Chairman and Interim CEO Agreement between Harold Kestenbaum and First Foods Group, Inc.
This agreement amends the prior Director Agreement between Harold Kestenbaum and First Foods Group, Inc., effective May 6, 2020. It appoints Mr. Kestenbaum as Chairman of the Board and Interim Chief Executive Officer, outlining his responsibilities and compensation. He will serve on the Board, manage daily operations, and receive $10,000 per quarter for 2020, with payment timing set by the Board. He may also be granted a one-time opportunity to purchase warrants, as determined by the Board of Directors.
EXHIBIT 10.1
Chairman of the Board of Directors (Chairman) and Interim Chief Executive Officer (CEO) Agreement
Effective May 6, 2020 (the “Effective Date”), the January 1, 2020 Director Agreement between Harold Kestenbaum (the “Director and Interim Chief Executive Officer (CEO)”) and First Foods Group, Inc. (the “Corporation”), represented by the Board of Directors of the Corporation (collectively the “Parties”), is hereby amended to include the role of Harold Kestenbaum as the Chairman of the Board of Directors (“Chairman”) and Interim Chief Executive Officer (“CEO”) as follows:
Responsibilities and Consideration:
| - | The Chairman and CEO will continue to serve on the Board of Directors of the Corporation and be responsible for day to day duties for the benefit of the Corporation. |
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| - | The Chairman and CEO’s compensation may consist of cash-based and/or share-based compensation. |
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| - | The Chairman and CEO’s cash-based and/or share-based compensation for the period January 1, 2020 through December 31, 2020 will be $10,000 per quarter paid on a date determined by the vote of the Board of Directors. |
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| - | In addition, the Chairman and CEO may receive a one-time award of the ability to purchase a particular amount of warrants, as determined by the Board of Directors. |
IN WITNESS WHEREOF, the parties have executed this Term Sheet as of the Effective Date.
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| FIRST FOOD GROUP, INC. |
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| By: | /s/ Harold Kestenbaum |
| By: | /s/ Mark J. Keeley |
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| Harold Kestenbaum |
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| Mark J. Keeley |
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| By: | /s/ Abraham Rosenblum |
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| Abraham Rosenblum |
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| By: | /s/ Hershel Weiss |
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| Hershel Weiss |
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| By: | /s/ Michael Kaplan |
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| Michael Kaplan |
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