Document:

Exhibit
10.125

 

EXCHANGE
AGREEMENT

 

THIS
EXCHANGE AGREEMENT (this “Agreement”), dated as of October 31, 2020, by and among TheMaven, a Delaware corporation
(the “Company”), and James C. Heckman (“Heckman”).

 

Introductory
Statement

 

WHEREAS,
the Company and Heckman desire to convert certain indebtedness into shares of Series H Convertible Preferred Stock, par value
$0.01, of the Company (the “Series H Preferred Stock”);

 

WHEREAS,
Heckman holds certain promissory notes of the Company evidencing indebtedness of the Company more particularly described on Schedule
A hereto (collectively, the “Notes”); and

 

WHEREAS,
Heckman and the Company desire to convert all outstanding principal of and accrued but unpaid interested under the Notes into
389 shares of Series H Preferred Stock.

 

NOW,
THEREFORE, in consideration of the foregoing and the terms contained in this Agreement, the parties hereto agree as follows:

 

1.
EXCHANGE

 

1.1
Conversion of Debt.

 

a.
As of the Exchange Date (as defined below), on the terms and subject to the conditions contained herein, Heckman agrees to convert
and exchange with the Company, and the Company agrees to convert and exchange with Heckman, all unpaid principal amount of and
accrued interest on the Notes in exchange for 389 shares of Series H Preferred Stock (the “Shares”).

 

1.2
Closing.

 

a.
Upon the terms and subject to the conditions of this Agreement, it is intended that the closing (the “Closing”)
of the conversion contemplated by this Agreement (the “Conversion”) shall take place as of the date (the “Exchange
Date”) of the execution of this Agreement.

 

b.
The Closing will occur at the Company’s headquarters at 10:00 a.m. (local time), or at such other place and time as the
parties may determine (the time and date of such closing being referred to herein as the “Closing Date”). The
parties hereto agree to use their best efforts to have the Closing occur as soon as practicable consistent with the provisions
of this Agreement.

 

    	 

    	 

    

 

c.
The parties hereby agree that on Closing and the cancellation of the Notes the Company shall request the Transfer Agent to issue
to Heckman or his nominee(s) the uncertificated shares of Series H Preferred Stock of the Company into which the Notes have been
converted as directed in writing by Heckman.

 

2.
REPRESENTATIONS OF THE COMPANY. The Company represents and warrants to Heckman that:

 

a.
The execution, delivery and performance of this Agreement by the Company and the consummation by it of the Conversion contemplated
by this Agreement have been duly and effectively authorized by all requisite corporate action, and when fully executed and delivered,
this Agreement shall constitute the legal, valid and binding obligations of the Company, enforceable in accordance with their
respective terms.

 

b.
Upon issuance of the Shares to Heckman, such Shares will be duly and validly authorized and issued, fully paid and nonassessable
and free of any encumbrances or restrictions on transfer other than as provided by applicable law.

 

3.
REPRESENTATIONS OF HECKMAN. Heckman represents and warrants to the Company that:

 

a.
Heckman is the lawful record and beneficial owner of the Notes being exchanged by it hereunder and has good and marketable title
to such Notes, free and clear of all liens, charges, security interests, options, encumbrances and claims of any kind or nature
and with no restrictions on the incidents of record and beneficial ownership pertaining thereto, other than as provided by applicable
law. Heckman is not the subject of any bankruptcy, reorganization or similar proceeding.

 

b.
Heckman has full and absolute legal right, power and authority to enter into this Agreement and to perform his obligations hereunder.
This Agreement has been duly and validly executed and delivered by Heckman, and is the legal, valid and binding obligation of
Heckman, enforceable against Heckman in accordance with its terms.

 

c.
Heckman represents that he is acquiring the Shares for investment purposes only and not with the view to the distribution, resale,
subdivision or fractionalization thereof, and that the transaction contemplated hereby is exempt from the registration provisions
of the Securities Act of 1933, as amended. Heckman represents that he is acquiring the Shares for its own account and not for
the account, benefit or interest, directly or indirectly, of any other person.

 

d.
Heckman has reviewed copies of such documents and other information as Heckman has deemed necessary in order to make an informed
investment decision with respect to his conversion of the Notes for the Shares being acquired and Heckman is relying solely on
Heckman’s own decision or the advice of Heckman’s own adviser(s) with respect to an investment in the Company and
the acquisition of the Shares, and has neither received nor relied on any communication from the Company or its agents regarding
any legal, investment or tax advice relating to an investment in the Company and the acquisition of the Shares. Heckman hereby
acknowledges that the Company is not making any representations or warranties with respect to the business, assets, liabilities,
operations, condition (financial or otherwise), and prospects of the Company.

 

    	 

    	 

    

 

e.
Heckman agrees that he shall not convert the Shares into shares of the Company’s Common Stock until such time as the Company
has filed an amendment to its Certificate of Incorporation increasing its number of authorized shares of Common Stock to a sufficient
number to permit full conversion of all outstanding shares of Series H Preferred Stock.

 

4.
MISCELLANEOUS.

 

4.1
Entire Agreement. This Agreement embodies the entire agreement and understanding of the parties with respect to the subject
matter hereof and supersedes any and all prior agreements, arrangements and undertakings, whether written or oral, relating to
matters provided for herein. There are no provisions, undertakings, representations or warranties relative to the subject matter
of this Agreement not expressly set forth herein.

 

4.2
Benefit and Assignment. This Agreement will be binding upon and inure to the benefit of the parties hereto and their respective
successors and permitted assigns. There shall be no assignment of any interest under this Agreement by any party without the other
party’s prior written consent. Nothing in this Agreement, express or implied, is intended to and shall not under any circumstances
create any enforceable right or benefit in any other person whatsoever, nor shall any other person whatsoever be entitled to have
any claim, cause of action or right based upon or arising out of the existence of this Agreement or the consummation of the transactions
contemplated hereby.

 

4.3
Amendment. This Agreement may not be amended or modified except by an instrument in writing signed by Heckman and the Company.

 

4.4
Further Assurance. The parties agree to use all reasonable best efforts to take, or cause to be taken, all actions and
do, or cause to be done all other things necessary, proper or appropriate to consummate and effectuate the transactions contemplated
hereby, including the furnishing to the other party or any other appropriate party such further certifications, agreements, affidavits
or other documents necessary to effectuate the purposes hereof.

 

4.5
Governing Law. This Agreement shall be governed by, enforced under and construed in accordance with, the laws of the State
of Delaware, without giving effect to any choice of law provision or rule thereof. The parties submit to the exclusive jurisdiction
of the courts of the State of New York and of the United States of America in each case located in the County of New York for
any litigation arising out of or relating to the Agreement and the transactions contemplated hereby.

 

[remainder
of page intentionally left blank; signature page follows]

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, this Agreement has been duly executed by the parties hereto as of the date first above written.

 

	 	THEMAVEN,
    INC.
	 	 	 
	 	By:	/s/
    Ross Levinsohn
	 	Name:	Ross
    Levinsohn
	 	Title:	Chief
    Executive Officer

 

	 	/s/
    James C. Heckman 
	 	James
    C. Heckman

 

    	 

    	 

    

 

Schedule
A

 

See
attached.Exhibit
10.131

 

 

January
19, 2021

 

Hello
from the Maven Management team. You are receiving this because there is a positive update regarding your April 2019 stock option
grant.

 

Your
existing April 2019 stock option grant

 

As
you know, you received a stock option grant from Maven in April 2019. That option grant contained complex stock price vesting
provisions, which required the company’s stock to both a) trade on NASDAQ, and b) reach certain price levels in order for
you to vest your shares.

 

Further,
you will recall that your options were “unfunded”, meaning that they could not be exercised, regardless of vesting,
until the Company authorized sufficient additional shares of common stock.

 

Your
revised and improved option grant

 

We
believe these vesting conditions to be overly complicated, confusing, and the stock price targets potentially difficult to reach.
Our company’s Board of Directors agrees.

 

As
such, the Board has voted to amend your April 2019 stock option grant to remove these complex vesting conditions entirely.

 

Moreover,
in December the Company filed an amendment to its charter, having received shareholder approval, and created sufficient new shares
of authorized common stock. As such, all existing option grants are now fully funded.

 

What
does this mean for you?

 

Your
April 2019 stock options will now vest based on your time at Maven. The time vesting of your grant occurs over three years. This
is not a new grant of stock, but by fixing this, you will as of now have already vested 58% of your shares from the April 2019
stock option grant.

 

Next
Steps

 

Attached
to this letter, you have received an amendment to your option agreement. That amendment contains the official paperwork that amends
your option grant. There is no need for you sign. It will be official once signed by Maven management.

 

If
you have any questions, please do not hesitate to reach out to either me or Maven’s Compliance Officer (Eric Bassman). We
will gladly walk you through the changes and the process involved.

 

Thanks,

 

President

 

    	 	 	 

    	 

    

 

AMENDMENT

TO

THEMAVEN,
INC. 2019 EQUITY INCENTIVE PLAN 

OPTION
AGREEMENT

(INCENTIVE
STOCK OPTION OR NONQUALIFIED STOCK OPTION)

 

This
AMENDMENT (the “Amendment”), dated as of January 8, 2021 (the “Effective
Date”), to THEMAVEN, INC. 2019 EQUITY INCENTIVE PLAN OPTION AGREEMENT, by and between TheMaven, Inc. (the
“Company”) and _____________________ (“Optionee” or
“you”).

 

RECITALS:

 

The
Company and Optionee entered into an Option Agreement, dated as of April 10, 2019, (the “Option Agreement”),
under the TheMaven, Inc. 2019 Equity Incentive Plan (as amended, the “Plan”), which sets forth certain
terms and conditions related to the option grant made by the Company to you to purchase shares of common stock of the Company.
Pursuant to Sections 2(b)(iv) and (viii) of the Plan, the Board of Directors of the Company hereby amends the Option Agreement
to modify certain terms and conditions of the Option Agreement solely as specified below.

 

Except
as expressly provided herein, all other terms and conditions of the Option Agreement shall be unaffected by this Amendment and
shall remain in full force and effect. Capitalized terms not defined in this Amendment will have the meanings given them in the
Option Agreement.

 

NOW,
THEREFORE, in consideration of the mutual agreements herein contained, and other good and valuable consideration, the sufficiency
of which is hereby acknowledged, the parties agree as follows:

 

	 	1.	Exhibit A to the Stock Option Grant Notice of the Option
Agreement is hereby deleted in its entirety and the following is inserted in place thereof:

 

“Exhibit
A:

 

	 	●	The
    Option may be exercised with respect to the first 1/3 of the shares thereunder when the Optionholder completes one year of
    continuous service beginning with the grant date.
	 	●	The
    Option may be exercised with respect to an additional 1/36th of the shares thereunder when the Optionholder completes each
    month of continuous service thereafter.”

 

	/s/
    Paul Edmondson	 
	Paul
    Edmondson President	 
	The
    Maven, Inc.	 

 

    	 	2

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