Document:

Exhibit
4.1

 

AMENDMENT
NO. 1 

TO
THE 

AMENDED
AND RESTATED RIGHTS AGREEMENT 

 

This
AMENDMENT NO. 1 TO THE AMENDED AND RESTATED RIGHTS AGREEMENT (this “Amendment”), by and between The Arena Group Holdings,
Inc., a Delaware corporation (formerly theMaven, Inc., the “Company”), and American Stock Transfer & Trust Company,
LLC, as rights agent (the “Rights Agent”) is made effective as of July 15, 2022 (the “Effective Date”).

 

RECITALS

 

WHEREAS,
the Company and the Rights Agent were parties to that certain Rights Agreement, dated as of May 4, 2021 (the “Original Rights
Agreement”);

 

WHEREAS,
the Company and the Rights Agent are parties to that certain Amended and Restated Rights Agreement, dated as of May 3, 2022, that amended
and restated the Original Rights Agreement (the “Extended Rights Agreement”);

 

WHEREAS,
the Board of Directors of the Company has determined to amend the Extended Rights Agreement and, in furtherance thereof, the Company
desires to enter into this Amendment pursuant to which the Extended Rights Agreement will be amended to accelerate the Expiration Date,
effectively terminating the Extended Rights Agreement; and

 

WHEREAS,
in accordance with Section 28 of the Extended Rights Agreement, at any time prior to the Distribution Date, the Company may, in its sole
and absolute discretion, and the Rights Agent shall if the Company so directs, supplement or amend any provision of the Extended Rights
Agreement, in any respect without the consent or approval of any holders of Rights or Common Stock.

 

AMENDMENT

 

NOW,
THEREFORE, in consideration of the premises and of the mutual covenants set forth herein and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

 

1.
Amendment of the Extended Rights Agreement. Clause (i) of Section 7(a) of the Extended Rights Agreement is hereby amended and
restated in its entirety to read as follows:

 

“(i)
the Close of Business on July 15, 2022,”

 

2.
Amendment of Exhibits. The exhibits to the Extended Rights Agreement shall be deemed to be amended to reflect this Amendment,
including all conforming changes.

 

3.
Effect of Amendment. This Amendment will be deemed an amendment to the Extended Rights Agreement and will become effective on
the Effective Date. In the event of a conflict or inconsistency between this Amendment and the Extended Rights Agreement and the exhibits
thereto, the provisions of this Amendment will govern.

 

4.
Governing Law. This Amendment, shall be governed by and construed in accordance with the laws of the State of Delaware, in accordance
with the laws of such state applicable to contracts made and to be performed entirely within such state.

 

5.
Counterparts. This Amendment may be executed in any number of counterparts, each of which shall be deemed an original and all
of which shall constitute one and the same instrument. A signature to this Amendment transmitted electronically shall have the same authority,
effect and enforceability as an original signature.

 

6.
Capitalized Terms. Capitalized terms used herein and not otherwise defined shall have the meaning set forth in the Extended Rights
Agreement.

 

[Signature
Page Follows]

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, the undersigned have executed this Amendment as of the Effective Date.

 

	 	THE
    ARENA GROUP HOLDINGS, INC.,
	 	as
    the Company
	 	 	 
	 	By:	/s/
    Douglas B. Smith
	 	Name:	Douglas
    B. Smith 
	 	Title:	Chief
    Financial Officer 

 

	 	AMERICAN
    STOCK TRANSFER & TRUST COMPANY, LLC,
	 	as
    Rights Agent
	 	 	 
	 	By:	/s/
    Barbara B. Robbins
	 	Name:	Barbara
    B. Robbins
	 	Title:
    	Sr.
    Vice PresidentExhibit
10.1

 

Standstill
Agreement

 

This
Standstill Agreement (this “Agreement”) is made as of July 15, 2022 (the “Effective Date”), by
and between The Arena Group Holdings, Inc., a Delaware corporation (the “Company”), and B. Riley Financial, Inc. (“BRF”)
(the Company and BRF are referred to herein as a “Party” or together as the “Parties”).

 

WHEREAS,
the Company entered into that certain Rights Agreement with American Stock Transfer & Trust Company, LLC as of May 4, 2021 (as previously
amended, the “Rights Agreement”), and now proposes to terminate the Rights Agreement by accelerating its expiration
date to July 15, 2022;

 

WHEREAS,
in connection with the proposal to terminate the Rights Agreement, the Company believes it to be in the best interests of the Company
to enter into this Agreement with BRF which, together with certain Affiliates, constitutes the Company’s largest stockholder; and

 

WHEREAS,
BRF believes the termination of the Rights Agreement is in the best interests of the Company and, accordingly, is willing to enter into
this Agreement with the Company.

 

NOW,
THEREFORE, FOR GOOD AND VALUABLE CONSIDERATION, the receipt and sufficiency of which is hereby acknowledged, the Company and BRF agree
as follows:

 

Section
1. Recitals. The recitals stated above are hereby incorporated as material provisions of this Agreement as if fully set forth
herein.

 

Section
2. Standstill.

 

a)
BRF agrees that during the Standstill Period (as defined below), none of it, Bryant Riley or any controlled Affiliate of BRF that would
be required, in the reasonable determination of BRF, to be included in BRF’s Schedule 13D in respect of the Company (collectively,
the “Standstill Parties”) shall, directly or indirectly, without prior approval of the Board of Directors (the “Board”)
of the Company:

 

i.
Purchase, cause to be purchased or otherwise acquire or agree to acquire beneficial ownership (including, but not limited to, any voting
right or beneficial ownership as defined in Rule 13d-3 under the Securities Exchange Act of 1934 (the “Exchange Act”))
of any shares of Common Stock or other voting equity securities issued by the Company, or any option, forward contract, swap or any other
securities convertible into or exchangeable for Common Stock or any rights or options to acquire any such ownership that directly or
indirectly (i) causes the Standstill Parties collectively to beneficially hold securities representing more than 45% of the Company’s
voting power in the aggregate on a fully diluted basis, or (ii) results in the Standstill Parties collectively acquiring more than one
million (1,000,000) shares of any class of capital stock of the Company or the equivalent thereof during any 30-day period, subject to
adjustment for stock splits, additional issuances of capital stock and other changes to the Company’s capitalization impacting
the proportion of the Company’s overall voting power represented by 1,000,000 shares of common stock as of the Effective Date;

 

    	1

     

    

 

ii.
make any public statement or public disclosure regarding any intent, purpose, plan or proposal with respect to (a) the composition of
the Board, the Company’s management (including, without limitation, any change in management of the Company), or the policies or
affairs of the Company, (b) any merger, consolidation, acquisition of control, business combination, tender or exchange offer, purchase,
sale or transfer of the Company or its subsidiaries, businesses, assets or securities (other than any sales of securities owned by any
Standstill Party), dissolution, liquidation, reorganization, change in capital structure, recapitalization, dividend, share repurchase
or other transaction, or (c) make any private statement or private disclosure regarding any such intent, purpose, plan or proposal that
would reasonably be expected to require the Company to make any public disclosure relating to any such intent, purpose, plan or proposal;

 

iii.
engage in any “solicitation” of “proxies” to vote (as such terms are used in Regulation 14 of the Exchange Act)
or consents to vote (whether or not any such solicitation relates to the election or removal of directors), or initiate, propose, encourage
or otherwise solicit stockholders of the Company for the approval of any stockholder proposals with respect to the Company;

 

iv.
enter into any agreements (whether written or oral) with, or advise, finance, assist or knowingly encourage, any other person in connection
with any of the foregoing; or

 

v.
take any action challenging the validity or enforceability of this Agreement, or request the Company or the Board, as applicable, to
amend or waive any provision of this Agreement.

 

b)
For purposes of this Agreement, the term “Standstill Period” shall mean the period commencing on the Effective Date
and terminating on the first anniversary of the Effective Date; provided, however, that the Standstill Period shall terminate
automatically upon (i) any person (A) becoming the beneficial owner (within the meaning of Section 13(d)(1) of the Exchange Act) of 25%
or more of the outstanding equity securities of the Company entitled to vote in the normal course in the election of the board of directors
(“Equity Securities”) or (B) commencing a tender or exchange offer that, if consummated, would make such person (or any of
its affiliates) the beneficial owner (within the meaning of Section 13(d)(1) of the Exchange Act) of 25% or more of the Equity Securities
or (ii) the Company entering into a definitive agreement with a third party to effectuate (A) a sale of 25% or more of the consolidated
assets of the Company and its wholly owned subsidiaries or (B) a transaction (I) that, in whole or in part, requires the approval of
the Company’s stockholders and, (II) in which, based on information publicly available at the time of announcement of the entering
into of such agreement, the holders of the Equity Securities of the Company prior to such transaction will not own, immediately following
such transaction, at least 75% of the Equity Securities of either (x) the corporation resulting from such transaction (the “Surviving
Corporation”), or (y), if applicable, the ultimate parent corporation that directly or indirectly has beneficial ownership
of all of the outstanding Equity Securities of the Surviving Corporation.

 

    	2

     

    

 

c)
For the avoidance of doubt, and notwithstanding anything herein to the contrary, nothing in this Agreement shall be deemed to in any
way restrict, limit or prevent: (i) any Standstill Party from communicating, on a confidential basis, with its attorneys, accountants
or financial advisors; (ii) any Standstill Party from (A) bringing litigation to enforce the provisions of this Agreement or (B) making
counterclaims with respect to any proceeding initiated by, or on behalf of, the Company against any Standstill Party with respect to
this Agreement; (iii) any Standstill Party from selling or tendering any securities of the Company, or (iv) any representative or designee
of BRF on the Board from taking any action consistent and in connection with such role.

 

d)
As used in this Agreement, the term “Affiliate” shall have the meaning set forth in Rule 12b-2 promulgated by the
Securities and Exchange Commission under the Exchange Act and shall include all persons or entities that at any time during the term
of this Agreement become Affiliates of any person or entity referred to in this Agreement.

 

Section
3. Termination. The obligations of the Parties hereto shall terminate automatically and immediately upon the occurrence of the
first anniversary of the Effective Date.

 

Section
4. Modification or Amendment. Subject to the provisions of applicable law, the Parties may modify, amend or supplement this Agreement
only by written agreement, executed and delivered by duly authorized officers of the respective parties following Board approval of the
same.

 

Section
5. Waiver. Subject to any limitations set forth in Section 1 above, either Party may (a) extend the time for the performance of
any of the obligations or other acts of the other parties and (b) subject to the requirements of applicable law, waive compliance with
any of the agreements or conditions contained herein. Any such extension or waiver shall be valid only if set forth in an instrument
in writing signed by the Party or Parties to be bound thereby, specifically referencing this Agreement and noting Board approval thereof.
The failure of any Party to assert any rights or remedies shall not constitute a waiver of such rights or remedies.

 

Section
6. Notices. All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given by
delivery in person, by e-mail, by registered or certified mail (with postage prepaid, return receipt requested) or by a nationally recognized
courier service to the respective parties at the following addresses (or at such other address for a party as shall be specified by like
notice):

 

If
to the Company:

 

The
Arena Group Holdings, Inc.

200
Vesey Street, 24th Floor

New
York, New York 10281

Attention:
Douglas B. Smith (dsmith@thearenagroup.net)

With
a copy to: legal@thearenagroup.net

 

    	3

     

    

 

If
to Investor:

 

c/o
B. Riley Financial, Inc.

11100
Santa Monica Blvd., Suite 800

Los
Angeles, California 90025

Attention:
Alan Forman

Email:
aforman@briley.com

 

Any
such notification shall be deemed delivered (i) upon receipt, if delivered personally, (ii) on the next business day, if sent by nationally
recognized courier service for next business day delivery, or (iii) the business day received, if sent by e-mail or registered or certified
mail (provided that any notice received by e-mail or registered or certified mail at the addressee’s location on any non-business
day or any business day after 5:00 p.m. (addressee’s local time) shall be deemed to have been received at 9:00 a.m. (addressee’s
local time) on the next business day).

 

Section
7. Severability. If any term or other provision of this Agreement is found by a court of competent jurisdiction to be invalid,
illegal or incapable of being enforced by any rule of law or public policy, all other conditions and provisions of this Agreement shall
nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not
affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal
or incapable of being enforced, the parties shall negotiate in good faith to modify this Agreement so as to effect the original intent
of the parties as closely as possible in a mutually acceptable manner to the end that the transactions contemplated hereby are consummated
as originally contemplated to the fullest extent possible.

 

Section
8. Entire Agreement; Assignment. This Agreement constitutes the entire agreement among the Parties with respect to the subject
matter hereof and supersedes all prior and contemporaneous agreements and undertakings, whether written or oral, among the Parties, or
either of them, with respect to the subject matter hereof and thereof. This Agreement shall not be assigned by operation of law or otherwise
without the prior written consent of each Party, and any assignment without such consent shall be null and void ab initio.

 

Section
9. Parties in Interest. This Agreement shall be binding upon and inure solely to the benefit of each Party, and nothing in this
Agreement, express or implied, is intended to or shall confer upon any other Person any rights, benefits or remedies of any nature whatsoever
under or by reason of this Agreement.

 

Section
10. Governing Law. This Agreement, and any Proceeding in any way arising out of or relating to this Agreement, the negotiation,
execution or performance of this Agreement, the transactions contemplated hereby or the legal relationship of the Parties hereto (whether
at law or in equity, and whether in contract or in tort or otherwise), shall be governed by, and construed in accordance with, the internal
laws of the State of Delaware (without giving effect to choice of law principles thereof).

 

    	4

     

    

 

Section
11. Counterparts. This Agreement may be executed and delivered (including by facsimile transmission, e-mail in “portable
documentation format” (“.pdf”) form, or other electronic transmission) in one or more counterparts, and by the different
Parties in separate counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall
constitute one and the same agreement.

 

Section
12. Specific Performance. The parties agree that irreparable damage for which monetary damages, even if available, would not be
an adequate remedy, may occur in the event that the Parties do not perform the provisions of this Agreement in accordance with its specified
terms or otherwise breach such provisions. The Parties acknowledge and agree that the Parties shall be entitled to seek an injunction,
specific performance and other equitable relief to prevent breaches or threatened breaches of this Agreement and to enforce specifically
the terms and provisions hereof, this being in addition to any other remedy to which they are entitled at law or in equity. Any Party
seeking an injunction or injunctions to prevent breaches or threatened breaches of this Agreement and to enforce specifically the terms
and provisions of this Agreement shall not be required to provide, furnish or post any bond or other security in connection with any
such order or injunction, and each party hereby irrevocably waives any right it may have to require the provision, furnishing or posting
of any such bond or other security.

 

Section
13. WAIVER OF JURY TRIAL. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR
COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE
TRANSACTIONS CONTEMPLATED HEREBY OR THE ACTIONS OF ANY PARTY IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE AND ENFORCEMENT HEREOF.

 

Section
14. Interpretation. When reference is made in this Agreement to a Section, such reference shall be to a Section of this Agreement
unless otherwise indicated. Whenever the words “include,” “includes” or “including” are used in this
Agreement, they shall be deemed to be followed by the words “without limitation.” The words “hereof,” “herein,”
“hereby,” “hereunder” and “hereinafter” and words of similar import, when used in this Agreement,
shall refer to this Agreement as a whole and not to any particular provision of this Agreement, unless the context otherwise requires.
Unless the context otherwise requires, the word “or” shall not be exclusive. This Agreement shall be construed without regard
to any presumption or rule requiring construction or interpretation against the party drafting or causing any instrument to be drafted.
Any agreement, instrument, statute, rule or regulation defined or referred to herein means such agreement, instrument, statute, rule
or regulation as from time to time amended, modified or supplemented, including (in the case of agreements or instruments) by waiver
of consent and (in the case of statutes, rules or regulations) by succession or comparable successor statutes and references to all attachments
thereto and instruments incorporated therein.

 

    	5

     

    

 

IN
WITNESS WHEREOF, the parties have caused this Agreement to be executed as of the date first written above by their respective officers
thereunto duly authorized.

 

	 	The
    Arena Group Holdings, Inc.
	 	 
	 	By:	/s/
    Douglas B. Smith
	 	Name:	Douglas
    B. Still
	 	Title:	Chief
    Executive Officer & Secretary

 

	 	B.
                                            Riley Financial, Inc. 

	 	 
	 	By:	/s/
    Alan Forman
	 	Name:	Alan
    Forman
	 	Title:	Executive
Vice President and General Counsel

 

 

 

 

 

Signature
Page to

Standstill
Agreement by and between

The
Arena Group Holdings, Inc. and

B.
Riley Financial, Inc.

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