Document:

Exhibit 10.2

 

Execution Copy

 

NOTE

 

THIS NOTE HAS NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR OTHER APPLICABLE SECURITIES LAW AND
MAY NOT BE SOLD, ASSIGNED, PLEDGED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT
COVERING THE TRANSFER OR PURSUANT TO AN EXEMPTION FROM REGISTRATION.

 

THE FOLLOWING INFORMATION IS SUPPLIED SOLELY
FOR U.S. FEDERAL INCOME TAX PURPOSES. THIS NOTE MAY BE ISSUED WITH ORIGINAL ISSUE DISCOUNT (‘‘OID’’)
WITHIN THE MEANING OF SECTION 1273 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED
(THE ‘‘CODE’’), AND THIS LEGEND IS REQUIRED BY TREASURY REGULATIONS PROMULGATED UNDER SECTION 1275(c)
OF THE CODE.

 

Holders
may obtain information regarding the amount of OID (IF ANY), the issue price, the issue date, and the yield to maturity relating
to the notes by contacting THE LEGAL DEPARTMENT at THEMAVEN, INC., 1500 FOURT AVENUE, SUITE 200, SEATTLE, WA 98101, LEGAL@MAVEN.IO,
OR AT (646) 732-4427.

 

THEMAVEN,
INC.

 

12.00% Note due June 14, 2022

 

 

No. R-2

	$68,000,000.00	June 14, 2019

  

THEMAVEN, INC., a Delaware
corporation (the “Company”), for value received, hereby promises to pay to BRF FINANCE CO., LLC (the foregoing,
and any successors or its registered assigns of this Note, “Holder”), the principal amount of SIXTY-EIGHT MILLION
DOLLARS ($68,000,000) on the Maturity Date, with interest (computed on the basis of the actual number of days elapsed over a 360-day
year) on the unpaid balance of such principal amount at the rates, on the dates and in the manner specified in the Note Purchase
Agreement (as defined below); provided that in no event shall the amount payable by the Company as interest on this Note
exceed the highest lawful rate permissible under any law applicable hereto. Payments of principal, premium, if any, and interest
hereon shall be made in lawful money of the United States of America by the method and at the address for such purpose specified
in the Note Purchase Agreement hereinafter referred to, and such payments shall be overdue for purposes hereof if not made on the
originally scheduled date of payment therefor, without giving effect to any applicable grace period.

 

This Note is one of
the Company’s 12.00% Notes due June 14, 2022, issued pursuant to that certain Amended and Restated Note Purchase Agreement
dated June 14, 2019 (such agreement, as amended, modified and supplemented from time to time, the “Note Purchase Agreement”)
among, among others, the Company, the other Note Parties named therein, and the Purchasers named therein, and the holder hereof
is entitled to the benefits of the Note Purchase Agreement and the other Note Documents referred to in the Note Purchase Agreement
and may enforce the agreements contained therein and exercise the remedies provided for thereby or otherwise available in respect
thereof, all in accordance with the terms thereof.

 

     

     

    

 

This Note amends, restates
and supersedes and is given in substitution for, but not in extinguishment of, the Note dated June 10, 2019, in the original payment
amount of $20,000,000 made by the Company and payable to the order of the Holder, and does not constitute a novation or discharge
of the indebtedness evidenced thereby.

 

This Note is subject
to prepayment only as specified in the Note Purchase Agreement.

 

Capitalized terms used
herein without definition have the meanings ascribed to them in the Note Purchase Agreement.

 

This Note is in registered
form and is transferable only by surrender hereof at the principal executive office of the Company as provided in the Note Purchase
Agreement. This Note may not be transferred except in accordance with the provisions of the Note Purchase Agreement and any purported
transfer in violation of the terms of the Note Purchase Agreement shall be null and void. The Company may treat the person in whose
name this Note is registered on the Note register maintained at such office pursuant to the Note Purchase Agreement as the owner
hereof for all purposes, and the Company shall not be affected by any notice to the contrary.

 

In case an Event of
Default, as defined in the Note Purchase Agreement, shall occur and be continuing, the unpaid balance of the principal of this
Note may be declared and become due and payable in the manner and with the effect provided in the Note Purchase Agreement.

 

The parties hereto,
including the makers and all guarantors and endorsers of this Note, hereby waive presentment, demand, notice, protest and all other
demands and notices in connection with the delivery, acceptance, performance or enforcement of this Note.

 

THIS NOTE SHALL BE
GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK.

 

 

 

[REMAINDER OF PAGE INTENTIONALLY
LEFT BLANK]

 

     

     

    

  

IN WITNESS WHEREOF, the Company has executed
this Note as an instrument under seal as of the date first above written.

  

	 	THEMAVEN, INC.
	 	 
	 	By:	 
	 	Name:	 
	 	Title: 	 

 

[Signature Page to Note]Exhibit 10.3

 

Execution Copy

  

CONFIRMATION AND RATIFICATION OF ANCILLARY
NOTE DOCUMENTS AND AMENDMENT TO PLEDGE AND SECURITY AGREEMENT

 

This Confirmation and
Ratification of Ancillary Note Documents (the “Agreement”) is made as of the 14th day of June, 2019 by and among:

 

THEMAVEN,
INC., MAVEN COALITION, INC., SAY MEDIA, INC., HUBPAGES, INC., and TST
ACQUISITION CO., INC. (each such Person, individually, an “Existing Grantor”, and collectively, the
 “Existing Grantors”); and

 

BRF
FINANCE CO., LLC, in its capacity as agent for the Purchasers (in such capacity, the “Agent”) for
its own benefit and the benefit of the other Purchasers and Secured Parties;

 

in consideration of the mutual covenants
herein contained and benefits to be derived herefrom.

 

WITNESSETH

 

WHEREAS, the Agent
and the Existing Grantors have previously entered into a certain Note Purchase Agreement, dated as of June 10, 2019 (as heretofore
amended, the “Existing Note Purchase Agreement”); and

 

WHEREAS, in connection
with the Existing Note Purchase Agreement, the Existing Grantors executed and/or delivered to the Agent, for the benefit of the
Purchasers and the Secured Parties named therein, among other documents, instruments and agreements, certain documents, instruments
and agreements set forth on Schedule I hereto (as amended, modified, supplemented or restated and in effect from time to
time, the “Ancillary Note Documents”); and

 

WHEREAS, the Agent
and the Existing Grantors have agreed to amend and restate the Existing Note Purchase Agreement in its entirety pursuant to a certain
Amended and Restated Note Purchase Agreement of even date herewith (as amended, modified, supplemented or restated and in effect
from time to time, the “Restated Note Purchase Agreement”); and

 

WHEREAS, in connection
with the execution and delivery of the Restated Note Purchase Agreement, among other things, the Existing Grantors and the Agent
desire to enter into this Agreement to set forth their respective understanding with respect to the continued effectiveness of
the Ancillary Note Documents.

 

NOW, THEREFORE, it
is hereby agreed by and among the Existing Grantors and the Agent, for the benefit of the Purchasers and the other Secured Parties,
as follows:

 

1.           
Definitions. Unless otherwise defined herein, all capitalized terms used herein shall have the meaning set forth
in the Restated Note Purchase Agreement, or in the Ancillary Note Documents, as applicable.

 

2.          
General Reference to Ancillary Note Documents. Unless the context otherwise requires, any and all references in
the Ancillary Note Documents to the “Note Purchase Agreement” shall hereafter be deemed to mean and refer to the Amended
and Restated Note Purchase Agreement, dated as of June 14, 2019, by, among others: (i) the Borrower party thereto, (ii) the Guarantors
party thereto, (iii) the Agent, and (iv) the Purchasers party thereto, as amended, modified, supplemented or restated and in effect
from time to time.

 

     

     

    

 

3.           
Confirmation and Ratification of Ancillary Note Documents.

 

(a)         
Each of the Existing Grantors hereby ratifies and confirms all of the terms and conditions of, and all of the warranties
and representations set forth in, each of the Ancillary Note Documents to which it is a party, and each of the Existing Grantors
acknowledges and agrees that each of the Ancillary Note Documents (including any schedules and exhibits thereto), as ratified and
confirmed by this Agreement, remains in full force and effect.

 

(b)         
Each of the Existing Grantors hereby acknowledges, confirms and agrees that the Ancillary Note Documents, and any and all
Collateral previously pledged to the Agent, for the benefit of the Secured Parties, pursuant thereto, shall continue to secure
all Obligations at any time and from time to time outstanding under the Restated Note Purchase Agreement and the Ancillary Note
Documents and any other Note Documents, as such Obligations have been, and may hereafter be, amended, restated, supplemented,
increased or otherwise modified from time to time.

 

(c)         
Each of the Existing Grantors hereby acknowledges, confirms and agrees that nothing herein shall constitute a novation or
accord and satisfaction with respect to the Ancillary Note Documents or any other Note Documents.

 

(d)         
Each
of the Existing Grantors hereby ratifies its authorization for the Agent to have filed the initial financing statements set forth
on Schedule II hereto naming such Existing Grantor as debtor.

 

4.          
Amendment to Pledge and Security Agreement. Effective upon the execution of this Agreement by the parties hereto,
Section 2.2(a) of the Pledge and Security Agreement is hereby amended as follows:

 

(a)         
Deleting clause (iii) thereof in its entirety and inserting the following in its stead:

 

“(iii)any trademark
or service mark consisting of an “intent to use” application until such time as an amendment to allege use in respect
thereof has been accepted by the United States Patent and Trademark Office, at which time such trademark or service mark shall
cease to be excluded from the Collateral under this Section 2.2(a)(iii);”;

 

(b)         Adding
the following clause (iv) thereto:

 

“(iv)any SI Content
or Licensee Created Content (in each case, as defined the License Agreement, dated as June 14, 2019, by and between, the Borrower
and ABG-SI LLC, a Delaware limited liability company, provided that any proceeds, products, royalties or revenue of or from the
foregoing (including any royalties or revenue received from licenses, sublicenses or similar arrangements in respect of SI Content
or Licensee Created Content) shall not constitute excluded property (the assets referred to in clauses (i) through (iv) above
shall, subject to the proviso below, be collectively referred to as the “Excluded Assets”);”; and

 

(c)         
Deleting the final provisio of Section 2.2(a) in its entirety and inserting the following in its stead:

 

“provided that (A) Excluded
Assets will not include any Proceeds, substitutions or replacements of any Excluded Assets referred to in clauses (i) through
(iv) unless such Proceeds, substitutions or replacements would constitute Excluded Assets referred to in clauses (i) through
(iv); and (B) if and when any property that would constitute Collateral but for the provisions of this Section 2.2(a)
shall cease to be an Excluded Asset, such property shall automatically constitute Collateral and, without any further action, each
applicable provision of this Agreement, including the grant of liens and security interests pursuant to Section 2.1, shall
automatically apply to such property.”

 

     

     

    

 

5.          
Miscellaneous.

 

(a)         
Each Existing Grantor represents and warrants on the date hereof that (i) the execution, delivery and performance of this
Agreement have been duly authorized by all necessary corporate or other organizational action, (ii) it has duly executed and delivered
this Agreement, and (iii) this Agreement constitutes a legal, valid and binding obligation of such Person, enforceable against
such Person in accordance with its terms, except as such enforceability may be limited by debtor relief laws, including the Bankruptcy
Code, and by general principles of equity and principles of good faith and fair dealing.

 

(b)         
This Agreement may be executed in several counterparts and by each party on a separate counterpart, each of which when so
executed and delivered, shall be an original, and all of which together shall constitute one instrument. Delivery of an executed
counterpart of a signature page to this Agreement by facsimile or other electronic transmission shall be effective as delivery
of a manually executed counterpart hereof.

 

(c)         
Each
Existing Grantor hereby acknowledges and agrees that this Agreement shall constitute a “Note Document” under the Restated
Note Purchase Agreement.

 

(d)         
This
Agreement expresses the entire understanding of the parties with respect to the matters set forth herein. No prior discussions
or negotiations shall limit, modify, or otherwise affect the provisions hereof.

 

(e)         
Any determination that any provision of this Agreement or any application hereof is invalid, illegal or unenforceable in
any respect and in any instance shall not affect the validity, legality, or enforceability of such provision in any other instance,
or the validity, legality or enforceability of any other provisions of this Agreement.

 

(f)         
The
Existing Grantors, at the Existing Grantors’ expense, shall execute such additional documents and undertake such additional
actions as the Agent may reasonably request in order to carry out more effectively the purposes of this Agreement.

 

(g)         THIS
AGREEMENT AND THE OTHER NOTE DOCUMENTS SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL
LAWS OF THE STATE OF NEW YORK, EXCEPT TO THE EXTENT ANY SUCH OTHER NOTE DOCUMENT EXPRESSLY SELECTS THE LAW OF ANOTHER JURISDICTION
AS GOVERNING LAW THEREOF, IN WHICH CASE THE LAW OF SUCH OTHER JURISDICTION SHALL GOVERN.

 

(h)        
EACH PARY HERETO HEREBY WAIVES ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING
OUT OF THIS AGREEMENT AND THE OTHER NOTE DOCUMENTS. EACH PARTY HERETO ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO
ENTER INTO A BUSINESS RELATIONSHIP, THAT IT HAS RELIED ON THE WAIVER IN ENTERING INTO THIS AGREEMENT AND THE OTHER NOTE DOCUMENTS
AND THAT EACH WILL CONTINUE TO RELY ON THE WAIVER IN THEIR RELATED FUTURE DEALINGS. EACH PARTY HERETO WARRANTS AND REPRESENT THAT
IT HAS HAD THE OPPORTUNITY OF REVIEWING THIS JURY WAIVER WITH LEGAL COUNSEL, AND THAT EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS
JURY TRIAL RIGHTS.

 

[REMAINDER OF PAGE INTENTIONALLY BLANK]

 

     

     

    

 

In witness whereof, each of the undersigned
has caused this Agreement to be duly executed and delivered by its proper and duly authorized officer as of the date set forth
above.

 

	 	Existing Grantors:
	 	 
	 	theMaven, Inc.
	 	 
	 	By:	/s/ James C. Heckman
	 	Name:	James Heckman
	 	Title:	Chief Executive Officer
	 	 	 
	 	 	 
	 	Maven Coalition, Inc.
	 	 	 
	 	 	 
	 	By:	/s/ James C. Heckman
	 	Name:	James Heckman
	 	Title:	President & Chief Executive Officer
	 	 	 
	 	 	 
	 	Say Media, Inc.
	 	 	 
	 	 	 
	 	By:	/s/ James C. Heckman
	 	Name:	James Heckman
	 	Title:	President & Chief Executive Officer
	 	 	 
	 	 	 
	 	HubPages, Inc.
	 	 	 
	 	 	 
	 	By:	/s/ James C. Heckman
	 	Name:	James C. Heckman
	 	Title:	President and Chief Executive Officer
	 	 	 
	 	 	 
	 	TST Acquisition Co., Inc.
	 	 	 
	 	 	 
	 	By:	/s/ James C. Heckman
	 	Name:	James Heckman
	 	Title:	President & Chief Executive Officer

  

[Signature Page to Confirmation and Ratification
Agreement]

 

     

     

    

 

	 	BRF Finance Co., LLC,
	 	as Agent
	 	 
	 	By:	/s/ Bryant R. Riley
	 	Name:	Bryant R. Riley
	 	Title:	Chief Executive Officer

 

[Signature Page to Confirmation and Ratification
Agreement]

 

     

     

    

  

Schedule
i

 

Ancillary
Note Documents

 

	1.	Pledge and Security Agreement, dated as of June 10, 2019, by and among theMaven, Inc., Maven Coalition, Inc., HubPages, Inc.,
TST Acquisition Co., Inc., Say Media, Inc. and the Agent, as amended by that certain Confirmation and Ratification Agreement, dated
as of June 14, 2019, by and among TheMaven, Inc., Maven Coalition, Inc., HubPages, Inc., TST Acquisition Co., Inc., Say Media,
Inc. and the Agent.

 

	2.	Patent Security Agreement, dated as of June 10, 2019, by and among Say Media, Inc., HubPages, Inc. and the Agent.

 

	3.	Trademark Security Agreement, dated as of June 10, 2019, by and among Maven Coalition, Inc., HubPages, Inc., Say Media, Inc.
and the Agent.

 

	4.	Copyright Security Agreement, June 13, 2019, by and among Say Media, Inc. and the Agent.

 

	5.	Side Letter, dated as of June 10, 2019, by and between the Agent and theMaven, Inc.

 

Schedule I to Confirmation and Ratification
Agreement

 

     

     

    

 

Schedule
Ii

 

FILED
UCC-1 FINANCING STATEMENTS

  

	1.	UCC-1 #2019020635-0, naming Agent as the secured party and Maven Coalition, Inc. as the debtor,
originally filed on June 10, 2019 (NV);
	 	 

	2.	UCC-1 #20193985202, naming Agent as the secured party and HubPages, Inc. as the debtor, originally
filed on June 10, 2019 (DE);
	 	 

	3.	UCC-1 #20193985442, naming Agent as the secured party and Say Media, Inc. as the debtor, originally
filed on June 10, 2019 (DE);
	 	 

	4.	UCC-1 #20193985558, naming Agent as the secured party and theMaven, Inc. as the debtor, originally filed on June 10, 2019 (DE);
and
	 	 

	5.	UCC-1 #20193985772, naming Agent as the secured party and TST ACQUISITION CO., INC. as the debtor,
originally filed on June 10, 2019 (DE)

 

Schedule II to Confirmation and Ratification
Agreement

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