Exhibit
10.120


 


THEMAVEN,
INC.


 


STOCK
OPTION AWARD AGREEMENT


 


This
Stock Option Award Agreement (“Agreement”) is made and entered into by and between THEMAVEN, INC., a Delaware
corporation (the “Company”) and Andrew Q. Kraft (“Participant”). This Agreement is entered
into separate from any equity incentive or similar plan, however the provisions of Sections 2, 6, 7, 8, 9, 10, 11, 12 and 13 of
the 2016 Stock Incentive Plan of the Company (the “Plan”) are incorporated herein by reference. All capitalized
terms not defined in this Agreement have the meanings set forth in the Plan.


 


1.
Grant. Subject to the Plan, the Company grants to the Participant an option (“Option”) to purchase shares
of the common stock of the Company as follows:


 


	Participant:	Andrew
    Q. Kraft
	 	 
	Grant
    Date: 	December
    13, 2018
	 	 
	Vesting
    Start Date:	December
    13, 2018
	 	 
	Shares:	Common
    Stock 
	 	 
	Shares
    Subject to Option:	1,000,000
	 	 
	Exercise
    Price:	$0.35
    per share
	 	 
	Type
    of Option:	Incentive
    Stock Option as permitted by law, and Nonqualified Stock Option
	 	 
	Option
    Expiration Date:	December
    13, 2028
	 	 
	 	(subject
    to early termination in accordance with the terms of the Plan incorporated herein by reference)
	 	 
	Vesting
    Period:	1,000,000
    options shall vest equally over 36-months. In the event that the Participant’s employment is terminated without Cause
    or for Good Reason (each as defined in the Executive Employment Agreement dated as of December 13, 2018 between Participant
    and Maven Coalition, Inc. (the “Employment Agreement”), then the vesting of the options will accelerate
    by one year.


 


THE
GRANT OF THE OPTION IS MADE IN CONSIDERATION OF THE SERVICES TO BE RENDERED BY THE PARTICIPANT TO THE COMPANY AND IS SUBJECT TO
THE TERMS AND CONDITIONS OF THE PLAN INCORPORATED HEREIN BY REFERENCE. THE OPTION MAY BE EXERCISED ONLY FOR WHOLE SHARES.


 


2.
Option Provisions.


 


2.1
Termination. Subject to the provisions of the Vesting Period set forth above, upon the termination of the employment of
the Participant with the Company and all Subsidiaries for any reason other than death, Disability, or Retirement, or if Participant
is in the employ of a Subsidiary and the Subsidiary ceases to be a Subsidiary of the Company (unless the Participant continues
in the employ of the Company or another Subsidiary), then (a) all vesting of the Option shall immediately cease and (b) any and
all Options then held by the Participant will, to the extent vested as of such termination of employment, remain exercisable in
full for a period of one (1) month after such termination of employment (but in no event after the expiration date of any such
Option), unless the termination is for Cause. If termination of employment is for Cause (as defined in the Employment Agreement),
all Options shall immediately terminate as further provided in the Plan. If the termination of employment is due to Disability
or Retirement, then the Option shall be exercisable as provided in the Plan.


 




    	 



    	 



    

 


2.2
Exercise. To exercise the Option, the Participant (or person then entitled to exercise the Option under the Plan) must
deliver to the Company an executed stock option exercise agreement in such form as is approved by the Committee from time to time
(“Exercise Agreement”), which shall set forth, inter alia: (a) the Participant’s election to exercise
the Option; (b) the number of shares of Common Stock being purchased; (c) any restrictions imposed on the shares of Common Stock
being purchased; and (d) such representations, warranties, and agreements regarding the Participant’s investment intent
and access to information as may be required by the Company to comply with applicable securities laws.


 


The
shares that may be issued on exercise of this Option, at the time of the grant hereof, are not authorized and available for issuance,
therefore this Option is currently considered an unfunded option. The Participant agrees that no part of this Option may be exercised
until the later of the increase in the authorized shares of common stock in sufficient number of shares to permit the exercise
from time to time of this Option or the later respective vesting and exercise date as set forth herein.


 


2.3
Payment of Exercise Price. The Exercise Price of the Option shall be payable in full in cash, or its equivalent at the
time of exercise in the manner then designated by the Committee, unless otherwise agreed by the Committee.


 


2.4
Vesting. All Options not vested will be terminated and forfeited upon the Participant’s termination of employment.
Any and all Options that have not vested as provided in Section 1 of this Agreement shall terminate immediately upon the
termination, for any reason whatsoever, of the employment of the Participant with the Company and all Subsidiaries, or if Participant
is in the employ of a Subsidiary and the Subsidiary ceases to be a Subsidiary of the Company (unless the Participant continues
in the employ of the Company or another Subsidiary).


 


3.
Taxation.


 


3.1
Tax Liability and Withholding. Notwithstanding any action the Company takes with respect to any or all income tax, social
insurance, payroll tax, or other tax-related withholding (“Tax-Related Items”), the ultimate liability for
all Tax-Related Items is and remains the Participant’s sole responsibility. The Company makes no representation or undertakings
regarding the treatment of any Tax-Related Items in connection with the grant, vesting, or exercise of the Option or the subsequent
sale of any shares of Common Stock acquired on exercise and does not commit to structure the Option to reduce or eliminate the
Participant’s liability for Tax-Related Items.


 


3.2
Disqualifying Disposition. If the Option is an ISO and the Participant disposes of the shares of Common Stock prior to
the expiration of either two (2) years from the Grant Date or one (1) year from the date the shares are transferred to the Participant
pursuant to the exercise of the Option, the Participant shall notify the Company in writing within thirty (30) days after such
disposition of the date and terms of such disposition. The Participant also agrees to provide the Company with any information
concerning any such dispositions as the Company requires for tax purposes.


 


4.
Compliance with Law. The exercise of the Option and the issuance and transfer of the shares of Common Stock shall be subject
to compliance by the Company and the Participant with any and all applicable requirements of federal and state securities laws
and with all applicable requirements of any stock exchange on which the Company’s shares of Common Stock may be listed.
No shares of Common Stock shall be issued pursuant to this Option unless and until any then-applicable requirements of state or
federal laws and regulatory agencies have been fully complied with to the satisfaction of the Company and its counsel. The Participant
understands that the Company is under no obligation to register the shares with the Securities and Exchange Commission, any state
securities commission, or any stock exchange to effect such compliance.


 




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5.
General Terms.


 


5.1
Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which
together will constitute one and the same instrument. Counterpart signature pages to this Agreement transmitted by electronic
means intended to preserve the original graphic and pictorial appearance of a document will have the same effect as physical delivery
of the paper document bearing an original signature.


 


5.2
Discretionary Nature of Plan. The provisions of the Plan incorporated herein are discretionary and may be amended, cancelled,
or terminated by the Company at any time, in its discretion. The grant of the Option in this Agreement does not create any contractual
right or other right to receive any Options or other Awards in the future. Future Awards, if any, will be at the sole discretion
of the Company. Any amendment, modification, or termination of the Plan shall not constitute a change or impairment of the terms
and conditions of the Participant’s employment with the Company.


 


5.3
Governing Law. This Agreement will be construed and interpreted in accordance with the laws of the State of Delaware without
regard to conflict of law principles.


 


5.4
Interpretation. Any dispute regarding the interpretation of this Agreement shall be submitted by the Participant or the
Company to the Committee for review. The resolution of such dispute by the Committee shall be final and binding on the Participant
and the Company.


 


5.5
No Right to Continued Employment; No Rights as Shareholder. Neither the Plan nor this Agreement shall confer upon the Participant
any right to be retained in any position with the Company. Nothing in the Plan or this Agreement shall be construed to limit the
discretion of the Company to terminate the employment of Participant at any time, with or without Cause. The Participant shall
not have any rights as a shareholder with respect to any shares of Common Stock subject to the Option unless and until certificates
representing the shares have been issued by the Company to the holder of such shares, or the shares have otherwise been recorded
on the books of the Company or of a duly authorized transfer agent as owned by such holder.


 


5.6
Options Subject to Plan. In the event of a conflict between any term or provision contained herein and a term or provision
of the Plan, the applicable terms and provisions of the Plan will govern and prevail.


 


5.7
Severability. The invalidity or unenforceability of any provision of the Plan or this Agreement shall not affect the validity
or enforceability of any other provision of the Plan or this Agreement, and each provision of the Plan and this Agreement shall
be severable and enforceable to the extent permitted by law.


 


5.8
Successors and Assigns. The Company may assign any of its rights under this Agreement. This Agreement will be binding upon
and inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth herein,
this Agreement will be binding upon the Participant and the Participant’s beneficiaries, executors, administrators and the
person(s) to whom this Agreement may be transferred by will or the laws of descent or distribution.


 


[SIGNATURE
PAGE TO STOCK OPTION AWARD AGREEMENT TO FOLLOW]


 




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[SIGNATURE
PAGE TO STOCK OPTION AWARD AGREEMENT]


 


	THEMAVEN,
    INC.	 
	 	 
	 	/s/
    Paul Edmondson	 
	By:	Paul
    Edmondson	 
	Title:	Chief
    Operating Officer	 
	Date:	1/16/2019	 


 


	 	PARTICIPANT
    
	 	 
	 	 	/s/
    Andrew Q. Kraft
	 	Name: 	Andrew
    Q. Kraft
	 	Date:	1/16/2019


 


PARTICIPANT
ACKNOWLEDGES RECEIPT OF A COPY OF THE PLAN AND THIS AGREEMENT. PARTICIPANT HAS READ AND UNDERSTANDS THE TERMS AND PROVISIONS THEREOF,
AND ACCEPTS THE OPTION SUBJECT TO ALL OF THE TERMS AND CONDITIONS OF THE PLAN THAT ARE INCORPORATED HEREIN BY REFERENCE AND THIS
AGREEMENT. PARTICIPANT ACKNOWLEDGES THAT THERE MAY BE ADVERSE TAX CONSEQUENCES UPON EXERCISE OF THE OPTION OR DISPOSITION OF THE
UNDERLYING SHARES AND THAT THE PARTICIPANT SHOULD CONSULT A TAX ADVISOR PRIOR TO SUCH EXERCISE OR DISPOSITION.


 


Attachments:


 


Exhibit
1- Plan 


 




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EXHIBIT
1


 


PLAN


 


See
attached.


 




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