Document:

Exhibit 10.2

REGISTRATION RIGHTS AGREEMENT

 

This Registration Rights
Agreement (this “Agreement”) is made and entered into as of August 9, 2018, between TheMaven, Inc., a Delaware
corporation (the “Company”), and each of the several purchasers signatory hereto (each such purchaser, a “Purchaser”
and, collectively, the “Purchasers”).

 

This Agreement is made pursuant to the Securities Purchase Agreement,
dated as of August 9, 2018 between the Company and each Purchaser (the “Purchase Agreement”).

 

The Company and each Purchaser hereby agrees as follows:

 

1.             Definitions.

 

Capitalized terms used and not otherwise defined herein that
are defined in the Purchase Agreement shall have the meanings given such terms in the Purchase Agreement. As used in this Agreement,
the following terms shall have the following meanings:

 

“Advice”
shall have the meaning set forth in Section 6(d).

 

“Effectiveness
Date” means, with respect to the Initial Registration Statement required to be filed hereunder, the 120th
calendar day following the date hereof (or, in the event of a “full review” by the Commission, the 150th
calendar day following the date hereof) and with respect to any additional Registration Statements which may be required pursuant
to Section 2(c) or Section 3(c), the 90th calendar day following the date on which an additional Registration Statement
is required to be filed hereunder (or, in the event of a “full review” by the Commission, the 120th calendar
day following the date such additional Registration Statement is required to be filed hereunder); provided, however,
that in the event the Company is notified by the Commission that one or more of the above Registration Statements will not be reviewed
or is no longer subject to further review and comments, the Effectiveness Date as to such Registration Statement shall be the fifth
Trading Day following the date on which the Company is so notified if such date precedes the dates otherwise required above, provided,
further, if such Effectiveness Date falls on a day that is not a Trading Day, then the Effectiveness Date shall be the next succeeding
Trading Day.

 

“Effectiveness
Period” shall have the meaning set forth in Section 2(a).

 

“Event”
shall have the meaning set forth in Section 2(d).

 

“Event
Date” shall have the meaning set forth in Section 2(d).

 

“Filing
Date” means, with respect to the Initial Registration Statement required hereunder, the 75th calendar day
following the date hereof and, with respect to any additional Registration Statements which may be required pursuant to Section
2(c) or Section 3(c), the earliest practical date on which the Company is permitted by SEC Guidance to file such additional Registration
Statement related to the Registrable Securities.

 

    	 

     

    

 

“Holder”
or “Holders” means the holder or holders, as the case may be, from time to time of Registrable Securities.

 

“Indemnified
Party” shall have the meaning set forth in Section 5(c).

 

“Indemnifying
Party” shall have the meaning set forth in Section 5(c).

 

“Initial
Registration Statement” means the initial Registration Statement filed pursuant to this Agreement.

 

“Losses”
shall have the meaning set forth in Section 5(a).

 

“Plan
of Distribution” shall have the meaning set forth in Section 2(a).

 

“Prospectus”
means the prospectus included in a Registration Statement (including, without limitation, a prospectus that includes any information
previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated
by the Commission pursuant to the Securities Act), as amended or supplemented by any prospectus supplement, with respect to the
terms of the offering of any portion of the Registrable Securities covered by a Registration Statement, and all other amendments
and supplements to the Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to
be incorporated by reference in such Prospectus.

 

“Registrable
Securities” means, as of any date of determination, (a) all of the shares of Common Stock then issued and issuable upon
conversion in full of the Preferred Stock (assuming on such date the shares of Preferred Stock are converted in full without regard
to any conversion limitations therein), (b) any additional shares of Common Stock issued and issuable in connection with any anti-dilution
provisions in the Certificate of Designations (without giving effect to any limitations on conversion set forth in the Certificate
of Designations) and (c) any securities issued or then issuable upon any stock split, dividend or other distribution, recapitalization
or similar event with respect to the foregoing; provided, however, that any such Registrable Securities shall cease to be
Registrable Securities (and the Company shall not be required to maintain the effectiveness of any, or file another, Registration
Statement hereunder with respect thereto) for so long as (a) a Registration Statement with respect to the sale of such Registrable
Securities is declared effective by the Commission under the Securities Act and such Registrable Securities have been disposed
of by the Holder in accordance with such effective Registration Statement, (b) such Registrable Securities have been previously
sold in accordance with Rule 144 or otherwise by the Holder, or (c) such securities become eligible for resale without volume or
manner-of-sale restrictions and without current public information pursuant to Rule 144 as set forth in a written opinion letter
to such effect, addressed, delivered and acceptable to the Transfer Agent and the affected Holders (assuming that such securities
and any securities issuable upon exercise, conversion or exchange of which, or as a dividend upon which, such securities were issued
or are issuable, were at no time held by any Affiliate of the Company.

 

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“Registration
Statement” means any registration statement required to be filed hereunder pursuant to Section 2(a) and any additional
registration statements contemplated by Section 2(c) or Section 3(c), including (in each case) the Prospectus, amendments and supplements
to any such registration statement or Prospectus, including pre- and post-effective amendments, all exhibits thereto, and all material
incorporated by reference or deemed to be incorporated by reference in any such registration statement.

 

“Rule
415” means Rule 415 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted
from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose
and effect as such Rule.

 

“Rule
424” means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted
from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose
and effect as such Rule.

 

“Selling
Stockholder Questionnaire” shall have the meaning set forth in Section 3(a).

 

“SEC
Guidance” means (i) any publicly-available written or oral guidance of the Commission staff, or any comments, requirements
or requests of the Commission staff and (ii) the Securities Act.

 

2.             Shelf
Registration.

 

(a)          On
or prior to each Filing Date, the Company shall prepare and file with the Commission a Registration Statement covering the resale
of all of the Registrable Securities that are not then registered on an effective Registration Statement for an offering to be
made on a continuous basis pursuant to Rule 415. Each Registration Statement filed hereunder shall be on Form S-3 (except if the
Company is not then eligible to register for resale the Registrable Securities on Form S-3, in which case such registration shall
be on another appropriate form in accordance herewith, subject to the provisions of Section 2(e)) and shall contain (unless otherwise
directed by at least 60% in interest of the Holders) substantially the “Plan of Distribution” attached hereto
as Annex A and substantially the “Selling Stockholder” section attached hereto as Annex B; provided,
however, that no Holder shall be required to be named as an “underwriter” without such Holder’s express
prior written consent. Subject to the terms of this Agreement, the Company shall use its commercial best efforts to cause a Registration
Statement filed under this Agreement (including, without limitation, under Section 3(c)) to be declared effective under the Securities
Act as promptly as possible after the filing thereof, but in any event no later than the applicable Effectiveness Date, and shall
use its commercial best efforts to keep such Registration Statement continuously effective under the Securities Act as to a Holder
until the date that the Registrable Securities of the Holder covered by such Registration Statement (i) have been sold, thereunder
or pursuant to Rule 144, or (ii) may be sold without volume or manner-of-sale restrictions pursuant to Rule 144 and without the
requirement for the Company to be in compliance with the current public information requirement under Rule 144, as determined by
the counsel to the Company pursuant to a written opinion letter to such effect, addressed and acceptable to the Transfer Agent
and the affected Holders (the “Effectiveness Period”). The Company shall telephonically request effectiveness
of a Registration Statement as of 5:00 p.m. (New York City time) on a Trading Day. The Company shall promptly notify the Holders
via facsimile or by e-mail of the effectiveness of a Registration Statement no later than one (1) Trading Day that the Company
telephonically confirms effectiveness with the Commission, which shall be the date requested for effectiveness of such Registration
Statement. The Company shall, by 9:30 a.m. (New York City time) no later than one (1) Trading Day after the effective date of such
Registration Statement, file a final Prospectus with the Commission as required by Rule 424.

 

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(b)         
Notwithstanding the registration obligations set forth in Section 2(a), if the Commission informs the Company that all of the Registrable
Securities cannot, as a result of the application of Rule 415, be registered for resale as a secondary offering on a single registration
statement, the Company agrees to promptly inform each of the Holders thereof and use its commercially reasonable efforts to file
amendments to the Initial Registration Statement as required by the Commission, covering the maximum number of Registrable Securities
permitted to be registered by the Commission, on Form S-3 or such other form available to register for resale the Registrable Securities
as a secondary offering, subject to the provisions of Section 2(e); with respect to filing on Form S-3 or other appropriate form,
and subject to the provisions of Section 2(d) with respect to the payment of liquidated damages; provided, however,
that prior to filing such amendment, the Company shall be obligated to use diligent efforts to advocate with the Commission for
the registration of all of the Registrable Securities in accordance with the SEC Guidance, including without limitation, Compliance
and Disclosure Interpretation 612.09.

 

(c)          Notwithstanding
any other provision of this Agreement and subject to the payment of liquidated damages pursuant to Section 2(d), if the Commission
or any SEC Guidance sets forth a limitation on the number of Registrable Securities permitted to be registered on a particular
Registration Statement as a secondary offering (and notwithstanding that the Company used diligent efforts to advocate with the
Commission for the registration of all or a greater portion of Registrable Securities), unless otherwise directed in writing by
a Holder as to its Registrable Securities, the number of Registrable Securities to be registered on such Registration Statement
will be reduced as follows: 

 

		a.	First, the Company shall reduce or eliminate any securities to be included other
than Registrable Securities;

 

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		b.	Second, the Company shall reduce Registrable Securities represented by Underlying
Shares (applied, in the case that some Underlying Shares may be registered, to the Holders on a pro rata basis based on the total
number of unregistered Underlying Shares held by such Holders).

 

In the event of a cutback hereunder,
the Company shall give the Holder at least five (5) Trading Days prior written notice along with the calculations as to such Holder’s
allotment. In the event the Company amends the Initial Registration Statement in accordance with the foregoing, the Company will
use its best efforts to file with the Commission, as promptly as allowed by Commission or SEC Guidance provided to the Company
or to registrants of securities in general, one or more registration statements on Form S-3 or such other form available to register
for resale those Registrable Securities that were not registered for resale on the Initial Registration Statement, as amended.

 

(d)          If:
(i) the Initial Registration Statement is not filed on or prior to its Filing Date (if the Company files the Initial Registration
Statement without affording the Holders the opportunity to review and comment on the same as required by Section 3(a) herein, the
Company shall be deemed to have not satisfied this clause (i)), or (ii) the Company fails to file with the Commission a request
for acceleration of a Registration Statement in accordance with Rule 461 promulgated by the Commission pursuant to the Securities
Act, within five (5) Trading Days of the date that the Company is notified (orally or in writing, whichever is earlier) by the
Commission that such Registration Statement will not be “reviewed” or will not be subject to further review, or (iii)
prior to the effective date of a Registration Statement, the Company fails to file a pre-effective amendment and otherwise respond
in writing to comments made by the Commission in respect of such Registration Statement within twenty-five (25) calendar days after
the receipt of comments by or notice from the Commission that such amendment is required in order for such Registration Statement
to be declared effective, or (iv) a Registration Statement registering for resale all of the Registrable Securities is not declared
effective by the Commission by the Effectiveness Date of the Initial Registration Statement, or (v) after the effective date of
a Registration Statement, such Registration Statement ceases for any reason to remain continuously effective as to all Registrable
Securities included in such Registration Statement, or the Holders are otherwise not permitted to utilize the Prospectus therein
to resell such Registrable Securities, for more than twenty-five (25) consecutive calendar days or more than an aggregate of fifty
(50) calendar days (which need not be consecutive calendar days) during any 12-month period (any such failure or breach being referred
to as an “Event”, and for purposes of clauses (i) and (iv), the date on which such Event occurs, and for purpose
of clause (ii) the date on which such five (5) Trading Day period is exceeded, and for purpose of clause (iii) the date which such
twenty-five (25) calendar day period is exceeded, and for purpose of clause (v) the date on which such twenty-five (25) or fifty
(50) calendar day period, as applicable, is exceeded being referred to as “Event Date”), then, in addition to
any other rights the Holders may have hereunder or under applicable law, on each such Event Date and on each monthly anniversary
of each such Event Date (if the applicable Event shall not have been cured by such date) until the applicable Event is cured, the
Company shall pay to each Holder an amount in cash, as partial liquidated damages and not as a penalty, equal to the product of
1.0% multiplied by the aggregate Subscription Amount paid by such Holder pursuant to the Purchase Agreement. If the Company fails
to pay any partial liquidated damages pursuant to this Section in full within seven days after the date payable, the Company will
pay interest thereon at a rate of 12% per annum (or such lesser maximum amount that is permitted to be paid by applicable law)
to the Holder, accruing daily from the date such partial liquidated damages are due until such amounts, plus all such interest
thereon, are paid in full. The partial liquidated damages pursuant to the terms hereof shall apply on a daily pro rata basis for
any portion of a month prior to the cure of an Event. Notwithstanding anything to the contrary in this Agreement or the Purchase
Agreement, the maximum amount of liquidated damages that a Holder may receive shall not exceed 6% of the Subscription Amount of
such Holder.

 

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(e)           If
Form S-3 is not available for the registration of the resale of Registrable Securities hereunder, the Company shall (i) register
the resale of the Registrable Securities on another appropriate form and (ii) undertake to register the Registrable Securities
on Form S-3 as soon as reasonably practicable after such form is available, provided that the Company shall maintain the effectiveness
of the Registration Statement then in effect until such time as a Registration Statement on Form S-3 covering the Registrable Securities
has been declared effective by the Commission.

 

(f)           Notwithstanding
anything to the contrary contained herein, in no event shall the Company be permitted to name any Holder or affiliate of a Holder
as any Underwriter without the prior written consent of such Holder.

 

3.             Registration
Procedures.

 

In connection with
the Company’s registration obligations hereunder, the Company shall:

 

(a)          Not
less than five (5) Trading Days prior to the filing of each Registration Statement and not less than one (1) Trading Day prior
to the filing of any related Prospectus or any amendment or supplement thereto (including any document that would be incorporated
or deemed to be incorporated therein by reference), the Company shall (i) furnish to each Holder copies of all such documents proposed
to be filed, which documents (other than those incorporated or deemed to be incorporated by reference) will be subject to the review
of such Holders, and (ii) cause its officers and directors, counsel and independent registered public accountants to respond to
such inquiries as shall be necessary, in the reasonable opinion of respective counsel to each Holder, to conduct a reasonable investigation
within the meaning of the Securities Act. The Company shall not file a Registration Statement or any such Prospectus or any amendments
or supplements thereto to which the Holders of a majority of the Registrable Securities shall reasonably object in good faith,
provided that, the Company is notified of such objection in writing no later than five (5) Trading Days after the Holders have
been so furnished copies of a Registration Statement or one (1) Trading Day after the Holders have been so furnished copies of
any related Prospectus or amendments or supplements thereto. Each Holder agrees to furnish to the Company a completed questionnaire
in the form attached to this Agreement as Annex B (a “Selling Stockholder Questionnaire”) on a date that
is not less than two (2) Trading Days prior to the Filing Date or by the end of the fourth (4th) Trading Day following
the date on which such Holder receives draft materials in accordance with this Section.

 

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(b)          (i)
Prepare and file with the Commission such amendments, including post-effective amendments, to a Registration Statement and the
Prospectus used in connection therewith as may be necessary to keep a Registration Statement continuously effective as to the applicable
Registrable Securities for the Effectiveness Period and prepare and file with the Commission such additional Registration Statements
in order to register for resale under the Securities Act all of the Registrable Securities, (ii) cause the related Prospectus to
be amended or supplemented by any required Prospectus supplement (subject to the terms of this Agreement), and, as so supplemented
or amended, to be filed pursuant to Rule 424, (iii) respond as promptly as reasonably possible to any comments received from the
Commission with respect to a Registration Statement or any amendment thereto and provide as promptly as reasonably possible to
the Holders true and complete copies of all correspondence from and to the Commission relating to a Registration Statement (provided
that, the Company shall excise any information contained therein which would constitute material non-public information regarding
the Company or any of its Subsidiaries), and (iv) comply in all material respects with the applicable provisions of the Securities
Act and the Exchange Act with respect to the disposition of all Registrable Securities covered by a Registration Statement during
the applicable period in accordance (subject to the terms of this Agreement) with the intended methods of disposition by the Holders
thereof set forth in such Registration Statement as so amended or in such Prospectus as so supplemented.

 

(c)           If
during the Effectiveness Period, the number of Registrable Securities at any time exceeds 100% of the number of shares of Common
Stock then registered in a Registration Statement, then the Company shall file as soon as reasonably practicable, but in any case
prior to the applicable Filing Date, an additional Registration Statement covering the resale by the Holders of not less than the
number of such Registrable Securities.

 

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(d)          Notify
the Holders of Registrable Securities to be sold (which notice shall, pursuant to clauses (iii) through (vi) hereof, be accompanied
by an instruction to suspend the use of the Prospectus until the requisite changes have been made) as promptly as reasonably possible
(and, in the case of (i)(A) below, not less than one (1) Trading Day prior to such filing) and (if requested by any such Person)
confirm such notice in writing no later than one (1) Trading Day following the day (i)(A) when a Prospectus or any Prospectus supplement
or post-effective amendment to a Registration Statement is proposed to be filed, (B) when the Commission notifies the Company whether
there will be a “review” of such Registration Statement and whenever the Commission comments in writing on such Registration
Statement, and (C) with respect to a Registration Statement or any post-effective amendment, when the same has become effective,
(ii) of any request by the Commission or any other federal or state governmental authority for amendments or supplements to a Registration
Statement or Prospectus or for additional information, (iii) of the issuance by the Commission or any other federal or state governmental
authority of any stop order suspending the effectiveness of a Registration Statement covering any or all of the Registrable Securities
or the initiation of any Proceedings for that purpose, (iv) of the receipt by the Company of any notification with respect to the
suspension of the qualification or exemption from qualification of any of the Registrable Securities for sale in any jurisdiction,
or the initiation or threatening of any Proceeding for such purpose, (v) of the occurrence of any event or passage of time that
makes the financial statements included in a Registration Statement ineligible for inclusion therein or any statement made in a
Registration Statement or Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any
material respect or that requires any revisions to a Registration Statement, Prospectus or other documents so that, in the case
of a Registration Statement or the Prospectus, as the case may be, it will not contain any untrue statement of a material fact
or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances
under which they were made, not misleading, and (vi) of the occurrence or existence of any pending corporate development with respect
to the Company that the Company believes may be material and that, in the determination of the Company, makes it not in the best
interest of the Company to allow continued availability of a Registration Statement or Prospectus; provided, however,
that in no event shall any such notice contain any information which would constitute material, non-public information regarding
the Company or any of its Subsidiaries.

 

(e)           Use
its commercial best efforts to avoid the issuance of, or, if issued, obtain the withdrawal of (i) any order stopping or suspending
the effectiveness of a Registration Statement, or (ii) any suspension of the qualification (or exemption from qualification) of
any of the Registrable Securities for sale in any jurisdiction, at the earliest practicable moment.

 

(f)           Furnish
to each Holder, without charge, at least one conformed copy of each such Registration Statement and each amendment thereto, including
financial statements and schedules, all documents incorporated or deemed to be incorporated therein by reference to the extent
requested by such Person, and all exhibits to the extent requested by such Person (including those previously furnished or incorporated
by reference) promptly after the filing of such documents with the Commission; provided, that any such item which is available
on the EDGAR system (or successor thereto) need not be furnished in physical form.

 

(g)          Subject
to the terms of this Agreement, the Company hereby consents to the use of such Prospectus and each amendment or supplement thereto
by each of the selling Holders in connection with the offering and sale of the Registrable Securities covered by such Prospectus
and any amendment or supplement thereto, except after the giving of any notice pursuant to Section 3(d).

 

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(h)         
Prior to any resale of Registrable Securities by a Holder, use its commercially reasonable efforts to register or qualify or cooperate
with the selling Holders in connection with the registration or qualification (or exemption from the Registration or qualification)
of such Registrable Securities for the resale by the Holder under the securities or Blue Sky laws of such jurisdictions within
the United States as any Holder reasonably requests in writing, to keep each registration or qualification (or exemption therefrom)
effective during the Effectiveness Period and to do any and all other acts or things reasonably necessary to enable the disposition
in such jurisdictions of the Registrable Securities covered by each Registration Statement, provided that the Company shall not
be required to qualify generally to do business in any jurisdiction where it is not then so qualified, subject the Company to any
material tax in any such jurisdiction where it is not then so subject or file a general consent to service of process in any such
jurisdiction.

 

(i)            If
requested by a Holder, cooperate with such Holder to facilitate the timely preparation and delivery of certificates representing
Registrable Securities to be delivered to a transferee pursuant to a Registration Statement, which certificates shall be free,
to the extent permitted by the Purchase Agreement, of all restrictive legends, and to enable such Registrable Securities to be
in such denominations and registered in such names as any such Holder may request.

 

(j)            Upon
the occurrence of any event contemplated by Section 3(d), as promptly as reasonably possible under the circumstances taking into
account the Company’s good faith assessment of any adverse consequences to the Company and its stockholders of the premature
disclosure of such event, prepare a supplement or amendment, including a post-effective amendment, to a Registration Statement
or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by reference, and
file any other required document so that, as thereafter delivered, neither a Registration Statement nor such Prospectus will contain
an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the
statements therein, in light of the circumstances under which they were made, not misleading. If the Company notifies the Holders
in accordance with clauses (iii) through (vi) of Section 3(d) above to suspend the use of any Prospectus until the requisite changes
to such Prospectus have been made, then the Holders shall suspend use of such Prospectus. The Company will use its commercial
best efforts to ensure that the use of the Prospectus may be resumed as promptly as is practicable. The Company shall be entitled
to exercise its right under this Section 3(j) to suspend the availability of a Registration Statement and Prospectus, subject
to the payment of partial liquidated damages otherwise required pursuant to Section 2(d), for a period not to exceed 60 calendar
days (which need not be consecutive days) in any 12-month period.

 

(k)           Otherwise
use commercially reasonable efforts to comply with all applicable rules and regulations of the Commission under the Securities
Act and the Exchange Act, including, without limitation, Rule 172 under the Securities Act, file any final Prospectus, including
any supplement or amendment thereof, with the Commission pursuant to Rule 424 under the Securities Act, promptly inform the Holders
in writing if, at any time during the Effectiveness Period, the Company does not satisfy the conditions specified in Rule 172 and,
as a result thereof, the Holders are required to deliver a Prospectus in connection with any disposition of Registrable Securities
and take such other actions as may be reasonably necessary to facilitate the registration of the Registrable Securities hereunder.

 

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(l)            The
Company may require each selling Holder to furnish to the Company a certified statement as to the number of shares of Common Stock
beneficially owned by such Holder and, if required by the Commission, the natural persons thereof that have voting and dispositive
control over the shares. During any periods that the Company is unable to meet its obligations hereunder with respect to the registration
of the Registrable Securities solely because any Holder fails to furnish such information within three Trading Days of the Company’s
request, any liquidated damages that are accruing at such time as to such Holder only shall be tolled and any Event that may otherwise
occur solely because of such delay shall be suspended as to such Holder only, until such information is delivered to the Company.

 

4.             Registration
Expenses. All fees and expenses incident to the performance of or compliance with, this Agreement by the Company shall be borne
by the Company whether or not any Registrable Securities are sold pursuant to a Registration Statement. The fees and expenses referred
to in the foregoing sentence shall include, without limitation, (i) all registration and filing fees (including, without limitation,
fees and expenses of the Company’s counsel and independent registered public accountants) (A) with respect to filings made
with the Commission, (B) with respect to filings required to be made with any Trading Market on which the Common Stock is then
listed for trading, and (C) in compliance with applicable state securities or Blue Sky laws reasonably agreed to by the Company
in writing (including, without limitation, fees and disbursements of counsel for the Company in connection with Blue Sky qualifications
or exemptions of the Registrable Securities), (ii) printing expenses (including, without limitation, expenses of printing certificates
for Registrable Securities), (iii) messenger, telephone and delivery expenses, (iv) fees and disbursements of counsel for the Company,
(v) Securities Act liability insurance, if the Company so desires such insurance, and (vi) fees and expenses of all other Persons
retained by the Company in connection with the consummation of the transactions contemplated by this Agreement. In addition, the
Company shall be responsible for all of its internal expenses incurred in connection with the consummation of the transactions
contemplated by this Agreement (including, without limitation, all salaries and expenses of its officers and employees performing
legal or accounting duties), the expense of any annual audit and the fees and expenses incurred in connection with the listing
of the Registrable Securities on any securities exchange as required hereunder. In no event shall the Company be responsible for
any broker or similar commissions of any Holder or, except to the extent provided for in the Transaction Documents, any legal fees
or other costs of the Holders.

 

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5.             Indemnification.

 

(a)           Indemnification
by the Company. The Company shall, notwithstanding any termination of this Agreement, indemnify and hold harmless each Holder,
the officers, directors, members, partners, agents, brokers (including brokers who offer and sell Registrable Securities as principal
as a result of a pledge or any failure to perform under a margin call of Common Stock), investment advisors and employees (and
any other Persons with a functionally equivalent role of a Person holding such titles, notwithstanding a lack of such title or
any other title) of each of them, each Person who controls any such Holder (within the meaning of Section 15 of the Securities
Act or Section 20 of the Exchange Act) and the officers, directors, members, stockholders, partners, agents and employees (and
any other Persons with a functionally equivalent role of a Person holding such titles, notwithstanding a lack of such title or
any other title) of each such controlling Person, to the fullest extent permitted by applicable law, from and against any and all
losses, claims, damages, liabilities, costs (including, without limitation, reasonable attorneys’ fees) and expenses (collectively,
 “Losses”), as incurred, arising out of or relating to (1) any untrue or alleged untrue statement of a material
fact contained in a Registration Statement, any Prospectus or any form of prospectus or in any amendment or supplement thereto
or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission of a material fact required
to be stated therein or necessary to make the statements therein (in the case of any Prospectus or supplement thereto, in light
of the circumstances under which they were made) not misleading or (2) any violation or alleged violation by the Company of the
Securities Act, the Exchange Act or any state securities law, or any rule or regulation thereunder, in connection with the performance
of its obligations under this Agreement, except to the extent, but only to the extent, that (i) such untrue statements or omissions
are based solely upon information regarding such Holder furnished in writing to the Company by such Holder expressly for use therein,
or to the extent that such information relates to such Holder or such Holder’s proposed method of distribution of Registrable
Securities and was reviewed and expressly approved in writing by such Holder expressly for use in a Registration Statement, such
Prospectus or in any amendment or supplement thereto (it being understood that the Holder has approved Annex A hereto for this
purpose) or (ii) in the case of an occurrence of an event of the type specified in Section 3(d)(iii)-(vi), the use by such Holder
of an outdated, defective or otherwise unavailable Prospectus after the Company has notified such Holder in writing that the Prospectus
is outdated, defective or otherwise unavailable for use by such Holder and prior to the receipt by such Holder of the Advice contemplated
in Section 6(d). The Company shall notify the Holders promptly of the institution, threat or assertion of any Proceeding arising
from or in connection with the transactions contemplated by this Agreement of which the Company is aware. Such indemnity shall
remain in full force and effect regardless of any investigation made by or on behalf of such indemnified person and shall survive
the transfer of any Registrable Securities by any of the Holders in accordance with Section 6(h).

 

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(b)           Indemnification
by Holders. Each Holder shall, severally and not jointly, indemnify and hold harmless the Company, its directors, officers,
agents and employees, each Person who controls the Company (within the meaning of Section 15 of the Securities Act and Section
20 of the Exchange Act), and the directors, officers, agents or employees of such controlling Persons, to the fullest extent permitted
by applicable law, from and against all Losses, as incurred, to the extent arising out of or based solely upon: any untrue or alleged
untrue statement of a material fact contained in any Registration Statement, any Prospectus, or in any amendment or supplement
thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission of a material fact
required to be stated therein or necessary to make the statements therein (in the case of any Prospectus or supplement thereto,
in light of the circumstances under which they were made) not misleading (i) to the extent, but only to the extent, that such untrue
statement or omission is contained in any information so furnished in writing by such Holder to the Company expressly for inclusion
in such Registration Statement or such Prospectus or (ii) to the extent, but only to the extent, that such information relates
to such Holder’s information provided in the Selling Stockholder Questionnaire or the proposed method of distribution of
Registrable Securities and was reviewed and expressly approved in writing by such Holder expressly for use in a Registration Statement
(it being understood that the Holder has approved Annex A hereto for this purpose), such Prospectus or in any amendment or supplement
thereto. In no event shall the liability of a selling Holder be greater in amount than the dollar amount of the proceeds (net of
all expenses paid by such Holder in connection with any claim relating to this Section 5 and the amount of any damages such Holder
has otherwise been required to pay by reason of such untrue statement or omission) received by such Holder upon the sale of the
Registrable Securities included in the Registration Statement giving rise to such indemnification obligation.

 

(c)           Conduct
of Indemnification Proceedings. If any Proceeding shall be brought or asserted against any Person entitled to indemnity hereunder
(an “Indemnified Party”), such Indemnified Party shall promptly notify the Person from whom indemnity is sought
(the “Indemnifying Party”) in writing, and the Indemnifying Party shall have the right to assume the defense
thereof, including the employment of counsel reasonably satisfactory to the Indemnified Party and the payment of all fees and expenses
incurred in connection with defense thereof, provided that the failure of any Indemnified Party to give such notice shall not relieve
the Indemnifying Party of its obligations or liabilities pursuant to this Agreement, except (and only) to the extent that it shall
be finally determined by a court of competent jurisdiction (which determination is not subject to appeal or further review) that
such failure shall have materially and adversely prejudiced the Indemnifying Party.

 

An Indemnified
Party shall have the right to employ separate counsel in any such Proceeding and to participate in the defense thereof, but the
fees and expenses of such counsel shall be at the expense of such Indemnified Party or Parties unless: (1) the Indemnifying Party
has agreed in writing to pay such fees and expenses, (2) the Indemnifying Party shall have failed promptly to assume the defense
of such Proceeding and to employ counsel reasonably satisfactory to such Indemnified Party in any such Proceeding, or (3) the named
parties to any such Proceeding (including any impleaded parties) include both such Indemnified Party and the Indemnifying Party,
and counsel to the Indemnified Party shall reasonably believe that a material conflict of interest is likely to exist if the same
counsel were to represent such Indemnified Party and the Indemnifying Party (in which case, if such Indemnified Party notifies
the Indemnifying Party in writing that it elects to employ separate counsel at the expense of the Indemnifying Party, the Indemnifying
Party shall not have the right to assume the defense thereof and the reasonable fees and expenses of no more than one separate
counsel shall be at the expense of the Indemnifying Party). The Indemnifying Party shall not be liable for any settlement of any
such Proceeding effected without its written consent, which consent shall not be unreasonably withheld or delayed. No Indemnifying
Party shall, without the prior written consent of the Indemnified Party, effect any settlement of any pending Proceeding in respect
of which any Indemnified Party is a party, unless such settlement includes an unconditional release of such Indemnified Party from
all liability on claims that are the subject matter of such Proceeding.

 

    	 	12	 

     

    

 

Subject to
the terms of this Agreement, all reasonable fees and expenses of the Indemnified Party (including reasonable fees and expenses
to the extent incurred in connection with investigating or preparing to defend such Proceeding in a manner not inconsistent with
this Section) shall be paid to the Indemnified Party, as incurred, within ten Trading Days of written notice thereof to the Indemnifying
Party, provided that the Indemnified Party shall promptly reimburse the Indemnifying Party for that portion of such fees and expenses
applicable to such actions for which such Indemnified Party is finally determined by a court of competent jurisdiction (which determination
is not subject to appeal or further review) not to be entitled to indemnification hereunder.

 

(d)          Contribution.
If the indemnification under Section 5(a) or 5(b) is unavailable to an Indemnified Party or insufficient to hold an Indemnified
Party harmless for any Losses, then each Indemnifying Party shall contribute to the amount paid or payable by such Indemnified
Party, in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party and Indemnified Party in connection
with the actions, statements or omissions that resulted in such Losses as well as any other relevant equitable considerations.
The relative fault of such Indemnifying Party and Indemnified Party shall be determined by reference to, among other things, whether
any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission of
a material fact, has been taken or made by, or relates to information supplied by, such Indemnifying Party or Indemnified Party,
and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such action, statement
or omission. The amount paid or payable by a party as a result of any Losses shall be deemed to include, subject to the limitations
set forth in this Agreement, any reasonable attorneys’ or other fees or expenses incurred by such party in connection with
any Proceeding to the extent such party would have been indemnified for such fees or expenses if the indemnification provided for
in this Section was available to such party in accordance with its terms.

 

The parties
hereto agree that it would not be just and equitable if contribution pursuant to this Section 5(d) were determined by pro rata
allocation or by any other method of allocation that does not take into account the equitable considerations referred to in the
immediately preceding paragraph. In no event shall the contribution obligation of a Holder of Registrable Securities be greater
in amount than the dollar amount of the proceeds (net of all expenses paid by such Holder in connection with any claim relating
to this Section 5 and the amount of any damages such Holder has otherwise been required to pay by reason of such untrue or alleged
untrue statement or omission or alleged omission) received by it upon the sale of the Registrable Securities giving rise to such
contribution obligation.

 

    	 	13	 

     

    

 

The indemnity
and contribution agreements contained in this Section are in addition to any liability that the Indemnifying Parties may have to
the Indemnified Parties.

 

6.             Miscellaneous.

 

(a)           Remedies.
In the event of a breach by the Company or by a Holder of any of their respective obligations under this Agreement, each Holder
or the Company, as the case may be, in addition to being entitled to exercise all rights granted by law and under this Agreement,
including recovery of damages, shall be entitled to specific performance of its rights under this Agreement. Each of the Company
and each Holder agrees that monetary damages would not provide adequate compensation for any losses incurred by reason of a breach
by it of any of the provisions of this Agreement and hereby further agrees that, in the event of any action for specific performance
in respect of such breach, it shall not assert or shall waive the defense that a remedy at law would be adequate.

 

(b)           No
Piggyback on Registrations; Prohibition on Filing Other Registration Statements. Except as set forth on Schedule 6(b)
attached hereto or the registration of shares underlying other shares of Preferred Stock issued pursuant to the Certificate of
Designations, neither the Company nor any of its security holders (other than the Holders in such capacity pursuant hereto) may
include securities of the Company in any Registration Statements other than the Registrable Securities. The Company shall not file
any other registration statements until all Registrable Securities are registered pursuant to a Registration Statement that is
declared effective by the Commission, provided that this Section 6(b) shall not prohibit the Company from filing amendments to
registration statements filed prior to the date of this Agreement or to file a public underwritten offering of its securities in
which the gross proceeds to be paid to the Company will be not less than $20 million..

 

(c)           [RESERVED]

 

(d)           Discontinued
Disposition. By its acquisition of Registrable Securities, each Holder agrees that, upon receipt of a notice from the Company
of the occurrence of any event of the kind described in Section 3(d)(iii) through (vi), such Holder will forthwith discontinue
disposition of such Registrable Securities under a Registration Statement until it is advised in writing (the “Advice”)
by the Company that the use of the applicable Prospectus (as it may have been supplemented or amended) may be resumed. The Company
will use its best efforts to ensure that the use of the Prospectus may be resumed as promptly as is practicable. The Company agrees
and acknowledges that any periods during which the Holder is required to discontinue the disposition of the Registrable Securities
hereunder shall be subject to the provisions of Section 2(d).

 

    	 	14	 

     

    

 

(e)           Piggy-Back
Registrations. If, at any time during the Effectiveness Period, there is not an effective Registration Statement covering all
of the Registrable Securities and the Company shall determine to prepare and file with the Commission a registration statement
relating to an offering for its own account or the account of others under the Securities Act of any of its equity securities,
other than on Form S-4 or Form S-8 (each as promulgated under the Securities Act) or their then equivalents relating to equity
securities to be issued solely in connection with any acquisition of any entity or business or equity securities issuable in connection
with the Company’s stock option or other employee benefit plans, then the Company shall deliver to each Holder a written
notice of such determination and, if within fifteen days after the date of the delivery of such notice, any such Holder shall so
request in writing, the Company shall include in such registration statement all or any part of such Registrable Securities such
Holder requests to be registered; provided, however, that the Company shall not be required to register any Registrable
Securities pursuant to this Section 6(e) that are eligible for resale pursuant to Rule 144 (without volume restrictions or current
public information requirements) promulgated by the Commission pursuant to the Securities Act or that are the subject of a then
effective Registration Statement that is available for resales or other dispositions by such Holder.

 

(f)           Amendments
and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified or supplemented,
and waivers or consents to departures from the provisions hereof may not be given, unless the same shall be in writing and signed
by the Company and the Holders of 50.1% or more of the then outstanding Registrable Securities (for purposes of clarification,
this includes any Registrable Securities issuable upon exercise or conversion of any Security), provided that, if any amendment,
modification or waiver disproportionately and adversely impacts a Holder (or group of Holders), the consent of such disproportionately
impacted Holder (or group of Holders) shall be required. If a Registration Statement does not register all of the Registrable Securities
pursuant to a waiver or amendment done in compliance with the previous sentence, then the number of Registrable Securities to be
registered for each Holder shall be reduced pro rata among all Holders and each Holder shall have the right to designate which
of its Registrable Securities shall be omitted from such Registration Statement. Notwithstanding the foregoing, a waiver or consent
to depart from the provisions hereof with respect to a matter that relates exclusively to the rights of a Holder or some Holders
and that does not directly or indirectly affect the rights of other Holders may be given only by such Holder or Holders of all
of the Registrable Securities to which such waiver or consent relates; provided, however, that the provisions of
this sentence may not be amended, modified, or supplemented except in accordance with the provisions of the first sentence of this
Section 6(f). No consideration shall be offered or paid to any Person to amend or consent to a waiver or modification of any provision
of this Agreement unless the same consideration also is offered to all of the parties to this Agreement.

 

(g)          Notices.
Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be delivered as
set forth in the Purchase Agreement.

 

(h)          Successors
and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns of each
of the parties and shall inure to the benefit of each Holder. The Company may not assign (except by merger) its rights or obligations
hereunder without the prior written consent of all of the Holders of the then outstanding Registrable Securities. Each Holder may
assign their respective rights hereunder in the manner and to the Persons as permitted under Section 5.8 of the Purchase Agreement.

 

    	 	15	 

     

    

 

(i)            No
Inconsistent Agreements. Neither the Company nor any of its Subsidiaries has entered, as of the date hereof, nor shall the
Company or any of its Subsidiaries, on or after the date of this Agreement, enter into any agreement with respect to its securities,
that would have the effect of impairing the rights granted to the Holders in this Agreement or otherwise conflicts with the provisions
hereof. Except as set forth on Schedule 6(i) or pursuant to other registration rights with respect to other shares of Preferred
Stock issued pursuant to the Certificate of Designations, neither the Company nor any of its Subsidiaries has previously entered
into any agreement granting any registration rights with respect to any of its securities to any Person that have not been satisfied
in full.

 

(j)            Execution
and Counterparts. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered
one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other
party, it being understood that both parties need not sign the same counterpart. In the event that any signature is delivered by
facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and
binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if
such facsimile or “.pdf” signature page were an original thereof.

 

(k)           Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be determined
in accordance with the provisions of the Purchase Agreement.

 

(l)            Cumulative
Remedies. The remedies provided herein are cumulative and not exclusive of any other remedies provided by law.

 

(m)          Severability.
If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal,
void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full
force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially
reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated
by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that
they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be
hereafter declared invalid, illegal, void or unenforceable.

 

(n)          Headings.
The headings in this Agreement are for convenience only, do not constitute a part of the Agreement and shall not be deemed to limit
or affect any of the provisions hereof.

 

    	 	16	 

     

    

 

(o)          Independent
Nature of Holders’ Obligations and Rights. The obligations of each Holder hereunder are several and not joint with the
obligations of any other Holder hereunder, and no Holder shall be responsible in any way for the performance of the obligations
of any other Holder hereunder. Nothing contained herein or in any other agreement or document delivered at any closing, and no
action taken by any Holder pursuant hereto or thereto, shall be deemed to constitute the Holders as a partnership, an association,
a joint venture or any other kind of group or entity, or create a presumption that the Holders are in any way acting in concert
or as a group or entity with respect to such obligations or the transactions contemplated by this Agreement or any other matters,
and the Company acknowledges that the Holders are not acting in concert or as a group, and the Company shall not assert any such
claim, with respect to such obligations or transactions. Each Holder shall be entitled to protect and enforce its rights, including
without limitation the rights arising out of this Agreement, and it shall not be necessary for any other Holder to be joined as
an additional party in any proceeding for such purpose. The use of a single agreement with respect to the obligations of the Company
contained was solely in the control of the Company, not the action or decision of any Holder, and was done solely for the convenience
of the Company and not because it was required or requested to do so by any Holder. It is expressly understood and agreed that
each provision contained in this Agreement is between the Company and a Holder, solely, and not between the Company and the Holders
collectively and not between and among Holders.

 

********************

 

(Signature
Pages Follow)

 

    	 	17	 

     

    

 

IN WITNESS WHEREOF, the parties have executed this Registration
Rights Agreement as of the date first written above.

 

	 	THEMAVEN, INC.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[SIGNATURE PAGE OF HOLDERS FOLLOWS]

 

     

     

    

 

[SIGNATURE
PAGE OF HOLDERS TO MVEN RRA]

 

Name of Holder: __________________________

 

Signature of Authorized Signatory of Holder: __________________________

 

Name of Authorized Signatory: _________________________

 

Title of Authorized Signatory: __________________________

 

[SIGNATURE PAGES CONTINUE]

 

     

     

    

 

Annex A

 

Plan of Distribution

 

Each Selling Stockholder
(the “Selling Stockholders”) of the securities and any of their pledgees, assignees and successors-in-interest
may, from time to time, sell any or all of their securities covered hereby on the principal Trading Market or any other stock exchange,
market or trading facility on which the securities are traded or in private transactions. These sales may be at fixed or negotiated
prices. A Selling Stockholder may use any one or more of the following methods when selling securities:

 

		·	ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;

 

		·	block trades in which the broker-dealer will attempt to sell the securities as agent but may position and resell a portion
of the block as principal to facilitate the transaction;

 

		·	purchases by a broker-dealer as principal and resale by the broker-dealer for its account;

 

		·	an exchange distribution in accordance with the rules of the applicable exchange;

 

		·	privately negotiated transactions;

 

		·	settlement of short sales;

 

		·	in transactions through broker-dealers that agree with the Selling Stockholders to sell a specified number of such securities
at a stipulated price per security;

 

		·	through the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise;

 

		·	a combination of any such methods of sale; or

 

		·	any other method permitted pursuant to applicable law.

 

The Selling Stockholders
may also sell securities under Rule 144 or any other exemption from registration under the Securities Act of 1933, as amended (the
 “Securities Act”), if available, rather than under this prospectus.

 

Broker-dealers engaged
by the Selling Stockholders may arrange for other brokers-dealers to participate in sales. Broker-dealers may receive commissions
or discounts from the Selling Stockholders (or, if any broker-dealer acts as agent for the purchaser of securities, from the purchaser)
in amounts to be negotiated, but, except as set forth in a supplement to this Prospectus, in the case of an agency transaction
not in excess of a customary brokerage commission in compliance with FINRA Rule 2440; and in the case of a principal transaction
a markup or markdown in compliance with FINRA IM-2440.

 

     

     

    

 

In connection with the
sale of the securities or interests therein, the Selling Stockholders may enter into hedging transactions with broker-dealers or
other financial institutions, which may in turn engage in short sales of the securities in the course of hedging the positions
they assume. The Selling Stockholders may also sell securities short and deliver these securities to close out their short positions,
or loan or pledge the securities to broker-dealers that in turn may sell these securities. The Selling Stockholders may also enter
into option or other transactions with broker-dealers or other financial institutions or create one or more derivative securities
which require the delivery to such broker-dealer or other financial institution of securities offered by this prospectus, which
securities such broker-dealer or other financial institution may resell pursuant to this prospectus (as supplemented or amended
to reflect such transaction).

 

The Selling Stockholders
and any broker-dealers or agents that are involved in selling the securities may be deemed to be “underwriters” within
the meaning of the Securities Act in connection with such sales. In such event, any commissions received by such broker-dealers
or agents and any profit on the resale of the securities purchased by them may be deemed to be underwriting commissions or discounts
under the Securities Act. Each Selling Stockholder has informed the Company that it does not have any written or oral agreement
or understanding, directly or indirectly, with any person to distribute the securities.

 

The Company is required
to pay certain fees and expenses incurred by the Company incident to the registration of the securities. The Company has agreed
to indemnify the Selling Stockholders against certain losses, claims, damages and liabilities, including liabilities under the
Securities Act.

 

We agreed to keep this
prospectus effective until the earlier of (i) the date on which the securities may be resold by the Selling Stockholders without
registration and without regard to any volume or manner-of-sale limitations by reason of Rule 144, without the requirement for
the Company to be in compliance with the current public information under Rule 144 under the Securities Act or any other rule of
similar effect or (ii) all of the securities have been sold pursuant to this prospectus or Rule 144 under the Securities Act or
any other rule of similar effect. The resale securities will be sold only through registered or licensed brokers or dealers if
required under applicable state securities laws. In addition, in certain states, the resale securities covered hereby may not be
sold unless they have been registered or qualified for sale in the applicable state or an exemption from the registration or qualification
requirement is available and is complied with.

 

Under applicable rules
and regulations under the Exchange Act, any person engaged in the distribution of the resale securities may not simultaneously
engage in market making activities with respect to the common stock for the applicable restricted period, as defined in Regulation
M, prior to the commencement of the distribution. In addition, the Selling Stockholders will be subject to applicable provisions
of the Exchange Act and the rules and regulations thereunder, including Regulation M, which may limit the timing of purchases and
sales of the common stock by the Selling Stockholders or any other person. We will make copies of this prospectus available to
the Selling Stockholders and have informed them of the need to deliver a copy of this prospectus to each purchaser at or prior
to the time of the sale (including by compliance with Rule 172 under the Securities Act).

 

    	 	2	 

     

    

 

SELLING SHAREHOLDERS

 

The common stock being
offered by the selling shareholders are those previously issued to the selling shareholders, and those issuable to the selling
shareholders, upon exercise of the warrants. For additional information regarding the issuances of those shares of common stock
and warrants, see "Private Placement of Common Shares and Warrants" above. We are registering the shares of common stock
in order to permit the selling shareholders to offer the shares for resale from time to time. Except for the ownership of the shares
of common stock and the warrants, the selling shareholders have not had any material relationship with us within the past three
years.

 

The table below lists
the selling shareholders and other information regarding the beneficial ownership of the shares of common stock by each of the
selling shareholders. The second column lists the number of shares of common stock beneficially owned by each selling shareholder,
based on its ownership of the shares of common stock and warrants, as of                    ,
2018, assuming exercise of the warrants held by the selling shareholders on that date, without regard to any limitations on exercises.

 

The third column lists
the shares of common stock being offered by this prospectus by the selling shareholders.

 

In accordance with
the terms of a registration rights agreement with the selling shareholders, this prospectus generally covers the resale of the
sum of (i) the number of shares of common stock issued to the selling shareholders in the                                  and
(ii) the maximum number of shares of common stock issuable upon exercise of the related warrants, determined as if the outstanding
warrants were exercised in full as of the trading day immediately preceding the date this registration statement was initially
filed with the SEC, each as of the trading day immediately preceding the applicable date of determination and all subject to adjustment
as provided in the registration right agreement, without regard to any limitations on the exercise of the warrants. The fourth
column assumes the sale of all of the shares offered by the selling shareholders pursuant to this prospectus.

 

Under the terms of the
warrants, a selling shareholder may not exercise the warrants to the extent such exercise would cause such selling shareholder,
together with its affiliates and attribution parties, to beneficially own a number of shares of common stock which would exceed
[4.99]% of our then outstanding common stock following such exercise, excluding for purposes of such determination shares of common
stock issuable upon exercise of the warrants which have not been exercised. The number of shares in the second column does not
reflect this limitation. The selling shareholders may sell all, some or none of their shares in this offering. See "Plan of
Distribution."

 

    	 	3	 

     

    

 

	Name of Selling Shareholder	 	Number of shares of 

    Common Stock Owned 

    Prior to Offering	 	Maximum Number of 

    shares of Common Stock 

    to be Sold Pursuant to this 

    Prospectus	 	Number of shares of 

    Common Stock Owned 

    After Offering
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

    	 	4	 

     

    

 

Annex C

 

THEMAVEN,
INC.

 

Selling Stockholder Notice and Questionnaire

 

The undersigned beneficial
owner of common stock (the “Registrable Securities”) of TheMaven, Inc., a Delaware corporation (the “Company”),
understands that the Company has filed or intends to file with the Securities and Exchange Commission (the “Commission”)
a registration statement (the “Registration Statement”) for the registration and resale under Rule 415 of the
Securities Act of 1933, as amended (the “Securities Act”), of the Registrable Securities, in accordance with
the terms of the Registration Rights Agreement (the “Registration Rights Agreement”) to which this document
is annexed. A copy of the Registration Rights Agreement is available from the Company upon request at the address set forth below.
All capitalized terms not otherwise defined herein shall have the meanings ascribed thereto in the Registration Rights Agreement.

 

Certain legal consequences
arise from being named as a selling stockholder in the Registration Statement and the related prospectus. Accordingly, holders
and beneficial owners of Registrable Securities are advised to consult their own securities law counsel regarding the consequences
of being named or not being named as a selling stockholder in the Registration Statement and the related prospectus.

 

NOTICE

 

The undersigned beneficial
owner (the “Selling Stockholder”) of Registrable Securities hereby elects to include the Registrable Securities
owned by it in the Registration Statement.

 

     

     

    

 

The undersigned hereby provides the following
information to the Company and represents and warrants that such information is accurate:

 

QUESTIONNAIRE

 

1.          Name.

 

	 	 	 
	 	(a)	Full Legal Name of Selling Stockholder
	 	 	 

 

	 	 	 
	 	(b)	Full Legal Name of Registered Holder (if not the same as (a) above) through which Registrable Securities are held:
	 	 	 

 

	 	 	 
	 	(c)	Full Legal Name of Natural Control Person (which means a natural person who directly or indirectly alone or with others has power to vote or dispose of the securities covered by this Questionnaire):
	 	 	 

 

2. Address for Notices to Selling
Stockholder:

 

	
         

         

	 
	 
	Telephone:                                                                                                                                                                                                           
	Fax:                                                                                                                                                                                                                        
	Contact Person:                                                                                                                                                                                                   

 

3. Broker-Dealer Status:

 

(a)          Are
you a broker-dealer?

 

Yes  ̈                     No
 ̈

 

(b)          If
 “yes” to Section 3(a), did you receive your Registrable Securities as compensation for investment banking services
to the Company?

 

Yes  ̈                      No
 ̈

 

Note:       If
 “no” to Section 3(b), the Commission’s staff has indicated that you should be identified as an underwriter in
the Registration Statement.

 

    	 	2	 

     

    

 

(c)          Are
you an affiliate of a broker-dealer?

 

Yes  ̈                           No
 ̈

 

(d)          If
you are an affiliate of a broker-dealer, do you certify that you purchased the Registrable Securities in the ordinary course of
business, and at the time of the purchase of the Registrable Securities to be resold, you had no agreements or understandings,
directly or indirectly, with any person to distribute the Registrable Securities?

 

Yes  ̈                         No
 ̈

 

Note:       If
 “no” to Section 3(d), the Commission’s staff has indicated that you should be identified as an underwriter in
the Registration Statement.

 

4. Beneficial Ownership of Securities
of the Company Owned by the Selling Stockholder.

 

Except as set forth below in
this Item 4, the undersigned is not the beneficial or registered owner of any securities of the Company other than the securities
issuable pursuant to the Purchase Agreement.

 

	 	(a)	Type and Amount of other securities beneficially owned by the Selling Stockholder:
	 	 	 
	 	 	 

 

    	 	3	 

     

    

 

5. Relationships with the Company:

 

Except as set forth below,
neither the undersigned nor any of its affiliates, officers, directors or principal equity holders (owners of 5% of more of the
equity securities of the undersigned) has held any position or office or has had any other material relationship with the Company
(or its predecessors or affiliates) during the past three years.

 

	 	 	State any exceptions here:
	 	 	 
	 	 	 

 

The undersigned agrees
to promptly notify the Company of any material inaccuracies or changes in the information provided herein that may occur subsequent
to the date hereof at any time while the Registration Statement remains effective; provided, that the undersigned shall not be
required to notify the Company of any changes to the number of securities held or owned by the undersigned or its affiliates.

 

By
signing below, the undersigned consents to the disclosure of the information contained herein in its answers to Items 1 through
5 and the inclusion of such information in the Registration Statement and the related prospectus and any amendments or supplements
thereto. The undersigned understands that such information will be relied upon by the Company in
connection with the preparation or amendment of the Registration Statement and the related prospectus and any amendments or supplements
thereto.

 

IN WITNESS WHEREOF the
undersigned, by authority duly given, has caused this Notice and Questionnaire to be executed and delivered either in person or
by its duly authorized agent.

 

	Date: _________________________________	 	Beneficial Owner:	 

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

PLEASE FAX A COPY (OR EMAIL A .PDF COPY)
OF THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE TO:

 

    	 	4EX-10.1

 EXHIBIT 10.1 

BEST WESTERN INTERNATIONAL, INC. 

FIRST AMENDMENT OF THE 

LONG-TERM COMPENSATION INCENTIVE PLAN FOR 

KEY CONTRIBUTORS 
 WHEREAS, the Best
Western International, Inc. (“Best Western”) Board of Directors (“Board”) approved and adopted the Best Western Long-Term Incentive Plan for Key Contributors (“Plan”) on April 30, 2007, with an effective date of
July 1, 2007. 
 WHEREAS, the Plan defines its purpose, to include the retention of “Key Contributors” as the term is defined in the
Plan. 
 WHEREAS, on October 25, 2017, the Board amended the Plan as follows: 

AMENDMENT 
 Paragraph 2 shall be
amended to include the following Definition: 
 “Qualifying Event” means the Key Contributor’s employment with the Company ending
either: 
  

	 	(i)	By the Company without cause; or, 

  

	 	(ii)	By the Key Contributor for good reason. 

 The term “cause” shall include the Company’s
reasonable belief that any of the following have occurred: 
  

	 	(i)	Conduct by the Key Contributor constituting embezzlement, theft, larceny, fraud or other acts of dishonesty (including, without limitation, the unauthorized disclosure of Confidential Information); 

 

	 	(ii)	The continued failure of the Key Contributor to meet performance expectations after written warning by the Company, and the Key Contributor’s failure to cure the same within the thirty (30) day period
following the Key Contributor’s receipt of the warning; 

  

	 	(iii)	The Key Contributor’s conviction of (or pleading guilty to) a felony or any other crime involving fraud, embezzlement, theft, moral turpitude or dishonesty (whether or not such criminal offense is committed in
connection with the Key Contributor’s duties hereunder, or in the course of his employment with the Company); 

  

	 	(iv)	The Key Contributor’s involvement with any activity or incident which may have a material adverse effect on the Key Contributor’s ability to carry out his duties or upon the reputation of the Company;

	 	(v)	The Key Contributor’s intentional and unauthorized acts which cause harm to the Company’s financial performance, operations, goodwill or reputation; or 

 

	 	(vi)	The Key Contributor’s engaging in material insubordination or repeated insubordination or other willful misconduct or negligence in the performance of duties to the Company as determined in the sole and absolute
discretion of the Company. 

 For purposes of this policy “good reason” shall include: 

 

	 	(i)	A material diminishment of the Key Contributor’s duties or responsibilities; 

  

	 	(ii)	The assignment by the Company to the Key Contributor of substantial additional duties or responsibilities that are inconsistent with the duties or responsibilities then being carried out by the Key Contributor and which
are not duties of an executive nature; 

  

	 	(iii)	Material fraud by the Company; or 

  

	 	(iv)	Discontinuance of the active operation of the Company’s business, or the Company’s insolvency, or the filing by or against the Company of a petition in bankruptcy or for reorganization or restructuring
pursuant to applicable insolvency or bankruptcy law. 

 Paragraph 2(r) “Separation from Service,” first sentence shall be
amended as follows: 
 (r) “Separation from Service” shall be deemed to occur with respect to a Key Contributor if he/she dies, retires,
leaves the employment of the Company as a result of a Qualifying Event, or otherwise has a termination of employment with the Company, provided, that a Key Contributor’s employment relationship will be treated as continuing intact while on
military leave, sick leave or other bona fide leave of absence if the period of such leave does not exceed six (6) months or longer, and the Key Contributor’s right to reemployment is provided whether by statute or by contract. 

Paragraph 8 shall be amended as follows: 
 8.
Vesting on Separation From Service Due to Death, Disability, Retirement, or Qualifying Event. If a Key Contributor incurs a voluntary or involuntary Separation from Service before payment of all Awards granted to him/her hereunder, such
individual will forfeit any unpaid Awards or Awards previously granted to him/her unless the Key Contributor’s Separation from Service is due to the Key Contributor’s death, Disability, Retirement, or Qualifying Event, in which case such
individual will be eligible to receive such unpaid Awards together with a pro rata portion of the Award (based on the number of days during the then current Performance Period in which such individual was actually employed by the Company) granted to
the Key Contributor for the Performance Period in which his/her Separation from Service occurs. 

  
 2 

	
	 /s/ Lawrence M. Cuculic

	 Lawrence M. Cuculic
 Secretary

  
 3 

 Best Western International, Inc., 

LONG-TERM COMPENSATION INCENTIVE PLAN FOR KEY 

CONTRIBUTORS 
 1. Purpose. The Board
of Directors for Best Western International, Inc., has previously communicated to Key Contributors its desire and intention to create a Long-Term Incentive Plan that would ensure incentive opportunities for key executives; further the objective of
providing fair, reasonable and competitive compensation; provide enhanced earnings opportunity for key executives; reinforce superior performance over the long-term so that value is delivered to Company members over time; and promote the retention
of key executives. Having now determined the appropriate terms and conditions for such a Plan, the Board adopts this Long-Term Compensation Incentive Plan for Key Contributors (hereinafter “Plan”) as set forth herein, effective
July 1,2007. 
 2. Definitions. Whenever the initial letter of the following words or phrase is capitalized in the Plan, including any
amendments, they shall have the respective meanings set forth below unless otherwise defined herein: 
 (a) “EBP Earnings” means a
bonus to which a Participant is entitled under either (but not both) the Company’s established Executive Bonus Plan, or a bonus awarded pursuant to a Participant’s employment agreement 

(b) “Award Payment Period” means the period of time at which Awards are paid. 

(c) “Award” means, subject to adjustments as provided in paragraph 6(c) herein, an amount equal a participant’s “EBP
Earnings.” 
 (d) “Board” means the Board of Directors of the Company. 

(e) “CEO” means the chief executive officer of the Company. 

(f) “Committee” means the Compensation Committee of the Board. 

(g) “Company” means Best Western International, Inc., and any successor entity thereto. 

(h) “Covered Executive” means the chief executive officer, senior vice presidents and such other executives of the Company as the
Board may by resolution, from time to time, identify for inclusion in this Plan. 
 (i) “Disability” means any disability of a Key
Contributor that would qualify as permanent and total disability under the long-term disability plan sponsored by the Company and which results in the Key Contributor’s Separation From Service. 

(j) “ERISA” means the Employee Retirement Income Security Act of 1974. 

 (k) “Fiscal Year” means the twelve-month period from December 1st to the following
November 30th. 
 (l) “Key Contributor” means the chief executive officer, senior vice presidents and such other executives of the
Company as the Board may by resolution, from time to time, identify for inclusion in this Plan and who (i) meet the eligibility requirements of Section 3 to participate in the Plan, and (ii) are determined by the Board to have a
position or compensation level that allows him/her to affect or influence, through negotiation or otherwise, the design or operation of the Plan so as to eliminate his/her need for the substantive rights and protections of ERISA. 

(m) “Performance Period” means a Fiscal Year during which performance is measured. 

(n) “Plan” means this Best Western International, Inc., Long-Term Compensation Incentive Plan for Key Contributors, as amended from
time to time. 
 (o) “Plan Year” means the Fiscal Year. 

(p) “Retirement” means a Separation From Service by a Key Contributor after attaining the normal retirement age as defined in Best
Western International, Inc. 401(k) Plan. 
 (q) “Section 409A” means Section 409A of the Internal Revenue Code of 1986,
as amended (the “Code”). 
 (r) “Separation From Service” shall be deemed to occur with respect to a Key Contributor if
he/she dies, retires, or otherwise has a termination of employment with the Company; provided, that a Key Contributor’s employment relationship will be treated as continuing intact while on military leave, sick leave or other bona fide leave of
absence if the period of such leave does not exceed six months or longer, and the Key Contributor’s right to reemployment is provided either by statute or by contract. Additionally, if the Key Contributor continues to provide services to the
Company in any capacity after termination or expiration of an applicable employment agreement or termination of Key Contributor’s employment relationship with the Company, the determination of whether a “Separation From Service” has
occurred shall be made in accordance with Section 409A and the regulations promulgated thereunder and the term “Company” as used in this definition of “Separation From Service” shall include all other organizations that
together with the Company are part of a Code Section 414(b-c) control group of organizations. 

(s) “Spouse” means the spouse, if any, to whom the Participant is legally married. 

3. Eligibility. Participation in the Plan is limited to Key Contributors. Subject to Board approval, all Key Contributors employed by the Company in
active service at the beginning of a Performance Period are eligible to participate in the Plan. 
 4. Term. The Plan is effective as of
November 30, 2005. The first Performance Period for which Awards may be granted hereunder shall be the fiscal year beginning December 1, 2004. The first Awards shall be payable pursuant to paragraph 7 herein, in the first calendar quarter
of 2008. This Plan shall be applicable for future Fiscal Years of the Company unless amended or terminated by the Board or the Committee as provided for herein. 

  
 2 

 5. Administration. 

(a) Unless another Plan Administrator is designated by the Board, the Committee shall be the Plan Administrator of the Plan and shall have
full discretionary power and authority to operate and administer the Plan, to interpret and construe the Plan so as to determine all factual and non-factual questions arising under or in connection with all
Plan matters including, but not limited to, an individual’s Plan benefits and/or eligibility; and to, from time to time, prescribe and amend rules and regulations for such administration. Whenever directions, designations, applications,
requests or other notices are to be given by a Participant under the Plan, they shall be on forms prescribed by the Plan Administrator and shall be filed in such manner as shall be specified by the Plan Administrator. 

The Plan Administrator may act to correct any defect, supply any omission, or reconcile any inconsistency in the terms of the Plan. The Plan
Administrator’s decisions, interpretations, constructions, determinations, and all other actions shall be final and binding on all parties. 

(b) In addition to the foregoing powers, the Plan Administrator shall have the power to (i) change or waive any requirements of the Plan
to conform with the law, provided such change does not increase or is not reasonably expected to increase the cost to the Company of maintaining the Plan; (ii) appoint such committees with such powers as it shall determine; (iii) determine
the times and places for holding meetings of the Committee and the notice to be given of such meetings; (iv) determine the number of Committee members at the time in office that shall constitute a quorum for the transaction of business at the
meeting, which shall not be less than two-thirds (2/3) of the members, excluding ex-officio members, at the time in office, (v) employ such agents, assistants,
counsel (who may be counsel to the Company) and such clerical and other service providers as the Committee may require in carrying out the provisions of the Plan; and (vi) authorize one or more of their number or any agent to execute or deliver
any instrument on behalf of the Committee. 
 (c) Committee action as to all matters requiring the exercise of discretion by the committee
shall, if taken at a meeting of the Committee, be by the vote of a majority of the members of the Committee and, if not taken at a meeting, shall be by the agreement of a majority of the members of the Committee. Ministerial duties in connection
with the administration of the Plan may be delegated by the Committee to any member or members thereof or to such agent or agents as it may select. 

(d) The Committee and its members shall be entitled to rely upon all valuations, certificates and reports furnished by sponsors of the various
investment options, upon all certificates and reports made by an accountant and upon all opinions given by any legal counsel selected or approved by Company. The Committee and its members shall be fully protected in respect of any action taken or
suffered by them in good faith in reliance upon such valuations, certificates, reports, opinions, or other advice of any such accountant or counsel, and all action so taken or suffered is to be conclusive upon each of them and upon all Covered
Executives, beneficiaries, and other persons. 

  
 3 

 (e) After considering the impact of an adjustment with respect to Section 409A compliance,
the Board may, in its discretion, make such adjustments to terms and conditions of the Plan that the Board or Committee determines to be necessary and reasonable to prevent the loss by Covered Executives of the value of Awards granted pursuant to
the Plan on account of events which affect the value of the Awards but which, in the judgment of the Board or Committee, are outside the control of the Covered Executives. 

6. Calculation of Awards. 
 (a)
Establishment of Plan Components. For each Performance Period, the Committee will define the following Plan Components which shall be incorporated into this Plan as an exhibit: 

 

	 	(i)	Performance Period; 

  

	 	(ii)	Key Contributors eligible to receive an Award; 

 The Plan Components for Performance Periods for Fiscal Years
ending 2005, and 2006 are stated in Exhibit “A”. 
 (b) Approval and Communication of Plan Components. Prior to the
beginning of each Performance Period, the Committee will submit the Plan components in Section 6(a) to Board for approval and upon Board approval communicate these components in writing to Key Contributors. 

(c) Award Determination. Within a reasonable time, but not more than sixty (60) days after the end of the relevant Performance
Period, the Committee will notify the Board of the Awards proposed to be granted to each Key Contributor for the Performance Period. The Board may, at its discretion, increase or decrease the amount of any proposed Award. The Board shall certify by
resolution the value of the Award granted to each eligible Key Contributor. Upon certifying the value of each such Award, the Committee will notify each Key Contributor of his/her Award for the Performance Period. 

7. Payment of Award. Except as otherwise provided in Section 8, payment of each Award granted to a Covered Executive shall be deferred for three
years from the beginning of the fiscal year for which it is granted. Subject to other terms and conditions contained herein, an Award shall be paid in a lump sum cash distribution to the Covered Executive or his/her designated beneficiary in the
third calendar month following the third anniversary of the beginning of the Performance Period with respect to which the Award was granted (e.g., an Award granted for the Performance Period beginning December 1, 2004, will be paid out
during March of 2008. By way of example, see illustration attached hereto as Exhibit “B”). Unless otherwise expressly provided herein, no Award shall bear interest from the date it was granted until paid. Notwithstanding any other
provision of this Plan to the contrary, if the payment of a Covered Executive’s Awards is subject to Section 409A, (a) neither the Covered Executive nor the Company shall have the right to accelerate, or defer, any payment of such
Awards, (b) Awards shall be paid out of the Company’s general assets, and (c) payment of such Awards shall not commence until the first regular Company payday in the seventh (7th) month following the month in which Covered
Executive’s Separation From Service occurs if (1) the Covered 

  
 4 

 
Executive is a Code Section 416(i) key employee (determined without regard to Code Section 416(i)(5) which treats a key employee’s beneficiary as a key employee) of the Company at
any time during the twelve month period ending on August 31st of the calendar year preceding the calendar year in which payment of benefits comments, and (2) the Company or any successor thereto has any stock that is publicly traded on an
established securities market or otherwise on the date of Covered Executive’s Separation From Service. For purposes of this paragraph, the term “Company” shall include all other organizations that together with the Company are part of
a Code Section 414(b-c) control group of organizations. 
 8. Vesting on Separation From Service Due to
Death, Disability, or Retirement. If a Key Contributor incurs a voluntary or involuntary Separation From Service before payment of all Awards granted to him/her hereunder, such individual will forfeit any unpaid Award or awards previously
granted to him/her unless the Key Contributor’s Separation From Service is due to the Key Contributor’s death, Disability, or Retirement, in which case such individual will be eligible to receive such unpaid Awards together with a pro rata
portion of the Award (based on the number of days during the then current Performance Period in which such individual was actually employed by the Company) granted to the Key Contributor for the Performance Period in which his/her Separation From
Service occurs. 
 9. Payment on Termination of Plan. If the Plan is terminated by the Board during a Performance Period, each Key Contributor will
be eligible to receive a pro rata portion of the Award (based on the number of days during the then current Performance Period before the Plan termination occurs) granted to the Key Contributor for the Performance Period in which the Plan is
terminated. Notwithstanding any other provision of this Plan to the contrary, if the Plan is terminated, Plan Awards payable to a Key Contributor shall be paid out according to the normal payment terms of the Plan. 

10. Administrative Actions by the Plan Administrator. 

(a) Statement of Participant’s Awards. The Plan Administrator or the Company may, within two hundred forty days after the end of a
Plan Year, mail to each Covered Executive a statement setting forth the Awards of such Covered Executive as of the end of such year. Such statement shall be deemed to have been accepted as correct unless written notice to the contrary is received by
the Plan Administrator or the Company, whichever mailed such statement, within thirty (30) days after the mailing of such statement to the Covered Executive or beneficiary. 

(b) Delivery of Notices, Reports, and Statements to Participants. All notices, reports, and statements given, made, delivered, or
transmitted to a Covered Executive or beneficiary shall be deemed duly given, made, delivered, or transmitted when mailed, by such class as the sender may deem appropriate, with postage prepaid and addressed to the Covered Executive or beneficiary
at the address last appearing on the records of the Company with respect to this Plan. 
 (c) Delivery of Notices, Directions, and
Communications to the Plan Administrator. All notices, directions, or other communications given, made, delivered, or transmitted by a Covered Executive to the Plan Administrator or Company, as the case may be, shall not be deemed to have been
duly given, made, delivered, transmitted, or received unless and until actually received by the Plan Administrator or by the Company, as the case maybe. 

  
 5 

 (d) Plan Administrator and Company Records Conclusive. Subject to the provisions of this
Section 10, the records of the Plan Administrator and the Company shall be conclusive in respect to all matters involved in the administration of this Plan. 

(e) Payment of Expenses. All costs and expenses incurred in administering this Plan, including the fees and expenses of the Plan
Administrator, shall be paid by the Company, unless specified herein to the contrary. 
 (f) Recognition of Participant’s Agent.
The Plan Administrator shall not be bound to recognize the authority or agency of any party for a Covered Executive unless and until it shall receive documentary evidence thereof in form and substance satisfactory to it and thereafter from time to
time, as the Plan Administrator may require, further documentary evidence disclosing the status of any agency. 
 (g) Legal Actions.
In any action or application to the courts, only the Company shall be a necessary party and no other person, firm, or corporation shall be entitled to any notice or process. Any final judgment entered on such action or proceeding shall be conclusive
upon all persons claiming under the Plan. Every right of action by any Covered Executive or former Covered Executive with respect to the Plan shall, irrespective of the place where such action may be brought, cease and be barred by the expiration of
three (3) years from the Covered Executive’s Separation From Service. 
 (h) Benefit Claims Procedure. Any claim for
benefits under the Plan shall be made in writing to the Plan Administrator. If such claim for benefits is wholly or partially denied, the Plan Administrator shall, within a reasonable period of time not to exceed ninety (90) days after receipt
of the claim, notify the Covered Executive or beneficiary or other party making the claim (the “Claimant”) of the denial of the claim. Such notice of denial (1) shall be in writing, (2) shall be written in a manner calculated to
be understood by the Claimant, and (3) shall contain (i) the specific reason or reasons for denial of the claim, (ii) a specific reference to the pertinent Plan provisions upon which the denial is based, (iii) a description of
any additional material or information necessary to perfect the claim, along with an explanation of why such material or information is necessary, and (iv) an explanation of the claim review procedures and the time limits applicable to such
procedures and a statement of the Claimant’s right to bring a civil action under ERISA Section 502(a) following an adverse benefit determination upon review. The ninety (90) day period may, under special circumstances, be extended up
to an additional ninety (90) days upon written notice of such extension to the Claimant which notice shall specify the extraordinary circumstances and the extended date of the decision. Notice of extension must be given prior to expiration of
the initial ninety (90) day period. The extension notice shall indicate the special circumstances that require an extension of time and the date by which the Plan Administrator expects to render a decision on the claim. If the claim is denied,
the Claimant may file a request for review as provided in the next paragraph. 
 Within sixty (60) days after the receipt of the
decision denying a claim by the Claimant, the Claimant may file a written request with the Committee that it conduct a full and fair review of the denial of the claim for benefits. The Claimant or his/her duly authorized representative may review
pertinent documents and submit issues and comments in writing to the Plan Administrator in connection with the review. 

  
 6 

 The Plan Administrator shall deliver to the Claimant a written decision on the review of the
denial within a reasonable period of time not to exceed sixty (60) days after the receipt of the aforesaid request for review, except that if there are special circumstances (such as the need to hold a hearing, if necessary) which require an
extension of time for processing, the aforesaid sixty (60) day period shall, upon written notice to the Claimant be extended an additional sixty (60) days. Notice of an extension shall be given within the initial sixty (60) day review
period. The extension notice shall indicate the special circumstances that require an extension of time and the date by which the Plan Administrator expects to render a decision upon review. 

Upon review the Claimant shall be given the opportunity to (1) submit written comments, documents, records, and other information
relating to its claim, and (2) request and receive, free of charge, reasonable access to, and copies of, all documents, records, and other information relevant to the Claimant’s claim for benefits. Whether a document, record, or other
information is relevant to a claim for benefits shall be determined by reference to applicable ERISA regulations. The review of a denied claim shall take into account all comments, documents, records, and other information submitted by the Claimant
relating to the claim, without regard to whether such information was submitted or considered in the initial benefit determination. 
 The
decision on review shall be written in a manner calculated to be understood by the Claimant and, if adverse, shall (1) include the specific reason or reasons for the decision, (2) contain a specific reference to the pertinent Plan
provisions upon which the decision is based, (3) contain a statement that the Claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other information relevant to the
Claimant’s claim for benefits (whether a document, record, or other information is relevant to a claim for benefits shall be determined by reference to applicable ERISA Regulations), and (4) contain a statement describing the
Claimant’s right to bring an action under ERISA Section 502(a). 
 11. Divorce of a Participant. Notwithstanding the non-assignability provisions of Section 12(k) and/or any other provisions of the Plan to the contrary, if a Covered Executive is legally divorced or separated from his/her former spouse and pursuant to a court
order all or a part of the vested portion of the Covered Executive’s Awards are allocated to such spouse, such portion shall be transferred to a bookkeeping account established for the spouse on the Company’s books and amounts credited to
such account (adjusted for investment earnings and losses thereon) shall be paid to the ex-spouse, or the ex-spouse’s beneficiary, in the same manner as payments
are made to the Covered Executive; such payments shall be made within thirty (30) days of the date that Award payments are paid to the Covered Executive or the Covered Executive’s Beneficiary hereunder. 

12. Limitation. No claim or action by any Participant for any alleged breach or omission hereunder may be brought or maintained after the third
anniversary of Participant’s Separation From Service. 
 13. Miscellaneous. 

(a) Amendment or Termination. Notwithstanding that a Key Contributor has become a Covered Executive and thereafter performed services
for Company, the Board shall, without 

  
 7 

 
giving prior notice to any Covered Executive, have the right to (a) at any time terminate this Plan by adopting a Board resolution to terminate the Plan, and (b) at any time, and in any
manner, amend the terms of the Plan by adopting a written amendment thereto. Notwithstanding the foregoing, neither a Plan amendment nor the termination of the Plan shall cause a decrease in the amount of an Award previously granted to a Covered
Executive. 
 (b) Conflict with Employment Agreement. To the extent any provision of the Plan conflicts with any provision of a
written employment or other agreement between a Key Contributor and the Company, the provisions of this Plan shall control. 
 (c)
Employment Rights. The Plan does not constitute a contract of employment and participation in the Plan will not give a Key Contributor the right to be rehired or retained in the employ of the Company, nor will participation in the Plan give
any Key Contributor any right or claim to any benefit under the Plan, unless such right or claim has specifically accrued under the terms of the Plan. 

(d) Evidence. Evidence required of anyone under the Plan may be by certificate, affidavit, document or other information which the
person relying thereon considers pertinent and reliable, and signed, made or presented by the proper party or parties. 
 (e) Gender and
Number. Where the context admits, words in the masculine gender shall include the feminine gender, the plural shall include the singular and the singular shall include the plural. 

(f) Action by the Board or Committee. Any action required of or permitted by the Board or Committee under this Plan shall be by
resolution of the Board or Committee or by a person or persons authorized by resolution of the Board or Committee. 
 (g) Controlling
Laws. Except to the extent superseded by laws of the United States, the laws of Arizona shall be controlling in all matters relating to the Plan. 

(h) Mistake of Fact. Any mistake of fact or misstatement of fact shall be corrected when it becomes known and proper adjustment made by
reason thereof. 
 (i) Severability. In the event any provision of the Plan shall be held to be illegal or invalid for any reason,
such illegality or invalidity shall not affect the remaining parts of the Plan, and the Plan shall be construed and endorsed as if such illegal or invalid provision had never been contained in the Plan. 

(j) Effect of headings. The descriptive headings of the Sections of the Plan are inserted for convenience of reference and
identification only and do not constitute a part of the Plan for purposes of interpretation. 
 (k)
Non-Assignability. The right of a Covered Executive, or any other person, to the payment of deferred compensation or other benefits under this Plan, as well as such Covered Executive’s or
person’s interest in Awards shall not be subject to anticipation, assignment, pledge, or charge in whole or in part (except as specifically allowed in the Plan), either directly or by operation of law or otherwise, including but without
limitation, execution, levy, 

  
 8 

 
garnishment, attachment, pledge, bankruptcy, or in any other manner, but excluding devolution by death or mental incompetency, and any attempt to anticipate, assign, pledge, or charge (except as
specifically allowed in the Plan) any such right or interest shall be void and no right or interest of any Covered Executive under this Plan or in his/her Awards shall be liable for or subject to any obligation or liability or tort of such Covered
Executive. If any Covered Executive shall attempt to anticipate, assign, pledge or charge (except as specifically provided in this Plan) any of his/her rights or interests hereunder or if such rights or interests shall be subjected to execution,
levy, garnishment, attachment, pledge or bankruptcy, then such rights and interests shall, in the discretion of the Board, cease and terminate and, in that event, the Company may hold or apply the same or any part thereof to or for the benefit of
such Participant or his/her designated Beneficiary in such manner and in such proportion as the Company may think proper. 
 (l) No
Liability. No member of the Board or the Committee or any officer or Key Contributor of the Company shall be personally liable for any action, omission or determination made in good faith in connection with the Plan. The Company shall indemnify
and hold harmless the members of the Committee, the Board and the officers and Key Contributors of the Company, and each of them, from and against any and all loss which results from liability to which any of them may be subjected by reason of any
act or conduct (except willful misconduct or gross negligence) in their official capacities in connection with the administration of the Plan, including all expenses reasonably incurred in their defense, in case the Company fails to provide such
defense. By participating in the Plan, each Key Contributor agrees to release and hold harmless each of the Company, the Board and the Committee, from and against any tax or other liability, including without limitation, interest and penalties,
incurred by the Key Contributor in connection with his participation in the Plan. 
 (m) Successors. This Plan shall be binding upon
all persons entitled to benefits hereunder, their respective heirs and legal representatives, and upon the Company, and its successors and assigns. 

(n) Unsecured Creditor. A Covered Executive’s rights to Plan benefits represent rights of only a general unsecured creditor of the
Company. The Plan constitutes a mere promise by the Company to make benefit payments in the future. It is the intention of the Company that the Plan be unfunded for tax purposes and for purposes of Title I of ERISA. All amounts payable under the
Plan will be paid by the Company from its general assets. The Company is not required to segregate on its books or otherwise establish any funding procedure for any amount to be used for the payment of benefits under the Plan. The Company may,
however, in its sole discretion, set funds aside in investments to meet its anticipated obligations under the Plan. Any such action or set-aside amount may not be deemed to create a trust of any kind between
the Company and any Key Contributor or beneficiary or to constitute the funding of any Plan benefits. Consequently, any person entitled to a payment under the Plan will have no rights against the assets of the Company greater than the rights of any
other unsecured creditor of the Company. 
 This Plan was adopted and approved by the Board in Phoenix, Arizona, on April 30, 2007. 

  
 9 

	
	 /s/ Charles Helm

	 Charles Helm
 Chairman of the
Board

  
 10

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