Document:

Exhibit 10.1

 

EXECUTIVE EMPLOYMENT AGREEMENT

 

This Executive Employment Agreement (this
“Agreement”) is made and entered into as of May 17, 2017 (“Effective Date”), between TheMaven,
Inc., a Delaware corporation (the “Company”) and JOSH JACOBS, an individual (the “Executive”).

 

RECITALS

 

WHEREAS, the Company
desires to employ the Executive, and the Executive desires to accept this offer of employment, effective as of the Effective Date.

 

WHEREAS, the Company
and the Executive have determined that the terms and conditions of this Agreement are reasonable and in their mutual best interests
and accordingly desire to enter into this Agreement in order to provide for the terms and conditions upon which the Executive shall
be employed by the Company.

 

NOW THEREFORE, in consideration
of the foregoing and the respective covenants, agreements and representations and warranties set forth herein, the parties to this
Agreement, intending to be legally bound, agree as follows:

 

Article 1.

TERMS OF EMPLOYMENT

 

1.1. Employment
and Acceptance.

 

(a). Employment
and Acceptance. On and subject to the terms and conditions of this Agreement, the Company shall employ the Executive and the
Executive hereby accepts such employment.

 

(b). Title:
Executive shall have the title of: Executive Co-Chairman and Chief Revenue Officer. The Executive shall represent that Executive
is the Executive Co-Chairman or Chief Revenue Officer of the Company in all business and professional communications.

 

(c). Responsibilities
and Duties. The Executive’s duties shall consist of such duties and responsibilities as are consistent with the position
of a chief revenue officer, including, assisting, managing and overseeing the Company in the launch of its products, advertising
revenue generation, attending, promoting and exclusively representing the Company at advertising industry related events, and such
other duties and responsibilities as are mutually determined from time to time by the Chief Executive Officer and Executive.

 

(d). Reporting.
The Executive shall report directly to the Company’s Chief Executive Officer, unless otherwise directed by the Board.

 

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(e). Performance
of Duties; Travel. With respect to Executive’s duties hereunder, at all times, the Executive shall be subject to the
instructions, control, and direction of the Board, and act in accordance with the Company’s Certificate of Incorporation,
Bylaws and other governing policies, rules and regulations, except to the extent that the Executive is aware that such documents
conflict with applicable law. The Executive shall devote Executive’s business time, attention and ability to serving the
Company on an exclusive and full-time basis as aforesaid and as the Board may reasonably require. Notwithstanding the foregoing,
the Company acknowledges and agrees that Executive currently has, and will continue to engage in, limited consulting, advisory
and investment work that does not materially impact service to the Company pursuant to which Executive may: (i) render
his services, including but not limited to services of a similar nature to the management and advertising services performed by
the Executive under this Agreement, to third parties that are not direct competitors in the Company’s Business, (ii)
serve on up to three (3) corporate boards of directors one of which is the Company, (iii) fulfill speaking, advisory and consulting
engagements with third parties, and (iv) manage personal and venture capital investments, provided that such activities do not
individually or in the aggregate interfere with the performance of Executive’s duties under this Agreement. The Company acknowledges
any of these outside activities may result in Executive being publicly identified as an investor, stockholder, director, partner
or service provider, as applicable, to other companies. Executive will use his best efforts to dissuade his third-party clients,
customers, companies and other business ventures from issuing press releases regarding Executive’s involvement in their affairs.
The Executive shall also travel as required by Executive’s duties hereunder and shall comply with the Company’s then-current
travel policies as approved by the Board.

 

(f). Location.
Executive shall be based in Los Angeles, California. He shall spend not less than 2 days per week on average in Seattle, Washington,
except for those weeks when Executive is traveling on business to other locations. Company shall reimburse Executive for reasonable
and appropriate cost of travel between Los Angeles, California and Seattle, Washington and lodging and transportation in Seattle,
Washington.

 

(g). Board.
The Executive shall, if requested, also serve as a member of the Board or as an officer or director of any affiliate of the Company
for no additional compensation during the initial term. The Company anticipates Executive joining the Board as soon reasonably
practical and continuing on the Board after the initial term pursuant to such terms then determined by the Board and Executive.

 

1.2 Compensation
and Benefits.

 

(a). Annual Salary.
The Executive shall receive an annual salary of $225,000 for each year (the “Annual Salary”). Salary shall be
payable on a semi-monthly basis or such other payment schedule as used by the Company for its senior level Executives from time
to time, less such deductions as shall be required to be withheld by applicable law and regulation and consistent with the Company’s
practices. The Annual Salary payable to the Executive will be reviewed annually by the Board.

 

(b). Equity Incentive
Compensation. In connection with your employment and subject to approval by the Board and the Plan, you will be awarded a grant
of 300,000 options under the THEMAVEN, INC. 2016 STOCK INCENTIVE PLAN (“Plan”), which options will be issued
as incentive stock options to the extent permitted by law. The options shall vest as provided in the stock option award agreement
in substantially the form attached hereto as Exhibit 1.2(b) and pursuant to the Plan.

 

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(c). Performance
Bonus. Executive shall be entitled to earn a performance bonus as provided in Exhibit 1.2(c) (“Performance
Bonus”).

 

(d). Expenses.
The Executive shall be reimbursed for all ordinary and necessary out-of-pocket business expenses reasonably and actually incurred
or paid by the Executive in the performance of the Executive’s duties in accordance with the Company’s policies upon
presentation of such expense statements or vouchers or such other supporting information as the Company may require.

 

(e). Benefits.
The Executive shall be entitled to fully participate in all benefit plans that are in place and available to senior level Executives
of the Company from time to time, including, without limitation, medical, dental, vision and life insurance (if offered), in each
case subject to the general eligibility, participation and other provisions set forth in such plans.

 

(f). Paid Time
Off. The Executive shall be entitled to 120 hours per year of paid time off (“PTO”) based on the Company’s
policy for all new hires, so long as such PTO does not interfere with Executive’s ability to properly perform Executive’s
duties as Chief Revenue Officer of the Company. Executive will start accruing PTO each year per the Company’s PTO policy.
The total PTO will be prorated for the first year.

 

(g). Clawback Provisions.
Notwithstanding any other provisions in this Agreement to the contrary, any incentive-based compensation, or any other compensation,
paid to the Executive pursuant to this Agreement or any other agreement or arrangement with the Company which is subject to recovery
under any law, government regulation. or stock exchange listing requirement, will be subject to such deductions and clawback as
may be required to be made pursuant to such law, government regulation, or stock exchange listing requirement.

 

1.3 Termination
of Employment.

 

(a). Initial Term.
The initial term of employment shall be one (1) year from the Effective Date, unless earlier terminated by Executive or the Company
under Section 1.3(b). The term of employment shall terminate on the anniversary of the Effective Date, unless extended by
the written agreement of the Company and Executive.

 

(b). Early Termination.
The term of this Agreement may be earlier terminated by Executive or Company as follows:

 

(i). Termination for
Cause. The Company may terminate the Executive’s employment at any time for Cause upon written notice to the Executive
setting forth the termination date and, in reasonable detail, the circumstances claimed to provide a basis for termination pursuant
to this Section 1.3(b)(i), without any requirement of a notice period and without payment of any compensation of any nature or
kind; provided, however, that if the Cause is pursuant to subsections (i), (ii), (vi) or (vii) of the definition
of Cause (appearing below), the Chief Executive Officer must give the Executive the written notice referenced above within (30)
days of the date that the Chief Executive becomes aware or has knowledge of, or reasonably should have become aware or had knowledge
of, such act or omission, and the Executive will have thirty (30) days to cure such act or omission. Upon payment of the amounts
set forth in Section 1.3(d), the Executive shall not be entitled to any benefits or payments (other than those required under
Section 1.3(d) hereof), including any payment under the terms of the Plan.

 

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(ii). Termination
without Cause. The Company may terminate the Executive’s employment at any time without Cause upon written notice to
the Executive, subject to Section 1.3(c) and 1.3(d).

 

(iii). Permanent Incapacity.
In the event of the “Permanent Incapacity” of the Executive (which shall mean by reason of illness or disease
or accidental bodily injury, Executive is so disabled that Executive is unable to ever work again), Executive may thereupon be
terminated by the Company upon written notice to the Executive without payment of any severance of any nature or kind (including,
without limitation, by way of anticipated earnings, damages or payment in lieu of notice); provided that, in the event of the Executive’s
termination pursuant to this Subsection 1.3(b)(iii), the Company shall pay or cause to be paid to the Executive (i) the amounts
prescribed by Section 1.3(d) below through the date of Permanent Incapacity, and (ii) the amounts specified in any benefit
and insurance plans applicable to the Executive as being payable in the event of the permanent incapacity or disability of the
Executive, such sums to be paid in accordance with the provisions of those plans as then in effect.

 

(iv). Death. If
the Executive’s employment is terminated by reason of the Executive’s death, the Executive’s beneficiaries or
estate will be entitled to receive and the Company shall pay or cause to be paid to them or it, as the case may be, (i) the amounts
prescribed by Section 1.3(d) through the date of death, and (ii) the amounts specified in any benefit and insurance plans
applicable to the Executive as being payable in the event of the death of the Executive, such sums to be paid in accordance with
the provisions of those plans as then in effect.

 

(v). Termination by
Executive. The Executive may terminate employment with the Company upon giving 30 days’ written notice or such shorter
period of notice as the Company may accept. The Executive may resign for Good Reason subject to Section 1.3(c) and 1.3(d). If the
Executive resigns for any reason not constituting Good Reason, the Executive shall not be entitled to any severance or other benefits
(other than those required under Section 1.3(d)).

 

(c). Termination
without Cause or by the Executive for Good Reason. If the Executive’s employment with the Company is terminated prior
to the end of the initial term under Section 1.3(a), by the Company without Cause or by the Executive for Good Reason, then
the Executive shall be entitled to receive, a lump sum payment consisting of: (I) the Annual Salary due over the course of the
balance of the initial term of this Agreement under Section 1.3(a) following termination; and (II) an acceleration of all
Performance Bonus amounts that might have been earned by Executive following his termination date and through the end of the initial
term (calculated as the sum of the Target Monthly Bonuses for all partial and whole months that include and follow the termination
date through the end of the initial term). The payment described in this subsection, along with the vesting acceleration features
of the Executive’s options as set forth in his stock option award agreement, are the only severance or other payment or payment
in lieu of notice that the Executive will be entitled to receive under this Agreement (other than payments due under Section 1.3(d)).
Any payment pursuant to this subsection 1.3(c) shall be paid, subject to applicable withholding, if any, within one (1) month of
the termination date. Any right of the Executive to payment pursuant to this subsection 1.3(c) shall be contingent on Executive
signing a standard form of release agreement with the Company (which release shall not include any restrictions on post-termination
activities other than with respect to customary provisions regarding Proprietary Information as defined herein).

 

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(d). Earned Salary
and Performance Bonus, PTO and Un-Reimbursed Expenses. In the event that: any portion of the Executive’s Annual Salary
and/or Performance Bonus has been earned but not paid, any PTO has been accrued by the Executive but not used, or any reimbursable
expenses have been incurred by the Executive but not reimbursed, in each case to the date of termination of his employment, such
amounts shall be paid to the Executive within 30 days following such date of termination. PTO related compensation shall be paid
at the rate of the Base Salary. Any Performance Bonus will be deemed “earned but not paid” if the calendar month or
quarter (as may be applicable) giving rise to a Performance Bonus has ended but the associated bonus has not yet been paid to the
Executive.

 

(e). Statutory
Deductions. All payments required to be made to the Executive, his beneficiaries, or his estate under this Section shall be
made net of all deductions required to be withheld by applicable law and regulation. The Executive shall be solely responsible
for the satisfaction of any taxes (including employment taxes imposed on employees and taxes on nonqualified deferred compensation).
Although the Company intends and expects that the Plan and its payments and benefits will not give rise to taxes imposed under
Code Section 409A, neither the Company nor its employees, directors, or their agents shall have any obligation to hold the Executive
harmless from any or all of such taxes or associated interest or penalties.

 

(f). Fair and Reasonable,
etc. The parties acknowledge and agree that the payment provisions contained in this Section are fair and reasonable, and the
Executive acknowledges and agrees that such payments are inclusive of any notice or pay in lieu of notice or vacation or severance
pay to which he would otherwise be entitled under statute, pursuant to common law or otherwise in the event that his employment
is terminated pursuant to or as contemplated in this Section 1.3.

 

1.4 Restrictive
Covenants.

 

(a). Non-competition
/ Non-solicitation. The Executive recognizes and acknowledges that Executive’s services to the Company are of a special,
unique and extraordinary nature that cannot easily be duplicated. Further, the Company has and will expend substantial resources
to promote such services and develop the Company’s Proprietary Information. Accordingly, in order to protect the Company
from unfair competition and to protect the Company’s Proprietary Information, the Executive agrees that, during his employment
with the Company or an Affiliate, Executive will not engage as an employee, consultant, owner or operator for any business that
competes with the Company’s Business. While Executive renders services to the Company, Executive also agrees that Executive
will not assist any person or organization in hiring away any executive of the Company. Executive also agrees not to solicit, induce
or encourage or attempt to solicit, induce or encourage, either directly or indirectly, any employees, consultants or partners
of the Company to leave the employ of the Company for a period of one (1) year from the date of Executive’s termination with
the Company for any reason; provided, however, that a general advertisement, general notice of a job listing or opening,
or other similar general publication of a job search or availability to fill employment positions, including on the Internet or
through professional search firms, in each case that is not directed at any employee or group of employees of the Company or any
of its Affiliates, will not, solely by reason thereof, constitute a violation of the restrictions set forth in this sentence.

 

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(b). Confidential
Information. The Executive recognizes and acknowledges that the Proprietary Information is a valuable, special and unique asset
of the Company’s Business. In order to obtain and/or maintain access to the Proprietary Information, which Executive acknowledges
is essential to the performance of Executive’s duties under this Agreement, the Executive agrees that, except with respect
to those duties assigned to him by the Company, the Executive: (i) shall hold in confidence all Proprietary Information; (ii) shall
not reproduce, use, distribute, disclose, or otherwise misappropriate any Proprietary Information, in whole or in part; (iii) shall
take no action causing, or fail to take any action necessary to prevent causing, any Proprietary Information to lose its character
as Proprietary Information, and (iv) shall not make use of any such Proprietary Information for the Executive’s own purposes
or for the benefit of any Person (except the Company) under any circumstances; provided that the Executive may disclose such Proprietary
Information to the extent required by law; provided, further that, prior to any such disclosure, (A) the Executive delivers to
the Company written notice of such proposed disclosure, together with an opinion of counsel regarding the determination that such
disclosure is required by law and (B) the Executive provides an opportunity to contest such disclosure to the Company. The provisions
of this subsection will apply to Trade Secrets for as long as the applicable information remains a Trade Secret and confidential
information.

 

(c). Ownership
of Developments. All Work Product shall belong exclusively to the Company and shall, to the extent possible, be considered
a work made by the Executive for hire for the Company within the meaning of Title 7 of the United States Code. To the extent the
Work Product may not be considered work made by the Executive for hire for the Company, the Executive agrees to assign, and automatically
assign at the time of creation of the Work Product, without any requirement of further consideration, any right, title, or interest
the Executive may have in such Work Product. Upon the request of the Company, the Executive shall take such further actions, including
execution and delivery of instruments of conveyance, as may be appropriate to give full and proper effect to such assignment.

 

(d). Books and
Records. All books, records, and accounts relating in any manner to the customers or clients of the Company, whether prepared
by the Executive or otherwise coming into the Executive’s possession, shall be the exclusive property of the Company and
shall be returned immediately to the Company on termination of the Executive’s employment hereunder or on the Company’s
request at any time.

 

(e). Acknowledgment
by the Executive. The Executive acknowledges and confirms that: (i) the restrictive covenants contained in this Section 1.4
are reasonably necessary to protect the legitimate business interests of the Company; (ii) the restrictions contained in this Section
1.4 (including, without limitation, the length of the term of the provisions of this Section 1.4) are not overbroad, overlong,
or unfair and are not the result of overreaching, duress, or coercion of any kind; and (iii) the Executive’s entry into this
Agreement and, specifically this Section 1.4, is a material inducement and required condition to the Company’s entry into
this Agreement.

 

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(f). Reformation
by Court. In the event that a court of competent jurisdiction shall determine that any provision of this Section 1.4 is invalid
or more restrictive than permitted under the governing law of such jurisdiction, then only as to enforcement of this Section 1.4
within the jurisdiction of such court, such provision shall be interpreted and enforced as if it provided for the maximum restriction
permitted under such governing law.

 

(g). Survival.
The provisions of this Section 1.4 shall survive the termination of this Agreement.

 

(h). Injunction.
It is recognized and hereby acknowledged by the parties hereto that a breach by the Executive of any of the covenants contained
in this Section 1.4 will cause irreparable harm and damage to the Company, the monetary amount of which may be virtually impossible
to ascertain. As a result, the Executive recognizes and hereby acknowledges that the Company shall be entitled to an injunction
from any court of competent jurisdiction enjoining and restraining any violation of any or all of the covenants contained in this
Section 1.4 by the Executive or any of Executive’s Affiliates, associates, partners or agents, either directly or indirectly,
and that such right to injunction shall be cumulative and in addition to whatever other remedies the Company may possess.

 

(i). .

 

1.5 Definitions.
The following capitalized terms used herein shall have the following meanings:

 

(a). “Affiliate”
shall mean, with respect to any Person, any other Person, directly or indirectly, controlling, controlled by or under common control
with such Person.

 

(b). “Agreement”
shall mean this Agreement, as amended from time to time.

 

(c). “Annual
Salary” shall have the meaning specified in Section 1.2(a).

 

(d). “Board”
shall mean the Board of Directors of the Company.

 

(e). “Cause”
means the (i) Executive’s willful and continued failure substantially to perform the duties of Executive under this Agreement
(other than any such failure resulting from incapacity due to physical or mental illness); (ii) the Executive’s willful and
continued failure to comply with any valid and legal directive of the Chief Executive Officer in accordance with this Agreement;
(iii) the Executive’s engagement in dishonesty, illegal conduct, or willful misconduct, which is, in each case, materially
and demonstrably injurious to the Company or its Affiliates; (iv) the Executive’s embezzlement, misappropriation, or fraud
against the Company or any of its Affiliates; (v) the Executive’s conviction of or plea of guilty or nolo contendere to a
crime that constitutes a felony (or state law equivalent) or a crime that constitutes a misdemeanor involving moral turpitude if
such felony or misdemeanor is work-related, materially impairs the Executive’s ability to perform services for the Company,
or results in a material loss to the Company or material damage to the reputation of the Company; (vi) the Executive’s violation
of a material policy of the Company that has been previously delivered to Executive in writing if such failure causes material
harm to the Company; or (vii) the Executive’s material breach of any material obligation under this Agreement or any other
written agreement between the Executive and the Company. No act or failure to act on the part of the Executive shall be considered
“willful” unless it is done, or omitted to be done, by the Executive in bad faith or without reasonable belief that
the Executive’s action or omission was in the best interests of the Company.

 

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(f). “Code”
shall have the meaning of the Internal Revenue Code of 1986, as it may be amended from time to time.

 

(g). “Company”
shall have the meaning specified in the introductory paragraph hereof; provided that, (i) “Company’ shall include any
successor to the Company and (ii) for purposes of Section 1.5, the term “Company’ also shall include any existing or
future subsidiaries of the Company that are operating during any of the time periods described in Section 1.1(a) and any other
entities that directly or indirectly, through one or more intermediaries, control, are controlled by or are under common control
with the Company during the periods described in Section 1.1(a).

 

(h). “Company’s
Business” shall mean (a) the business of owning and operating a network of expert-led online interest groups and communities,
associated web and mobile application products enabling access to such network, and monetization of such business through membership
fees, advertising, commerce etc. and (b), if and to the extent different from, in any material respects, the foregoing, the then
business of the Company.

 

(i). “Confidential
Information” shall mean any information belonging to or licensed to the Company, regardless of form, other than Trade
Secrets, which is valuable to the Company and not generally known to competitors of the Company, including, without limitation,
all online research and marketing data and other analytic data based upon or derived from such online research and marketing data.
Confidential Information does not include information that enters the public domain other than through the Executive’s breach
of his obligations under this Agreement.

 

(j). “Good
Reason” shall mean any of the following events, which has not been either consented to in
advance by the Executive in writing or, with respect only to subsections (i), (ii), or (v) below, cured by the Company within
a reasonable period of time, not to exceed 30 days, after the Executive provides written notice within 30 days of the
initial existence of one or more of the following events: (i) a material reduction in Annual Salary;
(ii) in any merger or sale of all or substantially all of the assets of the Company or any other acquisition of the Company,
the failure of the acquirer of the Company or its assets to assume all rights and obligations under
this Agreement and the stock option award agreement entered into with Executive; (iii) a material
breach of the Agreement by the Company; (iv) a material
diminution or reduction in the Executive’s responsibilities, duties or authority; or
(v) requiring the Executive to take any action which would violate any federal or state law;
(vi) any requirement that the Executive’s duties be performed outside of Los Angeles, California more than two (2) days per
week on average, (it being understood that certain weeks will require lengthier stays outside of Los Angeles, California); (vii)
any failure by the Company to comply with Section 2.6 of this Agreement; or (viii) the failure of the Executive to be elected or
appointed to the Board within sixty (60) days of the Effective Date. Good Reason shall not
exist unless the Executive terminates his employment within seventy-five (75) days following the initial existence of the
condition or conditions that the Company has failed to cure, if applicable.

 

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(k). “Person”
shall mean any individual, corporation (including any non-profit corporation), general partnership, limited partnership, limited
liability partnership, joint venture, estate, trust, company (including any limited liability company or joint stock company),
firm or other enterprise, association, organization or entity.

 

(l). “Proprietary
Information” shall mean the Trade Secrets, the Confidential Information and all physical embodiments thereof, as they
may exist from time to time.

 

(m). “Trade
Secrets” means information belonging to or licensed to the Company, regardless of form, including, but not limited to,
any technical or non-technical data, formula, pattern, compilation, program, device, method, technique, drawing, financial, marketing
or other business plan, lists of actual or potential customers or suppliers, or any other information similar to any of the foregoing,
which derives economic value, actual or potential, from not being generally known to, and not being readily ascertainable by proper
means by, other persons who can derive economic value from its disclosure or use.

 

(n). “Work
Product” means all copyrights, patents, trade secrets, or other intellectual property fights associated with any ideas,
concepts, techniques, inventions, processes, or works of authorship developed or created by the Executive during the course of
performing work for the Company or its clients and relating to the Company’s Business.

 

Article 2.

MISCELLANEOUS PROVISIONS

 

2.1 Further
Assurances. Each of the parties hereto shall execute and cause to be delivered to the other party hereto such instruments and
other documents, and shall take such other actions, as such other party may reasonably request for the purpose of carrying out
or evidencing any of the transactions contemplated by this Agreement.

 

2.2 Notices.
All notices hereunder shall be in writing and shall be sent by (a) certified or registered mail, return receipt requested, (b)
national prepaid overnight delivery service, (c) electronic transmission (following with hard copies to be sent by prepaid overnight
delivery Service) or (d) personal delivery with receipt acknowledged in writing. All notices shall be addressed to the parties
hereto at their respective addresses as set forth below (except that any party hereto may from time to time upon fifteen days’
written notice change its address for that purpose), and shall be effective on the date when actually received or refused by the
party to whom the same is directed (except to the extent sent by registered or certified mail, in which event such notice shall
be deemed given on the third day after mailing).

 

		(a).	If to the Company:

 

TheMaven, Inc.

5048 Roosevelt
Way NE

Seattle, WA 98105

Email: Marty@theMaven.net

 

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		(b).	If to the Executive:

 

Josh Jacobs

9917 La Tuna
Canyon Road

Sun Valley, CA
91352

Email: joshajacobs@gmail.com

 

2.3 Headings.
The underlined or boldfaced headings contained in this Agreement are for convenience of reference only, shall not be deemed to
be a part of this Agreement and shall not be referred to in connection with the construction or interpretation of this Agreement,

 

2.4 Counterparts.
This Agreement may be executed in several counterparts, each of which shall constitute an original and all of which, when taken
together, shall constitute one agreement.

 

2.5 Governing
Law; Jurisdiction and Venue.

 

(a). This Agreement
shall be construed in accordance with, and governed in all respects by, the internal laws of the State of Washington (without giving
effect to principles of conflicts of laws), except to the extent preempted by federal law.

 

(b). Any legal action
or other legal proceeding relating to this Agreement or the enforcement of any provision of this Agreement shall be brought or
otherwise commenced exclusively in any state or federal court located in King County, Washington.

 

2.6 Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their successors and assigns
(if any). The Company will use commercially reasonable efforts to require any successor (whether direct or indirect, by purchase,
merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company expressly to assume
and agree to perform this Agreement in the same manner and to the same extent that the Company would have been required to perform
it if no such succession had taken place. As used in this Agreement, “Company” shall mean both the Company as
defined above and any such successor that assumes and agrees to perform this Agreement, by operation of law or otherwise. The Executive
shall not assign this Agreement or any of Executive’s rights or obligations hereunder (by operation of law or otherwise)
to any Person without the consent of the Company.

 

2.7 Remedies
Cumulative; Specific Performance. The rights and remedies of the parties hereto shall be cumulative (and not alternative).
The parties to this Agreement agree that, in the event of any breach or threatened breach by any party to this Agreement of any
covenant, obligation or other provision set forth in this Agreement for the benefit of any other party to this Agreement, such
other party shall be entitled (in addition to any other remedy that may be available to it) to (a) a decree or order of specific
performance or mandamus to enforce the observance and performance of such covenant, obligation or other provision, and (b) an injunction
restraining such breach or threatened breach. The parties to this Agreement further agree that in the event Executive prevails
on any material claim (in a final adjudication) in any legal proceeding brought against the Company to enforce Executive’s
rights under this Agreement, the Company will reimburse Executive for the reasonable legal fees incurred by Executive in connection
with such proceeding.

 

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2.8 Waiver.
No failure on the part of any Person to exercise any power, right, privilege or remedy under this Agreement, and no delay on the
part of any Person in exercising any power, right, privilege or remedy under this Agreement, shall operate as a waiver of such
power, right, privilege or remedy and no single or partial exercise of any such power, right, privilege or remedy shall preclude
any other or further exercise thereof or of any other power, right, privilege or remedy. No Person shall be deemed to have waived
any claim arising out of this Agreement, or any power, right, privilege or remedy under this Agreement, unless the waiver of statutory
claim, power, right, privilege or remedy is expressly set forth in a written instrument duly executed and delivered on behalf of
such Person; and any such waiver shall not be applicable or have any effect except in the specific instance in which it is given.

 

2.9 Code
Section 409A Compliance. To the extent amounts or benefits that become payable under this Agreement on account of the Executive’s
termination of employment (other than by reason of the Executive’s death) constitute a distribution under a “nonqualified
deferred compensation plan” within the meaning of Code Section 409A (“Deferred Compensation”), the Executive’s
termination of employment shall be deemed to occur on the date that the Executive incurs a “separation from Service’
with the Company within the meaning of Treasury Regulation Section 1.409A-1(h). If at the time of the Executive’s separation
from service, the Executive is a “specified Executive’ (within the meaning of Code Section 409A and Treasury Regulation
Section 1.409A-1(i)), the payment of such Deferred Compensation shall commence on the first business day of the seventh month following
Executive’s separation from Service and the Company shall then pay the Executive, without interest, all such Deferred Compensation
that would have otherwise been paid under this Agreement during the first six months following the Executive’s separation
from service had the Executive not been a specified Executive. Thereafter, the Company shall pay Executive any remaining unpaid
Deferred Compensation in accordance with this Agreement as if there had not been a six-month delay imposed by this paragraph. If
any expense reimbursement by the Executive under this Agreement is determined to be Deferred Compensation, then the reimbursement
shall be made to the Executive as soon as practicable after submission for the reimbursement, but no later than December 31 of
the year following the year during which such expense was incurred. Any reimbursement amount provided in one year shall not affect
the amount eligible for reimbursement in another year and the right to such reimbursement shall not be subject to liquidation or
exchange for another benefit. In addition, if any provision of this Agreement would subject the Executive to any additional tax
or interest under Code Section 409A, then the Company shall reform such provision; provided that the Company shall (x) maintain,
to the maximum extent practicable, the original intent of the applicable provision without subjecting the Executive to such additional
tax or interest and (y) not incur any additional compensation expense as a result of such reformation.

 

2.10 Amendments.
This Agreement may not be amended, modified, altered or supplemented other than by means of a written instrument duly executed
and delivered on behalf of all of the parties hereto.

 

    11 

     

    

 

2.11 Severability.
In the event that any provision of this Agreement, or the application of any such provision to any Person or set of circumstances,
shall be determined to be invalid, unlawful, void or unenforceable to any extent, the remainder of this Agreement, and the application
of such provision to Persons or circumstances other than those as to which it is determined to be invalid, unlawful, void or unenforceable,
shall not be impaired or otherwise affected and shall continue to be valid and enforceable to the fullest extent permitted by law,

 

2.12 Parties
in Interest. Except as provided herein, none of the provisions of this Agreement are intended to provide any rights or remedies
to any Person other than the parties hereto and their respective successors and assigns (if any).

 

2.13 Entire
Agreement. This Agreement sets forth the entire understanding of the parties hereto relating to the subject matter hereof and
supersedes all prior agreements, term sheets and understandings between the parties relating to the subject matter hereof.

 

2.14 Resolution
of Prior Agreement and Associated Warrant. The Company agrees the Independent Contractor Services Agreement, dated March 22,
2017 by and between the Company and the Executive (the “Prior Agreement”), has been fully performed; and both
parties agree the Prior Agreement shall conclude and terminate immediately prior to the Effective Date. Finally, in connection
with the conclusion of the Prior Agreement, the Company agrees the warrants to purchase 20,000 shares of the Company’s common
stock referenced in the Prior Agreement have been earned in full and will be issued to Executive as soon as reasonably possible.

 

 

[SIGNATURE PAGE TO EXECUTIVE

EMPLOYMENT AGREEMENT TO FOLLOW]

 

    12 

     

    

 

[SIGNATURE PAGE TO EXECUTIVE EMPLOYMENT
AGREEMENT]

 

The parties hereto have caused
this Agreement to be executed and delivered as of the date first set forth above.

 

	 	THE COMPANY:	 
	 	 	 
	 	theMaven, Inc.	 
	 	 	 
	 	 	 
	 	 	 
	 	By: 	 	 
	 	 	 	 
	 	Name:  	James Heckman	 
	 	 	 	 
	 	Title:	Chief Executive Officer	 
	 	 	 
	 	 	 
	 	THE EXECUTIVE:	 
	 	 	 
	 	 	 
	 	JOSH JACOBS	 

 

    13 

     

    

  

Exhibit 1.2(b)

 

Stock Option Award Agreement

 

 

 

    14 

     

    

 

Exhibit 1.2(c)

 

$75,000 Revenue Performance Bonus

 

1.2.1       Monthly
Bonus.

 

The Company shall pay
to Executive a bonus based on the revenue generated by the Company for such month, pursuant to Schedule 1.2.3 of this Exhibit.
The term “revenue” herein shall include (x) all gross revenue collected by the Company from all sources other
than the Company’s membership, and (y) the imputed value of any advertising inventory allocated towards membership marketing
(with such value to be determined based upon the ad inventory used and the average CPM of such inventory).

 

(a). If the revenue
of the Company for any month is less than the applicable Minimum Monthly Revenue, then the Executive shall not be entitled
to the monthly bonus for such month.

 

(b). If the revenue
of the Company for the applicable month is equal to the Minimum Monthly Revenue, the Company shall pay the Executive the Minimum
Monthly Bonus for such month. If the revenue of the Company for the applicable month is greater than the Minimum Monthly
Revenue, but less than the Target Monthly Revenue, the Company shall pay the Executive a pro-rated portion of the Target Monthly
Bonus for such month, calculated by multiplying the percentage of the Target Monthly Revenue actually recognized (i.e. revenue
divided by Target Monthly Revenue), by the Target Monthly Bonus. For instance, in Schedule 1.2.3, $1,000,000 is the Monthly Revenue
Target for October. If revenue in October amounts to $600,000, then the pro-rated monthly bonus would be: (i) $600,000/$1,000,000,
or 60%, multiplied by (ii) the Target Monthly Bonus ($7,500) for October, resulting in a pro-rated bonus of $4,500 to be paid to
Executive for October (as well as a possible $3,000 that Executive might yet earn subject to the catch-up provisions below).

 

(c). If the revenue
of the Company for the applicable month is equal to, or greater than, the Target Monthly Revenue, the Company shall
pay to the Executive the Target Monthly Bonus for such month.

 

(d). The Company shall
calculate monthly revenue recognized by the Company within thirty (30) days of month-end, notify the Executive in writing of the
revenue recognized by the Company for the month within thirty (30) days of month-end, and pay the Executive the appropriate monthly
bonus in, and as part of, the first payroll cycle of the second month following the reporting month.

 

1.2.2       Quarterly
Catch-up Bonus.

 

(a) If (a) the revenue
of the Company for a calendar quarter is equal to, or greater than, the Target Quarterly Revenue, as set forth in Schedule 1.2.3
of this Exhibit, and (b) the monthly revenue for any month of such calendar quarter was less than the Target Monthly Revenue for
such month, then the Company shall pay to Executive a ‘catch-up’ quarterly bonus (“Catch-up Bonus”).
The Catch-up Bonus is intended to enable the Executive to earn the Target Monthly Bonuses for those months, if any, in which the
monthly revenue of the Company was more than the Minimum Monthly Revenue, but less than the Target Monthly Revenue, and Executive
failed to earn the full Target Monthly Bonus for such month.

 

    15 

     

    

 

(b) The Catch-up Bonus
shall be an amount equal to (I) the Target Quarterly Bonus, as set forth in Schedule 1.2.3 of this Exhibit, minus (II) (a)
the total bonus earned by and paid to Executive during such quarter under Section 1.2.1 and (b) the Minimum Monthly Bonus for any
month during such quarter for which the Company did not generate the Minimum Monthly Revenue.

 

(c) The Catch-up Bonus
does not apply for April 2018.

 

(d) The Company shall
calculate quarterly revenue recognized by the Company within thirty (30) days of calendar quarter-end, notify the Executive in
writing of the revenue recognized by the Company for the quarter within thirty (30) days of calendar quarter-end, and pay the Executive
the appropriate amount of Catch-up Bonus in, and as part of, the first payroll cycle of the second month following the reporting
quarter.

 

1.2.3       Schedule.

 

	Column	 	A	 	 	B	 	 	C	 
	 	 	Target Revenue	 	 	Target Bonus	 	 	Minimum Monthly	 
	 	 	Month	 	 	Quarter	 	 	Monthly	 	 	Quarter	 	 	Revenue	 	 	Bonus	 
	2017	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 May
	 	 	-	 	 	 	-	 	 	 	-	 	 	 	 	 	 	 	-	 	 	 	-	 
	June	 	 	50,000	 	 	 	50,000	 	 	 	-	 	 	 	 	 	 	 	50,000	 	 	 	-	 
	July	 	 	200,000	 	 	 	-	 	 	 	2,000	 	 	 	 	 	 	 	200,000	 	 	 	2,000	 
	Aug	 	 	250,000	 	 	 	-	 	 	 	2,000	 	 	 	 	 	 	 	250,000	 	 	 	2,000	 
	Sept	 	 	500,000	 	 	 	950,000	 	 	 	2,000	 	 	 	6,000	 	 	 	500,000	 	 	 	2,000	 
	Oct	 	 	1,000,000	 	 	 	-	 	 	 	7,500	 	 	 	 	 	 	 	500,000	 	 	 	3,750	 
	Nov	 	 	1,200,000	 	 	 	-	 	 	 	7,500	 	 	 	 	 	 	 	600,000	 	 	 	3,750	 
	Dec	 	 	1,200,000	 	 	 	3,400,000	 	 	 	7,500	 	 	 	22,500	 	 	 	600,000	 	 	 	3,750	 
	2018	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 Jan
	 	 	1,200,000	 	 	 	-	 	 	 	7,500	 	 	 	 	 	 	 	600,000	 	 	 	3,750	 
	Feb	 	 	1,500,000	 	 	 	-	 	 	 	10,000	 	 	 	 	 	 	 	750,000	 	 	 	5,000	 
	March	 	 	1,500,000	 	 	 	4,200,000	 	 	 	10,000	 	 	 	27,500	 	 	 	750,000	 	 	 	5,000	 
	April	 	 	2,000,000	 	 	 	2,000,000	 	 	 	19,000	 	 	 	 	 	 	 	1,000,000	 	 	 	9,500	 
	 	 	 	10,600,000	 	 	 	 	 	 	 	75,000	 	 	 	56,000	 	 	 	5,800,000	 	 	 	40,500	 

 

Definitions.

 

(a). “Minimum
Monthly Revenue” and “Minimum Monthly Bonus” are set forth in Column C.

 

(b). “Target
Monthly Bonus” and “Target Quarterly Bonus” are set forth in Column B.

 

(c). “Target
Monthly Revenue” and “Target Quarterly Revenue” are set forth in Column A.

 

    16Exhibit 10.1

  

	
Private & Confidential

	 	
EXECUTION VERSION

	 	
Dated May 31, 2017

	 
	 
	
DORIAN LPG FINANCE LLC

as Borrower

 

THE ENTITIES

listed in Schedule 1, Part B

as Upstream Guarantors

 

DORIAN LPG LTD.

as Facility Guarantor

 

ABN AMRO CAPITAL USA LLC

CITIBANK N.A., LONDON BRANCH

and

THE OTHER BANKS AND FINANCIAL INSTITUTIONS

listed in Schedule 1, Part D

as Bookrunners

 

THE BANKS AND FINANCIAL INSTITUTIONS

listed in Schedule 1, Part E

as Mandated Lead Arrangers

 

THE BANKS AND FINANCIAL INSTITUTIONS

listed in Schedule 1, Part F

as Commercial Lenders

 

THE BANKS AND FINANCIAL INSTITUTIONS

listed in Schedule 1, Part G

as KEXIM Lenders

 

THE EXPORT-IMPORT BANK OF KOREA

as KEXIM

 

THE BANKS AND FINANCIAL INSTITUTIONS

listed in Schedule 1, Part I

as K-sure Lenders

 

THE BANKS AND FINANCIAL INSTITUTIONS

Listed in Schedule 1, Part J

as Swap Banks

 

ABN AMRO CAPITAL USA LLC

as Global Coordinator, Administrative Agent and Security Agent

 

CITIBANK N.A., LONDON BRANCH

or any of its holding companies, subsidiaries or affiliates

as ECA coordinator

 

CITIBANK N.A., LONDON BRANCH

as ECA Agent

	 	
AMENDMENT NO. 2 TO FACILITY AGREEMENT

 for a Loan of (originally) up to $758,105,296

	 
	

 

 

AMENDMENT NO. 2 TO FACILITY AGREEMENT (this Amendment), dated as of May 31, 2017 and effective as of the Effective Date, relating to the Facility Agreement dated March 23, 2015, as amended by Amendment No. 1 dated as of June 15, 2015 and as further amended by a Side Letter dated February 1, 2016 (collectively, the Original Facility Agreement, and as further amended hereby, the Facility Agreement), made among (1) Dorian LPG Finance LLC, as borrower (the Borrower), (2) the entities listed in Schedule 1, Part B therein, as upstream guarantors, (3) Dorian LPG Ltd., as facility guarantor (the Facility Guarantor), (4) ABN AMRO Capital USA LLC (the Security Agent), Citibank N.A., London Branch (Citi) and the other banks and financial institutions listed in Schedule 1, Part D therein, as bookrunners, (5) the banks and financial institutions listed in Schedule 1, Part E therein, as mandated lead arrangers, (6) the banks and financial institutions listed in Schedule 1, Part F therein, as commercial lenders (the Commercial Lenders), (7) the banks and financial institutions listed in Schedule 1, Part G therein, as KEXIM lenders (the KEXIM Lenders), (8) the Export-Import Bank of Korea, as KEXIM (KEXIM), (9) the banks and financial institutions listed in Schedule 1, Part I therein, as K-sure lenders (the K-sure Lenders, and together with the Commercial Lenders, KEXIM and the KEXIM Lenders, the Lenders and each a Lender), (10) the banks and financial institutions listed in Schedule 1, Part J therein, as swap banks, (11) the Security Agent as global coordinator, administrative agent, and security agent, (12) Citi, as ECA coordinator, and (13) Citi, as ECA Agent (as may be amended, supplemented, varied, extended or replaced from time-to-time), pursuant to which the Lenders agreed to make available to the Borrower, upon the terms and conditions therein described, a loan facility in the original amount of up to Seven Hundred Fifty Eight Million One Hundred Five Thousand Two Hundred Ninety Six United States Dollars (USD$758,105,296).

W I T N E S S E T H:

WHEREAS, pursuant to Clause 19.2 (Financial condition) of the Original Facility Agreement, the Facility Guarantor is required to maintain Consolidated Liquidity at least equal to the Liquidity Reserve Required Balance, of which the Minimum Earnings Account Balance shall be held in an Earnings Account pursuant to Clause 25.1 (Earnings Accounts);

WHEREAS, as of the date of this Amendment, the balance of the Earnings Account is $44,800,000; and

WHEREAS, the Borrower has requested that (i) $26,800,000 be released from the Earnings Account of the Borrower in order to prepay amounts outstanding under the Original Facility Agreement and the KEXIM Prepayment Fee and (ii) certain amendments be made to the Original Facility Agreement, as set forth in this Amendment, including amongst other things, an amendment to the defined term "Minimum Earnings Account Balance" and the deletion of the defined term "Liquidity Reserve Required Balance";

NOW, THEREFORE, subject to, and upon the terms and conditions herein set forth, and in consideration of the mutual agreements, provisions, covenants and conditions contained herein, the parties to the Original Facility Agreement hereby agree to amend certain provisions of the Facility Agreement to reflect the parties' understanding of the aforementioned matters as follows:

	1.	
DEFINITIONS

		1.1	
Wherever used in this Amendment, unless the context requires otherwise: (i) terms defined in the recitals hereto shall have the meanings assigned to them in such recitals and (ii) Clause 1 (Definitions and Interpretation) of the Original Facility Agreement shall apply herein, mutatis mutandis, as if set out in this Amendment in full.

		1.2	
The Finance Parties and the Obligors designate this Amendment as a Finance Document.

	2.	
AMENDATORY PROVISIONS

		2.1	
From and after the Effective Date (as defined in Clause 3.1), all references in the Original Facility Agreement to "this Agreement" (or words or phrases of a similar meaning) shall be deemed to be references to the Original Facility Agreement as amended by this Amendment unless the context otherwise specifically requires.

		2.2	
In Clause 1.1 (Definitions) of the Original Facility Agreement, the following definition shall be inserted:

Approved Debt Refinancing means the refinancing of the credit facilities extended under the RBS Facility Agreement (either pursuant to a Norwegian bond offering or otherwise) in an amount equal to or greater than the amount outstanding under the RBS Facility Agreement at such time.

		2.3	
In Clause 1.1 (Definitions) of the Original Facility Agreement, the following definition shall be inserted:

Approved Equity Offering means an offering by the Facility Guarantor of common stock which results in the delivery of cumulative net proceeds (after deducting underwriting discounts and commissions and all other expenses incurred by the Facility Guarantor and/or any of its Subsidiaries directly in connection with such offering, the "Cumulative Net Equity Proceeds") of at least $50,000,000 to the Facility Guarantor, together with a certificate in a form satisfactory to the Security Agent, detailing the calculation of the Cumulative Net Equity Proceeds in connection with such offering.

		2.4	
In Clause 1.1 (Definitions) of the Original Facility Agreement, the definition of "Minimum Earnings Account Balance" shall be deleted and replaced in its entirety by the following:

Minimum Earnings Account Balance means, (a) at all times prior to the date falling six months from the date of Amendment No. 2 to this Agreement, the lesser of (i) $18,000,000 and (ii) $1,000,000 for each Mortgaged Ship, (b) at all times from the date falling six months from the date of Amendment No. 2 to this Agreement through the date falling on the first anniversary of the date of Amendment No. 2 to this Agreement, the lesser of (i) $29,000,000 and (ii) $1,611,111 for each Mortgaged Ship, (c) at all times after the date falling on the first anniversary of the date of Amendment No. 2 to this Agreement, the lesser of (i) $40,000,000 and (ii) $2,222,222 for each Mortgaged Ship and (d) if the Facility Guarantor completes a transaction or transactions constituting an Approved Equity Offering, an amount at least equal to 5% of the total principal amount of the Loan, but at no time less than the lesser of (i) $20,000,000 and (ii) $1,111,111 for each Mortgaged Ship, which shall be held in an Earnings Account pursuant to Clause 25.1 (Earnings Account), provided that this definition may not be amended or waived in any manner without the prior written consent of all Lenders.

		2.5	
In Clause 1.1 (Definitions) of the Original Facility Agreement, the definition shall of "Minimum Value" shall be deleted and replaced in its entirety by the following:

Minimum Value means (i) at all times prior to and through March 31, 2018, the amount in dollars which is at that time 125% of the outstanding Loan, (ii) at all times from April 1, 2018 through March 31, 2019, the amount in dollars which is at that time 130% of the outstanding Loan, and (iii) at all times after March 31, 2019, the amount in dollars which is at that time 135% of the outstanding Loan.

		2.6	
In Clause 1.1 (Definitions) of the Original Facility Agreement, the definition of "Liquidity Reserve Required Balance" shall be deleted.

-2-

		2.7	
In Clause 1.1 (Definitions) of the Original Facility Agreement, the last sentence of the definition of "Security Value" shall be deleted and replaced by the following sentence:

 For the avoidance of doubt, the Minimum Earnings Account Balance shall not be taken into account when calculating Security Value.

		2.8	
In Clause 17.17 (Security and Financial Indebtedness) of the Original Facility Agreement, the following words shall be added after the words "RBS Facility Agreement": "or an Approved Debt Refinancing".

		2.9	
In Clause 19.1 of the Original Facility Agreement (Financial Definitions), part (b) of the definition of "Consolidated EBITDA" shall be deleted and replaced in its entirety by the following:

		(b)	
minus, to the extent added in computing the consolidated net income of the Facility Guarantor for that accounting period, (i) any non-cash gains, (ii) any extraordinary gains on asset sales not incurred in the ordinary course of business, (iii) the effect of the termination of the interest rate swaps executed on November 2, 2016 and (iv) all fees and expenses incurred in connection with Amendment No. 2 to this Agreement including any fees set forth therein.

		2.10	
In Clause 19.1 of the Original Facility Agreement (Financial Definitions), the definition of "Consolidated Liquidity" shall be deleted and replaced in its entirety by the following:

Consolidated Liquidity means, on a consolidated basis, the sum of (a) cash and (b) Cash Equivalents, in each case held by the Facility Guarantor on a freely available and unencumbered basis, provided that (1) cash and Cash Equivalents shall at all times be deemed to include cash held in the Earnings Accounts, (2) at all times prior to and through the date falling on the first anniversary of the date of Amendment No. 2 to this Agreement, unless the Facility Guarantor completes a transaction or transactions constituting an Approved Equity Offering, cash and Cash Equivalents shall be deemed to include (x) all cash amounts on the balance sheet of the Facility Guarantor (excluding $6,000,000 pledged pursuant to the terms of the RBS Facility Agreement until such time as such amount is released to the Facility Guarantor or any of its Subsidiaries in which case it shall be included as cash for the purposes of this calculation), and (y) all cash held in accounts by Helios LPG Pool LLC attributable to the vessels owned directly or indirectly by the Obligors or their Subsidiaries, and (3) for the purposes of the calculation and testing set forth in Clause 19.2(a)(ii)(B), all cash held in accounts by Helios LPG Pool LLC attributable to the vessels owned directly or indirectly by the Obligors or their Subsidiaries shall at all times be included as cash.

		2.11	
In Clause 19.1 of the Original Facility Agreement (Financial Definitions), the definition of "Current Liabilities" shall be deleted and replaced in its entirety by the following:

Current Liabilities shall be determined in accordance with GAAP and as stated in the then most recent Accounting Information, but shall exclude (i) balloon payments due at maturity under this and other credit facilities to which the Facility Guarantor is a party and (ii) at all times prior to and through March 31, 2019, any amounts booked as current portion of long-term debt (as determined in accordance with GAAP).

		2.12	
Clause 19.2(a) of the Original Facility Agreement shall be deleted and replaced in its entirety by the following:

Minimum Liquidity: (i) Prior to the Facility Guarantor completing a transaction or transactions constituting an Approved Equity Offering, Consolidated Liquidity shall at all

-3-

times be maintained in an amount at least equal to $40,000,000, of which an amount at least equal to the applicable Minimum Earnings Account Balance for the relevant period shall be held in an Earnings Account pursuant to Clause 25.1 (Earnings Accounts); and

(ii) If the Facility Guarantor completes a transaction or transactions constituting an Approved Equity Offering, (A) Consolidated Liquidity shall at all times thereafter be at least equal to the applicable Minimum Earnings Account Balance pursuant to subsection (d) of such definition and such Minimum Earnings Account Balance shall be held in an Earnings Account pursuant to Clause 25.1 (Earnings Accounts), and (B) if such Minimum Earnings Account Balance is, due to the sale of a Ship or Ships, less than $20,000,000, then the Facility Guarantor shall ensure that Consolidated Liquidity be, at the end of each fiscal quarter, at least equal to $1,100,000 for each vessel indirectly or directly owned or chartered in (as determined in accordance with GAAP) by the Obligors or their Subsidiaries, such amount to include, inter alia, all cash held in accounts by Helios LPG Pool LLC attributable to the vessels owned directly or indirectly by the Obligors or their Subsidiaries.

Notwithstanding the foregoing, prior to and through the date falling on the first anniversary of the date of Amendment No. 2 to this Agreement , the Facility Guarantor shall have five (5) Business days in which to cure any breach of this Clause 19.2(a) (Financial Condition) with respect only to amounts not required to be held in Earnings Accounts;

		2.13	
Clause 19.2(c) of the Original Facility Agreement shall be deleted and replaced in its entirety by the following:

Minimum Interest Coverage: It maintains a ratio of Consolidated EBITDA to Consolidated Net Interest Expense of greater than or equal to: (i) 1.25 at all times prior to and through March 31, 2018, (ii) 1.50 at all times from April 1, 2018 through March 31, 2019, and (iii) 2.50 from April 1, 2019 and at all times thereafter;

		2.14	
In Clause 20 (General Undertakings), the following new Clause 20.15 shall be inserted:

20.15  Negative Covenant in respect of Dividends by the Facility Guarantor

In addition to the restrictions set forth in Clause 26.12 (Distributions and other payments), the Facility Guarantor shall not, until the earlier of (a) such time as the Facility Guarantor completes a transaction or transactions constituting an Approved Equity Offering and (b) the date falling on the second anniversary of the date of Amendment No. 2 to this Agreement, declare or pay any dividends or return any capital to its equity holders or authorize or make any other distribution, payment or delivery of property or cash to its equity holders, or redeem, retire, purchase or otherwise acquire, directly or indirectly, for value, any interest of any class or series of its Equity Interests (except as specified in the Facility Guarantor's equity incentive plan on file with the SEC and as approved from time to time by the Facility Guarantor's board of directors), or acquire any rights, options or warrants relating thereto but not including convertible debt, now or hereafter outstanding, or repay any subordinated loans to equity holders or set aside any funds for any of the foregoing purposes.

		2.15	
In Clause 20 (General Undertakings), the following new Clause 20.16 shall be inserted:

20.16  Negative Covenant in respect of prepayment of RBS Facility Agreement

Other than in connection with an Approved Debt Refinancing, the Facility Guarantor shall not make, and shall ensure that no borrower thereunder makes, any prepayment of debt

-4-

under the RBS Facility Agreement, other than scheduled repayments set forth in such agreement, until the earlier of (a) such time as the Facility Guarantor completes a transaction or transactions constituting an Approved Equity Offering and (b) the date falling on the second anniversary of the date of Amendment No. 2 to this Agreement.

		2.16	
Clause 25.1(e) (Earnings Account) shall be amended to (a) delete sub-clause (iv), (b) delete the word "and" at the end of sub-clause (iii) and add it to the end of sub-clause (ii), and (c) replace the semi-colon at the end of sub-clause (iii) with a period.

		2.17	
In Schedule 3 (Conditions Precedent), Part 2 (Conditions precedent to each Utilization Date), the last sentence of Item 7 (Establishment of Accounts) shall be deleted.

		2.18	
In Schedule 9 (Compliance Certificate), Item 2(a) shall be deleted in its entirety and replaced by the following:

the Consolidated Liquidity as required by Clause 19.2(a) (Minimum Liquidity):

[TO BE INCLUDED PRIOR TO AN APPROVED EQUITY OFFERING: is [l].  The Minimum Earnings Account Balance is $[l] and is being maintained in an Earnings Account.]

[TO BE INCLUDED FOLLOWING AN APPROVED EQUITY OFFERING: is [l], which is at least equal to the applicable Minimum Earnings Account Balance (pursuant to subsection (d) of such definition). The Minimum Earnings Account Balance is $[l] and is being maintained in an Earnings Account.]

[TO BE INCLUDED FOLLOWING AN APPROVED EQUITY OFFERING IF THE MINIMUM EARNINGS ACCOUNT BALANCE IS, DUE TO THE SALE OF A SHIP OR SHIPS, LESS THAN $20,000,000:  is [l] (a) which is at least equal to the applicable Minimum Earnings Account Balance (pursuant to subsection (d) of such definition) and (b) which is at least equal to $1,100,000 for each vessel indirectly or directly owned or chartered in (as determined in accordance with GAAP) by the Obligors or their Subsidiaries, such amount to include, inter alia, [l] which constitutes all cash held in accounts by Helios LPG Pool LLC attributable to the vessels owned directly or indirectly by the Obligors or their Subsidiaries.  The Minimum Earnings Account Balance is $[l] and is being maintained in an Earnings Account.

	3.	
CONDITIONS PRECEDENT TO THE EFFECTIVENESS OF THIS AMENDMENT

		3.1	
This Amendment shall not be effective unless and until the date the Administrative Agent, or its duly authorized representative, shall have received all of the documents and other evidence listed in Schedule 1 hereto (Conditions Precedent to Effectiveness of Amendment No. 2) (other than those set forth in Clause 3(b) of such Schedule), in form and substance satisfactory to the Administrative Agent and at such time, this Amendment shall be deemed effective as of May 31, 2017 (the "Effective Date").

	4.	
SATISFACTION OF DELIVERY OF CONSOLIDATED BUDGET AND RELEASE OF $26,800,000 FOR THE PURPOSE OF PREPAYING THE LOAN

		4.1	
By their execution hereof, each of the Lenders and the K-sure Lenders: (a) confirm that the requirement to submit a consolidated budget pursuant to Clause 18.1(a)(iv) of the Facility Agreement has been fulfilled for the fiscal year ending March 31, 2018 by virtue of the delivery of the cash forecast previously provided by the Borrower pursuant to the request for this Amendment; and (b) agree to the release of $26,800,000 from the Earnings Account of the Borrower to an account designated by the Administrative Agent,

-5-

within a reasonable time after the Effective Date, to be used to (i) prepay the Loan (including accrued interest), with such prepayments to be applied in order of maturity, and (ii) pay the KEXIM Prepayment Fee.

	5.	
NO FURTHER CHANGES

		5.1	
Except as provided herein, all the remaining provisions of the Original Facility Agreement shall remain unchanged, valid and binding on all the parties thereto.  

	6.	
REPRESENTATIONS AND WARRANTIES

		6.1	
The representations and warranties made in Clause 17 (Representations) of the Original Facility Agreement shall be deemed repeated as of the date hereof.

		6.2	
The amount of $26,800,000 to be released from the Earnings Account of the Borrower within a reasonable time after the Effective Date shall be paid into an account designated by the Administrative Agent and shall be used solely to (i) prepay the Loan (including accrued interest), with such prepayments to be applied in order of maturity, and (ii) pay the KEXIM Prepayment Fee.

	7.	
EXISTING SECURITY

Each Obligor confirms that the Security Documents to which it is a party:

		7.1	
shall continue to secure all liabilities which are expressed to be secured by them; and

		7.2	
shall continue in full force and effect in all respects.

	8.	
FURTHER ASSURANCE

		8.1	
Each Obligor shall, at the reasonable request of the Administrative Agent and at its own expense, do all such acts and things necessary or advisable to give effect to the amendments made or to be made pursuant to this Amendment.

	9.	
GOVERNING LAW

		9.1	
The laws of the State of New York shall govern all matters arising out of, in connection with or relating to this Amendment, including, without limitation, its validity, interpretation, construction, performance and enforcement.

	10.	
SUBMISSION TO JURISDICTION; WAIVERS

		10.1	
Any legal action or proceeding with respect to this Amendment shall be brought exclusively in the courts of the State of New York located in the City of New York, Borough of Manhattan, or of the United States of America for the Southern District of New York and, by execution and delivery of this Amendment, each of the Obligors executing this Amendment hereby accepts for itself and in respect of its property, generally and unconditionally, the jurisdiction of the aforesaid courts; provided that nothing in this Amendment shall limit the right of the Finance Parties to commence any proceeding in the federal or state courts of any other jurisdiction to the extent a Finance Party determines that such action is necessary or appropriate to exercise its rights or remedies under this Amendment. The parties hereto hereby irrevocably waive any objection, including any objection to the laying of venue or based on the grounds of forum non conveniens, that any of them may now or hereafter have to the bringing of any such action or proceeding in such jurisdictions.

-6-

Schedule 1

Conditions Precedent to Effectiveness of Amendment No. 2

1.          Corporate Documents

A certificate of an authorized signatory of each Obligor certifying (i) that each copy document relating to it specified in Part 1 of Schedule 3 to the Original Facility Agreement remains correct, complete and in full force and effect as at a date no earlier than a date approved for this purpose and that any resolutions or power of attorney referred to in Part 1 of Schedule 3 to the Original Facility Agreement in relation to it have not been revoked or amended; (ii) that any resolutions or power of attorney referred to in Part 1 of Schedule 3 to the Original Facility Agreement in relation to it have not been revoked or amended; (iii) resolutions of the board of directors and/or managers, members or managing members, as applicable, of each Obligor (or any committee of such board empowered to approve and authorize the following matters) approving the terms of, and the transactions contemplated by, this Amendment and resolving that it executes this Amendment and any documents necessary in connection therewith and authorizing a specified person or persons to execute the Amendment and any such documents; and (iv) any power of attorney under which any person is to execute this Amendment or any documents in connection therewith.

2.          Executed Documents

(a)          This Amendment.

3.          Fees

(a)          Evidence that the Borrower has paid to the Lenders pursuant to an invoice provided by the Administrative Agent an amendment fee equal to $1,005,330, being 0.15% of the Loan.

(b)          As a condition subsequent to the Effective Date, evidence that any other fees (including Prepayment Fees), commissions, costs and expenses that are due from the Obligors pursuant to the terms of the Facility Agreement, including but not limited to pursuant to Clause 11 (Fees) and Clause 16 (Costs and expenses) have been paid within 30 days of the Effective Date or, in the event that any third party or other service provider fails to timely produce a properly documented invoice in connection with such fees, costs, commissions or expenses, such later date as the Administrative Agent may agree with the Borrower.

4.          No Default

No Default shall have occurred and be continuing under the Facility Documents or will occur by virtue of entering into this Amendment or the transactions contemplated hereby.

5.          No Material Adverse Change

In the determination of the Required Lenders, no Material Adverse Change shall have occurred.

6.          Opinions

(a)          A legal opinion of counsel to the Obligors addressed to the Finance Parties and K-sure on matters of New York law, substantially in the form approved by all the Lenders prior to signing this Agreement and subject to the Required Lenders' instructions.

(b)          A legal opinion of counsel to the Obligors addressed to the Finance Parties and K-sure in each jurisdiction in which an Obligor is incorporated or formed, substantially in the form approved

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by all the Lenders prior to signing this Agreement and subject to the Required Lenders' instructions.

(c)          Any and all other legal opinions that may be required by the Lenders, subject to the Required Lenders' instructions.

-8-

IN WITNESS WHEREOF, the parties hereto have caused their duly authorized officers to execute and deliver this Amendment as of the date first above written.

DORIAN LPG FINANCE LLC

As Borrower

By: /s/ Theodore B. Young

Name: Theodore B. Young

Title:

COMET LPG TRANSPORT LLC

As Upstream Guarantor

By: /s/ Theodore B. Young

Name: Theodore B. Young

Title:

CORVETTE LPG TRANSPORT LLC

As Upstream Guarantor

By: /s/ Theodore B. Young

Name: Theodore B. Young

Title:

DORIAN SHANGHAI LPG TRANSPORT LLC

As Upstream Guarantor

By: /s/ Theodore B. Young

Name: Theodore B. Young

Title:

Signature Page to Amendment No. 2 to Facility Agreement

 

DORIAN HOUSTON LPG TRANSPORT LLC

As Upstream Guarantor

By: /s/ Theodore B. Young

Name: Theodore B. Young

Title:

DORIAN SAO PAULO LPG TRANSPORT LLC

As Upstream Guarantor

By: /s/ Theodore B. Young

Name: Theodore B. Young

Title:

CONCORDE LPG TRANSPORT LLC

As Upstream Guarantor

By: /s/ Theodore B. Young

Name: Theodore B. Young

Title:

CONSTELLATION LPG TRANSPORT LLC

As Upstream Guarantor

By: /s/ Theodore B. Young

Name: Theodore B. Young

Title:

DORIAN ULSAN LPG TRANSPORT LLC

As Upstream Guarantor

By: /s/ Theodore B. Young

Name: Theodore B. Young

Title:

Signature Page to Amendment No. 2 to Facility Agreement

DORIAN AMSTERDAM LPG TRANSPORT LLC

As Upstream Guarantor

By: /s/ Theodore B. Young

Name: Theodore B. Young

Title:

DORIAN MONACO LPG TRANSPORT LLC

As Upstream Guarantor

By: /s/ Theodore B. Young

Name: Theodore B. Young

Title:

DORIAN BARCELONA LPG TRANSPORT LLC

As Upstream Guarantor

By: /s/ Theodore B. Young

Name: Theodore B. Young

Title:

DORIAN TOKYO LPG TRANSPORT LLC

As Upstream Guarantor

By: /s/ Theodore B. Young

Name: Theodore B. Young

Title:

DORIAN DUBAI LPG TRANSPORT LLC

As Upstream Guarantor

By: /s/ Theodore B. Young

Name: Theodore B. Young

Title:

DORIAN GENEVA LPG TRANSPORT LLC

As Upstream Guarantor

By: /s/ Theodore B. Young

Name: Theodore B. Young

Title:

 

Signature Page to Amendment No. 2 to Facility Agreement 

 

 

DORIAN CAPE TOWN LPG TRANSPORT LLC

As Upstream Guarantor

By: /s/ Theodore B. Young

Name: Theodore B. Young

Title:

COMMANDER LPG TRANSPORT LLC

As Upstream Guarantor

By: /s/ Theodore B. Young

Name: Theodore B. Young

Title:

DORIAN EXPLORER LPG TRANSPORT LLC

As Upstream Guarantor

By: /s/ Theodore B. Young

Name: Theodore B. Young

Title:

DORIAN EXPORTER LPG TRANSPORT LLC

As Upstream Guarantor

By: /s/ Theodore B. Young

Name: Theodore B. Young

Title:

Signature Page to Amendment No. 2 to Facility Agreement

DORIAN LPG LTD.

As Facility Guarantor

By: /s/ Theodore B. Young

Name: Theodore B. Young

Title: Chief Financial Officer and Treasurer

ABN AMRO CAPITAL USA LLC

As Bookrunner, Mandated Lead Arranger, Global Coordinator, Administrative Agent, Security Agent and Original Lender

	
By:

	
/s/ Rajbir Talwar

	 	
By:

	
/s/ Urvashi Zutshi

	
Name:

	
Rajbir Talwar

	 	
Name:

	
Urvashi Zutshi

	
Title:

	
Director

	 	
Title:

	
Managing Director

ABN AMRO BANK N.V.

As Swap Bank

	
By:

	
/s/ J.C. Lommers

	 	
By:

	
/s/ K.H. Tieleman

	
Name:

	
J.C. Lommers

	 	
Name:

	
K.H. Tieleman

	
Title:

	
Director

	 	
Title:

	 

CITIBANK N.A., LONDON BRANCH

As Bookrunner, Mandated Lead Arranger, ECA Coordinator, ECA Agent and Original Lender

	
By:

	
/s/ Meghan O'Connor

	 	
By:

	 
	
Name:

	
Meghan O'Connor

	 	
Name:

	 
	
Title:

	
Vice President

	 	
Title:

	 

 

Signature Page to Amendment No. 2 to Facility Agreement

CITIBANK, N.A.

As Swap Bank

	
By:

	
/s/ Meghan O'Connor

	 	
By:

	 
	
Name:

	
Meghan O'Connor

	 	
Name:

	 
	
Title:

	
Vice President

	 	
Title:

	 

THE EXPORT-IMPORT BANK OF KOREA

As Mandated Lead Arranger, Swap Bank and Original Lender

	
By:

	
/s/ Szo Hyz Lim

	 	
By:

	 
	
Name:

	
Szo Hyz Lim

	 	
Name:

	 
	
Title:

	
Senior Loan Officer

	 	
Title:

	 

ING CAPITAL MARKETS LLC

As Swap Bank

	
By:

	
/s/ Summer Farris

	 	
By:

	
/s/ Moses Lin

	
Name:

	
Summer Farris

	 	
Name:

	
Moses Lin

	
Title:

	
Director

	 	
Title:

	
Director

ING BANK N.V., LONDON BRANCH

As Bookrunner, Mandated Lead Arranger and Original Lender

	
By:

	
/s/ Adam Byrne

	 	
By:

	
/s/ Graham Wallden

	
Name:

	
Adam Byrne

	 	
Name:

	
Graham Wallden

	
Title:

	
Managing Director

	 	
Title:

	
Authorized Signatory

 

Signature Page to Amendment No. 2 to Facility Agreement

DVB BANK SE

As Bookrunner, Mandated Lead Arranger, Swap Bank and Original Lender

	
By:

	
/s/ Nikolaos Chontzopoulos

	 	
By:

	
/s/ Dimitrios Tzavaras

	
Name:

	
Nikolaos Chontzopoulos

	 	
Name:

	
Dimitrios Tzavaras

	
Title:

	
Senior Vice President

	 	
Title:

	
Vice President

COMMONWEALTH BANK OF AUSTRALIA, NEW YORK BRANCH

As Swap Bank and Original Lender

	
By:

	
/s/ Lauren Wilks

	 	
By:

	 
	
Name:

	
Lauren Wilks

	 	
Name:

	 
	
Title:

	
Associate Director

	 	
Title:

	 

DEUTSCHE BANK AG, HONG KONG BRANCH

As Mandated Lead Arranger and Original Lender

	
By:

	
/s/ Edward Hui

	 	
By:

	
/s/ Ken Cheng

	
Name:

	
Edward Hui

	 	
Name:

	
Ken Cheng

	
Title:

	
Director

	 	
Title:

	
Assistant Vice President

	 	
Structured Trade & Export Finance

	 	 	
Structured Trade & Export Finance

	 	
Hong Kong

	 	 	
Hong Kong

 

 

DZ BANK AG

DEUTSCHE ZENTRAL-GENOSSENSCHAFTSBANK

FRANKFURT AM MAIN

As Original Lender

	
By:

	
/s/ Ilko Jantschev

	 	
By:

	
/s/ Steffen Philipp

	
Name:

	
Ilko Jantschev

	 	
Name:

	
Steffen Philipp

	
Title:

	
VP

	 	
Title:

	
Vice President

	 	 	 	 	 
	 	 	 	 	 

Signature Page to Amendment No. 2 to Facility Agreement

SANTANDER BANK, N.A.

As Original Lender

	
By:

	
/s/ Payal Sheth

	 	
By:

	
/s/ Puiki Lok

	
Name:

	
Payal Sheth

	 	
Name:

	
Puiki Lok

	
Title:

	
Vice President

	 	
Title:

	
Vice President

	 	 	 	 	 
	 	 	 	 	 

BANCO SANTANDER, S.A.

As Mandated Lead Arranger

	
By:

	
/s/ Jose Luis Diaz Cassou

	 	
By:

	
/s/ Remedios Cantalapiedr

	
Name:

	
Jose Luis Diaz Cassou

	 	
Name:

	
Remedios Cantalapiedr

	
Title:

	
E-D

	 	
Title:

	
V-P

	 	 	 	 	 
	 	 	 	 	 

Signature Page to Amendment No. 2 to Facility Agreement

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