Document:

Exhibit
10.62

 

CONSULTING
AGREEMENT

 

This
Consulting Agreement (the “Agreement”) is made as of August 26, 2020 (the “Effective Date”),
by and between Maven Coalition, Inc., a Delaware corporation (“Maven”), and James C. Heckman, Jr. (“Consultant”).

 

1. Engagement.

 

(a)
During the Term, Consultant will provide consulting services (the “Services”) to Maven as described
in one or more statements of work in substantially the form attached hereto as Exhibit A (the “Statements of Work”).
Consultant represents that Consultant is duly licensed (as applicable) and has the qualifications, the experience and the ability
to properly perform the Services. Consultant shall use Consultant’s best efforts to perform the Services such that the results
are satisfactory to Maven.

 

(b)
Consultant shall attend any meetings and supply any and all reports as described in the applicable Statement of Work.

 

(c)
Consultant shall during the Term retain the use of the jch@maven.io G-Suite account.

 

(d)
Either party may propose a change to a Statement of Work by submitting a proposed change order in writing to the other party
(a “Change Order”). On any proposed Change Order submitted to Maven by Consultant, Consultant shall
specify the effect, if any, of the proposed change(s) upon the price, timing and any other terms and conditions applicable to
the affected Services. With respect to any proposed Change Order submitted by Maven to Consultant, Consultant shall evaluate
such proposed Change Order as promptly as practicable and shall complete such proposed Change Order by specifying the effect,
if any, of the proposed change(s) upon the price, timing and any other terms and conditions applicable to the affected
Services. No Change Order shall be effective until executed by an authorized representative of each party. Upon proper
execution and delivery, each such Change Order shall be deemed to be incorporated into, and made a part of, the applicable
Statement of Work.

 

(e)
Unless otherwise set forth in an applicable Statement of Work, all deliverables shall be delivered to Maven by electronic transmission
only, and not on a tangible medium.

 

(f)
Consultant’s eligibility to be retained by Maven pursuant to this Agreement shall be conditioned upon Consultant’s
signing the Separation Agreement, dated August 26, 2020 (“Separation Agreement”), signing and not revoking
the Release, dated August 26, 2020 (“Release”), and complying with the terms of the Separation Agreement
and the Release. Although Consultant may begin working under this Agreement before complying with the above conditions, in the
event Consultant does not satisfy those conditions, this Agreement shall be terminated effective immediately and Consultant shall
only be entitled to Fees for one month.

 

2. Payment.

 

(a)
In consideration of the Services to be performed by Consultant, Maven agrees to pay Consultant in the manner set forth in the
applicable Statement of Work.

 

    	1

     

    

 

(b)
Except to the extent expenses and costs are explicitly identified in the applicable Statement of Work, the fees set forth in
a Statement of Work shall be deemed inclusive of all actual net expenses and costs and Maven shall not be required to pay any
amounts in excess of such fees. Any expenses required to be paid by Maven shall: (i) be preapproved by Maven in writing; (ii)
reasonable; and (iii) not include any Consultant mark-up or overhead charges.

 

(c)
Unless otherwise set forth in the applicable Statement of Work, all fees and other charges described in such Statement of Work
shall be deemed to be inclusive of all sales, use, value-added, income, gross-receipts and other taxes, as well as all duties,
excises, levies, assessments and the like (collectively, “Taxes”), and Consultant shall be responsible
for and pay all Taxes, however designated, which are levied or based on this Agreement. In the event that the parties agree in
a Statement of Work that Maven will pay applicable sales taxes, duties or the like, Consultant shall break out such charges on
a line-item basis in the applicable Statement of Work. Maven shall have the right to require Consultant to contest within any
imposing jurisdiction, at Maven’s reasonable expense, any taxes or assessments that Maven deems to have been improperly
imposed on Maven.

 

3. Term
and Termination.

 

(a)
The Term is defined in the Statement of Work pursuant to this Agreement.

 

(b)
Maven may not terminate this Agreement without Cause.

 

(c)
If Maven terminates this Agreement for Cause, Consultant shall only receive a pro-rata monthly payment for the work performed
in the month in which the Agreement is terminated for Cause. For purposes of this Agreement, “Cause”
means the: (i) Consultant’s manifest, willful and continued failure substantially to perform the duties of Consultant under
this Agreement (other than any such failure resulting from incapacity due to physical or mental illness); (ii) Consultant’s
engagement in dishonesty, illegal conduct, or willful misconduct, which is, in each case, materially and demonstrably injurious
to Maven as determined by a court of competent jurisdiction; (iii) Consultant’s embezzlement, misappropriation, or fraud
against Maven or any of its Affiliates as determined by a court of competent jurisdiction; (iv) Consultant’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 Consultant’s ability
to perform services for Maven, or results in a material loss to Maven or material damage to the reputation of Maven; (v) Consultant’s
violation of a material policy of Maven that has been previously delivered to Consultant in writing if such failure causes material
harm to Maven as determined by a court of competent jurisdiction; (vi) Consultant’s material breach of any material obligation
under this Agreement or any other written agreement between Consultant and Maven as determined by a court of competent jurisdiction;
or (vii) violation of the Separation Agreement or Release as determined by a court of competent jurisdiction.

 

4.
Independent Contractor. Consultant’s relationship with Maven will be that of an independent contractor and not
that of an employee.

 

    	2

     

    

 

5.
Confidentiality Agreement. Consultant shall sign, or has signed, a Confidentiality and Proprietary Rights Agreement
substantially in the form attached to this Agreement as Exhibit B hereto (the “CPRA”), on or
before the date Consultant begins providing the Services.

 

6.
Method of Provision of Services. Consultant shall be solely responsible for determining the method, details and means
of performing the Services. Consultant may, at Consultant’s own expense, employ or engage the services of such employees,
subcontractors, partners or agents, as Consultant deems necessary to perform the Services (collectively, the “Assistants”).
The Assistants are not and shall not be employees of Maven, and Consultant shall be wholly responsible for the professional performance
of the Services by the Assistants such that the results are satisfactory to Maven. Consultant shall expressly advise the Assistants
of the terms of this Agreement, and shall require each Assistant to execute and deliver a CPRA to Maven.

 

(a)
No Authority to Bind Maven. Consultant acknowledges and agrees that Consultant and its Assistants have no authority
to enter into contracts that bind Maven or create obligations on the part of Maven without the prior written authorization of
Maven.

 

(b) Taxes;
Indemnification. Consultant shall have full responsibility for applicable taxes for all compensation paid to
Consultant or its Assistants under this Agreement, including any withholding requirements that apply to any such taxes, and
for compliance with all applicable labor and employment requirements with respect to Consultant’s self-employment, sole
proprietorship or other form of business organization, and with respect to the Assistants, including state worker’s
compensation insurance coverage requirements and any U.S. immigration visa requirements. Consultant agrees to indemnify,
defend and hold Maven harmless from any liability for, or assessment of, any claims or penalties or interest with respect to
such taxes, labor or employment requirements, including any liability for, or assessment of, taxes imposed on Maven by the
relevant taxing authorities with respect to any compensation paid to Consultant or its Assistants or any liability related to
the withholding of such taxes.

 

7.
Supervision of Consultant’s Services. All of the services to be performed by Consultant, including but not limited
to the Services, will be as agreed between Consultant and the Maven CEO as set forth in the applicable Statement of Work. Consultant
will be required to report to the Maven CEO concerning the Services performed under this Agreement. The nature and frequency of
these reports will be left to the discretion of the Maven CEO.

 

8.
Consulting or Other Services for Competitors. If Consultant presently performs or intends to perform, during the term
of the Agreement, consulting or other services for, or engage in or intend to engage in an employment relationship with, companies
whose businesses or proposed businesses in any way involve products or services which would be competitive with Maven’s
products or services, or those products or services proposed or in development by Maven during the term of the Agreement AND if
Maven determines that such work conflicts with the terms of this Agreement, notwithstanding Section 3, Maven reserves the right
to terminate this Agreement immediately. In no event shall any of the Services be performed for Maven at the facilities of a third
party or using the resources of a third party.

 

    	3

     

    

 

9.
Conflicts with this Agreement. Consultant represents and warrants that neither Consultant nor any of the Assistants
is under any pre-existing obligation in conflict or in any way inconsistent with the provisions of this Agreement. Consultant
represents and warrants that Consultant’s performance of all the terms of this Agreement will not breach any agreement to
keep in confidence proprietary information acquired by Consultant in confidence or in trust prior to commencement of this Agreement.
Consultant warrants that Consultant has the right to disclose and/or or use all ideas, processes, techniques and other information,
if any, which Consultant has gained from third parties, and which Consultant discloses to Maven or uses in the course of performance
of this Agreement, without liability to such third parties. Notwithstanding the foregoing, Consultant agrees that Consultant shall
not bundle with or incorporate into any deliveries provided to Maven herewith any third party products, ideas, processes, or other
techniques, without the express, written prior approval of Maven. Consultant represents and warrants that Consultant has not granted
and will not grant any rights or licenses to any intellectual property or technology that would conflict with Consultant’s
obligations under this Agreement. Consultant will not knowingly infringe upon any copyright, patent, trade secret or other property
right of any former client, employer or third party in the performance of the Services.

 

10.
Publicity. Neither party shall make, or cause to be made, any press release or public announcement in respect of the
subject matter of this Agreement or otherwise communicate with news media without the prior consent of the other party, except
as may be otherwise required by applicable law or regulation, by any authorized administrative or governmental agency or pursuant
to applicable requirements of any listing agreement with or the rules of any applicable securities exchange. The parties shall
cooperate as to the timing and contents of any such press releases or public announcements. Notwithstanding the foregoing, the
Parties agree to the release a joint press statement upon the mutual execution and delivery of this Agreement which shall include
the language substantially as set forth in Exhibit C.

 

11. Miscellaneous.

 

(a)
Amendments and Waivers. Any term of this Agreement may be amended or waived only with the written consent of Maven
and Consultant.

 

(b)
Assignment. This Agreement may not be assigned by Consultant without Maven’s prior written consent. This Agreement
may be assigned by Maven in connection with a merger or sale of all or substantially all of its assets without Consultant’s
consent, and in other instances with the Consultant’s consent, which consent shall not be unreasonably withheld or delayed.

 

(c)
Sole Agreement. This Agreement, including the Exhibits hereto, the Separation Agreement, including its Exhibits,
and the Release constitute the entire agreement of the parties and supersedes all oral negotiations and prior writings with respect
to the subject matter of this Agreement.

 

(d)
Notices. Any notice required or permitted by this Agreement shall be in writing and shall be deemed sufficient upon
delivery, when delivered personally or by overnight courier or sent by email or fax (upon customary confirmation of receipt),
or forty-eight (48) hours after being deposited in the U.S. mail as certified or registered mail with postage prepaid, addressed
to the party to be notified at such party’s address or fax number as set forth on the signature page or as subsequently
modified by written notice, or if no address is specified on the signature page, at the most recent address set forth in Maven’s
books and records.

 

    	4

     

    

 

(e)
Choice of Law. This Agreement shall be construed in accordance with, and all actions arising hereunder shall be
governed by, applicable U.S. federal law and the laws of the State of Washington, without reference to conflict of law principles.
Each party consents to the exclusive jurisdiction and venue of the U.S. federal and Washington State courts located in and serving
King County, Washington, in connection with any dispute or controversy arising out of or in connection with this Agreement and/or
its subject matter.

 

(f)
Severability. If one or more provisions of this Agreement are held to be unenforceable under applicable law, the
parties agree to renegotiate such provision in good faith. In the event that the parties cannot reach a mutually agreeable and
enforceable replacement for such provision, then (i) such provision shall be excluded from this Agreement, (ii) the balance of
the Agreement shall be interpreted as if such provision were so excluded and (iii) the balance of the Agreement shall be enforceable
in accordance with its terms.

 

(g)
Counterparts. This Agreement may be executed in counterparts, each of which may be delivered by facsimile or other
digital imaging device (e.g., DocuSign pdf format) and which shall be deemed an original, but all of which together will constitute
one and the same instrument.

 

(h)
Advice of Counsel. EACH PARTY ACKNOWLEDGES THAT, IN EXECUTING THIS AGREEMENT, SUCH PARTY HAS HAD THE OPPORTUNITY
TO SEEK THE ADVICE OF INDEPENDENT LEGAL COUNSEL, AND HAS READ AND UNDERSTOOD ALL OF THE TERMS AND PROVISIONS OF THIS AGREEMENT.
THIS AGREEMENT SHALL NOT BE CONSTRUED AGAINST ANY PARTY BY REASON OF THE DRAFTING OR PREPARATION HEREOF.

 

[Signature
Page Follows]

 

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The
parties have executed this Agreement as of the date first written above.

 

	 	MAVEN
    COALITION, INC.
	 	 	 
	 	By:	/s/ Rob
    Scott
	 	 	(Signature)
	 	Name:	Rob
    Scott
	 	Title:	General
    Counsel

 

	 	CONSULTANT: 
	 	 
	 	 	
	 	(Signature) 
	 	 
	 	Address: 
	 	 
	 	Email:	jch@themaven.net
	 	Phone:	 

 

    	6

     

    

 

EXHIBIT
A

 

Statement
of Work

 

ROLE

 

Founder,
and Advisor to the Chief Executive Officer of TheMaven, Inc. (the “CEO”) on strategic initiatives and partnerships.

 

DESCRIPTION
OF SERVICES

 

Consultant
will provide the following services to Maven:

 

a.
Advisor to CEO on strategic initiatives and partnerships.

 

b.
Advise on strategy:

 

	 	i.	Creating
    strategic vision documents as requested by CEO.
	 	 	 
	 	ii.	Advising
    on business model and strategy as requested by CEO.
	 	 	 
	 	iii.	Otherwise
    specific “agreement drafting and leading negotiations” as requested by the CEO.

 

Consultant
will report to the CEO and may contact Company employees, third party contractors of Maven (“Maven Personnel”)
as directed by the CEO. Consultant will not, directly or indirectly, direct any employee or third party contractor of Maven without
first obtaining the consent of the CEO. In addition, Consultant shall attend industry and Company events as reasonably requested
or approved by the CEO in the CEO’s discretion. If Consultant violates this obligation, it shall not be considered Cause
under this Agreement. Nothing herein shall prevent or restrict Consultant from maintaining social contact with any person, unrelated
to the operations of the Company.

 

TERM

 

Start
Date: August 26, 2020

 

End
Date: August 26, 2021

 

The
Term shall automatically extend for an additional 12-month period (the “Additional Term”) unless the
CEO notifies the Consultant by written notice of the Company’s decision not to extend at least 90 days before the End Date.

 

COMPENSATION
AND PAYMENT TERMS

 

	 	●
	Monthly
    Fee. During the Term, Consultant shall be entitled to a base fee of $29,166.66 per month to be paid on or before the
    last day of the month in which Services are performed. As and when the salaries of the Company’s senior executives are
    returned to the levels in place prior to March 2020, the Monthly Fee will likewise be increased commensurately, up to a maximum
    of $35,416.67 per month.

 

    	1

     

    

 

	 	●	Bonuses.
    During the Term, Consultant shall be eligible for additional, bonus payments of up to 100% of the Monthly Fees payable
    in the then current year of the Term, provided Consultant has not breached this Agreement or the Separation Agreement, and
    subject to performance goals to be determined by the CEO from time to time, subject to the approval of the Compensation Committee
    of the Board of Directors of the Company.
	 		 
	 	●	Stock
    Options. Consultant’s work pursuant to this Agreement shall be considered Continuous Service as described in
    Maven’s relevant equity plans. Consultant shall be considered for additional equity incentive awards alongside the Company’s
    C-Level executives. In the event that this Agreement is not extended for the Additional Term, the termination date of all
    then outstanding stock option grants held by Consultant shall be deemed to be extended for a period of one year from the end
    of the Term.

 

[SIGNATURE
PAGE FOLLOWS]

 

    	2

     

    

 

The
parties have executed this Statement on the dates set forth below.

 

	 	MAVEN
    COALITION, INC.
	 	 	 
	 	By:	
	 	 	(Signature)
	 	Name:	Rob
    Scott
	 	Title:	General
    Counsel

 

	 	CONSULTANT: 
	 	 	 
	 	 	
	 	James C. Heckman, Jr.
	 	 
	 	Address:
	 	 
	 	Email:	jch@themaven.net
	 	Phone:	 

 

    	3

     

    

 

EXHIBIT
B

 

CONFIDENTIALITY
AND PROPRIETARY RIGHTS AGREEMENT

 

(See
Attached)

 

    	 

     

    

 

EXHIBIT
C

 

JOINT
PRESS RELEASE LANGUAGE

 

As
part of the evolution and transition, Founder James Heckman will transition from his CEO role and will advise Levinsohn on key
strategic and business development initiatives. “I am so proud of what has been built at the Maven over the past 4 years
and it is now time for me to hands the reins to new leadership and focus my energy on value-creating strategic growth and partnership
initiatives. The hallmark of a good leader is putting into place an operational structure that survives long after its founder.
To that end, and most humbly, I believe it’s ‘mission accomplished.’ The plan is to focus 100% of my attention
on strategic growth and partnerships -- it’s been a high-performing formula for us in the past and believe it can add tremendous
value againExhibit
10.63

 

SEPARATION
AGREEMENT

 

This
Separation Agreement (this “Agreement”) is hereby made and entered into between TheMaven, Inc.,
a Delaware corporation (“TheMaven” or “Employer”), and JAMES C. HECKMAN,
JR. (“Employee”) to be effective as set forth in Section 9 below. Employer and Employee may be referred
to herein as a “Party” and, together, the “Parties.”

 

WHEREAS,
Employee was employed by Employer pursuant to an Employment Agreement dated November 4, 2016 with Employer (the “Employment
Agreement,” a copy of which is attached to this Agreement) (capitalized terms used but not defined in this Agreement
have the meanings ascribed thereto in the Employment Agreement);

 

WHEREAS,
Employee holds the positions of Chief Executive Officer of TheMaven and a member of the TheMaven Board;

 

WHEREAS,
the Parties have mutually agreed that the date of the Employee’s termination of Employee’s employment will be August
26, 2020 (the “Separation Date”);

 

WHEREAS,
the Parties wish to enter into this Agreement and the Release attached hereto as Exhibit A (the “Release”)
to set forth the terms and conditions of the Parties’ obligations following the Separation Date;

 

WHEREAS,
Employee’s signing this Agreement and signing and not revoking the Release, and complying with the terms of this Agreement
and the Release is a condition to receipt of certain severance payments and benefits under this Agreement.

 

NOW
THEREFORE, in consideration of the mutual covenants and mutual benefits contained herein, Employee and Employer agree as follows:

 

1.
Separation Date.

 

a.
Employee’s last day of employment with Employer will be the Separation Date. Employee will be paid, at his regular rate
of pay, through the Separation Date.

 

b.
As of the Separation Date, except as set forth herein or otherwise in accordance with the terms of the Consulting Agreement, Employee
is not to hold himself out as an officer, employee, agent, or authorized representative, negotiate or enter into any agreements
on behalf of, Employer or any of its Affiliates (as defined below), or otherwise attempt to bind Employer or any of its Affiliates,
unless, in each case, consented to in writing to do so by the Chief Executive Officer of Employer.

 

c.
Employee agrees that immediately upon the Separation Date and without any further action or notice on his part, Employee will
be considered to have resigned from: (i) any and all positions as an officer or similar of Employer and any of its subsidiaries
or Affiliates; and (ii) Employee’s position as a director of TheMaven and each of its Affiliates.

 

d.
For purposes hereof, the term “Affiliate” shall mean any corporation, association, partnership, limited liability
company, or other legal entity or organization that directly, or indirectly through one or more intermediaries, controls, is controlled
by, or is under common control with Employer. As used in this definition, the term “control” means the possession,
directly or indirectly, of the power to direct or cause the direction of the management and policies of any such legal entity,
whether through ownership of voting securities, by contract, or otherwise.

 

    	 	 	 

     

    

 

2.
One-Year Advisor Arrangement.

 

a.
Conditioned upon Employee’s signing this Agreement and signing and not revoking the Release, and complying with the terms
of this Agreement and the Release, Employee shall be given the opportunity to provide consulting services to Employer as an independent
contractor for a period of twelve (12) months beginning on the Separation Date (the “One-Year Advisor Arrangement”)
pursuant to a separate, written Consulting Agreement (the “Consulting Agreement”).

 

b.
For all Services rendered by Employee pursuant to the One-Year Advisor Arrangement, Employee shall receive a consulting fee of
$29,166.66 per month (the “Fee”), in accordance with the terms of the Consulting Agreement. The Fee
shall be paid to Employee by TheMaven on a monthly basis and shall be subject to increase as described in the Consulting Agreement.
TheMaven may terminate the One-Year Advisor Arrangement without Cause (as that term is defined in the Consulting Agreement) upon
at least thirty (30) days prior written notice to Employee, provided that in such instance TheMaven shall pay Employee a lump
sum payment equal to the unpaid Fees for each month remaining in the term of the One-Year Advisor Arrangement, provided, however,
that Employee must sign a separate release of claims in a form acceptable to Employer in order to be paid such lump sum payment
in accordance with the terms of the Consulting Agreement.

 

3.
Other Severance Benefits. Conditioned upon Employee’s signing this Agreement and signing and not revoking the Release,
and complying with the terms of this Agreement and the Release:

 

a.
If, as of August 1, 2020, Employee is a participant in Employer’s group health insurance plan, then, for the next 12 months,
Employer will pay an amount equal to 100% of the premium cost of COBRA group health insurance coverage, comprised of Employee’s
health, dental and vision benefits. This amount will be less all withholdings and other deductions required by law (and reported
to taxing authorities on a Form W-2). If Employee becomes eligible for group health insurance coverage in connection with new
employment during this period, regardless of how the new coverage compares with the coverage under Employer’s group health
plans, Employer’s obligation to make a payment equal to Employee’s COBRA premiums under this Paragraph shall immediately
terminate (and Employee shall promptly notify Employer of such eligibility).

 

b.
Employee acknowledges and agrees that Consulting Agreement and the benefits set forth under this Section 3 shall constitute all
of the severance benefits that Employee shall be entitled to under the Employment Agreement or otherwise, and Employee will not
be eligible for, nor shall Employee have a right to receive, any other severance benefits or other benefits of any kind.

 

    	 	 	 

     

    

 

4.
Post-Separation Obligations.

 

a.
Employee further reaffirms and agrees to comply with any and all covenants and agreements regarding non-competition, non-solicitation,
confidential information, intellectual property and assignment of inventions, return of company property to which Employee’s
employment was subject, including without limitation the provisions in Section 1.4 of the Employment Agreement, including all
subsections thereof. Employee agrees and acknowledges that for purposes of Section 1.4 in the Employment Agreement the restrictive
covenants shall last until the date that is twenty-four (24) months from the Separation Date.

 

b.
Employee agrees that for a period of five (5) years after the Separation Date, Employee shall not: (i) disparage Employer, any
of Employer’s affiliates (including any present, future or former agent, attorney, employee, officer or director of Employer
or any of Employer’s affiliates) or any of Employer’s investors, channel partners, partners or licensors, including,
for the avoidance of doubt, Authentic Brands Group and Meredith Corporation; (ii) impugn in any manner the name or reputation
of Employer, any of Employer’s affiliates (including any present, future or former agent, attorney, employee, officer or
director of Employer or any of Employer’s affiliates) or any of Employer’s investors, channel partners, partners or
licensors, including, for the avoidance of doubt, Authentic Brands Group and Meredith Corporation; or (iii) speak or write anything
disparaging or critical of the circumstances of the termination of Employee’s employment with Employer.

 

c.
Employer agrees that for a period of five (5) years after the Separation Date, Employer shall not permit its senior executives
to: (i) disparage Employee; (ii) impugn in any manner the name or reputation of Employee; or (iii) speak or write anything disparaging
or critical of the circumstances of the termination of Employee’s employment with Employer.

 

d.
Employee shall not disclose the terms of this Agreement, the Release or their existence to anyone except federal, state, or local
taxing authorities, Employee’s spouse, legal counsel and financial advisors, provided Employee instructs such persons that
the information Employee has disclosed to them is confidential.

 

e.
Nothing in this Agreement shall prevent either party from making disclosures that are otherwise prohibited by this Agreement in
response to any lawful court order or subpoena, or in connection with an investigation by a governmental or law enforcement agency,
or to respond to public allegations of misconduct or disparagement by a third party.

 

f.
To the extent consistent with law, this Agreement and the Release may be used as evidence only in a subsequent proceeding in which
a Party alleges a breach of this Agreement or the Release, or in which Employer is relying upon this Agreement or the Release
in support of an affirmative defense. This Agreement and the Release shall not be filed with a court or used for any other purpose,
and in such event the party filing or transmitting it shall take all steps necessary to maintain its confidentiality, including
by filing it under seal.

 

    	 	 	 

     

    

 

5.
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Washington
without regard to its conflict of laws principles to the extent that such principles would require the application of laws other
than the laws of the State of Washington.

 

6.
Employee Acknowledgement. Employee acknowledges that he has read this Agreement, that he has been advised (by this Agreement)
to consult with an attorney before he signs this Agreement, and that he understands all of its terms and signs it voluntarily
and with full knowledge of its significance and the consequences thereof.

 

7.
Severability. The invalidity of any one or more of the words, phrases, sentences, clauses or Sections contained in this
Agreement shall not affect the enforceability of the remaining portions of this Agreement or any part thereof.

 

8.
Contingent Severance Benefits. Employer’s continuing obligations under this Agreement are contingent upon Employee’s
compliance with all terms and conditions provided for in this Agreement and the Release. In the event that Employee breaches any
of his obligations under this Agreement or the Release, Employee agrees that Employer may cease making any payments due under
this Agreement, and recover all payments already made under this Agreement, in addition to all other available legal remedies.

 

9.
Effective Date. Conditioned on all Parties executing it, this Agreement shall be considered effective as of the Effective
Date, as defined in paragraph 10(b) of the Release.

 

10.
Entire Agreement. Prior to the Separation Date, the Employment Agreement shall remain in full force and effect, except
where the Employment Agreement and this Agreement conflict, in which case this Agreement shall control. As of the Separation Date,
this Agreement, including the Release attached hereto and the other documents referenced herein, and the surviving provisions
of the Employment Agreement shall constitute the entire agreement between the Parties with respect to Employee’s former
employment with Employer and the Parties’ relationship and obligations to each other.

 

11.
Assignment; Third Party Beneficiaries. This Agreement and all rights of Employee under this Agreement shall inure to the
benefit of and be enforceable by Employee’s personal or legal representatives, executors, administrators, successors, heirs,
distributees, devisees and legatees. This Agreement shall be for the benefit of and binding upon the parties hereto and their
respective heirs, personal representatives, legal representatives, successors and, where applicable, assigns.

 

[Signatures
on following page]

 

    	 	 	 

     

    

 

IN
WITNESS WHEREOF, this Agreement has been executed by the Parties as of the dates set forth below.

 

	EMPLOYER:	 
	 	 	 
	THEMAVEN, INC.	 
	 	 	 
	By:	/s/ Rob
    Scott	 
	Name:	Rob
    Scott	 
	Title:
    	General
    Counsel	 
	Date:	8/26/2020	 

 

	EMPLOYEE:	 
	 	 
	/s/ JAMES
    C. HECKMAN, JR.	 
	JAMES
    C. HECKMAN, JR.	 
	 	 
	Date:
    8/26/2020	 

 

[Signature
Page to Separation Agreement]

 

    	 	 	 

     

    

 

EXHIBIT
A

 

RELEASE

 

This
Release (the “Release”) is hereby made and entered into between TheMaven, Inc. (“Employer”) and James
C. Heckman, Jr. (“Employee”) to be effective as set forth in Section 10(b) below. Employee’s execution of this
Release is a condition to his engagement in the Consulting Agreement and other benefits pursuant to Section 2 and Section 3 of
the Separation Agreement between Employer and Employee effective as of August 26, 2020 (the “Agreement”), to which
this Release is attached as Exhibit A. Any terms not defined herein shall have the meaning set forth in the Agreement.

 

1.
Employee Release.

 

a.
Employee, for himself and his family, heirs, executors, administrators, legal representatives, and their respective successors
and assigns, in exchange for the consideration to be provided pursuant to Sections 2-3 of the Agreement hereby gives up, releases,
and discharges Employer, TheMaven, Inc. and each of their subsidiaries, Affiliates, successors and assigns, and their current
and former directors, managers, officers, employees, shareholders and agents in such capacities (each a “Released Party”
and, collectively with Employer and TheMaven, Inc., the “Released Parties”) from any and all rights and claims that
Employee may have against the Released Parties as of the date Employee signs this Release arising from or in connection with Employee’s
employment or termination of employment with Employer, including without limitation any and all rights and claims to or for attorneys’
fees, whether or not Employee presently is aware of such rights or claims or suspects them to exist. These rights and claims include,
but are not limited to, any and all rights and claims which Employee may have under, or arising out of, the Age Discrimination
in Employment Act of 1967, as amended (the “ADEA”); the Americans with Disabilities Act of 1990, as amended; the Family
and Medical Leave Act; Title VII of the Civil Rights Act of 1964, as amended; and any other federal, state, or local constitution,
statute, ordinance, executive order, or common law.

 

b.
Employee specifically releases the Released Parties from all claims Employee might have under the ADEA and acknowledges that all
conditions established by the Older Workers Benefit Protection Act for a voluntary release of claims have been met.

 

c.
Notwithstanding anything in Paragraph 1(a) above to the contrary, this Release shall not apply to: (i) any actions to enforce
rights to receive any payments or benefits which may be due to Employee pursuant to the Agreement or under any of Employer’s
employee benefit plans; (ii) any rights or claims that may arise as a result of events occurring after the date this Release is
signed by Employee; (iii) any indemnification rights Employee may have as a current or former officer or director of Employer
or its Affiliates; (iv) any claims for benefits under any directors’ or officers’ liability policy maintained by Employer
or its Affiliates in accordance with the terms of such policy; (v) any claims that cannot be waived as a matter of law; (vi) any
claims Employee may have to government-sponsored and administered benefits such as unemployment insurance, workers’ compensation
insurance (excluding claims for retaliation under workers’ compensation laws), state disability insurance, and paid family
leave benefits; and (viii) any benefits that vested on or prior to the Separation Date pursuant to a written benefit plan sponsored
by Employer and governed by the federal law known as “ERISA.”

 

    	 	 	 

     

    

 

d.
This Release shall be effective as a bar to each and every claim Employee might otherwise have asserted against any Released Party
on or before the date of this Release. In the event Employee hereafter discovers facts in addition to or different from those
which Employee now knows or believes to exist with respect to the subject matter of this Release and which, if known or suspected
at the time of executing this Release, may have materially affected this Release, Employee expressly waives any right to assert
after the execution of this Agreement that any such claim has, through ignorance or oversight, been omitted from the scope of
this Release.

 

e.
Nothing in this Release prohibits or prevents Employee from filing a charge with or participating, testifying, or assisting in
any investigation, hearing, or other proceeding before the U.S. Equal Employment Opportunity Commission, the National Labor Relations
Board or a similar agency enforcing federal, state or local anti-discrimination laws (except that Employee acknowledges that he
may not recover any monetary benefits or personal relief in connection therewith). Additionally, nothing in this Release prevents
Employee from: (i) reporting possible violations of federal law or regulations, including any possible securities laws violations,
to any governmental agency or entity, including but not limited to the U.S. Department of Justice, the U.S. Securities and Exchange
Commission, the U.S. Congress, or any agency Inspector General; (ii) making any other disclosures that are protected under the
whistleblower provisions of federal law or regulations; or (iii) otherwise fully participating in any federal whistleblower programs,
including but not limited to any such programs managed by the U.S. Securities and Exchange Commission and/or the Occupational
Safety and Health Administration. Moreover, nothing in this Release prohibits or prevents Employee from receiving individual monetary
awards or other individual relief by virtue of participating in such federal whistleblower programs.

 

2.
Employer Limited Release. In exchange for Employee’s promises and obligations as set forth in this Agreement, as
well as other good and valuable consideration, the receipt of which is hereby acknowledged, the Employer irrevocably and unconditionally,
fully and forever waives, releases and discharges Employee from any and all from any and all rights and claims that Employer may
have against the Employee as of the date Employer signed this Release, including, without limitation, any claims under any federal,
state, local, or foreign law, that the Employer may have relating related to Employee’s employment with the Employer and
arising out of factors or circumstances actually known to senior executives of Employer other than Employee; provided, however,
that this limited release shall not apply to any intentional misconduct, fraud, criminal actions, theft, conversion or other acts
of bad faith that occurred on or before the date Employer signs this Release. Nothing contained herein shall prohibit Employer
from bringing a claim to enforce the terms of this Release.

 

    	 	 	 

     

    

 

3.
Employee Representations and Covenant Not to Sue. Employee represents that he has not filed against the Released Parties
any complaints, charges, or lawsuits arising out of his employment, termination of employment, or any other matter arising on
or prior to the date Employee signed this Release, and covenants and agrees that he will never individually or with any person
or entity file, or commence the filing of, any charge, lawsuit, complaint, or proceeding with any governmental agency, or against
the Released Parties with respect to any of the matters released by Employee pursuant to Paragraph 1(a) hereof (a “Proceeding”).
If, notwithstanding the express terms of this Release to the contrary, Employee commences, continues, joins in, or in any other
manner attempts to assert any claim released herein against any Released Party, then, to the fullest extent permitted by law,
Employee shall reimburse the Released Parties for all reasonable attorneys’ fees incurred by the Released Parties in defending
against such a claim; provided that the right to attorneys’ fees is without prejudice to the Released Parties’ other
rights hereunder.

 

4.
Employee Acknowledgements. Employee further acknowledges that he (a) has received payment in full for all services rendered
in conjunction with Employee’s employment by Employer and that no other compensation is owed to Employee except as provided
in the Agreement; (b) Employee has not been denied any request for leave to which he believes he was legally entitled, and Employee
was not otherwise deprived of any of his rights under the Family and Medical Leave Act or any similar state or local statute;
and (c) Employee has not assigned or transferred, or purported to assign or transfer, to any person, entity, or individual whatsoever,
any of the claims released in the foregoing general release and waiver.

 

5.
Return of Employer Property. Employee agrees that that he will return any unreturned Employer Property promptly upon Employer’s
request.

 

6.
Separation Agreement. This Release incorporates by reference, as if set forth fully herein, all terms and conditions of
the Agreement. Employee acknowledges that this Release is not intended to otherwise change, alter or amend any of the terms and
conditions of the Agreement, which Agreement remains in full force and effect.

 

7.
No Admission of Liability. Neither the existence of this Release nor any of its terms or conditions shall be construed
by either Party, at any time, as an admission of liability or wrongdoing by any Released Party.

 

8.
Severability. If any provision of this Agreement, or any part thereof, is determined to be invalid or unenforceable by
a court having jurisdiction in the matter, all of the remaining provisions and parts of this Agreement shall remain fully enforceable;
except that, if the provisions in Paragraph 1 concerning releases are held to be invalid, illegal, or unenforceable, then Employee
will be required to enter into a new Release with an enforceable release, unless otherwise agreed to in writing by all parties.

 

9.
Consideration. Employee acknowledges that the execution of this Release is in further consideration of the payments due
to Employee under the Agreement, which includes benefits to which Employee acknowledges he would not be entitled if he did not
sign this Release.

 

10.
Knowing and Voluntary Agreement.

 

a.
Employee acknowledges that Employee: (i) has carefully read this Agreement in its entirety; (ii) has the opportunity to consider
the terms of this Agreement and Addendum for at least 21 days; (iii) is hereby advised by Employer in writing to consult with
an attorney of Employee’s choice in connection with this Agreement; (iv) fully understands the significance of all the terms
and conditions of this Agreement; and (v) is signing this Agreement voluntarily and of Employee’s own free will and agree
to abide by all the terms and conditions contained herein.

 

    	 	 	 

     

    

 

b.
After signing this Release, Employee shall have seven (7) days (“Revocation Period”) to revoke the release
of claims under the Age Discrimination in Employment Act by indicating Employee’s desire to do so in writing to Robert Scott,
by no later than the last day of the Revocation Period. Employee’s right to receive the consideration to be provided pursuant
to Sections 2-3 of the Agreement shall not become effective until the day following the last day of the Revocation Period, only
if Employee has not sent a Revocation Notice prior to the end of the Revocation Period (“Effective Date”).
In the event that Employee revokes this Release during the Revocation Period, this Release and the Agreement shall automatically
be null and void.

 

11.
Miscellaneous.

 

a.
This Release may not be amended, modified or discharged except by a writing duly executed by all parties. This Release may not
be amended, modified or discharged by e-mail.

 

b.
This Release shall be governed by and construed in accordance with the laws of the State of Washington without regard to its conflict
of laws principles to the extent that such principles would require the application of laws other than the laws of the State of
Washington.

 

c.
The waiver by either Party of the breach of any provision of this Release by the other Party shall not operate or be construed
as a waiver of any subsequent breach by such other Party.

 

d.
This Release may be executed in several counterparts, each of which shall be deemed an original.

 

e.
The Parties shall bear their own respective costs and fees, including attorneys’ fees, in connection with the negotiation
and execution of this Release.

 

f.
The terms and conditions of this Release shall be binding and shall inure to the benefit of the Parties’ respective heirs,
executors, administrators, representatives, successors and assigns.

 

[Signatures
on following page]

 

    	 	 	 

     

    

 

	EMPLOYER:	 
	 	 
	THEMAVEN,
    INC.	 
	 	 	 
	By:
    	/s/ Rob
    Scott	 
	Name:
    	Rob
    Scott	 
	Title:	General
    Counsel	 
	Date:	August
    26, 2020	 

 

	EMPLOYEE:	 
	 	 
	/s/ JAMES
    C. HECKMAN, JR.	 
	JAMES
    C. HECKMAN, JR.	 
	 	 
	Date:August
    26, 2020

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