Exhibit 10.2


 


SECURED
PROMISSORY NOTE


 





	Principal Amount: $660,000	Issuance Date: September 11, 2019




 


FOR
VALUE RECEIVED, Jerrick Media Holdings, Inc., a Nevada corporation (“Maker”), hereby promises to pay to the
order of Home Revolution, LLC, a Delaware limited liability company (the “Holder”), in the manner hereinafter
provided, the principal amount of SIX HUNDRED SIXTY THOUSAND DOLLARS ($660,000.00) (the “Principal Amount”)
together with interest on the outstanding Principal Amount from the date of issuance of this Note (the “Issuance Date”)
of the principal of this Note on the date that is the earlier of: (i) March 11, 2020, and (ii) the listing of Maker’s common
stock, par value $0.001 per share, on a national securities exchange (NASDAQ Stock Market LLC, the New York Stock Exchange, or
the NYSE American (or any successors to any of the foregoing)) (the “Maturity Date”). Interest under this Secured
Promissory Note (as the same may be amended, restated, supplemented or otherwise modified from time to time in accordance with
its terms, this “Note”) shall accrue on the aggregate and then outstanding Principal Amount at the rate of
nine and one half percent (9.5%) per annum, payable monthly, on the fifteenth (15th) day of each month, beginning on
the first such date after the Issuance Date, on each prepayment date (as to that Principal Amount then being prepaid), upon the
occurrence of an Event of Default (as defined below), and on the Maturity Date (each such date, an “Interest Payment
Date”) (if any Interest Payment Date is not a Business Day (as defined below), then the applicable payment shall be
due on the next succeeding Business Day). Interest shall be calculated on the basis of a year of 365 or 366 days, as applicable,
and charged for the actual number of days elapsed. Notwithstanding the foregoing, Maker may elect to extend the Maturity Date
in thirty (30) day increments in exchange for a five percent (5%) increase in the then applicable interest rate for every month
the Note is outstanding after the Maturity Date; provided, however, that in no event shall the Maturity Date be extended more
than twelve (12) months from the Issuance Date.


 


1. Manner
of Payment. All payments of principal and interest on this Note shall be made by wire transfer of immediately available funds
to an account designated by the Holder in writing. If any payment of the Principal Amount or interest on this Note is due on a
day that is not a Business Day, such payment shall be due on the next succeeding Business Day, and such extension of time shall
be taken into account in calculating the amount of interest payable under this Note. “Business Day” means any
day other than a Saturday, Sunday or legal holiday in the State of New Jersey.


 


2. Prepayment.
Maker may, without premium or penalty, at any time and from time to time, prepay all or any portion of the outstanding Principal
Amount due under this Note, provided that each such prepayment is accompanied by accrued but unpaid interest on the Principal
Amount prepaid calculated to the date of such prepayment.


 


3. Events
Of Default. The occurrence of any one or more of the following events shall constitute an event of default hereunder (“Event
of Default”):


 


(a) If
Maker shall fail to pay when due any payment of the Principal Amount or interest on this Note, provided that Maker has not cured
such payment within fifteen (15) calendar days of written notice of non-payment from the Holder.


 






    


     


    

 


(b) If,
pursuant to or within the meaning of the United States Bankruptcy Code or any other federal or state law relating to insolvency
or relief of debtors (a “Bankruptcy Law”), Maker shall (i) commence a voluntary case or proceeding; (ii) consent
to the entry of an order for relief against it in an involuntary case; (iii) consent to the appointment of a trustee, receiver,
assignee, liquidator or similar official; (iv) make an assignment for the benefit of its creditors; or (v) admit in
writing its inability to pay its debts as they become due.


 


(c) If
a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that (i) is for relief against Maker
in an involuntary case; (ii) appoints a trustee, receiver, assignee, liquidator or similar official for Maker or substantially
all of its properties; or (iii) orders the liquidation of Maker.


 


(d) If
Maker enters into any of the following: (i) any merger with or into, acquisition of the equity interests of, consolidation with,
or other similar transaction; (ii) the sale, transfer, lease, license or other disposition of all or substantially all of its
assets; or (iii) any transaction or series of related transactions pursuant to which any third party person or “group”
(as such term is used in Section 13(d)(3) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”))
becomes the “beneficial owner” (as such term is defined in Rule 13d-3 promulgated under the Exchange Act) of a majority
of the total voting power of Maker’s then outstanding securities.


 


(e) If
Maker shall incur any indebtedness senior to this Note, other than in the ordinary course of business, without the consent of
the Holder.


 


4. Remedies
Upon Event of Default. Upon the occurrence of an Event of Default hereunder, the Holder at its option, may: (i) declare the
entire unpaid Principal Amount then outstanding and all unpaid accrued interest owing on this Note, due and payable immediately
upon written notice to Maker; (ii) sue on this Note; (iii) pursue any and all other remedies available to the Holder at law or
equity; or (iv) pursue any combination of the above. Maker shall pay all reasonable costs and expenses incurred by or on behalf
of the Holder in connection with the Holder’s exercise of any or all of its rights and remedies under this Note, including,
without limitation, reasonable attorneys’ fees.


 


5. Security.
The obligations of Maker under this Note are secured by all assets of Seller’s Choice, LLC, a New Jersey limited liability
company (“Seller’s Choice”), pursuant to that certain Security Agreement, dated as of even date herewith
between Maker, Seller’s Choice and the Secured Party (as defined therein).


 


6. Miscellaneous.


 


6.1 Mutilated,
Lost, Stolen or Destroyed Note. In case this Note shall be mutilated, lost, stolen or destroyed, Maker shall issue and deliver,
in exchange and substitution for and upon cancellation of the mutilated Note, a new Note of like tenor, but only upon receipt
of evidence reasonably satisfactory to Maker of such loss, theft, or destruction of such Note and reasonable indemnity or bond,
if requested, also reasonably satisfactory to Maker.


 


6.2 Maximum
Interest. Maker and the Holder intend to conform strictly to the applicable usury laws. In no event shall the Holder be entitled
to interest exceeding the maximum rate permitted by law. If the Holder ever receives an amount designated as interest which would
exceed the highest lawful rate, the amount which would be excessive interest shall be considered to be a reduction of principal
and not a payment of interest.


 






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6.3 Notices.
All notices and other communications required or permitted by this Note shall be in writing and shall be (a) delivered to the
appropriate address by hand, by nationally recognized overnight service or by courier service (costs prepaid); (b) sent by facsimile
or e-mail, or (c) sent by registered or certified mail, return receipt requested, in each case to the following addresses or email
addresses (or to such other address as Maker or the Holder may designate by notice to the other):


 


If
to the Holder:


 


Home
Revolution, LLC


[__]


 


If
to Maker:


 


Jerrick
Media Holdings, Inc.

2050 Center Avenue, Suite 640


Fort
Lee, NJ 07024


Attn:
[__]


 


All
notices and other communications shall be deemed have been duly given (as applicable): if delivered by hand, when delivered by
hand; if delivered by overnight service, when delivered by nationally recognized overnight service; if delivered by courier, when
delivered by courier; if sent via registered or certified mail, five (5) Business Days after being deposited in the mail, postage
prepaid; or if delivered by email, when transmitted if transmitted without indication of delivery failure prior to 5:00 p.m. local
time for the recipient (and if transmitted without indication of delivery failure after 5:00 p.m. local time for the recipient,
then delivery will be deemed duly given at 9:00 a.m. local time for the recipient on the subsequent Business Day).


 


6.4 Entire
Agreement. This Note supersedes all prior agreements, whether written or oral, between Maker and the Holder with respect to
its subject matter and constitutes a complete and exclusive statement of the terms of the agreement between Maker and the Holder
with respect to its subject matter. All parties hereto have had the opportunity to review this Note with their counsel. This Note
is the result of good faith, arms-length negotiations.


 


6.5 Modifications;
Waiver. No provision of this Note may be amended, supplemented, waived or otherwise modified except by a written agreement
mutually executed by Maker and the Holder. Neither any failure nor any delay by Maker or the Holder in exercising any right, power
or privilege under this Note or any of the documents referred to in this Note will operate as a waiver of such right, power or
privilege, and no single or partial exercise of any such right, power or privilege will preclude any other or further exercise
of such right, power or privilege or the exercise of any other right, power or privilege.


 






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6.6 Assignments,
Successors and No Third Party Rights. Neither Maker nor the Holder may assign any of its rights or delegate any of its obligations
under this Note without the prior written consent of the other. Any purported assignment without written consent of the other
party shall be void and of no effect. This Note will apply to, be binding in all respects upon and inure to the sole benefit of
the successors and permitted assigns of Maker and the Holder. Nothing expressed or referred to in this Note will be construed
to give any person other than Maker and the Holder any legal or equitable right, remedy or claim under or with respect to any
provision of this Note.


 


6.7 Severability.
If any provision of this Note is held invalid or unenforceable by any court of competent jurisdiction, the other provisions of
this Note will remain in full force and effect. Any provision of this Note held invalid or unenforceable only in part or degree
will remain in full force and effect to the extent not held invalid or unenforceable.


 


6.8 Governing
Law; Consent to Jurisdiction. This Agreement shall be governed by, and construed in
accordance with, the internal laws of the State of New Jersey without regard to the choice of law principles thereof. Each of
the parties hereto irrevocably submits to the exclusive venue and jurisdiction of the state or federal courts located in the State
of New Jersey for the purpose of any suit, action, proceeding or judgment relating to or arising out of this Agreement and the
transactions contemplated hereby, and agrees that such venue and jurisdiction are appropriate and convenient for the parties.
Service of process in connection with any such suit, action or proceeding may be served on each party hereto anywhere in the world
by the same methods as are specified for the giving of notices under this Agreement. Each of the parties hereto irrevocably consents
to the jurisdiction of any such court in any such suit, action or proceeding and to the laying of venue in such court. Each party
hereto irrevocably waives any objection to the laying of venue of any such suit, action or proceeding brought in such courts and
irrevocably waives any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient
forum. 


 


6.9 Time
of Essence. With regard to all dates and time periods set forth or referred to in this Note, time is of the essence.


 


[SIGNATURE
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IN
WITNESS WHEREOF, Maker has executed and delivered this Note as of the date first stated above.


 


	
	MAKER:

                     


JERRICK
MEDIA HOLDINGS, INC.



	 	 
	 	By:	
	 	Name: 	Jeremy
    Frommer
	 	Title:	Chief
    Financial Officer