Document:

Exhibit 10.2

 

EXHIBIT
A – FORM OF NOTE

 

INTERESTS
REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATES
AND ARE BEING OFFERED AND SOLD IN RELIANCE ON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF SAID ACT AND SUCH LAWS. THE INTERESTS
ARE SUBJECT TO RESTRICTION ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED HEREUNDER AND
PERMITTED UNDER SAID ACT AND SUCH LAWS PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM.

 

JERRICK
MEDIA HOLDINGS, INC.

10.0%
CONVERTIBLE PROMISSORY NOTE

 

Englewood,
NJ

Date: __________

 

No.
JMDA-CN-2016- ___

 

THIS
CONVERTIBLE PROMISSORY NOTE (this “Note”) is one of a duly authorized issue of promissory notes of JERRICK
MEDIA HOLDINGS, INC., a corporation duly organized and existing under the laws of the State of Nevada having its principal address
at 202 South Dean Street, Englewood, New Jersey 07631 (the “Company”), designated as its 10.0% Convertible
Promissory Notes in the aggregate principal amount not exceeding Five Hundred Thousand Dollars ($500,000) (the “Notes”).
The Notes will be issued under and pursuant to the terms and provisions of a Subscription Agreement of even date herewith (the
“Subscription Agreement”) entered into by the Company with the original purchaser therein who is referred
to in this Note as the original holder (the “Original Holder”). This Note is subject to all of the terms
and provisions of the Subscription Agreement, to which reference is hereby made for the terms and provisions thereof.

 

FOR
VALUE RECEIVED, the Company promises to pay to ___________________________, or permitted assigns (the
“Holder”), the principal sum of U.S. $______________on_________, 2017 (the “Maturity
Date”), and to pay interest on the principal sum outstanding under this Note (the “Outstanding
Principal Amount”), at the rate of 10.0% per annum due and payable semi-annually in arrears on the 1st day of
April and November of each year (each an “Interest Payment Date”), with the first such payment due
on April 1, 2017, subject to Section 1 hereof. Accrual of interest shall commence on the first day to occur after the
date hereof and shall continue until payment in full of the Outstanding Principal Amount and all interest hereunder has been
made. The principal of and interest on this Note are payable in such coin or currency of the United States of America as of
the time of payment is legal tender for payment of public and private debts, provided, however, that in lieu of paying such
interest in coin or currency, the Company may, at its option (the “Stock Issuance Option”), pay
interest on this Note, for any Interest Payment Date, by issuing to the Holder that number of shares of common stock, par
value $.001 per share, (the “Common Stock”) of the Company (such shares of Common Stock, the
“Interest Shares”) equal to the amount of the interest payable for such Interest Payment Date
divided by the lesser of (the “Interest Option Share Price”) (i) the Conversion Price and (ii) the
VWAP (as defined below) for a share of Common Stock, as reported by Bloomberg LP, over the 20 trading days prior to
the Interest Payment Date. If the Company exercises the Stock Issuance Option, then the Company shall (a) provide a statement
to the Holder in the form of Exhibit 1 hereto (the “Stock Option Issuance Statement”) on or
before the Interest Payment Date and (b) promptly (but in no event later than 30 days after providing the Stock Option
Issuance Statement) issue a stock certificate to the Holder for the Interest Shares. The Company may not exercise the Stock
Issuance Option unless, on the Interest Payment Date (a) the Company is not in default of any obligation owed to the Note
holders, (b) the Company’s Common Stock is registered under Section 12(b) or (g) of the Securities Exchange Act of 1934
(the “Exchange Act”) and the Company has no reason to believe that its Common Stock will be
deregistered therefrom, and (c) the Company is current in its reporting requirements under the Exchange Act.

 

     

     

    

 

This
Note is subject to the following additional provisions:

 

1.       Payment.

 

(a)       Interest.
Payment of interest on this Note, including any default interest, shall be made to the Holder on or before the close of business
on the Interest Payment Date (or if the Interest Payment Date is not a Business Day, then the first Business Day after the Interest
Payment Date) in the year of the relevant payment dates, and shall be deemed made when mailed to his address as last reported
to the Company. Where required, calculations and respective interest on this Note will be made on the basis of a 360 day year
consisting of 12 months, 30 days each and, in the case of an uncompleted month, the actual number of days elapsed. In the event
that this Note is converted into Common Stock as provided in Section 5 hereof, interest will be paid up to but not including
the date of the Company’s receipt of the Forced Conversion Notice (defined below).

 

(b)       Principal.
Payment of the full Outstanding Principal Amount of this Note shall be made on the Maturity Date (or if the Maturity Date
is not a Business Day, then the first Business Day after the Maturity Date) to the Holder at his address as last reported to the
Company and shall be deemed made when received.

 

2.       Prepayment.
The Company may not prepay any portion of the Outstanding Principal Amount of this Note.

 

3.       Ranking.
The Notes are unsecured and shall rank senior to all new unsecured indebtedness of the Company.

 

4.       Conversion.

 

(a)       Voluntary
Conversion by Holder. The Outstanding Principal Amount of this Note may be converted at any time and from time to time in
whole or in part, at the option of the Holder, into shares of Common Stock. If this Note is called for prepayment, the Holder
may convert it at any time before the close of business on the fifth business day prior to the prepayment date.

 

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(b)       
Conversion of this Note at the Option of the Company. The Company shall have the right to convert up to 20% of the original
principal amount of this Note into shares of Common Stock upon thirty days prior written notice thereof to the Holder (the “Forced
Conversion Notice”), provided, that each of the following conditions is satisfied: (i) the shares of Common Stock to be
issued by the Company are freely tradable either because such shares are registered pursuant to an effective registration statement
or are eligible for resale pursuant to Rule 144 and the Company has taken all necessary action to ensure such shares are eligible
for resale pursuant to Rule 144, (ii) the VWAP exceeds $1.25 per share, and (iii) the 20 day average daily volume exceeds $100,000.
The Company may issue a subsequent Forced Conversion Notice only after the expiration of a period of thirty (30) days from the
thirty (30) day notice period for the prior Forced Conversion Notice, and may continue to issue Forced Conversion Notices in accordance
herewith until all principal under this Note is converted. As used herein “VWAP” means, for any security as of any
date, the dollar volume-weighted average price for such security on the primary national securities exchange and automated quotation
system, if any, upon which the Common Stock is then listed (subject to official notice of issuance) (or, if such market is not
the principal trading market for such security, then on the principal securities exchange or securities market on which such security
is then traded) during the period beginning at 9:30:01 a.m., New York time, and ending at 4:00:00 p.m., New York time, as reported
by Bloomberg through its “Volume at Price” function or, if the foregoing does not apply, the dollar volume-weighted
average price of such security in the over-the-counter market on the electronic bulletin board for such security during the period
beginning at 9:30:01 a.m., New York time, and ending at 4:00:00 p.m., New York time, as reported by Bloomberg, or, if no dollar
volume-weighted average price is reported for such security by Bloomberg for such hours, the average of the highest closing bid
price and the lowest closing ask price of any of the market makers for such security as reported in the “pink sheets”
by OTC Markets Group Inc. (formerly Pink Sheets LLC). If VWAP cannot be calculated for such security on such date on any of the
foregoing bases, the VWAP of such security on such date shall be the fair market value as mutually determined in good faith by
the Company and the Agent designated by the Holder. All such determinations shall be appropriately adjusted for any stock dividend,
stock split, stock combination or other similar transaction during such period.

 

(c)       Manner
of Conversion and Conversion Price. The initial conversion price shall be equal to $0.30 per share of Common Stock (the “Conversion
Price”). To determine the number of shares of Common Stock issuable upon conversion of this Note, divide the Outstanding
Principal Amount to be converted (which shall include all accrued interest, if any) by the Conversion Price in effect on the conversion
date. To convert this Note, the Holder must (1) complete and sign the conversion notice in the form of Exhibit 2 hereto
(the “Conversion Notice”), (2) surrender this Note to the Company, (3) furnish appropriate endorsements
and transfer documents if required by the Company, and (4) pay any transfer or similar tax if required. The Holder may convert
a portion of this Note if the portion is $1,000 or an integral multiple of $1,000.

 

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(d)       Fractional
Shares. No fractional shares shall be issued upon conversion of this Note. In place of a fractional share, the Company shall
pay the holder of this Note an amount in cash equal to the product of such fraction and the Conversion Price.

 

(e)       Adjustment
for Stock Dividends and Stock Splits. If the Company:

 

(i)       pays
a stock dividend or makes a distribution on its outstanding shares of Common Stock in shares of its Common Stock;

 

(ii)      subdivides
its outstanding shares of Common Stock into a greater number of shares; or

 

(iii)     combines
its outstanding shares of Common Stock into a smaller number of shares;

 

then
the conversion privilege and the Conversion Price in effect immediately prior to such action shall be adjusted so that upon conversion
the Holder may receive the number of shares of capital stock of the Company which the Holder would have owned immediately prior
to such action. The adjustment shall become effective immediately after the record date in the case of a stock dividend or distribution
and immediately after the effective date in the case of a subdivision or combination. If after an adjustment a Holder upon conversion
may receive shares of two or more classes of capital stock of the Company, the Company shall determine the allocation of the adjusted
Conversion Price between the classes of capital stock. After such allocation, the conversion privilege and the Conversion Price
of each class of capital stock shall thereafter be subject to adjustment on terms comparable to those applicable to Common Stock
in this subsection.

 

(f)       Reorganization,
Reclassification, Consolidation, Merger or Sale. In the case of any reclassification, capital reorganization, consolidation,
merger, sale of all or substantially all of the assets of the Company to another person or any other change in the Common Stock
of the Company, other than as a result of a subdivision, combination, or stock dividend provided for in sub-clause (e) hereof
(any of which, a “Change Event”), then lawful provision shall be made, and duly executed documents evidencing
the same from the Company or its successor shall be delivered to the Holder, such that the Holder shall have the right at any
time prior to the expiration of this Note to purchase, at a total price equal to that payable upon the exercise of this Note (subject
to the adjustment of the Conversion Price as provided in this Section), the kind and amount of shares of stock or other securities
and property receivable in connection with such Change Event by a holder of the same number of shares of Common Stock as were
purchasable by the Holder immediately prior to such Change Event. Appropriate adjustments shall also be made to the Conversion
Price, but the aggregate Conversion Price shall remain the same. Notwithstanding anything to the contrary contained herein, with
respect to any Change Event, the Holder shall have the right to elect prior to the consummation of such event or transaction to
give effect to the exercise its right to convert into Common Stock and receive the securities and other consideration issued to
holder of Common Stock in the Change Event in lieu of giving effect to the provisions of this Section.

 

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(g)       When Adjustment May be Deferred. No adjustment in the Conversion Price need be made unless the adjustment would require an
increase or decrease of at least 1% in the Conversion Price. Any adjustments that are not made shall be carried forward and taken
into account in any subsequent adjustment. All calculations under this Section shall be made to the nearest cent or to the nearest
1/100th of a share, as the case may be.

 

(h)       Voluntary
Reduction. The Company from time to time may reduce the Conversion Price by any amount for any period of time if the period
is at least 20 days and if the reduction is irrevocable during the period, provided, that (a) such reduction is accomplished so
as to comply with then applicable SEC rules, regulations and policies and (b) in no event may the Conversion Price be less than
the par value of a share of Common Stock.

 

(i)        Notice
of Adjustment. Whenever the Conversion Price is adjusted, the Company shall promptly mail to the Holder a notice of the adjustment.

 

(j)       Share
Adjustment. Until the Expiration Date, if the Company shall issue any Common Stock, except for Excepted Issuances (as defined
below), prior to the complete exercise of this Warrant for a consideration less than the Purchase Price that would be in effect
at the time of such issuance, then, and thereafter successively upon each such issuance, the Purchase Price shall be reduced to
such other lower price for then outstanding Notes. For purposes of this adjustment, the issuance of any security or debt instrument
of the Company carrying the right to convert such security or debt instrument into Common Stock or of any warrant to purchase
Common Stock shall result in an adjustment to the Purchase Price upon the issuance of the of the above-described security, debt
instrument, warrant, right, or option if such security or debt instrument may be converted or exercised at a price lower than
the Purchase Price in effect upon such issuance and again at any time upon any actual, permitted, optional, or allowed issuances
of shares of Common Stock upon any actual, permitted, optional, or allowed exercise of such conversion or purchase rights if such
issuance is at a price lower than the Purchase Price in effect upon any actual, permitted, optional, or allowed such issuance.
Common Stock issued or issuable by the Company for no consideration will be deemed issuable or to have been issued for $0.001
per share of Common Stock. Excepted Issuances means: (i) the Company’s issuance of Common Stock in full or partial consideration
in connection with a strategic merger, acquisition, consolidation or purchase of substantially all of the securities or assets
of a corporation or other entity, so long as such issuances are not for the purpose of raising capital and which holders of such
securities or debt are not at any time granted registration rights, (ii) the Company’s issuance of securities in connection
with strategic license agreements and other partnering arrangements, so long as such issuances are not for the purpose of raising
capital and which holders of such securities or debt are not at any time granted registration rights, (iii) the Company’s
issuance of Common Stock or the issuances or grants of options to purchase Common Stock to employees, directors, and consultants,
pursuant to employee stock option plans, (iv) securities upon the exercise or exchange of or conversion of any securities exercisable
or exchangeable for or convertible into shares of Common Stock issued and outstanding on the date of this Warrant and (v) issuance
of Common Stock as a result of the exercise of this Warrant. “Additional Common Shares” means all Common
Stock (including reissued shares) Issued after the date hereof.

 

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5.       Events
of Default. If one or more of the following events shall occur (each an “Event of Default”):

 

(a)       the
nonpayment of any Outstanding Principal Amount, interest or other payment under this Note when the same shall become due and payable;

 

(b)       a
default under any bond, debenture, note or other evidence of indebtedness for money borrowed by the Company or Subsidiary (as
hereinafter defined) of the Company or under any mortgage, indenture or instrument under which there may be issued or by which
there may be secured or evidenced any indebtedness for money borrowed by the Company or any Subsidiary, which default shall constitute
a failure to pay any portion of interest or principal when due after any applicable grace period or shall have resulted in such
indebtedness becoming or being declared due and payable without such indebtedness having been discharged or such acceleration
having been rescinded or annulled, provided, that, the aggregate indebtedness in default under this clause (b) is in excess of
$500,000. For purposes of this Note, “Subsidiary” means any entity of which at least a majority of capital stock (or
equivalent) having ordinary voting power in the election of directors or other governing body of such entity is owned by the Company
directly or indirectly through one or more subsidiaries;

 

(c)       a
final judgment or final judgments for the payment of money are entered by a court of competent jurisdiction against the Company
or any Subsidiary which remains unpaid or unstayed and undischarged for a period (during which execution shall not be effectively
stayed) or 30 days after the date on which the right to appeal has expired, provided, that, the aggregate of all such judgments
exceeds $500,000;

 

(d)       (i)
the Company or any significant Subsidiary shall file a petition under any bankruptcy, insolvency or similar law, or make an assignment
for the benefit of its creditors, or shall consent to or acquiesce in the appointment of a receiver for all or a substantial part
of its property; or (ii) a petition under any bankruptcy, insolvency or similar law, or for the appointment of a receiver with
respect to all or a substantial part of the Company’s or any significant Subsidiary’s property, shall be filed against
the Company or any significant Subsidiary and remain undismissed for at least 60 days;

 

(e)       a
dissolution of the Company;

 

(f)       the
sale of all or substantially all of the Company’s assets;

 

(g)       the
Company shall default in the observance or performance of any of its obligations under this Note or the Subscription Agreement;

 

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(h)       any
material representation or warranty made by the Company in this Note or the Subscription Agreement proves to have been incorrect
in any material respect when made; or

 

(i)       any
event resulting in the Common Stock no longer being quoted on the Over The Counter Venture Market (“OTCQB”); failure
to comply with the requirements for continued quotation on the OTCQB for a period of thirty (30) consecutive trading days; or
notification from the OTCQB that the Debtor is not in compliance with the conditions for such continued quotation and such non-compliance
continues for thirty (30) days following such notification;

 

then,
and so long as such Event of Default is continuing for a period of three (3) calendar days in the case of non-payment under Section
5(a) and for a period of ten (10) calendar days in the case of events under other subsections of Section 5 (and the
event which would constitute such Event of Default, if curable, has not been cured), by written notice to the Company: (i) all
amounts then unpaid under this Note, including accrued but unpaid interest, shall bear interest at the default rate of (a) fifteen
percent (15%) per annum for the first ninety (90) days that an Event of Default is continuing and increasing to (b) eighteen percent
(18%) per annum thereafter; and (ii) all obligations of the Company under this Note shall be immediately due and payable (except
with respect to any Event of Default set forth in Section 5(a) hereof, in which case all obligations of the Company under
this Note shall automatically become immediately due and payable without the necessity of any notice or other demand to the Company)
without presentment, demand, protest or any other action nor obligation of the Holder of any kind, all of which are hereby expressly
waived, and the Holder may exercise any other remedies the Holder may have at law or in equity.

 

6.       Affirmative
Covenants of the Company. The Company hereby agrees that, so long as this Note remains outstanding and unpaid, or any other
amount is owing to the Holder hereunder, the Company will and will cause each of its subsidiaries to:

 

(a)       Books
of Account. Keep its books of account in accordance with good accounting practices.

 

(b)       Insurance.
Maintain insurance with responsible and reputable insurance companies or associations, as determined by the Company in its
reasonable discretion, in such amounts and covering such risks as is usually carried by companies engaged in similar businesses
and owning similar properties in the same general areas in which the Company operates.

 

(c)       Preservation
of Properties; Compliance with Law. Maintain and preserve all of its properties that are used or that are useful in the conduct
of its business in good working order and condition, ordinary wear and tear excepted and comply with the charter and bylaws or
other organizational or governing documents of the Company, and any law, treaty, rule or regulation, or determination of an arbitrator
or a court or other governmental authority, in each case applicable to or binding upon the Company or any of its property or to
which each the Company or any of its property is subject.

 

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(d)       Taxes.
Duly pay and discharge all taxes or other claims, which might become a lien upon any of its property except to the extent
that any thereof are being in good faith appropriately contested with adequate reserves provided therefor.

 

(e)       Reservation
of Shares. At all times have authorized, and reserved for the purpose of issuance, a sufficient number of shares of Common
Stock and issuable upon conversion of this Note to provide for the issuance of all of the Shares. Prior to complete conversion
of this Note, the Company shall not reduce the number of shares of Common Stock reserved for issuance hereunder without the written
consent of the Holder except for a reduction proportionate to a reverse stock split effected for a business purpose other than
affecting the requirements of this Section, which reverse stock split affects all shares of Common Stock equally.

 

(f)       Use
of Proceeds. Use the proceeds of the Notes solely for general working capital purposes. At all times comply with the ranking
requirement set forth in Section 3 hereof.

 

7.       Status
of Holder. The Company may treat the Original Holder of this Note as the absolute owner of this Note for the purpose of making
payments of principal or interest and for all other purposes and shall not be affected by any notice to the contrary unless this
Note is transferred in accordance with the terms hereof.

 

8.       Securities
Act Restrictions. This Note and the Common Stock issuable by the Company upon conversion hereof have not been registered for
sale under the Securities Act of 1933, as amended (the “Act”), are deemed to be unregistered or restricted
securities, and neither this Note, the Common Stock nor any interest in this Note or Common Stock may be sold, offered for sale,
pledged or otherwise disposed of without compliance with applicable securities laws.

 

9.       Expenses.
The Company shall pay upon demand any and all reasonable expenses, incurred or paid by the Holder following the occurrence
of an Event of Default in connection with collecting upon, or enforcing this Note, including, without limitation, the expenses
and reasonable fees of legal counsel, court costs and the cost of appellate proceedings.

 

10.       No
Waiver of Rights. The Holder may, without notice, extend the time of payment of this Note, postpone the enforcement hereof
or grant any other indulgence without affecting or diminishing the Holder’s right of recourse against the Company, which
right is hereby expressly reserved. The failure or delay by the Holder in exercising any of its rights hereunder in any instance
shall not constitute a waiver thereof in that or any other instance. The Holder may not waive any of its rights except by an instrument
in writing signed by the Holder.

 

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11.       
Transfer of Note. Subject to the provisions contained herein, this Note is intended to be a negotiable instrument and may
be transferred to any person or entity by the (then) Holder hereof without the prior written consent of the Company or any other
person or entity. In the event of any such transfer, upon due presentment for exchange of this Note, the Company will execute
and deliver in exchange a new Note or Notes, mutatis mutandis, equal in aggregate principal amount to the then Outstanding
Principal Amount. However, no such exchange shall be required to entitle a transferee to enjoy all of the rights and benefits
of the Holder hereof. Each Note presented for exchange shall (if so required by the Company) be duly endorsed by, or accompanied
by a written instrument of transfer in form reasonably satisfactory to the Company and duly executed by the Holder or its attorney
duly authorized in writing.

 

12.       Notices.
All notices or other communications given or made pursuant hereto shall be in writing and shall be deemed to have been duly
given or made if and when (i) personally served, (ii) deposited in the mail, registered or certified, return receipt requested,
postage prepaid, or (iii) delivered by reputable overnight courier service with charges prepaid, or (iv) transmitted by hand delivery
to the parties. Notices shall be sent to the Company at its principal place of business and to the Holder at the address set forth
at the outset of this Note, or at such other address as the Holder may designate in a notice for that purpose.

 

13.       Payments
Unconditional. All payments under this Note shall be made without defense, set-off or counterclaim, free and clear of and
without deduction for any taxes of any nature now or hereafter imposed.

 

14.       Waiver
of Demand, Presentment, etc. The Company hereby expressly waives demand and presentment for payment, notice of nonpayment,
protest, notice of protest, notice of dishonor, notice of acceleration or intent to accelerate, bringing of suit and diligence
in taking any action to collect amounts called for hereunder and shall be directly and primarily liable for the payment of all
sums owing and to be owing hereunder, regardless of and without any notice, diligence, act or omission as or with respect to the
collection of any amount called for hereunder. The Company agrees that, in the event of an Event of Default, to reimburse the
Holder for all reasonable costs and expenses (including reasonable legal fees of one counsel) incurred in connection with the
enforcement and collection of this Note.

 

15.       Usury
Laws. Notwithstanding any other provisions of this Note, interest under this Note shall not exceed the maximum rate permitted
by law; and if any amount is paid under this Note as interest in excess of such maximum rate, then the amount so paid will not
constitute interest but will constitute a prepayment on account of the Outstanding Principal Amount. The Company will not assert,
plead (as a defense or otherwise) or in any manner whatsoever claim (and will actively resist any attempt to compel it to assert,
plead or claim) in any action, suit or proceeding that any interest rate under this Note violates present or future usury or other
laws relating to the interest payable on any indebtedness hereunder and will not otherwise avail itself (and will actively resist
any attempt to compel it to avail itself) of the benefits of any such laws.

 

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16.       Headings.
The headings in this Note are solely for convenience of reference and shall not affect its interpretation.

 

17.       Assignment.
This Note is binding upon and shall inure to the benefit of the parties hereto and their respective permitted successors and
assigns. The Company shall not be permitted to assign its obligations hereunder without the prior written consent of the Holder.

 

18.       Entire
Agreement. Each of the parties hereby covenants that this Note is intended to and does contain and embody herein all of the
understandings and agreements, both written and oral, of the parties hereby with respect to the subject matter of this Note, and
that there exists no oral agreement or understanding, express or implied liability, whereby the absolute, final and unconditional
character and nature of this Note shall be in any way invalidated, empowered or affected.

 

19.       No
Impairment. The Company will not, by amendment of its certificate of incorporation or through reorganization, consolidation,
merger, dissolution, sale of assets or any other voluntary action, avoid or seek to avoid the observance or performance of any
of the terms of this Note, but will at all times in good faith assist in the carrying out of all such terms and in the taking
of all such action as may be necessary or appropriate in order to protect the rights of the holder of this Note against impairment.

 

20.       Laws
of the State of New Jersey.

 

(a)       This
Note shall be deemed to be made in, governed by and interpreted under and construed in all respects in accordance with the laws
of the State of New Jersey, regardless of the place of domicile or residence of either party.

 

(b)       For
purposes of any proceeding involving this Note or any of the obligations of the Company, the Company hereby submits to the non-exclusive
jurisdiction of the courts of the State of New Jersey and of the United States having jurisdiction in the State of New Jersey,
and agrees not to raise and waives any objection to or defense based upon the venue of any such court or based upon forum non
conveniens. The Company agrees not to bring any action or other proceeding with respect to this Note or with respect to any
of its obligations hereunder in any other court unless such courts of the State of New Jersey and of the United States determine
that they do not have jurisdiction in the matter.

 

[Signature
Page Follows]

 

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[COMPANY
SIGNATURE PAGE TO 

10.0% CONVERTIBLE PROMISSORY NOTE]

 

IN
WITNESS WHEREOF, the Company has caused this Note to be executed as of the date set forth above.

 

	 	JERRICK
    MEDIA HOLDINGS, INC.
	 	 	 
	 	By:	 
	 	Name: 	Jeremy
    Frommer
	 	Title:	Chief
    Executive Officer

 

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EXHIBIT
1

 

STOCK
ISSUANCE OPTION STATEMENT

 

	Date:	_________________
	 	 
	To:	[Name
    of Holder of Note] (“Holder”)
	 	 
	Re:	10.0%
    Convertible Promissory Note (the “Note”) of JERRICK MEDIA HOLDINGS, INC. (the “Company”)
    No. MEEC-CN-2013-_____, in the face principal amount of U.S. $__________.

 

In
lieu of paying interest on the above-referenced Note in coin or currency, the Company hereby elects to issue shares of Common
Stock, for the Interest Payment Date indicated below. The Company hereby certifies to the Holder, its successors and assigns that
the number of shares of Common Stock set forth below is calculated in accordance with the Note. Capitalized terms used in this
Statement and not otherwise defined shall have the meaning ascribed thereto in the Note.

 

	 	Interest
    Payment Date:	 	_________________
	 	 	 	
	 	Amount
    of Interest Payable:	 	U.S.
    $____________
	 	 	 	 
	 	Interest
    Option Share Price	 	U.S.
    $____________
	 	 	 	 
	 	Interest
    Shares:	 	_________________

 

IN
WITNESS WHEREOF, this Statement has been duly executed and delivered on the date first written above.

 

	 	JERRICK
    MEDIA HOLDINGS, INC.
	 	 	 
	 	By:	 
	 	Name:	      
	 	Title:	 

 

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EXHIBIT
2

 

CONVERSION
NOTICE

 

The
undersigned irrevocably exercises the option to convert U.S $___________ principal amount of the 10.0% Convertible Promissory Note (the
“Note”) of JERRICK MEDIA HOLDINGS, INC. (the “Company”) registered in the name of the undersigned
into common stock, par value $.001 per share, of the Company in accordance with the terms of the Note and directs that the securities
issuable upon conversion be issued and delivered to the undersigned.

 

	Dated:
    ____________________	 	 
	 	 	Print
    Name of Holder
	 	 	 
	 	 	 
	 	 	Signature
    and title (if applicable)

 

 

13Exhibit 10.3

 

EXHIBIT
B – FORM OF WARRANT

 

NEITHER
THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE EXERCISABLE
HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT
BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL (WHICH COUNSEL SHALL BE SELECTED BY THE HOLDER), IN
A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144 OR RULE
144A UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT
OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.

 

Right
to Purchase ______  shares of Common Stock of Jerrick Media Holdings, Inc. (subject to adjustment as provided
herein)

 

FORM
OF COMMON STOCK PURCHASE WARRANT

 

	No. __________	 	Issue
    Date: _____________

 

JERRICK
MEDIA HOLDINGS, INC., a corporation organized under the laws of the State of Nevada (the “Company”), hereby
certifies that, for value received, _______________, with an address at ____________, or its assigns (the “Holder”),
is entitled, subject to the terms set forth below, to purchase from the Company at any time after the Issue Date until 5:00 p.m.,
E.D.T. on the five (5) year anniversary of the Issue Date (the “Expiration Date”), up to _______ fully paid
and non-assessable shares of the Company’s common stock, par value $0.001 per share (the “Common Stock”) at
a per share purchase price of $0.30. The aforedescribed purchase price per share, as adjusted from time to time as herein provided,
is referred to herein as the “Purchase Price.” The number and character of such shares of Common Stock and
the Purchase Price are subject to adjustment as provided herein. The Company may reduce the Purchase Price for some or all of
the Warrants, temporarily or permanently, provided such reduction is made as to all outstanding Warrants for all Holders
of such Warrants. Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain Subscription
Agreement (the “Subscription Agreement”) entered into by the Company and Holder pursuant to which this Warrant
has been issued.

 

As
used herein the following terms, unless the context otherwise requires, have the following respective meanings:

 

     

     

    

 

(a)
The term “Company” shall mean Jerrick Media Holdings, Inc., a Nevada corporation.

 

(b)
The term “Common Stock” includes (i) the Company’s Common Stock, $0.001 par value per share and (ii)
any other securities into which or for which any of the securities described in (i) may be converted or exchanged pursuant to
a plan of recapitalization, reorganization, merger, sale of assets or otherwise.

 

(c)
The term “Other Securities” refers to any stock (other than Common Stock) and other securities of the
Company or any other person (corporate or otherwise) which the holder of the Warrant at any time shall be entitled to
receive, or shall have received, on the exercise of the Warrant, in lieu of or in addition to Common Stock, or which at any
time shall be issuable or shall have been issued in exchange for or in replacement of Common Stock or Other Securities
pursuant to Section 5 hereof or otherwise.

 

(d)
The term “Warrant Shares” shall mean the Common Stock issuable upon exercise of this Warrant.

 

1.
Exercise of Warrant.

 

1.1.
Number of Shares Issuable upon Exercise. From and after the Issue Date through and including the Expiration Date, the Holder
shall be entitled to receive, upon exercise of this Warrant in whole in accordance with the terms of Section 1.2 hereof
or upon exercise of this Warrant in part in accordance with Section 1.3 hereof, shares of Common Stock of the Company,
subject to adjustment pursuant to Section 3 hereof.

 

1.2.
Full Exercise. This Warrant may be exercised in full by the Holder hereof by delivery to the Company of an original or
facsimile copy of the form of subscription attached as Exhibit A hereto (the “Subscription Form”) duly
executed by such Holder and delivered within two (2) business days thereafter of payment, in cash, wire transfer or by certified
or official bank check payable to the order of the Company, in the amount obtained by multiplying the number of shares of Common
Stock for which this Warrant is then exercisable by the Purchase Price then in effect. The original Warrant is not required to
be surrendered to the Company until it has been fully exercised.

 

1.3.
Partial Exercise. This Warrant may be exercised in part (but not for a fractional share) by delivery of a Subscription
Form in the manner and at the place provided in Section 1.2 hereof, except that the amount payable by the Holder on such
partial exercise shall be the amount obtained by multiplying (a) the number of whole shares of Common Stock designated by the
Holder in the Subscription Form by (b) the Purchase Price then in effect. On any such partial exercise, upon the written request
of the Holder, provided the Holder has surrendered the original Warrant, the Company, at its expense, will forthwith issue and
deliver to or upon the order of the Holder a new Warrant of like tenor, in the name of the Holder hereof or as such Holder (upon
payment by such Holder of any applicable transfer taxes) may request, the whole number of shares of Common Stock for which such
Warrant may still be exercised.

 

    2

     

    

 

1.4.
Fair Market Value. For purposes of this Warrant, the Fair Market Value of a share of Common Stock as of a particular
date (the “Determination Date”) shall mean:

 

(a)
If the Company’s Common Stock is traded on an exchange or on the NASDAQ Global Market, NASDAQ Global Select Market, the
NASDAQ Capital Market, the New York Stock Exchange or the NYSE AMEX Equities, then the average of the closing sale prices of
the Common Stock for the five (5) trading days immediately prior to (but not including) the Determination Date;

 

(b)
If the Company’s Common Stock is not traded on an exchange or on the NASDAQ Global Market, NASDAQ Global Select Market,
the NASDAQ Capital Market, the New York Stock Exchange or the NYSE AMEX Equities, but is traded on the OTC Bulletin Board or
in the over-the-counter market or Pink Sheets, then the average of the closing bid and ask prices reported for the five (5)
trading days immediately prior to (but not including) the Determination Date;

 

(c)
Except as provided in clause (d) below and Section 3.1 hereof, if the Company’s Common Stock is not publicly
traded, then as the Holder and the Company shall mutually agree, or in the absence of such an agreement after good faith
efforts of the Company and the Holder to reach an agreement, by arbitration in accordance with the rules then standing of the
American Arbitration Association, before a single arbitrator to be chosen from a panel of persons qualified by education and
training to pass on the matter to be decided; or

 

(d)
If the Determination Date is the date of a liquidation, dissolution or winding up, or any event deemed to be a liquidation,
dissolution or winding up pursuant to the Company’s charter, then all amounts to be payable per share to holders of the
Common Stock pursuant to the charter in the event of such liquidation, dissolution or winding up, plus all other amounts to
be payable per share in respect of the Common Stock in liquidation under the charter, assuming for the purposes of this
clause (d) that all of the shares of Common Stock then issuable upon exercise of all of the Warrants are outstanding at the
Determination Date.

 

1.5.
Company Acknowledgment. The Company will, at the time of the exercise of the Warrant, upon the request of the Holder hereof,
acknowledge in writing its continuing obligation to afford to such Holder any rights to which such Holder shall continue to be
entitled after such exercise in accordance with the provisions of this Warrant. If the Holder shall fail to make any such request,
such failure shall not affect the continuing obligation of the Company to afford to such Holder any such rights.

 

    3

     

    

 

1.6. Delivery
of Stock Certificates, etc. on Exercise. The Company agrees that, provided the purchase price listed in the
Subscription Form is received as specified in Section 2 hereof, the shares of Common Stock purchased upon exercise of
this Warrant shall be deemed to be issued to the Holder hereof as the record owner of such shares as of the close of business
on the date on which delivery of a Subscription Form shall have occurred and payment made for such shares as aforesaid. As
soon as practicable after the exercise of this Warrant in full or in part and the payment is made, and in any event within
five (5) business days thereafter (“Warrant Share Delivery Date”), the Company, at its expense (including
the payment by it of any applicable issue taxes), will cause to be issued in the name of, and delivered to, the Holder
hereof, or as such Holder (upon payment by such Holder of any applicable transfer taxes) may direct in compliance with
applicable securities laws, a certificate or certificates for the number of duly and validly issued, fully paid and
non-assessable shares of Common Stock (or Other Securities) to which such Holder shall be entitled on such exercise, plus, in
lieu of any fractional share to which such Holder would otherwise be entitled, cash equal to such fraction multiplied by the
then Fair Market Value of one full share of Common Stock, together with any other stock or other securities and property
(including cash, where applicable) to which such Holder is entitled upon such exercise pursuant to Section 1 hereof or
otherwise. The Company understands that a delay in the delivery of the Warrant Shares after the Warrant Share Delivery Date
could result in economic loss to the Holder. As compensation to the Holder for such loss, the Company agrees to pay (as
liquidated damages and not as a penalty) to the Holder for late issuance of Warrant Shares upon exercise of this Warrant the
proportionate amount of $100 per business day after the Warrant Share Delivery Date for each $10,000 of Purchase Price of
Warrant Shares for which this Warrant is exercised which are not timely delivered. The Company shall promptly pay any
payments incurred under this Section in immediately available funds upon demand. Furthermore, in addition to any other
remedies which may be available to the Holder, in the event that the Company fails for any reason to effect delivery of the
Warrant Shares by the Warrant Share Delivery Date, the Holder may revoke all or part of the relevant Warrant exercise
by delivery of a written notice to such effect to the Company, whereupon the Company and the Holder shall each be restored to
their respective positions immediately prior to the exercise of the relevant portion of this Warrant, except that the
liquidated damages described above shall be payable through the date notice of revocation or rescission is given to the
Company.

 

1.7.
Buy-In. In addition to any other rights available to the Holder, if the Company fails to deliver to a Holder the Warrant
Shares as required pursuant to this Warrant, and the Holder or a broker on the Holder’s behalf, purchases (in an open market
transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale by such Holder of the Warrant Shares which
the Holder was entitled to receive from the Company (a “Buy-In”), then the Company shall pay in cash to the
Holder (in addition to any remedies available to or elected by the Holder) the amount by which (A) the Holder’s total purchase
price (including brokerage commissions, if any) for the shares of Common Stock so purchased exceeds (B) the aggregate Purchase
Price of the Warrant Shares required to have been delivered together with interest thereon at a rate of 15% per annum, accruing
until such amount and any accrued interest thereon is paid in full (which amount shall be paid as liquidated damages and not as
a penalty). For purposes of illustration, if a Holder purchases shares of Common Stock having a total purchase price of $11,000
to cover a Buy-In with respect to $10,000 of Purchase Price of Warrant Shares to have been received upon exercise of this Warrant,
the Company shall be required to pay the Holder $1,000, plus interest. The Holder shall provide the Company written notice indicating
the amounts payable to the Holder in respect of the Buy-In, which shall include evidence of the price at which such Holder had
to purchase the Common Stock in an open-market transaction or otherwise.

 

2.
Payment of Purchase Price; Cashless Exercise.

 

    4

     

    

 

(a)
Payment upon exercise may be made at the written option of the Holder either in (i) cash, wire transfer or by certified or
official bank check payable to the order of the Company equal to the applicable aggregate Purchase Price, (ii) by delivery of
Common Stock issuable upon exercise of the Warrants in accordance with Section (b) below or (iii) by a combination of any of
the foregoing methods, in each case accompanied by delivery of a properly endorsed Subscription Form, for the number of
Common Stock specified in such form (as such exercise number shall be adjusted to reflect any adjustment in the total number
of shares of Common Stock issuable to the Holder per the terms of this Warrant) and the Holder shall thereupon be entitled to
receive the number of duly authorized, validly issued, fully-paid and non-assessable shares of Common Stock (or Other
Securities) determined as provided herein. Notwithstanding the immediately preceding sentence, payment upon exercise may be
made in the manner described in Section 2(b) below only with respect to Warrant Shares not included for
unrestricted public resale in an effective registration statement on the date notice of exercise is given by the
Holder.

 

(b)
If the Fair Market Value of one share of Common Stock is greater than the Purchase Price (at the date of calculation as set
forth below), in lieu of exercising this Warrant for cash, the Holder may elect to receive shares equal to the value (as
determined below) of this Warrant (or the portion thereof being cancelled) by delivery of a properly endorsed Subscription
Form delivered to the Company by any means described in Section 13 hereof, in which event the Company shall issue to
the holder a number of shares of Common Stock computed using the following formula:

 

X=Y
(A-B)

A

 

Where
X= the number of shares of Common Stock to be issued to the Holder

 

	 	Y=	the
    number of shares of Common Stock purchasable under the Warrant or, if only a portion of the Warrant is being exercised, the
    portion of the Warrant being exercised (at the date of such calculation)
	 	 	 
	 	A=	Fair
    Market Value
	 	 	 
	 	B=	Purchase
    Price (as adjusted to the date of such calculation)

 

For
purposes of Rule 144 promulgated under the 1933 Act, it is intended, understood and acknowledged that the Warrant Shares issued
in a cashless exercise transaction in the manner described above shall be deemed to have been acquired by the Holder, and the
holding period for the Warrant Shares shall be deemed to have commenced, on the date this Warrant was originally issued.

 

    5

     

    

 

3.
Adjustment for Reorganization, Consolidation, Merger, etc.

 

3.1.
Fundamental Transaction. If, at any time while this Warrant is outstanding, (A) the Company effects any merger or consolidation
of the Company with or into another entity, (B) the Company effects any sale of all or substantially all of its assets in one
or a series of related transactions, (C) any tender offer or exchange offer (whether by the Company or another entity) is completed
pursuant to which holders of Common Stock are permitted to tender or exchange their shares for other securities, cash or property,
(D) the Company consummates a stock purchase agreement or other business combination (including, without limitation, a reorganization,
recapitalization, or spin-off) with one or more persons or entities whereby such other persons or entities acquire more than the
50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by such other persons or entities
making or party to, or associated or affiliated with the other persons or entities making or party to, such stock purchase agreement
or other business combination), (E) any “person” or “group” (as these terms are used for purposes of Sections
13(d) and 14(d) of the 1934 Act) is or shall become the “beneficial owner” (as defined in Rule 13d-3 under the 1934
Act), directly or indirectly, of 50% of the aggregate Common Stock of the Company, or (F) the Company effects any reclassification
of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged
for other securities, cash or property (in any such case, a “Fundamental Transaction”), then, upon any subsequent
exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon
such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder, (a) upon exercise
of this Warrant, the number of shares of Common Stock of the successor or acquiring corporation or of the Company, if it is the
surviving corporation, and any additional consideration (the “Alternate Consideration”) receivable upon or
as a result of such reorganization, reclassification, merger, consolidation or disposition of assets by a Holder of the number
of shares of Common Stock for which this Warrant is exercisable immediately prior to such event or (b) if the Company is acquired
in (1) a transaction where the consideration paid to the holders of the Common Stock consists solely of cash, (2) a “Rule
13e-3 transaction” as defined in Rule 13e-3 under the 1934 Act, or (3) a transaction involving a person or entity not traded
on a national securities exchange, the Nasdaq Global Select Market, the Nasdaq Global Market or the Nasdaq Capital Market, cash
equal to the Black-Scholes Value (as defined herein). For purposes of any such exercise, the determination of the Purchase Price
shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable
in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Purchase Price among
the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate
Consideration. If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental
Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of
this Warrant following such Fundamental Transaction. To the extent necessary to effectuate the foregoing provisions, any successor
to the Company or surviving entity in such Fundamental Transaction shall issue to the Holder a new warrant consistent with the
foregoing provisions and evidencing the Holder’s right to exercise such warrant into Alternate Consideration. The terms
of any agreement pursuant to which a Fundamental Transaction is effected include terms requiring any such successor or surviving
entity to comply with the provisions of this Section 3.1 and insuring that this Warrant (or any such replacement security)
will be similarly adjusted upon any subsequent transaction analogous to a Fundamental Transaction. “Black-Scholes Value”
shall be  determined in accordance with the Black-Scholes Option Pricing Model obtained from the “OV” function on
Bloomberg L.P. using (i) a price per share of Common Stock equal to the Volume Weighted Average Price of the Common Stock for
the Trading Day immediately preceding the date of consummation of the applicable Fundamental Transaction, (ii) a risk-free interest
rate corresponding to the U.S. Treasury rate for a period equal to the remaining term of this Warrant as of the date of such request
and (iii) an expected volatility equal to the 100 day volatility obtained from the HVT function on Bloomberg L.P. determined as
of the Trading Day immediately following the public announcement of the applicable Fundamental Transaction.

 

    6

     

    

 

3.2.
Continuation of Terms. Upon any reorganization, consolidation, merger or transfer (and any dissolution following any transfer)
referred to in this Section 3 hereof, this Warrant shall continue in full force and effect and the terms hereof shall be
applicable to the Other Securities and property receivable on the exercise of this Warrant after the consummation of such reorganization,
consolidation or merger or the effective date of dissolution following any such transfer, as the case may be, and shall be binding
upon the issuer of any Other Securities, including, in the case of any such transfer, the person acquiring all or substantially
all of the properties or assets of the Company, whether or not such person shall have expressly assumed the terms of this Warrant
as provided in Section 5 hereof.

 

3.3
Share Issuance. Until the Expiration Date, if the Company shall issue any Common Stock, except for Excepted Issuances (as
defined below), prior to the complete exercise of this Warrant for a consideration less than the Purchase Price that would be
in effect at the time of such issuance, then, and thereafter successively upon each such issuance, the Purchase Price shall be
reduced to such other lower price for then outstanding Warrants. For purposes of this adjustment, the issuance of any security
or debt instrument of the Company carrying the right to convert such security or debt instrument into Common Stock or of any warrant
to purchase Common Stock shall result in an adjustment to the Purchase Price upon the issuance of the of the above-described security,
debt instrument, warrant, right, or option if such security or debt instrument may be converted or exercised at a price lower
than the Purchase Price in effect upon such issuance and again at any time upon any actual, permitted, optional, or allowed issuances
of shares of Common Stock upon any actual, permitted, optional, or allowed exercise of such conversion or purchase rights if such
issuance is at a price lower than the Purchase Price in effect upon any actual, permitted, optional, or allowed such issuance.
Common Stock issued or issuable by the Company for no consideration will be deemed issuable or to have been issued for $0.001
per share of Common Stock. Excepted Issuances means: (i) the Company’s issuance of Common Stock in full or partial consideration
in connection with a strategic merger, acquisition, consolidation or purchase of substantially all of the securities or assets
of a corporation or other entity, so long as such issuances are not for the purpose of raising capital and which holders of such
securities or debt are not at any time granted registration rights, (ii) the Company’s issuance of securities in connection
with strategic license agreements and other partnering arrangements, so long as such issuances are not for the purpose of raising
capital and which holders of such securities or debt are not at any time granted registration rights, (iii) the Company’s
issuance of Common Stock or the issuances or grants of options to purchase Common Stock to employees, directors, and consultants,
pursuant to employee stock option plans, (iv) securities upon the exercise or exchange of or conversion of any securities exercisable
or exchangeable for or convertible into shares of Common Stock issued and outstanding on the date of this Warrant and (v) issuance
of Common Stock as a result of the exercise of this Warrant.

 

    7

     

    

 

4. Registration
Rights. The Holder of this Warrant shall have such registration rights for the Warrant Shares as are contained in the
Subscription Agreement.

 

5. Extraordinary
Events Regarding Common Stock. In the event that the Company shall (a) issue additional shares of Common Stock as a
dividend or other distribution on outstanding Common Stock, (b) subdivide its outstanding shares of Common Stock, or (c)
combine its outstanding shares of the Common Stock into a smaller number of shares of Common Stock, then, in each such event,
the Purchase Price shall, simultaneously with the happening of such event, be adjusted by multiplying the then Purchase Price
by a fraction, the numerator of which shall be the number of shares of Common Stock outstanding immediately prior to such
event and the denominator of which shall be the number of shares of Common Stock outstanding immediately after such event,
and the product so obtained shall thereafter be the Purchase Price then in effect. The Purchase Price, as so adjusted, shall
be readjusted in the same manner upon the happening of any successive event or events described in this Section 5. The
number of shares of Common Stock that the Holder of this Warrant shall thereafter, on the exercise hereof, be entitled to
receive shall be adjusted to a number determined by multiplying the number of shares of Common Stock that would otherwise
(but for the provisions of this Section 5) be issuable on such exercise by a fraction of which (a) the numerator is
the Purchase Price that would otherwise (but for the provisions of this Section 5) be in effect, and (b) the
denominator is the Purchase Price in effect on the date of such exercise.

 

6. Certificate
as to Adjustments. In each case of any adjustment or readjustment in the shares of Common Stock (or Other Securities) issuable
on the exercise of the Warrants or in the Purchase Price, the Company at its expense will promptly cause its Chief Financial Officer
or other appropriate designee to compute such adjustment or readjustment in accordance with the terms of the Warrant and prepare
a certificate setting forth such adjustment or readjustment and showing in detail the facts upon which such adjustment or readjustment
is based, including a statement of (a) the consideration received or receivable by the Company for any additional shares of Common
Stock (or Other Securities) issued or sold or deemed to have been issued or sold, (b) the number of shares of Common Stock (or
Other Securities) outstanding or deemed to be outstanding, and (c) the Purchase Price and the number of shares of Common Stock
to be received upon exercise of this Warrant, in effect immediately prior to such adjustment or readjustment and as adjusted or
readjusted as provided in this Warrant. The Company will forthwith mail a copy of each such certificate to the Holder of the Warrant
and any Warrant Agent (as defined herein) of the Company (appointed pursuant to Section 11 hereof). Holder will be entitled
to the benefit of the adjustment regardless of the giving of such notice. The timely giving of such notice to Holder is a material
obligation of the Company.

 

7. Reservation
of Stock, etc. Issuable on Exercise of Warrant; Financial Statements. The Company will at all times reserve and keep available,
solely for issuance and delivery on the exercise of the Warrants, all shares of Common Stock (or Other Securities) from time to
time issuable on the exercise of the Warrant. This Warrant entitles the Holder hereof, upon written request, to receive copies
of all financial and other information distributed or required to be distributed to the holders of the Company’s Common
Stock.

 

    8

     

    

 

 

8. Assignment;
Exchange of Warrant. Subject to compliance with applicable securities laws, this Warrant, and the rights evidenced hereby,
may be transferred by any registered holder hereof (a “Transferor”). On the surrender for exchange of this
Warrant, with the Transferor’s endorsement in the form of Exhibit B attached hereto (the “Transferor Endorsement
Form”) and together with an opinion of counsel reasonably satisfactory to the Company that the transfer of this Warrant
will be in compliance with applicable securities laws, the Company will issue and deliver to or on the order of the Transferor
thereof a new Warrant or Warrants of like tenor, in the name of the Transferor and/or the transferee(s) specified in such Transferor
Endorsement Form (each a “Transferee”), calling in the aggregate on the face or faces thereof for the number
of shares of Common Stock called for on the face or faces of the Warrant so surrendered by the Transferor.

 

9. Replacement
of Warrant. On receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of
this Warrant and, in the case of any such loss, theft or destruction of this Warrant, on delivery of an indemnity agreement or
security reasonably satisfactory in form and amount to the Company or, in the case of any such mutilation, on surrender and cancellation
of this Warrant, the Company at its expense, twice only, will execute and deliver, in lieu thereof, a new Warrant of like tenor.

 

10. Maximum
Exercise. The Holder shall not be entitled to exercise this Warrant on an exercise date, in connection with that number of
shares of Common Stock which would be in excess of the sum of (i) the number of shares of Common Stock beneficially owned by the
Holder and its Affiliates on an exercise date, and (ii) the number of shares of Common Stock issuable upon the exercise of this
Warrant with respect to which the determination of this limitation is being made on an exercise date, which would result in beneficial
ownership by the Holder and its Affiliates of more than 4.99% of the outstanding shares of Common Stock on such date. For the
purposes of the immediately preceding sentence, beneficial ownership shall be determined in accordance with Section 13(d) of the
1934 Act and Rule 13d-3 thereunder. Subject to the foregoing, the Holder shall not be limited to aggregate exercises which would
result in the issuance of more than 4.99%. The Holder may allocate which of the equity of the Company deemed beneficially owned
by the Holder shall be included in the 4.99% amount described above and which shall be allocated to the excess above 4.99%. The
restriction described in this paragraph may be waived, in whole or in part, upon sixty-one (61) days’ prior notice from
the Holder to the Company to increase such percentage.

 

11. Warrant
Agent. The Company may, by written notice to the Holder, appoint an agent (a “Warrant Agent”) for the purpose
of issuing Common Stock (or Other Securities) on the exercise of this Warrant pursuant to Section 1 hereof, exchanging
this Warrant pursuant to Section 8 hereof, and replacing this Warrant pursuant to Section 9 hereof, or any of the
foregoing, and thereafter any such issuance, exchange or replacement, as the case may be, shall be made at such office by such
Warrant Agent.

 

    9

     

    

 

12.
Transfer on the Company’s Books. Until this Warrant is transferred on the books of the Company, the Company may treat
the registered holder hereof as the absolute owner hereof for all purposes, notwithstanding any notice to the contrary.

 

13. Notices.
All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder shall be in writing
and, unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered or certified, return
receipt requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid, or (iv) transmitted
by hand delivery, telegram, or facsimile addressed as set forth below or to such other address as such party shall have specified
most recently by written notice. Any notice or other communication required or permitted to be given hereunder shall be deemed
effective (a) upon hand delivery or delivery by facsimile, with accurate confirmation generated by the transmitting facsimile
machine, at the address or number designated below (if delivered on a business day during normal business hours where such notice
is to be received), or the first business day following such delivery (if delivered other than on a business day during normal
business hours where such notice is to be received), or (b) on the second business day following the date of mailing by express
courier service, fully prepaid, addressed to such address, or upon actual receipt of such mailing, whichever shall first occur.
The addresses for such communications shall be: (i) if to the Company, to Jerrick Media Holdings, Inc., 202 South Dean Street,
Englewood, NJ, Attn: Jeremy Frommer, with a copy by fax only to (which shall not constitute notice) Lucosky Brookman LLP, 101
Wood Avenue South, 5th Floor, Iselin, NJ 08830, Attn: Joseph M. Lucosky, Esq., facsimile: (732) 395-4401, and (ii) if to the Holder,
to the address and facsimile number listed on the first paragraph of this Warrant.

 

14. Law
Governing This Warrant. This Warrant shall be governed by and construed in accordance with the laws of the State of New Jersey
without regard to its principles of conflicts of laws or of any other State. Any action brought by either party hereto against
the other concerning the transactions contemplated by this Warrant shall be brought only in the state courts of New Jersey or
in the federal courts located in the state of New Jersey. The parties to this Warrant hereby irrevocably waive any objection to
jurisdiction and venue of any action instituted hereunder and shall not assert any defense based on lack of jurisdiction or venue
or based upon forum non conveniens. The Company and the Holder waive trial by jury. The prevailing party shall be
entitled to recover from the other party its reasonable attorney’s fees and costs. In the event that any provision of this
Warrant or any other agreement delivered in connection herewith is invalid or unenforceable under any applicable statute or rule
of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified
to conform to, such statute or rule of law. Any such provision which may prove invalid or unenforceable under any law shall not
affect the validity or enforceability of any other provision of any agreement. Each party hereto hereby irrevocably waives personal
service of process and consents to process being served in any suit, action or proceeding in connection with this Warrant or any
other transaction document by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of
delivery) to such party at the address in effect for notices to it under this Warrant and agrees that such service shall constitute
good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right
to serve process in any other manner permitted by law.

 

[-Signature
Page Follows-]

 

    10

     

    

 

IN
WITNESS WHEREOF, the Company has executed this Warrant as of the date first written above.

 

	 	JERRICK
    MEDIA HOLDINGS, INC.
	 	 	 
	 	By:	 
	 	Name: 	Jeremy
    Frommer
	 	Title:	Chief
    Executive Officer

 

    11

     

    

 

Exhibit
A

 

FORM
OF EXERCISE

(to
be signed only on exercise of Warrant)

 

TO:
JERRICK MEDIA HOLDINGS, INC.

 

The
undersigned, pursuant to the provisions set forth in the attached Warrant (No.___), hereby irrevocably elects to purchase (check
applicable box):

 

____
_________ shares of the Common Stock covered by such Warrant; or

____
    the maximum number of shares of Common Stock covered by such Warrant pursuant to the cashless exercise
procedure set forth in Section 2 of the Warrant.

 

The
undersigned herewith makes payment of the full purchase price for such shares at the price per share provided for in such Warrant,
which is $_______. Such payment takes the form of (check applicable box or boxes):

 

____
$_______ in lawful money of the United States; and/or

____
    the cancellation of such portion of the attached Warrant as is exercisable for a total of _________shares
of Common Stock (using a Fair Market Value of $_______ per share for purposes of this calculation); and/or

 

____
    the cancellation of such number of shares of Common Stock as is necessary, in accordance with the formula
set forth in Section 2 of the Warrant, to exercise this Warrant with respect to the maximum number of shares of Common Stock purchasable
pursuant to the cashless exercise procedure set forth in Section 2.

 

After
application of the cashless exercise feature as described above, __________shares of Common Stock are required to be delivered
pursuant to the instructions below.

 

The
undersigned requests that the certificates for such shares be issued in the name of, and delivered to_________________________________________________,
whose address is _______________________________________________________________

___________________________________ .

 

The
undersigned represents and warrants that all offers and sales by the undersigned of the securities issuable upon exercise of the
within Warrant shall be made pursuant to registration of the Common Stock under the Securities Act of 1933, as amended (the “Securities
Act”), or pursuant to an exemption from registration under the Securities Act.

 

    12

     

    

 

	Dated:
    ________________	 	 
		 	(Signature
    must conform to name of holder as specified on the face of the Warrant)
	 	 	 
	 	 	 
		 	(Address)

 

    13

     

    

 

Exhibit
B

 

FORM
OF TRANSFEROR ENDORSEMENT

(To be signed only on transfer of Warrant)

 

For
value received, the undersigned hereby sells, assigns, and transfers unto the person(s) named below under the heading “Transferees”
the right represented by the within Warrant to purchase the percentage and number of shares of Common Stock of JERRICK MEDIA HOLDINGS,
INC. to which the within Warrant relates specified under the headings “Percentage Transferred” and “Number Transferred,”
respectively, opposite the name(s) of such person(s) and appoints each such person Attorney to transfer its respective right on
the books of JERRICK MEDIA HOLDINGS, INC., with full power of substitution in the premises.

 

	Transferees	 	Percentage
    Transferred	 	Number
    Transferred
	 	 	 	 	 
	Dated: _________________,
    ____	 	 	 	 
	 	 	 	 	(Signature
    must conform to name of holder as specified on the face of the warrant)
	 	 	 	 	 
	Signed
    in the presence of:	 	 	 	 
	 	 	 	 	 
	 	 	 	 	
	(Name)	 	 	 	 
	 	 	 	 	(address)
	 	 	 	 	 
	ACCEPTED
    AND AGREED:	 	 	 	 
	[TRANSFEREE]	 	 	 	
	 	 	 	 	(address)
	 	 	 	 	
	 	 	 	 	 
	(Name)	 	 	 	

 

 

14

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