SEC Contract Filing

Filing Date: 2017-02-06

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>t1700077_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.1</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FIRST AMENDMENT TO EMPLOYMENT AGREEMENT</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">THIS FIRST AMENDMENT TO
EMPLOYMENT AGREEMENT (this &ldquo;Amendment&rdquo;) is made and entered into this 31<SUP>st</SUP> day of January, 2017, by and
between ARC Group, Inc., a Nevada corporation (&ldquo;American&rdquo;), and Richard W. Akam (&ldquo;Akam&rdquo;) for the purpose
of amending that certain Employment Agreement dated January 22, 2013, by and between American and Akam (the &ldquo;Employment Agreement&rdquo;).
Capitalized terms not otherwise defined herein shall have the meanings ascribed to such terms in the Employment Agreement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Recitals</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">WHEREAS, the parties hereto
desire to amend certain provisions of the Employment Agreement to reflect changes to the employment relationship previously made
by American and Akam as well as to reflect new changes to the employment relationship between American and Akam.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, in consideration
of the foregoing premises and representations, warranties, covenants and agreements contained herein, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties
hereto hereby agree as follows:</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">1.</TD><TD STYLE="text-align: justify">The first sentence of Section 1 is hereby deleted in its
entirety and replaced with the following sentence:</TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">Akam was appointed as the Chief Operating
Officer on January 22, 2013, and as the Chief Executive Officer on January 31, 2013, and shall continue to serve as the Chief Executive
Officer and Chief Operating Officer with such duties that are customarily associated with such executive positions and such other
specific duties as assigned by American&rsquo;s Board of Directors.</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">2.</TD><TD STYLE="text-align: justify">Section 3(A) is hereby amended to reflect the addition
of the following sentence at the very end of Section 3(A):</TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">After the Initial
Term, Akam&rsquo;s base monthly salary may be adjusted from time-to-time by American&rsquo;s Board of Directors with the consent
of Akam.</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">3.</TD><TD STYLE="text-align: justify">Section 3(I) is hereby deleted in its entirety effective
December 31, 2016.</TD>
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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">4.</TD><TD STYLE="text-align: justify">The second sentence of Section 3(J)(A)(2) is hereby deleted
in its entirety and replaced with the following sentence:</TD>
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