Document:

Exhibit 10.1

 

AMENDMENT
NO. 3 TO LOAN AND SECURITY AGREEMENT

 

This
AMENDMENT NO. 3 (the “Amendment”), dated as of September 3, 2019, to the LOAN AGREEMENT (the “June 2019 Loan
Agreement”), and the SECURITY AGREEMENT (the “June 2019 Security Agreement”), both dated June 3, 2019, as such
Agreements have been amended by way of agreements dated as of July 29, 2019 (the “July 2019 Amendment Agreement” and
August 12, 2019 (the “First August 2019 Amendment Agreement”; and together with the June 2019 Loan Agreement, the
June 2019 Security Agreement, the July 2019 Amendment Agreement and the First August 2019 Amendment Agreement, the “Agreements”),
by and between Jerrick Media Holdings, Inc. (the “Company”) and the investors (the “Investors”) named
in the Agreements. The Investors and the Company are hereinafter referred to together as “the Parties”. Capitalized
terms not defined herein have the meanings assigned to them in the Agreements.

 

WITNESSETH:

 

WHEREAS,
on June 3, 2019, the Investors and the Company entered into the June 3, 2019 Loan Agreement and the June 3, 2019 Security Agreement
and Securities Purchase Agreement pursuant to which the Investors agreed to have a joint and several interest in the June 2019
Loan in the principal aggregate amount of

$2,400,000;
and

 

WHEREAS,
on July 29, 2019, the Investors and the Company entered into the July 2019 Amendment Agreement pursuant to which the parties agreed
to amend the June 2019 Loan Agreement and the June 2019 Security Agreement so as to (i) increase the principal aggregate amount
of the June 2019 Loan to $2,500,000, and (ii) amend the provisions regarding the ranking of interest of such loan; and

 

WHEREAS,
on August 12, 2019, the Investors and the Company entered into the First August 2019 Amendment Agreement pursuant to which the
parties agreed to further amend the June 2019 Loan Agreement and the June 2019 Security Agreement so as to (i) increase the principal
aggregate amount of the June 2019 Loan to $3,000,000, and (ii) amend the provisions regarding the ranking of interest of such
loan; and

 

WHEREAS,
the Parties now desire to further amend the Agreements in certain respects as hereinafter set forth;

 

NOW,
THEREFORE, in consideration of and for the mutual promises and covenants contained herein, and for other good and valuable consideration,
the receipt of which is hereby acknowledged, the Agreement is hereby amended as follows:

 

		1.	Section
2.1 of the Loan Agreement is hereby amended to be and read as follows:

 

“Section 2.1 The Loan

 

The
Lenders have resolved to issue certain financial accommodations to the Borrower in an amount of up to FOUR MILLION AND NO/100
DOLLARS ($4,000,000.00), which shall be undertaken, funded and/or repaid in accordance with this Agreement, as follows: the Borrower
shall be indebted in the amount of Four Million and No/100 Dollars ($4,000,000.00) (the “Term Loan”), funded
as follows:

 

		(a)	ONE
MILLION TWO HUNDRED THOUSAND AND NO/100 DOLLARS ($1,200,000.00) was exchanged by Rosen from an existing Promissory note dated
May 26, 2016 in favor of Rosen for a joint and several interest in the 2019 Term Loan pursuant to the Debt Exchange Agreement
dated 6/3/19;

 

    

     

    

 

		(b)	(i)
SIX HUNDRED THOUSAND AND NO/100 DOLLARS ($600,000) was funded by Goldberg at First Closing on June 3, 2019, (ii) SIX HUNDRED THOUSAND
AND NO/100 DOLLARS ($600,000) was funded by Goldberg at Second Closing on June 25, 2019, (iii) an additional ONE HUNDRED THOUSAND
AND NO/100 DOLLARS ($100,000) was funded by Goldberg pursuant to the July 2019 Amendment Agreement on July 29, 2019, (iv) an additional
FIVE HUNDRED THOUSAND AND NO/100 DOLLARS ($500,000) was funded by Goldberg pursuant to the First August 2019 Amendment Agreement
on August 12, 2019, (v) an additional ONE HUNDRED THOUSAND AND NO/100 DOLLARS ($100,000) was funded by Goldberg on August 26,
2019, (vi) an additional FIVE HUNDRED THOUSAND AND NO/100 DOLLARS ($500,000) was funded by Goldberg on September 6, 2019, and
(vii) an additional FOUR HUNDRED THOUSAND AND NO/100 DOLLARS ($400,000) was funded by Goldberg on September 13, 2019.

 

Following
the September 13, 2019 funding by Goldberg, the principal amounts funded by Creditor are as follows:

 

	Eric Goldberg:	 	$	2,800,000	 
	Arthur Rosen:	 	$	1,200,000	 

 

The
Loan is not a revolving credit loan, and Borrower is not entitled to any re-advances of any portion of the Loan which it may (or
is otherwise required to) pay or prepay pursuant to the provisions of this Agreement. The Closings shall occur on the Closing
Dates and shall be conducted remotely via exchange of documents.

 

The
net proceeds of the Current Advance shall be employed by the Borrower as provided in Section 6.2 of this Agreement.”

 

		2.	Paragraph
2 of the Intercreditor Agreement is hereby amended to be and read as follows:

 

		“2.	Ranking
of Interests. Each Creditor agrees and acknowledges that all sums secured or owing to either Creditor under the Creditor Loan
Documents shall be and are hereby declared by each Creditor to be held and/or receivable by the Creditors on the following basis:

 

 (i) Each Creditor agrees and acknowledges that all sums secured or owing to either Creditor under the Creditor Loan Documents shall be and are hereby declared by each Creditor to be held and/or receivable by the Creditors on a pro-rata basis as to each Creditor’s share of the Loan (each such share hereinafter referred to as each Creditor’s “Creditor Share”)..

 

Any
amounts payable hereunder shall be rounded to the nearest whole ten-dollar increment. Notwithstanding anything to the contrary
contained in any Creditor Loan Documents and irrespective of: (i) dates, times or order of when a Creditor made its loan to the
Company under the Creditor Loan Documents; (ii) the time, order or method of attachment or perfection of the security interests
created in favor of either Creditor; (iii) the time or order of filing or recording of financing statements or other documents
filed or recorded to perfect security interests in any collateral; (iv) anything contained in any filing or agreement to which
any Creditor now or hereafter may be a party; (v) the rules for determining perfection or priority under the Uniform Commercial
Code or any other law governing the relative priorities of secured creditors; (vi) the time or order of obtaining control or possession
of any Collateral; or (vii) or the failure to perfect or maintain the perfection or priority of any security interests, each Creditor
hereby agrees and acknowledges that: (x) each of the Creditors has a valid security interest in the Collateral and (y) the security
interests of each Creditor in any Collateral pursuant to any Creditor Loan Documents shall, be pari passu on a pro rata basis,
based on percentage of Creditor Share.”

 

		3.	Except
as amended hereby, the terms and provisions of the Agreements shall remain in full force and effect, and the Agreements are in
all respects ratified and confirmed. On and after the date of this Amendment, each reference in each of the Agreements to the
"Agreement", "hereinafter", "herein", “hereinafter", "hereunder", "hereof",
or words of like import shall mean and be a reference to such Agreement as amended by this Amendment.

 

		4.	This
Amendment may be executed in one or more counterparts, each of which shall be deemed an original and all of which taken together
shall constitute a single Amendment.

 

    -2-

     

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date first stated above.

 

	 	JERRICK MEDIA, INC.
	 	 	 
	 	By:	                      
	 	 	Name:	Jeremy Frommer
	 	 	Title:	CEO
	 	 	 	 
	 	 	 
	 	 	ARTHUR
    ROSEN, as Creditor
	 	 	 
	 	 	 
	 	 	ERIC
    GOLDBERG, as Creditor

 

 

-3-Exhibit 10.2

 

AMENDMENT
NO. 4 TO LOAN AND SECURITY AGREEMENT

 

This
AMENDMENT NO. 4 (this “Amendment”), dated as of October 10, 2019, to that certain Loan Agreement (the
“June 2019 Loan Agreement”), and that certain Security Agreement (the “June 2019 Security Agreement”),
both dated June 3, 2019, as such agreements have been amended by way of agreements dated as of July 29, 2019 (the “First
Amendment Agreement”), August 12, 2019 (the “Second Amendment Agreement”) and September
16, 2019 (the “Third Amendment Agreement;” and together with the June 2019 Loan Agreement, the June
2019 Security Agreement, the First Amendment Agreement, the Second Amendment Agreement and the Third Amendment Agreement, the
“Agreements”), by and between Jerrick Media Holdings, Inc., a Nevada corporation (the “Company”),
and the investors (the “Investors”) named in the Agreements. The Investors and the Company are hereinafter
referred to together as the “Parties.” Capitalized terms not defined herein have the meanings assigned
to them in the Agreements.

 

WITNESSETH:

 

WHEREAS,
on June 3, 2019, the Investors and the Company entered into the June 3, 2019 Loan Agreement and the June 3, 2019 Security Agreement
and Securities Purchase Agreement pursuant to which the Investors agreed to have a joint and several interest in the June 2019
Loan in the principal aggregate amount of

$2,400,000;

 

WHEREAS,
on July 29, 2019, the Investors and the Company entered into the First Amendment Agreement pursuant to which the parties agreed
to amend the June 2019 Loan Agreement and the June 2019 Security Agreement so as to (i) increase the principal aggregate amount
of the June 2019 Loan to $2,500,000, and (ii) amend the provisions regarding the ranking of interest of such loan;

 

WHEREAS,
on August 12, 2019, the Investors and the Company entered into the Second Amendment Agreement pursuant to which the parties agreed
to further amend the June 2019 Loan Agreement and the June 2019 Security Agreement so as to (i) increase the principal aggregate
amount of the June 2019 Loan to $3,000,000, and (ii) amend the provisions regarding the ranking of interest of such loan;

 

WHEREAS,
on September 16, 2019, the Investors and the Company entered into the Third Amendment Agreement pursuant to which the parties
agreed to further amend the June 2019 Loan Agreement and the June 2019 Security Agreement so as to (i) increase the principal
amount of the June 2019 Loan to $4,000,000; and (ii) amend the provisions therein with regard to the ranking of security interests;
and

 

WHEREAS,
the Parties now desire to further amend the Agreements in certain respects as hereinafter set forth.

 

NOW,
THEREFORE, in consideration of and for the mutual promises and covenants contained herein, and for other good and valuable consideration,
the receipt of which is hereby acknowledged, the Agreement is hereby amended as follows:

 

		1.	Section
1.1 of the Loan Agreement is hereby deleted in its entirety and replaced to be and read as follows:

 

“Section
1.1 Certain Definitions. As used herein:

  

“Affiliate”
means, as to any Person, (a) any corporation in which such Person or any partner, shareholder, director, officer, member, or manager
of such Person, at any level, directly or indirectly owns or controls more than ten percent (10%) of the beneficial interest,
(b) any partnership, joint venture or limited liability company in which such Person or any partner, shareholder, director, officer,
member, or manager of such Person, at any level, is a partner, joint venturer or member, (c) any trust in which such Person or
any partner, shareholder, director, officer, member or manager of such Person, at any level, or any individual related by birth,
adoption or marriage to such Person, is a trustee or beneficiary, (d) any entity of any type which is directly or indirectly owned
or controlled by (or is under common control with) such Person or any partner, shareholder, director, officer, member or manager
of such Person, at any level, (e) any partner, shareholder, director, officer, member, manager or employee of such Person, or
(f) any individual related by birth, adoption or marriage to any partner, shareholder, director, officer, member, manager, or
employee of such Person.

 

    

     

    

 

“Agreement”
means this Loan Agreement.

 

“Business
Day” means a day on which national banks located in the State of New Jersey are open for general banking business.

 

“Capital
Lease” shall mean (i) any lease of property, real or personal, if the then present value of the minimum rental
commitment thereunder should, in accordance with GAAP, be capitalized on the balance sheet of the lessee, and (ii) any other
such lease the obligations of which are required to be capitalized on the balance sheet of the lessee.

 

“First Closing” means
the execution and exchange of this Agreement, the Debt Exchange Agreement, the Security agreements with completed exhibits thereto
and the first payment of SIX HUNDRED THOUSAND DOLLARS and No/CENTS ($600,000) by Goldberg to the Borrower.

 

“First
Closing Date” means the date on which Goldberg shall advance the first payment of SIX HUNDRED THOUSAND DOLLARS and
No/CENTS ($600,000) and the Exchange shall have occurred.

 

“Second
Closing” means the second payment of SIX HUNDRED THOUSAND DOLLARS and No/CENTS ($600,000) by Goldberg to the
Borrower, which shall occur on July 1, 2019.

 

“Collateral”
shall have the meaning set forth in the Security Agreement.

 

“Debt
Exchange Agreement” means that certain Debt Exchange Agreement, dated as of the date hereof between Rosen and the
Borrower, a true and correct copy of which is attached hereto as Exhibit C.

 

“Default
Rate” means the lesser of (a) the maximum per annum rate of interest allowed by applicable law, and (b) eighteen
percent (18.0%) per annum.

 

“Event
of Default” has the meaning assigned in Article 6.

 

“Exchange”
has the meaning assigned in the Debt Exchange Agreement.

 

“GAAP”
means those generally accepted accounting principles and practices which are recognized as such by the American Institute of Certified
Public Accountants acting through the Financial Accounting Standards Board (“FASB”) or through other appropriate boards
or committees thereof and which are consistently applied for all periods so as to properly reflect the financial condition, and
the results of operations and cash flows of the Borrower except that any accounting principle or practice required to be changed
by the FASB (or other appropriate board or committee of the FASB) in order to continue as a generally accepted accounting principle
or practice may be so changed.

 

    -2-

     

    

 

“Indebtedness” shall
mean, without duplication, as to any Person or Persons (i) indebtedness for borrowed money; (ii) indebtedness for the
deferred purchase price of property or services; (iii) indebtedness evidenced by bonds, debentures, notes or other similar
instruments; (iv) obligations and liabilities secured by a Lien upon property owned by such Person, whether or not owing
by such Person and even though such Person has not assumed or become liable for the payment thereof; (v) obligations and
liabilities directly or indirectly guaranteed by such Person; (vi) obligations or liabilities created or arising under any
conditional sales contract or other title retention agreement with respect to property used and/or acquired by such Person; (vii) obligations
of such Person as lessee under Capital Leases; (viii) net liabilities of such Person under hedging agreements and foreign
currency exchange agreements, as calculated on a basis satisfactory to the Lenders and in accordance with accepted practice; (ix) all
obligations of such Person in respect of bankers’ acceptances; (x) all obligations, contingent or otherwise of such
Person as an account party in respect of letters of credit; and (xi) all liabilities which would be reflected on a balance
sheet of such Person, prepared in accordance with GAAP applied on a consistent basis.

 

“Lien”
shall mean any lien (statutory or otherwise), security interest, mortgage, deed of trust, pledge, charge, conditional sale, title
retention agreement, Capital Lease or other encumbrance or similar right of others, or any agreement to give any of the foregoing.

 

“Loan”
means the loan to be made by the Lenders to Borrower under this Agreement and all other amounts secured by the Loan Documents,
as amended, supplemented or modified from time to time.

 

“Loan
Documents” means: (a) this Agreement, (b) Security Agreement (c) UCC financing statements, (d) all other documents
evidencing, securing, governing or otherwise pertaining to the Loan, and (e) all amendments, modifications, renewals, substitutions
and replacements of any of the foregoing.

 

“Maturity
Date” means the earlier of:

 

 with
respect to the Loan, (i) the six (6) month anniversary of the First Closing Date; or (ii) any earlier date on which the entire
Loan is required to be paid in full, by acceleration or otherwise, under this Agreement or any of the other Loan Documents.

 

“Patriot
Act”: the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism
Act of 2001, Pub. L. No. 107-56, 115 Stat. 272 (2001).

 

“Person”
means any individual, corporation, partnership, joint venture, association, joint stock company, trust, trustee, estate, limited
liability company, unincorporated organization, real estate investment trust, government or any agency or political subdivision
thereof, or any other form of entity.

 

“Security
Agreement” means the Security Agreement of event date, executed by Borrower in favor of the Lenders. The Security
Agreement shall be substantially in the form of Exhibit A attached hereto.

 

“Senior
Debt” shall mean all Indebtedness that has priority or is pari passu in right of payment to the obligations of the
Borrower to the Lenders hereunder.

 

“Slide
Appraisal” The Slide Appraisal shall be substantially in the form of Exhibit B attached hereto.

 

“Subordinated
Debt” shall mean all Indebtedness which is subordinated in right of payment to the prior indefeasible payment in
full of the obligations of the Borrower to the Lenders.

 

“Term
Loan” See “Loan.”

 

“UCC”
means the Uniform Commercial Code as enacted and in effect in the state of New Jersey.”

 

    -3-

     

    

 

		2.	Section
2.1 of the Loan Agreement is hereby deleted in its entirety and replaced to be and read as follows:

 

“Section
2.1 The Loan

 

The
Lenders have resolved to issue certain financial accommodations to the Borrower in an amount of up to FOUR MILLION, FIVE HUNDRED
THOUSAND AND NO/100 DOLLARS ($4,500,000.00), which shall be undertaken, funded and/or repaid in accordance with this Agreement,
as follows: the Borrower shall be indebted in the amount of Four Million, Five Hundred Thousand and No/100 Dollars ($4,500,000.00)
(the “Term Loan”), of which (i) FIVE HUNDRED THOUSAND AND NO/100 DOLLARS ($500,000) shall be funded by Goldberg
on October __, 2019 and (iv) FOUR MILLION AND NO/100 DOLLARS ($4,000,000) has been previously funded, as follows:

 

		(a)	ONE
                                         MILLION TWO HUNDRED THOUSAND AND NO/100 DOLLARS ($1,200,000.00) was exchanged by Rosen
                                         from an existing Promissory note dated May 26, 2016 in favor of Rosen for a joint and
                                         several interest in the 2019 Term Loan pursuant to the Debt Exchange Agreement;

 

		(b)	(i)
                                         SIX HUNDRED THOUSAND AND NO/100 DOLLARS ($600,000) was funded by Goldberg at First Closing
                                         on June 3, 2019, (ii) SIX HUNDRED THOUSAND AND NO/100 DOLLARS ($600,000) was funded by
                                         Goldberg at Second Closing on June 25, 2019, (iii) an additional ONE HUNDRED THOUSAND
                                         AND NO/100 DOLLARS ($100,000) was funded by Goldberg pursuant to the First Amendment
                                         Agreement on July 29, 2019, (iv) an additional FIVE HUNDRED THOUSAND AND NO/100 DOLLARS
                                         ($500,000) was funded by Goldberg pursuant to the Second Amendment Agreement on August
                                         12, 2019, and (v) an additional ONE MILLION AND NO/100 DOLLARS ($1,000,000) was funded
                                         by Goldberg pursuant to the Third Amendment Agreement on August 12, 2019.

 

The
Loan is not a revolving credit loan, and Borrower is not entitled to any re-advances of any portion of the Loan which it may (or
is otherwise required to) pay or prepay pursuant to the provisions of this Agreement. The Closings shall occur on the Closing
Dates and shall be conducted remotely via exchange of documents.

 

		3.	Section
2.2(b) of the Loan Agreement is hereby amended to be and read as follows:

 

“(b)
If the principal amount of the Loan is not repaid within six (6) months from the date of this Agreement, the interest rate shall
increase to fourteen and one-half percent (14.5%) per annum for a period of six months. After such period, such non-payment shall
be considered an Event of Default whereby the outstanding principal of the Loan shall bear interest at the Default Rate.”

 

		4.	A
new Section 2.6 shall be added to the Loan Agreement, which Section shall be and read as follows:

 

“2.6 Conversion.
At any point while any principal amount of the Loan remains outstanding, if the Company consummates a transaction in which it
raises aggregate gross proceeds of at least $5,000,000 and which results in the Company being listed on a national securities
exchange (a “Qualified Public Offering”), each Lender may, at its sole option convert up to one hundred
percent (100%) of the outstanding principal amount of the Loan as of the consummation of such Qualified Public Offering (the “Conversion
Debt”) into such number of the same class of securities issued in such offering as is determined by dividing (i)
the Conversion Debt by the greater of (ii) a conversion price equal to 80% of the price per share (or, if units are sold, the
price per unit of securities) issued and sold by the Company in such Qualified Public Offering or $4.00 per share. Any shares
issued in connection with such conversion shall be included in the next registration statement filed with the SEC by the Borrower,
which shall be the registration statement for the Qualified Public Offering if that is the first registration statement to be
declared effective after the date hereof.”

 

    -4-

     

    

 

		5.	A
new Section 5.5 shall be added to the Loan Agreement, which Section shall be and read as follows:

 

“Section
5.5 Other Borrower Covenants. Until the Loan has expired or been terminated
and the principal of and interest on the Loan shall have been paid in full, Borrower covenants and agrees with the Lenders that
Borrower will:

 

(1) Company
Existence, Properties, etc.  Do or cause to be done all things necessary to preserve and keep in full force and
effect its corporate existence, rights and franchises and comply with all laws applicable to it; at all times maintain, preserve
and protect all franchises and trade names and preserve all of its property used or useful in the conduct of its business and
keep the same in good repair, working order and condition, and from time to time make, or cause to be made, all needful and proper
repairs, renewals, replacements, betterments and improvements thereto so that the business carried on in connection therewith
may be properly and advantageously conducted at all times; at all times keep its insurable properties adequately insured including
such insurance as may be required by law or as may be reasonably required by the Lenders.

 

(2) Payment
of Indebtedness, Taxes, etc.

 

(a)  Pay
all Indebtedness and obligations, now existing or hereafter arising, as and when due and payable, except where (i) the validity,
amount, or timing thereof is being contested in good faith and by appropriate proceedings, which proceedings shall include good
faith negotiations, (ii) the Borrower has set aside on its books adequate reserves with respect thereto in accordance with
GAAP, and (iii) the failure to make such payment pending such contest could not reasonably be expected to have a material
adverse effect.

 

(b)  Pay
and discharge or cause to be paid and discharged promptly all taxes, assessments and government charges or levies imposed upon
it or upon its income and profits, or upon any of its property, real, personal or mixed, or upon any part thereof, before the
same shall become in default, as well as all lawful claims for labor, materials and supplies or otherwise which, if unpaid, might
become a lien or charge upon such properties or any part thereof; provided, however, that the Borrower shall not
be required to pay and discharge or cause to be paid and discharged any such tax, assessment, charge, levy or claim so long as
the validity thereof shall be contested in good faith by appropriate proceedings, and the Borrower, shall have set aside on its
books adequate reserves determined in accordance with GAAP with respect to any such tax, assessment, charge, levy or claim so
contested.

 

(3) Insurance. 
Maintain insurance to such extent, covering such risks and with such insurers as is reasonably satisfactory to Lenders.

 

(4) Financial
Statements, Reports.  Furnish to the Lenders:

 

(a)
 as soon as available and in any event within one hundred twenty (120) days
of the end of the calendar year, the unaudited financial statements of the Borrower, together with the unaudited statements of
income, cash flow and members’ equity for the Borrower for such fiscal year and as of the end of and for the prior fiscal
year, all prepared in accordance with GAAP consistently applied, except for the absence of footnotes, and setting forth in each
case in comparative form the respective figures for the previous fiscal year end; provided, however, that the Company’s
filing of a Annual Report on 10-K shall satisfy the requirements set forth in this Section 5.5(4)(a);

 

    -5-

     

    

 

(b)
 as soon as available and in any event within forty five (45) days of the end of
each calendar quarter, unaudited financial statements of the Borrower, together with the statements of income, cash flow and members’
equity for the Borrower for such fiscal quarter and as of the end of and for the prior fiscal year, all prepared in accordance
with GAAP consistently applied, except for the absence of footnotes and subject to normal year-end adjustments, and setting forth
in each case in comparative form the respective figures for the previous fiscal year; provided, however, that the
Company’s filing of a Quarterly Report on 10-Q shall satisfy the requirements set forth in this Section 5.5(4)(b); and

 

(c) promptly,
from time to time, such other information regarding the operations, business affairs and condition, financial or otherwise, of
the Borrower as the Lenders may reasonably request.

 

(5) Access
to Premises and Records.  Maintain financial records in accordance with GAAP and permit representatives of the Lenders
to have reasonable access during normal business hours to the premises of the Borrower upon reasonable request, and to examine
and make excerpts from the minute books, books of accounts, reports and other records and to discuss the affairs, finances and
accounts of the Borrower with its officers or with its independent accountants.

 

(6) Notice
of Adverse Change.  Promptly notify the Lenders in writing of (a) any change in the business or the operations
which, in the good faith judgment of Borrower’s officers, could reasonably be expected to have a Material Adverse Effect
disclosing the nature thereof, and (b) any information which indicates that any financial statements which are the subject
of any representation contained in this Agreement, or which are furnished to the Lenders pursuant to this Agreement, fail, in
any material respect, to present fairly the financial condition and results of operations purported to be presented therein, disclosing
the nature thereof.

 

(7) Notice
of Default.  Promptly notify the Lenders of any Default or Event of Default which shall have occurred, which notice
shall include a written statement as to such occurrence, specifying the nature thereof and the action which is proposed to be
taken with respect thereto.

 

(8) Notice
of Litigation.  Give the Lenders prompt written notice of any material action, suit or proceeding at law or in equity
or by or before any governmental instrumentality or other agency not previously disclosed to the Lenders.

 

(9) Compliance
with Applicable Laws and Rules.  Comply in all material respects with the requirements of all applicable laws, rules,
regulations and orders of any governmental authority.

 

(10) Preservation
of Business. Borrower shall keep (as may be commercially reasonable) its business and properties intact in all material respects,
including its operations and physical facilities.

 

(11) Indebtedness.  Other
than in connection with the Borrower’s listing on a national securities exchange, Borrower shall not incur, create, assume
or suffer to exist or otherwise become liable with respect to (i) any Subordinated Debt in excess of One Hundred Thousand Dollars
($100,000) per individual commitment or Two Hundred Fifty Thousand Dollars ($250,000) in the aggregate and/or (ii) any Senior
Debt, including renewals and extensions thereof.

 

(12) Restriction
on Contingent Liabilities. Not guarantee or become a surety or otherwise contingently liable for any obligations of others,
except pursuant to warranty and service agreements, the deposit and collection of checks and similar matters in the ordinary course
of business.

 

(13) Nature
of Business.  Not change or alter the nature of its business, in any material respect, from the nature of the business
engaged in by it.

 

    -6-

     

    

 

(14) Accounting
Policies and Procedures; Tax Status.  (a) Not permit any change in the accounting policies and procedures of the
Borrower, including a change in fiscal year, without the prior written consent of the Lenders; provided, however, that any policy
or procedure required to be changed by the FASB (or other board or committee of the FASB in order to comply with GAAP) may be
so changed, and (b) not permit any change or take any action to change its tax status under the Code.

 

(15) Limitations
on Fundamental Changes.  Not merge or consolidate with, or sell, assign, lease or otherwise dispose of (whether
in one transaction or in a series of transactions) all or substantially all of its assets (whether now or hereafter acquired)
to any Person, nor liquidate, wind up or dissolve or suffer any liquidation or dissolution.”

 

(16) Location
of Collateral. Not move the collateral from its current location at 2050 Center Ave Suite 640, Fort Lee NJ 07024 without prior
consent from the Lenders.

 

6. Except
as amended hereby, the terms and provisions of the Agreements shall remain in full force and effect, and the Agreements are in
all respects ratified and confirmed. On and after the date of this Amendment, each reference in each of the Agreements to the
“Agreement,” “hereinafter,” “herein,” “hereinafter,” “hereunder,”
“hereof,” or words of like import shall mean and be a reference to such Agreement as amended by this Amendment.

 

This
Amendment may be executed in one or more counterparts, each of which shall be deemed an original and all of which taken together
shall constitute a single Amendment.

 

[SIGNATURE
PAGE FOLLOWS]

 

    -7-

     

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date first stated above.

 

	 	COMPANY:
	 	 	 
	 	JERRICK
    MEDIA, INC.
	 	 	 
	 	By:	 
	 		Name: Jeremy Frommer
	 		Title: Chief Executive Officer
	 	 	 
	 	INVESTORS:
	 	 	 
	 	 
	 	ARTHUR ROSEN
	 		 
	 	 
	 	ERIC GOLDBERG

 

 

-8-

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