Document:

Exhibit 10.5
PIONEER BANK
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TARGET INCENTIVE PLAN
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ARTICLE I
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Establishment, Purpose and Duration
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1.1       Establishment. This Target Incentive Plan (the “Plan”) is adopted by Pioneer Bank (the “Bank”), effective as of January 1, 2018 (the “Effective Date”).
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1.2       Purpose. The Plan seeks to provide participating personnel with incentives and motivation to stimulate the Bank’s profitability and growth while maintaining its safety and soundness. The plan also seeks to improve the ability of the Bank to attract and retain quality personnel, critical to its continued success.
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1.3      Duration of this Plan. This Plan shall commence on the Effective Date, and shall remain in effect until terminated, modified or amended in accordance with Section 4.1 of the Plan.
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ARTICLE II
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Definitions
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For the purposes of this Plan, the following words and phrases shall have the meanings indicated, unless the context clearly indicates otherwise:
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2.1       “Base Salary” means the Participant’s annual rate of base salary paid during each calendar year, excluding bonuses and other forms of variable income, fringe benefits, reimbursements, etc.
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2.2       “Bonus Award” means an annual bonus paid as a cash lump sum under the Plan.
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2.3       “Committee” means the Compensation Committee of the Board of Directors of the Bank or disinterred members of the Board of Directors of the Bank, as applicable.
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2.4       “Eligible Employee” means executives of the Bank who are selected by the Committee, in its sole discretion, to participate in this Plan. Being selected to participate in this Plan for one Plan Year does not guarantee selection for participation in the Plan for any other Plan Year.
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2.5       “Plan Year” means the calendar year.
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2.6       “Participant” means an Eligible Employee who has been notified by the Committee in writing that he or she has been selected to participate in this Plan for the current Plan Year.
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ARTICLE III
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Annual Cash Bonuses
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3.1       Bonus Award.
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(a)       Each Plan Year, the Committee shall set performance objectives pursuant to Section 3.2 for each Participant in writing in an Award Agreement, which shall be provided to each Participant and included as an exhibit to the Plan. If the performance objectives for the Participant are accomplished, the Participant shall receive a Bonus Award under the Plan equal to a designated percentage of the Participant’s Base Salary, as determined by the Committee in its sole discretion and set forth in the Participant’s Award Agreement.
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(b)       In addition to the attainment of the performance objectives set forth by the Committee for the Participant in the Award Agreement, payment of the Bonus Award is also contingent on the Participant’s and the Bank’s overall performance level being satisfactory, as determined by the Committee. The Committee shall have the final authority to determine whether the Bank and/or any Participant has satisfied these requirements.
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3.2       Performance Objectives.
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(a)       Payment of Bonus Awards in any Plan Year is contingent upon the performance objectives specified by the Committee for any Participant being met by the Bank and/or Participant. The specific performance objectives are determined annually by the Committee, with input from the President and Chief Executive Officer, and are subject to change by the Committee, but generally include objective performance targets focused on financial performance, growth, asset quality, and risk management, including, but not limited to, return on average assets, net income margin, return on equity, loan production, asset quality, core deposit growth and subjective, discretionary performance targets, such as particular qualitative factors for each Participant, based on his or her duties for the Bank.
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(b)       Each performance objective shall specify levels of achievement of goals ranging from a minimum level of performance to a maximum level of performance, which can be satisfied incrementally between such achievement levels. Minimum level of performance is a level of performance deemed worthy of a Bonus Award. Maximum level of performance is a level of performance deemed outstanding performance.
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(c)       Each objective will be weighted based on priority as a percentage of the total Bonus Award payable to the Participant. The weight of each performance objective attributable to a Participant will be set forth in his or her Award Agreement.
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3.3       Termination of Employment. Unless otherwise determined by the Committee, a Participant who is not employed as of the payout date for his or her Bonus Award shall forfeit the Bonus Award.
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3.4       Time of Payout. Except as provided in Article IV, no later than two and one half (2 1⁄2) months after the close of the Plan Year (i.e., by the March 15 that immediately follows the end of the Plan Year for which the performance is measured), the Bonus Award will be paid to the Participant in a cash lump sum, through regular payroll practices, including all applicable withholdings. Bonus Awards under the Plan are intended to be exempt from Section 409A of the Internal Revenue Code under the “short term deferral rule” set forth in Treasury Regulations Section 1.409A-1(b)(4). The Chief Financial Officer of the Bank shall calculate the Bonus Awards for the Participants, which shall be certified by the Committee.
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ARTICLE IV
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Amendments and Termination
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4.1       Right to Amend or Terminate. The Committee may amend or terminate this Plan at any time without the consent of any Participants, provided, however, that the Committee may not reduce the amount of the Bonus Award already earned by any Participant in any Plan Year without the Participant’s consent.
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ARTICLE V
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Miscellaneous
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5.1       No Guarantee of Employment. This Plan is not an employment policy or contract. It does not give any Participant the right to remain an employee of the Bank, nor does it interfere with the Bank’s right to discharge the Participant. It also does not interfere with the Participant’s right to terminate employment at any time.
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5.2       Non-Transferability. Bonus Awards under this Plan cannot be sold, transferred, assigned, pledged, attached, or encumbered in any manner.
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5.3       Applicable Law. The Plan and all rights hereunder will be governed by the laws of the State of New York, except to the extent preempted by the laws of the United States of America.
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5.4       Entire Agreement. This Plan constitutes the entire agreement between the Bank and each Participant as to the subject matter hereof. No rights are granted to the Participant by virtue of this Plan other than those specifically set forth herein.

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5.5       Administration. The Committee shall have powers which are necessary to administer this Plan, including but not limited to:
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(a)        Interpreting the provisions of the Plan;
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(b)        Determine the persons eligible to participate in the Plan;
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(c)        Maintaining a record of benefit payments; and
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(d)        Establishing rules and prescribing any forms necessary or desirable to administer the Plan.
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[Signature Page to Follow]
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IN WITNESS WHEREOF, the Bank has executed this Plan on the date set forth below.
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 PIONEER BANK 
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By:    ________________________________
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 ​
     ​
Date: ________________________________Exhibit 10.21

 

EXECUTIVE EMPLOYMENT AGREEMENT

 

This Executive Employment
Agreement (hereinafter referred to as the “Agreement”) is made and effective October 1, 2021 by and between Home Bistro, Inc.,
a corporation duly organized and existing under the laws of the state of Delaware (hereinafter referred to as the “Company”)
and Zalman Scher Duchman, an individual and resident of the state of Florida (hereinafter referred to as the “Executive”).

 

RECITALS

 

WHEREAS, the Company
has employed the Executive as the Chief Executive Officer of the Company, and the Executive is willing to continue in such employment;
and

 

WHEREAS, the Executive
has extensive experience in the on-line, e-commerce meal delivery business and was previously the founder and chief executive officer
of such a business; and

 

WHEREAS, as a condition
precedent to and as an incentive to the Company to extend the employment of the Executive as the Chief Executive Officer of the Company,
the Company and the Executive desire to formalize the arrangements for such employment, in the manner provided for herein and upon the
terms and conditions set forth herein.

 

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

 

1. Employment.
Company hereby agrees to employ Executive as its Chief Executive Officer and Executive hereby accepts such employment in accordance with
the terms of this Agreement.

 

2. Duties
of Executive. The Executive shall serve as the Chief Executive Officer of the Company and shall have powers and authority superior
to any other officer or employee of the Company or of any subsidiary of the Company, including, without limitation, the duties and responsibilities
customarily associated with a chief executive (e.g., control of day-to-day operations, signing checks, hiring and firing, etc.). The Executive
shall be required to report solely to and shall be subject solely to the supervision and direction of the Board of Directors and no other
person or group shall be given authority to supervise or direct Executive in the performance of his duties. The Executive shall render
such services to the best of his ability and use his reasonable best efforts to promote the interests of the Company. Executive shall
perform such duties principally from offices he maintains in Miami Beach, Florida, subject to such reasonable travel as may be required,
and shall not be required to relocate his residence.

 

With the exception of those
listed on Exhibit A, during the term of this Agreement, Executive’s direct or indirect engagement in any other businesses
or concerns in any capacity, either with or without compensation, will require prior written consent of Company.

 

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Compensation. Executive will be paid compensation during this
Agreement as follows:

 

(a) Base
Salary. The Executive’s Annual Base Salary of One Hundred and Twenty Thousand Dollars ($120,000.00) which may be increased during
the Term (as defined herein) of this Agreement to an amount mutually approved by the Executive and Company Board of Directors.

 

(b) Other
Compensation. Upon the execution of this Agreement, Executive shall receive an option to purchase up to Two Million (2,000,000) shares
of the Company’s common stock at a price of $0.001 per share which shall expire on the fifth (5th) anniversary of the
Agreement.

 

(c) Vacation.
Executive shall not be paid for any vacation days taken during the first year of this Agreement. In year two and year three of this Agreement,
vacation pay may be instated in an amount mutually agreed upon by the Executive and Company Board of Directors.

 

(d) Sick
Leave. Executive shall be entitled to sick leave and emergency leave according to the regular policies and procedures of Company.
Additional sick leave or emergency leave over and above paid leave provided by the Company, if any, shall be unpaid and shall be granted
at the discretion of the board of directors.

 

(e) Medical
and Group Life Insurance. In the event the Company offers such a plan, Company agrees to include Executive, at the Executive’s
option, in a group medical and hospital insurance plan the Company may offer during this Agreement. Executive shall be responsible for
payment of any federal or state income tax imposed upon these benefits. The offering of a group medical and hospital insurance plan is
at the discretion of the Company and NOT a condition of employment by the Executive.

 

(f) Expense
Reimbursement. Executive shall be entitled to reimbursement for all reasonable expenses, including travel and entertainment, incurred
by Executive in the performance of Executive’s duties. Executive will maintain records and written receipts as required by the Company
policy and reasonably requested by the board of directors to substantiate such expenses.

 

(g) Directors
and Officers Insurance. Company shall procure and pay for a Directors and Officers liability insurance policy in an amount of no less
than $1,000,000.00 for Executive. Company shall also procure and pay for a tail liability insurance policy for Executive for a term of
no less than twelve (12) months after Executive’s employment with Company terminates, whether such termination is with or without
cause, or otherwise.

 

3. Term.
The Term of this Agreement shall commence on October 1, 2021, and it shall continue in effect for a period of three (3) years. Thereafter,
the Agreement shall be renewed upon the mutual agreement of Executive and Company.

 

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4. Defense
and Indemnification. Company agrees to defend, indemnify and hold Executive harmless from any and all claims, causes of action and losses
arising out of his employment with Company, unless any such claims, cause of action or losses arose due to Executive’s fraud, willful
misconduct, gross negligence or misrepresentation, as finally determined by a court of law.

 

 5. Termination

 

		a.	Termination for Cause. Notwithstanding anything contained
to the contrary in this Agreement, this Agreement may be terminated by the Company for Cause. As used in this Agreement, “Cause”
shall only mean:

 

		i.	An act of fraud, embezzlement or theft;

 

		ii.	A material violation of this Agreement by Executive, which
is not cured within 30 days after written notice thereof;

 

		iii.	The gross negligence or willful misconduct of the Executive
in carrying out his duties and responsibilities under this Agreement;

 

		iv.	An act or acts of personal dishonesty taken by the Executive
and intended to result in substantial personal enrichment of the Executive at the expense of the Company;

 

		(vi)	The conviction of the Executive for any criminal act which
is a felony and which shall result in a custodial sentence of 5 years or more.

 

The Company may terminate
the Executive for Cause by giving the Executive written notice approved by the Board of such termination, such notice (A) to state in
detail the particular act or acts or failure or failures to act that constitute the grounds on which the proposed termination for Cause
is based and (B) to be given within six months of the Board learning of such act or acts or failure or failures to act. The Executive
shall be entitled to a hearing before the Board. Such hearing shall be held within 15 calendar days of receipt of such notice to the Executive,
provided he requests such hearing within ten calendar days of receipt of such notice. If, within five calendar days following such hearing,
the Executive is furnished written notice by the Board confirming that, in its judgment, grounds for Cause on the basis of the original
notice exist, he shall thereupon be terminated for Cause.

 

In the event the Company terminates the Executive’s employment
for Cause:

 

(i) Executive
shall be entitled to Base Salary through the date of the termination, payable as promptly as practicable following termination;

 

 (ii) all outstanding options, if any, which are not exercisable shall be forfeited;

 

(iii) all restricted stock purchased by the
Executive and Executive’s nominee(s), pursuant to the Restricted Stock Agreement (“Stock”), shall be repurchased
by the Company, at its option, for the value paid for the Stock by the Executive and Executive’s nominee(s) (“Stock
Repurchase”).

 

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If the Executive is terminated for cause anytime
during the first year of the Term, all of the Stock shall be eligible for Stock Repurchase.

 

If the Executive is terminated for cause anytime
during the second year of the Term, two-thirds (2/3) all of the Stock shall be eligible for Stock Repurchase.

 

If the Executive is terminated for cause anytime
during the third year of the Term, one-third (1/3) of the Stock shall be eligible for Stock Repurchase.

 

		b.	Disability. Notwithstanding anything contained in this
Agreement to the contrary, the Company, by written notice to the Executive, shall at all times have the right to terminate this Agreement,
and the Executive’s employment hereunder, if the Executive shall, as the result of mental or physical incapacity, illness or disability,
fail to perform his duties and responsibilities provided for herein for a period of more than one hundred twenty (120) consecutive days
in any 12-month period. Upon any termination pursuant to this section, the Executive shall be entitled to be paid his Base Salary through
the date of Disability. In the event that the Agreement has less than six months remaining at such time, Executive shall be entitled
to a payment equal to six months of his Base Salary. In addition, Executive shall be entitled to reimbursement for all business expenses
incurred prior to his disability.

 

		c.	Death. In the event of the death of the Executive during
the Term of his employment hereunder, the Executive’s estate shall be entitled to be paid the Executive’s Base Salary through
the date of Death. In the event that the Agreement has less than six months remaining at such time, Executive shall be entitled to a
payment equal to six months of his Base Salary. In addition, Executive shall be entitled to reimbursement for all business expenses incurred
prior to his death.

 

		d.	This Agreement and Executive’s employment may be terminated
at Company’s Board of Directors discretion during the Initial Term, provided that if Executive is terminated without cause, the
Company shall pay to Executive an amount calculated by multiplying the Executive’s monthly salary, at the time of such termination,
times the number of months remaining in the Initial Term (as an example, if Executive were terminated at the end of the 20th month of
employment, Executive would be entitled to receive a one-lump payment in cash equal to the remaining 16 months base compensation of the
Initial Term at the time of termination. To further illustrate, if the Executive’s monthly salary at the time of termination without
cause was $11,000, the Executive would receive $11,000 times 16 or $176,000). In addition, if Executive is terminated without cause,
Executive’s sign-on bonus shares shall immediately vest. In the event of such termination, Executive shall be entitled to incentive
compensation payment and other compensation then in effect, on a prorated basis.

 

		e.	This Agreement may be terminated by Executive at Executive’s
discretion by providing at least ninety (90) days prior written notice to Company. In the event of termination by Executive pursuant
to this subsection, the Company may immediately relieve Executive of all duties and immediately terminate this Agreement, provided that
Company shall pay Executive at the then applicable base salary rate to the termination date included in Executive’s original termination
notice.

 

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If the Executive terminates this Agreement anytime
during the first year of the Term, all of the Stock shall be eligible for Stock Repurchase.

 

If the Executive terminates this Agreement anytime
during the second year of the Term, two-thirds (2/3) all of the Stock shall be eligible for Stock Repurchase.

 

If the Executive terminates this Agreement anytime
during the third year of the Term, one- third (1/3) of the Stock shall be eligible for Stock Repurchase.

 

		f.	In the event Company is acquired, or is the non-surviving
party in a merger, or sells all or substantially all of its assets, this Agreement shall not be terminated and Company agrees to use
its best efforts to ensure that the transferee or surviving company is bound by the provisions of this Agreement and all shares grants
will vest immediately.

 

6. Notices.
Any notice required by this Agreement or given in connection with it, shall be in writing and shall be given to the appropriate party
by personal delivery or by certified mail, postage prepaid, or recognized overnight delivery services;

 

If to Company:

Home Bistro, Inc.

Michael Finkelstein

 

If to Executive:

Zalmi Duchman

 

7. Final
Agreement. This Agreement terminates and supersedes all prior understandings or agreements on the subject matter hereof. This Agreement
may be modified only by a further writing that is duly executed by both parties.

 

8. Governing
Law. This Agreement shall be construed and enforced in accordance with the laws of the state of Nevada.

 

9. Headings.
Headings used in this Agreement are provided for convenience only and shall not be used to construe meaning or intent.

 

10. No
Assignment. Neither this Agreement nor any or interest in this Agreement may be assigned by Executive without the prior express written
approval of Company, which may be withheld by Company at Company’s absolute discretion.

 

11. Severability.
If any term of this Agreement is held by a court of competent jurisdiction to be invalid or unenforceable, then this Agreement, including
all of the remaining terms, will remain in full force and effect as if such invalid or unenforceable term had never been included.

 

12. Arbitration.
The parties agree that they will use their best efforts to amicably resolve any dispute arising out of or relating to this Agreement.
Any controversy, claim or dispute that cannot be so resolved shall be settled by final binding arbitration in accordance with the rules
of the American Arbitration Association and judgment upon the award rendered by the arbitrator or arbitrators may be entered in any court
having jurisdiction thereof. Any such arbitration shall be conducted in the State of New York, or such other place as may be mutually
agreed upon by the parties. Within fifteen (15) days after the commencement of the arbitration, each party shall select one person to
act as arbitrator, and the two arbitrators so selected shall select a third arbitrator within ten (10) days of their appointment. Each
party shall bear its own costs and expenses and an equal share of the arbitrator’s expenses and administrative fees of arbitration.

 

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IN WITNESS WHEREOF, the parties hereto
have executed this Agreement as of the date first written above.

 

	COMPANY:	 
	 	 	 
	HOME BISTRO, INC.	 
	 	 	 
	By:	 	 
	Name: 	Michael Finkelstein	 
	Title:	Member of Board of Directors	 
	 	 	 
	EXECUTIVE:	 
	 	 	 
	By:	 	 
	Zalmi Duchman	 

 

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EXHIBIT A

 

OTHER BUSINESS ACTIVITIES

 

 

 

 

Surfside Angels LLC

 

 

 

 

 

 

 

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