Document:

Exhibit 4.5

 

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

 

JERRICK
MEDIA HOLDINGS, Inc. 

 

Debenture

 

	US$100,000	Issue Date: March 17, 2016

 

This
Debenture (the “Debenture”) is duly authorized and issued by Jerrick
Media Holdings, Inc., a corporation incorporated under the laws of the State of Nevada (the “Company”),
having its principal place of business located at 202 S. Dean Street, Englewood, NJ 07631. This Debenture is being executed in
connection with that certain Subscription Agreement dated March 17, 2016, by and between the Company and the Holder (the “Subscription
Agreement”).

 

FOR
VALUE RECEIVED, the Company promises to pay to the order of ________________________, and or its registered assigns (the “Payee”
or the “Holder”), the principal sum of One Hundred Thousand United States Dollars (US$100,000) (the “Principal
Amount”) by April 21, 2016 (the “Maturity Date”) and to pay interest in an amount equal to the lump
sum of twelve percent (12%) of the Principal Amount (e.g. US$12,000), payable on the earlier to occur of (a) the Maturity Date,
or (b) the date of any prepayment. The aforementioned interest payment shall be due and owing in full notwithstanding any prepayment
at any time. The interest to be paid in connection herewith is a lump sum payment and not a per annum accrual interest payment.

 

1.     
 Voluntary Conversion. At any time between the original Issue Date and the Maturity Date, following and during the continuation
of an Event of Default, the principal amount of and all accrued and unpaid interest under this Debenture may be converted
into shares of the Company’s common stock in whole or in part (subject to any limitations on conversion), at the Conversion
Price (as hereinafter defined).  The Holder shall effect conversions by delivering to the Company the form of Notice of Conversion
attached hereto as Exhibit A (a “Notice of Conversion”), specifying therein the Principal Amount and
interest of this Debenture to be converted and the date on which such conversion is to be effected (a “Conversion Date”).
If no Conversion Date is specified in a Notice of Conversion, the Conversion Date shall be the date that such Notice of Conversion
is provided hereunder. To effect conversions hereunder, the Holder shall not be required to physically surrender this Debenture
to the Company unless the entire Principal Amount of this Debenture plus all accrued and unpaid interest thereon has been so converted.
Conversions hereunder shall have the effect of lowering the outstanding Principal Amount of this Debenture in an amount equal
to the applicable amount of principal converted. The Company shall maintain records showing the Principal Amount converted and
the date of such conversions. The Holder and any assignee, by acceptance of this Debenture, acknowledge and agree that, by reason
of the provisions of this paragraph, following conversion of a portion of this Debenture, the unpaid and unconverted Principal
Amount of this Debenture may be less than the amount stated on the face hereof.

 

     

     

    

 

A.           Conversion Price. On any Conversion Date, the Debenture is convertible into shares of the Company’s common stock
(the “Conversion Shares”) at a conversion price that is 60% multiplied by the Market Price (as defined herein)
(representing a discount of 40%) (the “Conversion Price”). “Market Price” means the average
Trading Prices (as defined below) for the Common Stock during the five (5) Trading Day period ending on the latest complete Trading
Day prior to the Conversion Date. “Trading Price” means, for any security as of any date, the closing trading
price on the OTC Markets OTCQB Marketplace, or applicable trading market (the “OTCQB”) as reported by a reliable reporting
service (“Reporting Service”) designated by the Holder (i.e. Bloomberg) or, if the OTCQB is not the principal
trading market for such security, the closing bid price of such security on the principal securities exchange or trading market
where such security is listed or traded or, if no closing bid price of such security is available in any of the foregoing manners,
the average of the closing bid prices of any market makers for such security that are listed in the “pink sheets”
by the National Quotation Bureau, Inc. If the Trading Price cannot be calculated for such security on such date in the manner
provided above, the Trading Price shall be the fair market value as mutually determined by the Company and the Holder. “Trading
Day” shall mean any day on which the Common Stock is tradable for any period on the OTCQB, or on the principal securities
exchange or other securities market on which the Common Stock is then being traded.

 

B.           Mechanism of Conversion.

 

i.        
Conversion Shares Issuable Upon Conversion of Principal Amount. The number of Conversion Shares issuable upon a conversion
hereunder shall be equal to the quotient obtained by dividing the outstanding principal amount of this Debenture (or any portion
thereof), and the accrued and unpaid interest thereon to be converted by the Conversion Price.

 

ii.       Delivery of Certificate Upon Conversion. In the event of any conversion of this Debenture in accordance with and subject
to the terms and conditions hereof, (i) certificates for the Conversion Shares shall be dated as of the Conversion Date and delivered
to the Holder hereof within a reasonable time, not exceeding five (5) Business Days after any Conversion Date, or, (ii) at the
request of the Holder, shares shall be issued and delivered to the Depository Trust Company (“DTC”) account
on the Holder’s behalf via the Deposit Withdrawal Agent Commission System (“DWAC”) within a reasonable
time, not exceeding five (5) Business Days after such conversion. The Holder hereof shall be deemed for all purpose to be the
holder of the Conversion Shares so purchased as of the date of such conversion. If certificated shares are issued, the Company
will deliver or cause to be delivered to the Holder a certificate or certificates representing the number of Conversion Shares
or being acquired upon the conversion of this Debenture. Notwithstanding the foregoing to the contrary, the Company or its transfer
agent shall only be obligated to issue and deliver the shares to DTC on a holder’s behalf via DWAC provided that
(a) such exercise is in connection with a registration statement under the Securities Act providing for the resale of Conversion
Shares or the Conversion Shares are otherwise exempt from registration and may be issued without a restrictive legend and (b)
the Holder and its transfer agent are participating in DTC through the DWAC system. The Holder shall deliver this original Debenture,
or an indemnification undertaking with respect to such Debenture in the case of its loss, theft or destruction, at such time that
this Debenture is fully exercised. “Business Days” means any day except Saturday, Sunday and any day which
shall be a federal legal holiday in the United States or a day on which banking institutions in the State of New York are authorized
or required by law or other government action to close.

 

    	 	2	 

     

    

 

iii.        Failure to Deliver Certificate. If in the case of any Notice of Conversion such certificate or certificates are not delivered
to or as directed by the Holder by the tenth (10th) Business Day after a Conversion Date, the Holder shall be entitled by written
notice to the Company at any time on or before its receipt of such certificate or certificates thereafter, to rescind such conversion,
in which event the Company shall immediately return the certificates representing the principal amount of this Debenture tendered
for conversion.

 

iv.        Reservation of Shares Issuable Upon Conversion. The Company covenants that it will at all times reserve and keep available
out of its authorized and unissued Conversion Shares solely for the purpose of issuance upon any conversion of this Debenture
and payment of interest on this Debenture each as herein provided, free from preemptive rights or any other actual contingent
purchase rights of persons other than the Holder, not less than 100% of the Conversion Shares as shall be issuable upon the conversion
of the Principal Amount and payment of interest hereunder. The Company covenants that all Conversion Shares that shall be so issuable
shall, upon issue, be duly and validly authorized, issued, and fully paid, nonassessible.

 

v.        Fractional Shares. Upon a conversion hereunder, the Company shall not be required to issue stock certificates representing
fractions of Conversion Shares, but may if otherwise permitted, make a cash payment in respect of any final fraction of a share
based on the closing bid price of the Company’s commons stock as quoted by Bloomberg on the day prior to the Company’s
receipt of the Conversion Notice. If the Company elects not, or is unable, to make such cash payment, the Holder shall be entitled
to receive, in lieu of the financial fraction of a share, one whole Conversion Share.

 

vi.       Transfer Taxes. The issuance of certificates for Conversion Share upon conversion of this Debenture shall be made without
charge to the Holder hereof for any documentary stamp or similar taxes that may be payable in respect of the issue or delivery
of such certificate, provided that the Company shall not be required to pay any tax that may be payable in respect of any transfer
involved in the issuance and delivery of any such certificate upon conversion in a name other than that of the Holder of this
Debenture so converted and the Company shall not be required to issue or deliver such certificates unless or until the person
or persons requesting the issuance thereof shall have paid to the Company the amount of such tax or shall have established to
the satisfaction of the Company that such tax has been paid.

 

    	 	3	 

     

    

 

3.
     Adjustment of Conversion Price. The Conversion Price shall be subject to adjustment from time to time as set forth
in this Section 3. The Company shall give the Holder notice of any event described below which requires an adjustment pursuant
to this Section 3 in accordance with the notice provisions set forth in Section 6D. If at any time the Company shall:

 

A.          make
or issue or set a record date for the holders of common stock for the purpose of entitling them to receive a dividend payable
in, or other distribution of, common stock,

 

B.           subdivide its outstanding common stock into a larger number of common stock, or

 

C.          combine its outstanding common stock into a smaller number of common stock,

 

then
(1) the number of Conversion Shares for which this Debenture is convertible immediately after the occurrence of any such event
shall be adjusted to equal the number of Conversion Shares which a record holder of the same number of Conversion Shares for which
this Debenture is exercisable immediately prior to the occurrence of such event would own or be entitled to receive after the
happening of such event, and (2) the Conversion Price then in effect shall be adjusted to equal (A) the Conversion Price then
in effect multiplied by the number of Conversion Shares for which this Debenture is exercisable immediately prior to the adjustment
divided by (B) the number of Conversion Shares for which this Debenture is exercisable immediately after such adjustment.

 

4.        Optional
Prepayments. The Company may from time to time, prepay the outstanding balance owed pursuant to this Debenture, in whole or
in part, without penalty. 

 

5.       Mandatory
Prepayments. In the event that any Capital Raise is concluded by the Company, the Company shall pre-pay this Debenture without
penalty in the amount of the Net Proceeds of such Capital Raise. Any payment owing pursuant to this Section shall be due immediately
upon the receipt of funds by the Company pursuant to any Capital Raise. “Capital Raise” shall mean any transaction
whereby the company receives funds pursuant to the sale of the Company’s securities or assumption of debt, including, but
not limited to, the sale of common stock or preferred stock or the issuance of warrants, promissory notes or debentures or the
advance of any loan to the Company, or any other capital raising transaction whatsoever. “Net Proceeds” means,
fifty percent (50%) of Received Funds per every Fifty Thousand United States Dollars (US$50,000) of Received Funds pursuant to
the Capital Raise. “Received Funds” means any and all funds actually received by the Company net of transaction-related
costs and expenses payable to the Capital Raise counterparty, provided, however, “transaction-related costs
and expenses”, as referenced herein, shall not include the payment of third parties. For example, in the event that the
Company raises $250,000 through a Capital Raise transaction and the costs payable to the counterparty are $50,000, the net amount
raised by the Company is $200,000 and the Net Proceeds mandatory prepayment to the Holder is $100,000, representing 50%.

 

    	 	4	 

     

    

 

6.        Events
of Default

 

A.          The
term “Event of Default” shall mean any of the events set forth in this Section (the term “Company”
for this purpose shall include all subsidiaries of the Company):

 

i.        Non-Payment
of Obligations. The Company shall default in the payment of the Principal Amount of, or accrued but unpaid interest on, this
Debenture as and when the same shall become due and payable, whether by acceleration or otherwise.

 

ii.        Non-Performance
of Covenants. The Company shall default in the due observance or performance of any covenant set forth herein, which default
shall continue uncured for ten (10) days after notice thereof.

 

iii.       Bankruptcy,
Insolvency, etc. The Company shall:

 

(a)      admit
in writing its inability to pay its debts as they become due;

 

(b)       apply
for, consent to, or acquiesce in, the appointment of a trustee, receiver, sequestrator or other custodian for the Company or any
of its property, or make a general assignment for the benefit of creditors;

 

(c)      in
the absence of such application, consent or acquiesce in, permit or suffer to exist the appointment of a trustee, receiver, sequestrator
or other custodian for the Company or for any part of its property and that is not dismissed within sixty days;

 

(d)      permit
or suffer to exist the commencement of any bankruptcy, reorganization, debt arrangement or other case or proceeding under any
bankruptcy or insolvency law, or any dissolution, winding up or liquidation proceeding, in respect of the Company, and, if such
case or proceeding is not commenced by the Company or converted to a voluntary case, such case or proceeding is consented to or
acquiesced in by the Company or results in the entry of an order for relief; or

 

(e)      take
any corporate or other action authorizing any of the foregoing.

 

iv.       Business
Combination, Sale of Assets, Etc.The Company shall undergo a Change in Control or shall enter into any agreement to undergo
a change in control. The term “Change in Control” means either (i) a merger or consolidation of the Company into another
corporation or a merger of another corporation with or into the Company; or (ii) a sale by the Company of all or substantially
all of its assets, which, in the case of either (i) or (ii) above, results in the shareholders of the Company (as they existed
immediately prior to the effectiveness of the merger, consolidation or sale) owning less than fifty percent (50%) of the surviving
entity or new corporation or entity that has acquired all or substantially all of the Company's assets after the effectiveness
thereof; or (iii) a reorganization of the Company which results in either the Company becoming a subsidiary of another corporation
or the Company not being the surviving entity (other than a merger or consolidation (a) with a wholly-owned subsidiary of the
Company; (b) to effect a change in domicile; or (c) of the Company into another corporation that does not result in the shareholders
of the Company, as they existed immediately prior to the effectiveness of such merger or consolidation, owning less than fifty
percent (50%) of the surviving corporation); or (iv) the acquisition by any person, entity or group of persons or entities acting
in concert, of fifty percent (50%) or more of the Company's then issued and outstanding voting securities, whether acquired in
one transaction or a series of transactions.

 

    	 	5	 

     

    

 

B.          Action
if Bankruptcy. If any Event of Default shall occur, the Principal Amount of this Debenture, all accrued but unpaid interest
thereon, and all other obligations hereunder shall automatically be and become immediately due and payable, without notice or
demand.

 

C.           Default
Interest. If any Event of Default shall occur, the Principal Amount of this Debenture, all accrued but unpaid interest thereon
(including, but not limited to, the lump sum interest payment of $12,000), and all other obligations hereunder shall accrue interest
at a rate of eighteen percent (18%) per annum.

 

D.           Action
if Other Event of Default. If any Event of Default shall occur for any reason, whether voluntary or involuntary, the Holder
may, upon expiration of any stated grace period (if any) and upon written notice to the Company, declare all or any portion of
the outstanding principal amount of the Debenture and all accrued but interest thereon, to be due and payable and any or all other
obligations hereunder to be due and payable, whereupon the full unpaid principal amount hereof, and any and all other such obligations
which shall be so declared due and payable shall be and become immediately due and payable, without further notice, demand, or
presentment.

 

6.       Miscellaneous.

 

A.          Parties
in Interest. All covenants, agreements and undertakings in this Debenture binding upon the Company or the Holder shall bind
and inure to the benefit of the successors and permitted assigns of the Company and the Holder, respectively, whether so expressed
or not.

 

B.           Disputes.
This Debenture shall be governed by the laws of the State of Nevada without regard to any principles of conflicts of law. Each
of the parties hereby irrevocably consents and agrees that any legal or equitable action or proceeding arising under or in connection
with this Debenture shall be brought in the federal or state courts located in the County of Middlesex in the State of New Jersey,
and by execution and delivery of this Debenture, irrevocably submits to and accepts the jurisdiction of said courts, waives any
defense that such court is not a convenient forum, and consent to any service of process method permitted by law.

 

    	 	6	 

     

    

 

C.           Waiver
of Jury Trial. THE PARTIES HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHTS THEY MAY HAVE TO A TRIAL BY JURY
IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS NOTE OR ANY OTHER DOCUMENT OR
INSTRUMENT EXECUTED AND DELIVERED IN CONNECTION HEREWITH, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL
OR WRITTEN), OR ACTIONS OF THE PAYEE OR THE COMPANY. THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE PAYEE’S PURCHASING
THIS NOTE.

 

D.          Notices.
All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder shall be in writing
and, unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered or certified, return
receipt requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid, or (iv) transmitted
by hand delivery or facsimile, addressed as set forth in the preamble paragraph hereto or to such other address as such party
shall have specified most recently by written notice. Any notice or other communication required or permitted to be given hereunder
shall be deemed effective (a) upon hand delivery at the address designated in the preamble paragraph hereto (if delivered on a
business day during normal business hours where such notice is to be received), or the first business day following such delivery
(if delivered other than on a business day during normal business hours where such notice is to be received) or (b) on the second
business day following the date of mailing by express courier service, fully prepaid, addressed to such address, or upon actual
receipt of such mailing, whichever shall first occur.

 

E.          No
Waiver. No delay in exercising any right hereunder shall be deemed a waiver thereof, and no waiver shall be deemed to have
any application to any future default or exercise of rights hereunder.

 

F.           Modification
and Severability. If, in any action before any court or agency legally empowered to enforce any provision contained herein,
any provision hereof is found to be unenforceable, then such provision shall be deemed modified to the extent necessary to make
it enforceable by such court or agency. If any such provision is not enforceable as set forth in the preceding sentence, the unenforceability
of such provision shall not affect the other provisions of this Debenture, but this Debenture shall be construed as if such unenforceable
provision had never been contained herein.

 

[Signature
page follows]

 

    	 	7	 

     

    

 

IN
WITNESS WHEREOF, this Debenture has been executed and delivered on the date specified above.

 

	 	 
	 	 	 
	 	By:	       
	 	Name:
	 	Title:
	 	 	 
	 	JERRICK MEDIA HOLDINGS, INC.
	 	 
	 	By:	               
	 	Name:
	 	Title:

 

CONSENT
AND AGREEMENT

 

The
undersigned hereby consents and agrees to the terms and conditions contained in this Debenture, to the payment of the amounts
contemplated herein, documents contemplated hereby and to the provisions contained herein relating to conditions to be fulfilled
and obligations to be performed to the same extent as if the undersigned were a party to said Debenture.

 

	GUARANTOR:	 
	 	 	 
	JERRICK VENTURES LLC	 
	 	 	 
	By:	                     	 
	Name:	 
	Title:	 
	 	 
	 	 
	JEREMY FROMMER, an individual	 

 

 

    	 	8	 

     

    

 

Exhibit
A

 

NOTICE
OF CONVERSION

 

The
undersigned hereby elects to convert all or a portion of the principal amount of that certain Debenture, dated March 17, 2016
(the “Debenture”), issued by Jerrick Media Holdings, Inc., a Nevada corporation (the “Company”),
in favor of the undersigned, due on April 21, 2016, and all accrued but unpaid interest thereon (the “Conversion Shares”).
 If the Conversion Shares are to be issued in the name of a person other than the undersigned, the undersigned will pay all
transfer taxes payable with respect thereto and is delivering herewith such certificates and opinions as reasonably requested
by the Company in accordance therewith. No fee will be charged to the undersigned for any conversion, except for such transfer
taxes, if any.

 

The
undersigned agrees to comply with the prospectus delivery requirements under the applicable securities laws in connection with
any transfer of the aforesaid Conversion Shares.  

 

Conversion
calculations:

 

Date
to Effect Conversion:                                                                                                                                                    

 

Principal
Amount of Debenture to be Converted:                                                                                                             

 

Accrued
but Unpaid Interest to Date of Conversion:                                                                                                        

 

Number
of Conversion Shares to be issued:                                                                                                                          

 

	 	Signature:	 
	 	 	 
	 	Name:	 
	 	 	 
	 	Address:Exhibit 4.6

 

SECURED

PROMISSORY
NOTE

 

	April 5, 2016 	US$100,000

Englewood,
NJ  

 

FOR
VALUE RECEIVED, JERRICK MEDIA HOLDINGS, Inc., a corporation incorporated under
the laws of the State of Nevada and located at 202 S Dean Street, Englewood, NJ 07631 (the “Company”), hereby
promises to pay to the order of ____________________, and his successors
or assigns (the “Holder”), the principal amount of One Hundred Thousand United States Dollars (US$100,000)
(the “Principal”) on April 15, 2016 (the “Maturity Date”), and to pay interest on the unpaid
principal balance hereof at the rate of twelve percent (12.0%) per annum in accordance with the terms hereof. This Secured Promissory
Note (this note, together with all modifications, extensions, future advances, supplements, and renewals thereof, and any substitutions
therefor, the “Note”) shall be payable in accordance with the terms set forth below.

 

1.            Payments
of Principal and Interest.

 

(a)           Payment
of Principal and Interest. If not sooner paid, all principal and unpaid interest on this Note shall be due and payable to
the Holder on the earlier to occur of (i) the Maturity Date or (ii) an Event of Default (as defined below). Interest on the unpaid
principal balance of this Note shall begin to accrue on April 5, 2016. Interest shall be computer on the basis of a 365-day year
and paid for the actual number of days elapsed.

 

(b)           General
Payment Provisions. All payments of principal and interest on this Note shall be made in lawful money of the United States
of America by immediately available funds or wire transfer to such account as the Holder may designate by written notice to the
Company in accordance with the provisions of this Note. Whenever any amount expressed to be due by the terms of this Note is due
on any day which is not a Business Day, the same shall instead be due on the next succeeding Business Day. For purposes of this
Note, “Business Day” shall mean any day other than a Saturday, Sunday or a day on which commercial banks in the State
of New York are authorized or required by law or executive order to remain closed.

 

2.            Prepayment.
The Company shall have the right to prepay, without premium or penalty, at any time or times after the date hereof, all or any
portion of the outstanding principal balance of this Note, together with accrued interest on the principal amount prepaid.

 

     

     

    

 

3.            Security
Agreement.

 

(a)
        As security for the full, prompt, complete and final payment and performance when due (whether at stated maturity, by acceleration
or otherwise) of all obligations of the Company, now existing or in the future, arising in connection with this Note (the “Obligations”),
the Company does hereby pledge, assign, transfer, deliver and grant to Holder a continuing and unconditional security interest
in all of that certain artwork created by Bob Guccione, including but not limited to, 40,000 “Guccione Slides” (the
“Guccione Artwork”), purchased by and currently owned by the Company (the “Collateral”). The Company hereby
authorizes Holder to prepare and file or cause to be filed such financing statements, amendments and other documents and do such
acts as Holder deems necessary in order to establish and maintain valid, attached and perfected, security interests in the Collateral
in favor of Holder. The Company hereby irrevocably authorizes Holder at any time, and from time to time, to file in any jurisdiction
any financing statements and amendments thereto that (a) indicate the Collateral is comprised of the Guccione Artwork (b) contain
any other information required by Section 5 of Article 9 of the UCC of the jurisdiction wherein such financing statement or amendment
is filed regarding the sufficiency or filing office acceptance of any financing statement or amendment, including (i) whether
the Company is an organization, the type of organization, and (ii) in the case of a financing statement filed as a fixture filing
or indicating Collateral as as-extracted collateral or timber to be cut, a sufficient description of the real property to which
the Collateral relates. The Company agrees to furnish any such information to Holder promptly upon request. The Company hereby
agrees that a photogenic or other reproduction of this Note is sufficient for filing a financing statement.

 

(b)
        At any time and from time to time, upon the written request of Holder, at the sole expense of the Company, the Company shall
promptly and duly execute and deliver any and all such further instruments and documents and take such further action as Holder
may reasonably deem necessary or desirable to perfect and continue perfected or better perfect Holder’s security interest
in the Collateral.

 

4.
          Guarantee
Agreement. Jerrick Ventures, LLC, a wholly-owned subsidiary of the Company (the “Subsidiary”) hereby jointly and
severally guarantees and becomes surety to the Holder for the full, prompt and unconditional payment of the Obligations and payment
and performance of the Obligations, and the full, prompt and unconditional performance of each term and condition to be performed
by the Company in connection with this Note. This guaranty is a primary obligation of the Subsidiary and shall be a continuing
inexhaustible guaranty. This is a guaranty of payment and not of collection. The Holder may require the Subsidiary to pay and
perform its individual liabilities and obligations under this guaranty and may proceed immediately against any of the Subsidiary
without being required to bring any proceeding or take any action against any other Grantor prior thereto; the liability of the
Subsidiary hereunder being independent of and separate from the liability of the Company and the availability of any Collateral.

 

    	 	2	 

     

    

 

5.
           Defaults
and Remedies.

 

(a)
         Events
of Default. The occurrence of any of the following events shall constitute an “Event of Default” hereunder:
(i) the Company fails to pay timely any interest, principal or other sums due under this Note within five (5) days of when any
such payment becomes due and payable; (ii) the Company makes an assignment for the benefit of creditors or takes any corporate
action in furtherance of the foregoing; (iii) any order or decree is rendered by a court which appoints or requires the appointment
of a receiver, liquidator or trustee for the Company, and the order or decree is not vacated within sixty (60) days from the date
of entry thereof; (iv) any order or decree is rendered by a court adjudicating the Company insolvent, and the order or decree
is not vacated within sixty (60) days from the date of entry thereof; (v) the Company files any petition or action for relief
under any bankruptcy, reorganization, insolvency or moratorium law or any other law for the relief of, or relating to, debtors,
now or hereafter in effect or takes any corporate action in furtherance of any of the foregoing; (vi) a proceeding or petition
in bankruptcy is filed against the Company and such proceeding or petition is not dismissed within ninety (90) days from the date
it is filed; (viii) the Company files a petition or answer seeking reorganization or arrangement under the bankruptcy laws or
any law or statute of the United States or any other foreign country or state; (iv) the Company engages in any liquidation, dissolution
or winding up; or (x) the Company fails to perform, comply with or abide by any of the stipulations, agreements, conditions and/or
covenants contained in this Note on the part of the Company to be performed complied with or abided by, and such failure is not
cured within thirty (30) days after written notice of such failure is delivered by Holder to the Company.

 

(b)
         Remedies.
Three (3) months following the occurrence of one or more Events of Default, the Holder, at its option and without further notice,
may make a demand or presentment for payment to the Company or others, may declare the then outstanding principal balance of this
Note, together with all other sums due under the Note, immediately due and payable, together with all accrued and unpaid interest
thereon, together with all reasonable attorneys’ fees, paralegals’ fees and costs and expenses incurred by the Holder
in collecting or enforcing payment thereof (whether such reasonable fees, costs or expenses are incurred in negotiations, all
trial and appellate levels, administrative proceedings, bankruptcy proceedings or otherwise), and all other sums due by the Company
hereunder, all without any relief whatsoever from any valuation or appraisement laws and payment thereof may be enforced and recovered
in whole or in part at any time by one or more of the remedies provided to the Holder at law, in equity, or under this Note. Upon
the occurrence and during the continuance of any Event of Default, interest shall thereafter accrue at the rate of eighteen percent
(18%) per annum, and upon the occurrence of an Event of Default and upon each subsequent seven (7) day period thereafter while
such Event of Default is continuing, the Company shall issue one (1) common stock purchase warrant in the form attached hereto
as Exhibit A (each a “Warrant”), permitting the Holder to purchase 25,000 shares of common stock of the Company
at an exercise price of $0.40 per share. For the avoidance of doubt, on the date of the occurrence of an Event of Default, the
Company shall issue one (1) Warrant, and on the 8th day following the occurrence and continuation of an Event of Default, the
Company shall issue one (1) Warrant, and so on.

 

6.            Expenses.
The Company agrees to pay all legal costs and expenses incurred by the Holder and the Company in connection with the preparation
of this Note or the collection of amounts due or the enforcement of the Holder’s security interest hereunder.

 

7.
           Lost
or Stolen Note. Upon notice to the Company of the loss, theft, destruction or mutilation of this Note, and, in the case of
loss, theft or destruction, of an indemnification undertaking by the Holder to the Company in a form reasonably acceptable to
the Company and customary for similar circumstances in commercial lender/borrower circumstances, and, in the case of mutilation,
upon surrender and cancellation of the Note, the Company shall execute and deliver a new Note of like tenor and date and in substantially
the same form as this Note.

 

8.             Cancellation.
After all principal, accrued interest and all other sums at any time owed on this Note have been paid in full, this Note shall
automatically be deemed canceled, shall be surrendered to the Company for cancellation and shall not be re-issued.

 

    	 	3	 

     

    

 

9.            Governing
Law. This Note shall be construed and enforced in accordance with, and all questions concerning the construction, validity,
interpretation and performance of this Note shall be governed by, the laws of the State of Nevada, without giving effect to provisions
thereof regarding conflict of laws. Each party hereto hereby irrevocably submits to the non-exclusive jurisdiction of the state
and federal courts sitting in the State of Nevada for the adjudication of any dispute hereunder or in connection herewith or with
any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit,
action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action
or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper, provided,
however, nothing contained herein shall limit the Holder’s ability to bring suit or enforce this Note in any other jurisdiction.
Each party hereto hereby irrevocably waives personal service of process and consents to process being served in any such suit,
action or proceeding by sending by certified mail or overnight courier a copy thereof to such party at the address indicated in
the preamble hereto and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing
contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. EACH PARTY
HERETO HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF
ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS NOTE OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

10.
         Remedies,
Characterizations, Other Obligations, Breaches and Injunctive Relief. The remedies of the Holder as provided herein shall
be cumulative and concurrent and may be pursued singly, successively or together, at the sole discretion of the Holder, and may
be exercised as often as occasion therefor shall occur; and the failure to exercise any such right or remedy shall in no event
be construed as a waiver or release thereof.

 

11.
         Specific
Shall Not Limit General; Construction. No specific provision contained in this Note shall limit or modify any more general
provision contained herein. This Note shall be deemed to be jointly drafted by the Company and the Holder and shall not be construed
against any person as the drafter hereof.

 

12.
         Failure
or Indulgence Not Waiver. Holder shall not be deemed, by any act of omission or commission, to have waived any of its rights
or remedies hereunder, unless such waiver is in writing and signed by Holder, and then only to the extent specifically set forth
in the writing. A waiver on one event shall not be construed as continuing or as a bar to or waiver of any right or remedy to
a subsequent event.

 

13.
        Notice.
Notice shall be given to each party at the address indicated in the preamble hereto or at such other address as provided to the
other party in writing.

 

    	 	4	 

     

    

 

14.
         Usury
Savings Clause. Notwithstanding any provision in this Note, the total liability for payments of interest and payments in the
nature of interest, including, without limitation, all charges, fees, exactions, or other sums which may at any time be deemed
to be interest, shall not exceed the limit imposed by the usury laws of the jurisdiction governing this Note or any other applicable
law. In the event the total liability of payments of interest and payments in the nature of interest, including, without limitation,
all charges, fees, exactions or other sums which may at any time be deemed to be interest, shall, for any reason whatsoever, result
in an effective rate of interest, which for any month or other interest payment period exceeds the limit imposed by the usury
laws of the jurisdiction governing this Note, all sums in excess of those lawfully collectible as interest for the period in question
shall, without further agreement or notice by, between, or to any party hereto, be applied to the reduction of the outstanding
principal balance of this Note immediately upon receipt of such sums by the Holder hereof, with the same force and effect as though
the Company had specifically designated such excess sums to be so applied to the reduction of such outstanding principal balance
and the Holder hereof had agreed to accept such sums as a penalty-free payment of principal; provided, however, that the Holder
of this Note may, at any time and from time to time, elect, by notice in writing to the Company, to waive, reduce, or limit the
collection of any sums in excess of those lawfully collectible as interest rather than accept such sums as a prepayment of the
outstanding principal balance. It is the intention of the parties that the Company does not intend or expect to pay nor does the
Holder intend or expect to charge or collect any interest under this Note greater than the highest non-usurious rate of interest
which may be charged under applicable law.

 

15.
         Binding
Effect. This Note shall be binding upon the Company and the successors and assigns of the Company and shall inure to the benefit
of Holder and the successors and assigns of Holder.

 

16.
         Severability.
In the event any one or more of the provisions of this Note shall for any reason be held to be invalid, illegal, or unenforceable,
in whole or in part, in any respect, or in the event that any one or more of the provisions of this Note operates or would prospectively
operate to invalidate this Note, then and in any of those events, only such provision or provisions shall be deemed null and void
and shall not affect any other provision of this Note. The remaining provisions of this Note shall remain operative and in full
force and effect and shall in no way be affected, prejudiced, or disturbed thereby.

 

17.
         Assignment.
The Company may not transfer or assign this Note without the written consent of Holder.

 

18.
        Amendments.
The provisions of this Note may be changed only by a written agreement executed by the Company and Holder.

 

[Signature
pages follows]

 

    	 	5	 

     

    

 

IN
WITNESS WHEREOF, the Company has caused this Note to be executed on and as of the date set forth above.

 

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

  

CONSENTED
AND AGREED:

 

The
undersigned, referred to in the foregoing Note as a Grantor, hereby consents and agrees to said Note and to the payment of the
amounts contemplated therein, documents contemplated thereby and to the provisions contained therein relating to conditions to
be fulfilled and obligations to be performed by it pursuant to or in connection with said Note to the same extent as if the undersigned
were a party to said Note.

 

Jerrick
Ventures, llc

 

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

 

    	 	6	 

     

    

 

EXHIBIT
A

 

Form
of Common Stock Purchase Warrant

 

(See
attached)

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