Document:

Exhibit
4.6

 

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

 

	 	Right
    to Purchase           shares of Common Stock of Jerrick Media Holdings,
    Inc. (subject to adjustment as provided herein)

 

COMMON
STOCK PURCHASE WARRANT

 

	No.	Issue Date:

 

JERRICK
MEDIA HOLDINGS, INC., a corporation organized under the laws of the State of Nevada (the “Company”), hereby
certifies that, for value received                                     ,
with an address at                                     ,
or its assigns (the “Holder”), is entitled, subject to the terms set forth below, to purchase from the Company
at any time after the Issue Date until 5:00 p.m., E.D.T. on the five (5) year anniversary of the Issue Date (the “Expiration
Date”), up to   fully paid and non-assessable shares of the Company’s common stock, par value $0.001 per
share (the “Common Stock”) at a per share purchase price of $0.40. The aforedescribed purchase price per share, as
adjusted from time to time as herein provided, is referred to herein as the “Purchase Price.” The number and
character of such shares of Common Stock and the Purchase Price are subject to adjustment as provided herein. The Company may
reduce the Purchase Price for some or all of the Warrants, temporarily or permanently, provided such reduction is made
as to all outstanding Warrants for all Holders of such Warrants. Capitalized terms used and not otherwise defined herein
shall have the meanings set forth in that certain Subscription Agreement (the “Subscription Agreement”) entered
into by the Company and Holder pursuant to which this Warrant has been issued.

 

As
used herein the following terms, unless the context otherwise requires, have the following respective meanings:

 

(a)
The term “Company” shall mean Jerrick Media Holdings, Inc., a Nevada corporation.

 

     

     

    

 

(b)
The term “Common Stock” includes (i) the Company’s Common Stock, $0.001 par value per share and (ii)
any other securities into which or for which any of the securities described in (i) may be converted or exchanged pursuant to
a plan of recapitalization, reorganization, merger, sale of assets or otherwise.

 

(c)
The term “Other Securities” refers to any stock (other than Common Stock) and other securities of the Company
or any other person (corporate or otherwise) which the holder of the Warrant at any time shall be entitled to receive, or shall
have received, on the exercise of the Warrant, in lieu of or in addition to Common Stock, or which at any time shall be issuable
or shall have been issued in exchange for or in replacement of Common Stock or Other Securities pursuant to Section 5 hereof
or otherwise.

 

(d)
The term “Warrant Shares” shall mean the Common Stock issuable upon exercise of this Warrant.

  

1.
Exercise of Warrant.

 

1.1.
Number of Shares Issuable upon Exercise. From and after the Issue Date through and including the Expiration Date, the Holder
shall be entitled to receive, upon exercise of this Warrant in whole in accordance with the terms of Section 1.2 hereof
or upon exercise of this Warrant in part in accordance with Section 1.3 hereof, shares of Common Stock of the Company,
subject to adjustment pursuant to Section 3 hereof.

 

1.2.
Full Exercise. This Warrant may be exercised in full by the Holder hereof by delivery to the Company of an original or
facsimile copy of the form of subscription attached as Exhibit A hereto (the “Subscription Form”) duly
executed by such Holder and delivered within two (2) business days thereafter of payment, in cash, wire transfer or by certified
or official bank check payable to the order of the Company, in the amount obtained by multiplying the number of shares of Common
Stock for which this Warrant is then exercisable by the Purchase Price then in effect. The original Warrant is not required to
be surrendered to the Company until it has been fully exercised.

 

1.3.
Partial Exercise. This Warrant may be exercised in part (but not for a fractional share) by delivery of a Subscription
Form in the manner and at the place provided in Section 1.2 hereof, except that the amount payable by the Holder on such
partial exercise shall be the amount obtained by multiplying (a) the number of whole shares of Common Stock designated by the
Holder in the Subscription Form by (b) the Purchase Price then in effect. On any such partial exercise, upon the written request
of the Holder, provided the Holder has surrendered the original Warrant, the Company, at its expense, will forthwith issue and
deliver to or upon the order of the Holder a new Warrant of like tenor, in the name of the Holder hereof or as such Holder (upon
payment by such Holder of any applicable transfer taxes) may request, the whole number of shares of Common Stock for which such
Warrant may still be exercised.

 

    	 	2	 

     

    

 

1.4.
Fair Market Value. For purposes of this Warrant, the Fair Market Value of a share of Common Stock as of a particular
date (the “Determination Date”) shall mean:

 

(a)
If the Company’s Common Stock is traded on an exchange or on the NASDAQ Global Market, NASDAQ Global Select Market, the
NASDAQ Capital Market, the New York Stock Exchange or the NYSE AMEX Equities, then the average of the closing sale prices of the
Common Stock for the five (5) trading days immediately prior to (but not including) the Determination Date;

 

(b)
If the Company’s Common Stock is not traded on an exchange or on the NASDAQ Global Market, NASDAQ Global Select Market,
the NASDAQ Capital Market, the New York Stock Exchange or the NYSE AMEX Equities, but is traded on the OTC Bulletin Board or in
the over-the-counter market or Pink Sheets, then the average of the closing bid and ask prices reported for the five (5) trading
days immediately prior to (but not including) the Determination Date;

 

(c)
Except as provided in clause (d) below and Section 3.1 hereof, if the Company’s Common Stock is not publicly traded,
then as the Holder and the Company shall mutually agree, or in the absence of such an agreement after good faith efforts of the
Company and the Holder to reach an agreement, by arbitration in accordance with the rules then standing of the American Arbitration
Association, before a single arbitrator to be chosen from a panel of persons qualified by education and training to pass on the
matter to be decided; or

 

(d)
If the Determination Date is the date of a liquidation, dissolution or winding up, or any event deemed to be a liquidation, dissolution
or winding up pursuant to the Company’s charter, then all amounts to be payable per share to holders of the Common Stock
pursuant to the charter in the event of such liquidation, dissolution or winding up, plus all other amounts to be payable per
share in respect of the Common Stock in liquidation under the charter, assuming for the purposes of this clause (d) that all of
the shares of Common Stock then issuable upon exercise of all of the Warrants are outstanding at the Determination Date.

 

1.5.
Company Acknowledgment. The Company will, at the time of the exercise of the Warrant, upon the request of the Holder hereof,
acknowledge in writing its continuing obligation to afford to such Holder any rights to which such Holder shall continue to be
entitled after such exercise in accordance with the provisions of this Warrant. If the Holder shall fail to make any such request,
such failure shall not affect the continuing obligation of the Company to afford to such Holder any such rights.

 

    	 	3	 

     

    

 

1.6.
Delivery of Stock Certificates, etc. on Exercise. The Company agrees that, provided the purchase price listed in the Subscription
Form is received as specified in Section 2 hereof, the shares of Common Stock purchased upon exercise of this Warrant shall
be deemed to be issued to the Holder hereof as the record owner of such shares as of the close of business on the date on which
delivery of a Subscription Form shall have occurred and payment made for such shares as aforesaid. As soon as practicable after
the exercise of this Warrant in full or in part and the payment is made, and in any event within five (5) business days thereafter
(“Warrant Share Delivery Date”), the Company, at its expense (including the payment by it of any applicable
issue taxes), will cause to be issued in the name of, and delivered to, the Holder hereof, or as such Holder (upon payment by
such Holder of any applicable transfer taxes) may direct in compliance with applicable securities laws, a certificate or certificates
for the number of duly and validly issued, fully paid and non-assessable shares of Common Stock (or Other Securities) to which
such Holder shall be entitled on such exercise, plus, in lieu of any fractional share to which such Holder would otherwise be
entitled, cash equal to such fraction multiplied by the then Fair Market Value of one full share of Common Stock, together with
any other stock or other securities and property (including cash, where applicable) to which such Holder is entitled upon such
exercise pursuant to Section 1 hereof or otherwise. The Company understands that a delay in the delivery of the Warrant
Shares after the Warrant Share Delivery Date could result in economic loss to the Holder. As compensation to the Holder for such
loss, the Company agrees to pay (as liquidated damages and not as a penalty) to the Holder for late issuance of Warrant Shares
upon exercise of this Warrant the proportionate amount of $100 per business day after the Warrant Share Delivery Date for each
$10,000 of Purchase Price of Warrant Shares for which this Warrant is exercised which are not timely delivered. The Company shall
promptly pay any payments incurred under this Section in immediately available funds upon demand. Furthermore, in addition to
any other remedies which may be available to the Holder, in the event that the Company fails for any reason to effect delivery
of the Warrant Shares by the Warrant Share Delivery Date, the Holder may revoke all or part of the relevant Warrant exercise by
delivery of a written notice to such effect to the Company, whereupon the Company and the Holder shall each be restored to their
respective positions immediately prior to the exercise of the relevant portion of this Warrant, except that the liquidated damages
described above shall be payable through the date notice of revocation or rescission is given to the Company.

 

1.7.
Buy-In. In addition to any other rights available to the Holder, if the Company fails to deliver to a Holder the Warrant
Shares as required pursuant to this Warrant, and the Holder or a broker on the Holder’s behalf, purchases (in an open market
transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale by such Holder of the Warrant Shares which
the Holder was entitled to receive from the Company (a “Buy-In”), then the Company shall pay in cash to the
Holder (in addition to any remedies available to or elected by the Holder) the amount by which (A) the Holder’s total purchase
price (including brokerage commissions, if any) for the shares of Common Stock so purchased exceeds (B) the aggregate Purchase
Price of the Warrant Shares required to have been delivered together with interest thereon at a rate of 15% per annum, accruing
until such amount and any accrued interest thereon is paid in full (which amount shall be paid as liquidated damages and not as
a penalty). For purposes of illustration, if a Holder purchases shares of Common Stock having a total purchase price of $11,000
to cover a Buy-In with respect to $10,000 of Purchase Price of Warrant Shares to have been received upon exercise of this Warrant,
the Company shall be required to pay the Holder $1,000, plus interest. The Holder shall provide the Company written notice indicating
the amounts payable to the Holder in respect of the Buy-In, which shall include evidence of the price at which such Holder had
to purchase the Common Stock in an open-market transaction or otherwise.

 

    	 	4	 

     

    

 

2.
Payment of Purchase Price; Cashless Exercise.

 

(a)
Payment upon exercise may be made at the written option of the Holder either in (i) cash, wire transfer or by certified or official
bank check payable to the order of the Company equal to the applicable aggregate Purchase Price, (ii) by delivery of Common Stock
issuable upon exercise of the Warrants in accordance with Section (b) below or (iii) by a combination of any of the foregoing
methods, in each case accompanied by delivery of a properly endorsed Subscription Form, for the number of Common Stock specified
in such form (as such exercise number shall be adjusted to reflect any adjustment in the total number of shares of Common Stock
issuable to the Holder per the terms of this Warrant) and the Holder shall thereupon be entitled to receive the number of duly
authorized, validly issued, fully-paid and non-assessable shares of Common Stock (or Other Securities) determined as provided
herein. Notwithstanding the immediately preceding sentence, payment upon exercise may be made in the manner described in Section
2(b) below only with respect to Warrant Shares not included for unrestricted public resale in an effective registration
statement on the date notice of exercise is given by the Holder.

 

(b)
If the Fair Market Value of one share of Common Stock is greater than the Purchase Price (at the date of calculation as set forth
below), in lieu of exercising this Warrant for cash, the Holder may elect to receive shares equal to the value (as determined
below) of this Warrant (or the portion thereof being cancelled) by delivery of a properly endorsed Subscription Form delivered
to the Company by any means described in Section 13 hereof, in which event the Company shall issue to the holder a number
of shares of Common Stock computed using the following formula:

 

X=Y
(A-B)

          A

 

	 	Where
    X= the number of shares of Common Stock to be issued to the Holder
	 	 	 
	 	Y=	the
        number of shares of Common Stock purchasable under the Warrant or, if only a portion of the Warrant is being exercised,
        the portion of the Warrant being exercised (at the date of such calculation)

         

	 	A=	Fair
        Market Value

         

	 	B=	Purchase
    Price (as adjusted to the date of such calculation)

 

For
purposes of Rule 144 promulgated under the 1933 Act, it is intended, understood and acknowledged that the Warrant Shares issued
in a cashless exercise transaction in the manner described above shall be deemed to have been acquired by the Holder, and the
holding period for the Warrant Shares shall be deemed to have commenced, on the date this Warrant was originally issued.

 

    	 	5	 

     

    

 

3.
Adjustment for Reorganization, Consolidation, Merger, etc.

 

3.1.
Fundamental Transaction. If, at any time while this Warrant is outstanding, (A) the Company effects any merger or consolidation
of the Company with or into another entity, (B) the Company effects any sale of all or substantially all of its assets in one
or a series of related transactions, (C) any tender offer or exchange offer (whether by the Company or another entity) is completed
pursuant to which holders of Common Stock are permitted to tender or exchange their shares for other securities, cash or property,
(D) the Company consummates a stock purchase agreement or other business combination (including, without limitation, a reorganization,
recapitalization, or spin-off) with one or more persons or entities whereby such other persons or entities acquire more than the
50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by such other persons or entities
making or party to, or associated or affiliated with the other persons or entities making or party to, such stock purchase agreement
or other business combination), (E) any “person” or “group” (as these terms are used for purposes of Sections
13(d) and 14(d) of the 1934 Act) is or shall become the “beneficial owner” (as defined in Rule 13d-3 under the 1934
Act), directly or indirectly, of 50% of the aggregate Common Stock of the Company, or (F) the Company effects any reclassification
of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged
for other securities, cash or property (in any such case, a “Fundamental Transaction”), then, upon any subsequent
exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon
such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder, (a) upon exercise
of this Warrant, the number of shares of Common Stock of the successor or acquiring corporation or of the Company, if it is the
surviving corporation, and any additional consideration (the “Alternate Consideration”) receivable upon or
as a result of such reorganization, reclassification, merger, consolidation or disposition of assets by a Holder of the number
of shares of Common Stock for which this Warrant is exercisable immediately prior to such event or (b) if the Company is acquired
in (1) a transaction where the consideration paid to the holders of the Common Stock consists solely of cash, (2) a “Rule
13e-3 transaction” as defined in Rule 13e-3 under the 1934 Act, or (3) a transaction involving a person or entity not traded
on a national securities exchange, the Nasdaq Global Select Market, the Nasdaq Global Market or the Nasdaq Capital Market, cash
equal to the Black-Scholes Value (as defined herein). For purposes of any such exercise, the determination of the Purchase Price
shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable
in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Purchase Price among
the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate
Consideration. If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental
Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of
this Warrant following such Fundamental Transaction. To the extent necessary to effectuate the foregoing provisions, any successor
to the Company or surviving entity in such Fundamental Transaction shall issue to the Holder a new warrant consistent with the
foregoing provisions and evidencing the Holder’s right to exercise such warrant into Alternate Consideration. The terms
of any agreement pursuant to which a Fundamental Transaction is effected include terms requiring any such successor or surviving
entity to comply with the provisions of this Section 3.1 and insuring that this Warrant (or any such replacement security)
will be similarly adjusted upon any subsequent transaction analogous to a Fundamental Transaction. “Black-Scholes Value”
shall be determined in accordance with the Black-Scholes Option Pricing Model obtained from the “OV” function on Bloomberg
L.P. using (i) a price per share of Common Stock equal to the Volume Weighted Average Price of the Common Stock for the Trading
Day immediately preceding the date of consummation of the applicable Fundamental Transaction, (ii) a risk-free interest rate corresponding
to the U.S. Treasury rate for a period equal to the remaining term of this Warrant as of the date of such request and (iii) an
expected volatility equal to the 100 day volatility obtained from the HVT function on Bloomberg L.P. determined as of the Trading
Day immediately following the public announcement of the applicable Fundamental Transaction.

 

    	 	6	 

     

    

 

3.2.
Continuation of Terms. Upon any reorganization, consolidation, merger or transfer (and any dissolution following any transfer)
referred to in this Section 3 hereof, this Warrant shall continue in full force and effect and the terms hereof shall be
applicable to the Other Securities and property receivable on the exercise of this Warrant after the consummation of such reorganization,
consolidation or merger or the effective date of dissolution following any such transfer, as the case may be, and shall be binding
upon the issuer of any Other Securities, including, in the case of any such transfer, the person acquiring all or substantially
all of the properties or assets of the Company, whether or not such person shall have expressly assumed the terms of this Warrant
as provided in Section 5hereof.

 

3.3
Share Issuance. Until the Expiration Date, if the Company shall issue any Common Stock, except for Excepted Issuances (as
defined below), prior to the complete exercise of this Warrant for a consideration less than the Purchase Price that would be
in effect at the time of such issuance, then, and thereafter successively upon each such issuance, the Purchase Price shall be
reduced to such other lower price for then outstanding Warrants. For purposes of this adjustment, the issuance of any security
or debt instrument of the Company carrying the right to convert such security or debt instrument into Common Stock or of any warrant
to purchase Common Stock shall result in an adjustment to the Purchase Price upon the issuance of the of the above-described security,
debt instrument, warrant, right, or option if such security or debt instrument may be converted or exercised at a price lower
than the Purchase Price in effect upon such issuance and again at any time upon any actual, permitted, optional, or allowed issuances
of shares of Common Stock upon any actual, permitted, optional, or allowed exercise of such conversion or purchase rights if such
issuance is at a price lower than the Purchase Price in effect upon any actual, permitted, optional, or allowed such issuance.
Common Stock issued or issuable by the Company for no consideration will be deemed issuable or to have been issued for $0.001
per share of Common Stock. Excepted Issuances means: (i) the Company’s issuance of Common Stock in full or partial consideration
in connection with a strategic merger, acquisition, consolidation or purchase of substantially all of the securities or assets
of a corporation or other entity, so long as such issuances are not for the purpose of raising capital and which holders of such
securities or debt are not at any time granted registration rights, (ii) the Company’s issuance of securities in connection
with strategic license agreements and other partnering arrangements, so long as such issuances are not for the purpose of raising
capital and which holders of such securities or debt are not at any time granted registration rights, (iii) the Company’s
issuance of Common Stock or the issuances or grants of options to purchase Common Stock to employees, directors, and consultants,
pursuant to employee stock option plans, (iv) securities upon the exercise or exchange of or conversion of any securities exercisable
or exchangeable for or convertible into shares of Common Stock issued and outstanding on the date of this Warrant and (v) issuance
of Common Stock as a result of the exercise of this Warrant.

 

4.
Registration Rights. The Holder of this Warrant shall have such registration rights for the Warrant Shares as are contained
in the Subscription Agreement.

 

    	 	7	 

     

    

 

5.
Extraordinary Events Regarding Common Stock. In the event that the Company shall (a) issue additional shares of Common
Stock as a dividend or other distribution on outstanding Common Stock, (b) subdivide its outstanding shares of Common Stock, or
(c) combine its outstanding shares of the Common Stock into a smaller number of shares of Common Stock, then, in each such event,
the Purchase Price shall, simultaneously with the happening of such event, be adjusted by multiplying the then Purchase Price
by a fraction, the numerator of which shall be the number of shares of Common Stock outstanding immediately prior to such event
and the denominator of which shall be the number of shares of Common Stock outstanding immediately after such event, and the product
so obtained shall thereafter be the Purchase Price then in effect. The Purchase Price, as so adjusted, shall be readjusted in
the same manner upon the happening of any successive event or events described in this Section 5. The number of shares
of Common Stock that the Holder of this Warrant shall thereafter, on the exercise hereof, be entitled to receive shall be adjusted
to a number determined by multiplying the number of shares of Common Stock that would otherwise (but for the provisions of this
Section 5) be issuable on such exercise by a fraction of which (a) the numerator is the Purchase Price that would otherwise
(but for the provisions of this Section 5) be in effect, and (b) the denominator is the Purchase Price in effect on the
date of such exercise.

 

6.
Certificate as to Adjustments. In each case of any adjustment or readjustment in the shares of Common Stock (or Other Securities)
issuable on the exercise of the Warrants or in the Purchase Price, the Company at its expense will promptly cause its Chief Financial
Officer or other appropriate designee to compute such adjustment or readjustment in accordance with the terms of the Warrant and
prepare a certificate setting forth such adjustment or readjustment and showing in detail the facts upon which such adjustment
or readjustment is based, including a statement of (a) the consideration received or receivable by the Company for any additional
shares of Common Stock (or Other Securities) issued or sold or deemed to have been issued or sold, (b) the number of shares of
Common Stock (or Other Securities) outstanding or deemed to be outstanding, and (c) the Purchase Price and the number of shares
of Common Stock to be received upon exercise of this Warrant, in effect immediately prior to such adjustment or readjustment and
as adjusted or readjusted as provided in this Warrant. The Company will forthwith mail a copy of each such certificate to the
Holder of the Warrant and any Warrant Agent (as defined herein) of the Company (appointed pursuant to Section 11 hereof).
Holder will be entitled to the benefit of the adjustment regardless of the giving of such notice. The timely giving of such notice
to Holder is a material obligation of the Company.

 

7.
Reservation of Stock, etc. Issuable on Exercise of Warrant; Financial Statements. The Company will at all times reserve
and keep available, solely for issuance and delivery on the exercise of the Warrants, all shares of Common Stock (or Other Securities)
from time to time issuable on the exercise of the Warrant. This Warrant entitles the Holder hereof, upon written request, to receive
copies of all financial and other information distributed or required to be distributed to the holders of the Company’s
Common Stock.

 

    	 	8	 

     

    

 

8.
Assignment; Exchange of Warrant. Subject to compliance with applicable securities laws, this Warrant, and the rights evidenced
hereby, may be transferred by any registered holder hereof (a “Transferor”). On the surrender for exchange
of this Warrant, with the Transferor’s endorsement in the form of Exhibit B attached hereto (the “Transferor
Endorsement Form”) and together with an opinion of counsel reasonably satisfactory to the Company that the transfer
of this Warrant will be in compliance with applicable securities laws, the Company will issue and deliver to or on the order of
the Transferor thereof a new Warrant or Warrants of like tenor, in the name of the Transferor and/or the transferee(s) specified
in such Transferor Endorsement Form (each a “Transferee”), calling in the aggregate on the face or faces thereof
for the number of shares of Common Stock called for on the face or faces of the Warrant so surrendered by the Transferor.

 

9.
Replacement of Warrant. On receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or
mutilation of this Warrant and, in the case of any such loss, theft or destruction of this Warrant, on delivery of an indemnity
agreement or security reasonably satisfactory in form and amount to the Company or, in the case of any such mutilation, on surrender
and cancellation of this Warrant, the Company at its expense, twice only, will execute and deliver, in lieu thereof, a new Warrant
of like tenor.

 

10.
Maximum Exercise. The Holder shall not be entitled to exercise this Warrant on an exercise date, in connection with that
number of shares of Common Stock which would be in excess of the sum of (i) the number of shares of Common Stock beneficially
owned by the Holder and its Affiliates on an exercise date, and (ii) the number of shares of Common Stock issuable upon the exercise
of this Warrant with respect to which the determination of this limitation is being made on an exercise date, which would result
in beneficial ownership by the Holder and its Affiliates of more than 4.99% of the outstanding shares of Common Stock on such
date. For the purposes of the immediately preceding sentence, beneficial ownership shall be determined in accordance with Section
13(d) of the 1934 Act and Rule 13d-3 thereunder. Subject to the foregoing, the Holder shall not be limited to aggregate exercises
which would result in the issuance of more than 4.99%. The Holder may allocate which of the equity of the Company deemed beneficially
owned by the Holder shall be included in the 4.99% amount described above and which shall be allocated to the excess above 4.99%.
The restriction described in this paragraph may be waived, in whole or in part, upon sixty-one (61) days’ prior notice from
the Holder to the Company to increase such percentage.

 

11.
Warrant Agent. The Company may, by written notice to the Holder, appoint an agent (a “Warrant Agent”)
for the purpose of issuing Common Stock (or Other Securities) on the exercise of this Warrant pursuant to Section 1 hereof,
exchanging this Warrant pursuant to Section 8 hereof, and replacing this Warrant pursuant to Section 9 hereof, or
any of the foregoing, and thereafter any such issuance, exchange or replacement, as the case may be, shall be made at such office
by such Warrant Agent.

 

12.
Transfer on the Company’s Books. Until this Warrant is transferred on the books of the Company, the Company may treat
the registered holder hereof as the absolute owner hereof for all purposes, notwithstanding any notice to the contrary.

  

    	 	9	 

     

    

 

13.
Notices. All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder
shall be in writing and, unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered
or certified, return receipt requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid,
or (iv) transmitted by hand delivery, telegram, or facsimile addressed as set forth below or to such other address as such party
shall have specified most recently by written notice. Any notice or other communication required or permitted to be given hereunder
shall be deemed effective (a) upon hand delivery or delivery by facsimile, with accurate confirmation generated by the transmitting
facsimile machine, at the address or number designated below (if delivered on a business day during normal business hours where
such notice is to be received), or the first business day following such delivery (if delivered other than on a business day during
normal business hours where such notice is to be received), or (b) on the second business day following the date of mailing by
express courier service, fully prepaid, addressed to such address, or upon actual receipt of such mailing, whichever shall first
occur. The addresses for such communications shall be: (i) if to the Company, to Jerrick Media Holdings, Inc., 202 South Dean
Street, Englewood, NJ, Attn: Jeremy Frommer, with a copy by fax only to (which shall not constitute notice) Lucosky Brookman LLP,
101 Wood Avenue South, 5th Floor, Iselin, NJ 08830, Attn: Joseph M. Lucosky, Esq., facsimile: (732) 395-4401, and (ii) if to the
Holder, to the address and facsimile number listed on the first paragraph of this Warrant.

 

14.
Law Governing This Warrant. This Warrant shall be governed by and construed in accordance with the laws of the State of
New Jersey without regard to its principles of conflicts of laws or of any other State. Any action brought by either party hereto
against the other concerning the transactions contemplated by this Warrant shall be brought only in the state courts of New Jersey
or in the federal courts located in the state of New Jersey. The parties to this Warrant hereby irrevocably waive any objection
to jurisdiction and venue of any action instituted hereunder and shall not assert any defense based on lack of jurisdiction or
venue or based upon forum non conveniens. The Company and the Holder waive trial by jury. The prevailing party shall
be entitled to recover from the other party its reasonable attorney’s fees and costs. In the event that any provision of
this Warrant or any other agreement delivered in connection herewith is invalid or unenforceable under any applicable statute
or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed
modified to conform to, such statute or rule of law. Any such provision which may prove invalid or unenforceable under any law
shall not affect the validity or enforceability of any other provision of any agreement. Each party hereto hereby irrevocably
waives personal service of process and consents to process being served in any suit, action or proceeding in connection with this
Warrant or any other transaction document by mailing a copy thereof via registered or certified mail or overnight delivery (with
evidence of delivery) to such party at the address in effect for notices to it under this Warrant and agrees that such service
shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit
in any way any right to serve process in any other manner permitted by law.

 

[-Signature
Page Follows-]

 

    	 	10	 

     

    

 

IN
WITNESS WHEREOF, the Company has executed this Warrant as of the date first written above.

 

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

  

    	 	11	 

     

    

 

Exhibit
A

 

FORM
OF EXERCISE

(to
be signed only on exercise of Warrant)

 

TO:
JERRICK MEDIA HOLDINGS, INC.

 

The
undersigned, pursuant to the provisions set forth in the attached Warrant (No.____), hereby irrevocably elects to purchase (check
applicable box):

 

___
________ shares of the Common Stock covered by such Warrant; or

	___	the
    maximum number of shares of Common Stock covered by such Warrant pursuant to the cashless exercise procedure set forth in
    Section 2 of the Warrant.

 

The
undersigned herewith makes payment of the full purchase price for such shares at the price per share provided for in such Warrant,
which is $______. Such payment takes the form of (check applicable box or boxes):

 

___
$__________ in lawful money of the United States; and/or

	___	the
    cancellation of such portion of the attached Warrant as is exercisable for a total of _______ shares of Common Stock (using
    a Fair Market Value of $_______ per share for purposes of this calculation); and/or

 

	___	the
    cancellation of such number of shares of Common Stock as is necessary, in accordance with the formula set forth in Section
    2 of the Warrant, to exercise this Warrant with respect to the maximum number of shares of Common Stock purchasable pursuant
    to the cashless exercise procedure set forth in Section 2.

 

After
application of the cashless exercise feature as described above, _____________ shares of Common Stock are required to be delivered
pursuant to the instructions below.

 

The
undersigned requests that the certificates for such shares be issued in the name of, and delivered to _____________________________________________________________,
whose address is ________________________________________________________________________________________________.

 

The
undersigned represents and warrants that all offers and sales by the undersigned of the securities issuable upon exercise of the
within Warrant shall be made pursuant to registration of the Common Stock under the Securities Act of 1933, as amended (the “Securities
Act”), or pursuant to an exemption from registration under the Securities Act.

 

	Dated:___________________	 	 
	 	 	(Signature
        must conform to name of holder as

        specified
        on the face of the Warrant)

	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	(Address)

 

     

     

    

 

Exhibit
B

 

FORM
OF TRANSFEROR ENDORSEMENT

(To
be signed only on transfer of Warrant)

 

For
value received, the undersigned hereby sells, assigns, and transfers unto the person(s) named below under the heading “Transferees”
the right represented by the within Warrant to purchase the percentage and number of shares of Common Stock of JERRICK MEDIA HOLDINGS,
INC. to which the within Warrant relates specified under the headings “Percentage Transferred” and “Number Transferred,”
respectively, opposite the name(s) of such person(s) and appoints each such person Attorney to transfer its respective right on
the books of JERRICK MEDIA HOLDINGS, INC., with full power of substitution in the premises.

 

	Transferees	 	Percentage
    Transferred	 	Number
    Transferred
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

	Dated:
    __________________, _______	 	 
	 	 	(Signature
        must conform to name of holder as specified

        on
        the face of the warrant)

	 	 	 
	Signed
    in the presence of: 	 	 
	 	 	 
	 	 	 
	(Name)	 	 
	 	 	(address)
	 	 	 
	ACCEPTED
    AND AGREED:	 	 
	[TRANSFEREE]	 	 
	 	 	(address)
	 	 	 
	 	 	 
	(Name)EXHIBIT 10.1 

EMPLOYMENT AGREEMENT

 

THIS EMPLOYMENT
AGREEMENT (the “Agreement”) is made by CHEMICAL FINANCIAL CORPORATION, a Michigan corporation (the “Corporation”)
and DAVID B. RAMAKER (“Executive”). The parties agree as follows.

WHEREAS, the Board
of Directors of the Corporation believes that the future services of Executive as provided in this Agreement will be of great value
to the Corporation; and

WHEREAS, the Corporation
owns and operates a wholly owned subsidiary, Chemical Bank (“Bank”), which is engaged in the general business of banking;
and

WHEREAS, the Board
of Directors of the Corporation has determined that it is in the best interests of the Corporation, its shareholders and the Bank
to secure Executive’s continued services and to ensure Executive’s continued dedication and objectivity in the event
of any potential or occurrence of, or negotiation or other action that could lead to, or create the possibility of, a Change in
Control (as hereafter defined) of the Corporation, without concern as to whether Executive might be hindered or distracted by personal
uncertainties and risks created by any such possible Change in Control, and to encourage Executive’s full attention and dedication
to the Corporation and the Bank, the Board of Directors has authorized the Corporation to enter into this Agreement; and

WHEREAS, Executive
is willing to serve in the employ of the Corporation and the Bank on a full-time basis as an at-will employee as provided in this
Agreement.

NOW, THEREFORE,
the parties agree as follows.

1.     Effective Date and Term.
This Agreement will take effect as of the Effective Time of the Corporation’s acquisition of Talmer Bancorp, Inc. (“Talmer”),
as defined in the Agreement and Plan of Merger dated as of January 25, 2016, between Chemical and Talmer (the “Merger Agreement”)
(“Effective Date”). If the merger of the Corporation and Talmer does not close, this Agreement shall be null and void.
The initial term of this Agreement shall be two years, and, at the end of the initial term, the term shall automatically be extended
by another year on each anniversary of the Effective Date unless either party gives the other notice (as provided in Section 15)
of intention to terminate this Agreement at least thirty (30) days before an anniversary of the Effective Date, in which case this
Agreement shall terminate at the end of the then-current term without any further extension; provided, however, that:

(a)      except for termination
as provided above pursuant to notice from Executive to the Corporation, this Agreement will not terminate during an “Active
Change in Control Proposal Period” (as defined in Section 10), even if the Corporation has given Executive notice of intention
to terminate this Agreement;

(b)      except for termination
as provided above pursuant to notice from Executive to the Corporation, upon the occurrence of a “Change in Control”
(as defined in Section 9), the term of this Agreement shall automatically be extended until the second 

    	 		 

     

    

anniversary of the effective
date of the Change in Control, even if the Corporation has given notice of intention to terminate this Agreement; and

(c)      termination of this
Agreement shall not affect the obligations of either party accrued before termination of this Agreement, including Executive’s
obligations under Sections 11, 12 and 13.

2.      Employment. Executive
will serve as: (A) Chief Executive Officer and President of the Corporation; (the “principal position”); (B) as a member
of the Board of Directors of the Corporation and Bank; and (C) in such positions with Affiliates (defined for purposes of this
Agreement as any organizations controlling, controlled by or under common control with the Corporation) as reasonably requested
by the Corporation, provided that the duties of such positions are consistent with Executive’s responsibilities in Executive’s
principal position (together, the “Employment”). As used in this Agreement, the term “Corporation” includes
the Bank, unless the context clearly requires otherwise.

Executive will serve
the Corporation and the Bank well and faithfully during the Employment and will devote Executive’s best reasonable full time
business efforts to the Employment, except that Executive may engage in civic and professional activities, service on boards of
directors, and similar activities as long as such activities do not constitute a conflict of interest or impair Executive’s
performance of the duties of the Employment. The Employment may be terminated during the term of this Agreement as provided in
Sections 4 and 5.

3.      Compensation. Executive
will be compensated during the Employment as follows:

(a)     Salary.
Executive’s annual salary (“Salary”) will be $740,000.00, prorated for any partial year, subject to required
payroll deductions and payable in weekly, bi-weekly or semi-monthly installments pursuant to the Corporation’s normal payroll
practices. Such Salary shall be subject to review annually commencing in 2017 and will be subject to adjustment pursuant to the
Corporation’s normal procedures.

(b)     Bonus.
Executive will participate in any bonus programs for senior executives of the Corporation or the Bank, at a level commensurate
with Executive’s principal position.

(c)     Equity
Plans. Executive will participate in any stock option or other equity based compensation programs (“Equity Plans”)
offered by the Corporation, at a level commensurate with Executive’s principal position.

(d)      Fringe
Benefits. Executive will participate in health and dental, life insurance, short and long term disability insurance, retirement
and other employee fringe benefit programs covering the Corporation’s salaried employees as a group, and in any programs
applicable to senior executives of the Corporation or the Bank. The terms of applicable insurance policies and benefit plans in
effect from time to time will govern with regard to specific issues of coverage and benefit eligibility. All benefit programs are
subject to change from time to time in the Corporation’s discretion, except that Executive will at all times receive the
following specific benefits:

    	 	-2-	 

     

    

i.              
Thirty (30) days of paid time off per year, to be taken in the year earned, and which may
not be accumulated or carried forward except as permitted by Corporation policy. Such paid time off shall be subject to review
annually commencing in 2017 and Executive’s days of paid time off per year shall be subject to adjustment pursuant to the
Corporation’s normal procedures.

ii.            
Executive will be reimbursed for all other expenses related to the automobile, such as fuel expenses, maintenance and repair costs. Such automobile expense reimbursement shall be subject to review annually commencing
in 2017 and subject to adjustment pursuant to the Corporation’s normal procedures.

iii.           
Reimbursement of up to $7,200 per year for country club membership dues. Reimbursement is
to be paid according to the Corporation’s standard reimbursement policies and procedures, but not later than March 15 of
the year following the year in which the expense was incurred.

(e)      Business
Expenses. The Corporation will reimburse Executive for reasonable ordinary and necessary business expenses incurred in the
course of the Employment, for fees and expenses of Executive’s attendance in the course of the Employment at banking related
conventions and similar events, for reasonable professional association and seminar expenses, and for any additional expenses authorized
by the Corporation, subject to Executive’s submission of proper documentation for tax and accounting purposes. Reimbursement
under this section and Sections 3(d)(ii)-(iv) will be paid within thirty (30) days after Executive submits documentation as provided
by this Section, provided that payments may not be made after March 15 of the calendar year following the calendar year in which
the expenses were incurred.

4.     Termination of the Employment
Without Severance Pay. Executive shall not be entitled to any further compensation from the Corporation or any Affiliate after
termination of the Employment as permitted by this Section 4, except (A) unpaid Salary installments through the Employment termination
date, (B) any vested benefits accrued as of the date of termination of the Employment under the terms of any written Corporation
or Bank employment, compensation or benefit program; and (C) any rights of Executive to indemnification under the provisions of
the Articles of Incorporation or Bylaws of the Corporation or the Bank or any indemnification agreement entered into between Executive
and the Corporation or any Affiliate (together, the “Vested Rights”).

(a)      Death.
The Employment will terminate automatically upon Executive’s death.

(b)      Disability.
The Corporation may terminate the Employment due to Executive’s “Permanent Disability”, as defined and provided
for in this Section 4(b). If Executive has been unable by reason of physical or mental disability to properly perform Executive’s
duties hereunder for a period of one hundred eighty (180) days, the Corporation may give Executive notice of its intention to
terminate the Employment due to Permanent Disability. If Executive wishes to contest the existence of termination due 

    	 	-3-	 

     

    

to Permanent
Disability, he must give the Corporation notice of Executive’s disagreement within ten (10) days after receipt of the notice
from the Corporation, and he must promptly submit to examination by three physicians who are reasonably acceptable to both Executive
and the Corporation (with consultation from other physicians as determined by those three). If (A) within sixty (60) days after
receipt by Executive of the notice from the Corporation, two of such physicians shall issue their written statement to the effect
that in their opinion, based on their diagnosis, Executive is capable of resuming Executive’s employment and devoting Executive’s
full time and energy to discharging Executive’s duties within sixty (60) days after the date of such statement, and (B)
Executive does in fact within such sixty (60) day period resume the Employment and properly perform Executive’s duties hereunder,
then the Employment shall not be terminated due to Permanent Disability. It is understood that the Corporation has the right to
terminate the Employment due to Executive’s disability without meeting the standards in this Section 4(b), but in that event
the termination shall be deemed to be a termination of the Employment pursuant to Section 5(a).

(c)      Termination
by Corporation for Cause. The Corporation may terminate the Employment for “Cause”, defined as (i) removal by order
of a regulatory agency having jurisdiction over the Corporation or the Bank, (ii) Executive’s conviction of, or plea of no
contest to, a felony, (iii) Executive’s gross misconduct, or (iv) Executive’s willful and repeated failure to perform
Executive’s duties under this Employment Agreement. The Corporation may only terminate the Employment for Cause under (iii)
and (iv) above if the failure has not been cured by Executive within thirty (30) days after the Corporation gives notice thereof
to Executive; it being expressly understood that negligence or bad judgment shall not constitute “Cause” so long as
such act or omission shall be without intent of personal profit and is reasonably believed by Executive to be in or not adverse
to the best interests of the Corporation.

(d)      Discretionary
Termination by Executive. Executive may terminate the Employment at will, with at least thirty (30) days advance notice. If
Executive gives such notice of termination, the Corporation may (but need not) relieve Executive of some or all of Executive’s
offices and responsibilities for part or all of such notice period, provided that Executive’s Salary and benefits are continued
for the lesser of thirty (30) days or the remaining period of the Employment.

(e)      Termination
of Employment after Termination of This Agreement. If Executive continues to be employed by the Corporation or the Bank after
termination of this Agreement as provided in Section 1, Executive’s employment shall be terminable by either party at will
without any Severance Pay.

5.      Termination With Severance
Pay. Executive shall not be entitled to any further compensation from the Corporation or any Affiliate after termination of
the Employment as permitted by this Section 5, except (A) Vested Rights; and (B) Severance Pay under Section 6 or the Change in
Control Severance under Section 7, whichever is applicable.

(a)      Discretionary
Termination by Corporation. The Corporation may terminate the Employment during the term of this Agreement at will, with at
least thirty 

    	 	-4-	 

     

    

(30) days advance notice to Executive. Any termination of Executive’s Employment by the Corporation under Section
4 that is found not to meet the standards of such Section will be considered to have been a termination under this Section 5(a).

(b)     Termination
by Executive for Good Reason. Executive may terminate the Employment during the term of this Agreement for “Good Reason”
if there is a material negative change to the employment relationship between Executive and the Corporation because: (i) Executive
is removed from any of Executive’s principal positions; (ii) the status, authority or responsibility of Executive’s
principal positions is materially diminished; (iii) Executive’s Salary as then in effect is materially reduced without a
corresponding reduction in the salaries of the Corporation and Bank’s other executives, (iv) the Corporation requires Executive
be based in a facility that is more than sixty (60) miles from the facility where Executive is located immediately prior to the
relocation or any substantial increase in the business travel required of Executive; or (v) any material breach by the Corporation
or the Bank, or any successor, of its obligations to Executive under this Agreement.

Executive
may not terminate the employment for “Good Reason” unless:

A.     Executive
notifies the Chairman of the Corporation’s Board of Directors in writing, within 60 days after Executive becomes aware
of the act or omission constituting Good Reason, that the act or omission in question constitutes Good Reason and explaining why
Executive considers it to constitute Good Reason;

B.     the Corporation
fails, within 30 days after notice from Executive under A. above, to revoke the action or correct the omission and make Executive
whole; and

C.     Executive
gives notice of termination within 30 days after expiration of the 30-day period under B. above.

6.     Severance Pay.  The
Corporation will pay and provide Executive with the payments and benefit continuation provided in this Section 6 (“Severance
Pay”) if Executive’s Employment is terminated during the term of this Agreement as provided in Section 5 in a manner
that constitutes a “separation from service” as that term is defined by Section 409A of the Internal Revenue Code of
1986 (the “Code”) and Executive is not entitled to the Change in Control Severance under Section 7. If Executive becomes
entitled to Severance Pay under this Section 6, and subsequently becomes entitled to the Change in Control Severance under Section
7, the amount of the lump sum Cash Payment under Section 7(a) shall be reduced by the amount of Severance Pay already received
by Executive under this Section 6, and no further Severance Pay will be payable under this Section 6.

(a)     Amount
and Duration of Severance Pay. Subject to the other provisions of this Section, Severance Pay will consist of:

i.     Severance.
Payment of an amount equal to two times the sum of (A) Executive’s then-current Salary (disregarding any reduction
in Salary that 

    	 	-5-	 

     

    

constitutes Good Reason) and (B)
the sum of Executive’s cash bonuses under the Corporation’s executive annual incentive plan for each of the most
recent three complete calendar years of Executive’s employment by the Corporation (or such lesser number of complete calendar
years as Executive has been employed by the Corporation) divided by three (or the lesser number of complete calendar years for
which Executive has been employed by the Corporation), payable in equal installments over one hundred and four (104) weeks following
the week in which the Employment terminates (the “Severance Pay Period”) pursuant to the Corporation’s normal
payroll process, subject to required payroll withholding;

ii.     Health
Coverage Payment. The Corporation will pay Executive a lump sum equal to twenty four (24) times the Corporation’s
monthly contribution towards Executive’s then current employee and dependent health, prescription drug and dental coverage
elections, payable in the first payroll occurring on or after the tenth business day after the date Executive’s Employment
terminates, subject to required payroll withholding. If Executive is not enrolled in the Corporation’s health, prescription
drug and dental plans, then the monthly contribution will be based on the Corporation’s contribution towards family coverage
for such plans determined at the time employment terminates. Although the right to payment under this paragraph is based on the
Corporation’s health, prescription drug and/or dental plan at the time employment terminates and is intended to fund payment
for health coverage, the payment is not required to be used for health coverage and Executive may use the payment for any purpose;

iii.     Acceleration
of Vesting. Effective at the time of termination of employment, all unvested stock options and stock previously issued to Executive
as to which rights of ownership are subject to forfeiture shall immediately vest; all risk of forfeiture of the ownership of stock
or stock options and restrictions on the exercise of options shall lapse; and, Executive shall be entitled to exercise any or all
options, such that the underlying shares will be considered outstanding at the time of the termination of employment; and

iv.     Outplacement
Services. The Corporation will provide Executive with executive-level outplacement services through an outplacement services
firm selected by the Company with the Executive’s approval, which shall not be withheld if the firm selected is reputable,
for a period not to exceed twelve (12) months after Executive’s termination date. The timing of outplacement services to
be received shall be determined by the Executive, provided that all costs under this subsection must be incurred, and all applicable
payments to the outplacement firm made, within twelve months following Executive’s termination of employment.

Executive will receive the Severance
Pay provided in Section 6(a) notwithstanding any other earnings that Executive may have, and subject to offset only as provided
in Section 6(c). If Executive dies during the Severance Pay Period, the Severance Pay under Section 6(a) will continue for the
remainder of the Severance Pay Period for the benefit of 

    	 	-6-	 

     

    

Executive’s designated beneficiary (or Executive’s estate
if Executive fails to designate a beneficiary).

(b)      Conditions
to Severance Pay. To be eligible for Severance Pay, Executive must meet the following conditions: (i) Executive must comply
with Executive’s obligations under this Agreement that continue after termination of the Employment; (ii) Executive must
promptly sign and continue to honor a release, in form acceptable to the Corporation, of any and all claims arising out of or relating
to Executive’s employment or its termination and that Executive might otherwise have against the Corporation, the Corporation’s
Affiliates, or any of their officers, directors, employees and agents, provided that the release will not waive Executive’s
right to claims or rights related to (A) this Agreement; (B) unpaid salary through the employment termination date; (C) unpaid
expense reimbursements for authorized business expenses incurred before the employment termination date; (D) any Equity Plan benefits;
(E) benefit plans (for example to convert life insurance); (F) any rights under the terms of any qualified retirement plan covering
Executive; and (G) rights of indemnification under the Corporation’s Articles of Incorporation or Bylaws or any indemnification
agreement entered into between Executive and the Corporation or any Affiliate (in addition, the release does not affect Executive’s
right to cooperate in an investigation by the Equal Employment Opportunity Commission), (iii) Executive must resign upon written
request by Corporation from all positions with or representing the Corporation or any Affiliate, including but not limited to,
membership on boards of directors; and (iv) Executive must provide the Corporation for a period of six (6) months after the Employment
termination date with consulting services regarding matters within the scope of Executive’s former duties upon request by
the Corporation’s Chief Executive Officer; provided, however, that Executive will only be required to provide those services
by telephone at Executive’s reasonable convenience and without substantial interference with Executive’s other activities
or commitments.

(c)      Reductions
to Severance Pay. The Severance Pay due to Executive under Section 6(a)(i) for any week will be reduced (but not below zero)
by: (i) any disability benefits to which Executive is entitled for that week under any disability insurance policy or program of
the Corporation or any Affiliate (including but not limited to worker’s disability compensation); (ii) any severance pay
payable to Executive under any other agreement or Corporation policy; (iii) any payment due to Executive under the Federal Worker
Adjustment and Retraining Notification Act or any comparable state statute or local ordinance; and (iv) up to $5,000 of expenses
owed by Executive to the Corporation from debt incurred in the ordinary course of the service relationship.

(d)     Delay
in Payment to a Specified Employee. Notwithstanding any other timing provision in this Section 6, if, at the time any payment
that is not exempt from Section 409A would commence due to a separation from service, and Executive is a “specified employee”
as that term is defined by Section 409A of the Code, then no such payment under this Agreement may be paid before the date that
is six months after Executive’s separation from service (or, if earlier, the individual’s death). Payments that are
not exempt from Section 409A and that Executive would otherwise have been entitled during those six months will be accumulated
and paid on the first payroll date after six 

    	 	-7-	 

     

    

months following Executive’s separation from service (or, if earlier, the individual’s
death). All payments that are exempt from Section 409A, or that would otherwise be made more than six months following Executive’s
separation from service, will be made in accordance with the general timing provisions described above.

7.     Change
in Control Severance. The Corporation will make the payments provided for in this Section 7 if Executive’s Employment
is terminated under Section 5 during the term of this Agreement in a manner that constitutes a “separation from service”
as that term is defined by Section 409A of the Code, and such termination of Employment occurs either (i) within two years
after the date of a Change in Control or (ii) within six months before the date of a Change in Control.

(a)      Amount
and Payment of Cash Payment. The Corporation will make a cash payment (the “Cash Payment”) to Executive in an
amount equal to two times the sum of (A) Executive’s then-current Salary (disregarding any reduction in Salary that
constitutes Good Reason) and (B) the sum of Executive’s cash bonuses under the Corporation’s executive annual incentive
plan for each of the most recent three complete calendar years of Executive’s employment by the Corporation (or such lesser
number of complete calendar years as Executive has been employed by the Corporation) divided by three (or the lesser number of
complete calendar years for which Executive has been employed by the Corporation). The Cash Payment shall be paid to Executive
in a single lump sum in the first payroll occurring on or after the tenth business day after the date Executive’s Employment
terminates. If Executive dies after becoming entitled to the Cash Payment but before it has been paid in full, any remaining Cash
Payments will be made to Executive’s designated beneficiary (or Executive’s estate if Executive fails to designate
a beneficiary).

(b)     Health
Coverage Payment. The Corporation will pay Executive a lump sum equal to twenty four (24) times the Corporation’s
monthly contribution towards Executive’s then current employee and dependent health, prescription drug and dental coverage
elections, payable in the first payroll occurring on or after the tenth business day after the date Executive’s Employment
terminates, subject to required payroll withholding. If Executive is not enrolled in the Corporation’s health, prescription
drug and dental plans, then the monthly contribution will be based on the Corporation’s contribution towards family coverage
for such plans determined at the time employment terminates. Although the right to payment under this paragraph is based on the
Corporation’s health, prescription drug and/or dental plan at the time employment terminates and is intended to fund payment
for health coverage, the payment is not required to be used for health coverage and Executive may use the payment for any purpose.

(c)     Acceleration
of Vesting. Effective at the time of termination of employment, all unvested stock options and stock previously issued to
Executive as to which rights of ownership are subject to forfeiture shall immediately vest; all risk of forfeiture of the ownership
of stock or stock options and restrictions on the exercise of options shall lapse; and, Executive shall be entitled to exercise
any or all options, such 

    	 	-8-	 

     

    

that the underlying shares will be considered outstanding at the time of the termination of employment.

(d)     Outplacement
Services. The Corporation will provide Executive with executive-level outplacement services through an outplacement services
firm selected by the Company with the Executive’s approval, which shall not be withheld if the firm selected is reputable,
for a period not to exceed twelve (12) months after Executive’s termination date. The timing of outplacement services to
be received shall be determined by the Executive, provided that all costs under this subsection must be incurred, and all applicable
payments to the outplacement firm made, within twelve months following Executive’s termination of employment.

(e)     Reductions
to Cash Payment. Executive will receive the Cash Payment notwithstanding any other earnings that Executive may have and without
offset of any kind except required payroll deductions.

8.     Parachute Cap. Notwithstanding
anything in this Agreement to the contrary, any payment, benefit, or amount payable or benefit to be provided to Executive, whether
pursuant to this Agreement or otherwise, that is a “Parachute Payment” as defined in Section 280G(b)(2) of the Internal
Revenue Code (the “Code”), will be reduced to the extent necessary so that the benefits payable or to be provided to
Executive under this Agreement that are treated as Parachute Payments as well as any payments or benefits provided outside of this
Agreement that are so treated will not cause the Corporation or any Affiliate to have paid an “Excess Parachute Payment”
as defined in Section 280G(b)(1) of the Code. If it is established that an “Excess Parachute Payment” has occurred
or will occur under this Agreement or otherwise, any remaining Parachute Payments to be made will be reduced to ensure that the
total payments to Executive do not exceed 2.99 times Executive’s “base amount” as defined in Section 280G(b)(3)
of the Code. The lump sum cash severance payment under Section 7(a) will be reduced to comply with this Section 8 only to the extent
necessary to ensure that the total payments to Executive do not exceed 2.99 times Executive’s “base amount” as
defined in Section 280G(b)(3) of the Code.

9.     Definition of Change in
Control. As used in this Agreement, the term “Change in Control” means any of the occurrences listed in (a) below,
subject to (b) below.

(a)      A
Change in Control means the occurrence of a change in the ownership of effective control of the Corporation or a change in the
ownership of a substantial portion of the assets of the Corporation as provided by Treasury Regulation § 1.409A-3(i)(5), which
includes the occurrence of any of the following events:

(i)     The acquisition,
by a person or persons acting as a group, of stock of the Corporation that together with stock held by such person or group constitutes
more than 50% of the total fair market value or total voting power of the stock of the Corporation.

(ii)     The
majority of members of the Board of Directors of the Corporation are replaced during any twelve month period by directors whose

    	 	-9-	 

     

    

appointment or election is not endorsed by a majority of the members of the Board of Directors prior to the date of appointment
or election.

(iii)     The
acquisition, by a person or persons acting as a group, of the Corporation’s assets that have a total gross fair market value
equal to or exceeding 50% of the total gross fair market value of the Corporation’s assets in a single transaction or within
a twelve month period ending with the most recent acquisition. For the purpose of this section, gross fair market value means the
value of the assets of the Corporation, or the value of the assets being disposed of, determined without regard to any liabilities
associated with such assets.

The parties agree that the merger
between the Corporation and Talmer pursuant to the Merger Agreement does not constitute a Change in Control under this Agreement
and does not trigger any payments that may otherwise be required by this Section and Executive waives any right to any payment
under this Agreement as a result of that merger.

(b)      Notwithstanding
the foregoing, no trust department or designated fiduciary or other trustee of such trust department of the Corporation or a subsidiary
of the Corporation, or other similar fiduciary capacity of the Corporation with direct voting control of the stock shall be treated
as a person or group within the meaning of subsection (a)(i) hereof. Further, no profit-sharing, employee stock ownership, employee
stock purchase and savings, employee pension, or other employee benefit plan of the Corporation or any of its subsidiaries, and
no trustee of any such plan in its capacity as such trustee, shall be treated as a person or group within the meaning of subsection
(a)(i) hereof.

10.      Definition of “Active
Change in Control Proposal Period”. As used in this Agreement the term “Active Change in Control Proposal Period”
shall mean any period:

(a)      during which the Board
of Directors of the Corporation has authorized solicitation by the Corporation of offers for a transaction which, if consummated,
would constitute a Change in Control; or

(b)      during which the Corporation
has received a proposal for a transaction which, if consummated, would constitute a Change in Control, and the Board of Directors
has not determined to reject such proposal without any counter-offer or further discussions; or

(c)      during which any proxy
solicitation or tender offer with regard to the securities of the Corporation is ongoing, if the intent of such proxy solicitation
or tender offer is to cause the Corporation to solicit offers for or enter into a transaction that would constitute a Change in
Control.

11.     Confidentiality,
Return of Property. Executive has obtained and may obtain confidential information concerning the business, operations, financial
affairs, organizational and personnel matters, policies, procedures and other non-public matters of Corporation and its Affiliates,
and those of third-parties that is not generally disclosed to persons not employed by 

    	 	-10-	 

     

    

Corporation or its subsidiaries. Such information
(referred to herein as the “Confidential Information”) may have been or may be provided in written form or orally.
Executive shall not disclose to any other person the Confidential Information at any time during or after termination of the Employment,
except that during the Employment Executive may use and disclose Confidential Information as reasonably required by the Employment.
Upon termination of the Employment, Executive will deliver to the Corporation any and all property owned or leased by the Corporation
or any Affiliate and any and all Confidential Information (in whatever form) including without limitation all customer lists and
information, financial information, business notes, business plans, documents, keys, credit cards and other Corporation-provided
equipment. Executive’s commitments in this Section will continue in effect after termination of the Employment and after
termination of this Agreement. The parties agree that any breach of Executive’s covenants in this Section would cause the
Corporation irreparable harm, and that injunctive relief would be appropriate.

12.     Inventions, Discoveries
and Improvements. Executive hereby agrees to assign and transfer to the Corporation, its successors and assigns, Executive’s
entire right, title and interest in and to any and all inventions, discoveries, trade secrets and improvements thereto which he
may discover to develop, either solely or jointly with others, during Executive’s employment hereunder and for a period of
one year after termination of such employment, which would relate in any way to the business of the Corporation or any Affiliate
of the Corporation, together with all rights to letters patent, copyrights or trademarks which may be granted with respect thereto.
Immediately upon making or developing any invention, discovery, trade secret or improvement thereto, Executive shall notify the
Corporation thereof and shall execute and deliver to the Corporation, without further compensation, such documents as may be necessary
to assign and transfer to the Corporation Executive’s entire right, title and interest in and to such invention, discovery,
trade secret or improvement thereto, and to prepare or prosecute applications for letters patent with respect to the same in the
name of the Corporation. Executive’s obligations under this Section 12 shall continue in effect, as to inventions, discoveries
and improvements covered by this Section 12, notwithstanding any termination of the employment or this Agreement.

    	 	-11-	 

     

    

13.      Noncompetition and Nonsolicitation.

(a)     In
view of Executive’s importance to the success of the Corporation, Executive and Corporation agree that the Corporation would
likely suffer significant harm from Executive’s competing with Corporation during the Employment and for some period of time
thereafter. Accordingly, Executive agrees that Executive shall not engage in competitive activities either: (A) while employed
by Corporation; or (B) if Executive’s Employment is terminated during the term of this Agreement, during the Restricted Period
(as defined below). Executive shall be deemed to engage in competitive activities if he shall, without the prior written consent
of the Corporation, (i) in any county in which the Corporation has a branch office, ATM, loan processing center or any other facility,
and all contiguous counties, (including the municipalities therein), render services directly or indirectly, as an employee, officer,
director, consultant, advisor, partner or otherwise, for any organization or enterprise which competes directly or indirectly with
the business of Corporation or any of its Affiliates in providing financial products or services (including, without limitation,
banking, insurance, or securities products or services) to consumers and businesses, or (ii) directly or indirectly acquires any
financial or beneficial interest in (except as provided in the next sentence) any organization which conducts or is otherwise engaged
in a business or enterprise in any county in which the Corporation has a branch office, ATM, loan processing center or any other
facility, and all contiguous counties, (including all municipalities therein) which competes directly or indirectly with the business
of Corporation or any of its Affiliates in providing financial products or services (including, without limitation, banking, insurance
or securities products or services) to consumers and businesses. Notwithstanding the preceding sentence, Executive shall not be
prohibited from owning less than 1 percent of any class of publicly traded securities of a competitor. For purposes of this Section
13 the term “Restricted Period” shall equal twenty four (24) months, commencing as of the date of termination of Executive’s
Employment during the term of this Agreement.

(b)      While
employed by Corporation and during the Restricted Period, Executive agrees that Executive shall not, in any manner directly (i)
solicit by mail, by telephone, by personal meeting, or by any other means, any customer or prospective customer of Corporation
to whom Executive provided services, or for whom Executive transacted business, or whose identity become known to Executive in
connection with Executive’s services to Corporation (including employment with or services to any predecessor or successor
entities), to transact business with a person or an entity other than the Corporation or its Affiliates or reduce or refrain from
doing any business with the Corporation or its Affiliates or (ii) interfere with or damage (or attempt to interfere with or damage)
any relationship between Corporation or any of its Affiliates and any such customer or prospective customer, or any shareholder
of the Corporation. The term “solicit” as used in this Section 13 means any communication of any kind whatsoever, inviting,
encouraging or requesting any person to take or refrain from taking any action with respect to the business of Corporation or any
of its Affiliates.

(c)      While
employed by Corporation and during the Restricted Period, Executive agrees that Executive shall not, in any manner directly solicit
any person who 

    	 	-12-	 

     

    

is an employee of Corporation or any of its Affiliates to apply for or accept employment or a business opportunity
with any other person or entity.

(d)      The
parties agree that nothing herein shall be construed to limit or negate the common law of torts or trade secrets where it provides
broader protection than that provided herein.

(e)     If
Executive’s Employment is terminated during the term of this Agreement, Executive’s obligations under this Section
shall survive termination of this Agreement.

14.      Successors; Binding Agreement.

(a)     This
Agreement shall not be terminated by any merger or consolidation of the Corporation whereby the Corporation is or is not the surviving
or resulting corporation or as a result of any transfer of all or substantially all of the assets of the Corporation. In the event
of any such merger, consolidation, or transfer of assets, the provisions of this Agreement shall be binding upon the surviving
or resulting corporation or the person or entity to which such assets are transferred.

(b)     The
Corporation agrees that concurrently with any merger, consolidation or transfer of assets constituting a Change in Control, it
will cause any successor or transferee unconditionally to assume, by written instrument delivered to Executive (or Executive’s
beneficiary or estate), all of the obligations of the Corporation hereunder. Failure of the Corporation to obtain such assumption
prior to the effective date of any Change in Control shall be a material breach of the Corporation’s obligations to Executive
under this Agreement.

(c)     This
Agreement shall inure to the benefit of and be enforceable by Executive’s personal or legal representatives, executors, administrators,
successors, heirs, distributees, devisees and legatees. If Executive shall die while any amounts would be payable to Executive
hereunder had Executive continued to live, all such amounts, unless otherwise provided herein, shall be paid in accordance with
the terms of this Agreement to such person or persons appointed in writing by Executive to receive such amounts or, if no person
is so appointed, to Executive’s estate.

15.     Notice. For purposes of this
Agreement, all notices and other communications required or permitted hereunder shall be in writing and shall be deemed to have
been duly given when delivered or received by facsimile transmission or five (5) days after deposit in the United States mail,
certified and return receipt requested, postage prepaid, addressed as follows:

 

	 	If to the Corporation:	Chemical Financial Corporation

Attn: Chairman of the Board of Directors

333 East Main Street, P.O. Box 569

Midland, Michigan 48640
	 	 	 
	

    	 	-13-	 

     

    

	

	 	If to Executive:	David B. Ramaker

    235 East Main Street

    Midland, Michigan 48640

 

Either party may change its address
for notices by notice to the other party.

16.     Amendment and Waiver.
No provisions of this Agreement may be amended, modified, waived or discharged unless the waiver, modification, or discharge is
authorized by the Corporation’s Board of Directors, or a committee of the Board of Directors, and is agreed to in a writing
signed by Executive and by the Chairman of the Corporation’s Board of Directors. No waiver by either party at any time of
any breach or non-performance of this Agreement by the other party shall be deemed a waiver of any prior or subsequent breach or
non-performance.

17.      Severability. The
invalidity or unenforceability of any provision of this Agreement will not affect the validity or enforceability of any other provision
of this Agreement, which will remain in full force and effect. If a court of competent jurisdiction ever determines that any provision
of this Agreement (including, but not limited to, all or any part of the non-competition covenant in this Agreement) is unenforceable
as written, the parties intend that the provision shall be deemed narrowed or revised in that jurisdiction (as to geographic scope,
duration, or any other matter) to the extent necessary to allow enforcement of the provision. The revision shall thereafter govern
in that jurisdiction, subject only to any allowable appeals of that court decision.

18.     Entire Agreement.
No agreements or representations, oral or otherwise, express or implied, with respect to Executive’s Employment with the
Corporation or any of the subjects covered by this Agreement have been made by either party that are not set forth expressly in
this Agreement, and this Agreement supersedes any pre-existing employment agreements and any other agreements on the subjects covered
by this Agreement; provided, however, except as expressly modified hereby, this Agreement shall not affect Executive’s rights
under any retirement and health and welfare plans in which Executive participates which are maintained by the Corporation or its
Affiliates.

19.      Governing Law. The
validity, interpretation, and construction of this Agreement are to be governed by Michigan laws, without regard to choice of law
rules. The parties agree that any judicial action involving a dispute arising under this Agreement will be filed, heard and decided
in the Midland County Circuit Court. The parties agree that they will subject themselves to the personal jurisdiction and venue
of either court, regardless of where Executive or the Corporation may be located at the time any action may be commenced. The parties
agree that the locations specified above are mutually convenient forums and that each of the parties conducts business in Midland
County.

20.     Section 409A. This
Agreement is intended to be exempt from Section 409A of the Internal Revenue Code partially as an involuntary separation pay plan
as that term is understood under Treasury Regulation § 1.409A-1(b)(9) and partially as providing for short-term deferrals
as that term is understood under Treasury Regulation § 1.409A-1(b)(4) and shall be interpreted and operated consistently with
those intentions. To the extent Section 409A is found to be applicable to this Agreement, this Agreement is to be interpreted to
comply with Section 

    	 	-14-	 

     

    

409A and shall be interpreted and operated consistently with those intentions, including but not limited to,
any applicable six-month delay in payment if Executive is a specified employee of the Corporation.

21.      Counterparts. This
Agreement may be signed in original or by fax in counterparts, each of which shall be deemed an original, and together the counterparts
shall constitute one complete document.

Signature Page to Follow

    	 	-15-	 

     

    

The parties made this Agreement effective as of the Effective Date
in Section 1.

 

 

	 	CHEMICAL BANK
	 	 
	 	By	/s/ William C. Collins             
	 	 	William C. Collins, Executive Vice President,

General Counsel/Secretary

 

	 	Date:	August 31, 2016	 

 

 

 

	 	CHEMICAL FINANCIAL CORPORATION
	 	 
	 	By	/s/ William C. Collins                
	 	 	William C. Collins, Executive Vice President,

General Counsel/Secretary

 

	 	Date:	August 31, 2016	 

 

 

 

	 	EXECUTIVE
	 	 
	 	By	/s/ David B. Ramaker             
	 	 	David B. Ramaker

 

	 	Date:	August 31, 2016	 

 

 

 

 

[signature page to Employment Agreement]

 

 

 

 

 

-16-

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