Document:

Exhibit 10.2

 

SECURITY AGREEMENT

 

This Security Agreement (the
“Agreement”) is entered  into  this
26th day of May,  2016, by JERRICK MEDIA HOLDINGS, INC., a Nevada corporation with a
principal place of business in Englewood, New Jersey (hereinafter referred to as “Debtor”), whose
address is 202 S Dean St. Englewood, NJ 07631 in favor of ARTHUR ROSEN, an individual (hereinafter referred to as
“Secured Party”), whose address is ____________________________.

 

WHEREAS,
Debtor and Secured Party have entered into that certain Loan Agreement, dated as of the date hereof, as amended and in effect from
time to time (the “Loan Agreement”), pursuant to which Secured Party has agreed to make loans, advances
and other extensions of credit to Debtor upon and subject to the terms and conditions set forth therein; and

 

WHEREAS,
it is a condition to the obligation of Secured Party to make loans, advances and other extensions of credit to Debtor under the
Loan Agreement that Debtor shall have executed and delivered this Agreement to Secured Party for the purpose of securing its obligations
to Secured Party.

 

NOW,
THEREFORE, in consideration of the foregoing and to induce Secured Party to enter into the Loan Agreement and to make loans,
advances and other extensions of credit to Debtor under the Loan Agreement, Debtor agrees as follows:

 

SECTION 1.
DEFINITIONS

 

All capitalized
terms used herein without definition shall have the respective meanings ascribed thereto in the Loan Agreement. Any term used in
this Agreement which is defined in the UCC (as defined below) and not otherwise defined in this Agreement or any other Loan Document
shall have the meaning ascribed thereto in the UCC. The following terms shall have the following
meanings:

 

“Collateral” has the meaning
set forth in Section 2.

 

“Damages” has the meaning
set forth in Section 30.

 

“Debtor” has the meaning
set forth in the above recitals.

 

“Default” has the meaning
set forth in Section 25.

 

“Jurisdiction” has the meaning
set forth in Section 31C.

 

“Loan Agreement” has the
meaning set forth in the above recitals.

 

“Loan
Documents” refers to all documents, including this Agreement and the Loan Agreement, whether now or hereafter
existing, executed in connection with or related to the Obligations, and may include, without limitation and whether executed
by Debtor or others, promissory notes, guaranty agreements, deposit or other similar agreements, pledge agreements, other
security agreements, security instruments, financing statements, mortgage instruments, and any renewals or modifications,
whenever any of the foregoing are executed.

 

    	 		 

     

    

 

“Obligations”
means any and all obligations of Debtor to Secured Party under the Loan Documents however created, arising or evidenced, whether
direct or indirect, joint or several, absolute or contingent, now existing or hereafter arising or acquired, including future advances,
and all costs and expenses incurred by Secured Party to obtain, preserve, perfect and enforce the security interest granted herein
and to maintain, preserve and collect the property subject to such security interest.

 

“Permitted
Encumbrances” means (a) liens, charges or encumbrances for taxes, assessments or governmental charges or claims which
are not yet due and payable, (b) statutory liens of landlords, carriers, warehousemen, mechanics and materialmen, and (c) liens
imposed in the ordinary course of business in connection with workers’ compensation, unemployment insurance and other types
of social security.

 

“Regulation U” has the meaning
set forth in Section 23.

 

“Secured Party” has the meaning
set forth in the above recitals.

 

“UCC”
means the Uniform Commercial Code as presently and hereafter enacted in the State of New Jersey.

 

SECTION
2. GRANT OF SECURITY INTEREST

 

For value
received and to secure payment and performance of the Obligations, Debtor hereby grants to Secured Party a continuing security
interest in and lien upon all of Debtor's accounts, machinery, equipment, inventory, goods, furniture, fixtures, cash and currency,
chattel paper, instruments, investment property, documents, developed technology rights, letter-of-credit rights, deposit accounts,
insurance claims and proceeds, contract rights, general intangibles, intellectual property rights, copyrights, trademarks, and
patents, wherever located, whether now owned or hereafter acquired, and any additions, replacements, accessions, or substitutions
thereof, all cash and non-cash proceeds and products thereof and all supporting obligations related thereto (collectively, “Collateral”).
The foregoing Collateral that constitutes fixtures is located at or affixed to real property located at the following addresses:
202 S Dean St. Englewood, NJ 07631.

 

In addition,
but not in lieu of, Collateral shall also include photographic slides from the previously deemed "Guccione Gollection"
and other various photographers ("Slide Collection") for value up to 4 times the outstanding Principal Balance, that
is related and as is valued by the Slide Appraisal attached as Exhibit B. By way of example, if $1,000,000 of the Term Loan
is outstanding, the Term Loan will be collateralized by $4,000,000 of the Slide Collection as per the Slide Appraisal. Up to 5%
of the Slide Collection can be sold by the Debtor without prior consent of the Secured Party so long as the Term Loan is outstanding.
If any portion of the Slide Collection is sold, the Secured Party and Lender per the Loan Agreement, will be entitled to 25% of
the proceeds from the sale to be applied against the principal amount of the Term Loan outstanding as long as any portion of the
principal of the Term Loan is outstanding at the time of sale.

 

    	 	2	 

     

    

 

SECTION
3. OWNERSHIP OF COLLATERAL

 

Debtor owns
the Collateral or has rights in the Collateral. If Collateral is being acquired with the proceeds of an advance under the Loan
Documents, Debtor authorizes Secured Party to disburse proceeds directly to the seller of the Collateral. The Collateral is free
and clear of all liens, security interests, and claims except for Permitted Encumbrances and those previously reported in writing
to and approved by Secured Party. Debtor will keep the Collateral free and clear from all liens, security interests and claims,
other than Permitted Encumbrances and those granted to or approved by Secured Party, and will defend the Collateral against all
claims and demands of all persons at any time claiming any interest therein adverse to Secured Party. Debtor will not transfer,
sell, or lease Collateral except as permitted herein and in the Loan Agreement.

 

SECTION 4. NAME AND
OFFICES; JURISDICTION OF ORGANIZATION

 

The name
and address of Debtor appearing at the beginning of this Agreement are Debtor’s exact legal name and the address of its chief
executive office. There has been no change in the name of Debtor, or the name under which Debtor conducts business, within the
sixty (60) days preceding the date hereof except as previously reported in writing to Secured Party. Debtor has not moved its chief
executive office/place of residence within the six (6) months preceding the date hereof except as previously reported in writing
to Secured Party. If a business entity, Debtor is organized solely under the laws of the State of Nevada and has not changed the
jurisdiction of its organization within the six (6) months preceding the date hereof except as previously reported in writing to
Secured Party.

 

SECTION 5. NOTIFICATIONS;
LOCATION OF COLLATERAL.

 

Debtor will notify
Secured Party in writing at least thirty (30) days prior to any change in: (i)   Debtor’s
chief place of business and/or residence; (ii) Debtor’s name or identity; (iii) Debtor’s
corporate/organizational structure; or (iv) the jurisdiction in which Debtor is organized. In addition,
Debtor shall promptly notify Secured Party of any claims or alleged claims of any other person or entity to the Collateral or
the institution of any litigation, arbitration, governmental investigation or administrative proceedings against or affecting
the Collateral. Debtor will keep Collateral at the location(s) previously provided to Secured Party until such time as
Secured Party provides written advance consent to a change of location. Debtor will bear the cost of preparing and filing any
documents necessary to protect Secured Party’s liens.

 

SECTION 6. COLLATERAL
CONDITION AND LAWFUL USE.

 

Debtor represents
that the Collateral is in good repair and condition and that Debtor shall use reasonable care to prevent Collateral from being
damaged or depreciating, normal wear and tear excepted. Debtor shall immediately notify Secured Party of any material loss or damage
to Collateral. Debtor shall not permit any item of Collateral to become an accession to other property unless such property is
also Collateral hereunder. Debtor represents it is in compliance in all material respects with all laws, rules and regulations
applicable to the Collateral and its properties, operations, business, and finances.

 

    	 	3	 

     

    

 

SECTION
7. RISK OF LOSS AND INSURANCE

 

Debtor shall bear all
risk of loss with respect to the Collateral. The injury to or loss of Collateral, either partial or total, shall not release
Debtor from payment or other performance hereof. Debtor agrees to obtain and keep in force property insurance on the
Collateral with a lender’s loss payable endorsement in favor of Secured Party and commercial general liability
insurance naming Secured Party as additional insured, and such other insurance as Secured Party may require from time to
time. Such insurance is to be in form and amounts satisfactory to Secured Party and issued by reputable insurance carriers
reasonably satisfactory to Secured Party. All such policies shall provide to Secured Party a minimum of thirty (30) days
written notice of cancellation. Debtor shall furnish to Secured Party copies of such policies, or other evidence of such
policies satisfactory to Secured Party. If Debtor fails to obtain or maintain in force such insurance
or fails to furnish such evidence, Secured Party is authorized, but not
obligated, to purchase any or all such insurance protecting such interest as Secured Party deems appropriate against such
risks and for such coverage and for such amounts, including either the loan amount or value of the Collateral, all at its
discretion, and at Debtor’s expense, in accordance with the terms of the Loan Agreement. In such event, Debtor agrees
to reimburse Secured Party for the cost of such insurance and Secured Party may add such cost to the Obligations. Debtor
shall bear the risk of loss to the extent of any deficiency in the effective insurance coverage with respect to loss or
damage to any of the Collateral. Debtor hereby assigns to Secured Party the proceeds of all property insurance covering the
Collateral up to the amount of the Obligations and directs any insurer to make payments directly to Secured Party. Debtor
hereby appoints Secured Party its attorney-in-fact, which appointment shall be irrevocable and coupled with an interest for
so long as Obligations are unpaid, to file proof of loss and/or any other forms required to collect from any insurer any
amount due from any damage to or destruction of Collateral, to agree to and bind Debtor as to the amount of said recovery, to
designate any payees of such recovery, to grant releases to insurer, to grant subrogation rights to any insurer, and to
endorse any settlement check or draft. Debtor agrees not to exercise any of the foregoing powers granted to Secured Party
without Secured Party’s prior written consent.

 

SECTION
8. TAXES

 

Debtor agrees
to pay promptly all taxes and assessments upon or for the use of Collateral. At its option, Secured Party may discharge taxes,
liens, security interests or other encumbrances at any time levied or placed on Collateral. Debtor agrees to reimburse Secured
Party, on demand, for any such payment made by Secured Party. Any amounts so paid shall be added to the Obligations.

 

SECTION 9. FINANCING
STATEMENTS, CERTIFICATES OF TITLE, POWER OF ATTORNEY.

 

No financing
statement (other than any filed or approved by Secured Party) covering any Collateral is on file in any public filing office.
Debtor authorizes the filing by Secured Party at any time and from time to time of one or more financing statements and
amendments thereto covering the Collateral in form satisfactory to Secured Party (and which may describe the Collateral as
all assets of Debtor), agrees to deliver certificates of title on which Secured Party’s lien has been indicated
covering any Collateral subject to a certificate of title statute, and will pay all costs and expenses of filing or applying
for the same. Debtor hereby constitutes and appoints Secured Party the true and lawful attorney of Debtor with full power of
substitution to take any and all appropriate action and to execute any and all documents, instruments or applications that
may be necessary or desirable to accomplish the purpose and carry out the terms of this Agreement. The foregoing power of
attorney is coupled with an interest and shall be irrevocable until all of the Obligations have been paid in full. Neither
Secured Party nor anyone acting on its behalf shall be liable for acts, omissions, errors in judgment, or mistakes in fact in
such capacity as attorney-in-fact. Debtor ratifies all acts of Secured Party as attorney-in- fact. Debtor agrees to take such
other actions, at Debtor’s expense, as might be requested for the perfection, continuation and assignment, in whole or
in part, of the security interests granted herein and to assure and preserve Secured Party’s intended priority
position. If Debtor shall hold or acquire a commercial tort claim, Debtor will immediately notify Secured Party in writing
thereof, such notice to provide the particulars of such claim and grant to Secured Party a security interest therein and in
the proceeds thereof. If certificates, passbooks, or other documentation or evidence is/are issued or outstanding as to any
of the Collateral, Debtor will cause the security interests of Secured Party to be properly protected, including
perfection by notation thereon or delivery thereof to Secured Party.

 

    	 	4	 

     

    

 

SECTION 10. LANDLORD/MORTGAGEE
WAIVERS

 

Debtor shall
cause each landlord of real property leased by Debtor and each mortgagee of real property owned by Debtor to execute and deliver
instruments satisfactory in form and substance to Secured Party by which such mortgagee or landlord subordinates its rights, if
any, in the Collateral.

 

SECTION 11.
CONTROL

 

At Secured
Party’s request, Debtor shall authorize and direct any depositary bank or securities intermediary that holds Collateral to
(a) comply with the terms of this Agreement and to enter into an agreement satisfactory to Secured Party to perfect Secured Party’s
security interest in such Collateral by control and (b) mark its records to show the security interest of and/or the transfer to
Secured Party of the property pledged as Collateral hereunder. Debtor will cooperate with Secured Party in obtaining control with
respect to Collateral consisting of electronic chattel paper and will not create any electronic chattel paper without taking all
steps deemed necessary by Secured Party to confer control of the electronic chattel paper upon Secured Party in accordance with
the UCC. Upon the occurrence and continuation of a Default, Secured Party shall be entitled to deliver to any depositary bank,
securities intermediary or other applicable third party notice of the exercise of its control rights with respect to such Collateral.

 

SECTION 12. CHATTEL
PAPER, ACCOUNTS, GENERAL INTANGIBLES

 

Debtor warrants
that Collateral consisting of chattel paper, accounts, or general intangibles is (i) genuine and enforceable in accordance with
its terms; (ii) not subject to any defense, set-off, claim or counterclaim of a material nature against Debtor except as to which
Debtor has notified Secured Party in writing; and (iii) not subject to any other circumstances that would impair the validity,
enforceability, value, or amount of such Collateral except as to which Debtor has notified Secured Party in writing. Debtor shall
not amend, modify or supplement any lease, contract or agreement contained in Collateral or waive any provision therein in a manner
materially adverse to the Debtor’s interest or the Secured Party’s Collateral, without prior written consent of Secured
Party. Debtor will not create any tangible chattel paper without placing a legend on the chattel paper acceptable to Secured Party
indicating that Secured Party has a security interest in the chattel paper.

 

    	 	5	 

     

    

 

SECTION 13. ACCOUNT
DEBTORS

 

If a Default should occur,
Secured Party shall have the right, at any time thereafter, to notify the account debtors obligated on any or all of the Collateral
to make payment thereof directly to Secured Party and Secured Party may take control of all proceeds of any such Collateral. The
cost of such collection and enforcement, including attorneys’ fees and expenses, shall be borne solely by Debtor whether
the same is incurred by Secured Party or Debtor. If a Default should occur, then upon demand of Secured Party, Debtor will, upon
receipt of all checks, drafts, cash and other remittances in payment on Collateral, deposit the same in a special Secured Party
account maintained with Secured Party, over which Secured Party also has the power of withdrawal.

 

If a Default should occur, no
discount, credit, or allowance shall be granted by Debtor to any account debtor and no return of merchandise shall be accepted
by Debtor without Secured Party’s consent. Secured Party may, after Default, settle or adjust disputes and claims directly
with account debtors for amounts and upon terms that Secured Party considers advisable, and in such cases Secured Party will credit
the Obligations with the net amounts received by Secured Party, after deducting all of the expenses incurred by Secured Party.
Debtor agrees to indemnify and defend Secured Party and hold it harmless with respect to any claim or proceeding arising out of
any matter related to collection of Collateral.

 

SECTION 14. GOVERNMENT CONTRACTS

 

If any Collateral
covered hereby arises from obligations due to Debtor from any governmental unit or organization, Debtor shall immediately notify
Secured Party in writing and execute all documents and take all actions deemed necessary by Secured Party to ensure recognition
by such governmental unit or organization of the rights of Secured Party in the Collateral, including, without limitation, compliance
with the Federal Assignment of Claims Act or like federal, state or local statute or rule.

 

SECTION 15.
INVENTORY

 

So long as
no Default has occurred, Debtor shall have the right in the regular course of business, to process and sell Debtor’s inventory.
If a Default should occur, Debtor will, upon receipt of all checks, drafts, cash and
other remittances, in payment of Collateral sold, deposit the same in a special Secured Party account maintained with Secured Party,
over which Secured Party also has the power of withdrawal. Debtor agrees to notify Secured Party immediately in the event that
any inventory purchased by or delivered to Debtor is evidenced by a bill of lading, dock warrant, dock receipt, warehouse receipt
or other document of title and to deliver such document to Secured Party upon request.

 

    	 	6	 

     

    

 

SECTION 16. INSTRUMENTS, CHATTEL
PAPER, DOCUMENTS

 

Unless Secured
Party shall hereafter otherwise direct or consent in writing, any Collateral that is, or is evidenced by, instruments, chattel
paper or negotiable documents will be properly assigned to and the originals of any such Collateral in tangible form (accompanied
by such instruments of transfer and assignment duly executed in blank as Secured Party may from time to time specify) deposited
with and held by Secured Party. Secured Party may, without notice, after the occurrence and continuance of a Default, exercise
any or all rights of collection, conversion, or exchange and other similar rights, privileges and options pertaining to such Collateral,
but shall have no duty to do so.

 

SECTION 17. COLLATERAL
DUTIES

 

Secured Party
shall have no custodial or ministerial duties to perform with respect to Collateral pledged except as set forth herein; and by
way of explanation and not by way of limitation, Secured Party shall incur no liability for any of the following: (i) loss or depreciation
of Collateral (unless caused by its willful misconduct or gross negligence), (ii) failure to present any paper for payment or protest,
to protest or give notice of nonpayment, or any other notice with respect to any paper or Collateral.

 

SECTION 18. TRANSFER OF
COLLATERAL

 

Secured
Party may assign its rights in Collateral or any part thereof to any assignee who shall thereupon become vested with all the powers
and rights herein given to Secured Party with respect to the property so transferred and delivered, and Secured Party shall thereafter
be forever relieved and fully discharged from any liability with respect to such property so transferred, but with respect to any
property not so transferred, Secured Party shall retain all rights and powers hereby given.

 

SECTION 19. INSPECTION,
BOOKS AND RECORDS

 

Debtor will
at all times keep accurate and complete records covering each item of Collateral, including the proceeds therefrom. Secured Party,
or any of its agents, shall have the right, at intervals not more frequent than every one hundred eighty (180) days and without
hindrance or delay, at Debtor’s expense in accordance with the terms of the Loan Agreement, to inspect, audit, and examine
the Collateral and to make copies of and extracts from the books, records, journals, orders, receipts, correspondence and other
data relating to Collateral, Debtor’s business or any other transaction between the parties hereto. Debtor will at its expense
furnish Secured Party copies thereof upon request. For the further security of Secured Party, it is agreed that Secured Party has
and is hereby granted a security interest in all books and records of Debtor pertaining to the Collateral.

 

SECTION 20. COMPLIANCE
WITH LAW

 

Debtor will comply in
all material respects with all federal, state and local laws and regulations, applicable to it, including without limitation,
environmental and labor laws and regulations, in the creation, use, operation, manufacture and storage of the Collateral and the
conduct of its business. 

 

    	 	7	 

     

    

 

SECTION 21. REGULATION
U

 

None of
the proceeds of the credit secured hereby shall be used directly or indirectly for the purpose of purchasing or carrying any margin
stock in violation of any of the provisions of Regulation U of the Board of Governors of the Federal Reserve System (“Regulation
U”), or for the purpose of reducing or retiring any indebtedness which was originally incurred to purchase or carry margin
stock or for any other purchase which might render the Loan a “Purpose Credit” within the meaning of Regulation U.

 

SECTION 22. ATTORNEYS’
FEES AND OTHER COSTS OF COLLECTION

 

Debtor
shall pay all of Secured Party’s expenses incurred in enforcing this Agreement and in preserving and liquidating Collateral,
including but not limited to attorneys’ and experts’ fees and expenses, whether incurred with or without the commencement
of a suit, trial, arbitration, or administrative proceeding, or in any appellate or bankruptcy
proceeding.

 

SECTION 23. DEFAULT

 

If any of the following occurs, a default (“Default”)
under this Agreement shall exist:

 

A.                   Loan Document Default. A default or an event of default under this Agreement or any other Loan
Document.

 

B.                   Collateral
Loss or Destruction. Any loss, theft, substantial damage, or destruction of Collateral not fully covered by insurance, or
as to which insurance proceeds are not

(i) used to replace or repair such damaged Collateral
or (ii) remitted to Secured Party, in either case within sixty (60) days of the loss.

 

C.                   Collateral
Sale, Lease or Encumbrance. Any sale, lease, or encumbrance of any Collateral not specifically permitted herein or under the
Loan Documents without prior written consent of Secured Party.

 

D.                   Levy,
Seizure or Attachment. The making of any levy, seizure, or attachment on or of Collateral which is not removed within ten
(10) days.

 

E.                   Unauthorized Collection of Collateral. Any attempt, outside the ordinary course of business, to collect, cash
in or otherwise recover deposits that are Collateral.

 

F.                   Third Party Breach. Any default or breach by a depositary bank or securities intermediary of any provision
contained in a control agreement entered into pursuant to Section 11 in connection with any of the
Collateral.

 

G.                   Unauthorized
Termination. Any attempt to terminate, revoke, rescind, modify, or violate the terms of this Agreement or any Control Agreement
without the prior written consent of Secured Party.

 

H.                   Impairment
of Security. If any Lien granted hereunder shall terminate (except in accordance with its terms) or shall cease to be a first
priority perfected security interest in favor of Secured Party (subject to Permitted Encumbrances or other security interests
or claims approved by Secured Party).

 

    	 	8	 

     

    

 

SECTION 24.
REMEDIES ON DEFAULT (INCLUDING POWER OF SALE)

 

                   If a Default
occurs, Secured Party shall have all the rights and remedies of a secured party under the Uniform Commercial Code. Without limitation
thereto, Secured Party shall have the following rights and remedies: (i) to take immediate possession of Collateral, without notice
or resort to legal process, and for such purpose, to enter upon any premises on which Collateral or any part thereof may be situated
and to remove the same therefrom, or, at its option, to render Collateral unusable or dispose of said Collateral on Debtor’s
premises; (ii) to require Debtor to assemble the Collateral and make it available to Secured Party at a place to be designated
by Secured Party; (iii) to exercise its right of set-off or Secured Party lien as to any monies of Debtor deposited in accounts
of any nature maintained by Debtor with Secured Party or affiliates of Secured Party, without advance notice, regardless of whether
such accounts are general or special; and (iv) to dispose of Collateral, as a unit or in parcels, separately or with any real property
interests also securing the Obligations, in any county or place to be selected by Secured Party, at either private or public sale
(at which public sale Secured Party may be the purchaser) with or without having the Collateral physically present at said
sale.

 

Any notice of sale, disposition
or other action by Secured Party required by law and sent to Debtor at Debtor’s address shown above, or at such other address
of Debtor as may from time to time be shown on the records of Secured Party, at least ten (10) days prior to such action, shall
constitute reasonable notice to Debtor. Notice shall be deemed given or sent when mailed, via certified mail, postage prepaid
to Debtor’s address as provided herein. Secured Party shall be entitled to apply the proceeds of any sale or other disposition
of the Collateral, and the payments received by Secured Party with respect to any of the Collateral, to Obligations in such order
and manner as Secured Party may determine. Collateral that is subject to rapid declines in value and is customarily sold in recognized
markets may be disposed of by Secured Party in a recognized market for such collateral without providing notice of sale. Debtor
waives any and all requirements that the Secured Party sell or dispose of all or any part of the Collateral at any particular
time, regardless of whether Debtor has requested such sale or disposition.

 

SECTION 25. STANDARDS FOR
EXERCISING RIGHTS AND REMEDIES

 

To the extent
that applicable law imposes duties on Secured Party to exercise remedies in a commercially reasonable manner, Debtor acknowledges
and agrees that it is not commercially unreasonable for Secured Party (a) to fail to incur expenses reasonably deemed significant
by Secured Party to prepare Collateral for disposition or otherwise to fail to complete raw material or work in process into finished
goods or other finished products for disposition, (b) to fail to obtain third party consents for access to Collateral to be disposed
of, or to obtain or, if not required by other law, to fail to obtain governmental or third party consents for the collection or
disposition of Collateral to be collected or disposed of, (c) to fail to exercise collection remedies against account debtors or
other persons obligated on Collateral or to fail to remove liens or encumbrances on or any adverse claims against Collateral, (d)
to exercise collection remedies against account debtors and other persons obligated on Collateral directly or through the
use of collection agencies and other collection specialists, (e) to advertise dispositions of Collateral through publications
or media of general circulation, whether or not the Collateral is of a specialized nature, (f) to contact other persons, whether
or not in the same business as Debtor, for expressions of interest in acquiring all or any portion of the Collateral, (g) to hire
one or more professional auctioneers to assist in the disposition of Collateral, whether or not the collateral is of a specialized
nature, (h) to dispose of Collateral by utilizing Internet sites that provide for the auction of assets of the types included in
the Collateral or that have the reasonable capability of doing so, or that match buyers and sellers of assets, (i) to dispose of
assets in wholesale rather than retail markets, (j) to disclaim disposition warranties, (k) to purchase insurance or credit enhancements
to insure Secured Party against risks of loss, collection or disposition of Collateral
or to provide to Secured Party a guaranteed return from the collection or disposition of Collateral, or (l) to the extent deemed
appropriate by Secured Party, to obtain the services of other brokers, investment bankers, consultants and other professionals
to assist Secured Party in the collection or disposition of any of the Collateral. Debtor acknowledges that the purpose of this
Section 27 is to provide non-exhaustive indications of what actions or omissions by Secured Party would fulfill Secured Party’s
duties under the UCC or other applicable law in Secured Party’s exercise of remedies against the Collateral and that other
actions or omissions by Secured Party shall not be deemed to fail to fulfill such duties solely on account of not being indicated
in this Section 27. Without limitation upon the foregoing, nothing contained in this Section 27 shall be construed to grant any
rights to Debtor or to impose any duties on Secured Party that would not have been granted or imposed by this Agreement or by applicable
law in the absence of this Section 27.

 

    	 	9	 

     

    

 

SECTION 26. REMEDIES
ARE CUMULATIVE

 

No failure
on the part of Secured Party to exercise, and no delay in exercising, any right, power or remedy hereunder shall operate as a waiver
thereof, nor shall any single or partial exercise by Secured Party or any right, power or remedy hereunder preclude any other or
further exercise thereof or the exercise of any right, power or remedy. The remedies herein provided are cumulative and are not
exclusive of any remedies provided by law, in equity, or in other Loan Documents.

 

SECTION 27. WAIVERS
BY DEBTOR

 

Debtor agrees not to assert
against Secured Party as a defense (legal or equitable), as a set-off, as a counterclaim, or otherwise, any claims Debtor may
have against any seller or lessor that provided personal property or services relating to any part of the Collateral or against
any other party liable to Secured Party for all or any part of the Obligations. Debtor waives all exemptions and homestead rights
with regard to the Collateral. Debtor waives any and all rights to any bond or security which might be required by applicable
law prior to the exercise of any of Secured Party’s remedies against any Collateral. All rights of Secured Party and security
interests hereunder, and all obligations of Debtor hereunder, shall be absolute and unconditional, not discharged or impaired
irrespective of (and regardless of whether Debtor receives any notice of): (i) any lack of validity or enforceability of any Loan
Document; (ii) any change in the time, manner or place of payment or performance, or in any term, of all or any of the Obligations
or the Loan Documents or any other amendment or waiver of or any consent to any departure from any Loan Document; or (iii) any
exchange, insufficiency, unenforceability, enforcement, release, impairment or non-perfection of any Collateral, or any release
of or modifications to or insufficiency, unenforceability or enforcement of the obligations of any guarantor or other obligor.
To the extent permitted by law, Debtor hereby waives any rights under any valuation, stay, appraisement, extension or redemption
laws now existing or which may hereafter exist and which, but for this provision, might be applicable to any sale or disposition
of the Collateral by Secured Party; and any other circumstance which might otherwise constitute a defense available to, or a discharge
of any party with respect to the Obligations. To the extent it may lawfully do so, Debtor waives the benefit of all laws relating
to the marshalling of collateral. 

 

    	 	10	 

     

    

 

SECTION 28. INDEMNIFICATION.

 

Debtor
shall protect, indemnify and save harmless Secured Party from and against all losses, liabilities, obligations, claims, damages,
penalties, fines, causes of action, costs and expenses (including, without limitation, reasonable attorneys’ fees and expenses)
(collectively, “Damages”) imposed upon, incurred by or asserted against Secured Party on account of or
in connection with (i) the Loan Documents or any failure or alleged failure of Debtor to comply with any of the terms or representations
of, or the inaccuracy or breach of any representation in, the Loan Documents; (ii) the Collateral, any claim of loss or damage
to the Collateral or any injury or claim of injury to, or death of, any person or property that may be occasioned by any cause
whatsoever pertaining to the Collateral or the use, occupancy or operation thereof, (iii) any failure or alleged failure of Debtor
to comply with any law, rule or regulation applicable to it or to the Collateral or the use, occupancy or operation of the Collateral
(including, without limitation, the failure to pay any taxes, fees or other charges), (iv) any Damages whatsoever by reason of
any alleged action, obligation or undertaking of Secured Party relating in any way to or any matter contemplated by the Loan Documents,
or (v) any claim for brokerage fees or such other commissions relating to the Collateral or any other Obligations; provided that
such indemnity shall be effective only to the extent of any Damages that may be sustained by Secured Party in excess of any net
proceeds received by it from any insurance of Debtor (other than self- insurance) with respect to such Damages. Nothing contained
herein shall require Debtor to indemnify Secured Party for any Damages resulting from Secured Party’s gross negligence or
its willful misconduct. The indemnity provided for herein shall survive payment of the Obligations and shall extend to the officers,
directors, employees and duly authorized agents of Secured Party. In the event Secured Party incurs any Damages arising out of
or in any way relating to the transaction contemplated by the Loan Documents (including any of the matters referred to in this
section), the amounts of such Damages shall be added to the Obligations, shall bear interest, to the extent permitted by law, at
the interest rate borne by the Obligations from the date incurred until paid and shall be payable on
demand.

 

SECTION 29.
MISCELLANEOUS.

 

A.                   Amendments and Waivers. No waiver, amendment or modification of any provision of this Agreement shall
be valid unless in writing and signed by Debtor and an officer of Secured Party. No waiver by Secured Party of any Default shall
operate as a waiver of any other Default or of the same Default on a future occasion.

 

B.                   Assignment.
All rights of Secured Party hereunder are freely assignable, in whole or in part, and shall inure to the benefit of and be
enforceable by Secured Party, its successors, assigns and affiliates. Debtor shall not assign its rights and interest hereunder
without the prior written consent of Secured Party, and any attempt by Debtor to assign without Secured Party’s prior written
consent is null and void. Unless otherwise agreed in writing by Secured Party, any assignment shall not release Debtor from the
Obligations. This Agreement shall be binding upon Debtor, and the heirs, personal representatives, successors, and assigns of
Debtor.

 

    	 	11	 

     

    

 

C.                   Applicable
Law. This Agreement shall be governed by and construed under
the law of the
State of New Jersey (the “Jurisdiction”)
without regard to
the Jurisdiction’s conflict of laws principles, except to the extent
that the UCC requires the application of the law of a different jurisdiction.

 

D.                   Jurisdiction and Venue. Debtor irrevocably agrees to exclusive personal jurisdiction and venue in any
federal or state court located within the State of New Jersey.

 

E.                   Waiver
of Jury Trial. DEBTOR WAIVES ITS RIGHT TO A JURY TRIAL WITH RESPECT TO ANY ACTION OR CLAIM ARISING OUT OF ANY DISPUTE IN
CONNECTION WITH THIS AGREEMENT, ANY RIGHTS, REMEDIES, OBLIGATIONS, OR DUTIES HEREUNDER, OR THE PERFORMANCE OR ENFORCEMENT
HEREOF OR THEREOF. Except as prohibited by law, Debtor waives any right which it may have to claim or recover in any
litigation referred to in the preceding sentence any special, exemplary, punitive or consequential damages or any damages other than, or in addition to, actual damages. Debtor
(i)    certifies that neither Secured Party
nor any representative, agent or attorney of Secured Party has represented, expressly or otherwise, that Secured Party would
not, in the event of litigation, seek to enforce the foregoing waivers or other waivers contained in this Agreement,  and
(ii)     acknowledges that, in entering
into the Loan Agreement and other Loan Documents to which Secured Party is a party, the Secured Party is relying upon, among
other things, the waivers and certifications contained in this Section.

 

F.                   Severability. If any provision of this Agreement shall be
prohibited by or invalid under applicable law, such provision shall be ineffective but only to the extent of such prohibition or
invalidity, without invalidating the remainder of such provision or the remaining provisions of this
Agreement.

 

G.                   Notices.
Any notices to Debtor shall be sufficiently given, if in writing and mailed or delivered to the address of Debtor shown above
or such other address as provided hereunder; and to Secured Party, if in writing and mailed or delivered to shown above or such
other address as Secured Party may specify in writing from time to time. In the event that Debtor changes Debtor’s mailing
address at any time prior to the date the Obligations are paid in full, Debtor agrees to promptly give written notice of said
change of address by registered or certified mail, return receipt requested, all charges
prepaid.

 

H.                   Captions.
The captions contained herein are inserted for convenience only and shall not affect the meaning or interpretation of this
Agreement or any provision hereof. The use of the plural shall also mean the singular, and vice
versa.

 

I.                   Joint
and Several Liability. If more than one party (other than Secured Party) has
signed this Agreement, such parties are jointly and severally obligated hereunder.

 

J.                   Binding Contract. Debtor by execution and Secured Party by acceptance of this Agreement, agree that each party
is bound by all terms and provisions of this Agreement.

 

K.                   Final
Agreement. This Agreement and the other Loan Documents represent the final agreement between the parties and may not be contradicted
by evidence of prior, contemporaneous or subsequent written or oral agreements of the parties. There are no unwritten oral agreements
between the parties. 

 

    	 	12	 

     

    

 

L.                    Essence
of Time. Time is of the essence hereunder. 

 

M.                   Counterparts.
This Agreement may be executed in multiple counterparts, each of which shall constitute an original, and all of which shall
constitute one document. Execution and delivery of this Agreement by electronic means (including, without limitation, facsimile
transmission and transmission of a version of the document in Adobe Acrobat format by e-mail) shall serve to fully bind the party
so executing and delivering such counterpart of this Agreement.

 

IN WITNESS
WHEREOF, Debtor, on the day and year first written above, has caused this Security Agreement to be executed under seal.

 

	 	DEBTOR:
	 	 	 
	 	JERRICK MEDIA HOLDINGS, INC., a Nevada corporation
	 	 	 
	 	By:	(SEAL)
	 	Name:	JEREMY FROMMER
	 	Title:	CEO

 

 

13Exhibit 10.3

 

NEITHER THE ISSUANCE AND SALE OF
THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE EXERCISABLE HAVE BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE,
SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL (WHICH COUNSEL SHALL BE SELECTED BY THE HOLDER), IN A GENERALLY ACCEPTABLE
FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT. NOTWITHSTANDING
THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT
SECURED BY THE SECURITIES.

 

	 	Right to Purchase 1,000,000 shares of Common Stock of Jerrick Media Holdings, Inc. (subject to adjustment as provided herein)

 

COMMON STOCK PURCHASE WARRANT

 

No. Issue Date: May 26,
2016

 

JERRICK MEDIA HOLDINGS, INC., a corporation
organized under the laws of the State of Nevada (the “Company”), hereby certifies that, for value received,
ARTHUR ROSEN, with an address at _________________________, or its assigns (the “Holder”), is
entitled, subject to the terms set forth below, to purchase from the Company at any time after the Issue Date until 5:00 p.m.,
E.D.T. on the five (5) year anniversary of the Issue Date (the “Expiration Date”), up to 1,000,000 fully paid
and non-assessable shares of the Company’s common stock, par value $0.001 per share (the “Common Stock”) at a
per share purchase price of $0.40. The aforedescribed purchase price per share, as adjusted from time to time as herein provided,
is referred to herein as the “Purchase Price.” The number and character of such shares of Common Stock and the
Purchase Price are subject to adjustment as provided herein. The Company may reduce the Purchase Price for some or all of the Warrants,
temporarily or permanently, provided such reduction is made as to all outstanding Warrants for all Holders of such Warrants. 

 

As used herein the
following terms, unless the context otherwise requires, have the following respective meanings:

 

		(a)	The term “Company” shall mean Jerrick Media Holdings, Inc., a Nevada corporation.

 

(b) The term “Common
Stock” includes (i) the Company’s Common Stock, $0.001 par value per share and (ii) any other securities into which
or for which any of the securities described in (i) may be converted or exchanged pursuant to a plan of recapitalization, reorganization,
merger, sale of assets or otherwise.

 

    	 		 

     

    

 

(c) The term “Other
Securities” refers to any stock (other than Common Stock) and other securities of the Company or any other person (corporate
or otherwise) which the holder of the Warrant at any time shall be entitled to receive, or shall have received, on the exercise
of the Warrant, in lieu of or in addition to Common Stock, or which at any time shall be issuable or shall have been issued in
exchange for or in replacement of Common Stock or Other Securities pursuant to Section 4 hereof or otherwise.

 

(d) The term “Warrant
Shares” shall mean the Common Stock issuable upon exercise of this Warrant.

  

1. Exercise of
Warrant.

 

1.1. Number of
Shares Issuable upon Exercise. From and after the Issue Date through and including the Expiration Date, the Holder shall be
entitled to receive, upon exercise of this Warrant in whole in accordance with the terms of Section 1.2 hereof or upon exercise
of this Warrant in part in accordance with Section 1.3 hereof, shares of Common Stock of the Company, subject to adjustment
pursuant to Section 2 hereof.

 

1.2. Full Exercise.
This Warrant may be exercised in full by the Holder hereof by delivery to the Company of an original or facsimile copy of the
form of subscription attached as Exhibit A hereto (the “Form of Exercise”) duly executed by such
Holder and delivered within two (2) business days thereafter of payment, in cash, wire transfer or by certified or official bank
check payable to the order of the Company, in the amount obtained by multiplying the number of shares of Common Stock for which
this Warrant is then exercisable by the Purchase Price then in effect. The original Warrant is not required to be surrendered
to the Company until it has been fully exercised.

 

1.3. Partial Exercise.
This Warrant may be exercised in part (but not for a fractional share) by delivery of a Form of Exercise in the manner and at the
place provided in Section 1.2 hereof, except that the amount payable by the Holder on such partial exercise shall be the
amount obtained by multiplying (a) the number of whole shares of Common Stock designated by the Holder in the Form of Exercise
by (b) the Purchase Price then in effect. On any such partial exercise, upon the written request of the Holder, provided the Holder
has surrendered the original Warrant, the Company, at its expense, will forthwith issue and deliver to or upon the order of the
Holder a new Warrant of like tenor, in the name of the Holder hereof or as such Holder (upon payment by such Holder of any applicable
transfer taxes) may request, the whole number of shares of Common Stock for which such Warrant may still be exercised.

 

1.4. Fair Market
Value. For purposes of this Warrant, the Fair Market Value of a share of Common Stock as of a particular date (the “Determination
Date”) shall mean:

 

(a) If the Company’s
Common Stock is traded on an exchange or on the NASDAQ Global Market, NASDAQ Global Select Market, the NASDAQ Capital Market, the
New York Stock Exchange or the NYSE AMEX Equities, then the average of the closing sale prices of the Common Stock for the five
(5) trading days immediately prior to (but not including) the Determination Date;

 

    	 	2	 

     

    

 

(b) If the Company’s
Common Stock is not traded on an exchange or on the NASDAQ Global Market, NASDAQ Global Select Market, the NASDAQ Capital Market,
the New York Stock Exchange or the NYSE AMEX Equities, but is traded on the OTC Bulletin Board or in the over-the-counter market
or Pink Sheets, then the average of the closing bid and ask prices reported for the five (5) trading days immediately prior to
(but not including) the Determination Date;

 

(c) Except as provided
in clause (d) below and Section 2.1 hereof, if the Company’s Common Stock is not publicly traded, then as the Holder
and the Company shall mutually agree, or in the absence of such an agreement after good faith efforts of the Company and the Holder
to reach an agreement, by arbitration in accordance with the rules then standing of the American Arbitration Association, before
a single arbitrator to be chosen from a panel of persons qualified by education and training to pass on the matter to be decided;
or

 

(d) If the Determination
Date is the date of a liquidation, dissolution or winding up, or any event deemed to be a liquidation, dissolution or winding up
pursuant to the Company’s charter, then all amounts to be payable per share to holders of the Common Stock pursuant to the
charter in the event of such liquidation, dissolution or winding up, plus all other amounts to be payable per share in respect
of the Common Stock in liquidation under the charter, assuming for the purposes of this clause (d) that all of the shares of Common
Stock then issuable upon exercise of all of the Warrants are outstanding at the Determination Date.

 

1.5. Company Acknowledgment.
The Company will, at the time of the exercise of the Warrant, upon the request of the Holder hereof, acknowledge in writing its
continuing obligation to afford to such Holder any rights to which such Holder shall continue to be entitled after such exercise
in accordance with the provisions of this Warrant. If the Holder shall fail to make any such request, such failure shall not affect
the continuing obligation of the Company to afford to such Holder any such rights.

 

    	 	3	 

     

    

 

1.6. Delivery of
Stock Certificates, etc. on Exercise. The Company agrees that, provided the purchase price listed in the Form of Exercise is
received as specified in Section 1.2 hereof, the shares of Common Stock purchased upon exercise of this Warrant shall be
deemed to be issued to the Holder hereof as the record owner of such shares as of the close of business on the date on which delivery
of a Form of Exercise shall have occurred and payment made for such shares as aforesaid. As soon as practicable after the exercise
of this Warrant in full or in part and the payment is made, and in any event within five (5) business days thereafter (“Warrant
Share Delivery Date”), the Company, at its expense (including the payment by it of any applicable issue taxes), will
cause to be issued in the name of, and delivered to, the Holder hereof, or as such Holder (upon payment by such Holder of any applicable
transfer taxes) may direct in compliance with applicable securities laws, a certificate or certificates for the number of duly
and validly issued, fully paid and non-assessable shares of Common Stock (or Other Securities) to which such Holder shall be entitled
on such exercise, plus, in lieu of any fractional share to which such Holder would otherwise be entitled, cash equal to such fraction
multiplied by the then Fair Market Value of one full share of Common Stock, together with any other stock or other securities and
property (including cash, where applicable) to which such Holder is entitled upon such exercise pursuant to Section 1 hereof
or otherwise. The Company understands that a delay in the delivery of the Warrant Shares after the Warrant Share Delivery Date
could result in economic loss to the Holder. As compensation to the Holder for such loss, the Company agrees to pay (as liquidated
damages and not as a penalty) to the Holder for late issuance of Warrant Shares upon exercise of this Warrant the proportionate
amount of $100 per business day after the Warrant Share Delivery Date for each $10,000 of Purchase Price of Warrant Shares for
which this Warrant is exercised which are not timely delivered. The Company shall promptly pay any payments incurred under this
Section in immediately available funds upon demand. Furthermore, in addition to any other remedies which may be available to the
Holder, in the event that the Company fails for any reason to effect delivery of the Warrant Shares by the Warrant Share Delivery
Date, the Holder may revoke all or part of the relevant Warrant exercise by delivery of a written notice to such effect to the
Company, whereupon the Company and the Holder shall each be restored to their respective positions immediately prior to the exercise
of the relevant portion of this Warrant, except that the liquidated damages described above shall be payable through the date notice
of revocation or rescission is given to the Company.

 

1.7. Buy-In.
In addition to any other rights available to the Holder, if the Company fails to deliver to a Holder the Warrant Shares as required
pursuant to this Warrant, and the Holder or a broker on the Holder’s behalf, purchases (in an open market transaction or
otherwise) shares of Common Stock to deliver in satisfaction of a sale by such Holder of the Warrant Shares which the Holder was
entitled to receive from the Company (a “Buy-In”), then the Company shall pay in cash to the Holder (in addition
to any remedies available to or elected by the Holder) the amount by which (A) the Holder’s total purchase price (including
brokerage commissions, if any) for the shares of Common Stock so purchased exceeds (B) the aggregate Purchase Price of the Warrant
Shares required to have been delivered together with interest thereon at a rate of 15% per annum, accruing until such amount and
any accrued interest thereon is paid in full (which amount shall be paid as liquidated damages and not as a penalty). For purposes
of illustration, if a Holder purchases shares of Common Stock having a total purchase price of $11,000 to cover a Buy-In with respect
to $10,000 of Purchase Price of Warrant Shares to have been received upon exercise of this Warrant, the Company shall be required
to pay the Holder $1,000, plus interest. The Holder shall provide the Company written notice indicating the amounts payable to
the Holder in respect of the Buy-In, which shall include evidence of the price at which such Holder had to purchase the Common
Stock in an open-market transaction or otherwise.

 

    	 	4	 

     

    

 

2. Adjustment
for Reorganization, Consolidation, Merger, etc.

 

2.1. Fundamental
Transaction. If, at any time while this Warrant is outstanding, (A) the Company effects any merger or consolidation of the
Company with or into another entity, (B) the Company effects any sale of all or substantially all of its assets in one or a series
of related transactions, (C) any tender offer or exchange offer (whether by the Company or another entity) is completed pursuant
to which holders of Common Stock are permitted to tender or exchange their shares for other securities, cash or property, (D) the
Company consummates a stock purchase agreement or other business combination (including, without limitation, a reorganization,
recapitalization, or spin-off) with one or more persons or entities whereby such other persons or entities acquire more than the
50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by such other persons or entities
making or party to, or associated or affiliated with the other persons or entities making or party to, such stock purchase agreement
or other business combination), (E) any “person” or “group” (as these terms are used for purposes of Sections
13(d) and 14(d) of the 1934 Act) is or shall become the “beneficial owner” (as defined in Rule 13d-3 under the 1934
Act), directly or indirectly, of 50% of the aggregate Common Stock of the Company, or (F) the Company effects any reclassification
of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged
for other securities, cash or property (in any such case, a “Fundamental Transaction”), then, upon any subsequent
exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon
such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder, (a) upon exercise
of this Warrant, the number of shares of Common Stock of the successor or acquiring corporation or of the Company, if it is the
surviving corporation, and any additional consideration (the “Alternate Consideration”) receivable upon or as
a result of such reorganization, reclassification, merger, consolidation or disposition of assets by a Holder of the number of
shares of Common Stock for which this Warrant is exercisable immediately prior to such event or (b) if the Company is acquired
in (1) a transaction where the consideration paid to the holders of the Common Stock consists solely of cash, (2) a “Rule
13e-3 transaction” as defined in Rule 13e-3 under the 1934 Act, or (3) a transaction involving a person or entity not traded
on a national securities exchange, the Nasdaq Global Select Market, the Nasdaq Global Market or the Nasdaq Capital Market, cash
equal to the Black-Scholes Value (as defined herein). For purposes of any such exercise, the determination of the Purchase Price
shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable
in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Purchase Price among
the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration.
If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction,
then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant
following such Fundamental Transaction. To the extent necessary to effectuate the foregoing provisions, any successor to the Company
or surviving entity in such Fundamental Transaction shall issue to the Holder a new warrant consistent with the foregoing provisions
and evidencing the Holder’s right to exercise such warrant into Alternate Consideration. The terms of any agreement pursuant
to which a Fundamental Transaction is effected include terms requiring any such successor or surviving entity to comply with the
provisions of this Section 2.1 and insuring that this Warrant (or any such replacement security) will be similarly adjusted
upon any subsequent transaction analogous to a Fundamental Transaction. “Black-Scholes Value” shall be determined
in accordance with the Black-Scholes Option Pricing Model obtained from the “OV” function on Bloomberg L.P. using (i)
a price per share of Common Stock equal to the Volume Weighted Average Price of the Common Stock for the Trading Day immediately
preceding the date of consummation of the applicable Fundamental Transaction, (ii) a risk-free interest rate corresponding to the
U.S. Treasury rate for a period equal to the remaining term of this Warrant as of the date of such request and (iii) an expected
volatility equal to the 100 day volatility obtained from the HVT function on Bloomberg L.P. determined as of the Trading Day immediately
following the public announcement of the applicable Fundamental Transaction.

 

    	 	5	 

     

    

 

2.2. Continuation
of Terms. Upon any reorganization, consolidation, merger or transfer (and any dissolution following any transfer) referred
to in this Section 2 hereof, this Warrant shall continue in full force and effect and the terms hereof shall be applicable
to the Other Securities and property receivable on the exercise of this Warrant after the consummation of such reorganization,
consolidation or merger or the effective date of dissolution following any such transfer, as the case may be, and shall be binding
upon the issuer of any Other Securities, including, in the case of any such transfer, the person acquiring all or substantially
all of the properties or assets of the Company, whether or not such person shall have expressly assumed the terms of this Warrant
as provided in Section 4 hereof.

 

2.3 Share Issuance.
Until the Expiration Date, if the Company shall issue any Common Stock, except for Excepted Issuances (as defined below), prior
to the complete exercise of this Warrant for a consideration less than the Purchase Price that would be in effect at the time of
such issuance, then, and thereafter successively upon each such issuance, the Purchase Price shall be reduced to such other lower
price for then outstanding Warrants. For purposes of this adjustment, the issuance of any security or debt instrument of the Company
carrying the right to convert such security or debt instrument into Common Stock or of any warrant to purchase Common Stock shall
result in an adjustment to the Purchase Price upon the issuance of the of the above-described security, debt instrument, warrant,
right, or option if such security or debt instrument may be converted or exercised at a price lower than the Purchase Price in
effect upon such issuance and again at any time upon any actual, permitted, optional, or allowed issuances of shares of Common
Stock upon any actual, permitted, optional, or allowed exercise of such conversion or purchase rights if such issuance is at a
price lower than the Purchase Price in effect upon any actual, permitted, optional, or allowed such issuance. Common Stock issued
or issuable by the Company for no consideration will be deemed issuable or to have been issued for $0.001 per share of Common Stock.
Upon any reduction of the Purchase Price, the number of shares of Common Stock that the Holder of this Warrant shall thereafter,
on the exercise hereof, be entitled to receive shall be adjusted to a number determined by multiplying the number of shares of
Common Stock that would otherwise (but for the provisions of this Section 2.3) be issuable on such exercise by a fraction
of which (a) the numerator is the Purchase Price that would otherwise (but for the provisions of this Section 2.3) be in
effect, and (b) the denominator is the Purchase Price in effect on the date of such exercise. Excepted Issuances means: (i) the
Company’s issuance of Common Stock in full or partial consideration in connection with a strategic merger, acquisition, consolidation
or purchase of substantially all of the securities or assets of a corporation or other entity, so long as such issuances are not
for the purpose of raising capital and which holders of such securities or debt are not at any time granted registration rights,
(ii) the Company’s issuance of securities in connection with strategic license agreements and other partnering arrangements,
so long as such issuances are not for the purpose of raising capital and which holders of such securities or debt are not at any
time granted registration rights, (iii) the Company’s issuance of Common Stock or the issuances or grants of options to purchase
Common Stock to employees, directors, and consultants, pursuant to employee stock option plans, (iv) securities upon the exercise
or exchange of or conversion of any securities exercisable or exchangeable for or convertible into shares of Common Stock issued
and outstanding on the date of this Warrant and (v) issuance of Common Stock as a result of the exercise of this Warrant.

 

    	 	6	 

     

    

 

3. Accredited
Investor Status. This Warrant may only be exercised by a Holder that is an “accredited investor” as that term is
defined in Rule 501 promulgated under the Securities Act of 1933, as amended.

 

4. Extraordinary
Events Regarding Common Stock. In the event that the Company shall (a) issue additional shares of Common Stock as a dividend
or other distribution on outstanding Common Stock, (b) subdivide its outstanding shares of Common Stock, or (c) combine its outstanding
shares of the Common Stock into a smaller number of shares of Common Stock, then, in each such event, the Purchase Price shall,
simultaneously with the happening of such event, be adjusted by multiplying the then Purchase Price by a fraction, the numerator
of which shall be the number of shares of Common Stock outstanding immediately prior to such event and the denominator of which
shall be the number of shares of Common Stock outstanding immediately after such event, and the product so obtained shall thereafter
be the Purchase Price then in effect. The Purchase Price, as so adjusted, shall be readjusted in the same manner upon the happening
of any successive event or events described in this Section 4. The number of shares of Common Stock that the Holder of this
Warrant shall thereafter, on the exercise hereof, be entitled to receive shall be adjusted to a number determined by multiplying
the number of shares of Common Stock that would otherwise (but for the provisions of this Section 4) be issuable on such
exercise by a fraction of which (a) the numerator is the Purchase Price that would otherwise (but for the provisions of this Section
4) be in effect, and (b) the denominator is the Purchase Price in effect on the date of such exercise.

 

5. Certificate
as to Adjustments. In each case of any adjustment or readjustment in the shares of Common Stock (or Other Securities) issuable
on the exercise of the Warrants or in the Purchase Price, the Company at its expense will promptly cause its Chief Financial Officer
or other appropriate designee to compute such adjustment or readjustment in accordance with the terms of the Warrant and prepare
a certificate setting forth such adjustment or readjustment and showing in detail the facts upon which such adjustment or readjustment
is based, including a statement of (a) the consideration received or receivable by the Company for any additional shares of Common
Stock (or Other Securities) issued or sold or deemed to have been issued or sold, (b) the number of shares of Common Stock (or
Other Securities) outstanding or deemed to be outstanding, and (c) the Purchase Price and the number of shares of Common Stock
to be received upon exercise of this Warrant, in effect immediately prior to such adjustment or readjustment and as adjusted or
readjusted as provided in this Warrant. The Company will forthwith mail a copy of each such certificate to the Holder of the Warrant
and any Warrant Agent (as defined herein) of the Company (appointed pursuant to Section 10 hereof). Holder will be entitled
to the benefit of the adjustment regardless of the giving of such notice. The timely giving of such notice to Holder is a material
obligation of the Company.

 

6. Reservation
of Stock, etc. Issuable on Exercise of Warrant; Financial Statements. The Company will at all times reserve and keep available,
solely for issuance and delivery on the exercise of the Warrants, all shares of Common Stock (or Other Securities) from time to
time issuable on the exercise of the Warrant. This Warrant entitles the Holder hereof, upon written request, to receive copies
of all financial and other information distributed or required to be distributed to the holders of the Company’s Common Stock.

 

    	 	7	 

     

    

 

7. Assignment;
Exchange of Warrant. Subject to compliance with applicable securities laws, this Warrant, and the rights evidenced hereby,
may be transferred by any registered holder hereof (a “Transferor”). On the surrender for exchange of this Warrant,
with the Transferor’s endorsement in the form of Exhibit B attached hereto (the “Transferor Endorsement Form”)
and together with an opinion of counsel reasonably satisfactory to the Company that the transfer of this Warrant will be in compliance
with applicable securities laws, the Company will issue and deliver to or on the order of the Transferor thereof a new Warrant
or Warrants of like tenor, in the name of the Transferor and/or the transferee(s) specified in such Transferor Endorsement Form
(each a “Transferee”), calling in the aggregate on the face or faces thereof for the number of shares of Common
Stock called for on the face or faces of the Warrant so surrendered by the Transferor.

 

8. Replacement
of Warrant. On receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of
this Warrant and, in the case of any such loss, theft or destruction of this Warrant, on delivery of an indemnity agreement or
security reasonably satisfactory in form and amount to the Company or, in the case of any such mutilation, on surrender and cancellation
of this Warrant, the Company at its expense, twice only, will execute and deliver, in lieu thereof, a new Warrant of like tenor.

 

9. Maximum Exercise.
The Holder shall not be entitled to exercise this Warrant on an exercise date, in connection with that number of shares of Common
Stock which would be in excess of the sum of (i) the number of shares of Common Stock beneficially owned by the Holder and its
Affiliates on an exercise date, and (ii) the number of shares of Common Stock issuable upon the exercise of this Warrant with respect
to which the determination of this limitation is being made on an exercise date, which would result in beneficial ownership by
the Holder and its Affiliates of more than 4.99% of the outstanding shares of Common Stock on such date. For the purposes of the
immediately preceding sentence, beneficial ownership shall be determined in accordance with Section 13(d) of the 1934 Act and Rule
13d-3 thereunder. Subject to the foregoing, the Holder shall not be limited to aggregate exercises which would result in the issuance
of more than 4.99%. The restriction described in this paragraph may be waived, in whole or in part, upon sixty-one (61) days’
prior notice from the Holder to the Company to increase such percentage. The Holder may decide whether to convert the Preferred
Stock or exercise this Warrant to achieve an actual 4.99% or increase such ownership position as described above.

 

10. Warrant
Agent. The Company may, by written notice to the Holder, appoint an agent (a “Warrant Agent”) for the purpose
of issuing Common Stock (or Other Securities) on the exercise of this Warrant pursuant to Section 1 hereof, exchanging this
Warrant pursuant to Section 7 hereof, and replacing this Warrant pursuant to Section 8 hereof, or any of the foregoing,
and thereafter any such issuance, exchange or replacement, as the case may be, shall be made at such office by such Warrant Agent.

 

    	 	8	 

     

    

 

11. Transfer
on the Company’s Books. Until this Warrant is transferred on the books of the Company, the Company may treat the registered
holder hereof as the absolute owner hereof for all purposes, notwithstanding any notice to the contrary.

  

12. Notices.
All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder shall be in writing
and, unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered or certified, return
receipt requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid, or (iv) transmitted
by hand delivery, telegram, or facsimile addressed as set forth below or to such other address as such party shall have specified
most recently by written notice. Any notice or other communication required or permitted to be given hereunder shall be deemed
effective (a) upon hand delivery or delivery by facsimile, with accurate confirmation generated by the transmitting facsimile machine,
at the address or number designated below (if delivered on a business day during normal business hours where such notice is to
be received), or the first business day following such delivery (if delivered other than on a business day during normal business
hours where such notice is to be received), or (b) on the second business day following the date of mailing by express courier
service, fully prepaid, addressed to such address, or upon actual receipt of such mailing, whichever shall first occur. The addresses
for such communications shall be: (i) if to the Company, to Jerrick Media Holdings, Inc., 202 South Dean Street, Englewood, NJ,
Attn: Jeremy Frommer, with a copy by fax only to (which shall not constitute notice) Lucosky Brookman LLP, 101 Wood Avenue South,
5th Floor, Iselin, NJ 08830, Attn: Joseph M. Lucosky, Esq., facsimile: (732) 395-4401, and (ii) if to the Holder, to the address
and facsimile number listed on the first paragraph of this Warrant.

 

13. Law Governing
This Warrant. This Warrant shall be governed by and construed in accordance with the laws of the State of New Jersey without
regard to its principles of conflicts of laws or of any other State. Any action brought by either party hereto against the other
concerning the transactions contemplated by this Warrant shall be brought only in the state courts of New York or in the federal
courts located in the state and county of New York. The parties to this Warrant hereby irrevocably waive any objection to jurisdiction
and venue of any action instituted hereunder and shall not assert any defense based on lack of jurisdiction or venue or based upon
forum non conveniens. The Company and the Holder waive trial by jury. The prevailing party shall be entitled to recover
from the other party its reasonable attorney’s fees and costs. In the event that any provision of this Warrant or any other
agreement delivered in connection herewith is invalid or unenforceable under any applicable statute or rule of law, then such provision
shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform to, such statute
or rule of law. Any such provision which may prove invalid or unenforceable under any law shall not affect the validity or enforceability
of any other provision of any agreement. Each party hereto hereby irrevocably waives personal service of process and consents to
process being served in any suit, action or proceeding in connection with this Warrant or any other transaction document by mailing
a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address
in effect for notices to it under this Warrant and agrees that such service shall constitute good and sufficient service of process
and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner
permitted by law.

 

[-Signature Page
Follows-]

 

    	 	9	 

     

    

 

IN WITNESS WHEREOF, the Company has executed
this Warrant as of the date first written above.

 

	 	JERRICK MEDIA HOLDINGS, INC.
	 	 
	 	By:	 
	 	Name: 	Jeremy Frommer
	 	Title: 	Chief Executive Officer

  

    	 	10	 

     

    

 

Exhibit A

 

FORM OF EXERCISE

(to be signed only on exercise of Warrant)

 

TO: JERRICK MEDIA HOLDINGS, INC.

 

The undersigned, pursuant to the provisions set forth in
the attached Warrant (No.____), hereby irrevocably elects to purchase (check applicable box):

 

___ ________ shares of the Common Stock covered by such Warrant.

 

The undersigned herewith makes payment of the full purchase
price for such shares at the price per share provided for in such Warrant, which is $___________. Such payment takes the form of
(check applicable box or boxes):

 

___ $__________ in lawful money of the United States; and/or

	___	the cancellation of such portion of the attached Warrant as is exercisable for a total of _______ shares of Common Stock (using a Fair Market Value of $_______ per share for purposes of this calculation).

 

 

The undersigned requests that the certificates for such shares
be issued in the name of, and delivered to __________________________________________, whose address is ___________________________
__________________________________________________________________________________________________.

 

The undersigned represents and warrants that all offers and
sales by the undersigned of the securities issuable upon exercise of the within Warrant shall be made pursuant to registration
of the Common Stock under the Securities Act of 1933, as amended (the “Securities Act”), or pursuant to an exemption
from registration under the Securities Act.

 

	Dated:___________________	 	 
	 	 	
        (Signature must conform to name of holder as

        specified on the face of the Warrant)

	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	(Address)

 

    	 		 

     

    

 

Exhibit B

 

FORM OF TRANSFEROR ENDORSEMENT

(To be signed only on transfer of Warrant)

 

For value received,
the undersigned hereby sells, assigns, and transfers unto the person(s) named below under the heading “Transferees”
the right represented by the within Warrant to purchase the percentage and number of shares of Common Stock of JERRICK MEDIA HOLDINGS,
INC. to which the within Warrant relates specified under the headings “Percentage Transferred” and “Number Transferred,”
respectively, opposite the name(s) of such person(s) and appoints each such person Attorney to transfer its respective right on
the books of JERRICK MEDIA HOLDINGS, INC., with full power of substitution in the premises.

 

	Transferees	 	Percentage Transferred	 	Number Transferred
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

	Dated: __________________, _______	 	 
	 	 	
        (Signature must conform to name of holder as specified

        on the face of the warrant)

	 	 	 
	Signed in the presence of: 	 	 
	 	 	 
	 	 	 
	(Name)	 	 
	 	 	(address)
	 	 	 
	ACCEPTED AND AGREED:	 	 
	[TRANSFEREE]	 	 
	 	 	(address)
	 	 	 
	 	 	 
	(Name)

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