Document:

Exhibit 10.2

 

DELAYED
DRAW TERM NOTE

 

THIS
NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR OTHER APPLICABLE
SECURITIES LAW AND MAY NOT BE SOLD, ASSIGNED, PLEDGED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE ACT COVERING THE TRANSFER OR PURSUANT TO AN EXEMPTION FROM REGISTRATION.

 

THE
FOLLOWING INFORMATION IS SUPPLIED SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES. THIS NOTE MAY BE ISSUED WITH ORIGINAL ISSUE DISCOUNT
(“OID”) WITHIN THE MEANING OF SECTION 1273 OF THE INTERNAL REVENUE
CODE OF 1986, AS AMENDED (THE “CODE”), AND THIS LEGEND IS REQUIRED BY TREASURY REGULATIONS PROMULGATED
UNDER SECTION 1275(c) OF THE CODE.

 

Holders
may obtain information regarding the amount of OID (IF ANY), the issue price, the issue date, and the yield to maturity relating
to the notes by contacting THE LEGAL DEPARTMENT at THEMAVEN, INC., 1500 FOURTh AVENUE, SUITE 200, SEATTLE, WA 98101, LEGAL@MAVEN.IO,
OR AT (646) 732-4427.

 

THEMAVEN,
INC.

 

15.00%
Delayed Draw Term Note

 

No.
R-5

	$12,000,000.00	March 24, 2020

 

THEMAVEN,
INC., a Delaware corporation (the “Company”), for value received, hereby promises to pay to BRF FINANCE CO.,
LLC (the foregoing, and any successors or its registered assigns of this Note, “Holder”), the principal amount
of TWELVE MILLION DOLLARS ($12,000,000), with EIGHT MILLION DOLLARS ($8,000,000) in principal amount due on the Delayed Draw Term
Notes First Maturity Date and all remaining amounts hereunder due on the Delayed Draw Term Notes Second Maturity Date, with interest
(computed on the basis of the actual number of days elapsed over a 360-day year) on the unpaid balance of such principal amount
at the rates, on the dates and in the manner specified in the Note Purchase Agreement (as defined below); provided that
in no event shall the amount payable by the Company as interest on this Note exceed the highest lawful rate permissible under
any law applicable hereto. Payments of principal, premium, if any, and interest hereon shall be made in lawful money of the United
States of America by the method and at the address for such purpose specified in the Note Purchase Agreement hereinafter referred
to, and such payments shall be overdue for purposes hereof if not made on the originally scheduled date of payment therefor, without
giving effect to any applicable grace period.

 

    	 	 	 

    	 

    

 

This
Note is one of the Company’s 15.00% Delayed Draw Term Notes, issued pursuant to that certain Second Amended and Restated
Note Purchase Agreement, dated as of March 24, 2020 (such agreement, as amended, modified and supplemented from time to time,
the “Note Purchase Agreement”), among, among others, the Company, the other Note Parties named therein, and
the Purchasers named therein, and the holder hereof is entitled to the benefits of the Note Purchase Agreement and the other Note
Documents referred to in the Note Purchase Agreement and may enforce the agreements contained therein and exercise the remedies
provided for thereby or otherwise available in respect thereof, all in accordance with the terms thereof.

 

This
Note is subject to prepayment only as specified in the Note Purchase Agreement.

 

Capitalized
terms used herein without definition have the meanings ascribed to them in the Note Purchase Agreement.

 

This
Note is in registered form and is transferable only by surrender hereof at the principal executive office of the Company as provided
in the Note Purchase Agreement. This Note may not be transferred except in accordance with the provisions of the Note Purchase
Agreement and any purported transfer in violation of the terms of the Note Purchase Agreement shall be null and void. The Company
may treat the person in whose name this Note is registered on the Note register maintained at such office pursuant to the Note
Purchase Agreement as the owner hereof for all purposes, and the Company shall not be affected by any notice to the contrary.

 

In
case an Event of Default, as defined in the Note Purchase Agreement, shall occur and be continuing, the unpaid balance of the
principal of this Note may be declared and become due and payable in the manner and with the effect provided in the Note Purchase
Agreement.

 

The
parties hereto, including the makers and all guarantors and endorsers of this Note, hereby waive presentment, demand, notice,
protest and all other demands and notices in connection with the delivery, acceptance, performance or enforcement of this Note.

 

THIS
NOTE SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK.

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]

 

    	 	 	 

    	 

    

 

IN
WITNESS WHEREOF, the Company has executed this Note as an instrument under seal as of the date first above written.

 

	 	THEMAVEN, INC.
	 	 
	 	By:	                     
	 	Name:	 
	 	Title:	 

 

[Signature
Page – Note]lgl-ex44_174.htm

Exhibit 4.4

DESCRIPTION OF THE REGISTRANT’S SECURITIES REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934

The LGL Group, Inc. (“LGL” or the “Company”) has authority to issue 10,000,000 shares of capital stock, consisting of entirely of common stock, $0.01 par value per share (the “Common Stock”).  The following is a summary of the material terms of the Common Stock.  This summary is qualified in its entirety by reference to LGL’s Certificate of Incorporation (the “Charter”), LGL’s By-laws, as amended (the “By-laws”), which are incorporated herein by reference as Exhibit 3.1, and Exhibits 3.2 through 3.5, respectively, to LGL’s Annual Report on Form 10-K of which this exhibit is a part. Please read the Charter, the By-laws and applicable provisions of the Delaware General Corporation Law (the “DGCL”) for additional information.

Common Stock

 

Subject to the prior rights of holders of all classes of stock at the time outstanding having prior rights as to dividends, the holders of Common Stock are entitled to receive such dividends, if any, as may from time to time be declared by the Company’s board of directors (the “Board”) out of funds legally available therefor. Under the Charter, holders of Common Stock are entitled to one vote per share, and are entitled to vote upon such matters and in such manner as may be provided by law. Holders of Common Stock have no preemptive, conversion, redemption or sinking fund rights. Subject to the prior rights of holders of all classes of stock at the time outstanding having prior rights as to liquidation, holders of Common Stock, upon the liquidation, dissolution or winding up of the Company, are entitled to share equally and ratably in the assets of the Company. The outstanding shares of Common Stock are, fully paid and non-assessable. The rights, preferences and privileges of holders of Common Stock are subject to any series of preferred stock that the Company may authorize and issue in the future.

 

 

Anti-Takeover Effects of Certain Provisions of Delaware Law and our Charter Documents

 

The Company is subject to the provisions of Section 203 of the DGCL. Under Section 203, the Company would generally be prohibited from engaging in any business combination with any interested stockholder for a period of three years following the time that this stockholder became an interested stockholder unless:

 

			
	
 
	
•
	
prior to such time, the Board has approved either the business combination or the transaction that resulted in the stockholder becoming an interested stockholder;

	
 
	
•
	
upon consummation of the transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the Company’s voting stock outstanding at the time the transaction commenced, subject to exceptions; or

	
 
	
•
	
at or subsequent to such time, the business combination is approved by the Board and authorized at an annual or special meeting of stockholders, and not by written consent, by the affirmative vote of at least two-thirds of the outstanding voting stock that is not owned by the interested stockholder.

 

Under Section 203, a “business combination” includes:

 

			
	
 
	
•
	
any merger or consolidation involving the corporation and the interested stockholder;

	
 
	
•
	
any sale, lease, exchange, mortgage, pledge, transfer or other disposition of 10% or more of the assets of the corporation involving the interested stockholders;

	
 
	
•
	
any transaction that results in the issuance or transfer by the corporation of any stock of the corporation to the interested stockholder, subject to limited exceptions;

	
 
	
•
	
any transaction involving the corporation that has the effect of increasing the proportionate share of the stock of any class or series of the corporation beneficially owned by the interested stockholder; or

	
 
	
•
	
any receipt by the interested stockholder of the benefit of any loans, advances, guarantees, pledges or other financial benefits provided by or through the corporation.

 

 

5361638-1

Exhibit 4.4

In general, Section 203 defines an interested stockholder as an entity or person beneficially owning 15% or more of outstanding voting stock and any entity or person affiliated with or controlling or controlled by such entity or person.

 

The Charter and By-laws include a number of provisions that may discourage, delay or prevent a merger, acquisition or other change in control of the Company, even if such a change in control would be beneficial to the Company’s stockholders. These provisions include prohibiting our stockholders from fixing the number of directors, and establishing advance notice requirements for stockholder proposals that can be acted on at stockholder meetings and nominations to the Board.

 

Listing

 

The Common Stock is traded on the NYSE American under the symbol “LGL.”

 

Transfer Agent and Registrar

 

The transfer agent and registrar for the Common Stock is Computershare.

 

 

5361638-1

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