement. The Credit Agreement and the other Loan Documents shall each be deemed amended and supplemented hereby to the extent
necessary, if any, to give effect to the provisions of this Amendment. The Loan Documents are hereby ratified and reaffirmed and
shall remain in full force and effect. This Amendment is not a novation and the terms and conditions of this Amendment shall be
in addition to, and supplemental to, all terms and conditions set forth in the Loan Documents. In the event of any conflict or
inconsistency between this Amendment and the terms of such documents, the terms of this Amendment shall be controlling, but such
document shall not otherwise be affected or the rights therein impaired. Except as specifically set forth herein, the execution,
delivery and effectiveness of this Amendment shall not (a) operate as a waiver of any existing or future Default or Event of Default,
whether known or unknown or any right, power or remedy of the Bank or the Bank under the Credit Agreement, or (b) constitute a
waiver or amendment of any provision of the Credit Agreement.

 

9.Counterparts.
This Amendment may be executed in any number of counterparts and all of such counterparts taken together shall be deemed to constitute
one and the same instrument.

 

10.Governing
Law. This Amendment and the rights and obligations of the parties hereto shall be governed by and construed in accordance with
the laws of the State of New York.

  

[Signature pages follow]

 

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In
Witness Whereof, the parties hereto have caused this Amendment to be duly executed and delivered on the date first written
above.

 

	 	BANKUNITED, N.A., as successor by merger to Herald National Bank
	 	 	 
	 	By:	/s/ Thomas F. Pergola
	 	Name:	Thomas F. Pergola
	 	Title:	Senior Vice President
	 	 	 
	 	THE ONE GROUP, LLC
	 	 	 
	 	By:	/s/ Jonathan Segal
	 	Name: Jonathan Segal
	 	Title: Chief Executive Officer
	 	 	 
	 	ONE 29 PARK MANAGEMENT, LLC
	 	 	 
	 	By:	/s/ Jonathan Segal
	 	Name: Jonathan Segal
	 	Title: Chief Executive Officer
	 	 	 
	 	STK-LAS VEGAS, LLC
	 	 	 
	 	By:	/s/ Jonathan Segal
	 	Name: Jonathan Segal
	 	Title: Chief Executive Officer
	 	 	 
	 	STK ATLANTA, LLC
	 	 	 
	 	By:	/s/ Jonathan Segal
	 	Name: Jonathan Segal
	 	Title: Chief Executive Officer
	 	 	 
	 	HERAEA VEGAS, LLC
	 	 	 
	 	By:	/s/ Jonathan Segal
	 	Name: Jonathan Segal
	 	Title: Chief Executive Officer
	 	 	 
	 	XI SHI LAS VEGAS, LLC
	 	 	 
	 	By:	/s/ Jonathan Segal
	 	Name: Jonathan Segal
	 	Title: Chief Executive Officer

  

Signature
Page to The One Group Amendment No. 2

 

    	 

    	 

    

 

	AGREED TO AND CONFIRMED:	 
	 	 	 
	/s/ Jonathan Segal	 
	JONATHAN SEGAL	 
	 	 	 
	TALIA LTD.	 
	 	 
	By:  	/s/ Jonathan Segal	 
	Name: Jonathan Segal	 
	Title: Authorized Signatory	 
	 	 	 
	RCI II, LTD.	 
	 	 
	By:  	/s/ Jonathan Segal	 
	Name: Jonathan Segal	 
	Title: Authorized Signatory	 

 

Signature
Page to The One Group Amendment No. 2Execution Version

 

EMPLOYMENT
AGREEMENT

 

This Employment Agreement (this “Agreement”)
is made and entered into by and between COMMITTED CAPITAL ACQUISITION CORPORATION, a Delaware corporation (the “Company”),
and JONATHAN SEGAL (the “Executive”), and effective as of the “Closing,”
as such term is defined in that certain Agreement and Plan of Merger dated as of October 16, 2013 by and among the Company, THE
ONE GROUP, LLC, and the other parties thereto (the “Merger Agreement”). The date of the Closing is
referred to in this Agreement as the “Effective Date”.

 

RECITALS

 

WHEREAS, the Executive has served The One
Group, LLC as sole manager and chief executive officer;

 

WHEREAS, the Executive has valuable knowledge
and skills that are important to the success of the Company; and

 

WHEREAS, the Company desires to employ the
Executive as its Chief Executive Officer and the Executive desires to be so employed by the Company on the terms and conditions
set forth in this Agreement.

 

NOW, THEREFORE, in consideration
of the mutual covenants and agreements herein contained and other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the parties agree as follows:

 

AGREEMENT

 

1.Position and Duties. The Executive
shall serve as the Chief Executive Officer of the Company (including its subsidiary The One Group LLC) and, in such capacity shall
be responsible for the general management of the business, affairs and operations of the Company, shall perform such duties as
are customarily performed by a chief executive officer of a company of a similar size and shall have such power and authority as
shall reasonably be required to enable him to perform his duties hereunder; provided, however, that in exercising such power
and authority and performing such duties, he shall at all times be subject to the authority, control and direction of the Board
of Directors of the Company (the “Board”). The Executive shall at all times be the most senior executive of the Company.
The Company shall take all necessary and appropriate action to appoint Executive as a member of the Board, and the Company shall
nominate and recommend the Executive for re-election as a director at each election of directors that occurs during the Term of
Employment (as defined below). The Executive shall report to the Board and shall devote substantially his full business time and
attention to the business and affairs of the Company and its subsidiaries. The Executive shall perform his duties and responsibilities
in a diligent, trustworthy, businesslike and efficient manner. The Executive shall not engage in any other business activities
that could reasonably be expected to conflict with the Executive’s duties, responsibilities and obligations hereunder; provided,
however, that nothing in this Agreement shall preclude the Executive from devoting reasonable periods of time required for:
serving as a director or member of a committee of any organization or corporation involving no conflict of interest with the interests
of the Company and with the written consent of the disinterested members of the Board, which consent shall not be unreasonably
withheld or delayed; delivering lectures, fulfilling speaking engagements, and any writing or publication relating to his area
of expertise; engaging in professional organization, program activities, not-for-profit and civic and charitable activities; and
managing his personal investments, including without limitation certain current investments in hospitality transactions as described
on Schedule A attached hereto (“Permitted Investments”); provided that such activities do not
materially interfere with the due performance of his duties and responsibilities under this Agreement as determined by the Board
in good faith.

 

    	 

    	 

    

 

2.Term. The employment hereunder
shall be for a term of four (4) years commencing on the Effective Date and ending on the four (4) year anniversary thereof (the
“Expiration Date”), unless terminated earlier pursuant to Section 4 of this Agreement (the “Term
of Employment”). Thereafter, this Agreement shall automatically be renewed and the Term of Employment extended for
additional consecutive terms of one (1) year (each a “Renewal Term”), unless such renewal is objected
to by either the Company or the Executive upon ninety (90) days written notice prior to the commencement of the next Renewal Term.
In the event of renewal, the last day of each Renewal Term shall be deemed the new Expiration Date.

 

3.Compensation and Related Matters.

 

(a)Base Salary. As compensation
for services rendered hereunder, the Executive shall initially receive a salary of $450,000 annually (the “Base Salary”),
which shall be paid in accordance with the Company’s then prevailing payroll practices. The Base Salary shall be increased
to $575,000 effective January 1, 2015 assuming no changes in the Executive’s role and responsibilities and subject to review
by the Board, or the compensation committee of the Board, but in all circumstances the approval of such increase not to be unreasonably
withheld or delayed. Thereafter, the Executive shall receive such increases (but not decreases) in his Base Salary as the Board,
or the compensation committee of the Board, may approve in its sole discretion from time to time; provided that the Executive’s
Base Salary will be reviewed for potential upward adjustment not less often than annually.

 

(b)Bonus. The Executive will be
eligible to receive an annual, discretionary bonus (the “Bonus”) based in part upon achievement of individual
and corporate performance objectives as determined by the Board. The Bonus shall be targeted at seventy five percent (75%) of the
Executive’s then-effective annual Base Salary. The Executive shall be eligible to receive a Bonus in excess of the targeted
Bonus if Company performance exceeds 100% of the targeted goals, and a Bonus below the target amount shall be payable if actual
performance at least equals a minimum threshold, each as approved by the Board in consultation with the Executive at the time the
annual performance goals are established. Notwithstanding the foregoing, whether the Executive receives a Bonus and the amount
of any such Bonus, will be determined by the Board in its sole and absolute discretion, except that any portion of the Bonus that
Board determines to be based on the targeted goals will be considered non-discretionary and payable based on achievement of such
goals. The Bonus will be deemed earned provided that the Executive is employed as of December 31st of the calendar year to which
such Bonus relates and is not in material breach of this Agreement as of the payment date. The Bonus, if any, will be paid no later
than April 30 of the year following the year to which the performance objectives relate.

 

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(c)Stock Options.

 

(i) Grant. On the Effective
Date, the Executive shall be granted, under the 2013 Employee, Director and Consultant Equity Incentive Plan (the “Stock
Incentive Plan”), options (the “Options”) to purchase 1,022,104 shares of the Company’s
common stock at an exercise price of $5.00 per share, such amount being the fair market value at the time of grant. The Options
shall be subject to and governed by the terms of the Stock Incentive Plan and a stock option agreement.

 

(ii) Vesting and forfeiture.

 

(a) Time based Options. 50% of the Options shall vest ratably over the first five (5) anniversaries of the Effective Date
(the “Time-Based Options”). In the event the Executive’s employment is terminated by the Company
without Cause (as hereinafter defined) or by the Executive with Good Reason (as hereinafter defined), all of the unvested Time-Based
Options shall vest. Any vested Options must be exercised within one (1) year following the Termination Date. The acceleration of
any unvested Time-Based Options is expressly conditioned upon the release requirements set forth in Section 6.

 

(b) Milestone Options. 50%
of the Options shall vest upon the achievement of certain annual targeted milestones (the “Milestones”)
as determined by the Board (the “Milestones Options”). To the extent 100% of the Milestones are not achieved,
a portion of the Milestones Options shall nevertheless vest if a minimum threshold of the Milestones is achieved, as approved by
the Board. In the event the Executive’s employment is terminated by the Company without Cause or by the Executive with Good
Reason, all of the unvested Milestones Options shall be automatically forfeited; subject, however, to the provisions of
Section 5(e)(1) below.

 

(c) Warrant Forfeiture.

 

(1) Upon the expiration of the
Company’s publicly traded warrants (the “Warrants”), a number of Options equal to (i) 228,088,
multiplied by (ii) the Unexercised Ratio, shall be subject to forfeiture. For the purposes of this Section 3(c)(ii)(c)(1), the
term “Unexercised Ratio” shall mean the ratio of (x) the number of Warrants which expired unexercised,
to (y) 5,750,000.

 

(2) Options forfeited pursuant
to this Section 3(c)(ii)(c) shall be proportionally subtracted from Time Based Options and Milestone Options.

 

(3) To the extent that Options
forfeited pursuant to this Section 3(c)(ii)(c) have been exercised prior to such forfeiture, shares acquired pursuant to the exercise
thereof shall be also forfeited and the exercise price thereof promptly refunded.

 

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(iii) Additional Awards.
In the event that the Company elects from time to time during the Term of Employment to award to all of its senior management
and executives options to purchase shares of the Company’s stock pursuant to any stock option plan or similar program, the
Executive shall be entitled to participate in any such stock option plan or similar program on a basis consistent with the participation
of other senior management and executives of the Company.

 

(d)Business Expenses. The Executive
shall be entitled to receive prompt reimbursement for all reasonable business expenses incurred by him in performing his services
to Company, in accordance with the policies and procedures then in effect and established by the Company for its senior executives.

 

(e)Automobile and Driver. The Company
will furnish the Executive with an automobile commensurate with this position as the most senior executive of the Company, and
driver for business use, and shall pay all of the related expenses for gasoline, insurance, maintenance and repairs of such automobile
and salary and related expenses of the driver.

 

(f)Other Benefits. The Executive
shall be entitled to participate in all incentive, savings and retirement plans, all welfare benefit plans and all other perquisites
of employment on the same terms and conditions generally available to other executives of the Company having comparable rank, authority
and seniority to the Executive. The Executive understands that, except when prohibited by applicable law or with respect to Section
5(e), the Company’s benefit plans and fringe benefits may be cancelled, changes, modified, replaced, terminated, or amended
by the Company from time to time in its sole discretion so long as such revisions do not have a disproportionately negative impact
on the Executive vis-à-vis other Company employees, to the extent applicable.

 

(g)Vacation; Holiday Pay and Sick Leave.
The Executive shall be entitled to four (4) weeks’ paid vacation in each calendar year, which if not taken, may not be carried
over from one calendar year to the next. Executive shall receive holiday pay and paid sick leave as provided to other executive
employees of the Company. Upon cessation of Executive’s employment for any reason, Executive shall receive pay for all accrued
and unused vacation, calculated at his Base Salary rate in effect at the time of the cessation of his employment, provided that
the amount of vacation that Executive shall be entitled to accrue during the Term shall be in accordance with Company policy.

 

(h)Withholding. All amounts payable
to the Executive under this Section 3 shall be subject to all required federal, state and local withholding, payroll and insurance
taxes.

 

(i)Indemnification. The Executive
shall be entitled to the benefits of all provisions of the Certificate of Incorporation of the Company, as amended, and the Bylaws
of the Company, as amended, that provide for indemnification of officers and directors of the Company. In addition, without limiting
the indemnification provisions of the Certificate of Incorporation or Bylaws, to the fullest extent permitted by law, the Company
shall indemnify and save and hold harmless the Executive from and against any and all claims, demands, liabilities, costs and expenses,
including judgments, fines or amounts paid on account thereof (whether in settlement or otherwise), and reasonable expenses, including
attorneys’ fees actually and reasonably incurred (except only if and to the extent that such amounts shall be finally adjudged
to have been caused by Executive’s willful misconduct or gross negligence, including the willful breach of the provisions
of this Agreement) to the extent that the Executive is made a party to or witness in any action, suit or proceeding, or if a claim
or liability is asserted against Executive (whether or not in the right of the Company), by reason of the fact that he was or is
a director or officer, or acted in such capacity on behalf of the Company, or the rendering of services by the Executive pursuant
to this Agreement, whether or not the same shall proceed to judgment or be settled or otherwise brought to a conclusion. Without
limitation to the foregoing, the Company shall advance to Executive on demand all reasonable expenses incurred by Executive in
connection with the defense or settlement of any such claim, action, suit or proceeding, and Executive hereby undertakes to repay
such amounts if and to the extent that it shall be finally adjudged that the Executive is not entitled to be indemnified by the
Company under this Agreement or under the provisions of the Certificate of Incorporation or Bylaws of the Company as of the date
hereof that govern indemnification of officers or directors of the Company (but giving effect to future amendments that broaden
or expand any such indemnification and obligations or rights more favorably to Executive). Executive shall also be entitled to
recover any costs of enforcing his rights under this Section (including, without limitation, reasonable attorneys’ fees and
disbursements) in the event any amount payable hereunder is not paid within thirty (30) days of written request therefore by Executive.
The Company shall, at no cost to Executive, include the Executive during the Term of Employment and for a period of not less than
two (2) years thereafter, as an insured under the directors and officers liability insurance policy maintained by the Company,
unless (despite best efforts of the Company) due to some unforeseeable reason it is not possible for the Executive to be so included,
in which event the Company shall immediately notify the Executive.

 

    	4

    	 

    

 

4.Termination. The Executive’s
employment may be terminated and this Agreement terminated under the following circumstances:

 

(a)Death. The Executive’s
employment hereunder shall terminate upon his death.

 

(b)Disability. The Company may
terminate the Executive’s employment upon written notice if the Executive becomes subject to a Disability. For purposes of
this Agreement, “Disability” shall mean the absence of the Executive from the Executive’s duties
with the Company on a full-time basis for 180 consecutive business days as a result of incapacity due to mental or physical illness,
which is determined to be total and permanent by a physician selected by the Company or its insurers and reasonably acceptable
to the Executive or the Executive’s legal representative. Executive hereby consents to such examination
and consultation regarding his health and ability to perform as aforesaid. 

 

(c)Termination by Company for Cause.
The Company may terminate the Executive’s employment for Cause upon written notice. For purposes of this Agreement, “Cause”
shall mean the Executive: (i) commits a material breach of any material term of this Agreement or any material Company policy or
procedure of which the Executive had prior knowledge; provided that if such breach is curable in not longer than 45 days (as determined
by the Board in its reasonable discretion), the Company shall not have the right to terminate the Executive’s employment
for cause pursuant hereto unless the Executive, having received written notice of the breach from Company specifically citing this
Section 4(c)), fails to cure the breach within a reasonable time (“Cause Cure Period”); (ii) is convicted
of, or pleads guilty or nolo contendere to, a felony (other than a traffic-related felony) or any other crime involving dishonesty
or moral turpitude; (iii) willfully engages in illegal conduct or gross misconduct that is materially and demonstrably injurious
to the Company; (iv) engages in fraud, misappropriation, dishonesty or embezzlement in connection with the business, operations
or affairs of Company (including without limitation any business done with clients or vendors); or (v) fails to cure, within 45
days after receiving written notice from Company specifically citing this Section 4(c), any material injury to the economic or
ethical welfare of Company caused by Executive’s gross malfeasance, misfeasance, repeated misconduct or repeated inattention
to the Executive’s duties and responsibilities under this Agreement.

 

    	5

    	 

    

 

No act or failure to act on the part of the
Executive shall be considered “willful” for purposes hereof unless it is done, or omitted to be done, by Executive
in bad faith or without reasonable belief that Executive’s act or omission was in the best interests of Company. Any act,
or failure to act, based upon express authority given pursuant to a resolution duly adopted by the Board with respect to such act
or omission or based upon the advice of counsel for the Company shall be conclusively presumed to be done, or omitted to be done,
by Executive in good faith and in the best interests of Company.

 

If the Company desires to terminate the Executive’s
employment for Cause pursuant to this Section 4(c), the cessation of employment of the Executive shall not be deemed to be for
Cause unless and until there shall have been delivered to the Executive a copy of a resolution duly adopted by the affirmative
vote of not less than a majority of the entire membership of the Board (not including the Executive) at an in person meeting of
the Board called and held for such purpose (after reasonable notice is provided to the Executive and the Executive is given an
opportunity, together with counsel, to be heard before the Board), finding that, in the opinion of the Board, acting in good faith,
a reasonable factual basis exists for the conclusion that Executive is guilty of the conduct described in this Section 4(c) and
specifying the particulars thereof in detail.

 

(d)Termination by the Company Without
Cause. The Company may terminate the Executive’s employment at any time after the two (2) year anniversary of the Effective
Date without Cause upon thirty (30) days prior written notice. For purposes of this Section 4(d), if the Company declines to extend
the then-current Term of Employment pursuant to Section 2, such non-extension shall be deemed a termination without Cause upon
the end of the Term. During the 30-day notice period, the Executive shall remain an active employee of the Company and will be
expected to continue to perform his duties in a satisfactory manner, and in compliance with all of the Company’s policies
and procedures. However, the Company may, at its sole discretion, both place the Executive on paid leave and suspend all of his
duties and powers for all or part of the applicable notice period.

 

    	6

    	 

    

 

(e)Termination by the Executive without
Good Reason. The Executive may terminate his employment at any time without Good Reason, upon 30 days prior written notice.
During the 30-day notice period, the Executive shall remain an active Company employee and will be expected to continue to perform
his duties in a satisfactory manner, and in compliance with all of the Company’s policies and procedures. However, the Company
may, at its sole discretion, either place the Executive on paid leave or suspend all of his duties and powers for all or part of
the applicable notice period.

 

(f)Termination by the Executive for
Good Reason. The Executive may terminate his employment for Good Reason. For purposes of this Agreement, “Good
Reason” means, in the absence of a written consent of the Executive: (i) a significant adverse and non-temporary
change, diminution or reduction, for any reason, in the Executive’s current authority, title, reporting relationship or duties
as Chief Executive Officer, excluding for this purpose any action not taken in bad faith and that is remedied by the Company not
more than thirty (30) days after receipt of written notice thereof given by Executive; (ii) the Executive’s
removal from the position of Chief Executive Officer of the Company or the Executive’s removal from or failure to be elected
to membership on the Board; (iii) a reduction in the Base Salary; (iv)
a material reduction in employee welfare and retirement benefits applicable to the Executive, other than any reduction in employee
welfare and retirement benefits generally applicable to Company employees or as equally applied to executives in connection with
an extraordinary decline in the Company’s fortunes; (v) a reduction in the indemnification
protection provided to the Executive herein or within the Company’s organizational documents; (vi) the Board continuing,
after reasonable notice from Executive, to direct Executive either: (I) to take any action that in the Executive’s good-faith,
considered and informed judgment violates any applicable legal or regulatory requirement, or (II) to refrain from taking any action
that in the Executive’s good-faith, considered and informed judgment is mandated by any applicable legal or regulatory requirement;
(vii) the Board requiring the Executive to relocate outside of the New York City metropolitan area (exclusive of incidental travel
for or on behalf of the Company); or (viii) a material breach by the Company of this Agreement.

 

If circumstances arise giving the Executive
the right to terminate this Agreement for Good Reason, the Executive shall within 90 days notify the Company in writing of the
existence of such circumstances, specifically citing this Section 4(f), and the Company shall have 45 days from receipt of such
notice within which to investigate and remedy the circumstances (“Good Reason Cure Period”), after which
45 days the Executive shall have an additional 45 days within which to exercise the right to terminate for Good Reason. If the
Executive does not timely do so the right to terminate for Good Reason shall lapse and be deemed waived, and the Executive shall
not thereafter have the right to terminate for Good Reason unless further circumstances occur giving rise independently to a right
to terminate for Good Reason under this Section 4(f).

 

(g)Termination Date. The “Termination
Date” means: (i) if the Executive’s employment is terminated by his death under Section 4(a), the date of his
death; (ii) if the Executive’s employment is terminated on account of his Disability, as finally determined under Section
4(b), the date set forth in the Company’s written termination notice to the Executive; (iii) if the Company terminates the
Executive’s employment for Cause under Section 4(c), the date on which the Company provides the Executive a written termination
notice, unless the circumstances giving rise to the termination are subject to the Cause Cure Period, in which case the date on
which the Company provides the Executive a written termination notice following the end of the Cause Cure Period; (iv) if the Company
terminates the Executive’s employment without Cause under Section 4(d), 30 days after the date on which the Company provides
the Executive a written termination notice; (v) if the Executive resigns his employment without Good Reason under Section 4(e),
30 days after the date on which the Executive provides the Company a written termination notice; (vi) if the Executive resigns
his employment with Good Reason under Section 4(f), the date on which the Executive provides the Company a written termination
notice following the end of the Good Reason Cure Period; and (vii) if this Agreement expires under Section 2, the Expiration Date.

 

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5.Compensation upon Termination.

 

(a)Termination by the Company for Cause
or by the Executive without Good Reason. If the Executive’s employment with the Company is terminated pursuant to Sections
4(c) or (e), the Company shall pay or provide to the Executive the following amounts through the Termination Date: (i) any and
all earned and unpaid portion of his then-effective Base Salary (on or before the first regular payroll date following the Termination
Date in accordance with applicable law); (ii) any and all unreimbursed business expenses (in accordance with the Company’s
reimbursement policy); (iii) any and all accrued and unused vacation time through the Termination Date (on or before the first
regular payroll date following the Termination Date in accordance with applicable law); (iv) any unpaid portion of the Bonus from
a prior year, payable when other senior executives receive their annual bonuses for such year, and in no event later than March
15 of the year following the year for which the Bonus was earned; and (v) any other benefits the Executive is entitled to receive
as of the Termination Date under the employee benefit plans of the Company, less standard withholdings (collectively the “Accrued
Obligations”) on or before the time required by law but in no event more than 30 days after the Executive’s
Termination Date.

 

(b)Termination by the Company Without
Cause, by the Executive with Good Reason. If the Executive’s employment is terminated by the Company without Cause as
provided in Section 4(d) or the Executive terminates his employment for Good Reason as provided in Section 4(f), then the Executive
shall receive the Accrued Obligations. In addition, the Executive shall be entitled to receive from the Company the following:

 

(i)severance payments of his
then-effective Base Salary for two (2) years, paid in equal installments according to the Company’s regular payroll schedule
over the two (2) years following the Termination Date;

 

(ii)a pro rata portion of the
Bonus for the year in which the Termination Date occurs, based on year-to-date performance as determined by the Board in good faith,
payable when other senior executives receive their annual bonuses for such year, and in no event later than March 15 of the year
following the year in which the Termination Date occurs (to the extent milestones for such Bonus have not yet been agreed upon
as of the Termination Date, reference will be made to the milestones established for the prior year); and

 

    	8

    	 

    

 

(iii)an amount equal to the
“COBRA” premium for as long as the Executive and, if applicable, the Executive’s dependents are eligible for
COBRA, subject to a maximum of eighteen (18) months.

 

(c)Severance. The payments described
in Sections 5(b)(i), (ii) and (iii) above shall hereinafter be referred to as the “Severance”.

 

(d)Termination Upon Death or Disability.
If the Executive’s employment is terminated pursuant to Sections 4 (a) or (b), the Executive (or the Executive’s estate,
or other designated beneficiary(s) as shown in the records of the Company in the case of death) shall be entitled to receive from
the Company (i) payment for the Accrued Obligations at the times specified in Section 5(a) above, and (ii) a portion of the Bonus
that the Executive would have been eligible to receive for days employed by the Company in the year in which the Executive’s
death or Disability occurs, determined by multiplying (x) the Bonus based on the actual level of achievement of the applicable
performance goals for such year, by (y) a fraction, the numerator of which is the number of days up to and including the Termination
Date in the year in which the Termination Date occurs, and the denominator of which is 365, such amount to be paid in the same
time and the same form as the Bonus otherwise would be paid.

 

(e)Severance upon a Change of Control.
(i) Anything contained herein to the contrary notwithstanding, in the event the Executive’s employment hereunder is terminated
within twelve (12) months following a Change in Control (as defined below) by the Company without Cause or by the Executive (with
or without Good Reason), then (1) notwithstanding the vesting and exercisability schedule set forth in Section 3(c) or in any stock
option agreement between the Company and the Executive, all unvested stock options granted by the Company to the Executive (whether
Time-Based Options, Milestones Options or otherwise) pursuant to such agreement(s) shall immediately vest and become exercisable
and shall remain exercisable for not less than 360 days thereafter; and (2) the Executive shall be entitled to receive the Severance;
provided, however, that in lieu of the calculation contained in Section 5(b)(i), Executive shall be entitled to receive,
within thirty (30) days from the Termination Date, a lump sum amount equal to $100 less than three times the Executive’s
“annualized includable compensation for the base period” (as defined in Section 280G of the Internal Revenue Code of
1986); provided, further, however, that if such lump sum severance payment, either alone or together with other payments
or benefits, either cash or non-cash, that the Executive has the right to receive from the Company, including, but not limited
to, accelerated vesting or payment of any deferred compensation, options, stock appreciation rights or any benefits payable to
the Executive under any plan for the benefit of employees, would constitute an “excess parachute payment” (as defined
in Section 280G of the Internal Revenue Code of 1986), then such lump sum severance payment or other benefit shall be reduced to
the largest amount that will not result in receipt by the Executive of an excess parachute payment. The determination of the amount
of the payment described in this subsection shall be made by the Company’s independent auditors at the sole expense of the
Company. For purposes of clarification the value of any options described above will be determined by the Company’s independent
auditors using a Black-Scholes valuation methodology.

 

(ii) For purposes of this Agreement, a “Change in Control” shall be deemed to occur (i) when any
“person” as defined in Section 3(a)(9) of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), and as used in Section 13(d) and 14(d) thereof, including a “group” as defined in Section 13(d)
of the Exchange Act, but excluding the Executive, the Company or any subsidiary or any affiliate of the Company (determined as
of the date of this Agreement) or any employee benefit plan sponsored or maintained by the Company or any subsidiary of the Company
(including any trustee of such plan acting as trustee), becomes the “beneficial owner” (as defined in Rule 13(d)(3)
under the Exchange Act) of securities of the Company representing 15% or more of the combined voting power of the Company’s
then outstanding securities; or (ii) when, during any period of twenty-four (24) consecutive months, the individuals who, at the
beginning of such period, constitute the Board of Directors (the “Incumbent Directors”) cease for any reason other
than death to constitute at least a majority thereof; provided, however, that (x) the mere addition of independent directors solely
to satisfy listing criteria of NASDAQ or a registered stock exchange shall not be deemed a Change in Control and (y) a director
who was not a director at the beginning of such twenty-four (24) month period shall be deemed to have satisfied such twenty-four
(24) month requirement (and be an Incumbent Director) if such director was elected by, or on the recommendation of or with the
approval of, at least two-thirds (2/3) of the directors who then qualified as Incumbent Directors either actually (because they
were directors at the beginning of such twenty-four (24) month period) or through the operation of this proviso; or (iii) the occurrence
of a transaction requiring stockholder approval for the acquisition of the Company by an entity other than the Company or a subsidiary
or an affiliated company of the Company through purchase of assets, or by merger, or otherwise.

 

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(f)No Duty of Mitigation. The Executive
shall not be required to mitigate the amount of any payment provided for in this Section 5 by seeking other employment or otherwise,
nor shall the amount of any payment provided for in this Section 5 be reduced by any compensation earned by the Executive as the
result of employment by another employer or business or by profits earned by the Executive from any other source at any time before
and after the Termination Date.

 

6.Release; Payment. The Executive’s
entitlement to Severance and benefits set forth in Section 5(b) and Section 5(e) is conditioned on (A) the Executive’s executing
and delivering to the Company of a mutual release of claims substantially in the form attached hereto as Exhibit A within
forty-five (45) days following the Termination Date, and on such release becoming effective, (B) the Executive’s return of
all Company property, data and documents to the Company as of the Termination Date, and (C) the Executive’s compliance with
the restrictive covenants set forth in Sections 8 and 9; provided, that if such forty-five (45) day period begins in one taxable
year and ends in the following taxable year, the Severance shall commence in the second taxable year (and any payments that would
have been made in the first taxable year shall be paid in a lump sum at the time payments commence pursuant to Section 5(b) or
5(e), as the case may be).

 

7.Section 409A Compliance.

 

(a)All in-kind benefits provided and expenses
eligible for reimbursement under this Agreement shall be provided by the Company or incurred by the Executive during the time periods
set forth in this Agreement. All reimbursements shall be paid as soon as administratively practicable, but in no event shall any
reimbursement be paid after the last day of the taxable year following the taxable year in which the expense was incurred. The
amount of in-kind benefits provided or reimbursable expenses incurred in one taxable year shall not affect the in-kind benefits
to be provided or the expenses eligible for reimbursement in any other taxable year. Such right to reimbursement or in-kind benefits
is not subject to liquidation or exchange for another benefit.

 

    	10

    	 

    

 

(b)To the extent that any of the payments
or benefits provided for in Section 5 are deemed to constitute non-qualified deferred compensation benefits subject to Section
409A of the Internal Revenue Code of 1986, as amended (the “Code”), the following interpretations apply
to Section 5: Any termination of the Executive’s employment triggering payment of benefits under Section 5 must constitute
a “separation from service” under Section 409A(a)(2)(A)(i) of the Code and Treas. Reg. §1.409A-1(h) before distribution
of such benefits can commence. To the extent that the termination of the Executive’s employment does not constitute a separation
of service under Section 409A(a)(2)(A)(i) of the Code and Treas. Reg. §1.409A-1(h) (as the result of further services that
are reasonably anticipated to be provided by the Executive to the Company, or any of its parents, subsidiaries or affiliates, at
the time the Executive’s employment terminates), any benefits payable under Section 5 that constitute deferred compensation
under Section 409A of the Code shall be delayed until after the date of a subsequent event constituting a separation of service
under Section 409A(a)(2)(A)(i) of the Code and Treas. Reg. §1.409A-1(h). For purposes of clarification, this Section 7(b)
shall not cause any forfeiture of benefits on the Executive’s part, but shall only act as a delay until such time as a “separation
from service” occurs. Further, if the Executive is a “specified employee” (as that term is used in Section 409A
of the Code and regulations and other guidance issued thereunder) on the date his separation from service becomes effective, any
benefits payable under Section 5 that constitute non-qualified deferred compensation under Section 409A of the Code shall be delayed
until the earlier of (A) the business day following the six-month anniversary of the date his separation from service becomes effective,
and (B) the date of the Executive’s death, but only to the extent necessary to avoid such penalties under Section 409A of
the Code. On the earlier of (A) the business day following the six-month anniversary of the date his separation from service becomes
effective, and (B) the Executive’s death, the Company shall pay the Executive in a lump sum the aggregate value of the non-qualified
deferred compensation that the Company otherwise would have paid the Executive prior to that date under Section 5(b) of this Agreement.
It is intended that each installment of the payments and benefits provided under Section 5(b) of this Agreement shall be treated
as a separate “payment” for purposes of Section 409A of the Code. Neither the Company nor the Executive shall have
the right to accelerate or defer the delivery of any such payments or benefits except to the extent specifically permitted or required
by Section 409A of the Code.

 

8.Confidential Information, Noncompetition
and Cooperation.

 

(a)Confidential Information. As
used in this Agreement, “Confidential Information” means information belonging to the Company, its parents, subsidiaries
or controlled affiliates (each, an “Interested Party”), which is of value to the Interested Party in
the course of conducting its business, the disclosure of which could result in a competitive or other disadvantage to the Interested
Party. Confidential Information includes, without limitation, financial information, reports, and forecasts; inventions, improvements
and other intellectual property; trade secrets; know-how; drawings, specifications, algorithms, designs, processes or formulae;
software; firmware; market or sales information or plans; supplier lists (including their contact information, costs and pricing);
customer lists (including past, current and potential customers, their contact information, preferences and purchase history);
costs and pricing information and strategies; and business plans, prospects and opportunities (such as possible acquisitions or
dispositions of businesses or facilities) which have been discussed or considered by an Interested Party. Confidential Information
includes information developed by the Executive in the course of the Executive’s employment with the Company, as well as
other information to which the Executive may have access in connection with his employment. Confidential Information also includes
the confidential information of others disclosed to Executive and with which an Interested Party has a business relationship. Notwithstanding
the foregoing, Confidential Information does not include information in the public domain, unless due to breach of the Executive’s
duties under Section 8(b).

 

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(b)Confidentiality. At all times,
both during the Executive’s employment with the Company and after its termination, the Executive will keep in confidence
and trust all such Confidential Information, and will not use or disclose for his own benefit or the benefit of any other Person
any such Confidential Information without the written consent of the Company, except as may be necessary in the ordinary course
of performing the Executive’s duties to the Company or the disclosure of such Confidential Information is required by law,
in which case the Executive shall give notice to and the opportunity to the Company to comment on the form of the disclosure and
only the portion of Confidential Information that is required to be disclosed by law shall be disclosed.

 

(c)Documents, Records, etc. All
documents, records, data, apparatus, equipment and other physical property, whether or not pertaining to Confidential Information,
which are furnished to the Executive by an Interested Party or are produced by the Executive in connection with the Executive’s
employment with the Company will be and remain the sole property of the respective Interested Party. The Executive will return
to the Interested Party all such materials and property as and when requested by the Interested Party. In any event, the Executive
will return all such materials and property immediately upon termination of the Executive’s employment for any reason. The
Executive will not retain any such material or property or any copies thereof after the termination of his employment.

 

(d)No Competition. From the Effective
Date through the longer of (i) the four (4) year anniversary of the Closing, and (ii) the two (2) year anniversary of the Termination
Date, regardless of the reason for the termination (the “Restricted Period”), the Executive will not,
directly or indirectly, whether as owner, partner, shareholder, consultant, agent, employee, co-venturer, member, manager, franchisor,
franchisee, independent contractor or otherwise, engage in, prepare to engage in, assist in, invest in, own, operate, lease, manage,
license, franchise, promote, consult with, participate with, or enter into any agreement regarding any Competing Business in any
Geographic Area (as defined below) in which the Company, or an Interested Party incorporating the know-how of the Company Business,
distributes its products or provides its services or plans to distribute its products or provide its services. Notwithstanding
the foregoing, the Executive may (i) own up to 5% of the outstanding stock of a publicly held corporation which constitutes or
is affiliated with a Competing Business, (ii) continue to own, and make future investments in, the Permitted Investments and (iii)
make passive, minority and non-controlling investments in other hospitality venues that do not directly compete with the Company
Business.

 

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(e)No Solicitation. During the
Restricted Period, the Executive shall not, directly or indirectly, take any of the following actions, and, to the extent the Executive
owns, manages, operates, controls, is employed by or participates in the ownership, management, operation or control of, or is
connected in any manner with, any business, the Executive shall use his best efforts to ensure that such business does not take
any of the following actions:

 

(i)persuade or attempt to persuade
any Customer, Prospective Customer or Supplier to cease doing business with an Interested Party, or to reduce the amount of business
it does with an Interested Party;

 

(ii)persuade or attempt to persuade
any Service Provider to cease providing services to an Interested Party; or

 

(iii)solicit for hire or hire
for himself or for any third party any Service Provider unless such person’s employment was terminated by the Company or
any of its affiliates or such person responded to a “blind advertisement”.

 

(f)The following definitions are applicable
to this Section 8.

 

(i)“Company Business”
means: (A) any steak concept restaurant with an average check in excess of $75; or (B) any other restaurant or food or beverage
operation that has a theme, menu or cuisine substantially similar to any current or planned (at the time of termination of the
Executive’s employment with the Company, based on substantive and repeated executive-level discussions) restaurant or food
or beverage operation operated by the Company. For the sake of clarity, a steak concept restaurant with an average check less than
$75 is not, and shall not be deemed to be, Company Business, unless such steak concept restaurant is otherwise included within
the meaning of Section 8(f)(i)(B).

 

(ii)“Competing Business”
means any Person that engages in the Company Business, but shall not include the entities listed on Schedule A attached hereto.

 

(iii)“Customer”
means any Person that purchased goods or services from an Interested Party at any time within twelve (12) months prior to the date
of the solicitation prohibited by Section 8(e)(i).

 

(iv)“Geographic
Area” shall mean a twenty (20) mile radius of: (A) any existing Company owned or operated restaurant or hospitality
venue; or (B) any prospective location in which the Company is considering engaging in Company Business. For the sake of clarity,
such prospective locations shall include any location considered in substantive and repeated executive-level discussions and any
location identified in The One Group, LLC’s “Investor Presentation” dated September 2013, as modified from time
to time.

 

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(v)“Person”
means an individual, a sole proprietorship, a corporation, a limited liability company, a partnership, an association, a trust,
or other business entity, whether or not incorporated.

 

(vi)“Prospective
Customer” means any Person with whom an Interested Party met or to whom an Interested Party presented for the purpose
of soliciting the Person to become a Customer of an Interested Party within six (6) months prior to the date of the solicitation
prohibited by Section 8(e)(i).

 

(vii)“Service Provider”
means any Person who is an employee or independent contractor of an Interested Party or who was within six (6) months preceding
the solicitation prohibited by Section 8(e)(ii) or (iii) an employee or independent contractor of an Interested Party.

 

(viii)“Supplier”
means any Person that sold goods or services to an Interested Party at any time within twelve (12) months prior to the date of
the solicitation prohibited by Section 8(e)(i).

 

(g)Reasonableness of Restrictions.
The Executive recognizes and acknowledges that: (i) the types of employment which are prohibited by this Section 8 are narrow and
reasonable in relation to the skills which represent the Executive’s principal salable asset both to Company and to other
prospective employers; and (ii) the specific but broad temporal and geographical scope of this Section 8 is reasonable, legitimate,
and fair to the Executive in light of the Company’s need to market its services and sell its services in a large geographic
area in order to maintain a sufficient customer base and the limited restrictions on the type of employment prohibited herein compared
to the types of employment for which the Executive is qualified to earn his livelihood.

 

(h)Effect of Breach. In the event
that the Executive breaches any of the terms described in Section 8(d) and (e) above, the Executive acknowledges and agrees that
the Restricted Period shall be tolled and shall not run during the time that the Executive is in breach of such obligations; provided
that, the Restricted Period shall begin to run again once the Executive has ceased breaching the terms of Section 8(d) and/or
(e) (as applicable) and is otherwise in compliance with his obligations described therein.

 

9.Intellectual Property.

 

(a)All creations,
inventions, ideas, designs, copyrightable materials, trademarks, and other technology and rights (and any related improvements
or modifications), whether or not subject to patent or copyright protection (collectively, “Creations”),
relating to any activities of the Company which are conceived by the Executive or developed by the Executive in the course of his
employment with the Company, whether conceived alone or with others and whether or not conceived or developed during regular business
hours, and if based on Confidential Information, after the termination of the Executive’s employment, shall be the sole property
of the Company and, to the maximum extent permitted by applicable law, shall be deemed “works made for hire” as that
term is used in the United States Copyright Act.

 

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(b)To the extent,
if any, that the Executive retains any right, title or interest with respect to any Creations delivered to the Company or related
to his employment with the Company, the Executive hereby grants to the Company an irrevocable, paid-up, transferable, sub-licensable,
worldwide right and license: (i) to modify all or any portion of such Creations, including, without limitation, the making of additions
to or deletions from such Creations, regardless of the medium (now or hereafter known) into which such Creations may be modified
and regardless of the effect of such modifications on the integrity of such Creations; and (ii) to identify the Executive, or not
to identify him, as one or more authors of or contributors to such Creations or any portion thereof, whether or not such Creations
or any portion thereof have been modified. The Executive further waives any “moral” rights, or other rights with respect
to attribution of authorship or integrity of such Creations that he may have under any applicable law, whether under copyright,
trademark, unfair competition, defamation, right of privacy, contract, tort or other legal theory.

 

(c)The Executive
will promptly inform the Company of any Creations. The Executive will also allow the Company to inspect any Creations he conceives
or develops within one year after the termination of his employment for any reason to determine if they are based on Confidential
Information. The Executive shall (whether during his employment or after the termination of his employment) execute such written
instruments and do other such acts as may be necessary in the opinion of the Company or its counsel to secure the Company’s
rights in the Creations, including obtaining a patent, registering a copyright, or otherwise (and the Executive hereby irrevocably
appoints the Company and any of its officers as his attorney in fact to undertake such acts in my name). The Executive’s
obligation to execute written instruments and otherwise assist the Company in securing its rights in the Creations will continue
after the termination of his employment for any reason. The Company shall reimburse the Executive for any out-of-pocket expenses
he incurs in connection with his compliance with this Section 9(c).

 

10.Specific Acknowledgements Regarding
Sections 8 and 9.

 

(a)Survival.
The Executive’s acknowledgments and agreements set forth in Sections 8 and 9 shall survive the termination of the Executive’s
employment with Company for any reason.

 

(b)Severability.
The parties intend Sections 8 and 9 of this Agreement to be enforced as written. However, if any portion or provision of such sections
shall to any extent be declared illegal or unenforceable by a duly authorized court having jurisdiction, then the remainder of
such sections, or the application of such portion or provision in circumstances other than those as to which it is so declared
illegal or unenforceable, shall not be affected thereby, and each remaining portion and provision of such sections shall be valid
and enforceable to the fullest extent permitted by law.

 

(c)Modification
And Blue Pencil. The parties agree and intend that the covenants contained in Sections 8 and 9 of this Agreement shall be deemed
to be a series of separate covenants and agreements, and if any provision of such sections shall be adjudicated to be invalid or
unenforceable, such provision, without any action on the part of the parties hereto, shall be deemed amended to delete (i.e.,
“blue pencil”) or modify the portion adjudicated to be invalid or unenforceable, to the extent necessary to cause the
provision as amended to be valid and enforceable.

 

    	15

    	 

    

 

(d)Irreparable
Harm. The Executive expressly acknowledges that any breach or threatened breach of any of the terms and/or conditions of Sections
8 or 9 of this Agreement will result in substantial, continuing and irreparable injury to the Company. Therefore, the Executive
hereby agrees that, in addition to any other remedy that may be available to the Company, the Company shall be entitled to injunctive
or other equitable relief by a court of appropriate jurisdiction in the event of any breach or threatened breach of the terms of
Section 8 or 9, without having to post bond.

 

(e)Covenants
Enforceable Upon Material Job Change. The Executive acknowledges and agrees that if he should transfer between or among any
affiliates or subsidiaries of the Company, wherever situated, or be promoted, demoted, reassigned to functions other than his present
functions, or have his job duties changed, altered or modified in any way, all terms of Section 8 and Section 9 of this Agreement
shall continue to apply with full force and effect. For sake of clarity, nothing contained in this Section 10(e) shall vitiate
or impact Executive’s right of termination for Good Reason.

 

(f)Impact of Breach on Severance.
The Executive hereby expressly acknowledges and agrees that if he breaches any of the terms and/or conditions set forth in Section
8 and/or Section 9 of this Agreement following a termination of his employment either by the Company without Cause or by the Executive
for Good Reason, then, in addition to the injunctive relief described in Section 10(d) above, (i) the Company shall cease providing
the Executive with any further Severance as of the date of such breach, (ii) the Company shall not be obligated to provide the
Executive with, and the Executive shall not be eligible or otherwise entitled to receive, any further Severance, (iii) the Company’s
obligation to provide the Executive with the Severance shall be null and void, and of no further force or effect, and (iv) if a
final, non-appealable judgment by a court of competent jurisdiction determines that the Executive breached Section 8 and/or Section
9 of this Agreement, the Company shall be entitled to recover, and the Executive shall be obligated to repay to the Company, any
Severance previously provided to the Executive by the Company prior to the date of the Executive’s breach of Section 8 and/or
Section 9 of this Agreement (as applicable). Notwithstanding the foregoing, if a final, non-appealable judgment by a court of competent
jurisdiction determines that the Executive did not breach Section 8 and/or Section 9 of this Agreement and that Severance should
not have been withheld, the Company shall pay to the Executive the excess amount of Severance withheld, together with interest
thereon for the period such amount has been withheld at a rate equal to the prime rate of interest published in the Wall Street
Journal on the date the first withheld payment was otherwise due.

 

(g)Intentionally
Deleted.

 

11.Disputes; Governing Law.

 

(a)Except as set forth in 11(b), any controversy
or claim arising out of or relating to this Agreement, a breach of this Agreement or otherwise arising out of the Executive’s
employment or the termination of his employment (including, without limitation, any claims of unlawful employment discrimination
whether based on age or otherwise) shall, to the fullest extent permitted by law, be settled exclusively by arbitration before
a single arbitrator appointed by the American Arbitration Association (“AAA”) in New York, New York (applying
New York law) under the National Rules for the Resolution of Employment Disputes of the AAA, as may be amended from time to time.
Pursuant to applicable law, the Company and you will share the AAA administrative fees, the arbitrator’s fee and expenses.
All Claims and defenses which could be raised before a court must be raised in arbitration and the arbitrator shall apply the law
accordingly. The arbitrator shall issue a written decision setting forth the essential findings and conclusions in sufficient detail
to permit judicial review to the extent permitted by law. The decision or award of the arbitrator shall be final and binding upon
the parties. Any arbitral award may be entered as a judgment or order in any court of competent jurisdiction. Any relief or recovery
based on any claims arising out of your employment, cessation of employment, including but not limited to, any claim of unlawful
harassment or discrimination, shall be limited to that awarded by the arbitrator.

 

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(b)Notwithstanding the foregoing, the
Executive agrees that it would be difficult to measure any damages caused to the Company which might result from any breach by
the Executive of the promises set forth in Sections 8 or 9 of this Agreement, and that in any event, money damages would be an
inadequate remedy for any such breach. Accordingly, if the Executive breaches, or proposes to breach, Section 8 or 9 of this Agreement,
the Company shall be entitled, in addition to all other remedies that it may have, to a temporary and preliminary injunction or
other appropriate equitable relief to restrain any such breach without showing or proving any actual damage to the Company from
any court having competent jurisdiction over the Executive, provided that any other relief shall be pursued through an arbitration
proceeding pursuant to Section 11(a).

 

(c)To the extent that any court action
is permitted consistent with or to enforce this Section 11, the parties hereby consent to the jurisdiction of the United States
District Court for the Southern District of New York, or if that court is unable to exercise jurisdiction for any reason, the Supreme
Court of New York, New York County. Accordingly, with respect to any such court action, the Executive: (i) submits to the personal
jurisdiction of these courts; (ii) consents to service of process under the notice provisions set forth in Section 17; (iii) waives
any other requirement (whether imposed by statute, rule of court, or otherwise) with respect to personal jurisdiction or service
of process; and (iv) waives any objection to jurisdiction based on improper venue or improper jurisdiction.

 

(d)BOTH THE COMPANY AND THE EXECUTIVE
HEREBY WAIVE ANY RIGHT TO A TRIAL BY JURY IN ANY CONTROVERSY OR CLAIM ARISING OUT OF OR RELATED TO THIS AGREEMENT TO THE MAXIMUM
EXTENT PERMITTED BY APPLICABLE FEDERAL OR STATE LAW.

 

(e)The prevailing party shall be entitled
to reasonable attorneys’ fees and costs in connection with any action filed under Section 11(a), (b) or both.

 

(f)This Agreement shall be governed by
and construed in accordance with the laws of the State of New York without giving effect to the conflict of laws principles of
New York or any other state.

 

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12.Integration. This Agreement
constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements
between the parties concerning its subject matter.

 

13.Assignment. This Agreement
shall be binding upon the Company and any successors and assigns of the Company, including any corporation with which, or into
which, the Company may be merged or which may succeed to the Company’s assets or business. In the event that the Company
sells or transfers all or substantially all of the assets of the Company, or in the event of any merger or consolidation of the
Company, the Company shall use reasonable efforts to cause such assignee, transferee, or successor to assume the liabilities, obligations
and duties of the Company hereunder. Notwithstanding the foregoing, if for any reason an assignee, transferee, or successor does
not assume the full extent of the Company’s liabilities, obligations and duties of the Company hereunder, such event or nonoccurence
shall trigger a termination without Cause under this Agreement. Neither this Agreement nor any right or obligation hereunder may
be assigned by the Executive; provided, however, that this provision shall not preclude the Executive from designating one or more
beneficiaries to receive any amount that may be payable after his death and shall not preclude his executor or administrator from
assigning any right hereunder to the person or persons entitled hereto.

 

14.Enforceability. If any portion
or provision of this Agreement (including, without limitation, any portion or provision of any section of this Agreement) shall
to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this Agreement,
or the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable,
shall not be affected thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent
permitted by law. Moreover, if any one or more of the provisions contained in this Agreement is held to be excessively broad as
to duration, scope or activity, that provision shall be construed by limiting and reducing it so as to be enforceable to the maximum
extent compatible with applicable New York law.

 

15.Survival. The provisions of
this Agreement shall survive the termination of this Agreement and/or the termination of the Executive’s employment to the
extent necessary to effectuate the terms contained in this Agreement, including without limitation, the terms of Sections 5, 6,
7, 8, 9, 10 and 11.

 

16.Waiver. No waiver of any provision
hereof shall be effective unless made in writing and signed by the waiving party. The failure of any party to require the performance
of any term or obligation of this Agreement, or the waiver by any party of any breach of this Agreement, shall not prevent any
subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach.

 

17.Notices. Any notices, requests,
demands and other communications provided for by this Agreement shall be sufficient if in writing and delivered in person or sent
by a nationally recognized overnight courier service or by registered or certified mail, postage prepaid, return receipt requested,
to the Executive at the last address the Executive has filed in writing with the Company, with a copy to Giannuzzi Group LLP, 411
West 14th Street, New York, NY 10014 Attn: Nicholas L. Giannuzzi, Esq. or, in the case of the Company, to 413 West 14th
Street, New York, NY 10014 Attention: Human Resources Dept., Fax No. (212) 255-9715, with a copy to Kenneth Koch, Esq., Mintz,
Levin, Cohn, Ferris, Glovsky and Popeo, P.C., 666 Third Avenue, New York, NY 10017, Fax No. (212) 983-3115.

 

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18.Amendment. This Agreement
may be amended or modified only by a written instrument signed by the Executive and by a duly authorized representative of the
Company.

 

19.Nondisparagement. The Executive
agrees to refrain from (i) making, directly or indirectly, any derogatory comments concerning the Company or its Subsidiaries or
any current or former officers, directors, employees or shareholders thereof or (ii) taking any other action with respect to the
Company or its Subsidiaries which is reasonably expected to result, or does result in, damage to the business or reputation of
the Company, its Subsidiaries or any of its current or former officers, directors, employees or shareholders. The Company agrees
to refrain from (i) making, directly or indirectly, any derogatory comments concerning the Executive or (ii) taking any other action
with respect to the Executive which is reasonably expected to result, or does result in, damage to the reputation of the Executive.
Notwithstanding anything to the contrary contained herein, nothing in this Agreement shall prohibit or restrict either party from,
truthfully and in good faith: (i) making any disclosure of information required by law; (ii) providing information to, or testifying
or otherwise assisting in any investigation or proceeding brought by, any federal regulatory or law enforcement agency or legislative
body, any self-regulatory organization, or the Company’s or the Executive’s designated legal, compliance or human resources
officers; or (iii) filing, testifying, participating in or otherwise assisting in a proceeding relating to an alleged violation
of any federal, state or municipal law relating to fraud, or any rule or regulation of the Securities and Exchange Commission or
any self-regulatory organization.

 

20.Effectiveness. Notwithstanding
the forgoing, this Agreement shall not become effective or enforceable and the Company shall not have any liability to the Executive
under this Agreement unless the Closing occurs on or before October 24, 2013.

 

21.Counterparts. This Agreement
may be executed in any number of counterparts, each of which when so executed and delivered shall be taken to be an original; but
such counterparts shall together constitute one and the same document.

 

[signature page follows]

 

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IN WITNESS WHEREOF, the parties have executed
this Agreement effective on the Effective Date.

 

	 	COMMITTED CAPITAL ACQUISITION CORPORATION
	 	 	 
	 	By:	/s/ Samuel Goldfinger
	 	Name: Samuel Goldfinger
	 	Title: Chief Financial Officer
	 	 	 
	 	THE ONE GROUP LLC
	 	 	 
	 	By:	/s/ Samuel Goldinger
	 	Name: Samuel Goldfinger
	 	Title: Chief Financial Officer
	 	 	 
	 	JONATHAN SEGAL
	 	 	 
	 	/s/ Jonathan Segal

 

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Exhibit A – Release

  

1. Executive, individually and on behalf of his heirs and assigns,
hereby releases, waives and discharges Company, and all subsidiary, parent or affiliated companies and corporations, and their
present, former or future respective subsidiary, parent or affiliated companies or corporations, and their respective present or
former directors, officers, shareholders, trustees, managers, supervisors, employees, partners, attorneys, agents, representatives
and insurers, and the respective successors, heirs and assigns of any of the above described persons or entities (hereinafter referred
to collectively as “Released Parties”), from any and all claims, causes of action, losses, damages, costs, and liabilities
of every kind and character, whether known or unknown (“Claims”), that Executive may have or claim to have, in any
way relating to or arising out of, in whole or in part, (a) any event or act of omission or commission occurring on or before the
Termination Date, including Claims arising by reason of the continued effects of any such events or acts, which occurred on or
before the Termination Date, or (b) Executive’s employment with Company or the termination of such employment with Company,
including but not limited to Claims arising under federal, state, or local laws prohibiting disability, handicap, age, sex, race,
national origin, religion, retaliation, or any other form of discrimination, such as the Americans with Disabilities Act, 42 U.S.C.§§
12101 et seq.; the Age Discrimination in Employment Act, as amended, 29 U.S.C. §§ 621 et seq.; and Title VII of the 1964
Civil Rights Act, as amended, 42 U.S.C. §§ 2000e et seq.; Claims for intentional infliction of emotional distress, tortious
interference with contract or prospective advantage, and other tort claims; and Claims for breach of express or implied contract;
with the exception of Employee’s capacity as a shareholder of the Company as well as vested rights, if any, under Company
retirement plans. Executive hereby warrants that he has not assigned or transferred to any person any portion of any claim that
is released, waived and discharged above. Executive understands and agrees that by signing this Agreement he is giving up his right
to bring any legal claim against any Released Party concerning, directly or indirectly, Executive’s employment relationship
with the Company, including his separation from employment, and/or any and all contracts between Executive and Company, express
or implied. Executive agrees that this legal release is intended to be interpreted in the broadest possible manner in favor of
the Released Parties, to include all actual or potential legal claims that Executive may have against any Released Party, except
as specifically provided otherwise in this Agreement. This release does not cover Claims relating to the validity or enforcement
of this Agreement. Further, Executive has not released any claim for indemnity or legal defense available to him due to his service
as a board member, officer or director of the Company, as provided by the certificate of incorporation or bylaws of the Company,
or by any applicable insurance policy, or under any applicable corporate law.

 

2. Company, for itself, its affiliates, and any other person
or entity that could or might act on behalf of it including, without limitation, its attorneys (all of whom are collectively referred
to as (“Company Releasers”), hereby fully and forever release and discharge Executive, his heirs, representatives,
assigns, attorneys, and any and all other persons or entities that are now or may become liable to any Company Releaser, all of
whom are collectively referred to as “Executive Releasees,” on account of facts occurring on or before the Termination
Date of and from any and all actions, causes of action, claims, demands, costs and expenses, including attorneys’ fees, of
every kind and nature whatsoever, in law or in equity, that Company Releasers, or any person acting under any of them, may now
have, or claim at any future time to have, based in whole or in part upon any act or omission occurring before the Termination
Date; EXCEPT claims and rights arising under any agreement between the Company and Executive or any statutory or common law right
relating to the protection of confidential information, assignment of inventions and/or the prevention of unfair solicitation and/or
competition; and EXCEPT for any claim relating to or arising from acts or omissions by Executive with respect to which Executive
is ineligible for indemnification under the Company’s Certificate of Incorporation and/or bylaws, as applicable. The Company
understands and agrees that by signing this Agreement, it is giving up its right to bring any legal claim against Executive released
herein, except as otherwise provided in this Agreement.

 

    	21

    	 

    

 

3. Executive agrees and acknowledges that he: (i) understands
the language used in this Agreement and the Agreement’s legal effect; (ii) understands that by signing this Agreement he
is giving up the right to sue the Company for age discrimination; (iii) will receive compensation under this Agreement to which
he would not have been entitled without signing this Agreement; (iv) has been advised by Company to consult with an attorney before
signing this Agreement; and (v) was given no less than twenty-one days to consider whether to sign this Agreement. For a period
of seven days after the effective date of this Agreement, Executive may, in his sole discretion, rescind this Agreement, by delivering
a written notice of rescission to the Board. If Executive rescinds this Agreement within seven calendar days after the effective
date, this Agreement shall be void, all actions taken pursuant to this Agreement shall be reversed, and neither this Agreement
nor the fact of or circumstances surrounding its execution shall be admissible for any purpose whatsoever in any proceeding between
the parties, except in connection with a claim or defense involving the validity or effective rescission of this Agreement. If
Executive does not rescind this Agreement within seven calendar days after the Effective Date, this Agreement shall become final
and binding and shall be irrevocable.

 

4. Capitalized terms not defined herein have the meaning specified
in the Employment Agreement between the Company and the Executive dated October , 2013.

 

    	22

    	 

    

 

Schedule A

 

Permitted Investments

 

		-	Hip Hospitality LLC

		-	Bagatelle America LLC

		-	Bagatelle Miami, LLC

		-	Bagatelle Miami Management LLC

		-	408 W15 Members LLC

		-	408 W15 Management LLC

		-	Really Cool Group, Ltd

		-	Modern Hotels (Holdings), Ltd [Managing Director; a Segal family business]

		-	TGF Holdings LLC

 

    	23

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