Document:

Exhibit
10.5

 

	 	 

 

	Dear
  Ferdinand,	February
  9, 2022

 

On
behalf of Muscle Maker, Inc., I would like to extend an offer of employment for the position of Chief Accounting Officer (“CAO”)
of Muscle Maker, Inc. and its subsidiaries (“Company”). As you are aware, you are currently working under an employment contract
with the organization which expires on February 13, 2022. This letter serves as a formal offer and the terms of your employment (this
“Letter Agreement”). This Letter Agreement would become effective on February 14, 2022.

 

Position
and Duties:

 

During
your employment as the CAO you will be responsible for oversight and management of all accounting and audit activities of the Company
including all corporately owned and operated and franchise locations and other duties normally associated with the CAO position. You
shall also perform all other duties as assigned and accept all other responsibilities incident to such position as may be reasonably
assigned to them.

 

Base
Salary:

 

Your
base salary will be One hundred and Seventy-Five Thousand Dollars ($175,000) per annum, paid weekly at a rate of $3,365.38, less
applicable withholding amounts. Upon termination for any reason, the final payment of your base salary will be prorated through the date
of your separation.

 

Your
compensation will be reviewed annually and at the discretion of the Chief Executive Officer and the Compensation Committee of the Board
of Directors may be modified, on an annual basis, to reflect your performance.

 

Bonus:

 

You
will be eligible to receive an annual bonus. The potential bonus will be based on 25% of your then current base salary and dependent
upon the employee meeting specific written criteria to be provided on an annual basis. The bonus will be administered and approved by
the compensation committee and Chief Executive Officer and contain both company-wide metrics and individual performance targets. The
bonus, if earned, may be paid in cash or stock equivalents.

 

Stock
Options:

 

You
will receive stock options in the amount of 25,000 shares, within 90 days of the effective date of this agreement, based on the Muscle
Maker, Inc stock option plan. Options will vest over 5 years in accordance with this plan and are subject to the approval of the Board
of Directors and Compensation Committee. Options will be subject to the terms and conditions of the stock option plan.

 

Vacation:

 

You
will accrue vacation at the rate of three (3) weeks per year. After five years of employment, you will accrue four (4) weeks per year.

 

MUSCLE
MAKER GRILL – 240 W. GALVESTON ST. #1565, LEAGUE CITY, TX 77574 – 832.632.1386

 

    	 

     

    

 

Holidays:

 

We
offer seven (7) paid company holidays: Thanksgiving Day, Christmas Day, Independence Day, Labor Day, Memorial Day, New Year’s Day
and one floating holiday you can use at your discretion. You will also receive five (5) personal time off days.

 

Insurance:

 

You
will be eligible to participate in our Health and Dental insurance program, provided you meet the eligibility and timing requirements
for such benefits. You will be subject to the terms and conditions of the insurance plans which the company reserves the right to make
modifications to the health and dental plans at any time.

 

Other
Benefits:

 

		●	A
                                            laptop will be issued to you for your company use 
		●	You
                                            will be reimbursed for your home internet connection for up to $50 per month
		●	You
                                            will be reimbursed for your cell phone of up to $200 per month
		●	The
                                            Company reserves the right to modify or terminate any benefit programs at any time, with
                                            or without notice

 

Severance:

 

If
you are terminated by the Company for any reason other than cause, including termination without cause in connection with a change in
control, you will be entitled to a severance package of six (6) months of salary and health and dental benefits (“Continuation
Benefits”) paid in accordance with the Company’s payroll schedule and insurance program, but subject to your execution of
a valid release in favor of the Company and its related parties.

 

“Cause”
for the purposes of this Letter Agreement includes but is not limited to the following:

 

		1.	an
                                            act of fraud, embezzlement, theft or any material violation of law or Company policies by
                                            you that occurs during your employment with the Company;
		2.	breach
                                            of your duties in the capacity of Chief Accounting Officer of the Company;
		3.	disclosure
                                            by you of the Company’s confidential information;
		4.	your
                                            engagement in any competitive activity which constitute a breach of your duty of loyalty
                                            or of your obligations to the Company;
		5.	negligence
                                            in performing your duties, which has been brought to your attention in writing, and which
                                            (if curable) has not been cured within thirty (30) days of the notice thereof;
		6.	conduct
                                            by you that is materially injurious to the Company, monetarily or otherwise;
		7.	Employees
                                            commission of an act of discrimination or harassment based on race, sex, national origin,
                                            religious, disability, age or other protected classification in the state where the act occurs;
		8.	“Cause”
                                            includes any of the above grounds for dismissal regardless of whether the Company learns
                                            of it before or after terminating employment.

 

    	 

     

    

 

Confidentiality:

 

You
shall at all times, both during your engagement pursuant to this letter agreement and after termination of employment, regard and preserve
as confidential all trade secrets and other confidential information pertaining to the business of the Company, including financial data,
strategic business plans, product development (or proprietary product data), marketing plans and other non-public, proprietary and confidential
information of the Company and its affiliates that is not otherwise available to the public (the “Confidential Information”)
that have been or may be obtained by you by reason of your acceptance of the offer and undertaking the employment in the position of
CAO for the Company. You agree that all such confidential information, made by the Company or coming into your possession by reason of
your position of CAO, are the property of the Company and shall not be used by you in any way except to the benefit of the Company.

 

Non-Competition
and Non-Solicitation:

 

For
a period commencing on the date of your acceptance of the employment with the Company and ending on the 1 year anniversary of the last
day on which you receive any payment from the Company or any of its affiliates, without the prior written consent of the Company, you
shall not, directly or indirectly, as a principal, manager, agent, consultant, officer, director, stockholder, partner, member, investor,
lender or employee or in any other capacity, solicit or hire any employees of the Company and/or its affiliates.

 

For
a period commencing on the date of your acceptance of the employment with the Company and ending on the last day on which you receive
any payment from the Company or any of its affiliates, without the prior written consent of the Company you shall not, directly or indirectly,
as a principal, manager, agent, consultant, officer, director, stockholder, partner, member, investor, lender or employee or in any other
capacity carry on, be engaged in or have any financial interest in any business which is in material competition with the business of
the Company.

 

You
agree that the foregoing covenant not to compete is a reasonable covenant under the circumstances, and further agree that if in the opinion
of any court of competent jurisdiction such restraint is not reasonable in any respect, such court shall the right, power and authority
to excise or modify such provision or provisions of such covenant as to the court shall appear not reasonable and to enforce the remainder
of the covenant as so amended. You also agree that any breach by you of the covenants contained in the provision would irreparably injure
the company. Accordingly, the company may, in addition to pursuing any other remedies they may have in law or in equity, obtain an injunction
against you restraining any violation of this covenant.

 

You
will be allowed to serve on the Board of Directors or as an Advisor, of any non-competing business and with the written consent of the
Chief Executive Officer, while employed by the Company under this Letter Agreement.

 

Indemnification:

 

The
Company agrees to indemnify the executive to the fullest extent permitted by law consistent with the company’s bylaws in effect
as of the date hereof with respect to any acts or non-action they may have committed during the period during which they were an officer,
director and/or employee of the company or any subsidiary thereof, or of any other entity of which they served as an officer, director
or employee at the request of the company.

 

Liability
Insurance:

 

The
company agrees to obtain a directors and officers liability insurance policy covering the executive and to maintain such policy. The
amount of coverage should be reasonable in relation to the executive’s position and responsibilities during the term of employment
but in no event shall the amount of coverage be less than $1 million in the aggregate provided that the cost and availability of such
insurance is reasonable within the marketplace.

 

    	 

     

    

 

Employment
At Will:

 

Your
employment with Muscle Maker, Inc. is at will. This means your employment is for an indefinite period of time and it is subject to
termination by you or Muscle Maker, Inc., with or without cause, with or without notice, and at any time. Nothing in this policy or
any other policy of Muscle Maker, Inc. shall be interpreted to be in conflict with or to eliminate or modify in any way, the at-will
employment status of Muscle Maker, Inc. employees.

 

The
at-will employment status of an employee of Muscle Maker, Inc. may be modified only in a written employment agreement with that employee
which is signed by the CEO, or the Chairman of the Board of Directors, of Muscle Maker, Inc.

 

By
your signature below, you acknowledge your understanding that your employment with Muscle Maker, Inc. is at will, and that nothing in
this Letter Agreement is intended to constitute a contract of employment, express or implied.

 

Governing
Law; Venue:

 

This
agreement shall be governed by and construed in accordance with the laws of the State of Texas without reference to principles of conflict
in laws. Any action at law, suit in equity or judicial proceeding arising directly, indirectly, or otherwise in connection with, out
of, related to or from this Agreement, or any provision hereof, shall be litigated only in the courts of the State of Texas.

 

Other
Conditions:

 

You
will be required to sign various documents pertaining to whistleblower, confidentiality, employee handbook, insider trading and other
policies.

 

Complete
Agreement:

 

This
letter agreement contains the complete agreement of the parties hereto respecting the matters hereof.

 

We
are excited about our future at Muscle Maker, Inc and the potential of your leadership in growing the brand. We look forward to working
with you. Please indicate your acceptance of this offer and these terms by signing and returning as soon as practical.

 

	Sincerely,	 	 
	 	 	 
	Muscle
    Maker, Inc.	 	 
	 	 	 	 
	By:	/s/
    Michael J. Roper	 	 
	 	Michael
    J. Roper	 	 
	 	Chief
    Executive Officer	 	 
	 	 	 	 
	Accepted
    by:	 	 
	 	 	 	 
	/s/ Ferdinand Groenewald	 	Date:
    February 9, 2022
	Ferdinand GroenewaldDocument

EXHIBIT 4.5
 

DESCRIPTION OF CAPITAL STOCK
The following summary of the terms of the capital stock of DHI Group, Inc. (the “Company”) is not meant to be complete and is qualified by reference to the Company’s Amended and Restated Certificate of Incorporation and Second Amended and Restated By-laws, which are filed as exhibits to this Annual Report on Form 10-K and are incorporated by reference herein.
Capital Stock
The Company’s authorized capital stock consists of 240,000,000 shares of common stock, par value $0.01 per share, and 20,000,000 shares of preferred stock, par value $0.01 per share. 
Common Stock
The holders of common stock are entitled to one vote per share on all matters submitted to a vote of stockholders, including the election of directors. Holders of the common stock do not have any preemptive rights or cumulative voting rights, which means that the holders of a majority of the outstanding common stock voting for the election of directors can elect all directors then being elected. The holders of common stock are entitled to receive dividends when, as, and if declared by the board of directors out of legally available funds. Upon the Company’s liquidation or dissolution, the holders of common stock will be entitled to share ratably in those Company assets that are legally available for distribution to stockholders after payment of liabilities and subject to the prior rights of any holders of preferred stock then outstanding. All of the outstanding shares of common stock are fully paid and nonassessable. The rights, preferences and privileges of holders of common stock are subject to the rights of the holders of shares of any series of preferred stock that may be issued in the future.
Preferred Stock
The Company’s board of directors is authorized, subject to limitations prescribed by Delaware law and the certificate of incorporation, to determine the terms and conditions of the preferred stock, including whether the shares of preferred stock will be issued in one or more series, the number of shares to be included in each series and the powers, designations, preferences and rights of the shares. The board of directors is also authorized to designate any qualifications, limitations or restrictions on the shares without any further vote or action by the stockholders. The issuance of preferred stock may have the effect of delaying, deferring or preventing a change in control of the Company and may adversely affect the voting and other rights of the holders of the common stock, which could have an adverse impact on the market price of the common stock. The Company has no current plan to issue any shares of preferred stock.
Directors’ Liability; Indemnification of Directors and Officers
The certificate of incorporation provides that a director will not be personally liable to the Company or the stockholders for monetary damages for breach of fiduciary duty as a director, except:
•for any breach of the duty of loyalty;
•for acts or omissions not in good faith or which involve intentional misconduct or knowing violations of law; 
•for liability under Section 174 of the Delaware General Corporation Law (relating to unlawful dividends, stock repurchases or stock redemptions); or 
•for any transaction from which the director derived any improper personal benefit.
This provision does not limit or eliminate the Company’s rights or those of any stockholder to seek non-monetary relief such as an injunction or rescission in the event of a breach of a director’s duty of care. The provisions will not alter the liability of directors under federal securities laws. In addition, the certificate of incorporation and by-laws provide that the Company indemnify each director and the officers, employees, and agents determined by the board of directors to the fullest extent provided by the laws of the State of Delaware.
Certain Certificate of Incorporation, By-Law and Statutory Provisions
The provisions of the certificate of incorporation and by-laws and of the Delaware General Corporation Law summarized below may have an anti-takeover effect and may delay, defer or prevent a tender offer or takeover attempt that you might consider in your best interest, including an attempt that might result in your receipt of a premium over the market price for your shares.

Special Meetings of Stockholders
The certificate of incorporation provides that special meetings of stockholders may be called only by the chairman or by a majority of the members of the board of directors. Stockholders are not permitted to call a special meeting of stockholders, to require that the chairman call such a special meeting, or to require that the board of directors request the calling of a special meeting of stockholders.
Stockholder Action; Advance Notice Requirements for Stockholder Proposals and Director Nominations
The certificate of incorporation provides that stockholders may not take action by written consent, but may only take action at duly called annual or special meetings, unless the action to be effected by written consent and the taking of such action by written consent have expressly been approved in advance by the board of directors. In addition, the by-laws will establish advance notice procedures for:
•stockholders to nominate candidates for election as a director; and
•stockholders to propose topics for consideration at stockholders’ meetings.
Stockholders must notify the corporate secretary in writing prior to the meeting at which the matters are to be acted upon or directors are to be elected. The notice must contain the information specified in the by-laws. To be timely, the notice must be received at the Company’s corporate headquarters not less than 90 days nor more than 120 days prior to the first anniversary of the date of the prior year’s annual meeting of stockholders. If the annual meeting is advanced by more than 30 days, or delayed by more than 70 days, from the anniversary of the preceding year’s annual meeting, or if no annual meeting was held in the preceding year or for the first annual meeting following this offering, notice by the stockholder, to be timely, must be received not earlier than the 120th day prior to the annual meeting and not later than the later of the 90th day prior to the annual meeting or the 10th day following the day on which the Company notifies stockholders of the date of the annual meeting, either by mail or other public disclosure. In the case of a special meeting of stockholders called to elect directors, the stockholder notice must be received not earlier than 120 days prior to the special meeting and not later than the later of the 90th day prior to the special meeting or 10th day following the day on which the Company notifies stockholders of the date of the special meeting, either by mail or other public disclosure. Notwithstanding the above, in the event that the number of directors to be elected to the board of directors at an annual meeting is increased and the Company does not make any public announcement naming the nominees for the additional directorships at least 100 days before the first anniversary of the preceding year’s annual meeting, a stockholder notice of nomination shall also be considered timely, but only with respect to nominees for the additional directorships, if it is delivered not later than the close of business on the 10th day following the day on which such public announcement is first made. These provisions may preclude some stockholders from bringing matters before the stockholders at an annual or special meeting or from nominating candidates for director at an annual or special meeting.
Election and Removal of Directors
The Company’s board of directors is divided into three classes. The directors in each class serve for a three-year term, one class being elected each year by the stockholders. The stockholders may only remove directors for cause and with the vote of at least 66-2/3% of the total voting power of the issued and outstanding capital stock entitled to vote in the election of directors. The board of directors may elect a director to fill a vacancy, including vacancies created by the expansion of the board of directors. This system of electing and removing directors may discourage a third party from making a tender offer or otherwise attempting to obtain control of the Company, because it generally makes it more difficult for stockholders to replace a majority of the Company’s directors.
The certificate of incorporation and by-laws do not provide for cumulative voting in the election of directors.
Amendment of the Certificate of Incorporation and By-Laws
The certificate of incorporation provides that the affirmative vote of the holders of at least 66-2/3% of the voting power of the issued and outstanding capital stock entitled to vote in the election of directors is required to amend the following provisions of the certificate of incorporation:
•the provisions relating to the classified board of directors;
•the provisions relating to the number and election of directors, the appointment of directors upon an increase in the number of directors or vacancy, and the provisions relating to the removal of directors;
•the provisions requiring a 66-2/3% stockholder vote for the amendment of certain provisions of the certificate of incorporation and for the adoption, amendment or repeal of the by-laws; and 
•the provisions relating to the restrictions on stockholder actions by written consent.
 
In addition, the board of directors is permitted to alter the by-laws without obtaining stockholder approval.

Anti-Takeover Provisions of Delaware Law
The Company is subject to the provisions of Section 203 of the Delaware General Corporation Law. In general, Section 203 prevents an interested stockholder (defined generally as a person owning 15% or more of the corporation’s outstanding voting stock) of a Delaware corporation from engaging in a business combination (as defined) for three years following the date that person became an interested stockholder unless various conditions are satisfied.
Transfer Agent and Registrar
The transfer agent and registrar for the common stock is Computershare Trust Company, N.A.
New York Stock Exchange Listing
The common stock is listed on the NYSE under the symbol “DHX.”

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