Document:

Exhibit
10.3

 

Exhibit
B

 

REGISTRATION
RIGHTS AGREEMENT

 

This
REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made as of April 1, 2020 by and among Amergent Hospitality
Group, Inc. a Delaware corporation (the “Company”), each of parties on the signature page hereto. Each
of the parties on the signature page hereto, including Arena (as defined below) and any person or entity who hereafter becomes
a party to this Agreement pursuant to Section 5.02 of this Agreement, is herein referred to as a “Holder”
and collectively as the “Holders”.

 

RECITALS

 

WHEREAS,
this Agreement is made and entered into in connection with the closing of the transactions (the “Transactions”)
contemplated by the Securities Purchase Agreement (the “Purchase Agreement”) dated as of the date hereof
among Chanticleer Holdings, Inc., a Delaware corporation (“Chanticleer”), the Company and each of the
Holders;

 

WHEREAS,
pursuant to the terms of the Purchase Agreement, the Company issued warrants (the “Warrants”) to purchase
shares of Common Stock and 10% Senior Convertible Debentures (the “Debentures”) that are convertible
into shares of Common Stock;

 

WHEREAS,
the Company has issued Common Stock and Convertible Preferred Stock (“Preferred Stock”) to Arena Investors,
LP (“Arena”) that is convertible into shares of Common Stock;

 

WHEREAS,
the Company and the Holders desire to enter into this Agreement, pursuant to which the Company shall grant the Holders certain
registration rights with respect to certain securities of the Company, as set forth in this Agreement.

 

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

 

ARTICLE
I.

DEFINITIONS

 

Section
1.01 Definitions. The terms defined in this Article I shall, for all purposes of this Agreement, have the respective
meanings set forth below:

 

“Adverse
Disclosure” shall mean any public disclosure of material non-public information, which disclosure, in the good faith
judgment of the Chief Executive Officer or principal financial officer of the Company, after consultation with counsel to the
Company, (i) would be required to be made in any Registration Statement or Prospectus in order for the applicable Registration
Statement or Prospectus not to contain any untrue statement of a material fact or omit to state a material fact necessary to make
the statements contained therein (in the case of any prospectus and any preliminary prospectus, in the light of the circumstances
under which they were made) not misleading, (ii) would not be required to be made at such time if the Registration Statement were
not being filed, and (iii) the Company has a bona fide business purpose for not making such information public.

 

    	 	 	 

     

    

 

“Agreement”
shall have the meaning given in the Preamble.

 

“Blackout
Period” shall have the meaning given in Section 3.04(b).

 

“Business
Day” shall mean any day of the year on which national banking institutions in New York are open to the public for
conducting business and are not required or authorized to close.

 

“Common
Stock” shall mean the Common Stock, par value $0.0001 per share, of the Company.

 

“Commission”
shall mean the Securities and Exchange Commission.

 

“Company”
shall have the meaning given in the Preamble.

 

“Demanding
Holder” and “Demanding Holders” shall have the meaning given in Section 2.02(a).

 

“Exchange
Act” shall mean the Securities Exchange Act of 1934, as it may be amended from time to time.

 

“Holders”
shall have the meaning given in the Preamble.

 

“Maximum
Number of Securities” shall have the meaning given in Section 2.02(b).

 

“Minimum
Amount” shall have the meaning given in Section 2.02(a).

 

“Misstatement”
shall mean an untrue statement of a material fact or an omission to state a material fact required to be stated in a Registration
Statement or Prospectus, or necessary to make the statements in a Registration Statement or Prospectus in the light of the circumstances
under which they were made not misleading.

 

“Piggyback
Registration” shall have the meaning given in Section 2.03.

 

“Prospectus”
shall mean the prospectus included in any Registration Statement, as supplemented by any and all prospectus supplements and as
amended by any and all post-effective amendments and including all material incorporated by reference in such prospectus.

 

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“Registrable
Security” shall mean (a) any shares of Common Stock issued or issuable by the Company to the Holders or Arena (i)
upon exercise of the Warrants, (ii) upon conversion of the Debentures, or (iii) upon conversion of the Preferred Stock and (b)
any other equity security of the Company issued or issuable with respect to any such share of Common Stock by way of a stock dividend
or stock split or in connection with a combination of shares, recapitalization, merger, consolidation or reorganization; provided,
however, that, as to any particular Registrable Security, such securities shall cease to be Registrable Securities when:
(A) a Registration Statement with respect to the sale of such securities shall have become effective under the Securities Act
and such securities shall have been sold, transferred, disposed of or exchanged in accordance with such Registration Statement;
(B) such securities shall have been otherwise transferred, new certificates for such securities not bearing a legend restricting
further transfer shall have been delivered by the Company and subsequent public distribution of such securities shall not require
registration under the Securities Act; (C) such securities shall have ceased to be outstanding; (D) such securities may be sold
without registration pursuant to Rule 144 promulgated under the Securities Act (or any successor rule promulgated thereafter by
the Commission) (but with no volume or other restrictions or limitations); or (E) such securities have been sold to, or through,
a broker, dealer or underwriter in a public distribution or other public securities transaction.

 

“Registration”
shall mean a registration effected by preparing and filing a registration statement or similar document in compliance with the
requirements of the Securities Act, and the applicable rules and regulations promulgated thereunder, and such registration statement
becoming effective.

 

“Registration
Expenses” shall mean the out-of-pocket expenses of a Registration, including, without limitation, the following:

 

	 	(A)	all
    registration and filing fees (including fees with respect to filings required to be made with the Financial Industry Regulatory
    Authority, Inc.) and any securities exchange on which the Common Stock is then listed; 
	 	 	 
	 	(B)	fees
    and expenses of compliance with securities or blue sky laws (including reasonable fees and disbursements of counsel for the
    Underwriters in connection with blue sky qualifications of Registrable Securities); 
	 	 	 
	 	(C)	printing,
    messenger, telephone and delivery expenses; 
	 	 	 
	 	(D)	reasonable
    fees and disbursements of counsel for the Company; 
	 	 	 
	 	(E)	reasonable
    fees and disbursements of all independent registered public accountants of the Company incurred specifically in connection
    with such Registration (including the expenses of any special audit and “comfort letters” required by or incident
    to such performance); and 
	 	 	 
	 	(F)	reasonable
    fees and expenses of one (1) legal counsel selected by the Demanding Holders in connection with an Underwritten Offering.
    

 

“Registration
Statement” shall mean any registration statement that covers the Registrable Securities pursuant to the provisions
of this Agreement, including the Prospectus included in such registration statement, amendments (including post-effective amendments)
and supplements to such registration statement, and all exhibits to and all material incorporated by reference in such registration
statement.

 

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“Securities
Act” shall mean the Securities Act of 1933, as amended from time to time.

 

“Suspension
Period” shall have the meaning given in Section 3.04(a).

 

“Transactions”
shall have the meaning given in the Recitals.

 

“Underwriter”
shall mean a securities dealer who purchases any Registrable Securities as principal in an Underwritten Offering and not as part
of such dealer’s market-making activities.

 

“Underwritten
Offering” shall mean an offering in which securities of the Company are sold to an Underwriter in a firm commitment
underwriting for distribution to the public.

 

“Underwritten
Offerings Cap” shall have the meaning set forth in Section 2.02(a).

 

ARTICLE
II.

REGISTRATIONS

 

Section
2.01 Registration Statement. The Company shall, as soon as practicable after the date hereof, file a Registration Statement
under the Securities Act to permit the public resale of all the Registrable Securities held by the Holders from time to time as
permitted by Rule 415 under the Securities Act (or any successor or similar provision adopted by the Commission then in effect)
on the terms and conditions specified in this Section 2.01 and shall use its commercially reasonable efforts to cause such
Registration Statement to be declared effective as soon as practicable after the filing thereof. The Registration Statement filed
with the Commission pursuant to this Section 2.01 shall be on Form S-1 or such other form of registration statement as
is then available to effect a registration for resale of such Registrable Securities, covering such Registrable Securities, and
shall contain a Prospectus in such form as to permit any Holder to sell such Registrable Securities pursuant to Rule 415 under
the Securities Act (or any successor or similar provision adopted by the Commission then in effect) at any time beginning on the
effective date for such Registration Statement. A Registration Statement filed pursuant to this Section 2.01 shall provide
for the resale pursuant to any method or combination of methods legally available to, and requested by, the Holders. The Company
shall use its reasonable best efforts to cause a Registration Statement filed pursuant to this Section 2.01 to remain effective,
and to be supplemented and amended to the extent necessary to ensure that such Registration Statement is available or, if not
available, that another registration statement is available, for the resale of all the Registrable Securities held by the Holders
until all such Registrable Securities have ceased to be Registrable Securities. As soon as practicable following the effective
date of a Registration Statement filed pursuant to this Section 2.01, but in any event within three (3) Business Days of
such date, the Company shall notify the Holders of the effectiveness of such Registration Statement. When effective, a Registration
Statement filed pursuant to this Section 2.01 (including any documents incorporated therein by reference) will comply as
to form in all material respects with all applicable requirements of the Securities Act and the Exchange Act and will not contain
an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the
statements therein not misleading (in the case of any Prospectus contained in such Registration Statement, in the light of the
circumstances under which such statement is made).

 

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Section
2.02 Underwritten Offering.

 

(a)
In the event that Holders elect to dispose of Registrable Securities under a Registration Statement pursuant to an Underwritten
Offering of all or part of such Registrable Securities that are registered by such Registration Statement and reasonably expect
aggregate gross proceeds in excess of $2,000,000 (the “Minimum Amount”) from such Underwritten Offering,
then the Company shall, upon the written demand from the Holders holding such Registrable Securities which equal such Minimum
Amount (any such Holder, a “Demanding Holder” and, collectively, the “Demanding Holders”),
enter into an underwriting agreement in a form as is customary in Underwritten Offerings of equity securities with the managing
Underwriter or Underwriters selected by the Company after consultation with the Demanding Holders and shall take all such other
reasonable actions as are requested by the managing Underwriter or Underwriters in order to expedite or facilitate the disposition
of such Registrable Securities; provided, however, that the Company shall have no obligation to facilitate or participate
in more than four (4) Underwritten Offerings from Oz Rey, LLC and three (3) Underwritten Offerings from Holders other than Oz
Rey, LLC pursuant to this Section 2.02 for all Holders (the “Underwritten Offerings Cap”); provided
further that if an Underwritten Offering is commenced but terminated prior to the pricing thereof for any reason, such Underwritten
Offering will not be counted as an Underwritten Offering pursuant to this Section 2.02. In addition, the Company shall
give prompt written notice to each other Holder regarding such proposed Underwritten Offering, and such notice shall offer such
Holders the opportunity to include in the Underwritten Offering such number of Registrable Securities as each such Holder may
request. Each such Holder shall make such request in writing to the Company within five (5) business days after the receipt of
any such notice from the Company, which request shall specify the number of Registrable Securities intended to be disposed of
by such Holder. In connection with any Underwritten Offering contemplated by this Section 2.02, the underwriting agreement
into which each Demanding Holder and the Company shall enter shall contain such representations, covenants, indemnities (subject
to Article IV) and other rights and obligations as are customary in underwritten offerings of equity securities. No Demanding
Holder shall be required to make any representations or warranties to or agreements with the Company or the Underwriters other
than representations, warranties or agreements regarding such Demanding Holder’s authority to enter into such underwriting
agreement and to sell, and its ownership of, the securities being registered on its behalf, its intended method of distribution
and any other representation required by law.

 

(b)
If the managing Underwriter or Underwriters in an Underwritten Offering, in good faith, advises the Company and the Demanding
Holders that the dollar amount or number of Registrable Securities that the Demanding Holders desire to sell, taken together with
all other shares of Common Stock or other equity securities that the Company or any other Holder desires to sell and the shares
of Common Stock, if any, as to which a Registration has been requested pursuant to separate written contractual piggy-back registration
rights held by any other stockholders who desire to sell, exceeds the maximum dollar amount or maximum number of equity securities
that can be sold in the Underwritten Offering without adversely affecting the proposed offering price, the timing, the distribution
method, or the probability of success of such offering (such maximum dollar amount or maximum number of such securities, as applicable,
the “Maximum Number of Securities”), then the Company shall include in such Underwritten Offering, as
follows:

 

(i)
first, the Registrable Securities of the Demanding Holders pro rata based on the respective number of Registrable Securities
that each Demanding Holder has requested be included in such Underwritten Offering and the aggregate number of Registrable Securities
that the Demanding Holders have requested be included in such Underwritten Offering that can be sold without exceeding the Maximum
Number of Securities;

 

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(ii)
second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (i),
shares of Common Stock or other equity securities that the Company desires to sell, which can be sold without exceeding the Maximum
Number of Securities; and

 

(iii)
third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (i) and
clause (ii), shares of Common Stock or other equity securities of (x) other Holders who have elected to participate in
the Underwritten Offering pursuant to Section 2.02(a) or (y) persons or entities that the Company is obligated to register
in a Registration pursuant to separate written contractual arrangements with such persons, pro rata, which can be sold without
exceeding the Maximum Number of Securities.

 

(c)
A Demanding Holder shall have the right to withdraw all or any portion of its Registrable Securities included in an Underwritten
Offering pursuant to this Section 2.02 for any or no reason whatsoever upon written notification to the Company and the
Underwriter or Underwriters of its intention to withdraw from such Underwritten Offering prior to the pricing of such Underwritten
Offering and such withdrawn amount shall no longer be considered an Underwritten Offering (including, without limitation, for
purposes of the Underwritten Offerings Cap); provided, however, that upon the withdrawal of an amount of Registrable
Securities that results in the remaining amount of Registrable Securities included by Holders in such Underwritten Offering being
less than the Minimum Amount, the Company shall cease all efforts to complete the Underwritten Offering and, for the avoidance
of doubt, such Underwritten Offering shall not count against the Underwritten Offerings Cap. Notwithstanding anything to the contrary
in this Agreement, the Company shall be responsible for the Registration Expenses incurred in connection with an Underwritten
Offering prior to its withdrawal under this Section 2.02(c).

 

    	 	6	 

     

    

 

Section
2.03 Piggyback Registration.

 

(a)
If at any time the Company proposes to file a Registration Statement under the Securities Act with respect to an Underwritten
Offering of equity securities, or securities or other obligations exercisable or exchangeable for, or convertible into equity
securities, for its own account or for the account of stockholders of the Company (or by the Company and by the stockholders of
the Company including, without limitation, pursuant to Section 2.02 hereof) on a form that would permit registration of
Registrable Securities, other than a Registration Statement (i) filed in connection with any employee stock option or other benefit
plan, (ii) for an exchange offer or offering of securities solely to the Company’s existing stockholders, (iii) for an offering
of debt that is convertible into equity securities of the Company, (iv) for a dividend reinvestment plan or (v) on Form S-4, then
the Company shall give written notice of such proposed filing to all of the Holders of Registrable Securities as soon as practicable
but not less than ten (10) days before the anticipated filing date of such Registration Statement, which notice shall (A) describe
the amount and type of securities to be included in such offering, the intended method(s) of distribution, and the name of the
proposed managing Underwriter or Underwriters, if any, in such offering, and (B) offer to all of the Holders of Registrable Securities
the opportunity to register the sale of such number of Registrable Securities as such Holders may request in writing within five
(5) days after receipt of such written notice (in the case of an “overnight” or “bought” offering, such
requests must be made by the Holders within one (1) Business Day after the delivery of any such notice by the Company) (such Registration
a “Piggyback Registration”); provided, however, that if the Company has been advised by the managing
Underwriter(s) that the inclusion of Registrable Securities for sale for the benefit of the Holders will have an adverse effect
on the price, timing or distribution of the Common Stock in the Underwritten Offering, then (A) if no Registrable Securities can
be included in the Underwritten Offering in the opinion of the managing Underwriter(s), the Company shall not be required to offer
such opportunity to the Holders or (B) if any Registrable Securities can be included in the Underwritten Offering in the opinion
of the managing Underwriter(s), then the amount of Registrable Securities to be offered for the accounts of Holders shall be determined
based on the provisions of Section 2.03(b). Subject to Section 2.03(b), the Company shall, in good faith, cause
such Registrable Securities to be included in such Piggyback Registration and shall use its commercially reasonable efforts to
cause the managing Underwriter or Underwriters of a proposed Underwritten Offering to permit the Registrable Securities requested
by the Holders pursuant to this Section 2.03 to be included in a Piggyback Registration on the same terms and conditions
as any similar securities of the Company included in such Registration and to permit the sale or other disposition of such Registrable
Securities in accordance with the intended method(s) of distribution thereof. If no written request for inclusion from a Holder
is received within the specified time, each such Holder shall have no further right to participate in such Underwritten Offering.
All such Holders proposing to distribute their Registrable Securities through an Underwritten Offering under this Section 2.03
shall enter into an underwriting agreement in customary form with the Underwriter(s) selected for such Underwritten Offering
by the Company.

 

(b)
If the managing Underwriter or Underwriters in an Underwritten Offering that is to be a Piggyback Registration, in good faith,
advises the Company and the Holders of Registrable Securities participating in the Piggyback Registration that the dollar amount
or number of shares of Common Stock that the Company desires to sell, taken together with (i) the shares of Common Stock, if any,
as to which Registration has been demanded pursuant to separate written contractual arrangements with persons or entities other
than the Holders of Registrable Securities hereunder, (ii) the Registrable Securities as to which registration has been requested
pursuant to Sections 2.02 and 2.03, and (iii) the shares of Common Stock, if any, as to which Registration has been requested
pursuant to separate written contractual piggy-back registration rights of other stockholders of the Company, exceeds the Maximum
Number of Securities, then:

 

(i)
If the Registration is undertaken for the Company’s account, the Company shall include in any such Registration (A) first,
shares of Common Stock or other equity securities that the Company desires to sell, which can be sold without exceeding the Maximum
Number of Securities; (B) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing
clause (A), pro rata to the Registrable Securities of Holders exercising their rights to register their Registrable Securities
pursuant to Sections 2.02 and 2.03 hereof which can be sold without exceeding the Maximum Number of Securities;
and (C) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (A)
and (B), shares of Common Stock, if any, as to which Registration has been requested pursuant to written contractual piggy-back
registration rights of other stockholders of the Company, which can be sold without exceeding the Maximum Number of Securities;

 

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(ii)
If the Registration is pursuant to a request by persons or entities other than the Holders of Registrable Securities, then the
Company shall include in any such Registration (A) first, shares of Common Stock or other equity securities, if any, of
such requesting persons or entities, other than the Holders of Registrable Securities, which can be sold without exceeding the
Maximum Number of Securities; (B) second, to the extent that the Maximum Number of Securities has not been reached under
the foregoing clause (A), pro rata to the Registrable Securities of Holders exercising their rights to register their Registrable
Securities pursuant to Sections 2.02 and 2.03 hereof which can be sold without exceeding the Maximum Number of Securities;
(C) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (A) and
(B), shares of Common Stock or other equity securities that the Company desires to sell, which can be sold without exceeding the
Maximum Number of Securities; and (D) fourth, to the extent that the Maximum Number of Securities has not been reached
under the foregoing clauses (A), (B) and (C), shares of Common Stock or other equity securities for the account of other persons
or entities that the Company is obligated to register pursuant to separate written contractual arrangements with such persons
or entities, which can be sold without exceeding the Maximum Number of Securities.

 

(c)
Any Holder of Registrable Securities shall have the right to withdraw from a Piggyback Registration for any or no reason whatsoever
upon written notification to the Company and the Underwriter or Underwriters (if any) of its intention to withdraw from such Piggyback
Registration prior to the pricing of such Underwritten Offering. The Company (whether on its own good faith determination or as
the result of a request for withdrawal by persons pursuant to separate written contractual obligations) may withdraw a Registration
Statement filed with the Commission in connection with a Piggyback Registration at any time prior to the effectiveness of such
Registration Statement. Notwithstanding anything to the contrary in this Agreement, the Company shall be responsible for the Registration
Expenses incurred in connection with the Piggyback Registration prior to its withdrawal under this Section 2.03.

 

(d)
For purposes of clarity, any Registration effected pursuant to Section 2.03 hereof shall not be counted as a Registration
effected under Section 2.02 hereof.

 

ARTICLE
III.

COMPANY
PROCEDURES

 

Section
3.01 General Procedures. The Company shall use its commercially reasonable efforts to effect the Registration of Registrable
Securities in accordance with the intended plan of distribution thereof, and pursuant thereto the Company shall, as expeditiously
as practicable:

 

(a)
subject to Section 2.01, prepare and file with the Commission a Registration Statement with respect to such Registrable
Securities and use its commercially reasonable efforts to cause such Registration Statement to become effective and remain effective
pursuant to the terms of this Agreement until all of such Registrable Shares have been disposed of (if earlier);

 

(b)
prepare and file with the Commission such amendments and post-effective amendments to the Registration Statement, and such supplements
to the Prospectus, as may be required by the rules, regulations or instructions applicable to the registration form used by the
Company or by the Securities Act or rules and regulations thereunder to keep the Registration Statement effective until all of
such Registrable Shares have been disposed of (if earlier) in accordance with the intended plan of distribution set forth in such
Registration Statement or supplement to the Prospectus;

 

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(c)
prior to filing a Registration Statement or Prospectus, or any amendment or supplement thereto, furnish without charge to the
Underwriters, if any, and the Holders of Registrable Securities included in such Registration, and to one legal counsel selected
by the Holders, copies of such Registration Statement as proposed to be filed, each amendment and supplement to such Registration
Statement (in each case including all exhibits thereto and documents incorporated by reference therein), the Prospectus included
in such Registration Statement (including each preliminary Prospectus), and such other documents as the Underwriters and the Holders
of Registrable Securities included in such Registration or the legal counsel selected by such Holders may request in order to
facilitate the disposition of the Registrable Securities owned by such Holders;

 

(d)
prior to any public offering of Registrable Securities, use its commercially reasonable efforts to (i) register or qualify the
Registrable Securities covered by the Registration Statement under such securities or “blue sky” laws of such jurisdictions
in the United States as the Holders of Registrable Securities included in such Registration Statement (in light of their intended
plan of distribution) may request and (ii) take such action necessary to cause such Registrable Securities covered by the Registration
Statement to be registered with or approved by such other governmental authorities as may be necessary by virtue of the business
and operations of the Company and do any and all other acts and things that may be necessary or advisable to enable the Holders
of Registrable Securities included in such Registration Statement to consummate the disposition of such Registrable Securities
in such jurisdictions; provided, however, that the Company shall not be required to qualify generally to do business
or as a dealer in securities in any jurisdiction where it would not otherwise be required to qualify or take any action to which
it would be subject to general service of process or taxation in any such jurisdiction where it is not then otherwise so subject;

 

(e)
use its commercially reasonable efforts to cause all such Registrable Securities to be listed on each securities exchange or automated
quotation system on which similar securities issued by the Company are then listed;

 

(f)
provide a transfer agent and registrar for all such Registrable Securities no later than the effective date of such Registration
Statement;

 

(g)
advise each seller of such Registrable Securities, promptly after it shall receive notice or obtain knowledge thereof, of the
issuance of any stop order by the Commission suspending the effectiveness of such Registration Statement or the initiation or
threatening of any proceeding for such purpose and promptly use its commercially reasonable efforts to prevent the issuance of
any stop order or to obtain its withdrawal if such stop order should be issued;

 

(h)
at least five (5) days prior to the filing of any Registration Statement or Prospectus or any amendment or supplement to such
Registration Statement or Prospectus or any document that is to be incorporated by reference into such Registration Statement
or Prospectus, furnish a copy thereof to each seller of such Registrable Securities or its counsel;

 

(i)
notify the Holders at any time when a Prospectus relating to such Registration Statement is required to be delivered under the
Securities Act, of the happening of any event as a result of which the Prospectus included in such Registration Statement, as
then in effect, includes a Misstatement, and then to correct such Misstatement as set forth in Section 3.04 hereof;

 

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(j)
permit a representative of the Holders, the Underwriters, if any, and any attorney or accountant retained by such Holders or Underwriter
to participate, at each such person’s own expense, in the preparation of the Registration Statement, and cause the Company’s
officers, directors and employees to supply all information reasonably requested by any such representative, Underwriter, attorney
or accountant in connection with the Registration; provided, however, that such representatives or Underwriters
enter into a confidentiality agreement, in form and substance reasonably satisfactory to the Company, prior to the release or
disclosure of any such information;

 

(k)
obtain a “cold comfort” letter from the Company’s independent registered public accountants in the event of
an Underwritten Offering, in customary form and covering such matters of the type customarily covered by “cold comfort”
letters as the managing Underwriter may reasonably request;

 

(l)
on the date the Registrable Securities are delivered for sale pursuant to such Registration, obtain an opinion, dated as of such
date, of counsel representing the Company for the purposes of such Registration, addressed to the placement agent or sales agent,
if any, and the Underwriters, if any, covering such legal matters with respect to the Registration in respect of which such opinion
is being given as are customarily included in such opinions and negative assurance letters;

 

(m)
in the event of any Underwritten Offering, enter into and perform its obligations under an underwriting agreement, on terms agreed
to by the Company with the managing Underwriter of such offering;

 

(n)
make available to its security holders, as soon as reasonably practicable, an earnings statement (which need not be audited) covering
the period of at least twelve (12) months beginning with the first day of the Company’s first full calendar quarter after
the effective date of the Registration Statement which satisfies the provisions of Section 11(a) of the Securities Act and Rule
158 thereunder (or any successor rule promulgated thereafter by the Commission);

 

(o)
if any Underwritten Offering involves the disposition of Registrable Securities involving gross proceeds in excess of the Minimum
Amount, use its reasonable efforts to make available senior executives of the Company to participate in customary “road
show” presentations that may be reasonably requested by the Underwriter in such Underwritten Offering; and

 

(p)
otherwise, in good faith, take such customary actions necessary to effect the registration of such Registrable Shares contemplated
hereby.

 

Section
3.02 Registration Expenses. The Registration Expenses of all Registrations shall be borne by the Company. It is acknowledged
by the Holders and the Company that the Holders shall bear all incremental selling expenses relating to the sale of Registrable
Securities, such as Underwriters’ commissions and discounts, brokerage fees and, other than as set forth in the definition
of “Registration Expenses,” all reasonable fees and expenses of any legal counsel representing the Holders.

 

Section
3.03 Requirements for Participation in Underwritten Offerings. No person may participate in any Underwritten Offering for
equity securities of the Company hereunder unless such person (i) agrees to sell such person’s securities on the basis provided
in the underwriting agreement for such Underwritten Offering and (ii) completes and executes all customary questionnaires, powers
of attorney, indemnities, lock-up agreements, underwriting agreements and other customary documents as may be reasonably required
under the terms of such underwriting agreement.

 

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Section
3.04 Suspension of Sales; Adverse Disclosure.

 

(a)
Upon receipt of written notice from the Company that a Registration Statement or Prospectus contains a Misstatement or that a
Registration Statement has ceased to be in compliance with the rules of the Commission, each of the Holders shall forthwith discontinue
disposition of Registrable Securities until it has received copies of a supplemented or amended Prospectus correcting the Misstatement
or noncompliance (it being understood that the Company hereby covenants to prepare and file such supplement or amendment as soon
as practicable after the time of such notice), or until it is advised in writing by the Company that the use of the Prospectus
may be resumed (any such period, a “Suspension Period”).

 

(b)
If the filing, initial effectiveness or continued use of a Registration Statement in respect of any Registration (including in
connection with an Underwritten Offering) at any time would require the Company to make an Adverse Disclosure or would require
the inclusion in such Registration Statement of financial statements that are unavailable to the Company for reasons beyond the
Company’s control, then the Company may, upon giving prompt written notice to the Holders, delay the filing or initial effectiveness
of, or suspend use of, such Registration Statement (including in connection with an Underwritten Offering) for the shortest period
of time, but in no event more than thirty (30) days, determined in good faith by the Company to be necessary for such purpose
(any such period, a “Blackout Period”). In the event the Company exercises its rights under the preceding
sentence, the Holders agree to suspend, immediately upon their receipt of the notice referred to above, their use of the Prospectus
relating to any Registration in connection with any sale or offer to sell Registrable Securities.

 

(c)
The Company shall immediately notify the Holders of the expiration of any period during which it exercised its rights under this
Section 3.04. Notwithstanding anything to the contrary in this Section 3.04, in no event shall any Suspension Period
or any Blackout Period continue for more than ninety (90) days in the aggregate during any 365-day period.

 

Section
3.05 Reporting Obligations. As long as any Holder shall own Registrable Securities, the Company, at all times while it shall
be a reporting company under the Exchange Act, covenants to file timely (or obtain extensions in respect thereof and file within
the applicable grace period) all reports required to be filed by the Company after the date hereof pursuant to Sections 13(a)
or 15(d) of the Exchange Act and to promptly furnish the Holders with true and complete copies of all such filings (the delivery
of which will be satisfied by the Company’s filing of such reports on the Commission’s EDGAR system). The Company
further covenants that it shall take such further action as any Holder may reasonably request, all to the extent required from
time to time to enable such Holder to sell shares of Common Stock held by such Holder without registration under the Securities
Act within the limitation of the exemptions provided by Rule 144 promulgated under the Securities Act (or any successor rule promulgated
thereafter by the Commission), including providing any legal opinions. Upon the request of any Holder, the Company shall deliver
to such Holder a written certification of a duly authorized officer as to whether it has complied with such requirements.

 

    	 	11	 

     

    

 

ARTICLE
IV.

INDEMNIFICATION
AND CONTRIBUTION

 

Section
4.01 Indemnification.

 

(a)
The Company agrees to indemnify, to the extent permitted by law, each Holder of Registrable Securities, its officers and directors
and each person who controls such Holder (within the meaning of the Securities Act) against all losses, claims, damages, liabilities
and expenses (including attorneys’ fees) caused by any untrue or alleged untrue statement of material fact contained in
any Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or any omission
or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading,
except insofar as the same are caused by or contained in any information furnished in writing to the Company by such Holder expressly
for use therein. The Company shall indemnify the Underwriters, their officers and directors and each person who controls such
Underwriters (within the meaning of the Securities Act) to the same extent as provided in the foregoing with respect to the indemnification
of the Holder.

 

(b)
In connection with any Registration Statement in which a Holder of Registrable Securities is participating, such Holder shall
furnish to the Company in writing such information and affidavits as the Company reasonably requests for use in connection with
any such Registration Statement or Prospectus and, to the extent permitted by law, shall indemnify the Company, its directors
and officers and agents and each person who controls the Company (within the meaning of the Securities Act) against any losses,
claims, damages, liabilities and expenses (including without limitation reasonable attorneys’ fees) resulting from any untrue
statement of material fact contained in the Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof
or supplement thereto or any omission of a material fact required to be stated therein or necessary to make the statements therein
not misleading, but only to the extent that such untrue statement or omission is contained in any information or affidavit so
furnished in writing by such Holder expressly for use therein; provided, however, that the obligation to indemnify
shall be several, not joint and several, among such Holders of Registrable Securities, and the liability of each such Holder of
Registrable Securities shall be in proportion to and limited to the net proceeds received by such Holder from the sale of Registrable
Securities pursuant to such Registration Statement. The Holders of Registrable Securities shall indemnify the Underwriters, their
officers, directors and each person who controls such Underwriters (within the meaning of the Securities Act) to the same extent
as provided in the foregoing with respect to indemnification of the Company. In no event shall the liability of a selling Holder
be greater in amount than the dollar amount of the proceeds (net of all expenses paid by such Holder in connection with any claim
relating to this Section 5 and the amount of any damages such Holder has otherwise been required to pay by reason of such untrue
statement or omission) received by such Holder upon the sale of the Registrable Securities included in the Registration Statement
giving rise to such indemnification obligation.

 

    	 	12	 

     

    

 

(c)
Any person entitled to indemnification herein shall (i) give prompt written notice to the indemnifying party of any claim with
respect to which it seeks indemnification (provided that the failure to give prompt notice shall not impair any person’s
right to indemnification hereunder to the extent such failure has not materially prejudiced the indemnifying party) and (ii) unless
in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties
may exist with respect to such claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably
satisfactory to the indemnified party. If such defense is assumed, the indemnifying party shall not be subject to any liability
for any settlement made by the indemnified party without its consent (but such consent shall not be unreasonably withheld). An
indemnifying party who is not entitled to, or elects not to, assume the defense of a claim shall not be obligated to pay the fees
and expenses of more than one counsel for all parties indemnified by such indemnifying party with respect to such claim, unless
in the reasonable judgment of any indemnified party a conflict of interest may exist between such indemnified party and any other
of such indemnified parties with respect to such claim. No indemnifying party shall, without the consent of the indemnified party,
consent to the entry of any judgment or enter into any settlement which cannot be settled in all respects by the payment of money
(and such money is so paid by the indemnifying party pursuant to the terms of such settlement) or which settlement does not include
as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability
in respect to such claim or litigation.

 

(d)
The indemnification provided for under this Agreement shall remain in full force and effect regardless of any investigation made
by or on behalf of the indemnified party or any officer, director or controlling person of such indemnified party and shall survive
the transfer of securities. The Company and each Holder of Registrable Securities participating in an offering also agrees to
make such provisions as are reasonably requested by any indemnified party for contribution to such party in the event the Company’s
or such Holder’s indemnification is unavailable for any reason.

 

(e)
If the indemnification provided under this Section 4.01 from the indemnifying party is unavailable or insufficient to hold
harmless an indemnified party in respect of any losses, claims, damages, liabilities and expenses referred to herein, then the
indemnifying party, in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by the indemnified
party as a result of such losses, claims, damages, liabilities and expenses in such proportion as is appropriate to reflect the
relative fault of the indemnifying party and the indemnified party, as well as any other relevant equitable considerations. The
relative fault of the indemnifying party and indemnified party shall be determined by reference to, among other things, whether
any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to
state a material fact, was made by, or relates to information supplied by, such indemnifying party or indemnified party, and the
indemnifying party’s and indemnified party’s relative intent, knowledge, access to information and opportunity to
correct or prevent such action; provided, however, that the liability of any Holder under this Section 4.01(e)
shall be limited to the amount of the net proceeds (which shall be net of all expenses paid by such Holder in connection with
any claim set forth in this section) received by such Holder in such offering giving rise to such liability. The amount paid or
payable by a party as a result of the losses or other liabilities referred to above shall be deemed to include, subject to the
limitations set forth in Section 4.01(a), Section 4.01(b) and Section 4.01(c) above, any legal or other fees,
charges or expenses reasonably incurred by such party in connection with any investigation or proceeding. The parties hereto agree
that it would not be just and equitable if contribution pursuant to this Section 4.01(e) were determined by pro rata allocation
or by any other method of allocation, which does not take account of the equitable considerations referred to in this Section
4.01(e). No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall
be entitled to contribution pursuant to this Section 4.01(e) from any person who was not guilty of such fraudulent misrepresentation.

 

    	 	13	 

     

    

 

ARTICLE
V. MISCELLANEOUS

 

Section
5.01 Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall
be in writing and shall be deemed given and effective on the earliest of: (a) the date of transmission, if such notice or communication
is delivered via facsimile at the facsimile number or email as set forth on the signature pages attached hereto at or prior to
5:30 p.m. (New York City time) on a trading day, (b) the next trading day after the date of transmission, if such notice or communication
is delivered via facsimile at the facsimile number or email as set forth on the signature pages attached hereto on a day that
is not a trading day or later than 5:30 p.m. (New York City time) on any trading day, (c) the fifth (5th) trading day
following the date of mailing, if sent by U.S. nationally recognized overnight courier service or (d) upon actual receipt by the
party to whom such notice is required to be given. The address for such notices and communications shall be as set forth on the
signature pages attached hereto. Any party may change its address for notice at any time and from time to time by written notice
to the other parties hereto, and such change of address shall become effective upon receipt of such notice as provided in this
Section 5.01.

 

Section
5.02 Assignment; No Third Party Beneficiaries.

 

(a)
This Agreement and the rights, duties and obligations of the Company hereunder may not be assigned or delegated by the Company
in whole or in part.

 

(b)
This Agreement and the provisions hereof shall be binding upon and shall inure to the benefit of each of the parties and its successors
and the permitted assigns of the Holders.

 

(c)
This Agreement shall not confer any rights or benefits on any persons that are not parties hereto, other than as expressly set
forth in this Agreement and this Section 5.02.

 

(d)
No assignment by any party hereto of such party’s rights, duties and obligations hereunder shall be binding upon or obligate
the Company unless and until the Company shall have received (i) written notice of such assignment as provided in Section 5.01
and (ii) the written agreement of the assignee, in a form reasonably satisfactory to the Company, to be bound by the terms
and provisions of this Agreement (which may be accomplished by an addendum or certificate of joinder to this Agreement). Any transfer
or assignment made other than as provided in this Section 5.02 shall be null and void.

 

Section
5.03 Counterparts. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered
one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to each other
party, it being understood that the parties need not sign the same counterpart. This Agreement may be executed and delivered in
original, via DocuSign, RightSignature or any other comparable signature software, via facsimile or email with PDF attachment,
or other commercially acceptable electronic form, in any number of counterparts, each of which shall be deemed an original, and
all of which shall together constitute but one and the same instrument, which instrument shall for all purposes be sufficiently
evidenced by any such counterpart.

 

    	 	14	 

     

    

 

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

 

Section
5.05 Amendments and Modifications. Upon the written consent of the Company and the Holders of at least a majority in interest
of the Registrable Securities at the time in question, compliance with any of the provisions, covenants and conditions set forth
in this Agreement may be waived, or any of such provisions, covenants or conditions may be amended or modified; provided,
however, that notwithstanding the foregoing, any amendment hereto or waiver hereof that adversely affects one Holder, solely
in its capacity as a holder of the shares of capital stock of the Company, in a manner that is materially different from the other
Holders (in such capacity) shall require the consent of the Holder so affected. No course of dealing between any Holder or the
Company and any other party hereto or any failure or delay on the part of a Holder or the Company in exercising any rights or
remedies under this Agreement shall operate as a waiver of any rights or remedies of any Holder or the Company. No single or partial
exercise of any rights or remedies under this Agreement by a party shall operate as a waiver or preclude the exercise of any other
rights or remedies hereunder or thereunder by such party.

 

Section
5.06 Remedies. In the event of a breach by the Company or by a Holder of any of their respective obligations under
this Agreement, each Holder or the Company, as the case may be, in addition to being entitled to exercise all rights granted by
law and under this Agreement, including recovery of damages, shall be entitled to specific performance of its rights under this
Agreement. Each of the Company and each Holder agrees that monetary damages would not provide adequate compensation for any losses
incurred by reason of a breach by it of any of the provisions of this Agreement and hereby further agrees that, in the event of
any action for specific performance in respect of such breach, it shall not assert or shall waive the defense that a remedy at
law would be adequate.

 

    	 	15	 

     

    

 

Section
5.07 No Piggyback on Registrations; Prohibition on Filing Other Registration Statements. Neither the Company nor any
of its security holders (other than the Holders in such capacity pursuant hereto) may include securities of the Company in any
Registration Statements other than the Registrable Securities. The Company shall not file any other registration statements until
all Registrable Securities are registered pursuant to a Registration Statement that is declared effective by the Commission, provided
that this Section shall not prohibit the Company from filing a Form 10 Registration Statement.

 

Section
5.08 Severability. If any term, provision, covenant or restriction of this Agreement
is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions,
covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or
invalidated, and the parties hereto shall use their commercially reasonable efforts to find and employ an alternative means to
achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is
hereby stipulated and declared to be the intention of the parties that they would have executed the remaining terms, provisions,
covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable.

 

Section
5.09 No Inconsistent Agreements. Neither the Company nor any of its Subsidiaries
has entered, as of the date hereof, nor shall the Company or any of its Subsidiaries, on or after the date of this Agreement,
enter into any agreement with respect to its securities, that would have the effect of impairing the rights granted to the Holders
in this Agreement or otherwise conflicts with the provisions hereof. Except as set forth on Schedule 6(i),
neither the Company nor any of its Subsidiaries has previously entered into any agreement granting any registration rights with
respect to any of its securities to any Person that have not been satisfied in full.

 

[SIGNATURE
PAGES FOLLOW]

 

    	 	16	 

     

    

 

IN
WITNESS WHEREOF, the undersigned have caused this Agreement to be executed as of the date first written above.

 

	COMPANY:

         

        AMERGENT
        HOSPITALITY GROUP, INC.
	 
	 	 
	By:	 	 
	 	Michael
    D. Pruitt, Chief Executive Officer	 

 

[Signature
Page Registration Rights Agreement]

 

    	 	 	 

     

    

 

HOLDERS

 

	

    Oz Rey, LLC	 	 	 
	 	 	 	 	 
	By:	 	 	 	 
	 	Robert
    S. Hersch, Manager	 	 	 
	 	 	 	 	 
	ARENA SPECIAL OPPORTUNITIES FUND, LP

                                                                                By: ARENA INVESTORS, LP, its Investment Manager 
	 	ARENA ORIGINATING Co., LLC

                                                                                By: ARENA INVESTORS, LP, its Investment Manager 

	 	 	 
	By:	 	 	By:	 
	Name:
    	Lawrence
    Cutler	 	Name:	Lawrence
    Cutler
	Title:
    	Authorized
    Signatory	 	Title:	Authorized
    Signatory
	 	 	 	 	 
	Jonathan
    & Nancy Glaser Family Trust DTD 12-16-98 	 	Larry
    S. Spitcaufsky, Trustee of Larry Spitcaufsky Family Trust UTD 1-19-88
	 	 	 	 	 
	By:	 	 	By:	 
	Name:
    	Jonathan
    Glaser	 	Name:
    	Larry
    Spitcaufsky
	Title:
    	Trustee	 	Title:	Trustee
	 	 	 	 	 
	Bryan
    Ezralow TTEE of the Bryan Ezralow 1994 Trust DTD 12-22-94	 	EMSE,
    LLC, a Delaware limited liability company
	 	 	 
	By:	 	 	By:	 
	Name:
    	Bryan
    Ezralow	 	Name:	Bryan
    Ezralow, as Trustee of the Bryan Ezralow 1994 Trust U/T/D 12-22-94
	Title:
    	Trustee	 	Title:	Manager
    and Member
	 	 	 	 	 
	Marc
    Ezralow 1997 Trust u/t/d 11.26.1997	 	Elevado
    Investment Company, LLC, a Delaware limited liability company
	 	 	 
	By:	 	 	By:	 
	Name:
    	Mark
    Ezralow	 	Name:
    	Bryan
    Ezralow, as Trustee of the Ezralow Family Trust U/T/D 12/09/1980
	Title:
    	Trustee	 	Title:	Manager
    and Member
	 	 	 	 	 
	SPA
    Trust u/t/d 09.13.2004	 	David
    Leff Family Trust u/t/d 02.03.1988
	 	 	 
	By:	 	 	By:	 
	Name:
    	Mark
    Ezralow	 	Name:	David
    Michael Leff
	Title:
    	Trustee	 	Title:	Trustee
	 	 	 	 	 
	C
    and R Irrevocable Trust u/t/d 11.05.2007	 	Freedman
    Family Trust u/t/d 05.25.1982
	 	 	 	 	 
	By:	 	 	By:	 
	Name:
    	David
    Michael Leff	 	Name:	Gary
    E. Freedman
	Title:
    	Trustee	 	Title:	Trustee
	 	 	 	 	 
	Freedman
    2006 Irrevocable Trust u/t/d 02.27.2006	 	Haddad
    Family Trust
	 	 	 	 	 
	By:	 	 	By:	 
	Name:
    	Gary
    E. Freedman	 	Name:	David
    Haddad
	Title:
    	Trustee	 	Title:	Trustee
	 	 	 	 	 
	 	 	 	Joshua
    and Julie Ofman Family Trust
	 	 	 	 	 
		 	By:	 
	Douglas
    S. Ramer	 	Name:	Joshua
    J. Ofman
	 	 	 	Title:	Trustee

 

[Signature
Page Registration Rights Agreement]

 

    	 	 	 

     

    

 

HOLDERS

 

	 	 	 	TR
    Capital Growth Fund, LLC
	 	 	 	 
	 	 	By:	 
	Karen
    Kang	 	Name:	            
	 	        	 	Title:	 
	 	 	 	 	 
	 	 	 
	Russell
    Steward	 	Michael
    E. Meyers
	 	 	 	 	 
	CCM
    Holdings, Inc.	 	John
    W. Galuchie Jr. & Marianne C. Galuchie TTEES Galuchie Living Trust DTD 9/11/00 
	 	 	 
	By:	 	 	By:	 
	Name:	 	 	Name:	 
	Title:	 	 	Title:	 
	 	 	 	 	 
	T.R.
    Winston & Company LLC	 	G.
    Tyler Runnels and Jasmine N. Runnels TTEES The Runnels Family Trust DTD 1-11-2000
	 	 	 
	By:	 	 	By:	 
	Name:	 	 	Name:	 
	Title:	 	 	Title:	 
	 	 	 	 	 
	Larry
    Steven Spitcaufsky TTEE Larry S. Spitcaufsky Family Trust U/A DTD 08/23/1995	 	Larry
    Steven Spitcaufsky Charles Schwab & Co Inc. Cust Roth Contributory IRA
	 	 	 	 	 
	By:	 	 	By:	 
	Name:	 	 	Name:	 
	Title:	 	 	Title:	 

 

[Signature
Page Registration Rights Agreement]Exhibit
10.4

 

EXHIBIT
D

 

SUBSIDIARY
GUARANTEE

 

SUBSIDIARY
GUARANTEE, dated as of April 1, 2020 (this “Guarantee”), made by each of the signatories hereto (together with
any other entity that may become a party hereto as provided herein, the “Guarantors”), in favor of Oz Rey,
LLC, a Texas limited liability company (together with its permitted assigns, the “Purchasers”) to that certain
Securities Purchase Agreement, dated as of the date hereof, between Amergent Hospitality Group, Inc., a Delaware corporation (the
“Company”) and the Purchasers.

 

W
I T N E S S E T H:

 

WHEREAS,
pursuant to that certain Securities Purchase Agreement, dated as of the date hereof, by and between the Company and the Purchasers
(the “Purchase Agreement”), the Company has agreed to sell and issue to the Purchasers, and the Purchasers
have agreed to purchase from the Company the Debentures, subject to the terms and conditions set forth therein; and

 

WHEREAS,
each Guarantor will directly benefit from the extension of credit to the Company represented by the issuance of the Debentures;
and

 

NOW,
THEREFORE, in consideration of the premises and to induce the Purchasers to enter into the Purchase Agreement and to carry out
the transactions contemplated thereby, each Guarantor hereby agrees with the Purchasers as follows:

 

1.
Definitions. Unless otherwise defined herein, terms defined in the Purchase Agreement and used herein shall have the meanings
given to them in the Purchase Agreement. The words “hereof,” “herein,” “hereto” and “hereunder”
and words of similar import when used in this Guarantee shall refer to this Guarantee as a whole and not to any particular provision
of this Guarantee, and Section and Schedule references are to this Guarantee unless otherwise specified. The meanings given to
terms defined herein shall be equally applicable to both the singular and plural forms of such terms. The following terms shall
have the following meanings:

 

“Guarantee”
means this Subsidiary Guarantee, as the same may be amended, supplemented or otherwise modified from time to time.

 

“Obligations”
means, in addition to all other costs and expenses of collection incurred by Purchasers in enforcing any of such Obligations and/or
this Guarantee, all of the liabilities and obligations (primary, secondary, direct, contingent, sole, joint or several) due or
to become due, or that are now or may be hereafter contracted or acquired, or owing to, of the Company or any Guarantor to the
Purchasers, including, without limitation, all obligations under this Guarantee, the Debentures and any other instruments, agreements
or other documents executed and/or delivered in connection herewith or therewith, in each case, whether now or hereafter existing,
voluntary or involuntary, direct or indirect, absolute or contingent, liquidated or unliquidated, whether or not jointly owed
with others, and whether or not from time to time decreased or extinguished and later increased, created or incurred, and all
or any portion of such obligations or liabilities that are paid, to the extent all or any part of such payment is avoided or recovered
directly or indirectly from any of the Purchasers as a preference, fraudulent transfer or otherwise as such obligations may be
amended, supplemented, converted, extended or modified from time to time. Without limiting the generality of the foregoing, the
term “Obligations” shall include, without limitation: (i) principal of, and interest on the Debentures and the loans
extended pursuant thereto; (ii) any and all other fees, indemnities, costs, obligations and liabilities of the Company or any
Guarantor from time to time under or in connection with this Guarantee, the Debentures and any other instruments, agreements or
other documents executed and/or delivered in connection herewith or therewith; and (iii) all amounts (including but not limited
to post-petition interest) in respect of the foregoing that would be payable but for the fact that the obligations to pay such
amounts are unenforceable or not allowable due to the existence of a bankruptcy, reorganization or similar proceeding involving
the Company or any Guarantor.

 

    	 	 	 

     

    

 

2.
Guarantee.

 

(a)
Guarantee.

 

(i)
The Guarantors hereby, jointly and severally, unconditionally and irrevocably, guarantee to the Purchasers and their respective
successors, indorsees, transferees and assigns, the prompt and complete payment and performance when due (whether at the stated
maturity, by acceleration or otherwise) of the Obligations.

 

(ii)
Anything herein or in any other Transaction Document to the contrary notwithstanding, the maximum liability of each Guarantor
hereunder and under the other Transaction Documents shall in no event exceed the amount which can be guaranteed by such Guarantor
under applicable federal and state laws, including laws relating to the insolvency of debtors, fraudulent conveyance or transfer
or laws affecting the rights of creditors generally (after giving effect to the right of contribution established in Section 2(b)).

 

(iii)
Each Guarantor agrees that the Obligations may at any time and from time to time exceed the amount of the liability of such Guarantor
hereunder without impairing the guarantee contained in this Section 2 or affecting the rights and remedies of the Purchasers hereunder.

 

(iv)
The guarantee contained in this Section 2 shall remain in full force and effect until all the Obligations and the obligations
of each Guarantor under the guarantee contained in this Section 2 shall have been satisfied by indefeasible payment in full.

 

    	 	2	 

     

    

 

(v)
No payment made by the Company, any of the Guarantors, any other guarantor or any other Person or received or collected by the
Purchasers from the Company, any of the Guarantors, any other guarantor or any other Person by virtue of any action or proceeding
or any set-off or appropriation or application at any time or from time to time in reduction of or in payment of the Obligations
shall be deemed to modify, reduce, release or otherwise affect the liability of any Guarantor hereunder which shall, notwithstanding
any such payment (other than any payment made by such Guarantor in respect of the Obligations or any payment received or collected
from such Guarantor in respect of the Obligations), remain liable for the Obligations up to the maximum liability of such Guarantor
hereunder until the Obligations are indefeasibly paid in full.

 

(vi)
Notwithstanding anything to the contrary in this Guarantee, with respect to any defaulted non-monetary Obligations the specific
performance of which by the Guarantors is not reasonably possible (e.g. the issuance of the Company’s Common Stock), the
Guarantors shall only be liable for making the Purchasers whole on a monetary basis for the Company’s failure to perform
such Obligations in accordance with the Transaction Documents.

 

(b)
Right of Contribution. Subject to Section 2(c), each Guarantor hereby agrees that to the extent that a Guarantor shall
have paid more than its proportionate share of any payment made hereunder, such Guarantor shall be entitled to seek and receive
contribution from and against any other Guarantor hereunder which has not paid its proportionate share of such payment. Each Guarantor’s
right of contribution shall be subject to the terms and conditions of Section 2(c). The provisions of this Section 2(b) shall
in no respect limit the obligations and liabilities of any Guarantor to the Purchasers and each Guarantor shall remain liable
to the Purchasers for the full amount guaranteed by such Guarantor hereunder.

 

(c)
No Subrogation. Notwithstanding any payment made by any Guarantor hereunder or any set-off or application of funds of any
Guarantor by the Purchasers, no Guarantor shall be entitled to be subrogated to any of the rights of the Purchasers against the
Company or any other Guarantor or any collateral security or guarantee or right of offset held by the Purchasers for the payment
of the Obligations, nor shall any Guarantor seek or be entitled to seek any contribution or reimbursement from the Company or
any other Guarantor in respect of payments made by such Guarantor hereunder, until all amounts owing to the Purchasers by the
Company on account of the Obligations are indefeasibly paid in full. If any amount shall be paid to any Guarantor on account of
such subrogation rights at any time when all of the Obligations shall not have been paid in full, such amount shall be held by
such Guarantor in trust for the Purchasers, segregated from other funds of such Guarantor, and shall, forthwith upon receipt by
such Guarantor, be turned over to the Purchasers in the exact form received by such Guarantor (duly indorsed by such Guarantor
to the Purchasers, if required), to be applied against the Obligations, whether matured or unmatured, in such order as the Purchasers
may determine.

 

    	 	3	 

     

    

 

(d)
Amendments, Etc. With Respect to the Obligations. Each Guarantor shall remain obligated hereunder notwithstanding that,
without any reservation of rights against any Guarantor and without notice to or further assent by any Guarantor, any demand for
payment of any of the Obligations made by the Purchasers may be rescinded by the Purchasers and any of the Obligations continued,
and the Obligations, or the liability of any other Person upon or for any part thereof, or any collateral security or guarantee
therefor or right of offset with respect thereto, may, from time to time, in whole or in part, be renewed, extended, amended,
modified, accelerated, compromised, waived, surrendered or released by the Purchasers, and the Purchase Agreement and the other
Transaction Documents and any other documents executed and delivered in connection therewith may be amended, modified, supplemented
or terminated, in whole or in part, as the Purchasers may deem advisable from time to time, and any collateral security, guarantee
or right of offset at any time held by the Purchasers for the payment of the Obligations may be sold, exchanged, waived, surrendered
or released. The Purchasers shall have no obligation to protect, secure, perfect or insure any Lien at any time held by them as
security for the Obligations or for the guarantee contained in this Section 2 or any property subject thereto.

 

(e)
Guarantee Absolute and Unconditional. Each Guarantor waives any and all notice of the creation, renewal, extension or accrual
of any of the Obligations and notice of or proof of reliance by the Purchasers upon the guarantee contained in this Section 2
or acceptance of the guarantee contained in this Section 2; the Obligations, and any of them, shall conclusively be deemed to
have been created, contracted or incurred, or renewed, extended, amended or waived, in reliance upon the guarantee contained in
this Section 2; and all dealings between the Company and any of the Guarantors, on the one hand, and the Purchasers, on the other
hand, likewise shall be conclusively presumed to have been had or consummated in reliance upon the guarantee contained in this
Section 2. Each Guarantor waives to the extent permitted by law diligence, presentment, protest, demand for payment and notice
of default or nonpayment to or upon the Company or any of the Guarantors with respect to the Obligations. Each Guarantor understands
and agrees that the guarantee contained in this Section 2 shall be construed as a continuing, absolute and unconditional guarantee
of payment and performance without regard to (a) the validity or enforceability of the Purchase Agreement or any other Transaction
Document, any of the Obligations or any other collateral security therefor or guarantee or right of offset with respect thereto
at any time or from time to time held by the Purchasers, (b) any defense, set-off or counterclaim (other than a defense of payment
or performance or fraud by Purchasers) which may at any time be available to or be asserted by the Company or any other Person
against the Purchasers, or (c) any other circumstance whatsoever (with or without notice to or knowledge of the Company or such
Guarantor) which constitutes, or might be construed to constitute, an equitable or legal discharge of the Company for the Obligations,
or of such Guarantor under the guarantee contained in this Section 2, in bankruptcy or in any other instance. When making any
demand hereunder or otherwise pursuing its rights and remedies hereunder against any Guarantor, the Purchasers may, but shall
be under no obligation to, make a similar demand on or otherwise pursue such rights and remedies as they may have against the
Company, any other Guarantor or any other Person or against any collateral security or guarantee for the Obligations or any right
of offset with respect thereto, and any failure by the Purchasers to make any such demand, to pursue such other rights or remedies
or to collect any payments from the Company, any other Guarantor or any other Person or to realize upon any such collateral security
or guarantee or to exercise any such right of offset, or any release of the Company, any other Guarantor or any other Person or
any such collateral security, guarantee or right of offset, shall not relieve any Guarantor of any obligation or liability hereunder,
and shall not impair or affect the rights and remedies, whether express, implied or available as a matter of law, of the Purchasers
against any Guarantor. For the purposes hereof, “demand” shall include the commencement and continuance of any legal
proceedings.

 

    	 	4	 

     

    

 

(f)
Reinstatement. The guarantee contained in this Section 2 shall continue to be effective, or be reinstated, as the case
may be, if at any time payment, or any part thereof, of any of the Obligations is rescinded or must otherwise be restored or returned
by the Purchasers upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of the Company or any Guarantor,
or upon or as a result of the appointment of a receiver, intervenor or conservator of, or trustee or similar officer for, the
Company or any Guarantor or any substantial part of its property, or otherwise, all as though such payments had not been made.

 

(g)
Payments. Each Guarantor hereby guarantees that payments hereunder will be paid to the Purchasers without set-off or counterclaim
in U.S. dollars at the address set forth or referred to in the Signature Pages to the Purchase Agreement.

 

3.
Representations and Warranties. Each Guarantor hereby makes the following representations and warranties to Purchasers
as of the date hereof:

 

(a)
Organization and Qualification. The Guarantor is an entity, duly incorporated or otherwise organized, validly existing
and in good standing under the laws of the applicable jurisdiction set forth on Schedule 1, with the requisite corporate, partnership,
limited liability company or other power and authority to own and use its properties and assets and to carry on its business as
currently conducted. The Guarantor has no subsidiaries other than those identified as such on the Disclosure Schedules to the
Purchase Agreement. The Guarantor is duly qualified to do business and is in good standing as a foreign corporation in each jurisdiction
in which the nature of the business conducted or property owned by it makes such qualification necessary, except where the failure
to be so qualified or in good standing, as the case may be, could not, individually or in the aggregate, (x) adversely affect
the legality, validity or enforceability of any of this Guaranty in any material respect, (y) have a material adverse effect on
the results of operations, assets, prospects, or financial condition of the Guarantor or (z) adversely impair in any material
respect the Guarantor’s ability to perform fully on a timely basis its obligations under this Guaranty (a “Material
Adverse Effect”).

 

(b)
Authorization; Enforcement. The Guarantor has the requisite corporate, partnership, limited liability company or other
power and authority to enter into and to consummate the transactions contemplated by this Guaranty, and otherwise to carry out
its obligations hereunder. The execution and delivery of this Guaranty by the Guarantor and the consummation by it of the transactions
contemplated hereby have been duly authorized by all requisite corporate, partnership, limited liability company or other action
on the part of the Guarantor. This Guaranty has been duly executed and delivered by the Guarantor and constitutes the valid and
binding obligation of the Guarantor enforceable against the Guarantor in accordance with its terms, except as such enforceability
may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or similar laws relating to, or affecting
generally the enforcement of, creditors’ rights and remedies or by other equitable principles of general application.

 

    	 	5	 

     

    

 

(c)
No Conflicts. The execution, delivery and performance of this Guaranty by the Guarantor and the consummation by the Guarantor
of the transactions contemplated thereby do not and will not (i) conflict with or violate any provision of its certificate or
articles of incorporation, bylaws or other organizational or charter documents, or (ii) conflict with, constitute a default (or
an event which with notice or lapse of time or both would become a default) under, or give to others any rights of termination,
amendment, acceleration or cancellation of, any agreement, indenture or instrument to which the Guarantor is a party, or (iii)
result in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction of any court or governmental
authority to which the Guarantor is subject (including Federal and State securities laws and regulations), or by which any material
property or asset of the Guarantor is bound or affected, except in the case of each of clauses (ii) and (iii), such conflicts,
defaults, terminations, amendments, accelerations, cancellations and violations as could not, individually or in the aggregate,
have or result in a Material Adverse Effect. The business of the Guarantor is not being conducted in violation of any law, ordinance
or regulation of any governmental authority.

 

(d)
Consents and Approvals. The Guarantor is not required to obtain any consent, waiver, authorization or order of, or make
any filing or registration with, any court or other federal, state, local, foreign or other governmental authority or other person
in connection with the execution, delivery and performance by the Guarantor of this Guaranty.

 

4.
Covenants.

 

(a)
Each Guarantor covenants and agrees with the Purchasers that, from and after the date of this Guarantee until the Obligations
shall have been indefeasibly paid in full, such Guarantor shall take, and/or shall refrain from taking, as the case may be, each
commercially reasonable action that is necessary to be taken or not taken, as the case may be, so that no Event of Default (as
defined in the Debentures) is caused by the failure to take such action or to refrain from taking such action by such Guarantor.

 

(b)
So long as any of the Obligations are outstanding, unless Purchasers holding at least 67% of the aggregate principal amount of
the then outstanding Debentures shall otherwise consent in writing, each Guarantor will not directly or indirectly on or after
the date of this Guarantee:

 

i.
enter into, create, incur, assume or suffer to exist any indebtedness for borrowed money of any kind, including but not limited
to, a guarantee, on or with respect to any of its property or assets now owned or hereafter acquired or any interest therein or
any income or profits therefrom;

 

    	 	6	 

     

    

 

ii.
enter into, create, incur, assume or suffer to exist any liens of any kind, on or with respect to any of its property or assets
now owned or hereafter acquired or any interest therein or any income or profits therefrom;

 

iii.
amend its certificate of incorporation, bylaws or other charter documents so as to adversely affect any rights of any Purchaser;

 

iv.
repay, repurchase or offer to repay, repurchase or otherwise acquire more than a de minimis number of shares of its securities
or debt obligations;

 

v.
pay cash dividends on any equity securities of the Company;

 

vi.
enter into any transaction with any Affiliate of the Guarantor which would be required to be disclosed in any public filing of
the Company with the Commission, unless such transaction is made on an arm’s-length basis and expressly approved by a majority
of the disinterested directors of the Company (even if less than a quorum otherwise required for board approval); or

 

vii.
enter into any agreement with respect to any of the foregoing.

 

5.
Miscellaneous.

 

(a)
Amendments in Writing. None of the terms or provisions of this Guarantee may be waived, amended, supplemented or otherwise
modified except in writing by the Purchasers.

 

(b)
Notices. All notices, requests and demands to or upon the Purchasers or any Guarantor hereunder shall be effected in the
manner provided for in the Purchase Agreement, provided that any such notice, request or demand to or upon any Guarantor shall
be addressed to such Guarantor at 7621 Little Avenue, Suite 414, Charlotte, NC 28226.

 

(c)
No Waiver By Course Of Conduct; Cumulative Remedies. The Purchasers shall not by any act (except by a written instrument
pursuant to Section 5(a)), delay, indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or
to have acquiesced in any default under the Transaction Documents or Event of Default. No failure to exercise, nor any delay in
exercising, on the part of the Purchasers, any right, power or privilege hereunder shall operate as a waiver thereof. No single
or partial exercise of any right, power or privilege hereunder shall preclude any other or further exercise thereof or the exercise
of any other right, power or privilege. A waiver by the Purchasers of any right or remedy hereunder on any one occasion shall
not be construed as a bar to any right or remedy which the Purchasers would otherwise have on any future occasion. The rights
and remedies herein provided are cumulative, may be exercised singly or concurrently and are not exclusive of any other rights
or remedies provided by law.

 

    	 	7	 

     

    

 

(d)
Enforcement Expenses; Indemnification.

 

(i)
Each Guarantor agrees to pay, or reimburse the Purchasers for, all its costs and expenses incurred in collecting against such
Guarantor under the guarantee contained in Section 2 or otherwise enforcing or preserving any rights under this Guarantee and
the other Transaction Documents to which such Guarantor is a party, including, without limitation, the reasonable fees and disbursements
of counsel to the Purchasers.

 

(ii)
Each Guarantor agrees to pay, and to save the Purchasers harmless from, any and all liabilities with respect to, or resulting
from any delay in paying, any and all stamp, excise, sales or other taxes which may be payable or determined to be payable in
connection with any of the transactions contemplated by this Guarantee.

 

(iii)
Each Guarantor agrees to pay, and to save the Purchasers harmless from, any and all liabilities, obligations, losses, damages,
penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever with respect to the execution,
delivery, enforcement, performance and administration of this Guarantee to the extent the Company would be required to do so pursuant
to the Purchase Agreement.

 

(iv)
The agreements in this Section shall survive repayment of the Obligations and all other amounts payable under the Purchase Agreement
and the other Transaction Documents.

 

(e)
Successor and Assigns. This Guarantee shall be binding upon the successors and assigns of each Guarantor and shall inure
to the benefit of the Purchasers and their respective successors and assigns; provided that no Guarantor may assign, transfer
or delegate any of its rights or obligations under this Guarantee without the prior written consent of the Purchasers.

 

(f)
Set-Off. Each Guarantor hereby irrevocably authorizes the Purchasers at any time and from time to time while an Event of
Default under any of the Transaction Documents shall have occurred and be continuing, without notice to such Guarantor or any
other Guarantor, any such notice being expressly waived by each Guarantor, to set-off and appropriate and apply any and all deposits,
credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured or
unmatured, at any time held or owing by the Purchasers to or for the credit or the account of such Guarantor, or any part thereof
in such amounts as the Purchasers may elect, against and on account of the obligations and liabilities of such Guarantor to the
Purchasers hereunder and claims of every nature and description of the Purchasers against such Guarantor, in any currency, whether
arising hereunder, under the Purchase Agreement, any other Transaction Document or otherwise, as the Purchasers may elect, whether
or not the Purchasers have made any demand for payment and although such obligations, liabilities and claims may be contingent
or unmatured. The Purchasers shall notify such Guarantor promptly of any such set-off and the application made by the Purchasers
of the proceeds thereof, provided that the failure to give such notice shall not affect the validity of such set-off and application.
The rights of the Purchasers under this Section are in addition to other rights and remedies (including, without limitation, other
rights of set-off) which the Purchasers may have.

 

    	 	8	 

     

    

 

(g)
Counterparts. This Agreement may be executed and delivered in original, via DocuSign, RightSignature or any other comparable
signature software, via facsimile or email with PDF attachment, or other commercially acceptable electronic form, in any number
of counterparts, each of which shall be deemed an original, and all of which shall together constitute but one and the same instrument,
which instrument shall for all purposes be sufficiently evidenced by any such counterpart.

 

(h)
Severability. Any provision of this Guarantee which is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions
hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision
in any other jurisdiction.

 

(i)
Section Headings. The Section headings used in this Guarantee are for convenience of reference only and are not to affect
the construction hereof or be taken into consideration in the interpretation hereof.

 

(j)
Integration. This Guarantee and the other Transaction Documents represent the agreement of the Guarantors and the Purchasers
with respect to the subject matter hereof and thereof, and there are no promises, undertakings, representations or warranties
by the Purchasers relative to subject matter hereof and thereof not expressly set forth or referred to herein or in the other
Transaction Documents.

 

(k)
Governing Laws. All questions concerning the construction, validity, enforcement and interpretation of this Guarantee shall
be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the
principles of conflicts of law thereof. Each of the Company and the Guarantors agree that all proceedings concerning the interpretations,
enforcement and defense of the transactions contemplated by this Guarantee (whether brought against a party hereto or its respective
affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the state
and federal courts sitting in the City of New York, Borough of Manhattan. Each of the Company and the Guarantors hereby irrevocably
submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan for
the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein,
and hereby irrevocably waives, and agrees not to assert in any proceeding, any claim that it is not personally subject to the
jurisdiction of any such court, that such proceeding is improper. Each party hereto hereby irrevocably waives personal service
of process and consents to process being served in any such proceeding by mailing a copy thereof via registered or certified mail
or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Guarantee
and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein
shall be deemed to limit in any way any right to serve process in any manner permitted by law. Each party hereto hereby irrevocably
waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising
out of or relating to this Guarantee or the transactions contemplated hereby.

 

    	 	9	 

     

    

 

(l)
Acknowledgements. Each Guarantor hereby acknowledges that:

 

(i)
it has been advised by counsel in the negotiation, execution and delivery of this Guarantee and the other Transaction Documents
to which it is a party;

 

(ii)
the Purchasers have no fiduciary relationship with or duty to any Guarantor arising out of or in connection with this Guarantee
or any of the other Transaction Documents, and the relationship between the Guarantors, on the one hand, and the Purchasers, on
the other hand, in connection herewith or therewith is solely that of debtor and creditor; and

 

(iii)
no joint venture is created hereby or by the other Transaction Documents or otherwise exists by virtue of the transactions contemplated
hereby among the Guarantors and the Purchasers.

 

(m)
Additional Guarantors. The Company shall cause each of its subsidiaries formed or acquired on or subsequent to the date
hereof to become a Guarantor for all purposes of this Guarantee by executing and delivering an Assumption Agreement in the form
of Annex 1 hereto.

 

(n)
Release of Guarantors. Each Guarantor will be released from all liability hereunder concurrently with the indefeasible
repayment in full of all amounts owed under the Purchase Agreement, the Debentures and the other Transaction Documents.

 

(o)
WAIVER OF JURY TRIAL. EACH GUARANTOR AND, BY ACCEPTANCE OF THE BENEFITS HEREOF, THE PURCHASERS, HEREBY IRREVOCABLY AND
UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS GUARANTEE AND FOR ANY COUNTERCLAIM THEREIN.

 

*********************

 

(Signature
Pages Follow)

 

    	 	10	 

     

    

 

IN
WITNESS WHEREOF, each of the undersigned has caused this Guarantee to be duly executed and delivered as of the date first above
written.

 

	 	AMERICAN ROADSIDE BURGERS, INC.
	 	AMERICAN BURGER ALLY, LLC
	 	AMERICAN BURGER MOREHEAD, LLC
	 	AMERICAN BURGER PROSPERITY, LLC
	 	AMERICAN ROADSIDE BURGERS SMITHTOWN,
    INC.
	 	BGR ACQUISITION, LLC
	 	BGR FRANCHISING, LLC
	 	BGR OPERATIONS, LLC
	 	BGR ACQUISITION 1, LLC
	 	BGR ANNAPOLIS, LLC
	 	BGR ARLINGTON, LLC
	 	BGR COLUMBIA, LLC
	 	BGR MICHIGAN AVE, LLC
	 	BGR MOSAIC, LLC
	 	BGR OLD KEENE MILL, LLC
	 	BGR WASHINGTONIAN, LLC
	 	CAPITOL BURGER, LLC
	 	BT BURGER ACQUISITION, LLC
	 	BT’S BURGERJOINT RIVERGATE
    LLC
	 	BT’S BURGERJOINT SUN VALLEY,
    LLC
	 	LBB ACQUISITION, LLC
	 	CUARTO LLC
	 	LBB ACQUISITION 1 LLC
	 	LBB HASSALO LLC
	 	LBB PLATFORM LLC
	 	LBB CAPITOL HILL LLC
	 	LBB FRANCHISING LLC
	 	LBB GREEN LAKE LLC
	 	LBB LAKE OSWEGO LLC
	 	LBB MAGNOLIA PLAZA LLC
	 	LBB MULTNOMAH VILLAGE LLC
	 	LBB PROGRESS RIDGE LLC
	 	LBB REA FARMS LLC
	 	LBB WALLINGFORD LLC
	 	LBB DOWNTOWN PDX LLC
	 	NOVENO LLC
	 	OCTAVO LLC
	 	PRIMERO LLC
	 	QUINTO LLC
	 	SEGUNDO LLC
	 	SEPTIMO LLC
	 	SEXTO LLC
	 	JANTZEN BEACH WINGS, LLC
	 	OREGON OWL’S NEST, LLC
	 	WEST END WINGS LTD
	 	 	 
	 	By:	/s/
    Michael D. Pruitt
	 	 	Michael
    D. Pruett, Chief Executive Officer

 

    	 	 	 

     

    

 

SCHEDULE
1

 

GUARANTORS

 

The
following are the names, notice addresses and jurisdiction of organization of each Guarantor.

 

	Name	 	Jurisdiction of Incorporation	 	Percent Owned	 
	CHANTICLEER HOLDINGS, INC.	 	DE, USA	 	 	 	 
	 	 	 	 	 	 	 
	American Roadside Burgers, Inc.	 	DE, USA	 	 	100	%
	American Burger Ally, LLC	 	NC, USA	 	 	100	%
	American Burger Morehead, LLC	 	NC, USA	 	 	100	%
	American Burger Prosperity, LLC	 	NC, USA	 	 	50	%
	American Roadside Burgers Smithtown, Inc.	 	DE, USA	 	 	100	%
	BGR Acquisition, LLC	 	NC, USA	 	 	100	%
	BGR Franchising, LLC	 	VA, USA	 	 	100	%
	BGR Operations, LLC	 	VA, USA	 	 	100	%
	BGR Acquisition 1, LLC	 	NC, USA	 	 	100	%
	BGR Annapolis, LLC	 	MD, USA	 	 	100	%
	BGR Arlington, LLC	 	VA, USA	 	 	46	%
	BGR Columbia, LLC	 	MD, USA	 	 	100	%
	BGR Michigan Ave, LLC	 	DC, USA	 	 	100	%
	BGR Mosaic, LLC	 	VA, USA	 	 	100	%
	BGR Old Keene Mill, LLC	 	VA, USA	 	 	100	%
	BGR Washingtonian, LLC	 	MD, USA	 	 	46	%
	Capitol Burger, LLC	 	MD, USA	 	 	100	%
	BT Burger Acquisition, LLC	 	NC, USA	 	 	100	%
	BT’s Burgerjoint Rivergate LLC	 	NC, USA	 	 	100	%
	BT’s Burgerjoint Sun Valley, LLC	 	NC, USA	 	 	100	%
	LBB Acquisition, LLC	 	NC, USA	 	 	100	%
	Cuarto LLC	 	OR, USA	 	 	100	%
	LBB Acquisition 1 LLC	 	OR, USA	 	 	100	%
	LBB Hassalo LLC	 	OR, USA	 	 	80	%
	LBB Platform LLC	 	OR, USA	 	 	80	%
	LBB Capitol Hill LLC	 	WA, USA	 	 	50	%
	LBB Franchising LLC	 	NC, USA	 	 	100	%
	LBB Green Lake LLC	 	OR, USA	 	 	50	%
	LBB Lake Oswego LLC	 	OR, USA	 	 	100	%
	LBB Magnolia Plaza LLC	 	NC, USA	 	 	50	%
	LBB Multnomah Village LLC	 	OR, USA	 	 	50	%
	LBB Progress Ridge LLC	 	OR, USA	 	 	50	%
	LBB Rea Farms LLC	 	NC, USA	 	 	50	%
	LBB Wallingford LLC	 	WA, USA	 	 	50	%
	LBB Downtown PDX LLC	 	OR, USA	 	 	100	%
	Noveno LLC	 	OR, USA	 	 	100	%
	Octavo LLC	 	OR, USA	 	 	100	%
	Primero LLC	 	OR, USA	 	 	100	%
	Quinto LLC	 	OR, USA	 	 	100	%
	Segundo LLC	 	OR, USA	 	 	100	%
	Septimo LLC	 	OR, USA	 	 	100	%
	Sexto LLC	 	OR, USA	 	 	100	%
	Jantzen Beach Wings, LLC	 	OR, USA	 	 	100	%
	Oregon Owl’s Nest, LLC	 	OR, USA	 	 	100	%
	West End Wings LTD	 	United Kingdom	 	 	100	%

 

[SIGNATURE PAGE SUBSIDIARY GUARANTEE]

 

    	 	 	 

     

    

 

Annex
1 to

SUBSIDIARY
GUARANTEE

 

ASSUMPTION
AGREEMENT, dated as of ____ __, ______ made by ______________________________, a ______________ corporation (the “Additional
Guarantor”), in favor of the Purchasers pursuant to the Purchase Agreement referred to below. All capitalized terms
not defined herein shall have the meaning ascribed to them in such Purchase Agreement.

 

W
I T N E S S E T H :

 

WHEREAS,
Amergent Hospitality Group, Inc., a Delaware corporation (the “Company”) and the Purchasers have entered into
a Securities Purchase Agreement, dated as of ________ ___, 2020 (as amended, supplemented or otherwise modified from time to time,
the “Purchase Agreement”);

 

WHEREAS,
in connection with the Purchase Agreement, the Subsidiaries of the Company (other than the Additional Guarantor) have entered
into the Subsidiary Guarantee, dated as of ______________ ____, 20__ (as amended, supplemented or otherwise modified from time
to time, the “Guarantee”) in favor of the Purchasers;

 

WHEREAS,
the Purchase Agreement requires the Additional Guarantor to become a party to the Guarantee; and

 

WHEREAS,
the Additional Guarantor has agreed to execute and deliver this Assumption Agreement in order to become a party to the Guarantee;

 

NOW,
THEREFORE, IT IS AGREED:

 

1.
Guarantee. By executing and delivering this Assumption Agreement, the Additional Guarantor, as provided in Section 5(m)
of the Guarantee, hereby becomes a party to the Guarantee as a Guarantor thereunder with the same force and effect as if originally
named therein as a Guarantor and, without limiting the generality of the foregoing, hereby expressly assumes all obligations and
liabilities of a Guarantor thereunder. The information set forth in Annex 1 hereto is hereby added to the information set forth
in Schedule 1 to the Guarantee. The Additional Guarantor hereby represents and warrants that each of the representations and warranties
contained in Section 3 of the Guarantee is true and correct on and as the date hereof as to such Additional Guarantor (after giving
effect to this Assumption Agreement) as if made on and as of such date.

 

2.
Governing Law. THIS ASSUMPTION AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW
OF THE STATE OF NEW YORK.

 

[SIGNATURE PAGE SUBSIDIARY GUARANTEE]

 

    	 	 	 

     

    

 

IN
WITNESS WHEREOF, the undersigned has caused this Assumption Agreement to be duly executed and delivered as of the date first above
written.

 

	 	[ADDITIONALGUARANTOR]
	 	 	 
	 	By:	                              
	 	Name:	 
	 	Title:	 

 

[SIGNATURE PAGE SUBSIDIARY GUARANTEE]

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