Document:

Exhibit 10.1

 

__________________________________________________________________

 

RLJ LODGING TRUST

 

2021 EQUITY INCENTIVE PLAN

__________________________________________________________________

 

     

     

    

 

TABLE OF CONTENTS

 

 

	 	Page
	 	 
	1.        PURPOSE	1
	2.        DEFINITIONS	1
	3.        ADMINISTRATION
    OF THE PLAN	7
	 	3.1	Committee	7
	 	3.2	Board	9
	 	3.3	Terms
    of Awards	9
	 	3.4	Forfeiture;
    Recoupment	9
	 	3.5	No
    Repricing	10
	 	3.6	Deferral
    Arrangement	11
	 	3.7	No
    Liability	11
	 	3.8	Share
    Issuance/Book-Entry	11
	4.        SHARES
    SUBJECT TO THE PLAN	11
	 	4.1	Number
    of Shares Available for Awards	11
	 	4.2	Adjustments
    in Authorized Shares	12
	 	4.3	Share
    Usage	12
	5.        EFFECTIVE
    DATE, Term, AND AMENDMENTS	12
	 	5.1	Effective
    Date	12
	 	5.2	Term	13
	 	5.3	Amendment,
    Suspension, and Termination of the Plan	13
	6.        AWARD
    eligibility AND LIMITATIONS	13
	 	6.1	Service
    Providers and Other Persons	13
	 	6.2	Limitation
    on Shares Subject to Awards and Cash Awards	13
	 	6.3	Stand-Alone,
    Additional, Tandem and Substitute Awards	14
	7.        AWARD
    AGREEMENT	14
	8.        TERMS
    AND CONDITIONS OF OPTIONS	14
	 	8.1	Option
    Price	14
	 	8.2	Vesting
    and Exercisability	15
	 	8.3	Term	15
	 	8.4	Termination
    of Service	15
	 	8.5	Limitations
    on Exercise of Option	15
	 	8.6	Method
    of Exercise	15
	 	8.7	Rights
    of Holders of Options	16
	 	8.8	Delivery
    of Share Certificates	16
	 	8.9	Transferability
    of Options	16
	 	8.10	Family
    Transfers	16
	 	8.11	Limitations
    on Incentive Share Options	16
	 	8.12	Notice
    of Disqualifying Disposition	17

 

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TABLE OF CONTENTS

(continued)

 

	 	Page
	 	 
	9.        TERMS AND CONDITIONS OF share Appreciation Rights	17
	 	9.1	Right to Payment and SAR Exercise Price	17
	 	9.2	Other Terms	17
	 	9.3	Term	17
	 	9.4	Transferability of SARs	18
	 	9.5	Family Transfers	18
	10.        TERMS AND CONDITIONS OF RESTRICTED SHARES and SHARE units	18
	 	10.1	Grant of Restricted Shares or Share Units	18
	 	10.2	Restrictions	18
	 	10.3	Restricted Share Certificates	19
	 	10.4	Rights of Holders of Restricted Shares	19
	 	10.5	Rights of Holders of Share Units	19
	 	10.6	Termination of Service	20
	 	10.7	Purchase of Restricted Shares and Shares Subject to Share Units	20
	 	10.8	Delivery of Shares	20
	11.        TERMS AND CONDITIONS OF UNRESTRICTED SHARE AWARDS and other equity-based awards	20
	12.        FORM OF PAYMENT FOR OPTIONS AND RESTRICTED SHARES	21
	 	12.1	General Rule	21
	 	12.2	Surrender of Shares	21
	 	12.3	Cashless Exercise	21
	 	12.4	Other Forms of Payment	21
	13.        TERMS AND CONDITIONS OF Dividend Equivalent RIGHTS	22
	 	13.1	Dividend Equivalent Rights	22
	 	13.2	Termination of Service	22
	14.        TERMS AND CONDITIONS OF PERFORMANCE AWARDS	22
	 	14.1	Grant of Performance Awards	22
	 	14.2	Value of Performance Awards	23
	 	14.3	Earning of Performance Awards	23
	 	14.4	Form and Timing of Payment of Performance Awards	23
	 	14.5	Performance Conditions	23
	 	14.6	Settlement of Awards; Other Terms	23
	 	14.7	Performance Measures	23

 

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TABLE OF CONTENTS

(continued)

 

	 	Page
	 	 
	15.        TERMS AND CONDITIONS OF long-term incentive units	24
	16.        PARACHUTE LIMITATIONS	24
	17.        REQUIREMENTS OF LAW	25
	 	17.1	General	25
	 	17.2	Rule 16b-3	25
	18.        EFFECT OF CHANGES IN CAPITALIZATION	26
	 	18.1	Changes in Shares	26
	 	18.2	Reorganization in Which the Company Is the Surviving Entity Which Does not Constitute a Change in Control	26
	 	18.3	Change in Control	27
	 	18.4	Adjustments	28
	 	18.5	No Limitations on Company	28
	19.        GENERAL PROVISIONS	29
	 	19.1	Disclaimer of Rights	29
	 	19.2	Nonexclusivity of the Plan	29
	 	19.3	Withholding Taxes	29
	 	19.4	Captions	30
	 	19.5	Other Provisions	30
	 	19.6	Number and Gender	30
	 	19.7	Severability	30
	 	19.8	Governing Law	30
	 	19.9	Code Section 409A	31

 

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RLJ LODGING TRUST

2021 EQUITY INCENTIVE PLAN

 

RLJ Lodging Trust, a Maryland
real estate investment trust (the “Company”), sets forth herein the terms of its 2021 Equity Incentive Plan (the “Plan”)
effective as of the Effective Date. The awards granted under the Prior Plans will be subject to the terms of the applicable Prior Plan.

 

		1.	PURPOSE

 

The Plan is intended to (a)
provide incentives to officers, employees, trustees and other eligible persons to stimulate their efforts towards the success of the Company
and to operate and manage its business in a manner that will provide for the long term growth and profitability of the Company; and (b)
provide a means of recruiting, rewarding and retaining key personnel. To this end, the Plan provides for the grant of share options, share
appreciation rights, restricted share, unrestricted share, share units (including deferred share units), dividend equivalent rights, long-term
incentive units, other equity-based awards and cash bonus awards. Any of these awards may, but need not, be made as performance incentives
to reward attainment of annual or long-term performance goals in accordance with the terms hereof. Shares options granted under the Plan
may be non-qualified share options or incentive share options, as provided herein.

 

		2.	DEFINITIONS

 

For purposes of interpreting
the Plan and related documents, including Award Agreements, the following capitalized terms shall have the meanings specified below, unless
the context clearly indicates otherwise:

 

2.1             
“Affiliate” means, with respect to the Company, any company or other trade or business that controls, is controlled
by or is under common control with the Company within the meaning of Rule 405 of Regulation C under the Securities Act, including, without
limitation, any Subsidiary. For purposes of granting Options or Share Appreciation Rights, an entity may not be considered an Affiliate
of the Company unless the Company holds a “controlling interest” in such entity, where the term “controlling interest”
has the same meaning as provided in Treasury Regulation Section 1.414(c)-2(b)(2)(i); provided that the language “at least
50 percent” is used instead of “at least 80 percent”; and provided further, that where granting of Options or
Share Appreciation Rights is based upon a legitimate business criteria, the language “at least 20 percent” is used instead
of “at least 80 percent” each place it appears in Treasury Regulation Section 1.414(c)-2(b)(2)(i).

 

2.2             
“Applicable Laws” means the legal requirements relating to the Plan and the Awards under (a) applicable provisions
of the Code, the Securities Act, the Exchange Act, any rules or regulations thereunder, and any other laws, rules, regulations and government
orders of any jurisdiction applicable to the Company or its Affiliates, (b) applicable provisions of the corporate, securities, tax and
other laws, rules, regulations and government orders of any jurisdiction applicable to Awards granted to residents thereof, and (c) the
rules of any Stock Exchange or Securities Market on which the Shares are listed or publicly traded.

 

    1

     

    

 

2.3             
“Award” means a grant of an Option, Share Appreciation Right, Restricted Shares, Unrestricted Shares, Share
Units, Dividend Equivalent Right, Performance Award, LTIP Unit, Other Equity-Based Award, or cash under the Plan.

 

2.4             
“Award Agreement” means the agreement between the Company and a Grantee that evidences and sets out the terms
and conditions of an Award.

 

2.5             
“Benefit Arrangement” shall have the meaning set forth in Section 16.

 

2.6             
“Board” means the Board of Trustees of the Company.

 

2.7             
“Cause” shall have the meaning set forth in an applicable agreement between a Grantee and the Company or an
Affiliate, and, in the absence of any such agreement, shall mean, with respect to any Grantee and, as determined by the Committee, such
Grantee’s (a) gross negligence or willful misconduct in connection with the performance of duties; (b) conviction of a felony;
(c) conviction of any other criminal offense involving an act of dishonesty intended to result in substantial personal enrichment of such
Grantee at the expense of the Company or an Affiliate; or (d) material breach of any term of any employment, consulting or other
services, confidentiality, intellectual property or non-competition agreements, if any, between the Grantee and the Company or an Affiliate.
Any determinations by the Committee whether an event constituting Cause shall have occurred shall be final, binding, and conclusive.

 

2.8             
“Change in Control” means:

 

(a)              
Any “person” as such term is used in Section 13(d) and 14(d) of the Exchange Act (other than the Company, any trustee
or other fiduciary holding securities under any employee benefit plan of the Company or any corporation owned, directly or indirectly,
by the shareholders of the Company in substantially the same proportion as their ownership of stock of the Company), is or becomes the
 “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company
representing 50% or more of the combined voting power of the Company’s then outstanding voting securities;

 

(b)              
During any period of twelve consecutive months, individuals who at the beginning of such period constitute the Board, and any new
trustee (other than a trustee designated by a person who has entered into an agreement with the Company to effect a transaction described
in clause (a), (c) or (d) hereof) whose election by the Board or nomination for election by the Company’s shareholders was approved
by a vote of at least a majority of the trustees then still in office who either were trustees at the beginning of the period or whose
election or nomination for election was previously so approved, cease for any reason to constitute at least a majority thereof, but excluding,
for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest
with respect to the election or removal of trustees or actual threatened solicitation of proxies or consents by or on behalf of a person
other than the Board;

 

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(c)              
The consummation of a merger or consolidation of the Company with any other entity or the issuance of voting securities in connection
with a merger or consolidation of the Company (or any direct or indirect subsidiary thereof) pursuant to applicable exchange requirements,
other than (i) a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto
continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving or parent entity)
at least 50.1% of the combined voting power of the voting securities of the Company or such surviving or parent entity outstanding immediately
after such merger or consolidation or (ii) a merger or consolidation effected to implement a recapitalization of the Company (or
similar transaction) in which no “person” (as defined above) is or becomes the beneficial owner, directly or indirectly, of
securities of the Company representing 50% or more of either of the then outstanding Shares or the combined voting power of the Company’s
then outstanding voting securities; or

 

(d)              
The consummation of the sale or disposition by the Company of all or substantially all of the Company’s assets (or any transaction
or series of transactions within a period of twelve months ending on the date of the last sale or disposition having a similar effect).

 

Notwithstanding anything in
the Plan to the contrary, in the case of an Award that is characterized as deferred compensation under Code Section 409A, and pursuant
to which settlement and delivery of the cash or Shares subject to the Award is triggered based on a Change in Control, in no event will
a Change in Control be deemed to have occurred for purposes of such settlement and delivery of cash or Shares if the transaction is not
also a “change in the ownership or effective control of” the Company or “a change in the ownership of a substantial
portion of the assets of” the Company as determined under Treasury Regulation Section 1.409A-3(i)(5) (without regard to any alternative
definition thereunder). If an Award characterized as deferred compensation under Code Section 409A is not settled and delivered on
account of the provision of the preceding sentence, the settlement and delivery shall occur on the next succeeding settlement and delivery
triggering event that is a permissible triggering event under Code Section 409A. No provision of this paragraph shall in any way
affect the determination of a Change in Control for purposes of vesting in an Award that is characterized as deferred compensation under
Code Section 409A.

 

2.9             
“Code” means the Internal Revenue Code of 1986, as now in effect or as hereafter amended, and any successor
thereto. References in the Plan to any Code section shall be deemed to include, as applicable, regulations and guidance promulgated under
such Code section.

 

2.10         
“Committee” means a committee of, as designated from time to time by resolution of, the Board, which shall be
constituted as provided in Section 3.1.2 (or, if no Committee has been designated, the Board itself). For the avoidance of
doubt, the Board may delegate the responsibilities under this Plan to a new and/or an existing committee of the Board, provided such committee
meets the requirements of the foregoing and Section 3.1.2.

 

2.11         
“Company” means RLJ Lodging Trust, a Maryland real estate investment trust and its successors.

 

2.12          
 “Determination Date” means the Grant Date or such other date as of which the Fair Market Value of a Share is
required to be established for purposes of the Plan.

 

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2.13         
“Disability” means the Grantee is unable to perform each of the essential duties of such Grantee’s position
by reason of a medically determinable physical or mental impairment which is potentially permanent in character or which can be expected
to last for a continuous period of not less than 12 months; provided, however, that, with respect to rules regarding expiration
of an Incentive Share Option following termination of the Grantee’s Service, Disability shall mean the Grantee is unable to engage
in any substantial gainful activity by reason of a medically determinable physical or mental impairment which can be expected to result
in death or which has lasted or can be expected to last for a continuous period of not less than 12 months.

 

2.14         
“Dividend Equivalent Right” means a right, granted to a Grantee under Section 13, to receive cash,
Shares, other Awards or other property equal in value to dividends paid with respect to a specified number of Shares, or other periodic
payments.

 

2.15         
“Effective Date” means, subject to Section 5.1, March 22, 2021, which is the date the Plan was adopted
by the Board.

 

2.16         
“Exchange Act” means the Securities Exchange Act of 1934, as now in effect or as hereafter amended.

 

2.17         
“Fair Market Value” means the fair market value of a Share for purposes of the Plan, which shall be determined
as of any Determination Date as follows:

 

(a)              
If on such Determination Date the Shares are listed on a Stock Exchange, or are publicly traded on another established securities
market (a “Securities Market”), the Fair Market Value of a Share shall be the closing price of the Share as reported on such
Stock Exchange or such Securities Market (provided that, if there is more than one such Stock Exchange or Securities Market, the
Committee shall designate the appropriate Stock Exchange or Securities Market for purposes of the Fair Market Value determination). If
there is no such reported closing price on such Determination Date, the Fair Market Value of a Share shall be the closing price of the
Share on the immediately preceding trading day on which any sale of Shares shall have been reported on such Stock Exchange or such Securities
Market.

 

(b)              
If on such Determination Date the Shares are not listed on a Stock Exchange or publicly traded on a Securities Market, the Fair
Market Value of a Share shall be the value of the Share as determined by the Committee by the reasonable application of a reasonable valuation
method, in a manner consistent with Code Section 409A.

 

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Notwithstanding
this Section 2.18 or Section 19.3, for purposes of determining taxable income and the amount of the related
tax withholding obligation pursuant to Section 19.3, the Fair Market Value will be determined by the Committee in good faith using
any reasonable method as it deems appropriate, to be applied consistently with respect to Grantees; provided, further, that
the Committee shall determine the Fair Market Value of Shares for tax withholding obligations due in connection with sales, by or on behalf
of a Grantee, of such Shares subject to an Award to pay the Option Price, SAR Exercise Price, and/or any tax withholding obligation on
the same date on which such shares may first be sold pursuant to the terms of the applicable Award Agreement (including broker-assisted
cashless exercises of Options, as described in Section 12.3, and sell-to-cover transactions) in any manner consistent with applicable
provisions of the Code, including but not limited to using the sale price of such Shares on such date (or if sales of such Shares are
effectuated at more than one sale price, the weighted average sale price of such shares on such date) as the Fair Market Value of such
Shares, so long as such Grantee has provided the Company, or its designee or agent, with advance written notice of such sale.

 

2.18         
 “Family Member” means a person who is a spouse, former spouse, child, stepchild, grandchild, parent, stepparent,
grandparent, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother, sister, brother-in-law, or sister-in-law,
including adoptive relationships, of the Grantee, any person sharing the Grantee’s household (other than a tenant or employee),
a trust in which any one or more of these persons have more than fifty percent (50%) of the beneficial interest, a foundation in
which any one or more of these persons (or the Grantee) control the management of assets, and any other entity in which one or more of
these persons (or the Grantee) own more than fifty percent (50%) of the voting interests.

 

2.19         
“Grant Date” means, as determined by the Committee, the latest to occur of (a) the date as of which the
Company completes the action constituting the Award, (b) the date on which the recipient of an Award first becomes eligible to receive
an Award under Section 6, or (c) such other subsequent date as may be specified by the Committee.

 

2.20         
“Grantee” means a person who receives or holds an Award under the Plan.

 

2.21         
“Incentive Share Option” means an “incentive stock option” within the meaning of Code Section 422,
or the corresponding provision of any subsequently enacted tax statute, as amended from time to time.

 

2.22         
“Long-Term Incentive Unit” or “LTIP Unit” means an Award under Section 15 of
an interest in the operating partnership affiliated with the Company.

 

2.23         
“Non-qualified Share Option” means an Option that is not an Incentive Share Option.

 

2.24         
“Option” means an option to purchase one or more Shares pursuant to the Plan.

 

2.25         
“Option Price” means the exercise price for each Share subject to an Option.

 

2.26         
“Other Agreement” shall have the meaning set forth in Section 16.

 

2.27         
“Other Equity-Based Award” means a right or other interest that may be denominated or payable in, valued in
whole or in part by reference to, or otherwise based on, or related to, Shares, other than an Option, Share Appreciation Right, Restricted
Share, Unrestricted Share, Share Unit, Dividend Equivalent Right, or Performance Award.

 

2.28         
“Outside Trustee” means a member of the Board who is not an officer or employee of the Company.

 

2.29         
“Performance Award” means an Award made subject to the attainment of performance goals (as described in Section 14)
over a Performance Period of up to ten (10) years.

 

2.30         
“Performance Measures” means performance criteria on which performance goals under Performance Awards are based.

 

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2.31         
“Performance Period” means the period of time during which the performance goals must be met in order to determine
the degree of payout and/or vesting with respect to an Award.

 

2.32         
“Plan” means this RLJ Lodging Trust 2021 Equity Incentive Plan, as amended from time to time.

 

2.33         
“Prior Plans” means the RLJ Lodging Trust 2011 Equity Incentive Plan, as amended from time to time, and the
RLJ Lodging Trust 2015 Equity Incentive Plan, as amended from time to time.

 

2.34          
“Purchase Price” means the purchase price for each Share pursuant to a grant of Restricted Shares, Share Units
or Unrestricted Shares.

 

2.35         
“Restricted Shares” means Shares, awarded to a Grantee pursuant to Section 10.

 

2.36          
“SAR Exercise Price” means the per share exercise price of a SAR granted to a Grantee under Section 9.

 

2.37         
“Securities Act” means the Securities Act of 1933, as now in effect or as hereafter amended.

 

2.38         
“Separation from Service” shall have the meaning set forth in Code Section 409A.

 

2.39         
“Service” means service as a Service Provider to the Company or any Affiliate. Unless otherwise stated in the
applicable Award Agreement, a Grantee’s change in position or duties shall not result in interrupted or terminated Service, so long
as such Grantee continues to be a Service Provider to the Company or any Affiliate. Subject to the preceding sentence, whether a termination
of Service shall have occurred for purposes of the Plan shall be determined by the Committee, which determination shall be final, binding
and conclusive. Notwithstanding any other provision to the contrary, for any individual providing services solely as a trustee, only service
to the Company or any of its Subsidiaries constitutes Service. If the Service Provider’s employment or other service relationship
is with an Affiliate and that entity ceases to be an Affiliate, a termination of Service shall be deemed to have occurred when the entity
ceases to be an Affiliate unless the Service Provider transfers his or her employment or other service relationship to the Company or
its remaining Affiliates.

 

2.40         
“Service Provider” means an employee, officer, trustee, or director of the Company or an Affiliate or a consultant
or advisor to the Company or an Affiliate (a) who is a natural person, (b) who provides bona fide services to the Company or an Affiliate,
and (c) whose services are not in connection with the Company’s offer or sale of securities in a capital-raising transaction
and do not directly or indirectly promote or maintain a market for the Company’s Shares.

 

2.41         
“Service Recipient Stock” shall have the meaning set forth in Code Section 409A.

 

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2.42         
“Shares” means the common shares of beneficial interest, par value $0.01 per share, of the Company.

 

2.43          
“Share Appreciation Right” or “SAR” means a right granted to a Grantee under Section 9.

 

2.44         
“Share Units” means a bookkeeping entry representing the equivalent of one Share awarded to a Grantee pursuant
to Section 10.

 

2.45         
“Stock Exchange” means the New York Stock Exchange or another established national or regional stock exchange.

 

2.46         
“Subsidiary” means any corporation (other than the Company) or non-corporate entity with respect to which the
Company owns, directly or indirectly, fifty percent (50%) or more of the total combined voting power of all classes of stock, membership
interests, or other ownership interests of any class or kind ordinarily having the power to vote for the directors, managers, or other
voting members of the governing body of such corporation or non-corporate entity; provided, however, for purposes of Incentive
Share Options, Subsidiary means any “subsidiary corporation” of the Company within the meaning of Code Section 424(f). In
addition, any other entity may be designated by the Committee as a Subsidiary; provided, that (a) such entity could be considered
as a subsidiary according to generally accepted accounting principles in the United States of America, and (b) in the case of an
Award of Options, such Award would be considered to be granted in respect of Service Recipient Stock under Code Section 409A.

 

2.47         
“Substitute Award” means an Award granted in substitution for outstanding awards previously granted by a company
or other entity acquired by the Company or an Affiliate or with which the Company or an Affiliate combines.

 

2.48         
“Ten Percent Shareholder” means an individual who owns more than ten percent (10%) of the total combined voting
power of all classes of outstanding voting securities of the Company, its parent or any of its Subsidiaries. In determining Share ownership,
the attribution rules of Code Section 424(d) shall be applied.

 

2.49         
“Unrestricted Shares” shall have the meaning set forth in Section 11.

 

Unless the context otherwise
requires, all references in the Plan to “including” shall mean “including without limitation.”

 

	3.	ADMINISTRATION OF THE PLAN

 

		3.1	Committee

 

		3.1.1	Powers and Authorities.

 

The Committee shall administer
the Plan and shall have such powers and authorities related to the administration of the Plan as are consistent with the Company’s
certificate of incorporation and bylaws and Applicable Laws. Without limiting the generality of the foregoing, the Committee shall have
full power and authority to take all actions and to make all determinations required or provided for under the Plan, any Award, or any
Award Agreement, and shall have full power and authority to take all such other actions and make all such other determinations not inconsistent
with the specific terms and provisions of the Plan which the Committee deems to be necessary or appropriate to the administration of the
Plan, any Award, or any Award Agreement. All such actions and determinations shall be made by (a) the affirmative vote of a majority of
the members of the Committee present at a meeting at which a quorum is present or (b) the unanimous consent of the members of the Committee
executed in writing or evidenced by electronic transmission in accordance with the Company’s certificate of incorporation and bylaws
and Applicable Laws. Unless otherwise expressly determined by the Board, the Committee shall have the authority to interpret and construe
all provisions of the Plan, any Award, and any Award Agreement, and any such interpretation or construction, and any other determination
contemplated to be made under the Plan or any Award Agreement, by the Committee shall be final, binding, and conclusive on all persons
whether or not expressly provided for in any provision of the Plan, such Award or such Award Agreement.

 

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		3.1.2	Composition of the Committee.

 

The Committee shall be composed
pursuant to the following requirements:

 

(a)              
Except as provided in Subsection (b) and except as the Board may otherwise determine, the Committee shall consist of two or more
Outside Trustees of the Company who: (i) meet such requirements as may be established from time to time by the Securities and Exchange
Commission for plans intended to qualify for exemption under Rule 16b-3 (or its successor) under the Exchange Act and (ii) comply
with the independence requirements of the Stock Exchange on which the Shares are listed.

 

(b)              
The Board or the Committee may also appoint one or more separate committees of the Board, each composed of one or more trustees
of the Company who need not be Outside Trustees, who may administer the Plan with respect to employees or other Service Providers who
are not executive officers (as defined under Rule 3b-7 or the Exchange Act) or trustees of the Company, may grant Awards under the Plan
to such employees or other Service Providers, and may determine all terms of such Awards, subject to the requirements of Rule 16b-3 and
the rules of the Stock Exchange on which the Shares are listed.

 

In
the event that the Plan, any Award, or any Award Agreement entered into hereunder provides for any action to be taken by or determination
to be made by the Board, such action may be taken or such determination may be made by a Committee if the power and authority to do so
has been delegated (and such delegated authority has not been revoked) to such Committee
by the Board as provided for in this Section. Unless otherwise expressly determined by the Board, any such action or determination by
the Committee shall be final, binding, and conclusive. To the extent permitted by law, the Committee may delegate its authority under
the Plan to a member of the Board, provided, that such member of the Board
to whom the Committee delegates authority under the Plan must be an Outside Trustee who satisfies the requirements of Subsection (a)(i)-(ii)
of this Section 3.1.2.

 

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		3.2	Board.

 

The
Board, from time to time, may exercise any or all of the powers and authorities related to the administration and implementation of the
Plan, as set forth in Section 3.1 and other applicable provisions of the Plan, as the Board shall determine, consistent
with the Company’s certificate of incorporation and bylaws and Applicable Laws.

 

		3.3	Terms of Awards.

 

Subject to the other terms
and conditions of the Plan, the Committee shall have full and final authority to:

 

(a)              designate Grantees;

 

(b)              determine
the type or types of Awards to be made to a Grantee;

 

(c)              determine
the number of Shares to be subject to an Award;

 

(d)              establish
the terms and conditions of each Award (including, but not limited to, the exercise price of any Option, the nature and duration of any
restriction or condition (or provision for lapse thereof) relating to the vesting, exercise, transfer, or forfeiture of an Award or the
Shares subject thereto, the treatment of an Award in the event of a Change in Control, and any terms or conditions that may be necessary
to qualify Options as Incentive Share Options);

 

(e)              
prescribe the form of each Award Agreement evidencing an Award;

 

(f)               amend,
modify, or reprice (except as such practice is prohibited by Section 3.5 herein) the terms of any outstanding Award. Such authority
specifically includes the authority, in order to effectuate the purposes of the Plan but without amending the Plan, to make or modify
Awards to eligible individuals who are foreign nationals or are individuals who are employed outside the United States to recognize
differences in local law, tax policy, or custom; and

 

(g)              
make Substitute Awards.

 

		3.4	Forfeiture; Recoupment.

 

		3.4.1	Forfeiture.

 

The Company may reserve the
right in an Award Agreement to cause a forfeiture of the gain realized by a Grantee with respect to an Award thereunder on account of
actions taken by, or failed to be taken by, such Grantee in violation or breach of or in conflict with any (a) employment agreement,
(b) non-competition agreement, (c) agreement prohibiting solicitation of employees or clients of the Company or any Affiliate, (d) confidentiality
obligation with respect to the Company or any Affiliate, or (e) other agreement, as and to the extent specified in such Award Agreement.
The Committee may annul an outstanding Award as of the date of the Grantee’s termination of Service for Cause if the Grantee thereof
is an employee of the Company or an Affiliate and is terminated for Cause.

 

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		3.4.2	Recoupment.

 

(a)               
Any Award granted pursuant to the Plan is subject to mandatory repayment by the Grantee to the Company to the extent the Grantee
is or in the future becomes subject to any Company “clawback” or recoupment policy that requires the repayment by the Grantee
to the Company of compensation paid by the Company to the Grantee in the event that the Grantee fails to comply with, or violates, the
terms or requirements of such policy. Such policy may authorize the Company to recover from a Grantee incentive-based compensation (including
Options awarded as compensation) awarded to or received by such Grantee during a period of up to three (3) years, as determined by the
Committee, preceding the date on which the Company is required to prepare an accounting restatement due to material noncompliance by the
Company, as a result of misconduct, with any financial reporting requirement under the federal securities laws.

 

(b)              
Furthermore, if the Company is required to prepare an accounting restatement due to the material noncompliance of the Company,
as a result of misconduct, with any financial reporting requirement under the federal securities laws, and any Award Agreement so provides,
any Grantee of an Award under such Award Agreement who knowingly engaged in such misconduct, was grossly negligent in engaging in such
misconduct, knowingly failed to prevent such misconduct or was grossly negligent in failing to prevent such misconduct, shall reimburse
the Company the amount of any payment in settlement of an Award earned or accrued during the 12-month period following the first public
issuance or filing with the United States Securities and Exchange Commission (whichever first occurred) of the financial document that
contained information affected by such material noncompliance.

 

(c)               
Notwithstanding any other provision of the Plan or any provision of any Award Agreement, if the Company is required to prepare
an accounting restatement, then Grantees shall forfeit any cash or Shares received in connection with an Award (or an amount equal to
the Fair Market Value of such Shares on the date of delivery if the Grantee no longer holds the Shares) if pursuant to the terms of the
Award Agreement for such Award, the amount of the Award earned or the vesting in the Award was explicitly based on the achievement of
pre-established performance goals set forth in the Award Agreement (including earnings, gains, or other performance goals) that are later
determined, as a result of the accounting restatement, not to have been achieved.

 

		3.5	No Repricing.

 

Except in connection with
a corporate transaction involving the Company (including, without limitation, any share dividend, distribution (whether in the form of
cash, shares, other securities or other property), share split, extraordinary cash dividend, recapitalization, change in control, reorganization,
merger, consolidation, split-up, spin-off, combination, repurchase or exchange of shares or other securities or similar transaction),
the Company may not, without obtaining shareholder approval: (a) amend the terms of outstanding Options or SARs to reduce the exercise
price of such outstanding Options or SARs; (b) cancel outstanding Options or SARs in exchange for or substitution of Options or SARs with
an exercise price that is less than the exercise price of the original Options or SARs; or (c) cancel outstanding Options or SARs with
an exercise price above the current share price in exchange for cash or other securities.

 

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		3.6	Deferral Arrangement.

 

The
Committee may permit or require the deferral of any payment pursuant to any Award into a deferred compensation arrangement, subject to
such rules and procedures as it may establish, which may include provisions for the payment or crediting of interest or Dividend Equivalent
Rights and, in connection therewith, provisions for converting such credits into Share Units;
provided, that no Dividend Equivalent Rights may be granted
in connection with, or related to, an Award of Options or SARs. Any such deferrals shall be made in a manner that complies
with Code Section 409A.

 

		3.7	No Liability.

 

No
member of the Board or the Committee shall be liable for any action or determination made in good faith with respect to the Plan, any
Award, or any Award Agreement. Notwithstanding any provision of the Plan to the contrary, neither the Company, an Affiliate, the
Board, the Committee, nor any person acting on behalf of the Company, an Affiliate, the Board, or the Committee will be liable to any
Grantee or to the estate or beneficiary of any Grantee or to any other holder of an Award under the Plan by reason of any acceleration
of income, or any additional tax (including any interest and penalties), asserted by reason of the failure of an Award to satisfy the
requirements of Code Section 422 or Code Section 409A or by reason of Code Section 4999, or otherwise asserted with respect to the Award;
provided, that this Section 3.7 shall not affect any of the rights or obligations set forth in an applicable agreement
between the Grantee and the Company or an Affiliate.

 

		3.8	Share Issuance/Book-Entry.

 

Notwithstanding any provision
of the Plan to the contrary, the issuance of the Shares under the Plan may be evidenced in such a manner as the Committee, in its discretion,
deems appropriate, including, without limitation, book-entry or direct registration or issuance of one or more share certificates.

 

	4.	SHARES SUBJECT TO THE PLAN

 

		4.1	Number of Shares Available for Awards.

 

Subject
to adjustment as provided in Section 18, the number of Shares available for issuance under the Plan shall be
equal to the sum of (a) 5,150,000 Shares, plus (b) the number of Shares available for future awards under the Prior Plans as of the Effective
Date, plus (c) the number of Shares related to awards outstanding under the Prior Plans as of the Effective Date that thereafter terminate
by expiration or forfeiture, cancellation, or otherwise without the issuance of such Shares. Shares issued or to be issued under the Plan
shall be authorized but unissued shares or treasury Shares or any combination of the foregoing, as may be determined from time to time
by the Board or by the Committee. Any of the Shares available for issuance under the Plan may be used for any type of Award under the
Plan, and any or all of the Shares available for issuance under the Plan will be reserved for issuance pursuant to Incentive Share Options.

 

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		4.2	Adjustments in Authorized Shares.

 

The
Committee shall have the right to substitute or assume awards in connection with mergers, reorganizations, separations, or other transactions
to which Code Section 424(a) applies. Assumed awards shall not, but substitute Awards shall, reduce the number of shares of Stock reserved
pursuant to Section 4.1, and available shares under a shareholder approved plan of an acquired company (as appropriately
adjusted to reflect the transaction) may be used for Awards under the Plan and shall not reduce the number of Shares available under the
Plan, in each case subject to requirements of the Stock Exchange on which the Shares are listed.

 

		4.3	Share Usage.

 

Shares
covered by an Award shall be counted as used as of the Grant Date. Any Shares that are subject to Awards shall be counted against the
limit set forth in Section 4.1 as one (1) Share for every one (1) Share subject to an Award. With
respect to SARs, the number of Shares subject to an award of SARs will be counted against the aggregate number of Shares available for
issuance under the Plan regardless of the number of Shares actually issued to settle the SAR upon exercise. If any Shares covered by an
Award granted under the Plan or the Prior Plans are not purchased or are forfeited or expire, or if an Award otherwise terminates without
delivery of any Shares subject thereto, then the number of Shares counted against the aggregate number of Shares available under the Plan
with respect to such Award shall, to the extent of any such forfeiture, termination or expiration, again be available for making Awards
under the Plan in the same amount as such Shares were counted against the limit set forth in Section 4.1 or the applicable
limit in the Prior Plans. Any Shares withheld, deducted, or delivered from an Award under the Plan in connection with the Company’s
tax withholding obligations as described in Section 19.3 shall again be available for making Awards under the Plan in the same
amount as such Shares were counted against the limit set forth in Section 4.1. The number of Shares available for issuance
under the Plan shall not be increased by (a) any Shares tendered or withheld or subject to an Award granted under the Plan or the Prior
Plans surrendered in connection with the purchase of Shares upon exercise of an Option as described in Section 12.2, (b) any
Shares withheld, deducted, or delivered from an award granted under the Prior Plans in connection with the Company’s tax withholding
obligations as described in Section 19.3, (c) any Shares purchased by the Company with proceeds from option exercises, or
(d) subject to a SAR granted under the Plan or the Prior Plans that is settled in Shares that were not issued upon the net settlement
or net exercise of such SAR.

 

	5.	EFFECTIVE DATE, Term, AND AMENDMENTS

 

		5.1	Effective Date.

 

The Plan shall be effective
as of the Effective Date, subject to approval of the Plan by the shareholders of the Company within twelve (12) months of the Effective
Date. Upon approval of the Plan by the Company’s shareholders, all Awards made under the Plan on or after the Effective Date shall
be fully effective as if the shareholders of the Company had approved the Plan on the Effective Date. If the shareholders do not approve
the Plan within twelve (12) months of the Effective Date, any Awards made under the Plan on or after the Effective Date shall
not be exercisable, settleable, or deliverable, except to the extent such Awards could have otherwise been made under the Plan. Following
the Effective Date, no awards shall be made under the Prior Plans. Notwithstanding the foregoing, Shares reserved under the Prior Plans
to settle awards which are made under the Prior Plans prior to the Effective Date may be issued and delivered following the Effective
Date to settle such awards.

 

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		5.2	Term.

 

The
Plan shall terminate on the first to occur of (a) 11:59 pm ET on the day before the tenth anniversary of the Effective Date and (b) the
date determined in accordance with Section 5.3. No Awards may be granted after termination of the Plan, and,
upon such termination of the Plan, all then-outstanding Awards shall continue to have full force and effect in accordance with the provisions
of the terminated Plan and the applicable Award Agreement (or other document evidencing such Awards).

 

		5.3	Amendment, Suspension, and Termination of the Plan.

 

The
Committee may, at any time and from time to time, amend, suspend, or terminate the Plan; provided, that, with respect to Awards
theretofore granted under the Plan, no amendment, suspension, or termination of the Plan shall, without the consent of the Grantee, impair
the rights or obligations under any such Award. The effectiveness of any amendment to the Plan shall be contingent on approval of such
amendment by the Company’s shareholders to the extent provided by the Committee or required by Applicable Laws. No amendment will
be made to the no-repricing provisions of Section 3.5 or the Option/SAR pricing provisions of Section 8.1
or Section 9.1 without the approval of the Company’s shareholders.

 

	6.	AWARD eligibility AND LIMITATIONS

 

		6.1	Service Providers and Other Persons.

 

Subject
to this Section 6, Awards may be made under the Plan to: (a) any Service Provider, as the Committee shall determine
and designate from time to time and (b) any other individual whose participation in the Plan is determined to be in the best interests
of the Company by the Committee.

 

		6.2	Limitation on Shares Subject to Awards and Cash Awards.

 

Subject
to adjustment as provided in Section 18, during any time when the Company has a class of equity security registered
under Section 12 of the Exchange Act:

 

(a)              
the maximum number of Shares subject to Options or SARs that can be granted under the Plan to any person eligible for an Award
under Section 6 is One Million (1,000,000) Shares in a calendar year;

 

(b)              
the maximum number of Shares that can be granted under the Plan, other than pursuant to Options or SARs, to any person eligible
for an Award under Section 6 is One Million (1,000,000) Shares in a calendar year; and

 

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(c)               
the maximum amount that may be paid as a cash-settled Performance Award in respect of a performance period of one year or less
to any person eligible for an Award shall be Five Million Dollars ($5,000,000), and the maximum amount that may be paid as a cash-settled
Performance Award in respect of a performance period greater than one year to any person eligible for an Award shall be Five Million Dollars
($5,000,000).

 

		6.3	Stand-Alone, Additional, Tandem and Substitute Awards.

 

Subject
to Section 3.5, Awards granted under the Plan may, in the discretion of the Committee, be granted either alone or
in addition to, in tandem with, or in substitution or exchange for, any other Award or any award granted under another plan of the Company,
any Affiliate, or any business entity to be acquired by the Company or an Affiliate, or any other right of a Grantee to receive payment
from the Company or any Affiliate. Such additional, tandem, and substitute or exchange Awards may be granted at any time. Subject to Section
3.5, if an Award is granted in substitution or exchange for another Award, the Committee shall require the surrender of such other
Award in consideration for the grant of the new Award. In addition, Awards may be granted in lieu of cash compensation, including in lieu
of cash amounts payable under other plans of the Company or any Affiliate. Notwithstanding Section 8.1 and Section 9.1 but
subject to Section 3.5, the Option Price of an Option or the SAR Exercise Price of a SAR that is a Substitute Award may be less
than 100% of the Fair Market Value of a Share on the original date of grant; provided, that, the Option Price or SAR Exercise Price
is determined in accordance with the principles of Code Section 424 and the regulations thereunder for any Incentive Share Option and
consistent with Code Section 409A for any other Option or SAR.

 

	7.	AWARD AGREEMENT

 

Each Award granted pursuant
to the Plan shall be evidenced by an Award Agreement, in such form or forms as the Committee shall from time to time determine. Award
Agreements granted from time to time or at the same time need not contain similar provisions but shall be consistent with the terms of
the Plan. Each Award Agreement evidencing an Award of Options shall specify whether such Options are intended to be Non-qualified Share
Options or Incentive Share Options, and in the absence of such specification such options shall be deemed Non-qualified Share Options.
In the event of any inconsistency between the Plan and an Award Agreement, the provisions of the Plan shall control.

 

	8.	TERMS AND CONDITIONS OF OPTIONS

 

		8.1	Option Price.

 

The Option Price of each Option
shall be fixed by the Committee and stated in the Award Agreement evidencing such Option. Except in the case of Substitute Awards, the
Option Price of each Option shall be at least the Fair Market Value of a Share on the Grant Date; provided, however, that
in the event that a Grantee is a Ten Percent Shareholder, the Option Price of an Option granted to such Grantee that is intended to be
an Incentive Share Option shall be not less than one hundred ten percent (110%) of the Fair Market Value of a Share on the Grant Date.
In no case shall the Option Price of any Option be less than the par value of a Share.

 

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		8.2	Vesting and Exercisability.

 

Subject
to Sections 8.3 and 18.3, each Option granted under the Plan shall become vested and/or exercisable at
such times and under such conditions as shall be determined by the Committee and stated in the Award Agreement, in another agreement with
the Grantee, or otherwise in writing; provided, that no Option shall be granted to Grantees who are entitled to overtime under
Applicable Laws that will vest or become exercisable within a six (6)-month period starting on the Grant Date. For purposes of this Section 8.2,
fractional numbers of Shares subject to an Option shall be rounded down to the next nearest whole number.

 

		8.3	Term.

 

Each Option granted under
the Plan shall terminate, and all rights to purchase Shares thereunder shall cease, upon the expiration of ten (10) years from the date
such Option is granted, or under such circumstances and on such date prior thereto as is set forth in the Plan or as may be fixed by the
Committee and stated in the Award Agreement relating to such Option; provided, however, that in the event that the Grantee
is a Ten Percent Shareholder, an Option granted to such Grantee that is intended to be an Incentive Share Option shall not be exercisable
after the expiration of five (5) years from its Grant Date.

 

		8.4	Termination of Service.

 

Each Award Agreement shall
set forth the extent to which the Grantee shall have the right to exercise the Option following termination of the Grantee’s Service.
Such provisions shall be determined in the sole discretion of the Committee, need not be uniform among all Options issued pursuant to
the Plan, and may reflect distinctions based on the reasons for termination of Service.

 

		8.5	Limitations on Exercise of Option.

 

Notwithstanding any other
provision of the Plan, in no event may any Option be exercised, in whole or in part, prior to the date the Plan is approved by the shareholders
of the Company as provided herein or after the occurrence of an event referred to in Section 18 which results in termination
of the Option.

 

		8.6	Method of Exercise.

 

Subject
to the terms of Section 12 and Section 19.3, an Option that is exercisable may be exercised by the
Grantee’s delivery to the Company of notice of exercise on any business day, at the Company’s principal office, on the form
specified by the Company and in accordance with any additional procedures specified by the Committee. Such notice shall specify the number
of Shares with respect to which the Option is being exercised and shall be accompanied by payment in full of the Option Price of the Shares
for which the Option is being exercised plus the amount (if any) of federal and/or other taxes which the Company may, in its judgment,
be required to withhold with respect to an Award.

 

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		8.7	Rights of Holders of Options.

 

Unless
otherwise stated in the applicable Award Agreement, an individual or entity holding or exercising an Option shall have none of the rights
of a shareholder (for example, the right to receive cash or dividend payments or distributions attributable to the subject Shares or to
direct the voting of the subject Shares or to receive notice of any meeting of the Company’s shareholders) until the Shares covered
thereby are fully paid and issued to him. Except as provided in Section 18, no adjustment shall be made for
dividends, distributions or other rights for which the record date is prior to the date of such issuance.

 

		8.8	Delivery of Share Certificates.

 

Promptly
after the exercise of an Option by a Grantee and the payment in full of the Option Price with respect thereto, such Grantee shall be entitled
to receive such evidence of such Grantee’s ownership of the Shares subject to such Option as shall be consistent with Section
3.8.

 

		8.9	Transferability of Options.

 

Except
as provided in Section 8.10, during the lifetime of a Grantee, only the Grantee (or, in the event of legal incapacity
or incompetency, the Grantee’s guardian or legal representative) may exercise an Option. Except as provided in Section 8.10,
no Option shall be assignable or transferable by the Grantee to whom it is granted, other than by will or the laws of descent and distribution.

 

		8.10	Family Transfers.

 

If
authorized in the applicable Award Agreement or by the Committee, in its sole discretion, a Grantee may transfer, not for value, all or
part of an Option which is not an Incentive Share Option to any Family Member. For the purpose of this Section 8.10,
a “not for value” transfer is a transfer which is (a) a gift; (b) a transfer under a domestic relations order in settlement
of marital property rights; or (c) unless Applicable Law does not permit such transfers, a transfer to an entity in which more than fifty
percent (50%) of the voting interests are owned by Family Members (or the Grantee) in exchange for an interest in that entity. Following
a transfer under this Section 8.10, any such Option shall continue to be subject to the same terms and conditions as were
applicable immediately prior to transfer, and Shares acquired pursuant to the Option shall be subject to the same restrictions on transfer
of shares as would have applied to the Grantee. Subsequent transfers of transferred Options are prohibited except to Family Members of
the original Grantee in accordance with this Section 8.10 or by will or the laws of descent and distribution. The events of termination
of Service of Section 8.4 shall continue to be applied with respect to the original Grantee, following which the Option shall
be exercisable by the transferee only to the extent, and for the periods specified, in Section 8.4.

 

		8.11	Limitations on Incentive Share Options.

 

An Option shall constitute
an Incentive Share Option only (a) if the Grantee of such Option is an employee of the Company or any Subsidiary of the Company; (b) to
the extent specifically provided in the related Award Agreement; and (c) to the extent that the aggregate Fair Market Value (determined
at the time the Option is granted) of the Shares with respect to which all Incentive Share Options held by such Grantee become exercisable
for the first time during any calendar year (under the Plan and all other plans of the Grantee’s employer and its Affiliates) does
not exceed $100,000. Except to the extent provided in the regulations under Code Section 422, this limitation shall be applied by taking
Options into account in the order in which they were granted.

 

    16

     

    

 

		8.12	Notice of Disqualifying Disposition.

 

If any Grantee shall make
any disposition of Shares issued pursuant to the exercise of an Incentive Share Option under the circumstances described in Code Section
421(b) (relating to certain disqualifying dispositions), such Grantee shall notify the Company of such disposition within ten (10) days
thereof.

 

	9.	TERMS AND CONDITIONS OF share Appreciation Rights

 

		9.1	Right to Payment and SAR Exercise Price.

 

A SAR shall confer on the
Grantee to whom it is granted a right to receive, upon exercise thereof, the excess of (a) the Fair Market Value of one Share on the date
of exercise over (b) the SAR Exercise Price as determined by the Committee. The Award Agreement for a SAR shall specify the SAR Exercise
Price, which shall be at least the Fair Market Value of one (1) Share on the Grant Date. SARs may be granted in conjunction with all or
part of an Option granted under the Plan or at any subsequent time during the term of such Option, in conjunction with all or part of
any other Award or without regard to any Option or other Award; provided, that a SAR that is granted subsequent to the Grant Date
of a related Option must have a SAR Exercise Price that is no less than the Fair Market Value of one Share on the SAR Grant Date; and
provided further that a Grantee may only exercise either the SAR or the Option with which it is granted in tandem and not both.

 

		9.2	Other Terms.

 

The Committee shall determine
on the Grant Date or thereafter, the time or times at which and the circumstances under which a SAR may be exercised in whole or in part
(including based on achievement of performance goals and/or future service requirements), the time or times at which SARs shall cease
to be or become exercisable following termination of Service or upon other conditions, the method of exercise, method of settlement, form
of consideration payable in settlement, method by or forms in which Shares will be delivered or deemed to be delivered to Grantees, whether
or not a SAR shall be in tandem or in combination with any other Award, and any other terms and conditions of any SAR. No SAR will be
granted to a person who is entitled to overtime under Applicable Laws that will vest or be exercisable within a six (6)-month period starting
on the Grant Date.

 

		9.3	Term.

 

Each SAR granted under the
Plan shall terminate, and all rights thereunder shall cease, upon the expiration of ten (10) years from the date such SAR is granted,
or under such circumstances and on such date prior thereto as is set forth in the Plan or as may be fixed by the Committee and stated
in the Award Agreement relating to such SAR.

 

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		9.4	Transferability of SARs.

 

Except
as provided in Section 9.5, during the lifetime of a Grantee, only the Grantee (or, in the event of legal incapacity
or incompetency, the Grantee’s guardian or legal representative) may exercise a SAR. Except as provided in Section 9.5,
no SAR shall be assignable or transferable by the Grantee to whom it is granted, other than by will or the laws of descent and distribution.

 

		9.5	Family Transfers.

 

If
authorized in the applicable Award Agreement and by the Committee, in its sole discretion, a Grantee may transfer, not for value, all
or part of a SAR to any Family Member. For the purpose of this Section 9.5, a “not for value” transfer
is a transfer which is (a) a gift, (b) a transfer under a domestic relations order in settlement of marital property rights; or (c) unless
Applicable Law does not permit such transfers, a transfer to an entity in which more than fifty percent (50%) of the voting interests
are owned by Family Members (or the Grantee) in exchange for an interest in that entity. Following a transfer under this Section 9.5,
any such SAR shall continue to be subject to the same terms and conditions as were applicable immediately prior to transfer, and Shares
acquired pursuant to a SAR shall be subject to the same restrictions on transfer or shares as would have applied to the Grantee. Subsequent
transfers of transferred SARs are prohibited except to Family Members of the original Grantee in accordance with this Section 9.5
or by will or the laws of descent and distribution.

 

	10.	TERMS AND CONDITIONS OF RESTRICTED SHARES and SHARE units

 

		10.1	Grant of Restricted Shares or Share Units.

 

Awards of Restricted Shares
or Share Units may be made for consideration or no consideration (other than the par value of the Shares which shall be deemed paid by
past Service or, if so provided in the related Award Agreement or a separate agreement, the promise by the Grantee to perform future Service
to the Company or an Affiliate of the Company).

 

		10.2	Restrictions.

 

At
the time a grant of Restricted Shares or Share Units is made, the Committee may, in its sole discretion, establish a period of time (a
 “restricted period”) applicable to such Restricted Shares or Share Units. Each Award of Restricted Shares or Share Units may
be subject to a different restricted period. The Committee may in its sole discretion, at the time a grant of Restricted Shares or Share
Units is made, prescribe restrictions in addition to or other than the expiration of the restricted period, including the satisfaction
of corporate or individual performance objectives, which may be applicable to all or any portion of the Restricted Shares or Share Units
as described in Section 14. Neither Restricted Shares nor Share Units may be sold, transferred, assigned, pledged
or otherwise encumbered or disposed of during the restricted period or prior to the satisfaction of any other restrictions prescribed
by the Committee with respect to such Restricted Shares or Share Units.

 

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		10.3	Restricted Share Certificates.

 

Pursuant
to Section 3.8, to the extent that ownership of Restricted Shares is evidenced by a book-entry registration or direct
registration, such registration shall be notated to evidence the restrictions imposed on such Award of Restricted Shares under the Plan
and the applicable Award Agreement. Subject to Section 3.8 and the immediately following sentence, the Company may issue, in the
name of each Grantee to whom Restricted Shares have been granted, share certificates representing the total number of Restricted Shares
granted to the Grantee, as soon as reasonably practicable after the Grant Date. The Committee may provide in an Award Agreement that either
(a) the Secretary of the Company shall hold such certificates for the Grantee’s benefit until such time as the shares of Restricted
Shares are forfeited to the Company or the restrictions applicable thereto lapse and such Grantee shall deliver a stock power to the Company
with respect to each certificate, or (b) such certificates shall be delivered to the Grantee, provided, however, that such
certificates shall bear a legend or legends that comply with the applicable securities laws and regulations and make appropriate reference
to the restrictions imposed under the Plan and the Award Agreement.

 

		10.4	Rights of Holders of Restricted Shares.

 

Unless the Committee otherwise
provides in an Award Agreement, holders of Restricted Shares shall have the right to vote such Shares and the right to receive any dividends
declared or paid with respect to such Shares. The Committee may provide that any dividends paid on Restricted Shares must be reinvested
in Shares, which may or may not be subject to the same vesting conditions and restrictions applicable to such Restricted Shares. All distributions,
if any, received by a Grantee with respect to Restricted Shares as a result of any share split, share dividend, combination of shares,
or other similar transaction shall be subject to the restrictions applicable to the original grant. Holders of Restricted Shares may not
make an election under Code Section 83(b) with regard to the grant of Restricted Shares, and any holder who attempts to make such an election
shall forfeit the Restricted Shares.

 

		10.5	Rights of Holders of Share Units.

 

		10.5.1	Voting and Dividend Rights.

 

Holders of Share Units shall
have no rights as shareholders of the Company (for example, the right to receive cash or dividend payments or distributions attributable
to the Shares subject to such Share Units, to direct the voting of the Shares subject to such Share Units, or to receive notice of any
meeting of the Company’s shareholders). The Committee may provide in an Award Agreement evidencing a grant of Share Units that the
holder of such Share Units shall be entitled to receive, upon the Company’s payment of a cash dividend on its outstanding Shares,
a cash payment for each Share Unit held equal to the per-share dividend paid on the Shares. Such Award Agreement may also provide that
such cash payment will be deemed reinvested in additional Share Units at a price per unit equal to the Fair Market Value of a Share on
the date that such dividend is paid. Notwithstanding the foregoing, if a grantor trust is established in connection with the Awards of
Share Units and Shares are held in the grantor trust for purposes of satisfying the Company’s obligation to deliver Shares in connection
with such Share Units, the Award Agreement for such Share Units may provide that such cash payment shall be deemed reinvested in additional
Share Units at a price per unit equal to the actual price paid for each Share by the trustee of the grantor trust upon such trustee’s
reinvestment of the cash dividend received.

 

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		10.5.2	Creditor’s
                                            Rights.

 

A holder of Share Units shall
have no rights other than those of a general creditor of the Company. Share Units represent an unfunded and unsecured obligation of the
Company, subject to the terms and conditions of the applicable Award Agreement.

 

		10.6	Termination
                                            of Service.

 

Unless the Committee otherwise
provides in an Award Agreement or in writing after the Award Agreement is issued, upon the termination of a Grantee’s Service,
any Restricted Shares or Share Units held by such Grantee that have not vested, or with respect to which all applicable restrictions
and conditions have not lapsed, shall immediately be deemed forfeited. Upon forfeiture of Restricted Shares or Share Units, the Grantee
shall have no further rights with respect to such Award, including but not limited to any right to vote Restricted Shares or any right
to receive dividends with respect to Restricted Shares or Share Units.

 

		10.7	Purchase
                                            of Restricted Shares and Shares Subject to Share Units.

 

The
Grantee shall be required, to the extent required by Applicable Laws, to purchase the Restricted Shares or Shares subject to vested Share
Units from the Company at a Purchase Price equal to the greater of (a) the aggregate par value of the Shares represented by such Restricted
Shares or Share Units or (b) the Purchase Price, if any, specified in the Award Agreement relating to such Restricted Shares or Share
Units. The Purchase Price shall be payable in a form described in Section 12 or, in the discretion of the Committee,
in consideration for past or future Services rendered to the Company or an Affiliate.

 

		10.8	Delivery
                                            of Shares.

 

Upon
the expiration or termination of any restricted period and the satisfaction of any other conditions prescribed by the Committee, the
restrictions applicable to Restricted Shares or Share Units settled in Shares shall lapse, and, unless otherwise provided in the applicable
Award Agreement, a book-entry or direct registration or a share certificate evidencing ownership of such Shares shall, consistent with
Section 3.8, be issued, free of all such restrictions, to the Grantee or the Grantee’s beneficiary or estate,
as the case may be. Neither the Grantee, nor the Grantee’s beneficiary or estate, shall have any further rights with regard to
a Share Unit once the Shares represented by the Share Unit has been delivered.

 

		11.	TERMS
                                            AND CONDITIONS OF UNRESTRICTED SHARE AWARDS and other equity-based awards

 

The Committee may, in its
sole discretion, grant (or sell at par value or such other higher purchase price determined by the Committee) an Unrestricted Shares
Award to any Grantee pursuant to which such Grantee may receive Shares free of any restrictions (“Unrestricted Shares”)
under the Plan. Unrestricted Shares may be granted or sold to any Grantee as provided in the immediately preceding sentence in respect
of past or, if so provided in the related Award Agreement or a separate agreement, the promise by the Grantee to perform future Service
to the Company or an Affiliate or other valid consideration, or in lieu of, or in addition to, any cash compensation due to such Grantee.

 

    20 

     

    

 

The
Committee may, in its sole discretion, grant Awards to participants in the form of Other Equity-Based Awards, as deemed by the Committee
to be consistent with the purposes of the Plan. Awards granted pursuant to this Section 11 may be granted with vesting,
value and/or payment contingent upon the attainment of one or more performance goals. The Committee shall determine the terms and conditions
of such Awards at the date of grant or thereafter. Unless the Committee otherwise provides in an Award Agreement or in writing after
the Award Agreement is issued, upon the termination of a Grantee’s Service, any Other Equity-Based Awards held by such Grantee
that have not vested, or with respect to which all applicable restrictions and conditions have not lapsed, shall immediately be deemed
forfeited. Upon forfeiture of Other Equity-Based Awards, the Grantee shall have no further rights with respect to such Award.

 

		12.	FORM
                                            OF PAYMENT FOR OPTIONS AND RESTRICTED SHARES

 

		12.1	General
                                            Rule.

 

Payment of the Option Price
for the Shares purchased pursuant to the exercise of an Option or the Purchase Price for Restricted Shares shall be made in cash or in
cash equivalents acceptable to the Company.

 

		12.2	Surrender
                                            of Shares.

 

To the extent the Award Agreement
so provides, payment of the Option Price for Shares purchased pursuant to the exercise of an Option or the Purchase Price for Restricted
Shares may be made all or in part through the tender or attestation to the Company of Shares, which shall be valued, for purposes of
determining the extent to which the Option Price or Purchase Price has been paid thereby, at their Fair Market Value on the date of exercise
or surrender, as applicable.

 

		12.3	Cashless
                                            Exercise.

 

With
respect to an Option only (and not with respect to Restricted Shares), to the extent permitted by law and to the extent the Award Agreement
so provides, payment of the Option Price for Shares purchased pursuant to the exercise of an Option may be made all or in part (a) by
delivery (on a form acceptable to the Committee) by the Grantee of an irrevocable direction to a licensed securities broker acceptable
to the Company to sell Shares and to deliver all or part of the sales proceeds to the Company in payment of the Option Price and any
withholding taxes described in Section 19.3, or, (b) with the consent of the Company, by the Grantee electing
to have the Company issue to Grantee only that the number of Shares equal in value to the difference between the Option Price and the
Fair Market Value of the Shares subject to the portion of the Option being exercised.

 

		12.4	Other
                                            Forms of Payment.

 

To the extent the Award Agreement
so provides and/or unless otherwise specified in an Award Agreement, payment of the Option Price for Shares purchased pursuant to exercise
of an Option or the Purchase Price for Restricted Shares may be made in any other form that is consistent with Applicable Laws, regulations
and rules, including, without limitation, Service to the Company or an Affiliate or net exercise.

 

    21 

     

    

 

		13.	TERMS
                                            AND CONDITIONS OF Dividend Equivalent RIGHTS

 

		13.1	Dividend
                                            Equivalent Rights.

 

A
Dividend Equivalent Right is an Award entitling the recipient to receive credits based on cash distributions that would have been paid
on the Shares specified in the Dividend Equivalent Right (or other award to which it relates) if such Shares had been issued to and held
by the recipient. A Dividend Equivalent Right may be granted hereunder to any Grantee, provided that no Dividend Equivalent Rights may
be granted in connection with, or related to, an Award of Options or SARs. The terms and conditions of Dividend Equivalent Rights shall
be specified in the grant. Dividend equivalents credited to the holder of a Dividend Equivalent Right may be paid currently or may be
deemed to be reinvested in additional Shares, which may thereafter accrue additional equivalents. Any such reinvestment shall be at Fair
Market Value on the date of reinvestment. Dividend Equivalent Rights may be settled in cash or Shares or a combination thereof, in a
single installment or installments, all determined in the sole discretion of the Committee. A Dividend Equivalent Right granted as a
component of another Award may provide that such Dividend Equivalent Right shall be settled upon exercise, settlement, or payment of,
or lapse of restrictions on, such other award, and that such Dividend Equivalent Right shall expire or be forfeited or annulled under
the same conditions as such other award. A Dividend Equivalent Right granted as a component of another Award may also contain terms and
conditions different from the terms and conditions of such other Award. A cash amount credited pursuant to a Dividend Equivalent Right
granted as a component of another Award which vests or is earned based upon the achievement of performance goals shall not vest unless
such performance goals for such underlying Award are achieved. Nothing in this Section 13.1 or otherwise under the
Plan shall be construed to prohibit the payment of distributions from the Partnership in respect of LTIP Units as provided for by the
Committee in the Award Agreement for such LTIP Units (or which otherwise may apply to Awards of LTIP Units under the Operating Partnership
Agreement).

 

		13.2	Termination
                                            of Service.

 

Except as may otherwise be
provided by the Committee either in the Award Agreement or in writing after the Award Agreement is issued, a Grantee’s rights in
all Dividend Equivalent Rights or interest equivalents shall automatically terminate upon the Grantee’s termination of Service
for any reason.

 

		14.	TERMS
                                            AND CONDITIONS OF PERFORMANCE AWARDS

 

		14.1	Grant
                                            of Performance Awards.

 

Subject to the terms and
provisions of the Plan, the Committee, at any time and from time to time, may grant Performance Awards to a Grantee in such amounts and
upon such terms as the Committee shall determine.

 

    22 

     

    

 

		14.2	Value
                                            of Performance Awards.

 

Each Performance Award shall
have an initial value that is established by the Committee at the time of grant. The Committee shall set performance goals in its discretion
which, depending on the extent to which they are met, will determine the value and/or number of Performance Awards that will be paid
out to the Grantee.

 

		14.3	Earning
                                            of Performance Awards.

 

Subject to the terms of the
Plan, after the applicable Performance Period has ended, the holder of Performance Awards shall be entitled to receive payout on the
value and number of the Performance Awards earned by the Grantee over the Performance Period, to be determined as a function of the extent
to which the corresponding performance goals have been achieved.

 

		14.4	Form
                                            and Timing of Payment of Performance Awards.

 

Payment of earned Performance
Awards shall be as determined by the Committee and as evidenced in the Award Agreement. Subject to the terms of the Plan, the Committee,
in its sole discretion, may pay earned Performance Awards in the form of cash or in Shares (or in a combination thereof) equal to the
value of the earned Performance Awards at the close of the applicable Performance Period, or as soon as practicable after the end of
the Performance Period; provided that, unless specifically provided in the Award Agreement pertaining to the grant of the Award,
such payment shall occur no later than the 15th day of the third month following the end of the calendar year in which the Performance
Period ends. Any Shares may be granted subject to any restrictions deemed appropriate by the Committee. The determination of the Committee
with respect to the form of payout of such Awards shall be set forth in the Award Agreement pertaining to the grant of the Award.

 

		14.5	Performance
                                            Conditions.

 

The right of a Grantee to
exercise or receive a grant or settlement of any Award, and the timing thereof, may be subject to such performance conditions as may
be specified by the Committee. The Committee may use such business criteria and other measures of performance as it may deem appropriate
in establishing any performance conditions.

 

		14.6	Settlement
                                            of Awards; Other Terms.

 

Settlement of such Performance
Awards shall be in cash, Shares, other Awards, or other property, in the discretion of the Committee. The Committee may, in its discretion,
reduce the amount of a settlement otherwise to be made in connection with such Performance Awards. The Committee shall specify the circumstances
in which such Performance Awards shall be paid or forfeited in the event of termination of Service by the Grantee prior to the end of
a performance period or settlement of Awards.

 

		14.7	Performance
                                            Measures.

 

Any Performance Measure(s)
may be used to measure the performance of the Company, Subsidiary, and/or Affiliate as a whole or any business unit of the Company, Subsidiary,
and/or Affiliate or any combination thereof, as the Committee may deem appropriate, or any Performance Measures as compared to the performance
of a group of comparable companies, or published or special index that the Committee, in its sole discretion, deems appropriate. The
Committee also has the authority to provide for accelerated vesting of any Performance Award based on the achievement of performance
goals.

 

    23 

     

    

 

		15.	TERMS
                                            AND CONDITIONS OF long-term incentive units

 

LTIP
Units are intended to be profits interests in the operating partnership affiliated with the Company, if any (such operating partnership,
if any, the “Operating Partnership”), the rights and features of which, if applicable, will be set forth in the agreement
of limited partnership for the Operating Partnership (the “Operating Partnership Agreement”) and an applicable Award
Agreement. Subject to the terms and provisions of the Plan and the Operating Partnership Agreement, the Committee, at any time and from
time to time, may grant LTIP Units to Plan participants in such amounts and upon such terms as the Committee shall determine, which need
not be the same with respect to each Grantee. LTIP Units must be granted for service to the Operating Partnership. Subject to Section 18,
each LTIP Unit granted under the Plan shall vest at such times and under such conditions as shall be determined by the Committee and
stated in the Award Agreement.

 

		16.	PARACHUTE
                                            LIMITATIONS

 

If the Grantee is a “disqualified
individual,” as defined in Code Section 280G(c), then, notwithstanding any other provision of the Plan or of any other agreement,
contract, or understanding heretofore or hereafter entered into by a Grantee with the Company or an Affiliate, except an agreement, contract,
or understanding that expressly addresses Code Section 280G or Code Section 4999 (an “Other Agreement”), and
notwithstanding any formal or informal plan or other arrangement for the direct or indirect provision of compensation to the Grantee
(including groups or classes of Grantees or beneficiaries of which the Grantee is a member), whether or not such compensation is deferred,
is in cash, or is in the form of a benefit to or for the Grantee (a “Benefit Arrangement”), any right to exercise, vesting,
payment or benefit to the Grantee under the Plan shall be reduced or eliminated:

 

(a)              
to the extent that such right to exercise, vesting, payment, or benefit, taking into account all other rights, payments, or benefits
to or for the Grantee under the Plan, all Other Agreements, and all Benefit Arrangements, would cause any exercise, vesting, payment
or benefit to the Grantee under the Plan to be considered a “parachute payment” within the meaning of Code Section 280G(b)(2)
as then in effect (a “Parachute Payment”); and

 

(b)              
if, as a result of receiving such Parachute Payment, the aggregate after-tax amounts received by the Grantee from the Company
under the Plan, all Other Agreements, and all Benefit Arrangements would be less than the maximum after-tax amount that could be received
by the Grantee without causing any such payment or benefit to be considered a Parachute Payment.

 

The Company shall accomplish
such reduction by first reducing or eliminating any cash payments (with the payments to be made furthest in the future being reduced
first), then by reducing or eliminating any accelerated vesting of Performance Awards, then by reducing or eliminating any accelerated
vesting of Options or SARs, then by reducing or eliminating any accelerated vesting of Restricted Shares or Share Units, then by reducing
or eliminating any other remaining Parachute Payments.

 

    24 

     

    

 

		17.	REQUIREMENTS
                                            OF LAW

 

		17.1	General.

 

No participant in the Plan
will be permitted to acquire, or will have any right to acquire, Shares thereunder if such acquisition would be prohibited by any share
ownership limits contained in charter or bylaws or would impair the Company’s status as a REIT. The Company shall not be required
to offer, sell or issue any Shares under any Award if the offer, sale or issuance of such Shares would constitute a violation by the
Grantee, any other individual or entity exercising an Option, or the Company or an Affiliate of any provision of any law or regulation
of any governmental authority, including without limitation any federal or state securities laws or regulations. If at any time the Company
shall determine, in its discretion, that the offering, listing, registration or qualification of any Shares subject to an Award upon
any securities exchange or under any governmental regulatory body is necessary or desirable as a condition of, or in connection with,
the issuance or purchase of Shares hereunder, no Shares may be offered, issued or sold to the Grantee or any other individual or entity
exercising an Option pursuant to such Award unless such offering, listing, registration, qualification, consent or approval shall have
been effected or obtained free of any conditions not acceptable to the Company, and any delay caused thereby shall in no way affect the
date of termination of the Award. Without limiting the generality of the foregoing, in connection with the Securities Act, upon the exercise
of any Option or any SAR that may be settled in Shares or the delivery of any Shares underlying an Award, unless a registration statement
under such Act is in effect with respect to the Shares covered by such Award, the Company shall not be required to offer, sell or issue
such Shares unless the Committee has received evidence satisfactory to it that the Grantee or any other individual or entity exercising
an Option or SAR or accepting delivery of such Shares may acquire such Shares pursuant to an exemption from registration under the Securities
Act. Any determination in this connection by the Committee shall be final, binding, and conclusive. The Company may, but shall in no
event be obligated to, register any securities covered hereby pursuant to the Securities Act. The Company shall not be obligated to take
any affirmative action in order to cause the exercise of an Option or a SAR or the issuance of Shares pursuant to the Plan to comply
with any Applicable Laws. As to any jurisdiction that expressly imposes the requirement that an Option (or SAR that may be settled in
Shares) shall not be exercisable until the Shares covered by such Option (or SAR) are registered under the securities laws thereof or
are exempt from such registration, the exercise of such Option (or SAR) under circumstances in which the laws of such jurisdiction apply
shall be deemed conditioned upon the effectiveness of such registration or the availability of such an exemption.

 

		17.2	Rule
                                            16b-3.

 

During any time when the
Company has a class of equity security registered under Section 12 of the Exchange Act, it is the intent of the Company that Awards pursuant
to the Plan and the exercise of Options and SARs granted hereunder that would otherwise be subject to Section 16(b) of the Exchange Act
will qualify for the exemption provided by Rule 16b-3 under the Exchange Act. To the extent that any provision of the Plan or action
by the Committee does not comply with the requirements of Rule 16b-3, it shall be deemed inoperative with respect to such Awards to the
extent permitted by Applicable Law and deemed advisable by the Committee, and shall not affect the validity of the Plan. In the event
that Rule 16b-3 is revised or replaced, the Committee may exercise its discretion to modify the Plan in any respect necessary to satisfy
the requirements of, or to take advantage of any features of, the revised exemption or its replacement.

 

    25 

     

    

 

		18.	EFFECT
                                            OF CHANGES IN CAPITALIZATION

 

		18.1	Changes
                                            in Shares.

 

If
the number of outstanding Shares is increased or decreased or the Shares are changed into or exchanged for a different number or kind
of Shares or other securities of the Company on account of any recapitalization, reclassification, share split, reverse share split,
spin-off, combination of share, exchange of shares, share dividend or other distribution payable in capital shares, or other increase
or decrease in such shares effected without receipt of consideration by the Company occurring after the Effective Date, the number and
kinds of shares for which grants of Options and other Awards may be made under the Plan, including, without limitation, the limits set
forth in Sections 4.1 and 6.2, shall be adjusted proportionately and accordingly by the Company in a
manner deemed equitable by the Committee. In addition, the number and kind of shares for which Awards are outstanding shall be adjusted
proportionately and accordingly so that the proportionate interest of the Grantee immediately following such event shall, to the extent
practicable, be the same as immediately before such event. Any such adjustment in outstanding Options or SARs shall not change the aggregate
Option Price or SAR Exercise Price payable with respect to shares that are subject to the unexercised portion of an outstanding Option
or SAR, as applicable, but shall include a corresponding proportionate adjustment in the Option Price or SAR Exercise Price per share.
The conversion of any convertible securities of the Company shall not be treated as an increase in shares affected without receipt of
consideration. Notwithstanding the foregoing, in the event of any distribution to the Company’s shareholders of securities of any
other entity or other assets (including an extraordinary dividend but excluding a non-extraordinary dividend of the Company) without
receipt of consideration by the Company, the Committee shall, in such manner as the Committee deems appropriate, adjust (a) the number
and kind of shares subject to outstanding Awards and/or (b) the exercise price of outstanding Options and Share Appreciation Rights to
reflect such distribution.

 

		18.2	Reorganization
                                            in Which the Company Is the Surviving Entity Which Does not Constitute a Change in Control.

 

Subject
to Section 18.3, if the Company shall be the surviving entity in any reorganization, merger, or consolidation
of the Company with one or more other entities which does not constitute a Change in Control, any Option or SAR theretofore granted pursuant
to the Plan shall pertain to and apply to the securities to which a holder of the number of Shares subject to such Option or SAR would
have been entitled immediately following such reorganization, merger, or consolidation, with a corresponding proportionate adjustment
of the Option Price or SAR Exercise Price per share so that the aggregate Option Price or SAR Exercise Price thereafter shall be the
same as the aggregate Option Price or SAR Exercise Price of the Shares remaining subject to the Option or SAR immediately prior to such
reorganization, merger, or consolidation. Subject to any contrary language in an Award Agreement evidencing an Award, or in another agreement
with the Grantee, or otherwise set forth in writing, any restrictions applicable to such Award shall apply as well to any replacement
shares received by the Grantee as a result of the reorganization, merger or consolidation. In the event of a transaction described in
this Section 18.2, Performance Awards shall be adjusted (including any adjustment to the Performance Measures applicable
to such Awards deemed appropriate by the Committee) so as to apply to the securities that a holder of the number of Shares subject to
the Performance Awards would have been entitled to receive immediately following such transaction.

 

    26 

     

    

 

		18.3	Change
                                            in Control.

 

		18.3.1	Vesting.

 

(a)              
With respect to Awards other than any Performance Awards and any Other Equity-Based Awards, upon the occurrence of a Change in
Control, in each case as of immediately prior to but contingent on the occurrence of such Change in Control, (i) all outstanding Options
and SARs shall be deemed to have vested, and all restrictions and conditions applicable to such Options and SARs shall be deemed to have
lapsed; (ii) all outstanding Restricted Shares and Share Units shall be deemed to have vested, and all restrictions and conditions applicable
to such Restricted Shares and Share Units shall be deemed to have lapsed, and any Shares subject thereto shall be delivered unless the
Committee determines to cash out such Award as described in Section 18.3.2 and any cash payment required thereunder shall be made;
(iii) all outstanding Dividend Equivalent Rights shall be deemed to have vested, and all restrictions and conditions applicable to such
Dividend Equivalent Rights shall be deemed to have lapsed, and any Shares subject thereto shall be delivered unless the Committee determines
to cash out such Award as described in Section 18.3.2 and any cash payment required thereunder shall be made; and (iv) all
outstanding LTIP Units shall be deemed to have vested, and all restrictions and conditions applicable to such LTIP Units shall be deemed
to have lapsed;

 

(b)              
With respect to any Performance Award, upon the occurrence of a Change in Control, (i) if less than half of the Performance Period
has lapsed, such Awards shall be earned, as of immediately prior to but contingent on the occurrence of such Change in Control, based
on deemed achievement of target performance, and (ii) if at least half of the Performance Period has lapsed, such Awards shall be earned,
immediately prior to but contingent on the occurrence of such Change in Control, based on the greater of (A) deemed achievement of target
performance or (B) determination of actual performance as of a date reasonably proximal to the date of consummation of such Change in
Control as determined by the Committee in its sole discretion.

 

(c)              
With respect to any Other Equity-Based Award, upon the occurrence of a Change in Control, Other-Equity Based Awards shall be governed
by the terms of the applicable Award Agreement

 

		18.3.2	Treatment.

 

Upon the occurrence of a
Change in Control, one or more of the following actions shall be taken by the Committee:

 

    27 

     

    

 

(a)              
The Committee may elect, in its sole discretion, to cancel any outstanding Awards of Options, SARs, Restricted Shares, Share Units,
and Dividend Equivalent Rights (for Shares payable thereunder, if any) and pay or deliver, or cause to be paid or delivered, to the holder
thereof an amount in cash and/or securities having a value (as determined by the Committee acting in good faith), in the case of Restricted
Shares, Share Units, and Dividend Equivalent Rights (for Shares payable thereunder, if any), equal to the formula or fixed price per
Share paid to holders of Shares and, in the case of Options or SARs, equal to the product of the number of Shares subject to the Option
or SAR (the “Award Shares”) multiplied by the amount, if any, by which (A) the formula or fixed price per share paid
to holders of Shares pursuant to such Change in Control exceeds (B) the Option Price or SAR Exercise Price applicable to such Award Shares;

 

(b)              
The Committee may provide written notice to holders of Options and SARs that, for a period of at least fifteen (15) days prior
to such Change in Control (unless (i) a shorter period is required to permit a timely closing of the transaction and (ii) such shorter
period still offers the Grantee a reasonable opportunity to exercise the Option or SAR) (such period, the “Exercise Window”),
all outstanding Options and SARs shall become immediately exercisable and shall remain exercisable for such Exercise Window, and (A)
any exercise of an Option or SAR during such Exercise Window shall be conditioned upon the consummation of such Change in Control and
shall be effective only immediately before the consummation of such Change in Control, and (B) upon consummation of such Change in Control,
all outstanding but unexercised Options and SARs shall terminate, provided that the Committee shall send notice of an event that will
result in such a termination to all holders of Options and SARs not later than the time at which the Company gives notice thereof to
its shareholders; and/or

 

(c)              
The Committee may make provision in writing in connection with such Change in Control for the assumption and continuation of Options
and SARs theretofore granted, or for substitution of such Options and SARs for new common stock option and stock appreciation rights
relating to the stock of the successor entity, or a parent or subsidiary thereof, with appropriate adjustment as to the number of shares
(disregarding any consideration that is not common stock) and option and stock appreciation right exercise prices.

 

		18.4	Adjustments.

 

Adjustments
under this Section 18 related to Shares or securities of the Company shall be made by the Committee, whose
determination in that respect shall be final, binding, and conclusive. No fractional shares or other securities shall be issued pursuant
to any such adjustment, and any fractions resulting from any such adjustment shall be eliminated in each case by rounding downward to
the nearest whole share. This Section 18 does not limit the Company’s ability to provide for alternative treatment of Awards
outstanding under the Plan in the event of a change in control event involving the Company or an Affiliate that does not constitute a
Change in Control.

 

		18.5	No
                                            Limitations on Company.

 

The making of Awards pursuant
to the Plan shall not affect or limit in any way the right or power of the Company to make adjustments, reclassifications, reorganizations,
or changes of its capital or business structure or to merge, consolidate, dissolve, or liquidate, or to sell or transfer all or any part
of its business or assets (including all or any part of the business or assets of any Subsidiary or other Affiliate) or engage in any
other transaction or activity.

 

    28 

     

    

 

		19.	GENERAL
                                            PROVISIONS

 

		19.1	Disclaimer
                                            of Rights.

 

No provision in the Plan
or in any Award or Award Agreement shall be construed to confer upon any individual or entity the right to remain in the employ or Service
of the Company or an Affiliate, or to interfere in any way with any contractual or other right or authority of the Company or an Affiliate
either to increase or decrease the compensation or other payments to any individual or entity at any time, or to terminate any employment
or other relationship between any individual or entity and the Company or an Affiliate. In addition, notwithstanding anything contained
in the Plan to the contrary, unless otherwise stated in the applicable Award Agreement, in another agreement with the Grantee, or otherwise
in writing, no Award granted under the Plan shall be affected by any change of duties or position of the Grantee, so long as such Grantee
continues to provide Service. The obligation of the Company to pay any benefits pursuant to the Plan shall be interpreted as a contractual
obligation to pay only those amounts described herein, in the manner and under the conditions prescribed herein. The Plan and Awards
shall in no way be interpreted to require the Company to transfer any amounts to a third party trustee or otherwise hold any amounts
in trust or escrow for payment to any Grantee or beneficiary under the terms of the Plan.

 

		19.2	Nonexclusivity
                                            of the Plan.

 

Neither the adoption of the
Plan nor the submission of the Plan to the shareholders of the Company for approval shall be construed as creating any limitations upon
the right and authority of the Committee to adopt such other incentive compensation arrangements (which arrangements may be applicable
either generally to a class or classes of individuals or specifically to a particular individual or particular individuals) as the Committee
in its discretion determines desirable.

 

		19.3	Withholding
                                            Taxes.

 

The
Company or an Affiliate, as the case may be, shall have the right to deduct from payments of any kind otherwise due to a Grantee any
federal, state, or local taxes of any kind required by law to be withheld with respect to the vesting of or other lapse of restrictions
applicable to an Award or upon the issuance of any Shares upon the exercise of an Option or pursuant to an Award. At the time of such
vesting, lapse, or exercise, the Grantee shall pay in cash to the Company or an Affiliate, as the case may be, any amount that the Company
or an Affiliate may reasonably determine to be necessary to satisfy such withholding obligation; provided, that if there is a
same-day sale of Shares subject to an Award, the Grantee shall pay such withholding obligation on the day on which such same-day sale
is completed. Subject to the prior approval of the Company or an Affiliate, which may be withheld by the Company or an Affiliate, as
the case may be, in its sole discretion, the Grantee may elect to satisfy such obligations, in whole or in part, (a) by causing
the Company or an Affiliate to withhold Shares otherwise issuable to the Grantee or (b) by delivering to the Company or an Affiliate
Shares already owned by the Grantee. The Shares so delivered or withheld shall have an aggregate Fair Market Value equal to such withholding
obligations. The Fair Market Value of the Shares used to satisfy such withholding obligation shall be determined by the Company or an
Affiliate as of the date that the amount of tax to be withheld is to be determined. A Grantee who has made an election pursuant to this
Section 19.3 may satisfy his or her withholding obligation only with Shares that are not subject to any repurchase,
forfeiture, unfulfilled vesting, or other similar requirements. The maximum number of Shares that may be withheld from any Award to satisfy
any federal, state or local tax withholding requirements upon the exercise, vesting, lapse of restrictions applicable to such Award or
payment of Shares pursuant to such Award, as applicable, cannot exceed such number of Shares having a Fair Market Value equal to the
minimum statutory amount required by the Company or an Affiliate to be withheld and paid to any such federal, state, or local taxing
authority with respect to such exercise, vesting, lapse of restrictions or payment of Shares; provided, however, for so
long as Accounting Standards Update 2016-09 or a similar rule remains in effect, the Board or the Committee has full discretion to choose,
or to allow a Grantee to elect, to withhold a number of Shares having an aggregate Fair Market Value that is greater than the applicable
minimum required statutory withholding obligation (but such withholding may in no event be in excess of the maximum required statutory
withholding amount(s) in such Grantee’s relevant tax jurisdictions).

 

    29 

     

    

 

		19.4	Captions.

 

The use of captions in the
Plan or any Award Agreement is for the convenience of reference only and shall not affect the meaning of any provision of the Plan or
such Award Agreement.

 

		19.5	Other
                                            Provisions.

 

Each Award granted under
the Plan may contain such other terms and conditions not inconsistent with the Plan as may be determined by the Committee, in its sole
discretion.

 

		19.6	Number
                                            and Gender.

 

With respect to words used
in the Plan, the singular form shall include the plural form, the masculine gender shall include the feminine gender, etc., as the context
requires.

 

		19.7	Severability.

 

If any provision of the Plan
or any Award Agreement shall be determined to be illegal or unenforceable by any court of law in any jurisdiction, the remaining provisions
hereof and thereof shall be severable and enforceable in accordance with their terms, and all provisions shall remain enforceable in
any other jurisdiction.

 

		19.8	Governing
                                            Law.

 

The validity and construction
of the Plan and the instruments evidencing the Awards hereunder shall be governed by, and construed and interpreted in accordance with,
the laws of the State of Maryland, other than any conflicts or choice of law rule or principle that might otherwise refer construction
or interpretation of the Plan and the instruments evidencing the Awards granted hereunder to the substantive laws of any other jurisdiction.

 

    30 

     

    

 

		19.9	Code
                                            Section 409A.

 

The
Company intends to comply with Code Section 409A, or an exemption to Code Section 409A, with regard to Awards hereunder that constitute
nonqualified deferred compensation within the meaning of Code Section 409A. To the extent that the Company determines that a Grantee
would be subject to the additional twenty percent (20%) tax imposed on certain nonqualified deferred compensation plans pursuant to Code
Section 409A as a result of any provision of any Award granted under the Plan, such provision shall be deemed amended to the minimum
extent necessary to avoid application of such additional tax. The nature of any such amendment shall be determined by the Committee.
Notwithstanding any provision of the Plan or an Award Agreement to the contrary, to the extent required to avoid accelerated taxation
and tax penalties under Code Section 409A, amounts that would otherwise be payable and benefits that would otherwise be provided pursuant
to the Plan or an Award Agreement during the six (6)-month period immediately following the Grantee’s Separation from Service will
instead be paid on the first payroll date after the six (6)-month anniversary of the Grantee’s separation from service (or the
Grantee’s death, if earlier).

 

*  *  *

 

    31 

     

    

 

To record adoption of the
Plan by the Board as of March 22, 2021, and approval of the Plan by the shareholders on April 30, 2021, the Company has caused its authorized
officer to execute the Plan.

 

	 	RLJ
    LODGING TRUST
	 	 
	 	/s/
    Anita Cooke Wells
	 	By:	Anita
    Cooke Wells
	 	Title:	SecretaryExhibit
4.1

 

RIGHTS
AGREEMENT

 

dated
as of May 4, 2021

 

between

 

THEMAVEN,
INC.,

 

as
the Company,

 

and

 

AMERICAN
STOCK TRANSFER & TRUST COMPANY, LLC,

 

as
Rights Agent

 

    	 

    	 

    

 

TABLE
OF CONTENTS

 

	 	 	Page
	 	 	 
	Section
    1.	Certain
    Definitions.	1
	Section
    2.	Appointment
    of Rights Agent.	11
	Section
    3.	Issue
    of Rights Certificates.	11
	Section
    4.	Form
    of Rights Certificate.	13
	Section
    5.	Countersignature
    and Registration.	14
	Section
    6.	Transfer,
    Split Up, Combination and Exchange of Rights Certificates; Mutilated, Destroyed, Lost or Stolen Rights Certificates.	15
	Section
    7.	Exercise
    of Rights; Exercise Price; Expiration Date of Rights.	16
	Section
    8.	Cancellation
    and Destruction of Rights Certificates.	18
	Section
    9.	Reservation
    and Availability of Capital Stock.	18
	Section
    10.	Preferred
    Stock Record Date.	20
	Section
    11.	Adjustment
    of Exercise Price, Number and Kind of Shares or Number of Rights.	21
	Section
    12.	Certificate
    of Adjusted Exercise Price or Number of Shares.	28
	Section
    13.	Consolidation,
    Merger or Sale or Transfer of Assets or Earning Power.	28
	Section
    14.	Fractional
    Rights; Fractional Shares; Waiver.	32
	Section
    15.	Rights
    of Action.	33
	Section
    16.	Agreement
    of Rights Holders.	33
	Section
    17.	Rights
    Certificate Holder Not Deemed a Stockholder.	34
	Section
    18.	Duties
    of Rights Agent.	34
	Section
    19.	Concerning
    the Rights Agent.	37
	Section
    20.	Merger
    or Consolidation or Change of Name of Rights Agent.	38
	Section
    21.	Change
    of Rights Agent.	39
	Section
    22.	Issuance
    of New Rights Certificates.	39
	Section
    23.	Redemption.	40
	Section
    24.	Exchange.	41
	Section
    25.	Process
    to Seek Exemption.	43
	Section
    26.	Notice
    of Certain Events.	43
	Section
    27.	Notices.	44
	Section
    28.	Supplements
    and Amendments.	45
	Section
    29.	Successors.	46
	Section
    30.	Determinations
    and Actions by the Board.	46
	Section
    31.	Benefits
    of this Agreement.	46
	Section
    32.	Tax
    Compliance and Withholding.	47
	Section
    33.	Severability.	47
	Section
    34.	Governing
    Law.	47
	Section
    35.	Counterparts.	47
	Section
    36.	Interpretation.	47
	Section
    37.	Force
    Majeure.	47
	 	 	 
	Exhibit
    A	Certificate
    of Designations 	A-1
	 	 	 
	Exhibit
    B	Summary
    of Rights	B-1
	 	 	 
	Exhibit
    C	Form
    of Rights Certificate	C-1

 

    	- i
                                                                                                                                                                                                                               -

    	 

    

 

RIGHTS
AGREEMENT

 

RIGHTS
AGREEMENT, dated as of May 4, 2021 (this “Agreement”), by and between TheMaven, Inc., a Delaware corporation
(the “Company”), and American Stock Transfer & Trust Company, LLC, as rights agent (the “Rights
Agent”).

 

WHEREAS,
on the date hereof, the Special Finance & Governance Committee (the “Special Committee”) of the
Board of Directors of the Company (the “Board”) authorized and declared a dividend (the “Rights
Dividend”) of one preferred share purchase right (a “Right”) for each share of Common
Stock of the Company outstanding at the Close of Business on the Record Date, each Right initially representing the right to purchase
one one-thousandth (subject to adjustment) of one share of Preferred Stock, upon the terms and subject to the conditions herein
set forth, and further authorized and directed the issuance of one Right (subject to adjustment) with respect to each share of
Common Stock of the Company that shall become outstanding between the Record Date and the earlier of the Distribution Date and
the Expiration Date; provided, however, that Rights may be issued with respect to shares of Common Stock that shall
become outstanding after the Distribution Date and prior to the Expiration Date in accordance with Section 22 hereof; and

 

WHEREAS,
in connection with the declaration of the Rights Dividend, the Special Committee also authorized and declared a dividend of Rights
on the Company’s Series H Preferred Stock (the “Existing Preferred Stock”) outstanding at the
Close of Business on the Record Date, with one Right to be issued for each share of Common Stock issuable upon conversion of such
Existing Preferred Stock, upon the terms and subject to the conditions herein set forth, and further authorized and directed the
issuance of one Right (subject to adjustment) with respect to each share of Existing Preferred Stock that shall become outstanding
between the Record Date and the earlier of the Distribution Date and the Expiration Date; provided, however, that
Rights may be issued with respect to shares of Existing Preferred Stock that shall become outstanding after the Distribution Date
and prior to the Expiration Date in accordance with Section 22 hereof.

 

NOW,
THEREFORE, in consideration of the premises and the mutual agreements herein set forth, the parties hereby agree as follows:

 

Section
1. Certain Definitions.

 

For
purposes of this Agreement, the following terms have the meanings indicated:

 

(a)
“Acquiring Person” shall mean any Person which, together with all of its Related Persons, is the Beneficial
Owner of 15% or more of the shares of Common Stock then outstanding on a fully diluted basis (as defined in Section 1(pp)), but
shall exclude (i) the Excluded Persons, (ii) any Exempt Persons and (iii) any Grandfathered Persons.

 

Notwithstanding
anything in this Agreement to the contrary, no Person shall become an “Acquiring Person”:

 

(i)
as the result of an acquisition of shares of Common Stock by the Company which, by reducing the number of shares of Common Stock outstanding,
increases the percentage of the shares of Common Stock Beneficially Owned by such Person, together with all of its Related Persons, to
15% or more of the shares of Common Stock of the Company then outstanding on a fully diluted basis; provided, however,
that if a Person, together with all of its Related Persons, becomes the Beneficial Owner of 15% or more of the shares of Common
Stock of the Company then outstanding on a fully diluted basis by reason of share acquisitions by the Company and, after such share acquisitions
by the Company, becomes the Beneficial Owner of any additional shares of Common Stock of the Company (other than pursuant to a dividend
or distribution paid or made by the Company on the outstanding Common Stock or pursuant to a split or subdivision of the outstanding
Common Stock or pursuant to a grant or exercise described in Section 1(a)(ii) below), then such Person shall be deemed to be an “Acquiring
Person” unless, upon becoming the Beneficial Owner of such additional shares of Common Stock, such Person, together with all of
its Related Persons, does not Beneficially Own 15% or more of the Common Stock then outstanding on a fully diluted basis;

 

    	- 1 -

    	 

    

 

(ii)
solely as a result of any unilateral grant of any security by the Company, or through the exercise of any options, warrants, rights or
similar interests (including restricted stock) granted by the Company to its directors, officers and employees; provided, however,
that if a Person, together with all of its Related Persons, becomes the Beneficial Owner of 15% or more of the shares of Common
Stock of the Company then outstanding on a fully diluted basis by reason of a unilateral grant of a security by the Company, or through
the exercise of any options, warrants, rights or similar interests (including restricted stock) granted by the Company to its directors,
officers and employees, then such Person shall nevertheless be deemed to be an “Acquiring Person” if such Person, together
with all of its Related Persons, thereafter becomes the Beneficial Owner of any additional shares of Common Stock (unless upon becoming
the Beneficial Owner of additional shares of Common Stock, such Person, together with all of its Related Persons, does not Beneficially
Own 15% or more of the Common Stock then outstanding on a fully diluted basis), except as a result of (A) a dividend or distribution
paid or made by the Company on the outstanding Common Stock or a split or subdivision of the outstanding Common Stock; or (B) a grant
or exercise described in this Section 1(a)(ii);

 

(iii)
by means of share purchases directly from or issuances (including debt for equity exchanges) directly by the Company or indirectly through
an underwritten offering by the Company, in a transaction approved by the Board; provided, however, that a Person shall
be deemed to be an “Acquiring Person” if such Person (A) is or becomes the Beneficial Owner of 15% or more of the
shares of Common Stock then outstanding on a fully diluted basis following such transaction and (B) subsequently becomes the Beneficial
Owner of any additional shares of Common Stock (other than pursuant to a dividend or distribution paid or made by the Company on the
outstanding Common Stock or pursuant to a split or subdivision of the outstanding Common Stock or pursuant to a grant or exercise described
in Section 1(a)(ii) above) without the prior written consent of the Company and then Beneficially Owns 15% or more of the shares
of Common Stock then outstanding on a fully diluted basis;

 

(iv)
if (A) the Board determines in good faith that such Person has become an “Acquiring Person” inadvertently (including,
without limitation, because (1) such Person was unaware that it Beneficially Owned a percentage of the then-outstanding Common
Stock that would otherwise cause such Person to be an “Acquiring Person” or became an “Acquiring Person”
in a manner described in Section 1(a)(i), Section 1(a)(ii) or Section 1(a)(iii) and, in each case, inadvertently became a Beneficial
Owner of additional shares of Common Stock of the Company; or (2) such Person was aware of the extent of its Beneficial Ownership
of Common Stock but had no actual knowledge of the consequences of such Beneficial Ownership under this Agreement); and (B) such
Person divests as promptly as practicable (as determined in good faith by the Board) a sufficient number of shares of Common Stock
so that such Person would no longer be an “Acquiring Person”; or

 

    	- 2 -

    	 

    

 

(v)
if such Person is a bona fide swaps dealer who has become an “Acquiring Person” as a result of its actions in the
ordinary course of its business that the Board determines, in its sole discretion, were taken without the intent or effect of
evading or assisting any other Person to evade the purposes and intent of this Agreement, or otherwise seeking to control or influence
the management or policies of the Company.

 

(b)
“Adjustment Shares” shall have the meaning set forth in Section 11(a)(ii) hereof.

 

(c)
“Affiliate” shall have the meaning ascribed to such term in Rule 12b-2 of the Exchange Act Regulations,
as in effect on the date of this Agreement.

 

(d)
“Agreement” shall have the meaning set forth in the Preamble hereof.

 

(e)
“Associate” shall have the meaning ascribed to such term in Rule 12b-2 of the Exchange Act Regulations,
as in effect on the date of this Agreement.

 

(f)
A Person is the “Beneficial Owner” of (and “Beneficially Owns” and has “Beneficial
Ownership” of) any securities (that are as such “Beneficially Owned”):

 

(i)
that such Person or any of such Person’s Related Persons Beneficially Owns, directly or indirectly, as determined pursuant
to Rule 13d-3 or Rule 13d-5 of the Exchange Act Regulations as in effect on the date of this Agreement;

 

(ii)
that such Person or any of such Person’s Related Persons, directly or indirectly, has (A) the right to acquire (whether
such right is exercisable immediately or only after the passage of time or satisfaction of other conditions) pursuant to any agreement,
arrangement or understanding (whether or not in writing), or upon the exercise of conversion rights, exchange rights (other than
the Rights), rights, warrants or options, or otherwise; provided, however, that a Person shall not be deemed the
“Beneficial Owner” of (1) securities tendered pursuant to a tender or exchange offer made in accordance with the Exchange
Act Regulations by or on behalf of such Person or any of such Person’s Related Persons until such tendered securities are
accepted for purchase or exchange; (2) securities issuable upon exercise of Rights at any time prior to the occurrence of a Triggering
Event; (3) securities issuable upon exercise of Rights from and after the occurrence of a Triggering Event if such Rights were
acquired by such Person or any of such Person’s Related Persons prior to the Distribution Date or pursuant to Section 3(a)
or Section 22 hereof (the “Original Rights”) or pursuant to Section 11(a) hereof in connection with
an adjustment made with respect to any Original Rights; or (4) securities which such Person or any of such Person’s Related
Persons may acquire, does or do acquire or may be deemed to have the right to acquire, pursuant to any merger or other acquisition
agreement between the Company and such Person (or one or more of such Person’s Related Persons) if such agreement has been
approved by the Board prior to such Person becoming an Acquiring Person; or (B) the right to vote or dispose of, pursuant to any
agreement, arrangement or understanding (whether or not in writing);

 

    	- 3 -

    	 

    

 

(iii)
that are Beneficially Owned, directly or indirectly, by any other Person (or any Related Person of such Person) with which such
Person (or any Related Person of such Person) has any agreement, arrangement, or understanding (whether or not in writing), for
the purpose of acquiring, holding, voting or disposing of any such securities; or

 

(iv)
that are Beneficially Owned, directly or indirectly, by a Counterparty (or any of such Counterparty’s Related Persons) under
any Derivatives Contract (without regard to any short or similar position under the same or any other Derivatives Contract) to
which such Person or any of such Person’s Related Persons is a Receiving Party; provided, however, that the
number of shares of Common Stock that a Person is deemed to Beneficially Own pursuant to this clause (iv) in connection with a
particular Derivatives Contract shall not exceed the number of Notional Common Shares with respect to such Derivatives Contract;
provided, further, that the number of securities Beneficially Owned by each Counterparty (including its Related
Persons) under a Derivatives Contract shall for purposes of this clause (iv) include all securities that are Beneficially Owned,
directly or indirectly, by any other Counterparty (or any of such other Counterparty’s Related Persons) under any Derivatives
Contract to which such first Counterparty (or any of such first Counterparty’s Related Persons) is a Receiving Party, with
this proviso being applied to successive Counterparties as appropriate.

 

Notwithstanding
anything in this definition of “Beneficial Ownership” to the contrary, Beneficial Owners of the Series H Preferred
Stock shall be deemed to Beneficially Own the shares of Common Stock of the Company issuable upon conversion of the Series H Preferred
Stock (without regard to any limitations on conversion thereof).

 

Notwithstanding
anything in this definition of “Beneficial Ownership” to the contrary, (x) no Person engaged in business as an underwriter
of securities shall be the “Beneficial Owner” of any securities acquired through such Person’s participation
in good faith in a firm commitment underwriting until the expiration of forty (40) days after the date of such acquisition; and
(y) no Person shall be deemed the “Beneficial Owner” of any security as a result of an agreement, arrangement or understanding
to vote such security that would otherwise render such Person the Beneficial Owner of such security if such agreement, arrangement
or understanding is not also then reportable on Schedule 13D and arises solely from a revocable proxy or consent given to such
Person in response to a public proxy or consent solicitation made pursuant to, and in accordance with, the applicable provisions
of the Exchange Act Regulations.

 

With
respect to any Person, for all purposes of this Agreement, any calculation of the number of shares of Common Stock outstanding
at any particular time, including, without limitation, for purposes of determining the particular percentage of the outstanding
shares of Common Stock of which any such Person is the Beneficial Owner, shall include the number of shares of Common Stock not
outstanding at the time of such calculation that such Person is otherwise deemed to Beneficially Own for purposes of this Agreement,
but the number of shares of Common Stock not outstanding that such Person is otherwise deemed to Beneficially Own for purposes
of this Agreement shall not be included for the purpose of computing the percentage of the outstanding shares of Common Stock
Beneficially Owned by any other Person (unless such other Person is also deemed to Beneficially Own for purposes of this Agreement
such shares of Common Stock not outstanding).

 

    	- 4 -

    	 

    

 

(g)
“Board” shall have the meaning set forth in the recitals of this Agreement.

 

(h)
“Book Entry” shall mean an uncertificated book entry for the Common Stock.

 

(i)
“Business Day” shall mean any day, other than a Saturday, a Sunday, or a day on which banking or trust
institutions in New York City, New York are authorized or obligated by law or executive order to close; provided, that
banks shall not be deemed to be authorized or obligated to be closed due to a “shelter in place,” “non-essential
employee” or similar closure of physical branch locations at the direction of any governmental authority if such banks’
electronic funds transfer systems (including for wire transfers) are open for use by customers on such day.

 

(j)
“Capital Stock” shall mean the Common Stock of the Company and the Existing Preferred Stock.

 

(k)
“Certificate of Designations” shall have the meaning set forth in Section 1(l) hereof.

 

(l)
“Certificate of Incorporation” shall mean the Amended and Restated Certificate of Incorporation of the
Company, as may be amended or restated from time to time, as filed with the Office of the Secretary of State of the State of Delaware,
and together with the Certificate of Designations of Series L Junior Participating Preferred Stock of the Company adopted contemporaneously
with the approval of this Agreement and attached hereto as Exhibit A (the “Certificate of Designations”),
as the same may hereafter be amended or restated.

 

(m)
“Close of Business” on any given date shall mean 5:00 p.m., New York City time, on such date; provided,
however, that if such date is not a Business Day, it shall mean 5:00 p.m., New York City time, on the next succeeding
Business Day.

 

(n)
“Closing Price” shall mean, in respect of any security for any day, the last sale price, regular way,
reported at or prior to 4:00 p.m. New York City time or, in case no such sale takes place on such day, the average of the bid
and asked prices, regular way, reported at or prior to 4:00 p.m. New York City time, in either case as reported in the principal
consolidated transaction reporting system with respect to securities listed or admitted to trading on NASDAQ or the NYSE or, if
the security is not listed or admitted to trading on NASDAQ or the NYSE, as reported in the principal consolidated transaction
reporting system with respect to securities listed on the principal securities exchange on which the security is listed or admitted
to trading or, if the security is not listed or admitted to trading on any securities exchange, the last quoted price reported
at or prior to 4:00 p.m. New York City time or, if not so quoted, the average of the high bid and low asked prices in the over-the-counter
market, as reported by any system then in use reported as of 4:00 p.m. New York City time or, if not so quoted, the average of
the closing bid and asked price furnished by a professional market maker making a market in the security, which professional market
maker is selected by the Board.

 

(o)
“Common Stock” shall mean (i) when used with reference to the Company, the Common Stock, par value $0.01
per share (subject to adjustment from time to time), of the Company; and (ii) when used with reference to any Person other than
the Company, the class or series of capital stock or equity interest with the greatest voting power (in relation to any other
classes or series of capital stock or equity interest) of such other Person or if such other Person is a Subsidiary of another
Person, the Person who ultimately controls such first-mentioned Person.

 

    	- 5 -

    	 

    

 

(p)
“Common Stock Equivalents” shall have the meaning set forth in Section 11(a)(iii) hereof.

 

(q)
“Company” shall have the meaning set forth in the Preamble hereof.

 

(r)
“Counterparty” shall have the meaning set forth in Section 1(v) hereof.

 

(s)
“Current Market Price” of any security on any date shall mean the average of the daily closing prices
per share of such security for the thirty (30) consecutive Trading Days immediately prior to, but not including, such date; provided,
however, that in the event that the “Current Market Price” of such security is determined during a period
following the announcement by the issuer of such security of (i) a dividend or distribution on such security payable in shares
of such security or securities convertible into such shares (other than the Rights); or (ii) any subdivision, combination or reclassification
of such security, and prior to the expiration of the requisite thirty (30) Trading Day period after but not including the ex-dividend
date for such dividend or distribution or the record date for such subdivision, combination or reclassification, then, in each
such case, the “Current Market Price” shall be appropriately adjusted to take into account ex-dividend trading, as
determined in good faith by the Board, whose determination shall be described in a statement delivered to the Rights Agent and
shall be conclusive for all purposes. If on any such date no market maker is making a market in such security or such security
is not publicly held or not listed or traded, the “Current Market Price” shall mean the fair value per share as determined
in good faith by the Board, whose determination shall be described in a written statement filed with the Rights Agent and shall
be conclusive for all purposes.

 

Except
as provided in this paragraph, the “Current Market Price” of the Preferred Stock shall be determined in accordance
with the method set forth above. If the Preferred Stock is not publicly traded, the “Current Market Price” of the
Preferred Stock shall be conclusively deemed to be the Current Market Price of the Common Stock of the Company as determined pursuant
to the paragraph above (appropriately adjusted to reflect any stock split, stock dividend or similar transaction occurring after
the date hereof), multiplied by one thousand. If neither the Common Stock nor the Preferred Stock is publicly held or so listed
or traded, the “Current Market Price” of the Preferred Stock shall mean the fair value per share as determined in
good faith by the Board, whose determination shall be described in a written statement filed with the Rights Agent and shall be
conclusive for all purposes. For all purposes of this Agreement, the “Current Market Price” of one one-thousandth
of a share of Preferred Stock shall be equal to the “Current Market Price” of one share of Preferred Stock divided
by 1,000.

 

(t)
“Current Value” shall have the meaning set forth in Section 11(a)(iii) hereof.

 

(u)
“Definitive Acquisition Agreement” shall mean any definitive written agreement entered into by the Company
that is conditioned on the approval by the holders of not less than a majority of voting power of the outstanding shares of Capital
Stock at a meeting of the stockholders of the Company with respect to (i) a merger, consolidation, recapitalization, reorganization,
share exchange, business combination or similar transaction involving the Company or (ii) the acquisition in any manner, directly
or indirectly, of more than fifty percent (50%) of the consolidated total assets (including, without limitation, equity securities
of its subsidiaries) of the Company and its Subsidiaries or businesses or assets of the Company and its subsidiaries (including,
without limitation, equity securities of its subsidiaries) that generated more than fifty percent (50%) of the Company’s
consolidated net revenue or earnings before interest, taxes, depreciation and amortization for the preceding twelve (12) months.

 

    	- 6 -

    	 

    

 

(v)
“Derivatives Contract” shall mean a contract between two parties (the “Receiving Party”
and the “Counterparty”) that is designed to produce economic benefits and risks to the Receiving Party
that correspond substantially to the ownership by the Receiving Party of a number of shares of Common Stock specified or referenced
in such contract (the number corresponding to such economic benefits and risks, the “Notional Common Shares”),
regardless of whether obligations under such contract are required or permitted to be settled through the delivery of cash, Common
Stock or other property, without regard to any short position under the same or any other Derivatives Contract. For the avoidance
of doubt, interests in broad-based index options, broad-based index futures and broad-based publicly traded market baskets of
stocks approved for trading by the appropriate federal governmental authority shall not be deemed “Derivatives Contracts.”

 

(w)
“Distribution Date” shall mean the earlier of (i) the Close of Business on the tenth (10th)
Business Day after the Stock Acquisition Date (or, if the tenth (10th) Business Day after the Stock Acquisition Date
occurs before the Record Date, the Close of Business on the Record Date) and (ii) the Close of Business on the tenth (10th)
Business Day (or, if such tenth (10th) Business Day occurs before the Record Date, the Close of Business on the Record
Date) after the Tender Offer Commencement Date; provided, however, that if either of the Stock Acquisition Date
or the Tender Offer Commencement Date occurs after the date of this Agreement and on or prior to the Record Date, then the Distribution
Date shall be the Record Date.

 

(x)
“Equivalent Preferred Stock” shall have the meaning set forth in Section 11(b) hereof.

 

(y)
“Excess Shares” shall have the meaning set forth in Section 11(a)(ii) hereof.

 

(z)
“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.

 

(aa)
“Exchange Act Regulations” shall mean the General Rules and Regulations under the Exchange Act.

 

(bb)
“Exchange Ratio” shall have the meaning set forth in Section 24(a) hereof.

 

(cc)
“Excluded Person” shall mean (i) the Company or any of its Subsidiaries; (ii) any officers, directors
and employees of the Company or any of its Subsidiaries solely in respect of such Person’s status or authority as such (including,
without limitation, any fiduciary capacity); or (iii) any employee benefit plan of the Company or of any Subsidiary of the Company
or any entity or trustee holding (or acting in a fiduciary capacity in respect of) shares of capital stock of the Company for
or pursuant to the terms of any such plan, or for the purpose of funding other employee benefits for employees of the Company
or any Subsidiary of the Company.

 

    	- 7 -

    	 

    

 

(dd)
“Exempt Person” shall mean any Person determined by the Board to be an “Exempt Person” in
accordance with the requirements set forth in Section 25 hereof for so long as such Person complies with any limitations or conditions
required by the Board in making such determination.

 

(ee)
“Exemption Request” shall have the meaning set forth in Section 25 hereof.

 

(ff)
“Exercise Price” shall have the meaning set forth in Sections 4(a), 11(a)(ii) and 13(a) hereof.

 

(gg)
“Existing Preferred Stock” shall have the meaning set forth in the recitals of this Agreement.

 

(hh)
“Expiration Date” shall have the meaning set forth in Section 7(a) hereof.

 

(ii)
“Flip-In Event” shall have the meaning set forth in Section 11(a)(ii) hereof.

 

(jj)
“Flip-In Trigger Date” shall have the meaning set forth in Section 11(a)(iii) hereof.

 

(kk)
“Flip-Over Event” shall mean any event described in clause (x), (y) or (z) of Section 13(a) hereof.

 

(ll)
“Grandfathered Person” shall mean any Person that, together with all of its Related Persons, is, as of the
date of this Agreement, the Beneficial Owner of 15% or more of the outstanding shares of Common Stock of the Company on a fully
diluted basis. A Person ceases to be a “Grandfathered Person” if and when (i) such Person becomes the Beneficial Owner of
less than 15% of the shares of Common Stock on a fully diluted basis of the Company then outstanding; or (ii) such Person increases
its Beneficial Ownership of shares of Common Stock of the Company to an amount equal to or greater than the greater of (A) 15%
of the shares of Common Stock of the Company then outstanding on a fully diluted basis and (B) the sum of (1) the lowest Beneficial Ownership
of such Person as a percentage of the shares of Common Stock of the Company outstanding on a fully diluted basis as of any time from
and after the public announcement of this Agreement (other than as a result of an acquisition of shares of Common Stock by the Company)
plus (2) one share of Common Stock of the Company.

 

(mm)
“NASDAQ” shall mean The NASDAQ Stock Market LLC.

 

(nn)
“Notional Common Shares” shall have the meaning set forth in Section 1(v) hereof.

 

(oo)
“NYSE” shall mean the New York Stock Exchange.

 

(pp)
“on a fully diluted basis” shall mean, with respect to any given date, the total number of shares of
Common Stock outstanding as of the Close of Business on such date after assuming and giving effect to the exercise or conversion
of any options, warrants, other stock purchase rights, preferred stock, debentures or any other securities of the Company then
outstanding (other than the Rights and without regard to any limitations on exercise or conversion thereof).

 

    	- 8 -

    	 

    

 

(qq)
“Person” shall mean any individual, firm, corporation, partnership (general or limited), limited liability
company, limited liability partnership, association, unincorporated organization, trust or other legal entity, including (i) any
syndicate or group deemed to be a Person under Section 13(d)(3) of the Exchange Act and Rule 13d-5(b) thereunder; and (ii) any
successor (by merger or otherwise) of any such firm, corporation, partnership (general or limited), limited liability company,
limited liability partnership, association, unincorporated organization, trust, or other group or entity.

 

(rr)
“Preferred Stock” shall mean the Series L Junior Participating Preferred Stock, par value $0.01 per
share, of the Company, having the voting rights, powers, designations, preferences and relative, participating, optional or other
special rights and qualifications, limitations and restrictions set forth in the Certificate of Designations.

 

(ss)
“Principal Party” shall have the meaning set forth in Section 13(b) hereof.

 

(tt)
“Receiving Party” shall have the meaning set forth in Section 1(v) hereof.

 

(uu)
“Record Date” shall mean the Close of Business on May 14, 2021.

 

(vv)
“Redemption Period” shall have the meaning set forth in Section 23(a) hereof.

 

(ww)
“Redemption Price” shall have the meaning set forth in Section 23(a) hereof.

 

(xx)
“Related Person” shall mean, as to any Person, any Affiliates or Associates of such Person.

 

(yy)
“Requesting Person” shall have the meaning set forth in Section 25 hereof.

 

(zz)
“Rights” shall have the meaning set forth in the recitals of this Agreement.

 

(aaa)
“Rights Agent” shall have the meaning set forth in the Preamble hereof.

 

(bbb)
“Rights Certificate” shall have the meaning set forth in Section 3(d) hereof.

 

(ccc)
“Rights Dividend” shall have the meanings set forth in the recitals of this Agreement.

 

(ddd)
“Schedule 13D” shall mean a statement on Schedule 13D pursuant to Rule 13d-1(a), 13d-1(e), 13d-1(f)
or 13d-1(g) of the General Rules and Regulations under the Exchange Act as in effect at the time of the public announcement of
the declaration of the Rights dividend with respect to the shares of Common Stock Beneficially Owned by the Person filing such
statement.

 

(eee)
“Securities Act” shall mean the Securities Act of 1933, as amended.

 

(fff)
“Series H Preferred Stock” shall mean the Series H Convertible Preferred Stock of the Company, par value
$0.01 per share.

 

    	- 9 -

    	 

    

 

(ggg)
“Special Committee” shall have the meaning set forth in the recitals of this Agreement.

 

(hhh)
“Spread” shall have the meaning set forth in Section 11(a)(iii) hereof.

 

(iii)
“Stock Acquisition Date” shall mean the first date of public announcement (including, without limitation,
the filing of any report pursuant to Section 13(d) of the Exchange Act) by the Company or an Acquiring Person that a Person has
become an Acquiring Person, or such other date, as determined by the Board, on which a Person has become an Acquiring Person.

 

(jjj)
“Stockholder Approval” shall mean the approval or ratification by the stockholders of the Company of
this Agreement (or such Agreement as then in effect or as contemplated to be in effect following such Stockholder Approval) as
demonstrated by the affirmative vote of the holders of a majority of the voting power of the outstanding Common Stock of the Company
entitled to vote (excluding the vote of any Acquiring Person) that are present in person or represented by proxy, at a duly called
meeting of stockholders of the Company (or any adjournment or postponement thereof) at which a quorum is established.

 

(kkk)
“Subsidiary” shall mean, with reference to any Person, any other Person of which (i) a majority of the
voting power of the voting securities or equity interests is Beneficially Owned, directly or indirectly, by such first-mentioned
Person or otherwise controlled by such first-mentioned Person; or (ii) an amount of voting securities or equity interests sufficient
to elect at least a majority of the directors or equivalent governing body of such other Person is Beneficially Owned, directly
or indirectly, by such first-mentioned Person, or otherwise controlled by such first-mentioned Person; or (iii) any corporation
or other entity that is otherwise controlled by such other Person.

 

(lll)
“Substitution Period” shall have the meaning set forth in Section 11(a)(iii) hereof.

 

(mmm)
“Summary of Rights” shall have the meaning set forth in Section 3(a) hereof.

 

(nnn)
“Tender Offer Commencement Date” shall mean the date that a tender offer or exchange offer or other
transaction by any Person (other than an Exempt Person) is first published or sent or given within the meaning of Rule 14d-2(a)
of the Exchange Act Regulation, if, upon consummation thereof, such Person would become an Acquiring Person.

 

(ooo)
“Trading Day” shall mean, in respect to any security, (i) if such security is listed or admitted to
trading on any national securities exchange, a day on which the principal national securities exchange on which such security
is listed or admitted to trading is open for the transaction of business; provided, that any national securities exchange
shall be deemed to be open for the transaction of business if electronic auctions are open on such day regardless of the closure
of physical locations; and (ii) if such security is not so listed or admitted, a Business Day.

 

(ppp)
“Triggering Event” shall mean any Flip-In Event or any Flip-Over Event.

 

(qqq)
“Trust” shall have the meaning set forth in Section 24(d) hereof.

 

(rrr)
“Trust Agreement” shall have the meaning set forth in Section 24(d) hereof.

 

    	- 10 -

    	 

    

 

Section
2. Appointment of Rights Agent.

 

The
Company hereby appoints the Rights Agent to act as agent for the Company and the holders of the Rights (who, in accordance with
Section 3 hereof, shall prior to the Distribution Date be the holders of Capital Stock) and in accordance with the express terms
and conditions hereof (and no implied terms or conditions), and the Rights Agent hereby accepts such appointment. The Company
may from time to time appoint such co-Rights Agents as it may deem necessary or desirable; provided, that the Company shall
notify the Rights Agent in writing two (2) Business Days prior to such appointment. In the event the Company appoints one or more
co-Rights Agents, the respective duties of the Rights Agent and any co-Rights Agents under the provisions of this Agreement shall
be as the Company reasonably determines, and the Company shall notify, in writing, the Rights Agent and any co-Rights Agents of
such duties. The Rights Agent shall have no duty to supervise, and shall in no event be liable for, the acts or omissions of any
such co-Rights Agents.

 

Section
3. Issue of Rights Certificates.

 

(a)
On the Record Date, or as soon as practicable thereafter, the Company shall make available (directly or, at the expense of the
Company, through the Rights Agent or its transfer agent if the Rights Agent or transfer agent is directed by the Company and provided
with all necessary information and documents) a copy of a Summary of Rights to Purchase Preferred Stock, in substantially the
form attached hereto as Exhibit B and which may be appended to certificates that represent shares of Capital Stock (the
“Summary of Rights”), to each record holder of Capital Stock as of the Close of Business on the Record
Date (other than any Acquiring Person or any Related Person of any Acquiring Person), at the address of such holder shown on the
records of the Company or transfer agent or register for the Capital Stock. With respect to certificates representing shares of
Capital Stock (or Book Entry shares of Capital Stock) outstanding as of the Record Date, until the Distribution Date, the Rights
shall be evidenced by such shares of Capital Stock registered in the names of the holders thereof together with the Summary of
Rights, and not by separate Rights Certificates. With respect to Book Entry shares of Capital Stock outstanding as of the Record
Date, until the Distribution Date, the Rights shall be evidenced by the balances indicated in the Book Entry account system of
the transfer agent for the Capital Stock or, if there is no transfer agent for any Capital Stock, on the registry books of the
Company for such Capital Stock, together with the Summary of Rights. Until the earlier of the Distribution Date and the Expiration
Date, the transfer of any shares of Capital Stock outstanding on the Record Date (whether represented by certificates or evidenced
by the balances indicated in the Book Entry account system of the transfer agent or on the registry books of the Company for the
Capital Stock, and, in either case, regardless of whether a copy of the Summary of Rights is submitted with the surrender or request
for transfer), shall also constitute the transfer of the Rights associated with such shares of Capital Stock.

 

(b)
Rights shall be issued, without any further action, in respect of all shares of Capital Stock that become outstanding (whether
originally issued or delivered from the Company’s treasury) after the Record Date but prior to the earlier of the Distribution
Date and the Expiration Date; provided, however, that Rights also shall be issued to the extent provided in Section
22 hereof. Confirmation and account statements sent to holders of Capital Stock for Book Entry form or, in the case of certificated
shares, certificates, representing such shares of Capital Stock, issued after the Record Date shall bear a legend substantially
in the following form:

 

    	- 11 -

    	 

    

 

“[This
certificate] [These shares] also evidence[s] and entitle[s] the holder hereof to certain Rights as set forth in a Rights Agreement between
TheMaven, Inc., a Delaware corporation (the “Company”), and American Stock Transfer & Trust Company, LLC or any
successor Rights Agent (the “Rights Agent”) dated as of May 4, 2021, as the same may be amended or supplemented
from time to time (the “Rights Agreement”), the terms of which are hereby incorporated herein by reference and a copy
of which is on file at the principal executive offices of the Company. Under certain circumstances, as set forth in the Rights Agreement,
such Rights shall be evidenced by separate certificates and shall no longer be evidenced by [this certificate] [these shares]. The Company
shall mail to the holder of [this certificate] [these shares] a copy of the Rights Agreement as in effect on the date of mailing without
charge after receipt of a written request therefor.

 

Under
certain circumstances, as set forth in the Rights Agreement, Rights that are Beneficially Owned by any Person who is, was or becomes
an Acquiring Person or any Related Person thereof (as such capitalized terms are defined in the Rights Agreement), or specified
transferees of such Acquiring Person (or Related Person thereof) shall become null and void and shall no longer be transferable.”

 

With
respect to all certificates representing shares of Capital Stock containing the foregoing legend in substantially similar form,
until the earlier of the Distribution Date and the Expiration Date, the Rights associated with the Capital Stock represented by
such certificates shall be evidenced by such certificates alone and registered holders of Capital Stock shall also be the registered
holders of the associated Rights, and the transfer of any such certificate shall also constitute the transfer of the Rights associated
with the shares of Capital Stock represented by such certificates.

 

With
respect to Capital Stock in Book Entry form for which there has been sent a confirmation or account statement containing the foregoing
legend in substantially similar form, until the earlier of the Distribution Date and the Expiration Date, the Rights associated
with the Capital Stock shall be evidenced by such Capital Stock alone and registered holders of Capital Stock shall also be the
registered holders of the associated Rights, and the transfer of any such Capital Stock shall also constitute the transfer of
the Rights associated with such shares of Capital Stock.

 

Notwithstanding
this paragraph (b), the omission of the legend or the failure to send, deliver or provide the registered owner of shares of Capital
Stock a copy of the Summary of Rights shall not affect the enforceability of any part of this Agreement or the rights of any holder
of the Rights.

 

In
the event that the Company purchases or otherwise acquires any shares of Capital Stock after the Record Date but prior to the
Distribution Date, any Rights associated with such shares of Capital Stock shall be cancelled and retired so that the Company
is not entitled to exercise any Rights associated with the shares of Capital Stock that are no longer outstanding.

 

    	- 12 -

    	 

    

 

(c)
Until the Distribution Date, the Rights shall be transferable only in connection with the transfer of the underlying shares of
Capital Stock (including a transfer to the Company).

 

(d)
As soon as practicable after the Distribution Date, the Company shall prepare and execute, and the Rights Agent shall countersign
and the Company shall send or cause to be sent (and the Rights Agent shall, if so requested and provided with all necessary information
and documents, at the expense of the Company, send) by first-class, insured, postage-prepaid mail, to each record holder of shares
of Capital Stock as of the Close of Business on the Distribution Date (other than any Acquiring Person or any Related Person of
an Acquiring Person), at the address of such holder shown on the records of the Company, one or more rights certificates, in substantially
the form of Exhibit C hereto (the “Rights Certificate”), evidencing one Right for each share
of Capital Stock so held, subject to adjustment as provided herein. In the event that an adjustment in the number of Rights per
share of Capital Stock has been made pursuant to Section 11 hereof, at the time of distribution of the Rights Certificates, the
Company may make the necessary and appropriate adjustments (in accordance with Section 14(a) hereof) so that Rights Certificates
representing only whole numbers of Rights are distributed and, if such adjustments are made, the Company may pay cash in lieu
of any fractional Rights (in accordance with Section 14(a) hereof). As of and after the Distribution Date, the Rights shall be
evidenced solely by such Rights Certificates, and the Rights Certificates and the Rights shall be transferable separately from
the transfer of Capital Stock. The Company shall promptly notify the Rights Agent in writing upon the occurrence of the Distribution
Date and, if such notification is given orally, the Company shall confirm the same in writing on or prior to the Business Day
next following. Until such written notice is received by the Rights Agent, the Rights Agent may presume conclusively for all purposes
that the Distribution Date has not occurred.

 

Section
4. Form of Rights Certificate.

 

(a)
The Rights Certificates (including the forms of election to purchase and of assignment and applicable certificate) shall be substantially
in the form set forth in Exhibit C hereto and may have such changes or marks of identification or designation and such
legends, summaries, or endorsements printed thereon as the Company may deem appropriate (but which do not affect the rights, duties,
liabilities, protections or responsibilities of the Rights Agent), and as are not inconsistent with the provisions of this Agreement,
or as may be required to comply with any applicable law or any rule or regulation thereunder or with any applicable rule or regulation
of any stock exchange upon which the Rights may from time to time be listed or the Financial Industry Regulatory Authority, or
to conform to customary usage. Subject to the provisions of this Agreement, the Rights Certificates, whenever distributed, shall
be dated as of the Distribution Date and on their face shall entitle the holders thereof to purchase such number of one one-thousandths
of a share of Preferred Stock as shall be set forth therein at the price set forth therein (such price, the “Exercise
Price”), but the amount and type of securities, cash, or other assets that may be acquired upon the exercise of
each Right and the Exercise Price thereof shall be subject to adjustment as provided herein.

 

(b)
Any Rights Certificate issued pursuant hereto that represents Rights Beneficially Owned by (i) an Acquiring Person or any Related
Person of an Acquiring Person; (ii) a transferee of an Acquiring Person (or of any such Related Person) that becomes a transferee
after the Acquiring Person becomes an Acquiring Person; or (iii) a transferee of an Acquiring Person (or of any such Related Person)
that becomes a transferee prior to or concurrently with the Acquiring Person becoming an Acquiring Person and that receives such
Rights pursuant to either (A) a transfer (whether or not for consideration) from the Acquiring Person (or any such Related Person)
to holders of equity interests in such Acquiring Person (or any such Related Person) or to any Person with whom such Acquiring
Person (or any such Related Person) has any continuing written or oral plan, agreement, arrangement, or understanding regarding
the transferred Rights, shares of Capital Stock, or the Company; or (B) a transfer that the Board has determined in good faith
to be part of a plan, agreement, arrangement, or understanding that has as a primary purpose or effect the avoidance of Section
7(e) hereof (and any Rights Certificate issued pursuant to Section 6 or Section 11 hereof upon transfer, exchange, replacement
or adjustment of any other Rights Certificate referred to in this sentence), shall contain upon the direction of the Board a legend
(to the extent feasible, and only if the Company has provided specific written instructions to the Rights Agent) substantially
in the following form:

 

    	- 13 -

    	 

    

 

“The
Rights represented by this Rights Certificate are or were Beneficially Owned by a Person who was or became an Acquiring Person or a Related
Person of an Acquiring Person (as such terms are defined in the Rights Agreement dated as of May 4, 2021, by and between TheMaven,
Inc. and American Stock Transfer & Trust Company, LLC (the “Rights Agreement”)). Accordingly, this Rights Certificate
and the Rights represented hereby shall become null and void in the circumstances specified in Section 7(e) of the Rights Agreement.”

 

The
Company shall give written notice to the Rights Agent promptly after it becomes aware of the existence and identity of any Acquiring
Person or any Related Person thereof. Until such notice is received by the Rights Agent, the Rights Agent may presume conclusively
without independent verification thereof for all purposes that no Person has become an Acquiring Person or a Related Person of
an Acquiring Person. The Company shall instruct the Rights Agent in writing of the Rights which should be so legended.

 

Section
5. Countersignature and Registration.

 

(a)
The Rights Certificates shall be executed on behalf of the Company by its Chief Executive Officer, President, Chief Operating
Officer, Chief Financial Officer, any Senior Vice President, any Vice President, Treasurer, Secretary, any Assistant Treasurer
or any Assistant Secretary of the Company, shall have affixed thereto the Company’s corporate seal (or a facsimile thereof),
and shall be attested by the Company’s Secretary or one of its Assistant Secretaries. The signature of any of these officers
on the Rights Certificates may be manual or by facsimile or other customary means of electronic transmission (e.g., “pdf”).
Rights Certificates bearing the manual or facsimile signatures of the individuals who were at the time of execution the proper
officers of the Company shall bind the Company, notwithstanding that such individuals or any of them have ceased to hold such
offices prior to the countersigning of such Rights Certificates by the Rights Agent or did not hold such offices at the date of
such Rights Certificates. No Rights Certificate shall be entitled to any benefit under this Agreement or shall be valid for any
purpose unless there appears on such Rights Certificate a countersignature duly executed by the Rights Agent by manual or facsimile
or other customary means of electronic transmission (e.g., “pdf”) of an authorized officer, and such countersignature
upon any Rights Certificate shall be conclusive evidence, and the only evidence, that such Rights Certificate has been duly countersigned
as required hereunder.

 

    	- 14 -

    	 

    

 

(b)
Following the Distribution Date, and receipt by the Rights Agent of written notice to that effect and all other relevant and necessary
information referred to in Section 3(d) hereof, the Rights Agent shall keep or cause to be kept, at its office designated for
such purpose, books for registration and transfer of the Rights Certificates issued hereunder. Such books shall show the name
and address of each holder of the Rights Certificates, the number of Rights evidenced on its face by each Rights Certificate and
the date of each Rights Certificate.

 

	Section
    6.	Transfer, Split
    Up, Combination and Exchange of Rights Certificates; Mutilated, Destroyed, Lost or Stolen Rights Certificates.

 

(a)
Subject to the provisions of Sections 4(b), 7(e) and 14 hereof, at any time after the Close of Business on the Distribution Date
and at or prior to the Close of Business on the Expiration Date, any Rights Certificate (other than Rights Certificates representing
Rights that have become null and void pursuant to Section 7(e) hereof, that have been redeemed pursuant to Section 23 hereof,
or that have been exchanged pursuant to Section 24 hereof) may be transferred, split up, combined or exchanged for another Rights
Certificate, entitling the registered holder to purchase a like number of one one-thousandths of a share of Preferred Stock (or
following a Triggering Event, Common Stock, other securities, cash or other assets, as the case may be) as the Rights Certificate
or Certificates surrendered then entitled such holder to purchase. Any registered holder desiring to transfer, split up, combine
or exchange any Rights Certificate shall make such request in writing delivered to the Rights Agent, and shall surrender, together
with any required form of assignment duly executed and properly completed, the Rights Certificates to be transferred, split up,
combined or exchanged at the office of the Rights Agent designated for such purpose. The Rights Certificates are transferable
only on the books and records of the Rights Agent. Neither the Rights Agent nor the Company shall be obligated to take any action
whatsoever with respect to the transfer of any such surrendered Rights Certificate until the registered holder has properly completed
and executed the certificate set forth in the form of assignment on the reverse side of such Rights Certificate and has provided
such additional evidence of the identity of the Beneficial Owner (or former Beneficial Owner) of the Rights represented by such
Rights Certificate or Related Person thereof as the Company or the Rights Agent requests, whereupon the Rights Agent shall, subject
to the provisions of Sections 4(b), 7(e) and 14 hereof, countersign and deliver to the Person entitled thereto a Rights Certificate
or Rights Certificates, as the case may be, as so requested. The Company may require payment by the holder of the Rights of a
sum sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer, split up, combination
or exchange of Rights Certificates. If and to the extent the Company does require payment of any such taxes or governmental charges,
the Company shall give the Rights Agent prompt written notice thereof and the Rights Agent shall not deliver any Rights Certificate
unless and until it is satisfied that all such payments have been made, and the Rights Agent shall forward any such sum collected
by it to the Company or to such Persons as the Company specifies by written notice. The Rights Agent shall have no duty or obligation
to take any action with respect to a Rights holder under any Section of this Agreement which requires the payment by such Rights
holder of applicable taxes and/or governmental charges unless and until it is satisfied that all such taxes and/or governmental
charges have been paid.

 

    	- 15 -

    	 

    

 

(b)
If a Rights Certificate is mutilated, lost, stolen or destroyed, upon written request by the registered holder of the Rights represented
thereby and upon payment to the Company and the Rights Agent of all reasonable expenses incident thereto, there shall be issued,
in exchange for and upon cancellation of the mutilated Rights Certificate, or in substitution for the lost, stolen or destroyed
Rights Certificate, a new Rights Certificate, in substantially the form of the prior Rights Certificate, of like tenor and representing
the equivalent number of Rights, but, in the case of loss, theft, or destruction, only upon receipt of evidence satisfactory to
the Company and the Rights Agent of such loss, theft or destruction of such Rights Certificate and such additional evidence of
the identity of the Beneficial Owner (or former Beneficial Owner) or Related Persons thereof as the Company or the Rights Agent
requests, and, if requested by the Company or the Rights Agent, indemnity and/or the posting of a bond also satisfactory to the
Company and/or the Rights Agent to cover any claim that may be made against them with respect to such Certificate.

 

(c)
Notwithstanding any other provision hereof, the Company and the Rights Agent may amend this
Agreement to provide for uncertificated Rights in addition to or in lieu of Rights evidenced by Rights Certificates, to the extent
permitted by applicable law.

 

Section
7. Exercise of Rights; Exercise Price; Expiration
Date of Rights.

 

(a)
Subject to Section 7(e) hereof, the registered holder of any Rights Certificate may exercise the Rights evidenced thereby (except as
otherwise provided herein including, without limitation, in the restrictions on exercisability set forth in Sections 9(c), 11(a)(iii)
and 23(a) hereof) in whole or in part at any time after the Distribution Date upon surrender of the Rights Certificate, with the form
of election to purchase and the certificate on the reverse side thereof properly completed and duly executed, to the Rights Agent at
the office of the Rights Agent designated for such purpose, together with payment of the Exercise Price for each one one-thousandth of
a share of Preferred Stock (or Common Stock, other securities, cash or other assets, as the case may be) as to which the Rights are exercised
prior to the earliest of (i) the Close of Business on May 3, 2022 or such later date as may be established by the Board prior
to the expiration of the Rights as long as the extension is submitted to the stockholders of the Company for ratification at the next
annual meeting of stockholders succeeding such extension; (ii) the time at which the Rights are redeemed pursuant to Section 23 hereof;
(iii) the time at which the Rights are exchanged pursuant to Section 24 hereof and (iv) the closing of any merger or other acquisition
transaction involving the Company pursuant to an agreement of the type described in Section 13(f) at which time the Rights are terminated
(the earliest of (i) – (iv) being herein referred to as the “Expiration Date”).

 

(b)
Each Right shall entitle the registered holder thereof to purchase one one-thousandth of a share of Preferred Stock. The Exercise Price
for each one one-thousandth of a share of Preferred Stock pursuant to the exercise of a Right shall be initially $4.00, and shall
be subject to adjustment from time to time as provided in Sections 11 and 13 hereof and payable in lawful money of the United States
in accordance with Section 7(c).

 

    	- 16 -

    	 

    

 

(c)
Upon receipt of a Rights Certificate representing exercisable Rights, with the form of election to purchase and the certificate
properly completed and duly executed, accompanied by payment, with respect to each Right so exercised, of the Exercise Price per
one one-thousandth of a share of Preferred Stock (or Common Stock, other securities, cash or other assets, as the case may be)
to be purchased and an amount equal to any applicable tax or governmental charge, then the Rights Agent shall, subject to Section
18(j) hereof, promptly (i) (A) requisition from any transfer agent of the Preferred Stock certificates representing such number
of one one-thousandths of a share of Preferred Stock (or fractions of shares that are integral multiples of one one-thousandth
of a share of Preferred Stock) as are to be purchased and the Company shall direct its transfer agent to comply with all such
requests; or (B) if the Company has elected to deposit the total number of shares of Preferred Stock issuable upon exercise of
the Rights hereunder with a depositary agent, requisition from the depositary agent depositary receipts representing such number
of one one-thousandths of a share of Preferred Stock as are to be purchased (in which case certificates for the shares of Preferred
Stock represented by such receipts shall be deposited by the transfer agent with the depositary agent), and the Company shall
direct the depositary to comply with all such requests; (ii) if necessary to comply with this Agreement, requisition from the
Company the amount of cash, if any, to be paid in lieu of fractional shares in accordance with Section 14 hereof and, after
receipt thereof, deliver such cash to or upon the order of the registered holder of such Rights Certificate; and (iii) after receipt
of such certificates or such depositary receipts, cause the same to be delivered to or upon the order of the registered holder
of such Rights Certificate, registered in such name or names as may be designated by such holder. In the event that the Company
is obligated to issue Common Stock or other securities of the Company, pay cash and/or distribute other assets pursuant to Section
11(a) hereof, the Company shall make all arrangements necessary so that such Common Stock, other securities, cash and/or other
assets are available for distribution by the Rights Agent, if and when necessary to comply with this Agreement, and until so received,
the Rights Agent shall have no duties or obligations with respect to such securities, cash and/or other assets. The payment of
the Exercise Price (as such amount may be reduced pursuant to Section 11(a)(iii) hereof) may be made in cash, by certified or
bank check, wire transfer, electronic transfer or money order payable to the order of the Company.

 

(d)
In the event a registered holder of any Rights Certificate exercises less than all the Rights evidenced thereby, a new Rights
Certificate evidencing the Rights remaining unexercised shall be issued by the Rights Agent and delivered to, or upon the order
of, such holder, registered in such name or names as designated by such holder, subject to the provisions of Sections 6 and 14
hereof.

 

(e)
Notwithstanding anything in this Agreement to the contrary, from and after the Flip-In Event, any Rights Beneficially Owned by
(i) an Acquiring Person or a Related Person of an Acquiring Person; (ii) a transferee of an Acquiring Person (or of any such Related
Person) that becomes a transferee after the Acquiring Person becomes such; or (iii) a transferee of an Acquiring Person (or of
any such Related Person) that becomes a transferee prior to or concurrently with the Acquiring Person becoming such and that receives
such Rights pursuant to either (A) a transfer (whether or not for consideration) from the Acquiring Person (or any such Related
Person) to holders of equity interests in such Acquiring Person (or any such Related Person) or to any Person with whom the Acquiring
Person (or any such Related Person) has any continuing written or oral plan, agreement, arrangement or understanding regarding
the transferred Rights, shares of Capital Stock or the Company; or (B) a transfer that the Board has determined in good faith
to be part of a plan, agreement, arrangement or understanding that has as a primary purpose or effect the avoidance of this Section
7(e), shall be null and void without any further action, and any holder of such Rights thereafter shall have no voting rights,
powers, designations, preferences or any other relative, participating, optional or other special rights whatsoever with respect
to such Rights, whether under any provision of this Agreement, the Rights Certificates or otherwise (including, without limitation,
the rights and preferences pursuant to Sections 7, 11, 13, 23 and 24 hereof). The Company shall use commercially reasonable efforts
to ensure compliance with the provisions of this Section 7(e) and Section 4(b) hereof, but neither the Company nor the Rights
Agent has or shall have any liability to any holder of Rights or any other Person as a result of the Company’s failure to
make any determination with respect to an Acquiring Person or its Related Persons or transferees hereunder.

 

    	- 17 -

    	 

    

 

(f)
Notwithstanding anything in this Agreement or any Rights Certificate to the contrary, neither the Rights Agent nor the Company
shall be obligated to take any action with respect to a registered holder upon the occurrence of any purported transfer or exercise
as set forth in this Section 7 by such registered holder unless such registered holder has (i) properly completed and duly executed
the certificate following the form of assignment or the form of election to purchase set forth on the reverse side of the Rights
Certificate surrendered for such transfer or exercise, and (ii) provided such additional evidence of the identity of the Beneficial
Owner (or former Beneficial Owner) of the Rights represented by such Rights Certificate or Related Persons thereof as the Company
or the Rights Agent reasonably requests.

 

(g)
Except for those provisions herein that expressly survive the termination of this Agreement, this Agreement shall terminate upon
the earlier of the Expiration Date and such time as all outstanding Rights have been exercised, redeemed or exchanged hereunder.

 

Section
8. Cancellation and Destruction of Rights Certificates.

 

All
Rights Certificates surrendered for the purpose of exercise, transfer, split up, combination or exchange shall, if surrendered
to the Company or to any of its agents, be delivered to the Rights Agent for cancellation or in cancelled form, or, if surrendered
to the Rights Agent, shall be cancelled by it, and no Rights Certificates shall be issued in lieu thereof except as expressly
permitted by this Agreement. The Company shall deliver to the Rights Agent for cancellation and retirement, and the Rights Agent
shall so cancel and retire, any Rights Certificates acquired by the Company otherwise than upon the exercise thereof. Subject
to applicable law and regulation, the Rights Agent shall maintain, in a retrievable database, electronic records of all cancelled
or destroyed stock certificates that have been cancelled or destroyed by the Rights Agent. The Rights Agent shall maintain such
electronic records or physical records for the time period required by applicable law and regulation. Upon written request of
the Company (and at the expense of the Company), the Rights Agent shall provide to the Company or its designee copies of such
electronic records or physical records relating to Rights Certificates cancelled or destroyed by the Rights Agent.

 

Section
9. Reservation and Availability of Capital Stock.

 

(a)
The Company shall cause to be reserved and kept available out of its authorized and unissued shares of Preferred Stock (and following
the occurrence of a Triggering Event, out of its authorized and unissued shares of Common Stock and/or other securities or out
of its authorized and issued shares held in its treasury), a number of shares of Preferred Stock (and, following the occurrence
of a Triggering Event, shares of Common Stock and/or other securities) that, except as otherwise provided in this Agreement, including
Section 11(a)(iii) hereof, shall be sufficient to permit the exercise in full of all outstanding Rights. Upon the occurrence of
any events resulting in an increase in the aggregate number of shares of Preferred Stock (or Common Stock and/or other equity
securities of the Company) issuable upon exercise of all outstanding Rights above the number then reserved, the Company shall
make appropriate increases in the number of shares so reserved.

 

    	- 18 -

    	 

    

 

(b)
As long as the shares of Preferred Stock (and following the occurrence of a Triggering Event, Common Stock and/or other securities)
issuable upon the exercise of the Rights may be listed or admitted to trading on any securities exchange, the Company shall use
its commercially reasonable efforts to cause, from and after such time as the Rights become exercisable, all shares reserved for
such issuance to be listed or admitted to trading on such exchange upon official notice of issuance upon such exercise.

 

(c)
If the Company is required to file a registration statement pursuant to the Securities Act with respect to the securities purchasable
upon exercise of the Rights, the Company shall use its commercially reasonable efforts to (i) file, as soon as practicable following
the earliest date after the Flip-In Event on which the consideration to be delivered by the Company upon exercise of the Rights
has been determined in accordance with this Agreement, or as soon as is required by law following the Distribution Date, as the
case may be, such registration statement; (ii) cause such registration statement to become effective as soon as practicable after
such filing; and (iii) cause such registration statement to remain effective (and to include a prospectus at all times complying
with the requirements of the Securities Act) until the earlier of (A) the date as of which the Rights are no longer exercisable
for the securities covered by such registration statement, and (B) the Expiration Date. The Company shall also take such action
as may be appropriate under, or to ensure compliance with, the securities or “blue sky” laws of the various states
in connection with the exercisability of the Rights. The Company may temporarily suspend, with written notice thereof to the Rights
Agent, for a period of time not to exceed ninety (90) days after the date set forth in clause (i) of the first sentence of this
Section 9(c), the exercisability of the Rights in order to prepare and file such registration statement and permit it to become
effective. Upon any such suspension, the Company shall issue a public announcement stating that the exercisability of the Rights
has been temporarily suspended, as well as a public announcement at such time as the suspension is no longer in effect, in each
case with prompt written notice to the Rights Agent. In addition, if the Company shall determine that a registration statement
is required following the Distribution Date, the Company may temporarily suspend the exercisability of the Rights until such time
as a registration statement has been declared effective. Notwithstanding any provision of this Agreement to the contrary, the
Rights shall not be exercisable in any jurisdiction if the requisite qualification in such jurisdiction shall not have been obtained,
the exercise thereof shall not be permitted under applicable law, or an effective registration statement is required and shall
not have been declared effective or has been suspended.

 

(d)
The Company shall take such action as may be necessary to ensure that each one one-thousandth of a share of Preferred Stock (and,
following the occurrence of a Triggering Event, Common Stock and/or other securities that may be delivered upon exercise of Rights)
shall be, at the time of delivery of the certificates or depositary receipts for such securities (subject to payment of the Exercise
Price), duly and validly authorized and issued, fully paid and non-assessable.

 

    	- 19 -

    	 

    

 

(e)
The Company shall pay when due and payable any and all documentary, stamp or transfer tax, or other tax or governmental charge,
that is payable in respect of the issuance and delivery of the Rights Certificates or the issuance and delivery of any certificates
or depository receipts or entries in the Book Entry account system of the transfer agent for the Preferred Stock for a number
of one one-thousandths of a share of Preferred Stock (or Common Stock and/or other equity securities of the Company that may be
delivered upon exercise of the Rights) upon the exercise of Rights; provided, however, the Company shall not be
required to pay any such tax or governmental charge that may be payable in connection with the issuance or delivery of any of
any certificates or depositary receipts or entries in the Book Entry account system of the transfer agent for the Preferred Stock
for a number of one one-thousandths of a share of Preferred Stock (or Common Stock and/or other equity securities of the Company
as the case may be) to any Person other than the registered holder of the Rights Certificates evidencing the Rights surrendered
for exercise. The Company shall not be required to issue or deliver any certificates or depositary receipts or entries in the
Book Entry account system of the transfer agent for the Preferred Stock (or Common Stock and/or other equity securities of the
Company as the case may be) to, or in a name other than that of, the registered holder upon the exercise of any Rights until any
such tax or governmental charge has been paid (any such tax or governmental charge being payable by the holder of such Rights
Certificate at the time of surrender) or until it has been established to the Company’s or Rights Agent’s satisfaction
that no such tax or governmental charge is due.

 

Section
10. Preferred Stock Record Date.

 

Each
Person in whose name any certificate or entry in the Book Entry account system of the transfer agent for the Preferred Stock for
a number of one one-thousandths of a share of Preferred Stock (or Common Stock and/or other securities, as the case may be) is
issued upon the exercise of Rights shall be for all purposes the holder of record of such fractional shares of Preferred Stock
(or Common Stock and/or other securities, as the case may be) represented thereby on, and such certificate or entry shall be dated
the date upon which the Rights Certificate evidencing such Rights was duly surrendered and payment of the Exercise Price (and
any applicable transfer taxes and governmental charges) was made; provided, however, that if the date of such surrender
and payment is a date upon which the applicable transfer books of the Company are closed, such Person shall be deemed to have
become the record holder of such securities (fractional or otherwise) on, and such certificate or entry shall be dated, the next
succeeding Business Day on which the applicable transfer books of the Company are open; provided, further, that
if delivery of a number of one one-thousandths of a share of Preferred Stock is delayed pursuant to Section 9(c) hereof, such
Persons shall be deemed to have become the record holders of such number of one one-thousandths of a share of Preferred Stock
only when such Preferred Stock first become deliverable. Prior to the exercise of the Rights evidenced thereby, the holder of
a Rights Certificate shall not be entitled to any rights of a stockholder of the Company with respect to the securities for which
the Rights are exercisable, including, without limitation, the right to vote, to receive dividends or other distributions or to
exercise any preemptive rights, and shall not be entitled to receive any notice of any proceedings of the Company, except as provided
herein.

 

    	- 20 -

    	 

    

 

Section
11. Adjustment of Exercise Price, Number and
Kind of Shares or Number of Rights.

 

The
Exercise Price, the number and kind of securities covered by each Right and the number of Rights outstanding are subject to adjustment
from time to time as provided in this Section 11.

 

(a)
(i) In the event the Company at any time after the date hereof (A) declares a dividend on the Preferred Stock payable in shares
of Preferred Stock; (B) subdivides the outstanding Preferred Stock; (C) combines the outstanding Preferred Stock into a smaller
number of shares; or (D) issues any shares of its capital stock in a reclassification of Preferred Stock (including any such reclassification
in connection with a consolidation or merger in which the Company is the continuing or surviving entity), except as otherwise
provided in this Section 11(a), then the Exercise Price in effect at the time of the record date for such dividend or of the effective
date of such subdivision, combination or reclassification, and the number and kind of shares (or fractions thereof) of Preferred
Stock or capital stock, as the case may be, issuable on such date upon exercise of the Rights, shall be proportionately adjusted
so that the holder of any Right exercised after such time becomes entitled to receive, upon payment of the Exercise Price then
in effect, the aggregate number and kind of shares (or fractions thereof) of Preferred Stock or capital stock, as the case may
be, which, if such Right had been exercised immediately prior to such date, such holder would have owned upon such exercise and
been entitled to receive by virtue of such dividend, subdivision, combination or reclassification; provided, however,
that in no event may the consideration to be paid upon the exercise of one Right be less than the aggregate par value of the shares
(or fractions thereof) of capital stock of the Company issuable upon exercise of one Right. If an event occurs that would require
an adjustment under both this Section 11(a)(i) and Section 11(a)(ii) hereof, the adjustment provided for in this Section 11(a)(i)
shall be in addition to, and shall be made prior to, any adjustment required pursuant to Section 11(a)(ii) hereof.

 

(ii)
Subject to Section 23 and Section 24 hereof, in the event that any Person, alone or together with its Related Persons, becomes an Acquiring
Person (the first occurrence of such event, the “Flip-In Event”), unless the event causing such Person to become
an Acquiring Person is a transaction set forth in Section 13(a) hereof, then proper provision shall be made so that promptly following
the Redemption Period, each holder of a Right (except as provided below and in Section 7(e) hereof) shall thereafter have the right to
receive, upon exercise thereof and payment of an amount equal to the then current Exercise Price in accordance with the terms of this
Agreement, in lieu of a number of one one-thousandths of a share of Preferred Stock, a number of shares of Common Stock of the
Company equal to the result obtained by (A) multiplying the then current Exercise Price by the number of one one-thousandths of a share
of Preferred Stock for which a Right was or would have been exercisable immediately prior to the Flip-In Event, whether or not such Right
was then exercisable (and, following such Flip-In Event, references to the “Exercise Price” shall thereafter
mean such product for each Right and for all purposes of this Agreement except to the extent set forth in Section 13 hereof); and (B)
dividing that product by fifty percent (50%) of the Current Market Price of Common Stock on the date of such Flip-In Event (such number
of shares, the “Adjustment Shares”); provided, however, that in connection with any exercise
effected pursuant to this Section 11(a)(ii), no holder of Rights shall be entitled to receive Common Stock (or other shares of capital
stock of the Company) that would result in such holder, together with such holder’s Related Persons, becoming the Beneficial Owner
of more than 15% of the then-outstanding Common Stock of the Company on a fully diluted basis (or, in the case of a Grandfathered
Person, becoming the Beneficial Owner of an additional share of Common Stock (or other shares of capital stock of the Company)). If a
holder would, but for the proviso in the immediately preceding sentence, be entitled to receive upon exercise of a Right a number of
shares that would otherwise result in such holder, together with such holder’s Related Persons, becoming the Beneficial Owner of
in excess of 15% of the then-outstanding Common Stock on a fully diluted basis (or, in the case of a Grandfathered Person, becoming
the Beneficial Owner of an additional share of Common Stock (or other shares of capital stock of the Company)) (such shares, the “Excess
Shares”), then in lieu of receiving such Excess Shares and to the extent permitted by law or orders applicable to the Company,
such holder shall only be entitled to receive an amount in cash or, at the election of the Company, a note or other evidence of indebtedness
maturing within nine (9) months with a principal amount, equal to the Current Market Price of a share of Common Stock at the Close of
Business on the Trading Day following the date of exercise multiplied by the number of Excess Shares that would otherwise have been issuable
to such holder. The Company shall provide the Rights Agent with written notice of the identity of any such Acquiring Person, Related
Person or the nominee or transferee of any of the foregoing, and the Rights Agent may rely on such notice in carrying out its duties
under this Agreement and shall be deemed not to have any knowledge of the identity of any such Acquiring Person, Related Person or the
nominee or transferee of any of the foregoing, unless and until it has received such notice.

 

    	- 21 -

    	 

    

 

(iii)
In the event that the number of shares of Common Stock authorized by the Certificate of Incorporation, but not outstanding, or
reserved for issuance for purposes other than upon exercise of the Rights, is not sufficient to permit the exercise in full of
the Rights in accordance with the foregoing clause (ii), the Board shall, to the extent permitted by applicable law and by any
agreements or instruments then in effect to which the Company is a party, (A) determine the excess of (1) the value of the Adjustment
Shares issuable upon the exercise of a Right (the “Current Value”) over (2) the Exercise Price (such
excess being the “Spread”), and (B) with respect to each Right (subject to Section 7(e) hereof), make
adequate provision to substitute for some or all of the Adjustment Shares, upon exercise of a Right and payment of the applicable
Exercise Price, (1) cash; (2) a reduction in the Exercise Price; (3) shares or fractions of a share of Preferred Stock or other
equity securities of the Company (including, without limitation, shares, or units of shares, of Preferred Stock which the Board
has determined to have the same value as shares of Common Stock) (such shares of equity securities being herein called “Common
Stock Equivalents”); (4) debt securities of the Company; (5) other assets; or (6) any combination of the foregoing,
in each case having an aggregate value equal to the Current Value, as determined by the Board based upon the advice of a financial
advisor selected by the Board; provided, however, if the Company has not made adequate provision to deliver value
pursuant to clause (B) above within thirty (30) days following the later of (x) the Flip-In Event; and (y) the date on which the
Redemption Period expires (the later of (x) and (y) being referred to herein as the “Flip-In Trigger Date”),
then the Company shall deliver, upon the surrender for exercise of a Right and without requiring payment of the Exercise Price,
shares of Common Stock (to the extent available), and then, if necessary, such number or fractions of shares of Preferred Stock
(to the extent available) and then, if necessary, cash, which shares and/or cash have an aggregate value equal to the Spread.

 

    	- 22 -

    	 

    

 

If,
upon the occurrence of the Flip-In Event, the Board determines in good faith that it is likely that sufficient additional shares
of Common Stock could be authorized for issuance upon exercise in full of the Rights, then if the Board so elects, the thirty
(30) day period set forth above may be extended to the extent necessary, but not more than ninety (90) days after the Flip-In
Trigger Date, in order that the Company may seek Stockholder Approval for the authorization of such additional shares (such period,
as it may be extended, the “Substitution Period”). To the extent that action is to be taken pursuant
to the preceding provisions of this Section 11(a)(iii), the Company (a) shall provide, subject to Section 7(e) hereof, that such
action shall apply uniformly to all outstanding Rights; and (b) may suspend the exercisability of the Rights until the expiration
of the Substitution Period in order to seek an authorization of additional shares and/or to decide the appropriate form of distribution
to be made pursuant to the second sentence of this Section 11(a)(iii) and to determine the value thereof. In the event of any
such suspension, the Company shall issue a public announcement (with prompt written notice thereof to the Rights Agent) stating
that the exercisability of the Rights has been temporarily suspended, as well as a public announcement (with prompt written notice
thereof to the Rights Agent) at such time as the suspension is no longer in effect. For purposes of this Section 11(a)(iii), the
value of the Common Stock shall be the Current Market Price of the Common Stock on the Flip-In Trigger Date and the value of any
Common Stock Equivalents shall have the same value as the Common Stock on such date. The Board may establish procedures to allocate
the right to receive shares of Common Stock upon the exercise of the Rights among holders of Rights pursuant to this Section 11(a)(iii).

 

(b)
In case the Company fixes a record date for the issuance of rights, options or warrants to all holders of Preferred Stock entitling
them (for a period expiring within forty-five (45) days after such record date) to subscribe for or purchase Preferred Stock (or
shares having the same voting rights, powers, designations, preferences and relative, participating, optional or other special
rights as the shares of Preferred Stock (“Equivalent Preferred Stock”)) or securities convertible into
Preferred Stock or Equivalent Preferred Stock at a price per share of Preferred Stock or per share of Equivalent Preferred Stock
(or having a conversion price per share, if a security convertible into Preferred Stock or Equivalent Preferred Stock) less than
the Current Market Price of the Preferred Stock on such record date, the Exercise Price to be in effect after such record date
shall be determined by multiplying the Exercise Price in effect immediately prior to such record date by a fraction, the numerator
of which shall be the number of shares of Preferred Stock or Equivalent Preferred Stock outstanding on such record date, plus
the number of shares of Preferred Stock or Equivalent Preferred Stock which the aggregate offering price of the total number of
shares of Preferred Stock and/or Equivalent Preferred Stock so to be offered (and/or the aggregate initial conversion price of
the convertible securities so to be offered) would purchase at such Current Market Price, and the denominator of which shall be
the number of shares of Preferred Stock or Equivalent Preferred Stock outstanding on such record date, plus the number of additional
shares of Preferred Stock and/or Equivalent Preferred Stock to be offered for subscription or purchase (or into which the convertible
securities so to be offered are initially convertible); provided, however, that in no event may the consideration
to be paid upon the exercise of one Right be less than the aggregate par value of the shares of capital stock of the Company issuable
upon exercise of one Right. In case such subscription price may be paid by delivery of consideration all or part of which may
be in a form other than cash, the value of such consideration shall be determined by the Board, whose determination shall be described
in a statement filed with the Rights Agent and shall be binding on the Rights Agent and the holders of the Rights. Shares of Preferred
Stock or Equivalent Preferred Stock owned by or held for the account of the Company or any Subsidiary shall not be deemed outstanding
for the purpose of such computation. Such adjustment shall be made successively whenever such a record date is fixed, and in the
event that such rights, options or warrants are not so issued, the Exercise Price shall be adjusted to be the Exercise Price that
would have been in effect if such record date had not been fixed.

 

    	- 23 -

    	 

    

 

(c)
In case the Company fixes a record date for a distribution to all holders of shares of Preferred Stock (including any such distribution
made in connection with a consolidation or merger in which the Company is the continuing or surviving entity), evidences of indebtedness,
cash (other than a regular quarterly cash dividend out of the earnings or retained earnings of the Company), assets (other than
a dividend payable in shares of Preferred Stock, but including any dividend payable in stock other than Preferred Stock), or subscription
rights, options or warrants (excluding those referred to in Section 11(b) hereof), then, in each case, the Exercise Price to be
in effect after such record date shall be determined by multiplying the Exercise Price in effect immediately prior to such record
date by a fraction, the numerator of which shall be the Current Market Price of the Preferred Stock on such record date minus
the fair market value (as determined in good faith by the Board, whose determination shall be described in a statement filed with
the Rights Agent and shall be binding and conclusive for all purposes on the Rights Agent and the holders of the Rights) of the
portion of the cash, assets or evidences of indebtedness so to be distributed or of such subscription rights or warrants distributable
in respect of a share of Preferred Stock, and the denominator of which shall be the Current Market Price of the Preferred Stock
on such record date; provided, however, that in no event shall the consideration to be paid upon the exercise of
one Right be less than the aggregate par value of the shares of capital stock of the Company issuable upon exercise of one Right.
Such adjustments shall be made successively whenever such a record date is fixed; and in the event that such distribution is not
so made, the Exercise Price shall be adjusted to be the Exercise Price that would have been in effect if such record date had
not been fixed.

 

(d)
Notwithstanding anything herein to the contrary, no adjustment in the Exercise Price is required unless such adjustment would
require an increase or decrease of at least one percent (1%) in the Exercise Price; provided, however, that any
adjustments that by reason of this Section 11(d) are not required to be made shall be carried forward and taken into account in
any subsequent adjustment. All calculations under this Section 11 shall be made to the nearest cent or to the nearest ten-thousandth
of a share of Common Stock or other share or one-millionth of a share of Preferred Stock, as the case may be. Notwithstanding
the first sentence of this Section 11(d), no adjustment required by this Section 11 may be made after the earlier of (i) three
(3) years from the date of the transaction that requires such adjustment and (ii) the Expiration Date.

 

(e)
If, as a result of an adjustment made pursuant to Sections 11(a)(ii) or 13(a) hereof, the holder of any Right thereafter exercised
becomes entitled to receive any shares of capital stock other than Preferred Stock, the number of such other shares shall be subject
to adjustment from time to time in a manner and on terms as nearly equivalent as practicable to the provisions with respect to
the Preferred Stock contained in Sections 11(a), (b), (c), (d), (f), (g), (h), (i), (j), (k) and (l) hereof, and the provisions
of Sections 7, 9, 10, 13 and 14 hereof with respect to the Preferred Stock shall apply on like terms to any such other shares.

 

    	- 24 -

    	 

    

 

(f)
All Rights originally issued by the Company subsequent to any adjustment made to the Exercise Price hereunder shall evidence the
right to purchase, at the adjusted Exercise Price, the number of one one-thousandths of a share of Preferred Stock (or other securities
or amount of cash or combination thereof) that may be acquired from time to time hereunder upon exercise of the Rights, all subject
to further adjustment as provided herein.

 

(g)
Unless the Company has exercised its election pursuant to Section 11(h), upon each adjustment of the Exercise Price as a result
of the calculations made in Sections 11(b) and (c) hereof, each Right outstanding immediately prior to the making of such adjustment
shall thereafter evidence the right to purchase, at the adjusted Exercise Price, a number of one one-thousandths of a share of
Preferred Stock (calculated to the nearest one-millionth of a share) obtained by (i) multiplying (A) the number of one one-thousandths
of a share covered by a Right immediately prior to this adjustment by (B) the Exercise Price in effect immediately prior to such
adjustment of the Exercise Price; and (ii) dividing the product so obtained by the Exercise Price in effect immediately after
such adjustment of the Exercise Price.

 

(h)
The Company may elect, on or after the date of any adjustment of the Exercise Price, to adjust the number of Rights, in lieu
of any adjustment in the number of one one-thousandths of a share of Preferred Stock that may be acquired upon the exercise
of a Right. Each of the Rights outstanding after the adjustment in the number of Rights shall be exercisable for the number of
one one-thousandths of a share of Preferred Stock for which a Right was exercisable immediately prior to such adjustment. Each
Right held of record prior to such adjustment of the number of Rights shall become a number of Rights (calculated to the nearest
one ten-thousandth of a Right) obtained by dividing the Exercise Price in effect immediately prior to adjustment of the Exercise
Price by the Exercise Price in effect immediately after adjustment of the Exercise Price. The Company shall make a public announcement
(with prompt written notice thereof to the Rights Agent) of its election to adjust the number of Rights, indicating the record
date for the adjustment, and, if known at the time, the amount of the adjustment to be made. Such record date may be the date
on which the Exercise Price is adjusted or any day thereafter, but, if the Rights Certificates have been issued, shall be at least
ten (10) days later than the date of such public announcement. If Rights Certificates have been issued, upon each adjustment of
the number of Rights pursuant to this Section 11(h), the Company may, as promptly as practicable, at the option of the Company,
either (A) cause to be distributed to holders of record of Rights Certificates on such record date Rights Certificates evidencing,
subject to Section 14 hereof, the additional Rights to which such holders are entitled as a result of such adjustment, or (B)
cause to be distributed to such holders of record in substitution and replacement for the Rights Certificates held by such holders
prior to the date of adjustment, and upon surrender thereof, if required by the Company, new Rights Certificates evidencing all
the Rights to which such holders become entitled after such adjustment. Rights Certificates so to be distributed shall be issued,
executed and delivered by the Company, and countersigned and delivered by the Rights Agent, in the manner provided for herein
(and may bear, at the option of the Company, the adjusted Exercise Price) and shall be registered in the names of the holders
of record of Rights Certificates on the record date specified in the public announcement.

 

(i)
Irrespective of any adjustment or change in the Exercise Price or the number of one one-thousandths of a share of Preferred Stock
issuable upon the exercise of the Rights, if substitute or replacement Rights Certificates have not been issued in accordance
with Section 11(h), the Rights Certificates theretofore and thereafter issued may continue to express the Exercise Price per one
one-thousandth of a share and the number of one one-thousandths of a share which were expressed in the initial Rights Certificates
issued hereunder.

 

    	- 25 -

    	 

    

 

(j)
Before taking any action that would cause an adjustment reducing the Exercise Price below the then par value, if any, of the number
of one one-thousandths of a share of Preferred Stock issuable upon exercise of the Rights, the Company shall take any corporate
action that may, in the opinion of its counsel, be necessary in order that the Company may validly and legally issue, such number
of fully paid and non-assessable one one-thousandths of a share of Preferred Stock at such adjusted Exercise Price.

 

(k)
In any case in which this Section 11 requires that an adjustment in the Exercise Price be made effective as of a record date for
a specified event, the Company may elect to defer (with prompt written notice thereof to the Rights Agent) until the occurrence
of such event the issuance to the holder of any Right exercised after such record date of that number of one one-thousandths of
a share of Preferred Stock and shares of other capital stock or securities of the Company, if any, issuable upon such exercise
over and above the number of one one-thousandths of a share of Preferred Stock and shares of other capital stock or securities
of the Company, if any, issuable upon such exercise on the basis of the Exercise Price in effect prior to such adjustment; provided,
however, that the Company shall deliver to such holder a due bill or other appropriate instrument evidencing such holder’s
right to receive such additional shares (fractional or otherwise) or securities upon the occurrence of the event requiring such
adjustment.

 

(l)
Notwithstanding anything in this Section 11 to the contrary, prior to the Distribution Date, the Company is entitled to make such
adjustments in the Exercise Price, in addition to those adjustments expressly required by this Section 11, to the extent that
the Board determines that any (i) consolidation or subdivision of the Preferred Stock; (ii) issuance wholly for cash of any shares
of Preferred Stock at less than the Current Market Price; (iii) issuance wholly for cash of shares of Preferred Stock or securities
that by their terms are convertible into or exchangeable for shares of Preferred Stock; (iv) stock dividends; or (v) issuance
of rights, options or warrants referred to in this Section 11, hereafter made by the Company to holders of its Preferred Stock
is taxable to such holders or reduces the taxes payable by such holders.

 

(m)
After the earlier of the Distribution Date and the Stock Acquisition Date and as long as any Rights are outstanding (other than
Rights that have become null and void pursuant to Section 7(e) hereof), the Company may not (i) consolidate with any other Person
(other than a direct or indirect, wholly-owned Subsidiary of the Company in a transaction that is not prohibited by Section 11(n)
hereof); (ii) merge with or into any other Person (other than a direct or indirect, wholly-owned Subsidiary of the Company in
a transaction that is not prohibited by Section 11(n) hereof); or (iii) sell or transfer (or permit any Subsidiary to sell or
transfer), in one transaction, or a series of transactions, assets or earning power aggregating more than fifty percent (50%)
of the assets or earning power of the Company and its Subsidiaries (taken as a whole) to any other Person or Persons (other than
the Company and/or any of its direct or indirect, wholly-owned Subsidiaries in one or more transactions, none of which is prohibited
by Section 11(n) hereof), if (A) at the time of or immediately after such consolidation, merger or sale there are any rights,
warrants or other instruments or securities outstanding or agreements in effect that would substantially diminish or otherwise
eliminate the benefits intended to be afforded by the Rights; or (B) prior to, simultaneously with or immediately after such consolidation,
merger or sale, the stockholders or other Persons holding an equity interest in such Person that constitutes, or would constitute,
the “Principal Party” for purposes of Section 13(a) hereof shall have received a distribution of, or otherwise have
transferred to them, the Rights previously owned by such Person or any of its Related Persons; provided, however,
this Section 11(m) shall not affect the ability of any Subsidiary of the Company to consolidate with, merge with or into, or sell
or transfer assets or earning power to, any other Subsidiary of the Company.

 

    	- 26 -

    	 

    

 

(n)
After the earlier of the Distribution Date and the Stock Acquisition Date and as long as any Rights are outstanding (other than
Rights that have become null and void pursuant to Section 7(e) hereof), the Company may not, except as permitted by Sections 23,
24, 28 and 30 hereof, take (or permit any Subsidiary of the Company to take) any action if at the time such action is taken it
is reasonably foreseeable that such action will diminish substantially or otherwise eliminate the benefits intended to be afforded
by the Rights.

 

(o)
Notwithstanding anything in this Agreement to the contrary, in the event that the Company, at any time after the date hereof and
prior to the Distribution Date, (i) declares a dividend on the outstanding shares of Common Stock payable in shares of Common
Stock; (ii) subdivides any outstanding shares of Common Stock; (iii) combines any of the outstanding shares of Common Stock into
a smaller number of shares; or (iv) issues any shares of its capital stock in a reclassification of the Common Stock (including
any such reclassification in connection with a consolidation or merger in which the Company is the continuing or surviving entity),
then the number of Rights associated with each share of Common Stock then outstanding or issued or delivered thereafter but prior
to the Distribution Date shall be proportionately adjusted so that the number of Rights thereafter associated with each share
of Common Stock following any such event equals the result obtained by multiplying the number of Rights associated with each share
of Common Stock immediately prior to such event by a fraction the numerator of which shall be the total number of shares of Common
Stock outstanding immediately prior to the occurrence of the event and the denominator of which shall be the total number of shares
of Common Stock outstanding immediately following the occurrence of such event. The adjustments provided for in this Section 11(o)
shall be made successively whenever such a dividend is declared or paid or such a subdivision, combination, or reclassification
is effected. If an event occurs that would require an adjustment under Section 11(a)(ii) hereof and this Section 11(o), the adjustments
provided for in this Section 11(o) shall be in addition and prior to any adjustment required pursuant to Section 11(a)(ii) hereof.

 

(p)
Notwithstanding anything in this Agreement to the contrary, if, at any time after the date hereof and prior to the Distribution
Date, the number of shares of Common Stock issuable upon conversion of any shares of Existing Preferred Stock then outstanding
is adjusted pursuant to the terms of such Existing Preferred Stock, then the number of Rights associated with such shares of Existing
Preferred Stock shall be proportionately adjusted so that the number of Rights thereafter associated with each such share of Existing
Preferred Stock equals the result obtained by multiplying the number of shares of Common Stock issuable upon conversion of such
share of Existing Preferred Stock by the number of Rights associated with each share of Common Stock then outstanding. If an event
occurs that would require an adjustment under Section 11(a)(ii) hereof and this Section 11(p), the adjustments provided for in
this Section 11(p) shall be in addition and prior to any adjustment required pursuant to Section 11(a)(ii) hereof.

 

    	- 27 -

    	 

    

 

Section
12. Certificate of Adjusted Exercise Price or
Number of Shares.

 

Whenever
an adjustment is made or any event affecting the Rights or their exercisability (including without limitation an event that causes
Rights to become null and void) occurs as provided in Section 11 or Section 13 hereof, the Company shall (a) promptly prepare
a certificate setting forth such adjustment or describing such event, and a brief reasonably detailed statement of the facts,
computations and methodology accounting for such adjustment; (b) promptly file with the Rights Agent, and with each transfer agent
for the Preferred Stock and the Common Stock, a copy of such certificate; and (c) make available a brief summary thereof to each
holder of a Rights Certificate (or, if prior to the Distribution Date, each registered holder of shares of Capital Stock) in accordance
with Section 27 hereof. Notwithstanding the foregoing sentence, the failure of the Company to make such certification or give
such notice shall not affect the validity of or the force or effect of the requirement for such adjustment. Any adjustment to
be made pursuant to Section 11 or Section 13 hereof shall be effective as of the date of the event giving rise to such adjustment.
The Rights Agent shall be entitled to rely on any such certificate and on any adjustment or statement therein contained and shall
have no duty or liability with respect thereto, and shall not be deemed to have knowledge of any such adjustment or any such event
unless and until it shall have received such certificate.

 

Section
13. Consolidation, Merger or Sale or Transfer
of Assets or Earning Power.

 

(a)
At any time after a Person has become an Acquiring Person, in the event that, directly or indirectly,

 

(x)
the Company consolidates with, or merges with and into, any other Person (other than a direct or indirect, wholly-owned Subsidiary
of the Company in a transaction that is not prohibited by Section 11(n) hereof), and the Company is not the continuing or surviving
entity of such consolidation or merger;

 

(y)
any Person (other than a direct or indirect, wholly-owned Subsidiary of the Company in a transaction that is not prohibited by
Section 11(n) hereof) consolidates with, or merges with or into, the Company, and the Company is the continuing or surviving entity
of such consolidation or merger and, in connection with such consolidation or merger, all or part of the outstanding shares of
Common Stock is converted into or exchanged for stock or other securities of any other Person (or the Company) or cash or any
other property; or

 

(z)
the Company sells or otherwise transfers (or one or more of its Subsidiaries sells or otherwise transfers) to any Person or Persons
(other than the Company or any of its direct or indirect, wholly-owned Subsidiaries in one or more transactions, none of which
is prohibited by Section 11(n) hereof), in one or more transactions, assets or earning power aggregating fifty percent (50%) or
more of the assets or earning power of the Company and its Subsidiaries, taken as a whole;

 

    	- 28 -

    	 

    

 

(any
such event described in (x), (y), or (z), a “Flip-Over Event”), then, in each such case, proper provision
shall be made so that:

 

(i)
each holder of a Right, except as provided in Section 7(e) hereof, upon the expiration of the Redemption Period, shall have the
right to receive, upon the exercise of the Right at the then current Exercise Price in accordance with the terms of this Agreement,
and in lieu of a number of one one-thousandths of a share of Preferred Stock, a number of validly authorized and issued, fully
paid, non-assessable and freely tradable shares of Common Stock of the Principal Party, free of any liens, encumbrances, rights
of first refusal, transfer restrictions or other adverse claims, equal to the result obtained by:

 

(A)
multiplying such then current Exercise Price by the number of one one-thousandths of a share of Preferred Stock for which such
Right is exercisable immediately prior to the first occurrence of a Flip-Over Event (or, if the Flip-In Event has occurred prior
to the first occurrence of a Flip-Over Event, multiplying the number of one one-thousandths of a share of Preferred Stock for
which a Right would be exercisable hereunder but for such Flip-In Event by the Exercise Price that would be in effect hereunder
but for such Flip-In Event) (following the first occurrence of a Flip-Over Event, references to the “Exercise Price”
shall thereafter mean such product for each Right and for all purposes of this Agreement); and

 

(B)
dividing that product by fifty percent (50%) of the then Current Market Price of the shares of Common Stock of such Principal
Party on the date of consummation of such Flip-Over Event (or the fair market value on such date of other securities or property
of the Principal Party, as provided for herein);

 

(ii)
such Principal Party shall be liable for, and shall assume, by virtue of such Flip-Over Event, all the obligations and duties
of the Company pursuant to this Agreement;

 

(iii)
the term “Company” shall thereafter be deemed to refer to such Principal Party, it being specifically intended that
the provisions of Section 11 hereof shall apply only to such Principal Party following the first occurrence of a Flip-Over Event;

 

(iv)
such Principal Party shall take such steps (including, but not limited to, the reservation of a sufficient number of shares of
its Common Stock) in connection with the consummation of any such transaction as may be necessary to ensure that the provisions
hereof shall be applicable, as nearly as reasonably may be possible, to its shares of Common Stock thereafter deliverable upon
the exercise of the Rights; and

 

(v)
the provisions of Section 11(a)(ii) hereof shall be of no further effect following the first occurrence of any Flip-Over Event,
and the Rights that have not theretofore been exercised shall thereafter become exercisable in the manner described in this Section
13.

 

(b)
“Principal Party” shall mean:

 

(i)
in the case of any transaction described in clause (x) or (y) of the first sentence of Section 13(a) hereof, (A) the Person (including
the Company as successor thereto or as the surviving entity) that is the issuer of any securities or other equity interests into
which shares of Common Stock of the Company are converted in such merger or consolidation, or, if there is more than one such
issuer, the issuer of Common Stock that has the highest aggregate Current Market Price; and (B) if no securities or other equity
interests are so issued, (1) the Person that is the other constituent party to such merger, if such Person survives the merger,
or, if there is more than one such Person, the Person, the Common Stock of which has the highest aggregate Current Market Price
or (2) if the Person that is the other party to the merger does not survive the merger, the Person that does survive the merger
(including the Company if it survives) or (3) the Person resulting from the consolidation; and

 

    	- 29 -

    	 

    

 

(ii)
in the case of any transaction described in clause (z) of the first sentence of Section 13(a) hereof, the Person that is the party
receiving the largest portion of the assets or earning power transferred pursuant to such transaction or transactions, or, if
each Person that is a party to such transaction or transactions receives the same portion of the assets or earning power transferred
pursuant to such transaction or transactions or if the Person receiving the largest portion of the assets or earning power cannot
be determined, whichever Person that has received assets or earning power pursuant to such transaction or transactions, the Common
Stock of which has the highest aggregate Current Market Price; provided, however, that in any such case: (1) if
the Common Stock of such Person is not at such time and has not been continuously over the preceding twelve (12) month period
registered under Section 12 of the Exchange Act, and such Person is a direct or indirect Subsidiary of another Person the Common
Stock of which is and has been so registered, “Principal Party” shall refer to such other Person; (2) if the Common
Stock of such Person is not and has not been so registered and such Person is a Subsidiary, directly or indirectly, of more than
one Person, the Common Stocks of two or more of which are and have been so registered, “Principal Party” shall refer
to whichever of such Persons is the issuer of the Common Stock having the highest aggregate market value; and (3) if the Common
Stock of such Person is not and has not been so registered and such Person is owned, directly or indirectly, by a joint venture
formed by two or more Persons that are not owned, directly or indirectly, by the same Person, the rules set forth in (1) and (2)
above shall apply to each of the chains of ownership having an interest in such joint venture as if such party were a Subsidiary
of both or all of such joint venturers, and the Principal Parties in each such chain shall bear the obligations set forth in this
Section 13 in the same ratio as their direct or indirect interests in such Person bear to the total of such interests.

 

(c)
The Company may not consummate any Flip-Over Event unless the Principal Party has a sufficient number of authorized shares of
its Common Stock that have not been issued (or reserved for issuance) or that are held in its treasury to permit the exercise
in full of the Rights in accordance with this Section 13 and unless prior thereto the Company and such Principal Party have executed
and delivered to the Rights Agent a supplemental agreement providing for the terms set forth in paragraphs (a) and (b) of this
Section 13 and further providing that, as soon as practicable after the date of any such Flip-Over Event, the Principal Party,
at its own expense, shall:

 

(i)
if the Principal Party is required to file a registration statement pursuant to the Securities Act with respect to the Rights
and the securities purchasable upon exercise of the Rights, (A) prepare and file such registration statement; (B) use its best
efforts to cause such registration statement to become effective as soon as practicable after such filing and remain effective
(and to include a prospectus at all times complying with the requirements of the Securities Act) until the Expiration Date; and
(C) take such action as may be required to ensure that any acquisition of such securities that may be acquired upon exercise of
the Rights complies with any applicable state security or “blue sky” laws as soon as practicable following the execution
of such agreement;

 

    	- 30 -

    	 

    

 

(ii)
deliver to holders of the Rights historical financial statements for the Principal Party and each of its Affiliates that comply
in all respects with the requirements for registration on Form 10 (or any successor form) under the Exchange Act;

 

(iii)
use its best efforts to obtain any and all necessary regulatory approvals as may be required with respect to the securities that
may be acquired upon exercise of the Rights; and

 

(iv)
use its best efforts, if such Common Stock of the Principal Party is listed or admitted to trading on NASDAQ, the NYSE or on another
securities exchange, to list or admit to trading (or continue the listing of) the Rights and the securities that may be acquired
upon exercise of the Rights on NASDAQ, the NYSE or on such securities exchange, or if the securities of the Principal Party that
may be acquired upon exercise of the Rights are not listed or admitted to trading on NASDAQ, the NYSE or a securities exchange,
to cause the Rights and the securities that may be acquired upon exercise of the Rights to be authorized for quotation on any
other system then in use; and

 

(v)
obtain waivers of any rights of first refusal or preemptive rights in respect of the Common Stock of the Principal Party subject
to purchase upon exercise of outstanding Rights.

 

(d)
In case the Principal Party that is to be a party to a transaction referred to in this Section 13 has at the time of such transaction,
or immediately following such transaction has a provision in any of its authorized securities or in its certificate or articles
of incorporation or bylaws or other instrument governing its affairs, or any other agreements or arrangements, which provision
would have the effect of (i) causing such Principal Party to issue, in connection with, or as a consequence of, the consummation
of a transaction referred to in this Section 13, shares of Common Stock of such Principal Party at less than the then Current
Market Price or securities exercisable for, or convertible into, Common Stock of such Principal Party at less than such then Current
Market Price (other than to holders of Rights pursuant to this Section 13); (ii) providing for any special payment, tax or similar
provisions in connection with the issuance of the Common Stock of such Principal Party pursuant to the provisions of this Section
13; or (iii) otherwise eliminating or substantially diminishing the benefits intended to be afforded by the Rights in connection
with, or as a consequence of, the consummation of a transaction referred to in this Section 13, then, in each such case, the Company
may not consummate any such transaction unless prior thereto the Company and such Principal Party have executed and delivered
to the Rights Agent a supplemental agreement providing that the provision in question of such Principal Party has been cancelled,
waived or amended, or that the authorized securities have been redeemed, so that the applicable provision shall have no effect
in connection with, or as a consequence of, the consummation of such transaction.

 

(e)
The provisions of this Section 13 shall apply similarly to successive mergers or consolidations or sales or other transfers. In
the event that a Flip-Over Event occurs after the Flip-In Event, the Rights that have not theretofore been exercised shall thereafter
become exercisable in the manner described in Section 13(a) hereof.

 

    	- 31 -

    	 

    

 

(f)
Notwithstanding anything contained herein to the contrary, in the event of any merger or other acquisition transaction involving
the Company pursuant to a merger or other acquisition agreement between the Company and any Person (or one or more of such Person’s
Related Persons) which agreement has been approved by the Board prior to any Person becoming an Acquiring Person, this Agreement
and the rights of holders of Rights hereunder shall be terminated in accordance with Section 7(a).

 

Section
14. Fractional Rights; Fractional Shares; Waiver.

 

(a)
The Company is not required to issue fractions of Rights except prior to the Distribution Date as provided in Section 11(o) hereof,
or to distribute Rights Certificates that evidence fractional Rights. In lieu of such fractional Rights, the Company may pay to
the Persons to which such fractional Rights would otherwise be issuable an amount in cash equal to such fraction of the market
value of a whole Right. For purposes of this Section 14(a), the market value of a whole Right is the Closing Price of the Rights
for the Trading Day immediately prior to the date that such fractional Rights would have been otherwise issuable.

 

(b)
The Company is not required to issue fractions of shares of Preferred Stock (other than fractions which are integral multiples
of one one-thousandth of a share of Preferred Stock) upon exercise of the Rights or to distribute certificates which evidence
fractional shares of Preferred Stock (other than fractions which are integral multiples of one one-thousandth of a share of Preferred
Stock). In lieu of fractional shares of Preferred Stock that are not integral multiples of one one-thousandth of a share of Preferred
Stock, the Company may pay to the registered holders of Rights Certificates at the time such Rights are exercised as herein provided
an amount in cash equal to the same fraction of the Current Market Price of one one-thousandth of a share of Preferred Stock.
For purposes of this Section 14(b), the Current Market Price of one one-thousandth of a share of Preferred Stock is one one-thousandth
of the Closing Price of a share of Preferred Stock for the Trading Day immediately prior to the date of such exercise.

 

(c)
Following the occurrence of one of the events specified in Section 11 hereof giving rise to the right to receive Common Stock,
Common Stock Equivalents or other securities upon the exercise of a Right, the Company shall not be required to issue fractions
of shares of Common Stock, Common Stock Equivalents or other securities upon exercise of the Rights or to distribute certificates
which evidence fractional shares of Common Stock, Common Stock Equivalents or other securities. In lieu of fractional shares of
Common Stock, Common Stock Equivalents or other securities, the Company may pay to the registered holders of Rights Certificates
at the time such Rights are exercised as herein provided an amount in cash equal to the same fraction of the Current Market Price
of one share of Common Stock, Common Stock Equivalents or other securities. For purposes of this Section 14(c), the Current Market
Price of one share of Common Stock is the Closing Price of one share of Common Stock for the Trading Day immediately prior to
the date of such exercise.

 

(d)
The holder of a Right, by the acceptance of the Right, expressly waives such holder’s right to receive any fractional Rights
or any fractional shares upon exercise of a Right, except as permitted by this Section 14.

 

    	- 32 -

    	 

    

 

(e)
Whenever a payment for fractional Rights or fractional shares is to be made by the Rights Agent under this Agreement, the Company
shall (i) promptly prepare and deliver to the Rights Agent a certificate setting forth in reasonable detail the facts related
to such payments and the prices and formulas utilized in calculating such payments; and (ii) provide sufficient monies to the
Rights Agent in the form of fully collected funds to make such payments. The Rights Agent may rely upon such a certificate and
has no duty with respect to, and shall not be deemed to have knowledge of, any payment for fractional Rights or fractional shares
under any Section of this Agreement relating to the payment of fractional Rights or fractional shares unless and until the Rights
Agent has received such a certificate and sufficient monies.

 

Section
15. Rights of Action.

 

All
rights of action in respect of this Agreement, other than the rights of action vested in the Rights Agent hereunder, are vested
in the respective registered holders of the Rights Certificates (and, prior to the Distribution Date, the registered holders of
shares of the Capital Stock); and any registered holder of a Rights Certificate (or, prior to the Distribution Date, any registered
holder of shares of the Capital Stock), without the consent of the Rights Agent or of the holder of any other Rights Certificate
(or, prior to the Distribution Date, any registered holder of shares of the Capital Stock), may, on such holder’s own behalf
and for such holder’s own benefit, enforce, and may institute and maintain any suit, action or proceeding against the Company
or any other Person to enforce, or otherwise act in respect of, such holder’s right to exercise the Rights evidenced by
such Rights Certificate in the manner provided in such Rights Certificate and in this Agreement. Without limiting the foregoing
or any remedies available to the holders of Rights, it is specifically acknowledged that the holders of Rights would not have
an adequate remedy at law for any breach of this Agreement by the Company and shall be entitled to specific performance of the
obligations hereunder, and injunctive relief against actual or threatened violations by the Company of the obligations hereunder
of any Person (including, without limitation, the Company) subject to this Agreement.

 

Section
16. Agreement of Rights Holders.

 

Every
holder of a Right, by accepting such Right, consents and agrees with the Company and the Rights Agent and with every other holder
of a Right that:

 

(a)
prior to the Distribution Date, the Rights shall be evidenced by the balances indicated in the Book Entry account system of the
transfer agent for the Capital Stock, or if there is no transfer agent for any Capital Stock, on the registry books of the Company
for such Capital Stock, registered in the names of the holders of Capital Stock (which Capital Stock shall also be deemed to represent
certificates for Rights) or, in the case of certificated shares, the certificates for the Capital Stock registered in the names
of the holders of the Capital Stock (which certificates for shares of Capital Stock also constitute certificates for Rights) and
each Right is transferable only in connection with the transfer of the Capital Stock;

 

(b)
after the Distribution Date, the Rights Certificates shall be transferable only on the registry books of the Rights Agent if surrendered
at the office of the Rights Agent designated for such purposes, duly endorsed or accompanied by a proper form of assignment and
with the appropriate forms and certificates properly completed and duly executed;

 

    	- 33 -

    	 

    

 

(c)
subject to Section 6(a) and Section 7(e) hereof, the Company and the Rights Agent may deem and treat the Person in whose name
a Rights Certificate (or, prior to the Distribution Date, the associated balance indicated in the Book Entry account system of
the transfer agent for the Capital Stock, or if there is no transfer agent for any Capital Stock, on the registry books of the
Company for such Capital Stock, or in the case of certificated shares, by the associated Capital Stock certificate) is registered
as the absolute owner thereof and of the Rights evidenced thereby (notwithstanding any notations of ownership or writing on the
Rights Certificates or the associated balance indicated in the Book Entry account system of the transfer agent for the Capital
Stock, or if there is no transfer agent for any Capital Stock, on the registry books of the Company for such Capital Stock, or
in the case of certificated shares, by the associated Capital Stock certificate made by anyone other than the Company or the Rights
Agent) for all purposes whatsoever, and neither the Company nor the Rights Agent, subject to the last sentence of Section 7(e)
hereof, shall be affected by any notice to the contrary; and

 

(d)
notwithstanding anything in this Agreement to the contrary, neither the Company nor the Rights Agent has any liability to any
holder of a Right or any other Person as a result of the inability of the Company or the Rights Agent to perform any of its or
their obligations under this Agreement by reason of any preliminary or permanent injunction or other order, decree, judgment or
ruling (whether interlocutory or final) issued by a court of competent jurisdiction or by a governmental, regulatory, self-regulatory
or administrative agency or commission, or any statute, rule, regulation or executive order promulgated or enacted by any governmental
authority, prohibiting or otherwise restraining performance of such obligation; provided, however, the Company shall
use its commercially reasonable efforts to have any such injunction, order, decree, judgment or ruling lifted or otherwise overturned
as promptly as practicable.

 

Section
17. Rights Certificate Holder Not Deemed a Stockholder.

 

No
holder, as such, of any Rights Certificate is entitled to vote, receive dividends or be deemed for any purpose the holder of the
shares of Preferred Stock or any other securities of the Company that may at any time be issuable on the exercise of the Rights
represented thereby, nor shall anything contained herein or in any Rights Certificate be construed to confer upon the holder of
any Rights Certificate, as such, any of the rights of a stockholder of the Company or any right to vote for the election of directors
or upon any matter submitted to stockholders at any meeting thereof, or to give or withhold consent to any corporate action, or,
except as provided in Section 26 hereof, to receive notice of meetings or other actions affecting stockholders, or to receive
dividends or subscription rights, or otherwise, until the Right evidenced by such Rights Certificate have been exercised in accordance
with the provisions hereof.

 

Section
18. Duties of Rights Agent.

 

The
Rights Agent undertakes to perform its duties and obligations imposed by this Agreement upon the following terms and conditions,
by all of which the Company and the holders of Rights Certificates, or, prior to the Distribution Date, Capital Stock, by their
acceptance thereof, shall be bound:

 

(a)
The Rights Agent may consult with legal counsel selected by it (who may be legal counsel for the Rights Agent or the Company or
an employee of the Rights Agent), and the advice or opinion of such counsel shall be full and complete authorization and protection
to the Rights Agent, and the Rights Agent shall have no liability for or in respect of, any action taken, suffered or omitted
to be taken by it in the absence of bad faith in accordance with such advice or opinion.

 

    	- 34 -

    	 

    

 

(b)
Whenever in the performance of its duties under this Agreement the Rights Agent shall deem it necessary or desirable that any
fact or matter (including the identity of any Acquiring Person and the determination of Current Market Price) be proved or established
by the Company prior to taking, suffering or omitting to take any action hereunder, such fact or matter (unless other evidence
in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established by a certificate
signed by the Chief Executive Officer, President, Chief Operating Officer, Chief Financial Officer, any Senior Vice President,
any Vice President, Treasurer, Secretary, any Assistant Treasurer or any Assistant Secretary of the Company and delivered to the
Rights Agent; and such certificate shall be full and complete authorization and protection to the Rights Agent, and the Rights
Agent shall incur no liability for or in respect of any action taken, suffered or omitted to be taken by it, in the absence of
bad faith, under the provisions of this Agreement in reliance upon such certificate.

 

(c)
Anything to the contrary notwithstanding, in no event shall the Rights Agent be liable for special, punitive, indirect, consequential
or incidental loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Rights Agent has
been advised of the likelihood of such loss or damage. Any liability of the Rights Agent under this Agreement shall be limited
to the amount of annual fees paid by the Company to the Rights Agent.

 

(d)
The Rights Agent shall not be liable for or by reason of any of the statements of fact or recitals contained in this Agreement
or in the Rights Certificates or be required to verify the same (except as to its countersignature thereof), but all such statements
and recitals are deemed to have been made by the Company only.

 

(e)
The Rights Agent shall not have any liability for nor be under any responsibility in respect of the validity of this Agreement
or the execution and delivery hereof (except the due execution and delivery hereof by the Rights Agent) or for the validity or
execution of any Rights Certificate (except its countersignature thereon); nor shall it be liable or responsible for any breach
by the Company of any covenant or failure by the Company to satisfy any condition contained in this Agreement or in any Rights
Certificate; nor shall it be liable or responsible for any change in the exercisability of the Rights (including, but not limited
to, the Rights becoming null and void pursuant to Section 7(e) hereof) or any change or adjustment in the terms of the Rights
including, but not limited, to any adjustment required under the provisions of Sections 11, 13, 23 or 24 hereof or for the manner,
method or amount of any such change or adjustment or the ascertaining of the existence of facts that would require any such change
or adjustment (except with respect to the exercise of Rights evidenced by Rights Certificates after receipt by the Rights Agent
of the certificate describing any such adjustment contemplated by Section 12 hereof, upon which the Rights Agent may rely); nor
shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any shares
of the Common Stock, the Preferred Stock or any other securities to be issued pursuant to this Agreement or any Rights Certificate
or as to whether any shares of Common Stock, Preferred Stock or any other securities shall, when so issued, be validly authorized
and issued, fully paid and non-assessable.

 

    	- 35 -

    	 

    

 

(f)
The Company shall perform, execute, acknowledge and deliver or cause to be performed, executed, acknowledged and delivered all
such further acts, instruments and assurances as may reasonably be required by the Rights Agent for the performance by the Rights
Agent of its duties under this Agreement.

 

(g)
The Rights Agent is hereby authorized and directed to accept verbal or written instructions with respect to the performance of
its duties hereunder and certificates delivered pursuant to any provision hereof from the Chief Executive Officer, President,
Chief Operating Officer, Chief Financial Officer, any Senior Vice President, any Vice President, Treasurer, Secretary, any Assistant
Treasurer or any Assistant Secretary of the Company, and to apply to such officers for advice or instructions in connection with
its duties, and such advice or instruction shall be full authorization and protection to the Rights Agent and the Rights Agent
shall have no duty to independently verify the accuracy or completeness of such instructions and shall incur no liability for
or in respect of any action taken or suffered or omitted to be taken by it by it, in the absence of bad faith, in accordance with
advice or instructions of any such officer or for any delay in acting while waiting for those instructions. Any application by
the Rights Agent for written instructions from the Company may, at the option of the Rights Agent, set forth in writing any action
proposed to be taken or omitted by the Rights Agent under this Agreement and the date on and/or after which such action shall
be taken or such omission shall be effective. The Rights Agent shall be fully authorized and protected in relying upon the most
recent verbal or written instructions received from any such officer, and shall not be liable for any action taken, suffered or
omitted to be taken by the Rights Agent in the absence of bad faith in accordance with a proposal included in any such application
on or after the date specified in such application (which date shall not be less than five (5) Business Days after the date any
officer of the Company actually receives such application unless any such officer shall have consented in writing to an earlier
date) unless, prior to taking any such action (or the effective date in the case of an omission), the Rights Agent shall have
received written instructions in response to such application specifying the action to be taken, suffered or omitted.

 

(h)
The Rights Agent and any stockholder, affiliate, director, officer or employee of the Rights Agent may buy, sell or deal in any
of the Rights or other securities of the Company or become pecuniarily interested in any transaction in which the Company may
be interested, or contract with or lend money to the Company or otherwise act as fully and freely as though it were not Rights
Agent under this Agreement. Nothing herein shall preclude the Rights Agent from acting in any other capacity for the Company or
for any other Person.

 

(i)
The Rights Agent may execute and exercise any of the rights or powers hereby vested in it or perform any duty hereunder either
itself (through its directors, officers and employees) or by or through its attorneys or agents, and the Rights Agent shall not
be liable, answerable or accountable for any act, default, neglect or misconduct of any such attorneys or agents or for any loss
to the Company, any holder of Rights or any other Person resulting from any such act, default, neglect or misconduct, absent gross
negligence or willful misconduct (each as determined by a final judgment of a court of competent jurisdiction) in the selection
and continued employment thereof.

 

(j)
No provision of this Agreement shall require the Rights Agent to expend or risk its own funds or otherwise incur any financial
liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers if there are reasonable
grounds for believing that repayment of such funds or adequate indemnification against such risk or liability is not reasonably
assured to it.

 

    	- 36 -

    	 

    

 

(k)
If, with respect to any Rights Certificate surrendered to the Rights Agent for exercise or transfer, either (i) the certificate
attached to the form of assignment or form of election to purchase, as the case may be, has either not been completed or indicates
an affirmative response to clause 1 and/or 2 thereof, or (ii) any other actual or suspected irregularity exists, the Rights Agent
shall not take any further action with respect to such requested exercise or transfer without first consulting with the Company.

 

Section
19. Concerning the Rights Agent.

 

(a)
The Company agrees to pay to the Rights Agent reasonable compensation as agreed in writing between the Company and the Rights
Agent for all services rendered by it hereunder and from time to time, on demand of the Rights Agent, to reimburse the Rights
Agent for all of its reasonable and documented expenses, counsel fees and disbursements and other expense incurred in the preparation,
delivery, amendment, administration and execution of this Agreement and the exercise and performance of its duties hereunder.
The Company also agrees to indemnify the Rights Agent and its employees, officers and directors for, and to hold it harmless against,
any loss, liability, damage, demand, judgment, fine, penalty, claim, settlement, cost or expense (including the reasonable fees
and expenses of legal counsel), incurred without gross negligence or willful misconduct on the part of the Rights Agent (each
as determined by a final judgment of a court of competent jurisdiction) for any action taken, suffered or omitted to be taken
by the Rights Agent pursuant to this Agreement or in connection with the acceptance, administration, exercise and performance
of its duties under this Agreement, including the reasonable and documented costs and expenses of defending against any claim
of liability arising therefrom, directly or indirectly, or enforcing its rights hereunder.

 

(b)
The Rights Agent shall be authorized and protected and shall incur no liability for or in respect of any action taken, suffered
or omitted to be taken by it in connection with its acceptance and administration of this Agreement and the exercise and performance
of its duties hereunder in reliance upon any Rights Certificate or Book Entry for Common Stock or other securities of the Company,
instrument of assignment or transfer, power of attorney, endorsement, affidavit, letter, notice, direction, consent, certificate,
statements or other paper or document believed by it to be genuine and to be signed, executed and shall not be obligated to verify
the accuracy or completeness of such instrument, power of attorney, endorsement, affidavit, letter, notice, direction, consent,
certificate, statements or other paper or document and, where necessary, guaranteed, verified or acknowledged, by the proper Person
or Persons, or otherwise upon the advice of counsel as set forth in Section 20 hereof. The Rights Agent shall not be deemed to
have knowledge of any event of which it was supposed to receive notice thereof hereunder, and the Rights Agent shall be fully
protected and shall incur no liability for failing to take action in connection therewith unless and until it has received such
notice in writing.

 

(c)
Notwithstanding anything in this Agreement to the contrary, in no case shall the Company be liable with respect to any action,
proceeding, suit or claim against the Rights Agent unless the Rights Agent shall have notified the Company in accordance with
Section 27 hereof of the assertion of such action, proceeding, suit or claim against the Rights Agent, promptly after the Rights
Agent shall have notice of such assertion of an action, proceeding, suit or claim or have been served with the summons or other
first legal process giving information as to the nature and basis of the action, proceeding, suit or claim; provided, that
the failure to provide such notice promptly shall not affect the rights of the Rights Agent hereunder except to the extent that
such failure actually prejudices the Company. The Company shall be entitled to participate at its own expense in the defense of
any such action, proceeding, suit or claim. The Rights Agent shall not settle any litigation in connection with any action, proceeding,
suit or claim with respect to which it may seek indemnification from the Company, without the prior written consent of the Company,
which shall not be unreasonably withheld.

 

    	- 37 -

    	 

    

 

(d)
The provisions of this Section 19 and Section 18 shall survive the termination of this Agreement, the resignation, replacement
or removal of the Rights Agent and the exercise, termination and the expiration of the Rights. The Company agrees to indemnify
the Rights Agent and to hold it harmless to the fullest extent permitted by law against any loss, liability or expense incurred
as a result of claims for special, punitive, incidental, indirect or consequential loss or damages of any kind whatsoever provided
in each case that such claims are not based on the gross negligence or willful misconduct of the Rights Agent (each as determined
by a final judgment of a court of competent jurisdiction). Any liability of the Rights Agent under this Agreement shall be limited
to the amount of annual fees paid by the Company to the Rights Agent.

 

Section
20. Merger or Consolidation or Change of Name
of Rights Agent.

 

(a)
Any Person into which the Rights Agent or any successor Rights Agent is merged or with which the Rights Agent or any successor
Rights Agent is consolidated, or any Person resulting from any merger or consolidation to which the Rights Agent or any successor
Rights Agent is a party, or any Person succeeding to the corporate trust, stock transfer or other stockholder services business
of the Rights Agent or any successor Rights Agent, shall be the successor to the Rights Agent under this Agreement without the
execution or filing of any paper or any further act on the part of any of the parties hereto; but only if such Person would
be eligible for appointment as a successor Rights Agent under the provisions of Section 21 hereof. The purchase of all or substantially
all of the Rights Agent’s assets employed in the performance of transfer agent activities shall be deemed a merger or consolidation
for purposes of this Section 20. In case at the time such successor Rights Agent shall succeed to the agency created by this Agreement,
any of the Rights Certificates have been countersigned but not delivered, any such successor Rights Agent may adopt the countersignature
of a predecessor Rights Agent and deliver such Rights Certificates so countersigned; and in case at that time any of the Rights
Certificates have not been countersigned, any successor Rights Agent may countersign such Rights Certificates either in the name
of the predecessor or in the name of the successor Rights Agent; and in all such cases such Rights Certificates shall have the
full force provided in the Rights Certificates and in this Agreement.

 

(b)
In case at any time the name of the Rights Agent shall be changed and at such time any of the Rights Certificates shall have been
countersigned but not delivered, the Rights Agent may adopt the countersignature under its prior name and deliver Rights Certificates
so countersigned; and in case at that time any of the Rights Certificates shall not have been countersigned, the Rights Agent
may countersign such Rights Certificates either in its prior name or in its changed name; and in all such cases such Rights Certificates
shall have the full force provided in the Rights Certificates and in this Agreement.

 

    	- 38 -

    	 

    

 

Section
21. Change of Rights Agent.

 

The
Rights Agent or any successor Rights Agent may resign and be discharged from its duties under this Agreement upon at least thirty
(30) days’ advance notice in writing to the Company, and to each transfer agent of the Preferred Stock and the Common Stock,
by registered or certified mail, in which case the Company shall give or cause to be given written notice to the registered holders
of the Rights Certificates by first-class mail. The Company may remove the Rights Agent or any successor Rights Agent upon at
least thirty (30) days’ notice in writing, mailed to the Rights Agent or successor Rights Agent, as the case may be, and
to each transfer agent of the Common Stock and Preferred Stock, by registered or certified mail, and, if such removal occurs after
the Distribution Date, to the holders of the Rights Certificates by first-class mail. If the Rights Agent resigns or is removed
or otherwise becomes incapable of acting, the Company shall appoint a successor to the Rights Agent. If the Company fails to make
such appointment within a period of thirty (30) days after giving notice of such removal or after it has been notified in writing
of such resignation or incapacity by the resigning or incapacitated Rights Agent or by the holder of a Rights Certificate (such
holder shall, with such notice, submit its Rights Certificate for inspection by the Company), then the incumbent Rights Agent
or any registered holder of any Rights Certificate may apply to any court of competent jurisdiction for the appointment of a new
Rights Agent. Any successor Rights Agent, whether appointed by the Company or by such a court, shall be (a) a Person organized
and doing business under the laws of the United States or any State thereof, in good standing, which is authorized under such
laws to exercise corporate trust, stock transfer or stockholder services powers and which at the time of its appointment as Rights
Agent has, or with its parent has, a combined capital and surplus of at least $50,000,000 or (b) an affiliate of a Person described
in clause (a) of this sentence. After appointment, the successor Rights Agent shall be vested with the same powers, rights, duties
and responsibilities as if it had been originally named as Rights Agent under this Agreement without further act or deed; but
the predecessor Rights Agent shall deliver and transfer to the successor Rights Agent any property at the time held by it hereunder,
and execute and deliver any further assurance, conveyance, act or deed necessary for the purpose in each case at the sole expense
of the Company. Not later than the effective date of any such appointment, the Company shall file notice thereof in writing with
the predecessor Rights Agent and each transfer agent of the Common Stock and the Preferred Stock, and, if such appointment occurs
after the Distribution Date, mail a notice thereof in writing to the registered holders of the Rights Certificates. Failure to
give any notice provided for in this Section 21, or any defect therein, shall not affect the legality or validity of the resignation
or removal of the Rights Agent or the appointment of the successor Rights Agent, as the case may be.

 

Section
22. Issuance of New Rights Certificates.

 

Notwithstanding
any of the provisions of this Agreement or the Rights Certificates to the contrary, the Company may, at its option, issue new
Rights Certificates evidencing Rights in such form as may be approved by the Board to reflect any adjustment or change made in
accordance with the provisions of this Agreement in the Exercise Price or the number or kind or class of shares or other securities
or property that may be acquired under the Rights Certificates. In addition, in connection with the issuance or sale of shares
of Capital Stock following the Distribution Date (other than upon exercise of a Right) and prior to the Expiration Date, the Company
(a) shall, with respect to shares of Common Stock so issued or sold pursuant to the exercise of stock options or under any employee
plan or arrangement, or upon the exercise, conversion or exchange of securities hereinafter issued by the Company, and (b) may,
in any other case, if deemed necessary or appropriate by the Board, issue Rights Certificates representing the appropriate number
of Rights in connection with such issuance or sale; provided, however, that (i) no such Rights Certificate may be
issued if, and to the extent that, the Company has been advised by counsel that such issuance would create a significant risk
of material adverse tax consequences to the Company or the Person to whom such Rights Certificate would be issued, and (ii) no
such Rights Certificate may be issued if, and to the extent that, appropriate adjustment shall otherwise have been made in lieu
of the issuance thereof.

 

    	- 39 -

    	 

    

 

Section
23. Redemption.

 

(a)
The Board may, within its sole discretion, at any time before the Distribution Date (the “Redemption Period”)
authorize the Company to redeem all, but not less than all, of the then outstanding Rights at a redemption price of $0.001 per
Right, as such amount may be appropriately adjusted to reflect any stock split, reverse stock split, stock dividend or similar
transaction occurring after the date hereof (such redemption price, as adjusted, the “Redemption Price”).
Any such redemption shall be effective immediately upon the action of the Board authorizing the same, unless such action of the
Board expressly provides that such redemption shall be effective at a subsequent time or upon the occurrence or nonoccurrence
of one or more specified events (in which case such redemption shall be effective in accordance with the provisions of such action
of the Board). The redemption of the Rights by the Board pursuant to this paragraph (a) may be made effective at such time, on
such basis and with such conditions as the Board may establish, in its sole discretion. The Company may, at its option, pay the
Redemption Price in cash, shares of Common Stock based on the Current Market Price or any other form of consideration deemed appropriate
by the Board.

 

(b)
Immediately upon the action of the Board ordering the redemption of the Rights pursuant to paragraph (a) of this Section 23 (or
such later time as the Board may establish for the effectiveness of such redemption), and without any further action and without
any notice, the right to exercise the Rights shall terminate and the only right thereafter of the holders of Rights shall be to
receive the Redemption Price for each Right held. The Company shall promptly give (i) written notice to the Rights Agent of any
such redemption; and (ii) public notice of any such redemption; provided, however, that the failure to give, or
any defect in, any such notice shall not affect the validity of such redemption. Within ten (10) days after such action of the
Board ordering the redemption of the Rights, the Company shall mail a notice of redemption to all the holders of the then outstanding
Rights at their last addresses as they appear upon the registry books of the Rights Agent or, prior to the Distribution Date,
on the registry books of the transfer agent for the Capital Stock or if there is no transfer agent for any Capital Stock, on the
registry books of the Company for such Capital Stock. Any notice that is mailed in the manner herein provided shall be deemed
given, whether or not the holder receives the notice. Each such notice of redemption shall state the method by which the payment
of the Redemption Price shall be made. Neither the Company nor any of its Related Persons may redeem, acquire or purchase for
value any Rights at any time in any manner other than that specifically set forth in this Section 23 or in Section 24 hereof,
or other than in connection with the purchase of shares of Common Stock or the conversion or redemption of shares of Common Stock
in accordance with the applicable provisions of the Certificate of Incorporation prior to the Distribution Date.

 

    	- 40 -

    	 

    

 

Section
24. Exchange.

 

(a)
The Board may, at its option, at any time after any Person becomes an Acquiring Person, exchange all or part of the then outstanding
and exercisable Rights (which shall not include Rights that have become null and void pursuant to the provisions of Section 7(e)
hereof) for shares of Common Stock at an exchange ratio of one share of Common Stock per each outstanding Right, as appropriately
adjusted to reflect any stock split, reverse stock split, stock dividend or similar transaction occurring after the date hereof
(such exchange ratio being hereinafter referred to as the “Exchange Ratio”). Notwithstanding the foregoing,
the Board is not empowered to effect such exchange at any time after any Acquiring Person, together with all of its Related Persons,
becomes the Beneficial Owner of fifty percent (50%) or more of the voting power represented by the Company’s capital stock
then outstanding (including, but not limited to, the Capital Stock). The exchange of the Rights by the Board may be made effective
at such time, on such basis and with such conditions as the Board in its sole discretion may establish. From and after the occurrence
of a Flip-Over Event, any Rights that theretofore have not been exchanged pursuant to this Section 24(a) shall thereafter be exercisable
only in accordance with Section 13 hereof and may not be exchanged pursuant to this Section 24(a).

 

(b)
Immediately upon the action of the Board ordering the exchange of any Rights pursuant to paragraph (a) of this Section 24 and without
any further action or notice, the right to exercise such Rights shall terminate and the only right thereafter of a holder of such Rights
shall be to receive a number of shares of Common Stock equal to the number of such Rights held by such holder multiplied by the Exchange
Ratio; provided, however, that in connection with any exchange effected pursuant to this Section 24(b), no holder of Rights
shall be entitled to receive Common Stock (or other shares of capital stock of the Company) that would result in such holder, together
with such holder’s Related Persons, becoming the Beneficial Owner of more than 15% of the then-outstanding Common Stock
on a fully diluted basis. If a holder would, but for the immediately preceding sentence, be entitled to receive Excess Shares, in lieu
of receiving such Excess Shares and to the extent permitted by law or orders applicable to the Company, such holder shall only be entitled
to receive an amount in cash or, at the election of the Company, a note or other evidence of indebtedness maturing within nine (9) months
with a principal amount, equal to the Current Market Price of a share of Common Stock at the Close of Business on the Trading Day following
the date the Board effects the foregoing exchange multiplied by the number of Excess Shares that would otherwise have been issuable to
such holder. The exchange of the Rights by the Board may be made effective at such time, on such basis and with such conditions as the
Board in its sole discretion may establish. The Company shall promptly give (i) written notice to the Rights Agent of any such exchange;
and (ii) public notice of any such exchange; provided, however, that the failure to give, or any defect in, such notice
shall not affect the validity of such exchange. The Company promptly shall mail a notice of any such exchange to all of the holders of
such Rights at their last addresses as they appear upon the registry books of the Rights Agent. Any notice that is mailed in the manner
herein provided shall be deemed given, whether or not the holder receives the notice. Each such notice of exchange shall state the method
by which the exchange of the shares of Common Stock for Rights shall be effected and, in the event of any partial exchange, the number
of Rights that shall be exchanged. Any partial exchange shall be effected pro rata based on the number of Rights (other than Rights
that have become null and void pursuant to the provisions of Section 7(e) hereof) held by each holder of Rights.

 

    	- 41 -

    	 

    

 

(c)
The Company may at its option substitute, and, in the event that there shall not be sufficient shares of Common Stock issued but
not outstanding or authorized but unissued to permit an exchange of Rights for Common Stock as contemplated in accordance with
this Section 24, the Company shall substitute to the extent of such insufficiency, for each share of Common Stock that would otherwise
be issuable upon exchange of a Right, a number of shares of Preferred Stock or fraction thereof (or Equivalent Preferred Stock,
as such term is defined in Section 11(b)) such that the Current Market Price of one share of Preferred Stock (or Equivalent Preferred
Share) multiplied by such number or fraction is equal to the Current Market Price of one share of Common Stock as of the date
of such exchange.

 

(d)
Upon declaring an exchange pursuant to this Section 24, or as promptly as reasonably practicable thereafter, the Company may implement
such procedures as it deems appropriate, in its sole discretion, for the purpose of ensuring that the Common Stock (or such other
consideration) issuable upon an exchange pursuant to this Section 24 is not received by holders of Rights that have become null
and void pursuant to Section 7(e) hereof. Before effecting an exchange pursuant to this Section 24, the Board may direct the Company
to enter into a Trust Agreement in such form and with such terms as the Board shall then approve (the “Trust Agreement”).
If the Board so directs, the Company shall enter into the Trust Agreement and the Company shall issue to the trust created by
the Trust Agreement (the “Trust”) all or a portion (as designated by the Board) of the shares of Common
Stock and other securities, if any, distributable pursuant to the Exchange, and all stockholders entitled to distribution of such
shares or other securities (and any dividends or distributions made thereon after the date on which such shares or other securities
are deposited in the Trust) shall be entitled to receive a distribution of such shares or other securities (and any dividends
or distributions made thereon after the date on which such shares or other securities are deposited in the Trust) only from the
Trust and solely upon compliance with all relevant terms and provisions of the Trust Agreement. Prior to effecting an exchange
and registering shares of Common Stock (or other such securities) in any Person’s name, including any nominee or transferee
of a Person, the Company may require (or cause the trustee of the Trust to require), as a condition thereof, that any holder of
Rights provide evidence, including, without limitation, the identity of the Beneficial Owners thereof and their Related Persons
(or former Beneficial Owners thereof and their Related Persons) as the Company reasonably requests in order to determine if such
Rights are null and void. If any Person fails to comply with such request, the Company shall be entitled conclusively to deem
the Rights formerly held by such Person to be null and void pursuant to Section 7(e) hereof and not transferable or exercisable
or exchangeable in connection herewith. Any shares of Common Stock or other securities issued at the direction of the Board in
connection herewith shall be validly issued, fully paid and non-assessable shares of Common Stock or of such other securities
(as the case may be), and the Company shall be deemed to have received as consideration for such issuance a benefit having a value
that is at least equal to the aggregate par value of the shares so issued.

 

    	- 42 -

    	 

    

 

Section
25. Process to Seek Exemption.

 

Any
Person who desires to effect any acquisition of Capital Stock or other securities of the Company that might, if consummated, result in
such Person Beneficially Owning 15% or more of the then-outstanding Common Stock on a fully diluted basis (or, in the case of
a Grandfathered Person, additional shares of Common Stock) (a “Requesting Person”) may request that the Board
grant an exemption with respect to such acquisition under this Agreement (an “Exemption Request”). An Exemption
Request shall be in proper form and shall be delivered by registered mail, return receipt requested, to the Secretary of the Company
at the principal executive office of the Company. The Exemption Request shall be deemed made upon receipt by the Secretary of the Company.
To be in proper form, an Exemption Request shall set forth (i) the name and address of the Requesting Person, (ii) the number and percentage
of shares of Common Stock then Beneficially Owned by the Requesting Person, together with all Related Persons of the Requesting Person,
and (iii) a reasonably detailed description of the transaction or transactions by which the Requesting Person would propose to acquire
Beneficial Ownership of Common Stock aggregating 15% or more of the then-outstanding Common Stock on a fully diluted basis and
the maximum number and percentage of shares of Common Stock that the Requesting Person proposes to acquire. The Board shall endeavor
to respond to an Exemption Request within twenty (20) Business Days after receipt of such Exemption Request; provided, that the
failure of the Board to make a determination within such period shall be deemed to constitute the denial by the Board of the Exemption
Request. The Requesting Person shall respond promptly to reasonable and appropriate requests for additional information from the Company
or the Board and its advisors to assist the Board in making its determination. The Board shall only grant an exemption in response to
an Exemption Request if it receives, at the Board’s request, a report from the Company’s advisors to the effect that the
acquisition of Beneficial Ownership of Common Stock by the Requesting Person does not create a significant risk of material adverse tax
consequences to the Company unless the Board otherwise determines in its sole discretion that the exemption is in the best interests
of the Company. Any exemption granted hereunder may be granted in whole or in part, and may be subject to limitations or conditions (including
a requirement that the Requesting Person agree that it shall not acquire Beneficial Ownership of shares of Common Stock in excess of
the maximum number and percentage of shares approved by the Board), in each case as and to the extent the Board shall determine necessary
or desirable. Any Exemption Request may be submitted on a confidential basis and, except to the extent required by applicable law, the
Company shall maintain the confidentiality of such Exemption Request and determination of the Board with respect thereto, unless the
information contained in the Exemption Request or the determination of the Board with respect thereto otherwise becomes publicly available.
To the extent the Board grants a Person’s Exemption Request pursuant to this Section 25, such Person shall be an “Exempt
Person.”

 

Section
26. Notice of Certain Events.

 

(a)
In case the Company proposes, at any time after the earlier of the Distribution Date or the Stock Acquisition Date, (i) to pay
any dividend payable in stock of any class or series to the holders of Preferred Stock or to make any other distribution to the
holders of Preferred Stock (other than a regular quarterly cash dividend out of earnings or retained earnings of the Company);
(ii) to offer to the holders of Preferred Stock rights or warrants to subscribe for or to purchase any additional shares of Preferred
Stock or shares of stock of any class or any other securities, rights or options; (iii) to effect any reclassification of Preferred
Stock (other than a reclassification involving only the subdivision of outstanding shares of Preferred Stock); (iv) to effect
any consolidation or merger into or with any other Person (other than a Subsidiary of the Company in a transaction which is not
prohibited by Section 11(n) hereof) or to effect any sale or other transfer (or to permit one or more of its Subsidiaries to effect
any sale or other transfer), in one or more transactions, of more than fifty percent (50%) of the assets or earning power of the
Company and its Subsidiaries (taken as a whole) to any other Person or Persons (other than the Company and/or any of its Subsidiaries
in one or more transactions none of which is prohibited by Section 11(n) hereof); or (v) to effect the liquidation, dissolution
or winding up of the Company, then, in each such case, the Company shall give to each registered holder of a Rights Certificate,
to the extent feasible, and to the Rights Agent in accordance with Section 27 hereof, a written notice of such proposed action,
which shall specify the record date for the purposes of such stock dividend, distribution of rights or warrants, or the date on
which such reclassification, consolidation, merger, sale, transfer, liquidation, dissolution or winding up is to take place and
the date of participation therein by the holders of the shares of Preferred Stock if any such date is to be fixed, and such notice
shall be so given in the case of any action covered by clause (i) or (ii) above at least ten (10) days prior to the record date
for determining holders of the shares of Preferred Stock for purposes of such action and, in the case of any such other action,
at least ten (10) days prior to the date of the taking of such proposed action or the date of participation therein by the holders
of the shares of Preferred Stock, whichever is earlier; provided, however, that no such action shall be taken pursuant
to this Section 26(a) that will or would conflict with any provision of the Certificate of Incorporation; provided, further,
that no such notice is required pursuant to this Section 26 if any Subsidiary of the Company effects a consolidation or merger
with or into, or effects a sale or other transfer of assets or earning power to, any other Subsidiary of the Company.

 

    	- 43 -

    	 

    

 

(b)
In case any Flip-In Event occurs, (i) the Company shall, as soon as practicable thereafter, give to each registered holder of
a Rights Certificate, to the extent feasible, and to the Rights Agent in accordance with Section 27 hereof, a written notice of
the occurrence of such event, which notice shall describe such event and the consequences of such event to holders of Rights under
Section 11(a)(ii) hereof; and (ii) all references in paragraph (a) of this Section 26 to Preferred Stock shall be deemed thereafter
to refer to Common Stock and/or, if appropriate, to any other securities that may be acquired upon exercise of a Right.

 

(c)
In case any Flip-Over Event occurs, then the Company shall, as soon as practicable thereafter, give to each registered holder
of a Rights Certificate, to the extent feasible, and to the Rights Agent in accordance with Section 27 hereof, a written notice
of the occurrence of such event, which notice shall describe such event and the consequences of such event to holders of Rights
under Section 13(a) hereof.

 

Section
27. Notices.

 

Notices
or demands authorized by this Agreement to be given or made by the Rights Agent or by the holder of any Rights Certificate to
or on the Company shall be sufficiently given or made if sent by first-class or express U.S. mail, FedEx or UPS, postage prepaid
and properly addressed (until another address is filed in writing by the Company with the Rights Agent) as follows:

 

If
to the Company, at its address at:

 

TheMaven,
Inc.

225
Liberty Street

New
York, NY 10281

Attention:
Secretary

 

    	- 44 -

    	 

    

 

Subject
to the provisions of Section 21 hereof, any notice or demand authorized by this Agreement to be given or made by the Company or
by the holder of any Rights Certificate to or on the Rights Agent shall be sufficiently given or made if sent in writing by first-class
or express U.S. mail, FedEx or UPS, postage prepaid or overnight delivery service and properly addressed (until another address
is filed in writing by the Rights Agent with the Company) as follows:

 

American
Stock Transfer & Trust Company, LLC

6201
15th Avenue

Brooklyn,
NY 11219

Attention:
Legal Department

 

Notices
or demands authorized by this Agreement to be given or made by the Company or the Rights Agent to the holder of any Rights Certificate
(or, if prior to the Distribution Date, to the holder of shares of Capital Stock) shall be sufficiently given or made if sent
in writing by first-class or express U.S. mail, FedEx or UPS, postage prepaid or overnight delivery service and properly addressed,
to such holder at the address of such holder as shown on the registry books of the Company.

 

Section
28. Supplements and Amendments.

 

Except
as otherwise provided in this Section 28, the Company, by action of the Board, may from time to time and in its sole and absolute
discretion, and the Rights Agent shall, if the Company so directs, supplement or amend this Agreement in any respect without the
approval of any holders of Rights, including, without limitation, in order to (a) cure any ambiguity; (b) correct or supplement
any provision contained herein that may be defective or inconsistent with any other provisions herein; (c) shorten or lengthen
any time period hereunder, including, without limitation, the Expiration Date; (d) otherwise change, amend or supplement any provisions
hereunder in any manner that the Company may deem necessary or desirable; provided, however, that from and after
any Person becomes an Acquiring Person, this Agreement may not be supplemented or amended in any manner that would (x)
adversely affect the interests of the holders of Rights (other than holders of Rights that have become null and void pursuant
to Section 7(e) hereof) as such, (y) cause the Rights again to become redeemable or (z) cause this Agreement to become amendable
other than in accordance with this Section 28. Without limiting the foregoing, the Company, by action of the Board, may at any
time before any Person becomes an Acquiring Person amend this Agreement to make the provisions of this Agreement inapplicable
to a particular transaction by which a Person might otherwise become an Acquiring Person or to otherwise alter the terms and conditions
of this Agreement as they may apply with respect to any such transaction. Any such supplement or amendment shall be evidenced
in writing signed by the Company and the Rights Agent. Upon the delivery of a certificate from an appropriate officer of the Company
that states that the proposed supplement or amendment is in compliance with the terms of this Section 28, the Rights Agent shall
execute such supplement or amendment; provided, however, that any supplement or amendment that does not amend Sections
18, 19, 20, 21, or this Section 28 in a manner adverse to the Rights Agent shall become effective immediately upon execution by
the Company, whether or not also executed by the Rights Agent. The Company shall provide within three (3) Business Days of the
adoption of an amendment to the Agreement written notification of such amendment to the Rights Agent.

 

    	- 45 -

    	 

    

 

Notwithstanding
anything contained in this Agreement to the contrary, the Rights Agent may enter into any supplement or amendment that affects
the Rights Agent’s own rights, duties, obligations or immunities under this Agreement. The Rights Agent acknowledges that
time is of the essence in connection with its execution of any such proposed supplement or amendment. Any failure to execute such
proposed supplement or amendment shall not affect the validity of the actions taken by the Board pursuant to this Section 28.

 

Prior
to the Distribution Date, the interests of the holders of Rights shall be deemed coincident with the interests of the holders
of Capital Stock.

 

Section
29. Successors.

 

All
the covenants and provisions of this Agreement by or for the benefit of the Company or the Rights Agent shall bind and inure to
the benefit of their respective successors and assigns hereunder.

 

Section
30. Determinations and Actions by the Board.

 

For
all purposes of this Agreement, any calculation of the number of shares of Common Stock or any other class of capital stock outstanding
at any particular time, including for purposes of determining the particular percentage of such outstanding shares of Common Stock
of which any Person is the Beneficial Owner, shall be made in accordance with the last sentence of Rule 13d-3(d)(1)(i) of the
General Rules and Regulations under the Exchange Act. Except as otherwise specifically provided herein, the Board has the exclusive
power and authority to administer this Agreement and to exercise all rights and powers specifically granted to the Board or to
the Company hereunder, or as may be necessary or advisable in the administration of this Agreement, including, without limitation,
the right and power (a) to interpret the provisions of this Agreement, and (b) to make all determinations deemed necessary or
advisable for the administration of this Agreement (including, without limitation, a determination to redeem or not redeem the
Rights in accordance with Section 23 hereof, to exchange or not exchange the rights in accordance with Section 24 hereof, to amend
or not amend this Agreement in accordance with Section 28 hereof). All such actions, calculations, interpretations and determinations
that are done or made by the Board in good faith hereunder shall be final, conclusive, and binding on the Company, the Rights
Agent, the holders of the Rights and all other parties. For all purposes of this Agreement, any action taken by a duly authorized
committee or subcommittee of the Board shall be deemed to be an action taken by the Board.

 

Section
31. Benefits of this Agreement.

 

Nothing
in this Agreement may be construed to give to any Person other than the Company, the Rights Agent and the registered holders of
the Rights Certificates (and, prior to the Distribution Date, the registered holders of shares of the Capital Stock) any legal
or equitable right, remedy or claim under this Agreement; rather, this Agreement is for the sole and exclusive benefit of the
Company, the Rights Agent and the registered holders of the Rights Certificates (and, prior to the Distribution Date, the registered
holders of shares of Capital Stock).

 

    	- 46 -

    	 

    

 

Section
32. Tax Compliance and Withholding.

 

The
Company hereby authorizes the Rights Agent to deduct from all payments disbursed by the Rights Agent to the holders of the Rights,
if applicable, the tax required to be withheld pursuant to Sections 1441, 1442, 1445, 1471 through 1474, and 3406 of the Internal
Revenue Code of 1986, as amended, or by any federal or state statutes subsequently enacted, and to make the necessary returns
and payments of such tax to the relevant taxing authority. The Company shall provide withholding and reporting instructions to
the Rights Agent from time to time as relevant, and upon request of the Rights Agent. The Rights Agent shall have no responsibilities
with respect to tax withholding, reporting or payment except as specifically instructed by the Company.

 

Section
33. Severability.

 

If
any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction or other authority
to be invalid, null and void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement
shall remain in full force and effect and shall in no way be affected, impaired or invalidated; provided, however,
that notwithstanding anything in this Agreement to the contrary, if any such term, provision, covenant or restriction is held
by such court or authority to be invalid, null and void or unenforceable and the Board determines in good faith judgment that
severing the invalid language from this Agreement would materially and adversely affect the purpose or effect of this Agreement,
the right of redemption set forth in Section 23 hereof shall be reinstated and shall not expire until the Close of Business on
the tenth (10th) Business Day following the date of such determination by the Board.

 

Section
34. Governing Law.

 

This
Agreement, each Right, and each Rights Certificate issued hereunder shall be deemed to be a contract made under the laws of the
State of Delaware and for all purposes shall be governed by and construed in accordance with the laws of such State applicable
to contracts to be made, without reference to its conflicts of law principles, and performed entirely within such State.

 

Section
35. Counterparts.

 

This
Agreement may be executed in one or more counterparts, and by the different parties hereto in separate counterparts, each of which
when executed shall be deemed to be an original, but all of which taken together shall constitute one and the same instrument.
Delivery of an executed signature page of this Agreement by facsimile or other customary means of electronic transmission (e.g.,
“pdf”) shall be effective as delivery of a manually executed counterpart hereof.

 

Section
36. Interpretation.

 

The
headings contained in this Agreement are for descriptive purposes only and shall not affect in any way the meaning or interpretation
of this Agreement.

 

Section
37. Force Majeure.

 

Notwithstanding
anything to the contrary contained herein, the Rights Agent shall not have any liability for not performing, or a delay in the
performance of, any act, duty, obligation or responsibility by reason of any occurrence beyond the reasonable control of the Rights
Agent (including, without limitation, any act or provision of any present or future law or regulation or governmental authority,
any act of God, pandemic, war, civil or military disobedience or disorder, riot, rebellion, terrorism, insurrection, fire, earthquake,
storm, flood, strike, work stoppage, interruptions or malfunctions of computer facilities, loss of data due to power failures
or mechanical difficulties with information, labor dispute, accident or failure or malfunction of any utilities, communication
or computer (software or hardware) services or similar occurrence).

 

(Signature
Page To Follow On Next Page)

 

    	- 47 -

    	 

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed, all as of the date first above written.

 

	 	THEMAVEN,
    Inc.,
	 	as
    the Company
	 	 	 
	 	By:	/s/ Doug Smith
	 	Name:	Doug
    Smith
	 	Title:	Chief
    Financial Officer

 

Signature
Page to Rights Agreement

 

    	 

    	 

    

 

	 	AMERICAN
    STOCK TRANSFER & TRUST COMPANY, LLC, 
	 	as
    Rights Agent
	 	 	 
	 	By:	/s/
                                            Michael Legregin         

	 	Name:	Michael
    Legregin
	 	Title:	Senior
    Vice President

 

Signature
Page to Rights Agreement

 

    	 

    	 

    

 

Exhibit
A

 

CERTIFICATE
OF DESIGNATIONS

OF

SERIES
L JUNIOR PARTICIPATING PREFERRED STOCK

OF

THEMAVEN,
Inc.

 

(Pursuant
to Section 151 of the Delaware General Corporation Law)

 

In
accordance with Section 151 of the Delaware General Corporation Law, the undersigned corporation, hereby certifies that the following
resolution was adopted by the Special Finance & Governance Committee (the “Special Committee”) of the Board
of Directors (the “Board”) of TheMaven, Inc., a Delaware corporation (the “Corporation”)
at a meeting of the Special Committee duly called and held on May 2, 2021:

 

RESOLVED,
that pursuant to the authority granted to and vested in the Special Committee in accordance with the provisions of the Amended
and Restated Certificate of Incorporation, the Special Committee hereby creates a series of Preferred Stock, par value $0.01 per
share, of the Corporation (the “Preferred Stock”), and hereby states the designation and number of shares,
and fixes the relative rights, preferences, and limitations thereof as follows:

 

Series
L Junior Participating Preferred Stock:

 

(1)
Designation and Amount. The shares of such series shall be designated as “Series L Junior Participating Preferred Stock”
(the “Series L Preferred Stock”) and the number of shares constituting the Series L Preferred Stock shall be
600,000. Such number of shares may be increased or decreased by resolution of the Board; provided, that no decrease shall
reduce the number of shares of Series L Preferred Stock to a number less than the number of shares then outstanding plus the number of
shares reserved for issuance upon the exercise of outstanding options, rights or warrants or upon the conversion of any outstanding securities
issued by the Corporation convertible into Series L Preferred Stock.

 

(2)
Dividends and Distributions.

 

(a)
Subject to the rights of the holders of any shares of any series of Preferred Stock (or any similar stock) ranking prior and superior
to the Series L Preferred Stock with respect to dividends, the holders of shares of Series L Preferred Stock, in preference to
the holders of common stock, par value $0.01 per share (the “Common Stock”), of the Corporation, and
of any other junior stock, shall be entitled to receive, when, as and if declared by the Board out of funds legally available
for the purpose, quarterly dividends payable in cash on the first day of March, June, September and December in each year (each
such date being referred to herein as a “Quarterly Dividend Payment Date”), commencing on the first
Quarterly Dividend Payment Date after the first issuance of a share or fraction of a share of Series L Preferred Stock, in an
amount per share (rounded to the nearest cent) equal to the greater of (1) $1.00 or (2) subject to the provision for adjustment
hereinafter set forth, 1,000 times the aggregate per share amount of all-cash dividends, and 1,000 times the aggregate per share
amount (payable in kind) of all non-cash dividends or other distributions, other than a dividend payable in shares of Common Stock
or a subdivision of the outstanding shares of Common Stock (by reclassification or otherwise), declared on the Common Stock since
the immediately preceding Quarterly Dividend Payment Date or, with respect to the first Quarterly Dividend Payment Date, since
the first issuance of any share or fraction of a share of Series L Preferred Stock. In the event the Corporation shall at any
time declare or pay any dividend on the Common Stock payable in shares of Common Stock, or effect a subdivision or combination
or consolidation of the outstanding shares of Common Stock (by reclassification or otherwise than by payment of a dividend in
shares of Common Stock) into a greater or lesser number of shares of Common Stock, then in each such case the amount to which
holders of shares of Series L Preferred Stock were entitled immediately prior to such event under clause (2) of the preceding
sentence shall be adjusted by multiplying such amount by a fraction, the numerator of which is the number of shares of Common
Stock outstanding immediately after such event and the denominator of which is the number of shares of Common Stock that were
outstanding immediately prior to such event.

 

    	- A-1 -

    	 

    

 

(b)
The Corporation shall declare a dividend or distribution on the Series L Preferred Stock as provided in paragraph (a) of this
subsection immediately after it declares a dividend or distribution on the Common Stock (other than a dividend payable in shares
of Common Stock); provided, that in the event no dividend or distribution shall have been declared on the Common Stock
during the period between any Quarterly Dividend Payment Date and the next subsequent Quarterly Dividend Payment Date, a dividend
of $1.00 per share on the Series L Preferred Stock shall nevertheless be payable on such subsequent Quarterly Dividend Payment
Date.

 

(c)
Dividends shall begin to accrue and be cumulative on outstanding shares of Series L Preferred Stock from the Quarterly Dividend
Payment Date next preceding the date of issue of such shares, unless the date of issue of such shares is prior to the record date
for the first Quarterly Dividend Payment Date, in which case dividends on such shares shall begin to accrue from the date of issue
of such shares, or unless the date of issue is a Quarterly Dividend Payment Date or is a date after the record date for the determination
of holders of shares of Series L Preferred Stock entitled to receive a quarterly dividend and before such Quarterly Dividend Payment
Date, in either of which events such dividends shall begin to accrue and be cumulative from such Quarterly Dividend Payment Date.
Accrued but unpaid dividends shall not bear interest. Dividends paid on the shares of Series L Preferred Stock in an amount less
than the total amount of such dividends at the time accrued and payable on such shares shall be allocated pro rata on a share-by-share
basis among all such shares at the time outstanding. The Board may fix a record date for the determination of holders of shares
of Series L Preferred Stock entitled to receive payment of a dividend or distribution declared thereon, which record date shall
be not more than sixty (60) days prior to the date fixed for the payment thereof.

 

(3)
Voting Rights. The holders of shares of Series L Preferred Stock shall have the following voting rights:

 

(a)
Subject to the provision for adjustment hereinafter set forth, each share of Series L Preferred Stock shall entitle the holder
thereof to 1,000 votes on all matters submitted to a vote of the stockholders of the Corporation. In the event the Corporation
shall at any time declare or pay any dividend on the Common Stock payable in shares of Common Stock, or effect a subdivision or
combination or consolidation of the outstanding shares of Common Stock (by reclassification or otherwise than by payment of a
dividend in shares of Common Stock) into a greater or lesser number of shares of Common Stock, then in each such case the number
of votes per share to which holders of shares of Series L Preferred Stock were entitled immediately prior to such event shall
be adjusted by multiplying such number by a fraction, the numerator of which is the number of shares of Common Stock outstanding
immediately after such event and the denominator of which is the number of shares of Common Stock that were outstanding immediately
prior to such event.

 

    	- A-2 -

    	 

    

 

(b)
Except as otherwise provided herein, in any other certificate of designations creating a series of Preferred Stock or any similar
stock, or by law, the holders of shares of Series L Preferred Stock and the holders of shares of Common Stock and any other capital
stock of the Corporation having general voting rights shall vote together as one class on all matters submitted to a vote of stockholders
of the Corporation.

 

(c)
Except as set forth herein, or as otherwise provided by law, holders of Series L Preferred Stock shall have no special voting
rights and their consent shall not be required (except to the extent they are entitled to vote with holders of Common Stock as
set forth herein) for taking any corporate action.

 

(4)
Certain Restrictions.

 

(a)
Whenever quarterly dividends or other dividends or distributions payable on the Series L Preferred Stock as provided in Section
(2) are in arrears, thereafter and until all accrued and unpaid dividends and distributions, whether or not declared, on shares
of Series L Preferred Stock outstanding shall have been paid in full, the Corporation shall not:

 

(1)
declare or pay dividends, or make any other distributions, on any shares of stock ranking junior (either as to dividends or upon
liquidation, dissolution or winding up) to the Series L Preferred Stock;

 

(2)
declare or pay dividends, or make any other distributions, on any shares of stock ranking on a parity (either as to dividends
or upon liquidation, dissolution or winding up) with the Series L Preferred Stock, except dividends paid ratably on the Series
L Preferred Stock and all such parity stock on which dividends are payable or in arrears in proportion to the total amounts to
which the holders of all such shares are then entitled;

 

(3)
redeem or purchase or otherwise acquire for consideration shares of any stock ranking junior (either as to dividends or upon liquidation,
dissolution or winding up) to the Series L Preferred Stock other than (A) such redemptions or purchases that may be deemed to
occur upon the exercise of stock options, warrants or similar rights or grant, vesting or lapse of restrictions on the grant of
any other performance shares, restricted stock, restricted stock units or other equity awards to the extent that such shares represent
all or a portion of (x) the exercise or purchase price of such options, warrants or similar rights or other equity awards and
(y) the amount of withholding taxes owed by the recipient of such award in respect of such grant, exercise, vesting or lapse of
restrictions; (B) the repurchase, redemption, or other acquisition or retirement for value of any such shares from employees,
former employees, directors, former directors, consultants or former consultants of the Corporation or their respective estate,
spouse, former spouse or family member, pursuant to the terms of the agreements pursuant to which such shares were acquired, provided
that the Corporation may at any time redeem, purchase or otherwise acquire shares of any such junior stock in exchange for shares
of any stock of the Corporation ranking junior (either as to dividends or upon dissolution, liquidation or winding up) to the
Series L Preferred Stock; or

 

    	- A-3 -

    	 

    

 

(4)
redeem or purchase or otherwise acquire for consideration any shares of Series L Preferred Stock, or any shares of stock ranking
on a parity with the Series L Preferred Stock, except in accordance with a purchase offer made in writing or by publication (as
determined by the Board) to all holders of such shares upon such terms as the Board, after consideration of the respective annual
dividend rates and other relative rights and preferences of the respective series and classes, shall determine in good faith shall
result in fair and equitable treatment among the respective series or classes.

 

(b)
The Corporation shall not permit any subsidiary of the Corporation to purchase or otherwise acquire for consideration any shares
of stock of the Corporation unless the Corporation could, under paragraph (a) of this Section (4), purchase or otherwise acquire
such shares at such time and in such manner.

 

(5)
Reacquired Shares. Any shares of Series L Preferred Stock purchased or otherwise acquired by the Corporation in any manner
whatsoever shall be retired and cancelled promptly after the acquisition thereof. All such shares shall upon their cancellation
become authorized but unissued shares of Preferred Stock and may be reissued as part of a new series of Preferred Stock subject
to the conditions and restrictions on issuance set forth herein, in the Certificate of Incorporation, or in any other certificate
of designations creating a series of Preferred Stock or any similar stock or as otherwise required by law.

 

(6)
Liquidation, Dissolution or Winding Up. Upon any liquidation, dissolution or winding up of the Corporation, voluntary or
otherwise, no distribution shall be made (1) to the holders of shares of stock ranking junior (either as to dividends or upon
liquidation, dissolution or winding up) to the Series L Preferred Stock unless, prior thereto, the holders of shares of Series
L Preferred Stock shall have received the greater of (A) $1,000 per share, plus an amount equal to accrued and unpaid dividends
and distributions thereon, whether or not declared, to the date of such payment, and (B) an amount, subject to the provision for
adjustment hereinafter set forth, equal to 1,000 times the aggregate amount to be distributed per share to holders of shares of
Common Stock, or (2) to the holders of shares of stock ranking on a parity (either as to dividends or upon liquidation, dissolution
or winding up) with the Series L Preferred Stock, except distributions made ratably on the Series L Preferred Stock and all such
parity stock in proportion to the total amounts to which the holders of all such shares are entitled upon such liquidation, dissolution
or winding up. In the event the Corporation shall at any time declare or pay any dividend on the Common Stock payable in shares
of Common Stock, or effect a subdivision or combination or consolidation of the outstanding shares of Common Stock (by reclassification
or otherwise than by payment of a dividend in shares of Common Stock) into a greater or lesser number of shares of Common Stock,
then in each such case the aggregate amount to which holders of shares of Series L Preferred Stock were entitled immediately prior
to such event under the proviso in clause (1) of the preceding sentence shall be adjusted by multiplying such amount by a fraction,
the numerator of which is the number of shares of Common Stock outstanding immediately after such event and the denominator of
which is the number of shares of Common Stock that were outstanding immediately prior to such event.

 

    	- A-4 -

    	 

    

 

(7)
Consolidation, Merger, Etc. In case the Corporation shall enter into any consolidation, merger, combination or other transaction
in which the shares of Common Stock are exchanged for or changed into other stock or securities, cash and/or any other property,
then in any such case each share of Series L Preferred Stock shall at the same time be similarly exchanged or changed into an
amount per share, subject to the provision for adjustment hereinafter set forth, equal to 1,000 times the aggregate amount of
stock, securities, cash and/or any other property (payable in kind), as the case may be, into which or for which each share of
Common Stock is changed or exchanged. In the event the Corporation shall at any time declare or pay any dividend on the Common
Stock payable in shares of Common Stock, or effect a subdivision or combination or consolidation of the outstanding shares of
Common Stock (by reclassification or otherwise than by payment of a dividend in shares of Common Stock) into a greater or lesser
number of shares of Common Stock, then in each such case the amount set forth in the preceding sentence with respect to the exchange
or change of shares of Series L Preferred Stock shall be adjusted by multiplying such amount by a fraction, the numerator of which
is the number of shares of Common Stock outstanding immediately after such event and the denominator of which is the number of
shares of Common Stock that were outstanding immediately prior to such event.

 

(8)
No Redemption. The shares of Series L Preferred Stock shall not be redeemable.

 

(9)
Rank. The Series L Preferred Stock shall rank, with respect to the payment of dividends and the distribution of assets,
junior to all series of any other class of the Corporation’s Preferred Stock, and shall rank senior to the Common Stock
as to such matters.

 

(10)
Amendment. The Amended and Restated Certificate of Incorporation of the Corporation shall not be amended in any manner
which would materially alter or change the powers, preferences or special rights of the Series L Preferred Stock so as to affect
them adversely without the affirmative vote of the holders of at least two-thirds of the outstanding shares of Series L Preferred
Stock, voting together as a single class.

 

(11)
Fractional Shares. The Series L Preferred Stock may be issued in fractions of a share, which fractions shall entitle the
holder, in proportion to such holder’s fractional shares, to exercise voting rights, receive dividends, participate in distributions,
and to have the benefit of all other rights of holders of Series L Preferred Stock.

 

    	- A-5 -

    	 

    

 

IN
WITNESS WHEREOF, TheMaven, Inc. has caused this Certificate to be executed by its duly authorized officer this ___ day of ________,
___________.

 

	 	THEMAVEN,
    Inc.
	 	 	 
	 	By:	         
	 	Name:	 
	 	Title:	 

 

    	- A-6 -

    	 

    

 

Exhibit
B

 

SUMMARY
OF RIGHTS

TO PURCHASE SERIES L JUNIOR PARTICIPATING PREFERRED STOCK

 

The
Special Finance & Governance Committee (the “Special Committee”) of the Board of Directors (the “Board”)
of TheMaven, Inc., a Delaware corporation (the “Company”), declared (i) a dividend of one preferred share purchase
right (a “Right”) for each outstanding share of common stock, par value $0.01 per share, of the Company (the
“Common Stock”) and (ii) a dividend of one Right for each share of Common Stock issuable upon conversion of
the Company’s Series H Preferred Stock (the “Existing Preferred Stock” and together with the Common Stock,
the “Capital Stock”). The dividend is payable on May 14, 2021 (the “Record Date”)
to the stockholders of record on that date. Each Right entitles the registered holder to purchase from the Company one one-thousandth
of a share of Series L Junior Participating Preferred Stock, par value $0.01 per share, of the Company (the “Preferred Stock”)
at a price of $4.00 per one one-thousandth of a share of Preferred Stock (the “Exercise Price”), subject
to adjustment. The description and terms of the Rights are set forth in a Rights Agreement dated as of May 4, 2021, as the same
may be amended from time to time (the “Rights Agreement”), between the Company and American Stock Transfer
& Trust Company, LLC, as Rights Agent (the “Rights Agent”).

 

Until
the earlier to occur of (i) the close of business on the tenth (10th) business day after a public announcement that a person
or group of affiliated or associated persons (with certain exceptions, an “Acquiring Person”) has acquired
beneficial ownership of 15% or more of the outstanding shares of Common Stock on a fully diluted basis and (ii) the close of business
on the tenth (10th) business day after the commencement by any person of, or of the first public announcement of the intention
of any person to commence, a tender or exchange offer the consummation of which would result in such person becoming the Beneficial Owner
of 15% or more of the outstanding shares of Common Stock on a fully diluted basis (the earlier of such dates being called the
“Distribution Date”), the Rights will be evidenced, with respect to any of the Capital Stock certificates (or
book entry shares) outstanding as of the Record Date, by such Capital Stock certificate (or book entry shares) together with this Summary
of Rights.

 

The
Rights Agreement provides that, until the Distribution Date (or earlier expiration or redemption of the Rights), the Rights will
be transferred with and only with the Capital Stock. Until the Distribution Date (or earlier expiration or redemption of the Rights),
new Capital Stock certificates issued after the Record Date upon transfer or new issuances of Capital Stock will contain a legend
incorporating the Rights Agreement by reference, and notice of such legend will be furnished to holders of book entry shares.
Until the Distribution Date (or earlier expiration or redemption of the Rights), the surrender for transfer of any certificates
for shares of Capital Stock (or book entry shares of Capital Stock) outstanding as of the Record Date, even without such legend
or a copy of this Summary of Rights, will also constitute the transfer of the Rights associated with the shares of Capital Stock
represented by such certificate or registered in book entry form. As soon as practicable following the Distribution Date, separate
certificates evidencing the Rights (the “Rights Certificates”) will be mailed to holders of record of
the Capital Stock as of the Close of Business on the Distribution Date and such separate Rights Certificates alone will evidence
the Rights.

 

    	- B-1 -

    	 

    

 

The
Rights are not exercisable until the Distribution Date. The Rights will expire prior to the earliest of (i) the close of business on
May 3, 2022 or such later date as may be established by the Board (or a duly authorized committee or subcommittee thereof) or
prior to the expiration of the Rights as long as the extension is submitted to the stockholders of the Company for ratification at the
next annual meeting of stockholders succeeding such extension, (ii) the time at which the Rights are redeemed or exchanged by the Company,
in each case as described below, and (iii) upon the occurrence of certain transactions.

 

The
Exercise Price payable, and the number of shares of Preferred Stock or other securities or property issuable, upon exercise of
the Rights is subject to adjustment from time to time to prevent dilution (i) in the event of a stock dividend on, or a subdivision,
combination or reclassification of, the Preferred Stock, (ii) upon the grant to holders of the Preferred Stock of certain rights
or warrants to subscribe for or purchase Preferred Stock at a price, or securities convertible into Preferred Stock with a conversion
price, less than the then current market price of the Preferred Stock or (iii) upon the distribution to holders of the Preferred
Stock of evidences of indebtedness or assets (excluding regular periodic cash dividends or dividends payable in Preferred Stock)
or of subscription rights or warrants (other than those referred to above).

 

The
number of outstanding Rights is subject to adjustment in the event of a stock dividend on the Common Stock payable in shares of
Common Stock or subdivisions, consolidations or combinations of the Common Stock occurring, in any such case, prior to the Distribution
Date.

 

Shares
of Preferred Stock purchasable upon exercise of the Rights will not be redeemable. Each share of Preferred Stock will be entitled,
when, as and if declared, to a minimum preferential quarterly dividend payment of the greater of (a) $1.00 per share, and (b)
an amount equal to 1,000 times the dividend declared per share of Common Stock. In the event of liquidation, dissolution or winding
up of the Company, the holders of the Preferred Stock will be entitled to a minimum preferential payment of the greater of (i)
$1,000.00 per share (plus any accrued but unpaid dividends), and (ii) an amount equal to 1,000 times the payment made per share
of Common Stock. Each share of Preferred Stock will have 1,000 votes, voting together with the Common Stock. Finally, in the event
of any merger, consolidation or other transaction in which outstanding shares of Common Stock are converted or exchanged, each
share of Preferred Stock will be entitled to receive 1,000 times the amount received per share of Common Stock. These rights are
protected by customary anti-dilution provisions.

 

Because
of the nature of the Preferred Stock’s dividend, liquidation and voting rights, the value of the one one-thousandth interest
in a share of Preferred Stock purchasable upon exercise of each Right should approximate the value of one share of Common Stock.

 

In
the event that any person or group of affiliated or associated persons becomes an Acquiring Person, each holder of a Right, other
than Rights beneficially owned by the Acquiring Person, affiliates and associates of the Acquiring Person and certain transferees
thereof (which will thereupon become null and void), will, following the Distribution Date, have the right to receive upon exercise
of a Right that number of shares of Common Stock (or at the option of the Company, other securities of the Company) having a market
value of two times the exercise price of the Right, unless the Rights were earlier redeemed or exchanged.

 

In
the event that, after a person or group has become an Acquiring Person, the Company is acquired in a merger or other business
combination transaction or fifty percent (50%) or more of its consolidated assets or earning power are sold, proper provisions
will be made so that each holder of a Right (other than Rights beneficially owned by an Acquiring Person, affiliates and associates
of the Acquiring Person and certain transferees thereof which will have become null and void) will thereafter have the right to
receive upon the exercise of a Right that number of shares of common stock of the person with whom the Company has engaged in
the foregoing transaction (or its parent) that at the time of such transaction have a market value of two times the exercise price
of the Right.

 

    	- B-2 -

    	 

    

 

At
any time after any person or group becomes an Acquiring Person and prior to the earlier of one of the events described in the
previous paragraph or the acquisition by such Acquiring Person of fifty percent (50%) or more of the voting power represented
by the Company’s capital stock then outstanding (including, but not limited to, the Capital Stock), the Board may exchange
the Rights (other than Rights beneficially owned by such Acquiring Person and certain transferees thereof which will have become
null and void), in whole or in part, for shares of Common Stock or Preferred Stock (or a series of the Company’s preferred
stock having equivalent voting rights, powers, designations, preferences and relative, participating, optional or other special
rights), at an exchange ratio of one share of Common Stock, or a fractional share of Preferred Stock (or other preferred stock)
equivalent in value thereto, per Right.

 

With
certain exceptions, no adjustment in the Exercise Price will be required until cumulative adjustments require an adjustment of
at least one percent (1%) in such Exercise Price. No fractional shares of Preferred Stock or Common Stock will be issued (other
than fractions of shares of Preferred Stock which are integral multiples of one one-thousandth of a share of Preferred Stock,
which may, at the election of the Company, be evidenced by depositary receipts), and in lieu thereof an adjustment in cash will
be made based on the current market price of the Preferred Stock or the Common Stock.

 

At
any time before the Distribution Date, the Board may authorize the redemption of the Rights in whole, but not in part, at a price
of $0.001 per Right (the “Redemption Price”) payable, at the option of the Company, in cash, shares
of Common Stock or such other form of consideration as the Board will determine. The redemption of the Rights may be made effective
at such time, on such basis and with such conditions as the Board in its sole discretion may establish. Immediately upon the action
of the Board ordering the redemption of the Rights, the right to exercise the Rights will terminate and the only right of the
holders of Rights will be to receive the Redemption Price.

 

The
Company may amend or supplement the Rights Agreement without the approval of any holders of Rights, including, without limitation,
in order to (i) cure any ambiguity, (ii) correct or supplement any provision of the Rights Agreement that may be defective or
inconsistent with any other provisions of the Rights Agreement, (iii) shorten or lengthen any time period in the Rights Agreement,
including the Expiration Date, or (iv) otherwise change, amend or supplement any provision that the Company and the Rights Agent
may deem necessary or desirable. However, from and after the time when any person or group of persons becomes an Acquiring Person,
the Rights Agreement may not be amended or supplemented in any manner that would, among other things, adversely affect the interests
of the holders of Rights (other than holders of Rights that have become null and void).

 

Until
a Right is exercised or exchanged, the holder thereof, as such, will have no rights as a stockholder of the Company, including,
without limitation, the right to vote or to receive dividends.

 

A
copy of the Rights Agreement has been filed with the U.S. Securities and Exchange Commission as an exhibit to a Current Report on Form
8-K filed on May 4, 2021. A copy of the Rights Agreement is available free of charge from the Company. This summary description
of the Rights does not purport to be complete and is qualified in its entirety by reference to the Rights Agreement, as the same may
be amended from time to time, which is hereby incorporated herein by reference.

 

    	- B-3 -

    	 

    

 

Exhibit
C

FORM OF RIGHTS CERTIFICATE

 

	Certificate
    No. R-________	________
    Rights

 

NOT
EXERCISABLE AFTER MAY 3, 2022 OR EARLIER IF REDEEMED OR EXCHANGED BY THE COMPANY OR LATER AS PROVIDED IN THE RIGHTS AGREEMENT.
THE RIGHTS ARE SUBJECT TO REDEMPTION, AT THE OPTION OF THE COMPANY, AT $0.001 PER RIGHT AND TO EXCHANGE ON THE TERMS SET FORTH IN THE
RIGHTS AGREEMENT. UNDER CERTAIN CIRCUMSTANCES, RIGHTS BENEFICIALLY OWNED BY AN ACQUIRING PERSON OR A RELATED PERSON OF ANY SUCH PERSON
(AS SUCH TERMS ARE DEFINED IN THE RIGHTS AGREEMENT) AND ANY SUBSEQUENT HOLDER OF SUCH RIGHTS MAY BECOME NULL AND VOID. THE RIGHTS SHALL
NOT BE EXERCISABLE, AND SHALL BE NULL AND VOID, AS LONG AS HELD BY A HOLDER IN ANY JURISDICTION WHERE THE REQUISITE QUALIFICATION TO
THE ISSUANCE TO SUCH HOLDER, OR THE EXERCISE BY SUCH HOLDER, OF THE RIGHTS IN SUCH JURISDICTION SHALL NOT HAVE BEEN OBTAINED OR BE OBTAINABLE.

 

[The
Rights represented by this Rights Certificate are or were Beneficially Owned by a Person who was or became an Acquiring Person
or a Related Person of an Acquiring Person (as such terms are defined in the Rights Agreement). Accordingly, this Rights Certificate
and the Rights represented hereby may become null and void in the circumstances specified in Section 7(e)
of the Rights Agreement.]*

 

 

*
The portion of the legend in brackets shall be inserted only if applicable and shall replace the preceding sentence.

 

    	- C-1 -

    	 

    

 

Rights
Certificate

 

This
certifies that _________________, or its registered assigns, is the registered holder of the number of Rights set forth above, each of
which entitles the holder thereof, subject to the terms, provisions and conditions of the Rights Agreement dated as of May 4,
2021, as amended from time to time (the “Rights Agreement”), between TheMaven, Inc., a Delaware corporation
(the “Company”), and American Stock Transfer & Trust Company, LLC, as Rights Agent (the “Rights
Agent”), to purchase from the Company at any time after the Distribution Date and prior to 5:00 p.m., New York City time,
on May 3, 2022, or such earlier or later date as provided in the Rights Agreement, at the office or offices of the Rights Agent
designated for such purpose, or its successors as Rights Agent, one one-thousandth of a fully paid, non-assessable share of Series L
Junior Participating Preferred Stock, par value $0.01 per share (the “Preferred Stock”), of the Company, at
a purchase price of $4.00 per one one-thousandth share of Preferred Stock (the “Exercise Price”), upon
presentation and surrender of this Rights Certificate with the Election to Purchase and related Certificate duly executed. The number
of Rights evidenced by this Rights Certificate (and the number of shares that may be purchased upon exercise thereof) set forth above,
and the Exercise Price per share as set forth above, are the number and Exercise Price as of May 4, 2021, based on the Preferred
Stock as constituted at such date, and are subject to adjustment upon the happening of certain events as provided in the Rights Agreement.
Capitalized terms used and not defined herein shall have the meanings specified in the Rights Agreement.

 

From
and after the occurrence of the Flip-In Event or a Flip-Over Event, the Rights evidenced by this Rights Certificate beneficially
owned by (i) an Acquiring Person or a Related Person of any such Acquiring Person, (ii) a transferee of any such Acquiring Person
or Related Person, or (iii) under certain circumstances specified in the Rights Agreement, a transferee of a person who, concurrently
with or after such transfer, became an Acquiring Person or a Related Person of an Acquiring Person shall become null and void
and no holder hereof shall have any right with respect to such Rights from and after the occurrence of such Flip-In Event or Flip-Over
Event.

 

The
Rights evidenced by this Rights Certificate shall not be exercisable, and shall be null and void as long as held, by (i) a holder
in any jurisdiction where the requisite qualification to the issuance to such holder, or the exercise by such holder, of the Rights
in such jurisdiction shall not have been obtained or be obtainable or (ii) an Excluded Person.

 

As
provided in the Rights Agreement, the Exercise Price and the number and kind of shares of Preferred Stock or other securities
which may be acquired upon the exercise of the Rights evidenced by this Rights Certificate are subject to modification and adjustment
upon the happening of certain events, including Triggering Events.

 

This
Rights Certificate is subject to all of the terms, provisions and conditions of the Rights Agreement, which terms, provisions
and conditions are hereby incorporated herein by reference and made a part hereof and to which Rights Agreement reference is hereby
made for a full description of the rights, limitations of rights, obligations, duties and immunities hereunder of the Rights Agent,
the Company and the holders of the Rights Certificates, which limitations of rights include the temporary suspension of the exercisability
of such Rights under the specific circumstances set forth in the Rights Agreement. Copies of the Rights Agreement are on file
at the above-mentioned office of the Rights Agent and are also available upon written request to the Rights Agent.

 

    	- C-2 -

    	 

    

 

This
Rights Certificate, with or without other Rights Certificates, upon surrender at the office or offices of the Rights Agent designated
for such purpose, may be exchanged for another Rights Certificate of like tenor and date evidencing Rights entitling the holder
to purchase a like aggregate number of one one-thousandths of a share of Preferred Stock as the Rights evidenced by the Rights
Certificate or Rights Certificates surrendered shall have entitled such holder to purchase. If this Rights Certificate shall be
exercised in part, the holder shall be entitled to receive upon surrender hereof another Rights Certificate or Rights Certificates
for the number of whole Rights not exercised.

 

Subject
to the provisions of the Rights Agreement, the Rights evidenced by this Certificate may be redeemed by the Company under certain
circumstances at its option at a redemption price of $0.001 per Right at any time prior to the Distribution Date.

 

At
any time after a person becomes an Acquiring Person and prior to the acquisition by such person of fifty percent (50%) or more
of the voting power represented by the Company’s capital stock then outstanding, the Board may exchange the Rights (other
than Rights owned by such Acquiring Person which have become null and void), in whole or in part, at an exchange ratio of one
share of the Company’s common stock, par value $0.01 per share (the “Common Stock”), per each
outstanding Right or, in certain circumstances, other equity securities of the Company which are deemed by the Board to have the
same value as shares of Common Stock, subject to adjustment.

 

No
fractional shares of Preferred Stock shall be issued upon the exercise of any Right or Rights evidenced hereby (other than fractions
which are integral multiples of one one-thousandth of a share of Preferred Stock, which may, at the election of the Company, be
evidenced by depositary receipts), but in lieu thereof a cash payment shall be made, as provided in the Rights Agreement.

 

No
holder of this Rights Certificate, as such, shall be entitled to vote or receive dividends or be deemed for any purpose the holder
of shares of Preferred Stock or of any other securities of the Company which may at any time be issuable on the exercise hereof,
nor shall anything contained in the Rights Agreement or herein be construed to confer upon the holder hereof, as such, any of
the rights of a stockholder of the Company or any right to vote for the election of directors or upon any matter submitted to
stockholders at any meeting thereof, or to give or withhold consent to any corporate action, or to receive notice of meetings
or other actions affecting stockholders (except as provided in the Rights Agreement), or to receive dividends or subscription
rights, or otherwise, until the Right or Rights evidenced by this Rights Certificate shall have been exercised as provided in
the Rights Agreement.

 

This
Rights Certificate shall not be valid or obligatory for any purpose until it shall have been countersigned by an authorized signatory
of the Rights Agent.

 

    	- C-3 -

    	 

    

 

WITNESS
the facsimile signature of the proper officers of the Company.

 

Dated
as of _____________, ______.

 

	 	THEMAVEN,
    Inc.
	 	 	 
	 	By:	        
	 	Name:	 
	 	Title:	 

 

Countersigned:

 

Dated
as of _____________, ______.

 

	AMERICAN
    STOCK TRANSFER & TRUST COMPANY, LLC,
    	 
	as
    Rights Agent 	 
	 	 	 
	By:
    	 	 
	 	Authorized
    Signatory	 

 

    	- C-4 -

    	 

    

 

[Form
of Reverse Side of Rights Certificate]

 

FORM
OF ASSIGNMENT

 

(To
be executed by the registered holder if

such
holder desires to transfer the

Rights
Certificate.)

 

FOR
VALUE RECEIVED_________________________________hereby sells, assigns and transfers unto

 

_______________________________________________________________________________________________

(Please
print name and address of transferee)

 

_______________________________________________________________________________________________

 

this
Rights Certificate, together with all right, title and interest therein, and does hereby irrevocably constitute and appoint Attorney,
to transfer the within Rights Certificate on the books of the within-named Company, with full power of substitution.

 

Dated
_____________, ______.

  

	 	 
		Signature

 

Signature
Medallion Guaranteed:

 

    	- C-5 -

    	 

    

 

Certificate

 

The
undersigned hereby certifies by checking the appropriate boxes that:

 

(1)
this Rights Certificate [  ] is [  ] is not being sold, assigned and transferred by or on behalf
of a Person who is or was an Acquiring Person or a Related Person of any such Person (as such terms are defined pursuant to the
Rights Agreement); and

 

(2)
after due inquiry and to the best knowledge of the undersigned, it [  ] did [  ] did not acquire
the Rights evidenced by this Rights Certificate from any Person who is, was or subsequently became an Acquiring Person or a Related
Person of any such Person.

 

Dated
_____________, ______.

  

	 	 
		Signature

  

Signature
Medallion Guaranteed:

 

    	- C-6 -

    	 

    

 

NOTICE

 

The
signature to the foregoing Assignment and Certificate must correspond to the name as written upon the face of this Rights Certificate
in every particular, without alteration or enlargement or any change whatsoever.

 

Signatures
must be guaranteed by a participant in a Medallion Signature Guarantee Program at a level acceptable to the Rights Agent.

 

In
the event the certification set forth above is not completed, the Company will deem the beneficial owner of the Rights evidenced
by this Rights Certificate to be an Acquiring Person or a Related Person thereof (as defined in the Rights Agreement) and, in
the case of an Assignment, will affix a legend to that effect on any Rights Certificates issued in exchange for this Rights Certificate.

 

    	- C-7 -

    	 

    

 

FORM
OF ELECTION TO PURCHASE

 

(To
be executed if the registered holder

desires
to exercise Rights represented

by
the Rights Certificate.)

 

To:______________________

 

The
undersigned hereby irrevocably elects to exercise _________ Rights represented by this Rights Certificate to purchase the shares
of Preferred Stock issuable upon the exercise of the Rights (or such other securities of the Company or of any other person or
such other property which may be issuable upon the exercise of the Rights) and requests that certificates for such shares (or
such other securities of the Company or of any other person or such other property as may be issuable upon the exercise of the
Rights) be issued in the name of and delivered to:

 

_______________________________________________________________________________________________

(Please
print name and address)

 

_______________________________________________________________________________________________

 

Please
insert social security

or
other identifying number: _________________________________________________________________________

 

If
such number of Rights shall not be all the Rights evidenced by this Rights Certificate, a new Rights Certificate for the balance
of such Rights shall be registered in the name of and delivered to:

 

_______________________________________________________________________________________________

(Please
print name and address)

 

_______________________________________________________________________________________________

 

Please
insert social security

 or
other identifying number: _________________________________________________________________________

 

Dated
_____________, ______.

 

	 	 
		Signature

  

Signature
Medallion Guaranteed:

 

    	- C-8 -

    	 

    

 

Certificate

 

The
undersigned hereby certifies by checking the appropriate boxes that:

 

(1)
the Rights evidenced by this Rights Certificate [  ] are [  ] are not being exercised by or
on behalf of a Person who is or was an Acquiring Person or a Related Person of any such Person (as such terms are defined in the
Rights Agreement); and

 

(2)
after due inquiry and to the best knowledge of the undersigned, the undersigned [  ] did [  ]
did not acquire the Rights evidenced by this Rights Certificate from any Person who is, was or became an Acquiring Person or a
Related Person of any such Person.

 

Dated
_____________, ______.

 

	 	 
		Signature

  

Signature
Medallion Guaranteed:

 

    	- C-9 -

    	 

    

 

NOTICE

 

The
signature to the foregoing Election to Purchase and Certificate must correspond to the name as written upon the face of this Rights
Certificate in every particular, without alteration or enlargement or any change whatsoever.

 

Signatures
must be guaranteed by a participant in a Medallion Signature Guarantee Program at a level acceptable to the Rights Agent.

 

In
the event the certification set forth above is not completed, the Company will deem the beneficial owner of the Rights evidenced
by this Rights Certificate to be an Acquiring Person or a Related Person thereof (as defined in the Rights Agreement) and, in
the case of an Assignment, will affix a legend to that effect on any Rights Certificates issued in exchange for this Rights Certificate.

 

    	- C-10 -

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