Document:

Exhibit 10.8

 

 

Promissory
Note

 

	Date	Loan Amount	Interest Rate after Deferment Period	Deferment Period
	4/15/2020	1,195,679.00	1.00% fixed per annum	6 months

 

This Promissory Note (“Note”)
sets forth and confirms the terms and conditions of a term loan to IDW Media Holdings., (whether
one or more than one, “Borrower”) from Bank of America, NA, a national banking association having an address of P.O.
Box 15220, Wilmington, DE 19886-5220 (together with its agents, affiliates, successors and assigns, the “Bank”) for
the Loan Amount and at the Interest Rate stated above (the “Loan”). The Loan is made pursuant to the Paycheck Protection
Program under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The funding of the Loan is
conditioned upon approval of Borrower’s application for the Loan and Bank’s receiving confirmation from the SBA that
Bank may proceed with the Loan. The date on which the funding of the Loan takes place is referred to as the “Funding Date”.
If the Funding Date is later than the date of this Note, the Deferment Period commences on the Funding Date and ends six months
from the Funding Date. After sixty (60) days from the date the Loan is funded, but not more than ninety (90) days from the date
the Loan is funded, Borrower shall apply to Bank for loan forgiveness. If the SBA confirms full and complete forgiveness of the
unpaid balance of the Loan, and reimburses Bank for the total outstanding balance, principal and interest, Borrower’s obligations
under the Loan will be deemed fully satisfied and paid in full. If the SBA does not confirm forgiveness of the Loan, or only partly
confirms forgiveness of the Loan, or Borrower fails to apply for loan forgiveness, Borrower will be obligated to repay to the Bank
the total outstanding balance remaining due under the Loan, including principal and interest (the “Loan Balance”),
and in such case, Bank will establish the terms for repayment of the Loan Balance in a separate letter to be provided to Borrower,
which letter will set forth the Loan Balance, the amount of each monthly payment, the interest rate (not in excess of a fixed rate
of one per cent (1.00%) per annum), the term of the Loan, and the maturity date of two (2) years from the funding date of the Loan.
No principal or interest payments will be due prior to the end of the Deferment Period. Borrower promises, covenants and agrees
with Bank to repay the Loan in accordance with the terms for repayment as set forth in that letter (the “Repayment Letter”).
Payments greater than the monthly payment or additional payments may be made at any time without a prepayment penalty but shall
not relieve Borrower of its obligations to pay the next succeeding monthly payment.

 

In consideration of the Loan received
by Borrower from Bank, Borrower agrees as follows:

 

		1.	DEPOSIT ACCOUNT/USE OF LOAN PROCEEDS: Borrower is required
to maintain a deposit account with Bank of America, N.A. (the “Deposit Account”) until the Loan is either forgiven
in full or the Loan is fully paid by Borrower. Borrower acknowledges and agrees that the proceeds of the Loan shall be deposited
by Bank into the Deposit Account. The Loan proceeds are to not be used by Borrower for any illegal purpose and Borrower represents
to the Bank that it will derive material benefit, directly and indirectly, from the making of the Loan.

 

		2.	DIRECT DEBIT. If the Loan is not forgiven and a Loan Balance
remains, Borrower agrees that on the due date of any amount due as set forth in the Repayment Letter, Bank will debit the amount
due from the Deposit Account established by Borrower in connection with this Loan. Should there be insufficient funds in the Deposit
Account to pay all such sums when due, the full amount of such deficiency be shall be immediately due and payable by Borrower.

 

		3.	INTEREST RATE: Bank shall charge interest on the unpaid
principal balance of the Loan at the interest rate set forth above under “Interest Rate” from the date the Loan was
funded until the Loan is paid in full.

 

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		4.	REPRESENTATIONS, WARRANTIES AND COVENANTS. (1) Borrower
represents and warrants to Bank, and covenants and agrees with Bank, that: (i) Borrower has read the statements included in the
Application, including the Statements Required by Law and Executive Orders, and Borrower understands them. (ii) Borrower was and
remains eligible to receive a loan under the rules in effect at the time Borrower submitted to Bank its Paycheck Protection Program
Application Form (the “Application”) that have been issued by the SBA implementing the Paycheck Protection Program
under Division A, Title I of the CARES Act (the “Paycheck Protection Program Rule”). (iii) Borrower (a) is an independent
contractor, eligible self-employed individual, or sole proprietor or (b) employs no more than the greater of 500 employees or,
if applicable, the size standard in number of employees established by the SBA in 13 C.F.R. 121.201 for Borrower’s industry.
(iv) Borrower will comply whenever applicable, with the civil rights and other limitations in the Application. (v) All proceeds
of the Loan will be used only for business-related purposes as specified in the Application and consistent with the Paycheck Protection
Program Rule. (vi) To the extent feasible, Borrower will purchase only American-made equipment and products. (vii) Borrower is
not engaged in any activity that is illegal under federal, state or local law. (viii) Borrower certifies that any loan received
by Borrower under Section 7(b)(2) of the Small Business Act between January 31, 2020 and April 3, 2020 that will remain outstanding
after funding of this Loan was for a purpose other than paying payroll costs and other allowable uses loans under the Paycheck
Protection Program Rule. (ix) Borrower was in operation on February 15, 2020 and had employees for whom Borrower paid salaries
and payroll taxes or paid independent contractors (as reported on Form(s) 1099-MISC). (x) The current economic uncertainty makes
the request for the Loan necessary to support the ongoing operations of Borrower. (xi) All proceeds of the Loan will be used to
retain workers and maintain payroll or make mortgage interest payments, lease payments, and utility payments, as specified under
the Paycheck Protection Program Rule and Borrower acknowledges that if the funds are knowingly used for unauthorized purposes,
the federal government may hold Borrower and/or Borrower’s authorized representative legally liable, such as for charges
of fraud. (xii) Borrower has provided Bank true, correct and complete information demonstrating that Borrower had employees for
whom Borrower paid salaries and payroll taxes on or around February 15, 2020. (xiii) Borrower has provided to Bank all documentation
available to Borrower on a reasonable basis verifying the dollar amounts of average monthly payroll costs for the calendar year
2019, which documentation shall include, as applicable, copies of payroll processor records, payroll tax filings and/or Form 1099-MISC.
(xiv) Borrower will promptly provide to Bank (a) any additional documentation that Bank requests in order to verify payroll costs
and (b) documentation verifying the number of full-time equivalent employees on payroll as well as the dollar amounts of payroll
costs, covered mortgage interest payments, covered rent payments, and covered utilities for the eight week period following the
Loan. (xv) Borrower acknowledges that (a) loan forgiveness will be provided by the SBA for the sum of documented payroll costs,
covered mortgage interest payments, covered rent payments, and covered utilities, and not more than 25% of the Forgivable Amount
may be for non-payroll costs (xvi) During the period beginning on February 15, 2020 and ending on December 31, 2020, Borrower
has not and will not receive any other loan under the Paycheck Protection Program.
(xvii) Borrower certifies that the information provided in the Application and the information that Borrower provided in all
supporting documents and forms is true and accurate in all material respects. Borrower acknowledges that knowingly making a
false statement to obtain a guaranteed loan from SBA is punishable under the law, including under 18 USC 1001 and 3571 by
imprisonment of not more than five years and/or a fine of up to $250,000; under 15 USC 645 by imprisonment of not more than
two years and/or a fine of not more than $5,000; and, if submitted to a Federally insured institution, under 18 USC 1014 by
imprisonment of not more than thirty years and/or a fine of not more than $1,000,000. (xviii) Borrower understands,
acknowledges and agrees that Bank can share any tax information received from Borrower or any Owner with SBA's authorized
representatives, including authorized representatives of the SBA Office of Inspector General, for the purpose of compliance
with SBA Loan Program Requirements and all SBA reviews. (xix) Neither Borrower nor any Owner, is presently suspended,
debarred, proposed for debarment, declared ineligible, voluntarily excluded from participation in this transaction by any
Federal department or agency, or presently involved in any bankruptcy. (xx) Neither Borrower, nor any Owner, nor any business
owned or controlled by any of them, ever obtained a direct or guaranteed loan from SBA or any other Federal agency that is
currently delinquent or has defaulted in the last 7 years and caused a loss to the government. (xxi) Neither Borrower, nor
any Owner, is an owner of any other business or has common management with any other business, except as disclosed to the
Bank in connection with the Borrower’s Application. (xxii) Borrower did not receive an SBA Economic Injury Disaster
Loan between January 31, 2020 and April 3, 2020, except as disclosed to the Bank in connection with the Borrower’s
Application. (xxiii) Neither Borrower (if an individual), nor any individual owning 20% or more of the equity of Borrower
(each, an “Owner”), is subject to an indictment, criminal information, arraignment, or other means by which
formal criminal charges are brought in any jurisdiction, or presently incarcerated, on probation or parole. (xxiv) Neither
Borrower (if an individual), nor any Owner, has within the last 5 years been convicted; pleaded guilty; pleaded nolo
contendere; been placed on pretrial diversion; or been placed on any form of parole or probation (including probation before
judgment) for any felony. (xxv) The United States is the principal place of residence for all employees of Borrower included
in Borrower’s payroll calculation included in the Application. (xxvi) The Borrower correctly indicated on its
Application whether it is a franchise that is listed in the SBA’s franchise directory. (xxvii) If Borrower is claiming
an exemption from all SBA affiliation rules applicable to Paycheck Protection Program loan eligibility under the religious
exemption to the affiliation rules, Borrower has made a reasonable, good faith determination that it qualifies for such
religious exemption under 13 C.F.R. 121.103(b)(10), which provides that “[t]he relationship of a faith- based
organization to another organization is not considered an affiliation with the other organization...if the relationship
is based on a religious teaching or belief or otherwise constitutes a part of the exercise of religion.” (2) At all
times during the term the of the Loan, Borrower represents and warrants to the Bank, that (i) if Borrower is anything other
than a natural person, it is duly formed and existing under the laws of the state or other jurisdiction where organized; (ii)
this Note, and any instrument or agreement required under this Note, are within Borrower's powers, have been duly authorized,
and do not conflict with any of its organizational papers; (iii) the information included in the Beneficial Ownership
Certification most recently provided to the Bank, if applicable, is true and correct in all respects; and (iv) in each state
in which Borrower does business, it is properly licensed, in good standing, and, where required, in compliance with
fictitious name (e.g. trade name or d/b/a) statutes. IF THE FUNDING DATE IS AFTER THE DATE
OF THIS NOTE, BORROWER AGREES THAT BORROWER SHALL BE DEEMED TO HAVE REPEATED AND REISSUED, IMMEDIATELY PRIOR TO THE FUNDING
ON THE FUNDING DATE, THE REPRESENTATIONS, WARRANTIES, COVENANTS AND AGREEMENTS SET FORTH ABOVE IN THIS
PARAGRAPH

 

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		5.	EVENTS OF DEFAULT: If the Loan is not forgiven and a Loan
Balance remains, then from the date the Repayment Letter is sent to Borrower until the Loan Balance is fully paid, the occurrence
and continuation of any of the following events shall constitute a default hereunder: (i) insolvency, bankruptcy, dissolution,
issuance of an attachment or garnishment against Borrower; (ii) failure to make any payment when due under the Loan or any or
all other loans made by Bank to Borrower, and such failure continues for ten (10) days after it first became due; (iii) failure
to provide current financial information promptly upon request by Bank; (iv) the making of any false or materially misleading
statement on any application or any financial statement for the Loan or for any or all other loans made by Bank to Borrower; (v)
Bank in good faith believes the prospect of payment under the Loan or any or all other loans made by Bank to Borrower is impaired;
(vi) Borrower under or in connection with the Loan or any or all other loans made by Bank to Borrower fails to timely and properly
observe, keep or performanyterm,covenant, agreement, or condition therein; (vii) default shall be made with respect
to any other indebtedness for borrowed money of Borrower,ifthe default is a failure to pay at maturity or if the effect
of such default is to accelerate the maturity of such indebtedness for borrowed money or to permit the holder or obligee thereof
or other party thereto to cause any such indebtedness for borrowed money to become due prior to its stated maturity; (viii) the
Bank in its sole discretion determines in good faith that an event has occurred that materially and adversely affects Borrower;
(ix) any change shall occur in the ownership of the Borrower; (x) permanent cessation of Borrower’s business operations;
(xi) Borrower, if an individual, dies, or becomes disabled, and such disability prevents the Borrower from continuing to operate
its business; (xii) Bank receives notification or is otherwise made aware that Borrower, or any affiliate of Borrower, is listed
as or appears on any lists of known or suspected terrorists or terrorist organizations provided to Bank by the U.S. government
under the USA Patriot Act of 2001; and (xiii) Borrower fails to maintain the Deposit Account with the Bank.

 

		6.	REMEDIES: If the Loan is not forgiven and a Loan Balance
remains, then from the date the Repayment Letter is sent to Borrower, upon the occurrence of a default, all or any portion of
the entire amount owing on the Loan, and any and all other loans made by Bank to Borrower, shall, at Bank’s option, become
immediately due and payable without demand or notice. Upon a default, Bank may exercise any other right or remedy available to
it at law or in equity. All persons included in the term “Borrower” are jointly and severally liable for repayment,
regardless of to whom any advance of credit was made. Borrower shall pay any costs Bank may incur including without limitation
reasonable attorney’s fees and court costs should the Loan and/or any and all other loans made by Bank to Borrower be referred
to an attorney for collection to the extent permitted under applicable state law. EACH PERSON INCLUDED IN THE TERM BORROWER WAIVES
ALL SURETYSHIP AND OTHER SIMILAR DEFENSES TO THE FULL EXTENT PERMITTED BY APPLICABLE LAW.

 

		7.	CREDIT INVESTIGATION: If the Loan is not forgiven and a
Loan Balance remains, then from the date the Repayment Letter is sent to Borrower until the Loan Balance is fully paid, Borrower
authorizes Bank and any of its affiliates at any time to make whatever credit investigation Bank deems is proper to evaluate Borrower’s
credit, financial standing and employment and Borrower authorizes Bank to exchange Borrower’s credit experience with credit
bureaus and other creditors Bank reasonably believes are doing business with Borrower. Borrower also agrees to furnish Bank with
any financial statements Bank may request at any time and in such detail as Bank may require.

 

		8.	NOTICES: Borrower’s request for Loan forgiveness,
and the documentation that must accompany that request, shall be submitted to Bank by transmitting the communication to the electronic
address, website, or other electronic transmission portal provided by Bank to Borrower. Otherwise, all notices required under
this Note shall be personally delivered or sent by first class mail, postage prepaid, or by overnight courier, to the addresses
on the signature page of this Note, or sent by facsimile to the fax number(s) listed on the signature page, or to such other addresses
as the Bank and the Borrower may specify from time to time in writing (any such notice a “Written Notice”).
Written Notices shall be effective (i)       if mailed, upon the earlier of receipt or five
(5) days after deposit in the U.S. mail, first class, postage prepaid, (ii) if telecopied, when transmitted, or (iii) if hand-delivered,
by courier or otherwise (including telegram, lettergram or mailgram), when delivered. In lieu of a Written Notice, notices and/or
communications from the Bank to the Borrower may, to the extent permitted by law, be delivered electronically (i) by transmitting
the communication to the electronic address provided by the Borrower or to such other electronic address as the Borrower may specify
from time to time in writing, or (ii) by posting the communication on a website and sending the Borrower a notice to the Borrower’s
postal address or electronic address telling the Borrower that the communication has been posted, its location, and providing
instructions on how to view it (any such notice, an “Electronic Notice”). Electronic Notices shall be effective
when presented to the Borrower, or is sent to the Borrower’s electronic address or is posted to the Bank’s website.
To retain a copy for your records, please download and print or save a copy to your device.

 

		9.	CHOICE OF LAW; JURISDICTION; VENUE. (1) At all times that
Bank is the holder of this Note, except to the extent that any law of the United States may apply, this Note shall be governed
and interpreted according to the internal laws of the state of Borrower’s principal place of business (the “Governing
Law State”), without regard to any choice of law, rules or principles to the contrary. However, the charging and calculating
of interest on the obligations under this Note shall be governed by, construed and enforced in accordance with the laws of the
state of North Carolina and applicable federal law. Nothing in this paragraph shall be construed to limit or otherwise affect
any rights or remedies of Bank under federal law. Borrower and Bank agree and consent to be subject to the personal jurisdiction
of any state or federal court located in the Governing Law State so that trial shall only be conducted by a court in that state.
(2) Notwithstanding the foregoing, when SBA is the holder, this Note will be interpreted and enforced under federal law, including
SBA regulations. Lender or SBA may use state or local procedures for filing papers, recording documents, giving notice, foreclosing
liens, and other purposes. By using such procedures, SBA does not waive any federal immunity from state or local control, penalty,
tax, or liability. As to this Note, Borrower may not claim or assert against SBA any local or state law to deny any obligation,
defeat any claim of SBA, or preempt federal law.

 

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		10.	MISCELLANEOUS. The Loan may be sold or assigned by Bank
without notice to Borrower. Borrower may not assign the Loan or its rights hereunder to anyone without Bank’s prior written
consent. If any provision of this Note is contrary to applicable law or is found unenforceable, such provision shall be severed
from this Note without invalidating the other provisions thereof. Bank may delay enforcing any of its rights under this Note without
losing them, and no failure or delay on the part of Bank in exercising any right, power or privilege hereunder shall operate as
a waiver thereof; nor shall any single or partial exercise of any right, power or privilege hereunder preclude any other or future
exercise thereof or the exercise of any other right, power or privilege. Bank, by its acceptance hereof, and the making of the
Loan and Borrower understand and agree that this Note constitutes the complete understanding between them. This Note shall be
binding upon Borrower, and its successors and assigns, and inure to the benefit of Bank and its successors and assigns.

 

		11.	BORROWING AUTHORIZED. The signer for Borrower represents,
covenants and warrants to Bank that he or she is certified to borrow for the Borrower and is signing this Note as the duly authorized
sole proprietor, owner, sole shareholder, officer, member, managing member, partner, trustee, principal, agent or representative
of Borrower, and further acknowledges and confirms to Bank that by said signature he or she has read and understands all of the
terms and provisions contained in this Note and agrees and consents to be bound by them. This Note and any instrument or agreement
required herein, are within the Borrower's powers, have been duly authorized, and do not conflict with any of its organizational
papers. The individuals signing this Agreement on behalf of each Borrower are authorized to sign such documents on behalf of such
entities. For purposes of this Note only, the Bank may rely upon and accept the authority of only one signer on behalf of the
Borrower, and for this Note, this resolution supersedes and replaces any prior and existing contrary resolution provided by Borrower
to Bank.

 

		12.	ELECTRONIC COMMUNICATIONS AND SIGNATURES. This Note and
any document, amendment, approval, consent, information, notice, certificate, request, statement, disclosure or authorization
related to this Note (each a “Communication”), including Communications required to be in writing, may, if
agreed by the Bank, be in the form of an Electronic Record and may be executed using Electronic Signatures, including, without
limitation, facsimile and/or .pdf. The Borrower agrees that any Electronic Signature (including, without limitation, facsimile
or .pdf) on or associated with any Communication shall be valid and binding on the Borrower to the same extent as a manual, original
signature, and that any Communication entered into by Electronic Signature, will constitute the legal, valid and binding obligation
of the Borrower enforceable against the Borrower in accordance with the terms thereof to the same extent as if a manually executed
original signature was delivered to the Bank. Any Communication may be executed in as many counterparts as necessary or convenient,
including both paper and electronic counterparts, but all such counterparts are one and the same Communication. For the avoidance
of doubt, the authorization under this paragraph may include, without limitation, use or acceptance by the Bank of a manually
signed paper Communication which has been converted into electronic form (such as scanned into PDF format), or an electronically
signed Communication converted into another format, for transmission, delivery and/or retention. The Bank may, at its option,
create one or more copies of any Communication in the form of an imaged Electronic Record (“Electronic Copy”),
which shall be deemed created in the ordinary course of the Bank’s business, and destroy the original paper document. All
Communications in the form of an Electronic Record, including an Electronic Copy, shall be considered an original for all purposes,
and shall have the same legal effect, validity and enforceability as a paper record. Notwithstanding anything contained herein
to the contrary, the Bank is under no obligation to accept an Electronic Signature in any form or in any format unless expressly
agreed to by the Bank pursuant to procedures approved by it; provided, further, without limiting the foregoing, (a) to the extent
the Bank has agreed to accept such Electronic Signature, the Bank shall be entitled to rely on any such Electronic Signature without
further verification and (b) upon the request of the Bank any Electronic Signature shall be promptly followed by a manually executed,
original counterpart. For purposes hereof, “Electronic Record” and “Electronic Signature”
shall have the meanings assigned to them, respectively, by 15 USC §7006, as it may be amended from time to time.

 

		13.	CONVERSION TO PAPER ORIGINAL. At the Bank’s discretion
the authoritative electronic copy of this Note ("Authoritative Copy") may be converted to paper and marked as the original
by the Bank (the "Paper Original"). Unless and until the Bank creates a Paper Original, the Authoritative Copy of this
Agreement: (1) shall at all times reside in a document management system designated by the Bank for the storage of authoritative
copies of electronic records, and (2) is held in the ordinary course of business. In the event the Authoritative Copy is converted
to a Paper Original, the parties hereto acknowledge and agree that: (1) the electronic signing of this Agreement also constitutes
issuance and delivery of the Paper Original, (2) the electronic signature(s) associated with this Agreement, when affixed to the
Paper Original, constitutes legally valid and binding signatures on the Paper Original, and (3) the Borrower’s obligations
will be evidenced by the Paper Original after such conversion.

 

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		14.	BORROWER ATTESTATION. Borrower attests and certifies to
Bank that it has not provided false or misleading information or statements to the Bank in its application for the Loan, and that
the certifications, representations, warranties, and covenants made to the Bank in this Note and elsewhere relating to the Loan
are true, accurate, and correct. Borrower further attests and certifies to Bank that it is has read, understands, and acknowledges
that the Loan is being made under the CARES Act, and any use of the proceeds of the Loan other than as permitted by the CARES
Act, or any false or misleading information or statements provided to the Bank in its application for the Loan or in this Note
may subject the Borrower to criminal and civil liability under applicable state and federal laws and regulations, including but
not limited to, the False Claims Act, 31 U.S.C. Section 3729, et. seq. Borrower further acknowledges and understands that this
Note is not valid and effective until and unless Borrower’s application for the Loan is approved and Bank’s receiving
confirmation from the SBA that Bank may proceed with the Loan.

 

IN
WITNESS WHEREOF, I, the authorized representative of the Borrower, hereto have caused this Promissory Note to be duly executed
as of the date set forth below. 

 

	BORROWER: IDW Media Holdings.	 
	 	 
	/s/ Ezra Rosensaft	 
	Signature of Authorized Representative of Borrower	 
	 	 
	Ezra Rosensaft, CFA	 
	Print Name	 
	 	 
	Authorized Representative	 
	Title  Chief Financial Officer	 
	 	 
	STREET ADDRESS: 520 Broad St	 
	 	 
	CITY/STATE/ZIP CODE: Newark, NJ, 07102	 

 

 

5Exhibit
10.10

 

EXECUTION
COPY

 

LOAN
AGREEMENT

 

This
LOAN AGREEMENT (this “Agreement”) made as of August 21, 2018 by and between IDW Media Holdings, Inc., a Delaware corporation
(the “Company”), and Howard Jonas (the “Lender”). Each of the Company and the Lender also referred to herein
as a “Party”, and collectively as the “Parties”. Capitalized terms not otherwise defined herein shall have
the meanings ascribed to them in Appendix A hereto.

 

W I T N E S S E T H:

 

WHEREAS,
Lender desires to lend to the Company FIVE MILLION U.S. DOLLARS (US$5,000,000) (the “Loan Amount”), to be represented
by a secured promissory note (the “Note”) made by the Company, substantially in the form of Exhibit A annexed
hereto; and

 

WHEREAS,
in connection with the making of the Note, the Company desires to grant to Lender a warrant to purchase certain shares of capital
stock of the Company, as more fully described herein.

 

NOW,
THEREFORE, in consideration of the covenants, promises and representations set forth herein, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows.

 

I.
LOAN; WARRANT

 

1.1
Loan. At the Closing (as defined below), the Lender shall loan to the Company the Loan Amount, and the Company shall issue
to the Lender the Note. The Note shall bear interest as set forth therein.

 

1.2
Closing. The closing of the transaction contemplated by this Agreement (the “Closing”) shall take place remotely
via the exchange of documents and signatures, on the date hereof or at such other time and place as the Parties mutually agree.
At the Closing, the Parties will take the applicable actions and make the applicable deliveries set forth in this Agreement. All
actions and transactions constituting the Closing hereunder shall be regarded as a single transaction so that no action or transaction
shall be deemed to have taken place unless all other required actions and transactions have taken place as provided in this Agreement.

 

1.3
Closing Deliverables.

 

(a)
At the Closing:

 

		(i)	each
Party shall deliver to each other Party an executed copy of this Agreement and the Pledge Agreement in the form attached hereto
as Exhibit B (the “Pledge Agreement”);

 

		(ii)	the
Company shall deliver to the Lender the Note and the Warrant (such documents are collectively referred to herein as the “Transaction
Documents”);

 

     

     

    

 

		(iii)	the
Lender shall deliver the Loan Amount by wire transfer of immediately available funds to the account designated by the Company;
and

 

		(iv)	all
Parties shall deliver such other instruments and documents reasonably and customarily necessary to consummate the transaction
contemplated hereby.

 

1.4 Use
of Proceeds. Unless otherwise consented to in writing by the Lender, the Company shall use the Loan Amount for general
corporate purposes and working capital needs for it and its subsidiaries.

 

1.5 Warrant.
At the Closing, the Company shall deliver to the Lender a warrant, of even date herewith, to purchase up to an aggregate
89,243 (the “Warrant Shares”) shares of Class B Common Stock, par value $0.01 per share of the Company (the
“Class B Stock”), in the form of Warrant annexed hereto as Exhibit C (the “Warrant”).

 

II.
REPRESENTATIONS AND ACKNOWLEDGEMENTS BY THE LENDER

 

The
Lender hereby represents and warrants to the Company as follows:

 

2.1
The Lender recognizes that (a) the making of the loan and investment in the Warrant and the Warrant Shares involves a high
degree of risk including those set forth in the filings the Company has made with the U.S. Securities and Exchange Commission
(“SEC”) prior to the date hereof; (b) an investment in the Company is highly speculative, and only an investor who
can afford the loss of his entire investment should consider investing in the Company; and (c) the Lender may not be able to
liquidate his investment.

 

2.2
The Lender represents that he is an “accredited investor” as such term is defined in Rule 501 of Regulation D
(“Regulation D”) promulgated under the Securities Act of 1933, as amended (the “Securities
Act”).

 

2.3
In making the decision to consummate the Loan and investment contemplated hereby, the Lender has consulted such legal, tax
and investment advisors as he, in his sole discretion, has deemed necessary or appropriate in connection with the
transactions contemplated hereby.

 

2.4
The Lender is not investing in the securities issuable in the transactions contemplated hereby as a result of any
advertisement, article, notice or other communication regarding such securities published in a newspaper or magazine or
similar media or broadcast over television or radio, whether closed circuit, or generally available; or presented at any
seminar meeting or industry investor conference whose attendees were invited by any general solicitation or general
advertising.

 

2.5
The Lender hereby represents that he is capable of evaluating the merits and risks of the prospective investment in the
securities issuable in the transactions contemplated hereby, and has so evaluated the merits and risks of such
investment.

 

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EXECUTION
COPY

 

2.6
The Lender hereby acknowledges that the investment contemplated hereby has not been reviewed by the SEC nor any state regulatory
authority. The Lender understands that none of the interests in the Company to be issued to him hereunder have been registered
under the Securities Act or under any state securities or “blue sky” laws and agrees not to sell, pledge, assign or
otherwise transfer or dispose of such interests unless they are registered under the Securities Act and under any applicable state
securities or “blue sky” laws or unless an exemption from such registration is available.

 

2.7
The Lender hereby represents that he is purchasing the securities in the Company for his own account for investment and not with
a view toward the resale or distribution to others, except pursuant to sales registered under the Securities Act or under an exemption
from registration and in compliance with federal and state securities laws, and the Lender does not have a present arrangement
to effect any distribution of such securities to or through any Person.

 

2.8
The Lender consents to the placement of a legend on any certificate or other document evidencing the interests to be issued hereunder
that such interests have not been registered under the Securities Act or any state securities or “blue sky” laws and
setting forth or referring to the restrictions on transferability and sale thereof contained in this Agreement. The Lender is
aware that the Company will make a notation in its appropriate records with respect to the restrictions on the transferability
of such interests. The legend to be placed on each certificate shall be in form substantially similar to the following:

 

“THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”)
OR ANY STATE SECURITIES OR “BLUE SKY LAWS”, AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, ASSIGNED, PLEDGED OR HYPOTHECATED
ABSENT AN EFFECTIVE REGISTRATION THEREOF UNDER SUCH ACT OR COMPLIANCE WITH RULE 144 PROMULGATED UNDER SUCH ACT, OR UNLESS THE
COMPANY HAS RECEIVED AN OPINION OF COUNSEL, REASONABLY SATISFACTORY TO THE COMPANY AND ITS COUNSEL, THAT SUCH REGISTRATION IS
NOT REQUIRED.”

 

2.9
The Lender hereby represents that his address set forth in Section 5.1 hereof is his principal business address.

 

2.10
The Transaction Documents have been duly authorized, executed and delivered by or on behalf of the Lender. This Agreement constitutes
the legal, valid and binding obligation of the Lender, enforceable against the Lender in accordance with its terms, except (i)
as such enforceability may be limited by (A) general principles of equity or applicable bankruptcy, insolvency, reorganization,
moratorium, liquidation or similar laws relating to, or affecting generally, the enforcement of applicable creditors’ rights and
remedies and (B) laws relating to the availability of specific performance, injunctive relief or other equitable remedies and
(ii) insofar as indemnification and contribution provisions may be limited by applicable law.

 

2.11
The Lender acknowledges that no Person shall have, as a result of the purchase of the Note by the Lender, any valid right,
interest or claim against or upon the Company for any commission, fee or other compensation pursuant to any agreement,
arrangement or understanding entered into by or on behalf of the Lender.

 

    3

     

    

 

2.12
The Lender represents that he is not a broker-dealer registered with the SEC under the Securities Exchange Act of 1934, as amended
(the “Exchange Act”), or engaged in a business that would require him to be so registered.

 

2.13
The Lender acknowledges that he has reviewed all materials he Lender deemed necessary for the purpose of making an investment
decision with respect to the securities issuable pursuant to the transactions contemplated hereby, and has been afforded: (i)
the opportunity to ask such questions as he has deemed necessary of, and to receive answers from, representatives of the Company
concerning the Company’s business, management and financial affairs and terms and conditions of the offering of the securities
and the merits and risks of investing in the securities; (ii) access to publicly available information about the Company and its
subsidiaries and their respective financial condition, results of operations, business, properties, management and prospects sufficient
to enable him to evaluate his investment; and (iii) the opportunity to obtain such additional information that the Company possesses
or can acquire without unreasonable effort or expense that is necessary to make an informed investment decision with respect to
the investment. The Lender has evaluated the risks of investing in the securities, understands there are substantial risks of
loss incidental to the investment and has determined that it is a suitable investment for the Lender.

 

2.14
The Lender acknowledges that (i) he is a sophisticated investor (as described in Rule 506(b)(2)(ii) of Regulation D promulgated
under the Securities Act, (ii) the Company currently may have, and later may come into possession of, information with respect
to the announced strategic review process with respect to the Company that is not known to the Lender and that may be material
to a decision to make the Loan (the “Information”), (iii) the Lender has determined to make the Loan under the terms
and conditions set forth in the Agreement notwithstanding his lack of knowledge of the Information and is not relying on such
Information in the Lender’s decision to make the Loan, and (iv) the Company shall have no liability to the Lender, and the Lender
waives and releases any claims that he might have against the Company, whether under applicable securities laws or otherwise,
with respect to the nondisclosure of the Information in connection with the Agreement; provided, however, that the Information
shall not and does not affect the truth or accuracy of the Company’s representations or warranties in the Agreement.

 

III.
REPRESENTATIONS AND WARRANTIES OF THE COMPANY

 

The
Company hereby represents and warrants to the Lender that:

 

3.1
Organization, Good Standing and Qualification. The Company is a corporation duly organized, validly existing and in good
standing under the laws of the State of Delaware and has full corporate power and authority to conduct its business. The Company
is duly qualified to transact business and is in good standing in each jurisdiction in which the failure to so qualify would have
a Material Adverse Effect.

 

    4

     

    

 

EXECUTION
COPY

 

3.2 Authorization;
Enforceability. The Company has all corporate right, power and authority to enter into the Transaction Documents and to
consummate the transactions contemplated hereby and thereby. All corporate action on the part of the Company, its directors
and stockholders necessary for the (i) authorization execution, delivery and performance of the Transaction Documents by the
Company; (ii) authorization, sale, issuance and delivery of the Note, the Warrant and the shares of Class B Stock issuable
pursuant thereto and the performance of the Company’s obligations hereunder and thereunder has been taken; and (iii) the
granting of the liens contemplated by the Pledge Agreement. This Agreement and the other Transaction Documents have been duly
executed and delivered by the Company and constitute legal, valid and binding obligations of the Company, enforceable against
the Company in accordance with their respective terms, subject to laws of general application relating to bankruptcy,
insolvency and the relief of debtors and rules of law governing specific performance, injunctive relief or other equitable
remedies, and to limitations of public policy. Assuming the accuracy of the representations of the Lender in Section
II of this Agreement, the securities of the Company issuable pursuant to the Transaction Documents will be issued in
compliance with all applicable federal and state securities laws. The shares of Class B Stock issuable pursuant to the
Warrant have been duly authorized and reserved for issuance, solely for purposes of the exercise of the Warrant, and such
shares, when so issued, will be validly issued, fully paid and nonassessable and free of restrictions on transfer other than
restrictions on transfer under this Agreement and applicable federal and state securities laws.

 

3.3
No Conflict; Governmental Consents: Approval Obtained.

 

(a)
The execution and delivery by the Company of the Transaction Documents, the performance of its obligations hereunder and thereunder,
and the consummation of the transactions contemplated hereby and thereby, will not result in the violation of any applicable law,
statute, rule, regulation, order, writ, injunction, judgment or decree of any court or Governmental Authority to or by which the
Company or any of its subsidiaries is bound, or of any provision of the Certificate of Incorporation or By-Laws of the Company,
and will not conflict with, or result in a material breach or violation of, any of the terms or provisions of, or constitute (with
due notice or lapse of time or both) a default under, any lease, loan agreement, mortgage, security agreement, trust indenture
or other agreement or instrument to which the Company or any of its subsidiaries is a party or by which it or any of them is bound
or to which any of the properties or assets of the Company or any of its subsidiaries is subject or applicable rules and regulations
of the OTC Markets, nor result in the creation or imposition of any Lien upon any of the properties or assets of the Company or
any of its subsidiaries, a reduction to any conversion price or exercise price provided therein, or any other adjustment to the
terms thereof.

 

(b)
Except as set forth on Schedule 3.3(b) (all of which consents have been obtained), no consent, approval, authorization
or other order of any Governmental Authority is required to be obtained by the Company or its subsidiaries in connection with
the authorization, execution and delivery of the Transaction Documents or the performance of the Company’s obligations hereunder
and thereunder, including the authorization, issue and sale of the Note and the issuance of the Warrant or the Warrant Shares
or the granting of the liens contemplated by the Pledge Agreement except for any required filings with any state, federal or foreign
blue sky or securities regulatory authority after the Closing and the filing of any Uniform Commercial Code financing statements
to perfect the liens contemplated by the Transaction Documents.

 

3.4
No General Solicitation. Neither the Company, nor any of its Affiliates, nor any Person acting on its or their behalf,
has engaged in any form of general solicitation or general advertising (within the meaning of Regulation D) in connection with
the offer or sale of the securities issuable pursuant the transaction contemplated by the Transaction Documents.

  

    5

     

    

 

3.5 Private
Placement. Neither the Company nor any of its Affiliates nor any Person acting on the Company's behalf has, directly or
indirectly, at any time within the past six months, made any offer or sale of any security or solicitation of any offer to
buy any security under circumstances that would eliminate the availability of the exemption from registration under
Regulation D under the Securities Act in connection with the offer and sale by the Company of the securities as contemplated
by the Transaction Documents.

 

3.6
Brokers’ Fees. The Company shall be responsible for the payment of any placement agent's fees, financial advisory fees,
or brokers' commission (other than for persons engaged by any Lender or its investment advisor) relating to or arising out of
the issuance of the securities issuable pursuant to the transaction contemplated by the Transaction Documents. The Company acknowledges
that it has engaged Evercore as its financial advisor (the "Advisor") in connection with the sale of such securities.
Other than the Advisor, the Company has not engaged any financial advisor, placement agent or other agent in connection with the
sale of such securities.

 

IV.
COVENANTS OF THE COMPANY AND THE LENDER

 

4.1 Disclosure. In accordance with
the requirements of the OTC Markets, the Company shall
cause a current report relating to the transactions contemplated pursuant to the Transaction Documents to be posted to the
OTC Disclosure & News Service, which such disclosure shall be reasonably acceptable to the Lender, disclose the material
terms of the transactions contemplated hereby, and attach forms of the Transaction Documents thereto.

 

4.2
CTM. The Company undertakes to implement, as soon as reasonably practicable and in the best interest of the Company, changes
in the compensation structure for senior management of the Company's subsidiary, CTM Media Group, Inc. (“CTM”),
that will provide for significant incentive compensation for such members of management, and implement other cost-saving
initiatives, in each case as shall be reasonably satisfactory to the Lender.

 

V.
MISCELLANEOUS 

 

5.1 Any notice or other communication
given hereunder shall be deemed sufficient if in writing
and sent by registered or certified mail, return receipt requested, or delivered by hand against written receipt therefor,
addressed as follows:

 

if
to the Company, at:

 

IDW
Media Holdings, Inc.

11
Largo Drive South

Stamford,
CT 06907

Attention:
Chief Financial Officer

 

if
to the Lender, at:

 

520
Broad Street

Newark,
New Jersey 07102

 

Notices
shall be deemed to have been given or delivered on the date of mailing, except notices of change of address, which shall be deemed
to have been given or delivered when received.

 

    6

     

    

 

EXECUTION
COPY

 

5.2
This Agreement shall not be changed, modified or amended except by a writing signed by the Company and the Lender that
identifies itself as an amendment to this Agreement.

 

5.3
This Agreement shall be binding upon and inure to the benefit of the parties hereto and to their respective heirs, legal
representatives, successors and assigns. This Agreement, including the Schedules and Exhibits hereto, sets forth the entire
agreement and understanding between the parties as to the subject matter hereof and merges and supersedes all prior
discussions, agreements and understandings of any and every nature among them. Except as set forth in the Warrant, neither
Party may assign any of his or its rights or obligations hereunder without the prior written consent of the other
Party.

 

5.4
NOTWITHSTANDING THE PLACE WHERE THIS AGREEMENT MAY BE EXECUTED BY ANY OF THE PARTIES HERETO, THE PARTIES EXPRESSLY AGREE THAT
ALL THE TERMS AND PROVISIONS HEREOF SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT
REGARD TO SUCH STATE'S PRINCIPLES OF CONFLICTS OF LAW. IN THE EVENT THAT A JUDICIAL PROCEEDING IS NECESSARY, THE SOLE FORUM FOR
RESOLVING DISPUTES ARISING OUT OF OR RELATING TO THIS AGREEMENT IS THE SUPREME COURT OF THE STATE OF NEW YORK IN AND FOR THE COUNTY
OF NEW YORK OR THE FEDERAL COURTS FOR SUCH STATE AND COUNTY, AND ALL RELATED APPELLATE COURTS, THE PARTIES HEREBY IRREVOCABLY
CONSENT TO THE JURISDICTION OF SUCH COURTS AND AGREE TO SAID VENUE. THE PARTIES HERETO AGREE TO WAIVE THEIR RESPECTIVE RIGHTS
TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT, THE PROMISSORY NOTE, OR ANY DOCUMENT
OR AGREEMENT CONTEMPLATED HEREBY OR THEREBY. THE PARTY PREVAILING THEREIN SHALL BE ENTITLED TO PAYMENT FROM THE OTHER PARTY HERETO
OF ALL OF HIS OR ITS REASONABLE COUNSEL FEES AND DISBURSEMENTS.

 

5.5
In order to discourage frivolous claims the parties agree that unless a claimant in any proceeding arising out of this
Agreement or any other Transaction Document succeeds in establishing his claim and recovering a judgment against another
party (regardless of whether such claimant succeeds against one of the other parties to the action), then the other party
shall be entitled to recover from such claimant all of its/their reasonable legal costs and expenses relating to such
proceeding and/or incurred in preparation therefor.

 

    7

     

    

 

5.6
The holding of any provision of this Agreement to be invalid or unenforceable by a court of competent jurisdiction shall not affect
any other provision of this Agreement, which shall remain in full force and effect. If any provision of this Agreement shall be
declared by a court of competent jurisdiction to be invalid, illegal or incapable of being enforced in whole or in part, such
provision shall be interpreted so as to remain enforceable to the maximum extent permissible consistent with applicable law and
the remaining conditions and provisions or portions thereof shall nevertheless remain in full force and effect and enforceable
to the extent they are valid, legal and enforceable, and no provisions shall be deemed dependent upon any other covenant or provision
unless so expressed herein. Moreover, said provision shall be replaced with language that is as similar in business purpose and
intent and one that shall be legal, valid and enforceable.

 

5.7
It is agreed that a waiver by either party of a breach of any provision of this Agreement shall not operate, or be construed,
as a waiver of any subsequent breach by that same party.

 

5.8
The Parties agree to execute and deliver all such further documents, agreements and instruments and take such other and further
action as may be necessary or appropriate to carry out the purposes and intent of this Agreement.

 

5.9
This Agreement may be executed and delivered in one or more identical counterparts, and delivered via facsimile or e mail
(PDF format) transmission, each of which when executed will be deemed to be an original but all of which taken together shall
constitute one and the same agreement.

 

5.10
All pronouns and any variations thereof refer to the masculine, feminine or neuter, singular or plural, as the context may require.
The headings of this Agreement are for convenience of reference and shall not form part of, or affect the interpretation of, this
Agreement.

 

[Balance
of page intentionally left blank]

 

    8

     

    

 

IN
WITNESS WHEREOF the Parties have signed this Loan Agreement in one or more counterparts as of the date first appearing above.

 

	IDW
    MEDIA HOLDINGS, INC.	 
	 	 	 
	By:	/s/
    Kerry McCluggage	 
	Name: 	Kerry McCluggage	 
	Title:	Chief Executive
    Officer, 

    IDW Media Holdings, INC.	 

 

LENDER:

 

	/s/ Howard Jonas	 
	Howard Jonas	 

 

     

     

    

 

APPENDIX
A

 

DEFINITIONS

 

Definitions.
As used herein:

 

“Affiliate”
means, with respect to any Person (defined below), (i) each Person that, directly or indirectly, owns or controls, whether beneficially,
or as a trustee, guardian or other fiduciary, 5% or more of the equity interests having ordinary voting power in the election
of directors or managers of such Person, (ii) each Person that controls, is controlled by or is under common control with such
Person or any Affiliate of such Person, (iii) each of such Person's officers, directors, joint ventures and partners, (iv) any
trust or beneficiary of a trust of which such Person is the sole trustee or (v) any lineal descendants, ancestors, spouse or former
spouses (as part of a marital dissolution) of such Person (or any trust for the benefit of such Person). For the purpose of this
definition, "control" of a Person shall mean the possession, directly or indirectly, of the power to direct or cause
the direction of its management or policies, whether through the ownership of voting securities, by contract or otherwise.

 

“Governmental
Authority” shall mean any nation or government, any state or other political subdivision thereof, and any agency, department
or other entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government.

 

“Lien”
means any mortgage or deed of trust, pledge, hypothecation, assignment, deposit arrangement, lien, charge, claim, transfer restriction,
security interest, easement or encumbrance, or preference, priority or other security agreement or preferential arrangement of
any kind or nature whatsoever (including, without limitation, any title retention agreement, any financing lease having substantially
the same economic effect as any of the foregoing, and the filing of, or agreement to give, any financing statement perfecting
a security interest as to assets owned by the relevant Person under the Uniform Commercial Code or comparable law of any jurisdiction).

 

“Material
Adverse Effect” means (i) a material and adverse effect on the legality, validity or enforceability of any Transaction Document,
(ii) a material adverse effect on the results of operations, assets, business, condition (financial or otherwise) or prospects
of the Company and its subsidiaries taken as a whole, or (iii) a material and adverse impairment of the Company's ability, or
any subsidiary's ability to perform fully on a timely basis its obligations under any of the Transaction Documents to which the
Company or such subsidiary is party.

 

“Person”
means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust,
a joint venture, an unincorporated organization, any other business entity, or a Governmental Authority.

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