SEC Contract Filing

Filing Date: 2019-10-17

Document Content:
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<TYPE>EX-10.1
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<FILENAME>ex10-1.htm
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>EXECUTION
VERSION</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PUT
AGREEMENT</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
PUT AGREEMENT (this &ldquo;<U>Agreement</U>&rdquo;) dated as of October 11, 2019 (the &ldquo;<U>Effective Date</U>&rdquo;), is
entered into by and among ARC Group, Inc., a Nevada corporation (the &ldquo;<U>Parent</U>&rdquo;), ARC WingHouse, LLC, a Florida
limited liability company (&ldquo;<U>Purchaser</U>&rdquo; and, together with Parent, &ldquo;<U>Company</U>&rdquo;) and Soaring
Wings, LLC, a Florida limited liability company (&ldquo;<U>Soaring Wings</U>&rdquo;). All capitalized terms used but not defined
in this Agreement have the meanings assigned to them in the Asset Purchase Agreement (as defined below).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Background</U></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
the Effective Date, Purchaser, a subsidiary of Parent, purchased the WingHouse Bar &amp; Grill casual restaurant chain from Soaring
Wings and its subsidiaries pursuant to that certain Asset Purchase Agreement, dated as of October 11, 2019, by and among the Purchaser,
Parent, Soaring Wings, and the other parties listed therein (the &ldquo;<U>Asset Purchase Agreement</U>&rdquo;).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
partial consideration for the Purchased Assets, Parent is required to deliver ARC Stock to Soaring Wings on each of the first
three anniversaries of the Effective Date, with the number of shares of ARC Stock delivered on each anniversary to be equal to
the quotient of $1,000,000 <I>divided by</I> the applicable per share price: (i) 1<SUP>st</SUP> anniversary, $1.40 per share;
(ii) 2<SUP>nd</SUP> anniversary, $2.00 per share; and (iii) 3<SUP>rd</SUP> anniversary, $3.00 per share (the &ldquo;<U>ARC Stock
Consideration</U>&rdquo;), subject to the terms and conditions in <U>Section 1.2(c)</U> of the Asset Purchase Agreement.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">If
the ARC Stock is not listed on the NYSE, </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NASDAQ
Global Select Market, NASDAQ Global Market and NASDAQ Capital Market <FONT STYLE="background-color: white">on any of the 1<SUP>st</SUP>,
2<SUP>nd</SUP> or 3<SUP>rd</SUP> anniversaries of the Closing (the first such anniversary referred to as a &ldquo;<U>Listing Failure
Anniversary</U>&rdquo;), then, unless Soaring Wings elects otherwise in accordance with <U>Section 1.2(c)</U> of the Asset Purchase
Agreement, Purchaser shall pay $1,000,000 cash to Soaring Wings on the Listing Failure Anniversary and each anniversary of the
Closing after a Listing Failure Anniversary (if any), ending on the 3<SUP>rd</SUP> anniversary of the Closing in full satisfaction
of Parent&rsquo;s obligation to deliver ARC Stock to Soaring Wings on the Listing Failure Anniversary and each anniversary thereafter,
ending on the 3<SUP>rd</SUP> anniversary.</FONT></FONT></P>

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