Document:

Exhibit
4.14

 

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

 

The
following is a summary of all material characteristics of the capital stock of TheMaven, Inc., a Delaware corporation (“theMaven,”
the “Company,” “we,” “us,” or “our”), as set forth in our Restated Certificate
of Incorporation, as amended (the “Certificate of Incorporation”) and our Amended and Restated Bylaws (the “Bylaws”),
and as registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The summary
does not purport to be complete and is qualified in its entirety by reference to our Certificate of Incorporation and our Bylaws,
each of which are incorporated by reference as exhibits to the Annual Report on Form 10-K of which this Exhibit 4.14 is a part
and to the provisions of the Delaware General Corporate Law (the “DGCL”). We encourage you to review complete copies
of our Certificate of Incorporation and our Bylaws, and the applicable provisions of the DGCL for additional information.

 

General

 

Our
authorized capital stock consists of 1,001,000,000 shares, divided into 1,000,000,000 shares of common stock, par value $0.01
per share (the “Common Stock”), and 1,000,000 shares of preferred stock, par value $0.01 per share (“Preferred
Stock”). Under our Certificate of Incorporation, our board of directors (our “Board”) has the authority to issue
such shares of Common Stock and Preferred Stock in one or more classes or series, with such voting powers, designations, preferences
and relative, participating, optional or other special rights, if any, and such qualifications, limitations or restrictions thereof,
if any, as shall be provided for in a resolution or resolutions adopted by our Board and filed as designations.

 

Common
Stock

 

As
of December 31, 2020, 175,597,695 shares of our Common Stock were outstanding.

 

Holders
of our Common Stock are entitled to one vote for each share held of record on all matters submitted to a vote of stockholders,
including the election of directors, and are entitled to receive dividends when and as declared by our Board out of funds legally
available therefore for distribution to stockholders and to share ratably in the assets legally available for distribution to
stockholders in the event of the liquidation or dissolution, whether voluntary or involuntary, of theMaven. We have not paid any
dividends and do not anticipate paying any dividends on our Common Stock in the foreseeable future. It is our present policy to
retain earnings, if any, for use in the development of our business. Our Common Stockholders do not have cumulative voting rights
in the election of directors and have no preemptive, subscription, or conversion rights. Our Common Stock is not subject to redemption
by us.

 

The
transfer agent and registrar for our Common Stock is American Stock Transfer and Trust Company, LLC

 

Preferred
Stock

 

Of
the 1,000,000 shares of Preferred Stock authorized, our Board has previously designated:

 

	 	●	1,800
    shares of Preferred Stock as Series G Convertible Preferred Stock; of which approximately 168 shares remain outstanding;
	 	●	23,000
    shares of Preferred Stock as Series H Convertible Preferred Stock; of which 19,596 shares remain outstanding;
	 	●	25,800
    shares of Preferred Stock as Series I Convertible Preferred Stock, all previously outstanding shares of which were converted
    into shares of our Common Stock on or about December 18, 2020;
	 	●	35,000
    shares of Preferred Stock as Series J Convertible Preferred Stock, all previously outstanding shares of which were converted
    into shares of our Common Stock on or about December 18, 2020;
	 	●	20,000
    shares of Preferred Stock as Series K Convertible Preferred Stock, all previously outstanding shares of which were converted
    into shares of our Common Stock on or about December 18, 2020

 

    	 

     

    

 

Of
the 1,000,000 shares of Preferred Stock, 894,400 shares of our Preferred Stock remain available for designation by our Board.
Accordingly, our Board is empowered, without stockholder approval, to issue Preferred Stock with dividend, liquidation, conversion,
voting or other rights that could adversely affect the voting power or other rights of the holders of Common Stock. The issuance
of Preferred Stock could have the effect of restricting dividends on the Common Stock, diluting the voting power of the Common
Stock, impairing the liquidation rights of the Common Stock, or delaying or preventing a change in control of us, all without
further action by our stockholders.

 

Series
H Convertible Preferred Stock

 

The
Series H Convertible Preferred Stock has a stated value of $1,000, convertible into shares of our common stock, at the option
of the holder subject to certain limitations, at a conversion rate equal to the stated value divided by the conversion price of
$0.33 per share. In addition, if at any time prior to the nine month anniversary of the closing date, we sell or grant any option
or right to purchase or issue any shares of our common stock, or securities convertible into shares of our common stock, with
net proceeds in excess of $1,000,000 in the aggregate, entitling any person to acquire shares of our common stock at an effective
price per share that is lower than the then conversion price (such lower price, the “Base Conversion Price”), then
the conversion price will be reduced to equal the Base Conversion Price. All the shares of Series H Preferred Stock automatically
convert into shares of our common stock on the fifth anniversary of the closing date at the then-conversion price. The number
of shares issuable upon conversion of the Series H Convertible Preferred Stock will be adjusted in the event of stock splits,
stock dividends, combinations of shares, and similar transactions. Each share of Series H Convertible Preferred Stock is entitled
to vote on an as-if-converted to common stock basis, subject to beneficial ownership blocker provisions and other certain conditions.

 

Certain
Provisions of our Certificate of Incorporation, our Bylaws, and the DGCL

 

Certain
provisions in our Certificate of Incorporation and Bylaws, as well as certain provisions of the DGCL, may be deemed to have an
anti-takeover effect and may delay, deter, or prevent a tender offer or takeover attempt that a stockholder might consider to
be in its best interests, including attempts that might result in a premium being paid over the market price of the shares held
by stockholders. These provisions contained in our Certificate of Incorporation and Bylaws include the items described below.

 

	 	●	Special
    Meetings of Stockholders. Our Bylaws provide that special meetings of our stockholders may be called only by a majority
    of our Board, the Chairman of our Board, our Chief Executive Officer, or President (in the absence of our Chief Executive
    Officer).
	 	●	Stockholder
    Advance Notice Procedures. Our Bylaws provide that stockholders seeking to present proposals before a meeting of stockholders
    or to nominate candidates for election as directors at a meeting of stockholders must provide timely notice in writing and
    also specify requirements as to the form and content of a stockholder’s notice. These provisions may delay or preclude
    stockholders from bringing matters before a meeting of our stockholders or from making nominations for directors at a meeting
    of stockholders, which could delay or deter takeover attempts or changes in our management.
	 	●	No
    Cumulative Voting. Our Certificate of Incorporation does not include a provision for cumulative voting for directors.
    Under cumulative voting, a minority stockholder holding a sufficient percentage of a class of shares could be able to ensure
    the election of one or more directors.
	 	●	Exclusive
    Forum. Our Bylaws provide that unless we consent in writing to the selection of an alternative forum, the courts in the
    State of Delaware are, to the fullest extent permitted by applicable law, the sole and exclusive forum for any claims, including
    claims in the right of the Company, any action asserting a claim arising pursuant to any provision of the DGCL, our Certificate
    of Incorporation, or our Bylaws, any action to interpret, apply, enforce, or determine the validity of our Certificate of
    Incorporation or our Bylaws, or any action asserting a claim governed by the internal affairs doctrine.
	 	●	Undesignated
    Preferred Stock. Because our Board has the power to establish the preferences and rights of the shares of any additional
    series of Preferred Stock, it may afford holders of any Preferred Stock preferences, powers, and rights, including voting
    and dividend rights, senior to the rights of holders of our Common Stock, which could adversely affect the holders of Common
    Stock and could discourage a takeover of us even if a change of control of theMaven would be beneficial to the interests of
    our stockholders.

 

    	 

     

    

 

These
and other provisions contained in our Certificate of Incorporation and Bylaws are expected to discourage coercive takeover practices
and inadequate takeover bids. These provisions are also designed to encourage persons seeking to acquire control of us to first
negotiate with our Board. However, these provisions could delay or discourage transactions involving an actual or potential change
in control of us, including transactions in which stockholders might otherwise receive a premium for their shares over then current
prices. Such provisions could also limit the ability of stockholders to remove current management or approve transactions that
stockholders may deem to be in their best interests.

 

In
addition, we are subject to the provisions of Section 203 of the DGCL. Section 203 of the DGCL prohibits a publicly-held Delaware
corporation from engaging in a “business combination” with an “interested stockholder” for a period of
three years after the person became an interested stockholder, unless:

 

	●	The
    board of directors of the corporation approved the business combination or other transaction in which the person became an
    interested stockholder prior to the date of the business combination or other transaction;
	●	Upon
    consummation of the transaction that resulted in the person becoming an interested stockholder, the person owned at least
    85% of the voting stock of the corporation outstanding at the time the transaction commenced, excluding for purposes of determining
    the number of shares outstanding, shares owned by persons who are directors and also officers of the corporation and shares
    issued under which employee participants do not have the right to determine confidentially whether shares held subject to
    the plan will be tendered in a tender or exchange offer; or
	●	on
    or subsequent to the date the person became an interested stockholder, the board of directors of the corporation approved
    the business combination and the stockholders of the corporation authorized the business combination at an annual or special
    meeting of stockholders by the affirmative vote of at least 66-2/3% of the outstanding voting stock of the corporation that
    is not owned by the interested stockholder.

 

A
“business combination” includes mergers, asset sales, and other transactions resulting in a financial benefit to the
interested stockholder. Subject to certain exceptions, an “interested stockholder” is a person who, together with
affiliates and associates, owns, or within the prior three years did own, 15% or more of a corporation’s voting stock.

 

Section
203 of the DGCL could depress our stock price and delay, discourage, or prohibit transactions not approved in advance by our Board,
such as takeover attempts that might otherwise involve the payment to our stockholders of a premium over the market price of our
Common Stock.Exhibit
4.16 

 

NEITHER
THIS SECURITY NOR THE SECURITIES AS TO WHICH THIS SECURITY MAY BE EXERCISED HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE
COMMISSION (THE “COMMISSION”) OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD
EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR
IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES
LAWS. THIS SECURITY AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN
ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

COMMON
STOCK PURCHASE WARRANT

 

THEMAVEN,
INC.

 

Warrant
Shares: 10,994,922

Date
of Issuance: June 14, 2019 (“Issuance Date”)

 

This
COMMON STOCK PURCHASE WARRANT (this “Warrant”) certifies that, for good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, ABG-SI LLC, a Delaware limited liability company (“Licensor”),
the registered holder hereof or its permitted assigns (the “Holder”), is entitled, upon the terms and subject
to the limitations on exercise and the conditions hereinafter set forth, at any time or from time to time after the Issuance Date,
but not after the Expiration Date (as defined below), to purchase from TheMaven, Inc., a Delaware corporation (the “Company”),
up to 10,994,922 shares of Common Stock (as defined below) (the “Warrant Shares”) (as such number may be adjusted
from time to time pursuant to the terms and conditions of this Warrant) at the Exercise Price (as defined below) per share then
in effect. This Warrant is being issued in connection with that certain Licensing Agreement, dated as of June 14, 2019, by and
between the Company and Licensor (the “Licensing Agreement”).

 

1.
EXERCISE OF WARRANT.

 

(a)
Vesting of Performance-Based Warrant Shares. Subject to the terms and conditions of this Warrant, sixty percent (60%) of
the Warrant Shares, being 6,596,953 Warrant Shares as of the Issuance Date, shall vest and become exercisable based on the achievement
of a performance-based milestone (the “Performance-Based Warrant Shares”). The vesting of the Performance-Based
Warrant Shares shall be based on Company Aggregate Gross Revenues (as defined below) in calendar years 2020, 2021, 2020 or 2023
(each, an “Annual Period”). Promptly, and in any event within 30 days, following the end of each Annual Period,
the Company shall deliver to the Holder a written notice stating Company Aggregate Gross Revenues for such Annual Period, together
with reasonable supporting documentation (each, an “Annual Notice”). If, in any one of the Annual Periods,
Company Aggregate Gross Revenues is equal to or exceeds One Hundred and Thirty-Three Million Dollars ($133,000,000), all Performance-Based
Warrant Shares shall vest and become exercisable as of the date of the applicable Annual Notice. All the Performance-Based Warrant
Shares that shall not have vested and become exercisable as of or prior to the delivery of the Annual Notice for calendar year
2023 shall immediately and without any further action on the part of the Company or the Holder be forfeited by the Holder as of
the date of such Annual Notice.

 

    	 

     

    

 

(b)
Vesting of Time-Based Warrant Shares. Subject to the terms and conditions of this Warrant, forty percent (40%) of the Warrant
Shares, being 4,397,969 Warrant Shares as of the Issuance Date, shall vest and become exercisable based on the achievement of
time-based milestones (the “Time-Based Warrant Shares”). The Time-Based Warrant Shares shall vest and be exercisable
in twenty-four (24) equal monthly increments commencing on the first anniversary of the Issuance Date; provided, however,
that if the Licensing Agreement is terminated (other than any termination of the Licensing Agreement pursuant to Section 10(b)
thereof), any unvested portion of the Time-Based Warrant Shares shall immediately and without any further action on the part of
the Company or the Holder be forfeited by the Holder.

 

(c)
Acceleration of Vesting. In the event that either (i) the Licensing Agreement is terminated by Licensor pursuant to Section
10(b) thereof, or (ii) a Change of Control Transaction (as defined below) shall occur, then, in each case, all of the Warrant
Shares (other than any Warrant Shares that have been forfeited pursuant to Sections 1(a) and (b) above) shall automatically be
vested and become exercisable.

 

(d)
Mandatory Exercise. If on any date prior to the Expiration Date the volume weighted average price of one share of Common
Stock traded on a Principal Market (as defined below) for a twenty (20) consecutive Trading Day period (“VWAP”)
equals or exceeds One Dollar and Twenty-Five Cents ($1.25) (the “Mandatory Exercise Price”), the Company shall
notify the Holder and, for a period of fifteen (15) days after such date, the Company shall have the right (but not the obligation)
to require the Holder to exercise all (but not less than all) of the Warrant Shares, whether vested or unvested, by providing
written notice of such requirement to the Holder, and all of the Warrant Shares shall automatically be vested and become exercisable
regardless of whether such Warrant Shares had previously vested (other than any Warrant Shares that have been forfeited pursuant
to Sections 1(a) and (b) above), and the Holder shall exercise the Warrant Shares within ninety (90) days of receipt of written
notice of such requirement from the Company.

 

(e)
Mechanics of Exercise. Subject to the terms and conditions hereof, the rights represented by this Warrant may be exercised
in whole or in part at any time or times prior to the Expiration Date for the number of Warrant Shares that are vested by delivery
of a written notice, in the form attached hereto as Exhibit A (the “Exercise Notice”), of the Holder’s
election to exercise this Warrant. The Holder shall not be required to deliver the original Warrant in order to effectuate an
exercise hereunder. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares
available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount
equal to the applicable number of Warrant Shares purchased. On or before the third Trading Day (the “Warrant Share Delivery
Date”) following the date on which the Company shall have received the Exercise Notice, and upon receipt by the Company
of payment to the Company of an amount equal to the applicable Exercise Price multiplied by the number of vested Warrant Shares
as to which all or a portion of this Warrant is being exercised (the “Aggregate Exercise Price” and together
with the Exercise Notice, the “Exercise Delivery Documents”) in cash or by wire transfer of immediately available
funds (or by cashless exercise, in which case there shall be no Aggregate Exercise Price provided), the Company shall transmit
by facsimile an acknowledgment of confirmation of receipt of the Exercise Notice, in the form attached hereto as Exhibit B,
to the Holder and the Company’s transfer agent (the “Transfer Agent”), and, further, shall (x) if the
Transfer Agent is participating in The Depository Trust Company (“DTC”) Fast Automated Securities Transfer
Program, upon the request of the Holder, credit such aggregate number of shares of Common Stock to which the Holder is entitled
pursuant to such exercise to the Holder’s or its designee’s balance account with DTC through its Deposit/Withdrawal
at Custodian system, or (y) if the Transfer Agent is not participating in the DTC Fast Automated Securities Transfer Program,
issue and deliver to the Holder or, at the Holder’s instruction pursuant to the Exercise Notice, to any designee of the
Holder to whom the Holder is permitted to transfer this Warrant, or any agent thereof, in each case to the address as specified
in the applicable Exercise Notice, a certificate, registered in the Company’s share register in the name of the Holder or
such designee (as indicated in the applicable Exercise Notice), for the number of shares of Common Stock to which the Holder is
entitled pursuant to such exercise. Upon delivery of the Exercise Delivery Documents, the Holder shall be deemed for all corporate
purposes to have become the holder of record of the vested Warrant Shares with respect to which this Warrant has been exercised,
irrespective of the date such Warrant Shares are credited to the Holder’s DTC account or the date of delivery of the certificates
evidencing such Warrant Shares (as the case may be). If this Warrant is submitted in connection with any exercise and the number
of Warrant Shares represented by this Warrant submitted for exercise is greater than the number of Warrant Shares being acquired
upon an exercise, then the Company shall as soon as practicable and in no event later than five Business Days after any exercise
and at its own expense, issue a new Warrant (in accordance with Section 7) representing the right to purchase the number of Warrant
Shares purchasable immediately prior to such exercise under this Warrant, less the number of Warrant Shares with respect to which
this Warrant is exercised.

 

    	2

     

    

 

(f)
Cashless Exercise. If the Market Price (as herein defined) of one share of Common Stock is greater than the Exercise Price,
then Holder may elect to receive Warrant Shares pursuant to a cashless exercise, in lieu of a cash exercise, equal to the value
of this Warrant determined in the manner described below (or of any portion thereof remaining unexercised) by surrender of this
Warrant and a Notice of Exercise, in which event the Company shall issue to Holder a number of Common Stock computed using the
following formula:

 

X
= Y (A-B)

       A

 

	 	Where	X
    =	the
    number of Warrant Shares to be issued to Holder.
	 	  	 	 
	 	 	Y
    =	the
    number of Warrant Shares that the Holder elects to purchase under this Warrant (at the date of such calculation).
	 	 	 	 
	 	 	A
    =	the
    Market Price (at the date of such calculation).
	 	 	 	 
	 	 	B
    =	Exercise
    Price (as adjusted to the date of such calculation).

 

(g)
No Fractional Shares. No fractional shares of Common Stock are to be issued upon the exercise of this Warrant, but rather
the number of shares of Common Stock to be issued shall be rounded up to the nearest whole number.

 

2.
ADJUSTMENTS. The Exercise Price, Mandatory Exercise Price and the number of Warrant Shares shall be adjusted from time
to time as follows:

 

(a)
Stock Dividends and Splits. If the Company, at any time on or after the date hereof while this Warrant remains outstanding,
(i) pays a stock dividend on one or more classes of its then outstanding shares of Common Stock or otherwise makes a distribution
on any class of capital stock that is payable in shares of Common Stock, (ii) subdivides (by any stock split, stock dividend,
recapitalization or otherwise) its then outstanding shares of Common Stock into a larger number of shares or (iii) combines (by
combination, reverse stock split or otherwise) its then outstanding shares of Common Stock into a smaller number of shares, then
in each such case each of the Exercise Price and the Mandatory Exercise Price shall be multiplied by a fraction of which the numerator
shall be the number of shares of Common Stock outstanding immediately before such event and of which the denominator shall be
the number of shares of Common Stock outstanding immediately after such event. Any adjustment made pursuant to clause (i) of this
paragraph shall become effective immediately after the record date for the determination of stockholders entitled to receive such
dividend or distribution, and any adjustment pursuant to clause (ii) or (iii) of this paragraph shall become effective immediately
after the effective date of such subdivision or combination.

 

(b)
Distribution of Assets. If the Company shall declare or make any dividend (other than in connection with a stock split,
stock dividend or otherwise as contemplated in Section 2(a)) or other distribution of its assets (or rights to acquire its assets)
to holders of shares of Common Stock, by way of return of capital or otherwise (including without limitation any distribution
of cash, stock or other securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement
or other similar transaction) (a “Distribution”), at any time after the issuance of this Warrant, then, in
each such case each of the Exercise Price and the Mandatory Exercise Price shall be decreased, effective immediately after the
record or other distribution date of such Distribution, by the amount of cash and/or fair market value (as determined in good
faith by the Company’s Board of Directors after consultation with an investment banking firm of nationally recognized standing)
of any securities or assets paid or distributed on each share of Common Stock in respect of such Distribution.

 

    	3

     

    

 

(c)
Number of Warrant Shares. Simultaneously with any adjustment to the Exercise Price or Mandatory Exercise Price pursuant
to Section 2(a) or Section 2(b), the number of Warrant Shares that may be purchased upon exercise of this Warrant shall be increased
or decreased proportionately, so that after such adjustment the aggregate Exercise Price payable hereunder for the adjusted number
of Warrant Shares shall be the same as the aggregate Exercise Price in effect immediately prior to such adjustment (without regard
to any limitations on exercise contained herein).

 

(d)
Calculations. All calculations under this Section 2 shall be made by rounding to the nearest cent or the nearest 1/100th
of a share, as applicable. The number of shares of Common Stock outstanding at any given time shall not include shares owned
or held by or for the account of the Company, and the disposition of any such shares shall be considered an issue or sale of Common
Stock.

 

3.
CHANGE OF CONTROL TRANSACTIONS. If, at any time while this Warrant is outstanding, the Company effects any Change of Control
Transaction (as defined below), 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 Change of
Control Transaction, upon exercise of this Warrant, the number of shares of Common Stock or other capital stock of the successor
or acquiring corporation or of the Company, if it is the surviving corporation, and/or any additional consideration or alternate
consideration (collectively, the “Alternate Consideration”) receivable upon or as a result of such Change of
Control Transaction by a holder of the number of shares of Common Stock for which this Warrant is exercisable immediately prior
to such Change of Control Transaction. For purposes of any such exercise, the determination of the Exercise 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 Change of Control Transaction, and the Company shall apportion the Exercise 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 Change of Control Transaction,
then the Holder shall, to the extent practical, be given the same choice as to the Alternate Consideration it receives upon any
exercise of this Warrant following such Change of Control Transaction. To the extent necessary to effectuate the foregoing provisions,
any successor to the Company or surviving entity in such Change of Control 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.

 

4.
NON-CIRCUMVENTION. The Company covenants and agrees that it will not, by amendment of its certificate of incorporation,
bylaws or through any reorganization, transfer of assets, consolidation, merger, scheme of arrangement, dissolution, issue or
sale of securities, or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of
this Warrant, and will at all times in good faith carry out all the provisions of this Warrant and take all action as may be required
to protect the rights of the Holder. Without limiting the generality of the foregoing, the Company (i) shall not increase the
par value of any shares of Common Stock receivable upon the exercise of this Warrant above the Exercise Price then in effect,
(ii) shall take all such actions as may be necessary or appropriate in order that the Company may validly and legally issue fully
paid and non-assessable shares of Common Stock upon the exercise of this Warrant, and (iii) shall, for so long as this Warrant
is outstanding, have authorized and reserved, free from preemptive rights, the number of shares of Common Stock issuable under
the Warrant to provide for the exercise of the rights represented by this Warrant (without regard to any limitations on exercise).

 

    	4

     

    

 

5.
RIGHT TO FUTURE STOCK ISSUANCES. Subject to the terms and conditions of this Section 5 and applicable securities laws,
if at any time while this Warrant remains outstanding the Company proposes to offer or sell any New Securities, the Company shall
give as much advance notice as is practicable in the circumstances (the “Offer Notice”) to the Holder, stating
(a) its bona fide intention to offer such New Securities, (b) the number of such New Securities to be offered, and (c) the price
and terms, if any, upon which it proposes to offer such New Securities; provided that the Company shall provide an additional
Offer Notice upon any material modification to the price or terms of offer or sale of such New Securities, which additional Offer
Notice shall be given as promptly as is practicable following any such modifications being agreed. By notification to the Company
within seven (7) days after the Offer Notice is given, or on or before the day prior to the anticipated closing date of the sale
of such New Securities, as advised by the Company in writing, if such sale is anticipated to close within seven (7) days of the
date the Offer Notice is given, but in any event such date shall be not less than three (3) Business Days after the Offer Notice
is given (the “Offer Period”), the Holder may elect to purchase or otherwise acquire, at the price and on the
terms specified in the Offer Notice, up to that portion of such New Securities which equals the proportion that the Common Stock
then held by the Holder (including all shares of Common Stock then issuable (directly or indirectly) upon full exercise of this
Warrant (assuming the Warrant Shares are then fully vested) bears to the total Common Stock of the Company then outstanding (assuming
full conversion and/or exercise, as applicable, of all preferred stock and any other derivative securities then outstanding).
The closing of any sale of New Securities to the Holder pursuant to this Section 5 shall occur within the later of ninety (90)
days of the date that the Offer Notice is given and the date of initial sale of the remaining New Securities to any other Person
or Persons. The Company may, during the ninety (90) day period following the expiration of the Offer Period, offer and sell the
remaining portion of such New Securities to any Person or Persons at a price not less than, and upon terms no more favorable to
the offeree than, those specified in the Offer Notice. If the Company does not enter into an agreement for the sale of the remaining
New Securities within ninety (90) days of the date that the Offer Notice is given, or if such agreement is not consummated within
thirty (30) days of the execution thereof, the right provided hereunder shall be deemed to be revived and such New Securities
shall not be offered unless first reoffered to the Holder in accordance with this Section 5.

 

6.
HOLDER NOT DEEMED A STOCKHOLDER. Except as otherwise specifically provided herein, the Holder, solely in its capacity as
a holder of this Warrant, shall not be entitled to vote or receive dividends or be deemed the holder of share capital of the Company
for any purpose, nor shall anything contained in this Warrant be construed to confer upon the Holder, solely in its capacity as
the Holder of this Warrant, any of the rights of a stockholder of the Company or any right to vote, give or withhold consent to
any corporate action (whether any reorganization, issue of stock, reclassification of stock, consolidation, merger, conveyance
or otherwise), receive notice of meetings, receive dividends or subscription rights (except as set forth under Section 5), or
otherwise, prior to the issuance to the Holder of the Warrant Shares which it is then entitled to receive upon the due exercise
of this Warrant. In addition, nothing contained in this Warrant shall be construed as imposing any liabilities on the Holder to
purchase any securities (upon exercise of this Warrant or otherwise) or as a stockholder of the Company, whether such liabilities
are asserted by the Company or by creditors of the Company.

 

7.
REISSUANCE.

 

(a)
Lost, Stolen or Mutilated Warrant. If this Warrant is lost, stolen, mutilated or destroyed, the Company will, on such terms
as to indemnity or otherwise as it may reasonably impose (which shall, in the case of a mutilated Warrant, include the surrender
thereof), issue a new Warrant of like denomination and tenor as this Warrant so lost, stolen, mutilated or destroyed.

 

(b)
Issuance of New Warrants. Whenever the Company is required to issue a new Warrant pursuant to the terms of this Warrant,
such new Warrant shall be of like tenor with this Warrant, and shall have an issuance date, as indicated on the face of such new
Warrant which is the same as the Issuance Date.

 

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8.
TRANSFER.

 

(a)
Transferability. Subject to compliance with any applicable securities laws and the conditions set forth in Section 8(b),
(i) this Warrant and all rights hereunder are transferable, in whole or in part, upon surrender of this Warrant at the principal
office of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached
hereto as Exhibit C duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes
payable upon the making of such transfer, and (ii) the Warrant Shares shall be freely transferable, in whole or in part, at any
time. With respect to the Warrant, upon such surrender and, if required, such payment, the Company shall execute and deliver a
new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified
in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so
assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything herein to the contrary, the Holder shall not
be required to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant in full, in which
case, the Holder shall surrender this Warrant to the Company within three (3) Trading Days of the date on which the Holder delivers
an assignment form to the Company assigning this Warrant in full. The Warrant, if properly assigned in accordance herewith, may
be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.

 

(b)
Transfer Restrictions. If, at the time of the surrender of this Warrant in connection with any transfer of this Warrant,
or at the time of the transfer of any Warrant Shares, the transfer of this Warrant or such Warrant Shares, as applicable, shall
not be either (i) registered pursuant to an effective registration statement under the Securities Act and under applicable state
securities or blue sky laws or (ii) eligible for resale without volume or manner-of-sale restrictions or current public information
requirements pursuant to Rule 144, the Company may require, as a condition of allowing such transfer, that the Holder or transferee
of this Warrant, as the case may be, provide to the Company an opinion of counsel selected by the transferor and reasonably acceptable
to the Company, the form and substance of which opinion shall be reasonably satisfactory to the Company, to the effect that such
transfer does not require registration of such transferred Warrant under the Securities Act.

 

(c)
Certificates evidencing the Warrant Shares shall not contain any legend (including the legend set forth in Section 9(a)): (i)
following any sale of such Warrant Shares pursuant to Rule 144, (ii) if such Warrant Shares are eligible for sale under Rule 144,
after a one year aggregate holding period commencing on the date hereof has passed, or (iii) if such legend is not required under
applicable requirements of the Securities Act (including judicial interpretations and pronouncements issued by the staff of the
Commission). The Company shall cause its counsel to issue a legal opinion to the Transfer Agent or the Holder if required by the
Transfer Agent to effect the removal of the legend hereunder, or if requested by the Holder, respectively. If all or any portion
of the Warrant is exercised at a time when there is an effective registration statement to cover the resale of the Warrant Shares
and such resale is to be made, or if such Warrant Shares may be sold under Rule 144 without the requirement for the Company to
be in compliance with the current public information required under Rule 144 as to such Warrant Shares and without volume or manner-of-sale
restrictions or if such legend is not otherwise required under applicable requirements of the Securities Act (including judicial
interpretations and pronouncements issued by the staff of the Commission) then such Warrant Shares shall be issued free of all
legends. The Company agrees that following such time as such legend is no longer required under this Section 8(c), it will, no
later than the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period
(as defined below) following the delivery by the Holder to the Company or the Transfer Agent of a certificate representing Warrant
Shares, as applicable, issued with a restrictive legend, deliver or cause to be delivered to the Holder a certificate representing
such shares that is free from all restrictive and other legends. The Company may not make any notation on its records or give
instructions to the Transfer Agent that enlarge the restrictions on transfer set forth in this Section 8. Certificates for Warrant
Shares subject to legend removal hereunder shall be transmitted where possible by the Transfer Agent to the Holder by crediting
the account of the Holder’s prime broker with DTC as directed by the Holder. As used herein, “Standard Settlement
Period” means the standard settlement period, expressed in a number of Trading Days, on the Company’s Principal
Market as in effect on the date of delivery of a certificate representing Warrant Shares, as applicable, issued with a restrictive
legend.

 

    	6

     

    

 

9.
COMPLIANCE WITH THE SECURITIES ACT.

 

(a)
Agreement to Comply with the Securities Act; Legends. Subject to Section 8(c), the Holder, by acceptance of this Warrant,
agrees to comply in all respects with the provisions of this Section 9 and the restrictive legend requirements set forth on the
face of this Warrant and further agrees that such Holder shall not offer, sell or otherwise dispose of this Warrant or any Warrant
Shares to be issued upon exercise hereof except under circumstances that will not result in a violation of the Securities Act.
Subject to Section 8(c), this Warrant and all Warrant Shares issued upon exercise of this Warrant (unless registered under the
Securities Act) shall be stamped or imprinted with a legend in substantially the following form (in addition to any legends required
by any stockholders’ agreement, proxy or applicable law):

 

“THIS
WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE “ACT”), OR QUALIFIED UNDER ANY STATE OR FOREIGN SECURITIES LAWS AND MAY NOT BE OFFERED FOR SALE, SOLD,
PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED OR ASSIGNED UNLESS (I) A REGISTRATION STATEMENT COVERING SUCH SHARES IS EFFECTIVE
UNDER THE ACT AND IS QUALIFIED UNDER APPLICABLE STATE AND FOREIGN LAW OR (II) THE TRANSACTION IS EXEMPT FROM THE REGISTRATION
AND PROSPECTUS DELIVERY REQUIREMENTS UNDER THE ACT AND THE QUALIFICATION REQUIREMENTS UNDER APPLICABLE STATE AND FOREIGN LAW AND,
IF THE CORPORATION REQUESTS, AN OPINION REASONABLY SATISFACTORY TO THE CORPORATION TO SUCH EFFECT HAS BEEN RENDERED BY COUNSEL
OR (III) SUCH SECURITIES ARE SOLD OR ELIGIBLE TO BE SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER THE 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.”

 

(b)
Representations of the Holder. In connection with the issuance of this Warrant, the Holder represents, as of the date hereof,
to the Company by acceptance of this Warrant as follows:

 

(i)
The original Holder is an “accredited investor” as defined in Rule 501 of Regulation D promulgated under the Securities
Act. The Holder is acquiring this Warrant and the Warrant Shares to be issued upon exercise hereof for investment for its own
account and not with a view towards, or for resale in connection with, the public sale or distribution of this Warrant or the
Warrant Shares, except pursuant to sales registered or exempted under the Securities Act.

 

(ii)
The Holder understands and acknowledges that this Warrant and the Warrant Shares to be issued upon exercise hereof are “restricted
securities” under the federal securities laws inasmuch as they are being acquired from the Company in a transaction not
involving a public offering and that, under such laws and applicable regulations, such securities may be resold without registration
under the Securities Act only in certain limited circumstances. In addition, the Holder represents that it is familiar with Rule
144 under the Securities Act, as presently in effect, and understands the resale limitations imposed thereby and by the Securities
Act.

 

10.
REPRESENTATIONS AND WARRANTIES OF THE COMPANY. In connection with the issuance of the Warrant, the Company represents,
as of the date hereof, to the Holder as follows:

 

(a)
The Company is a corporation duly incorporated, validly existing and in good standing under the laws of the State of Delaware.

 

    	7

     

    

 

(b)
The Company has the requisite power and authority to enter into and deliver this Warrant, perform its obligations herein, and
consummate the transactions contemplated hereby. The Company has taken all necessary corporate action to authorize this Warrant.
The Company has duly executed and delivered this Warrant, and this Warrant is a legal, valid and binding obligation of the Company
enforceable against the Company in accordance with its terms.

 

(c)
The authorized capital stock of the Company consists of (i) 100,000,000 shares of common stock, par value $0.01 (“Common
Stock”), and (ii) 1,000,000 shares of preferred stock, par value $0.01 (“Preferred Stock”). Schedule
A lists all of the issued and outstanding Common Stock and Preferred Stock as of the date hereof. All outstanding shares of
Common Stock and Preferred Stock have been duly authorized and are validly issued and outstanding, fully paid and nonassessable,
and subject to no preemptive rights (and were not issued in violation of any preemptive rights). Except as set in Schedule
A, as of the date of this Warrant, there are no shares of Common Stock reserved for issuance. Except as set in Schedule
A, the Company does not have any Rights outstanding with respect to Common Stock, and the Company does not have any commitment
to authorize, make grants in respect of, issue or sell any Common Stock or Rights, except as required by this Warrant. As of the
date of this Warrant, the Company has no contractual obligations to redeem, repurchase or otherwise acquire, or to register with
the Commission, any shares of Common Stock. No bonds, debentures, notes or other indebtedness having the right to vote on any
matters on which its stockholders may vote are issued and outstanding.

 

(d)
Neither the Company’s execution of this Warrant nor the consummation of the transactions contemplated by this Warrant will
(i) violate any provision of the Company’s certificate of incorporation or bylaws; (ii) violate any agreement to which the
Company is a party; (iii) require any authorization, consent or approval of, exemption, or other action by, or notice to, any
party; or (iv) violate any law or order to which the Company is subject.

 

(e)
There is no claim, litigation, investigation, arbitration, or other proceeding against the Company outstanding or, to the knowledge
of the Company, threatened, which, if adversely determined, could reasonably be expected to have a material and adverse effect
on the ability of the Company to perform its obligations under this Warrant.

 

11.
NOTICES. The Company will give notice to the Holder promptly upon each adjustment of the Exercise Price and the number
of Warrant Shares and upon a Change of Control Transaction. All notices, requests, consents, claims, demands, waivers and other
communications hereunder shall be in writing and shall be deemed to have been given: (a) when delivered by hand; (b) when received
by the addressee if sent by a nationally recognized overnight courier (receipt requested); (c) on the date sent by facsimile or
e-mail of a PDF document (with confirmation of transmission) if sent during normal business hours of the recipient, and on the
next Business Day if sent after normal business hours of the recipient; or (d) on the third day after the date mailed, by certified
or registered mail, return receipt requested, postage prepaid. Such communications must be sent to the respective parties at the
addresses indicated below:

 

If
to the Company:

 

TheMaven,
Inc.

1500
Fourth Avenue, Suite 200

Seattle,
WA 98101

Attention:
Legal Department

Email:
legal@maven.io

 

With
a copy to (which shall not constitute notice hereunder):

 

Hand
Baldachin & Associates LLP

8
West 40th Street, 12th Floor

New
York, NY 10018

Attention:
Alan Baldachin

E-mail:
abaldachin@hballp.com

 

If
to a Holder, to its address, facsimile number or e-mail address set forth herein or on the books and records of the Company.

 

    	8

     

    

 

12.
AMENDMENT AND WAIVER. Except as otherwise provided herein, this Warrant may only be amended, modified or supplemented by
an agreement in writing signed by each party hereto. No waiver by the Company or the Holder of any of the provisions hereof shall
be effective unless explicitly set forth in writing and signed by the party so waiving. No waiver by any party shall operate or
be construed as a waiver in respect of any failure, breach or default not expressly identified by such written waiver, whether
of a similar or different character, and whether occurring before or after that waiver. No failure to exercise, or delay in exercising,
any rights, remedy, power or privilege arising from this Warrant shall operate or be construed as a waiver thereof; nor shall
any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof
or the exercise of any other right, remedy, power or privilege.

 

13.
SEVERABILITY. If any provision of this Warrant is prohibited by law or otherwise determined to be invalid or unenforceable
by a court of competent jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed
amended to apply to the broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such
provision shall not affect the validity of the remaining provisions of this Warrant so long as this Warrant as so modified continues
to express, without material change, the original intentions of the parties as to the subject matter hereof and the prohibited
nature, invalidity or unenforceability of the provision(s) in question does not substantially impair the respective expectations
or reciprocal obligations of the parties or the practical realization of the benefits that would otherwise be conferred upon the
parties. The parties will endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable provision(s)
with a valid provision(s), the effect of which comes as close as possible to that of the prohibited, invalid or unenforceable
provision(s).

 

14.
GOVERNING LAW. This Warrant shall be governed by and construed in accordance with the laws of the State of New York without
regard to principles of conflicts of laws. Any action brought by either party against the other concerning the transactions contemplated
by this Warrant shall be brought only in the state courts or in the federal courts located in the State of New York, County of
New York. 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. EACH
OF THE HOLDER AND THE COMPANY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR
THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS WARRANT OR ANY TRANSACTION CONTEMPLATED
HEREBY. 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 with 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
hereby irrevocably waives personal service of process and consents to process being served in any suit, action or proceeding in
connection with this Warrant 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.

 

    	9

     

    

 

15.
DISPUTE RESOLUTION. If the Holder disputes the determination of Company Aggregate Gross Revenues, the Holder shall submit
the disputed determination via facsimile within ten (10) Business Days after receipt of the Annual Notice giving rise to such
dispute to the Company. From and after receipt of such Annual Notice until the resolution of any dispute pursuant to the terms
of this Section 15, the Company shall provide to the Holder and its agents and representatives reasonable access during normal
business hours to the books and records of the Company and its Affiliates relating to the calculation of Company Aggregate Gross
Revenues. If the Holder and the Company are unable to agree upon such determination (as the case may be) of Company Aggregate
Gross Revenues within ten (10) Business Days of such disputed determination being submitted to the Company or the Holder (as the
case may be), then the Company and the Holder shall jointly, within two (2) Business Days, submit via facsimile the disputed determination
of Company Aggregate Gross Revenues to an independent, reputable, national investment bank reasonably agreed by the Company and
the Holder. The Company and the Holder shall cause the investment bank to perform the determinations and notify the Company and
the Holder of the results as soon as reasonably practicable. Such investment bank’s determination shall be binding upon
all parties, absent demonstrable error. The fees and expenses of the investment bank shall be borne by the Company unless the
number in question, as finally determined by such investment bank, is within three percent (3%) of the Company’s originally
proposed number, in which case such fees and expenses shall be borne by the Holder.

 

16.
ACCEPTANCE. Receipt of this Warrant by the Holder shall constitute acceptance of and agreement to all of the terms and
conditions contained herein.

 

17.
CERTAIN DEFINITIONS. For purposes of this Warrant, the following terms shall have the following meanings:

 

(a)
“ABG” means ABG Intermediate Holdings 2 LLC.

 

(b)
“Affiliate” means, with respect to any Person, any other Person who directly or indirectly, through one or
more intermediaries, controls, is controlled by, or is under common control with, such Person. The term “control”
means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of
a Person, whether through the ownership of voting securities, by Contract or otherwise, and the terms “controlled”
and “controlling” have meanings correlative thereto.

 

(c)
“Business Day” means any day that is not a Saturday, Sunday or other day on which commercial banks in New York
City, New York are authorized or required by law to remain closed.

 

(d)
“Change of Control Transaction” means the occurrence of (i) an acquisition by any person, including any syndicate
or group deemed to be a “person” under Section 13(d)(3) of the Securities Exchange Act of 1934, as amended, of beneficial
ownership, directly or indirectly, through purchase, merger or other acquisition transaction or series of purchases, mergers or
other acquisition transactions of capital stock of the Company entitling that person to fifty percent (50%) or more of the total
voting power of all capital stock of the Company; (ii) the consolidation or merger of the Company with or into any other person,
any merger of another person into the Company, or any conveyance, transfer, sale, lease or other disposition of all or substantially
all of the Company’s properties, business or assets, other than (in the case of this clause (ii) only) (1) any transaction
(x) that does not result in any reclassification, conversion, exchange or cancellation of outstanding capital stock of the Company,
and (y) pursuant to which holders of the Company’s capital stock immediately prior to such transaction have the right to
exercise, directly or indirectly, fifty percent (50%) or more of the total voting power of all ownership interests or capital
stock of the continuing or surviving Person immediately after such transaction, or (2) any merger solely for the purpose of changing
the Company’s jurisdiction of formation and resulting in a reclassification, conversion or exchange of outstanding capital
stock into ownership interests or capital stock of the surviving entity; or (iii) a replacement at one time or within a one year
period of more than one-half of the members of the Company’s Board of Directors which is not approved by a majority of those
individuals who are members of the Company’s Board of Directors on the Issuance Date (or by those individuals who are serving
as members of the Company’s Board of Directors on any date whose nomination to the Company’s Board of Directors was
approved by a majority of the members of the Company’s Board of Directors who are members on the Issuance Date); provided
that a change in the Company’s Board of Directors that is in connection with an uplisting to a national market or exchange
will not be considered a Change of Control Transaction hereunder.

 

    	10

     

    

 

(e)
“Common Stock” means the Company’s common stock, and any other class of securities into which such securities
may hereafter be reclassified or changed.

 

(f)
“Company Aggregate Gross Revenues” means the aggregate gross revenues (calculated in accordance with GAAP)
recognized by the Company pursuant to the Licensing Agreement and any other Contract pursuant to which the Company receives the
right to use any other intellectual property of ABG or its controlled Affiliates or pursuant to which the Company provides services
to ABG or ABG’s licensees.

 

(g)
“Contract” means any contract, obligation, understanding, undertaking, arrangement, commitment, lease, license,
purchase order, bid, promise or other agreement, in each case, whether written or oral.

 

(h)
“Exercise Price” means Forty-Two Cents ($0.42), as it may be adjusted under the terms of this Warrant.

 

(i)
“Expiration Date” means the ten-year anniversary of the Issuance Date.

 

(j)
“GAAP” means generally accepted accounting principles in the United States as in effect from time to time.

 

(k)
“Market Price” means the highest traded price of the Common Stock during the ten Trading Days prior to the
date of the respective Exercise Notice.

 

(l)
“New Securities” means any shares of capital stock of the Company, including Common Stock and any class or
series of the Preferred Stock, whether or not now authorized, and rights, options or warrants to purchase such shares of Common
Stock or Preferred Stock and securities of any type whatsoever that are, or may by their terms become, convertible into such shares
of Common Stock or Preferred Stock. Notwithstanding the foregoing, “New Securities” shall not include the following:
(i) securities issued pursuant to options, warrants or other rights to acquire securities of the Company outstanding as of the
date hereof as set forth in Schedule A, (ii) shares of Common Stock, or options or other rights to purchase Common Stock,
issued or granted to employees, officers, directors and consultants of the Company pursuant to any one or more employee stock
plans or agreements approved by a majority of the Company’s Board of Directors, (iii) securities issued pursuant to a registration
statement filed by the Company under the Securities Act in which Preferred Stock that is excluded from the definition of “New
Securities” is converted into Common Stock, (iv) securities issued by the Company as consideration for the acquisition of
another corporation or other entity by the Company by merger, purchase of all or substantially all of the capital stock or assets,
or other reorganization approved by a majority of the Board of Directors, (v) securities issued by the Company pursuant to a strategic
partnership, joint venture or other similar arrangement approved by a majority of the Board of Directors where the primary purpose
of the arrangement is not to raise capital, and (vi) securities issued or issuable to financial institutions or lessors in connection
with bona fide real estate leases, commercial credit arrangements, equipment financings or similar transactions approved
by a majority of the Board of Directors, including, but not limited to, equipment leases or bank lines of credit.

 

(m)
“Person” means an individual, partnership, corporation, limited liability company, joint stock company, unincorporated
organization or association, trust, joint venture, association or other similar entity.

 

(n)
“Principal Market” means the primary national securities exchange or marketplace (including the over-the-counter
markets) on which the Common Stock is then traded.

 

(o)
“Rights” means, with respect to any Person, securities or obligations convertible into or exercisable or exchangeable
for, or giving any other Person any right to subscribe for or acquire, or any options, calls or commitments relating to, or any
stock appreciation right or other instrument the value of which is determined in whole or in part by reference to the market price
or value of, shares of capital stock of such first Person.

 

(p)
“Rule 144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such rule may be
amended from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same
effect as such rule.

 

(q)
“Trading Day” means (i) any day on which the Common Stock is listed or quoted and traded on its Principal Market,
(ii) if the Common Stock is not then listed or quoted and traded on any national securities exchange, then a day on which trading
occurs on any over-the-counter markets, or (iii) if trading does not occur on the over-the-counter markets, any Business Day.

 

*
* * * * * *

 

    	11

     

    

 

IN
WITNESS WHEREOF, the Company has caused this Warrant to be duly executed as of the Issuance Date set forth above.

 

	 	THEMAVEN,
    INC.
	 	 	 
	 	By:	/s/
    Douglas B. Smith
	 	Name:	Douglas
    B. Smith
	 	Title:	Chief
    Financial Officer

 

    	 

     

    

 

EXHIBIT
A

 

EXERCISE
NOTICE

 

(To
be executed by the registered holder to exercise this Common Stock Purchase Warrant)

 

The
Undersigned holder hereby exercises the right
to purchase _________________ of the shares of Common Stock (“Warrant Shares”) of TheMaven, Inc., a Delaware
corporation (the “Company”), evidenced by the attached copy of the Common Stock Purchase Warrant (the “Warrant”).
Capitalized terms used herein and not otherwise defined shall have the respective meanings set forth in the Warrant.

 

	1.	Form
    of Exercise Price. The Holder intends that payment of the Exercise Price shall be made as (check one):

 

	 	[  ]	a
    cash exercise with respect to _________________ Warrant Shares; or

 

	 	[  ]	by
    cashless exercise pursuant to the Warrant.

 

	2.	Payment
    of Exercise Price. If cash exercise is selected above, the holder shall pay the applicable Aggregate Exercise Price in
    the sum of $___________________ to the Company in accordance with the terms of the Warrant.

 

	3.	Delivery
    of Warrant Shares. The Company shall deliver to the holder __________________ Warrant Shares in accordance with the terms
    of the Warrant.

 

Date:
___________________

 

	 	 
	 	(Print Name of Registered Holder)
	 	 	        
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	2

     

    

 

EXHIBIT
B

 

ACKNOWLEDGMENT

 

The
Company hereby acknowledges this Exercise Notice and hereby directs ______________ to issue the above indicated number of shares
of Common Stock in accordance with the Transfer Agent Instructions dated _________, 20__, from the Company and acknowledged and
agreed to by _______________.

 

Dated:
__________________

 

	 	THEMAVEN,
    INC.
	 	 	             
	 	 
	 	Name:	 
	 	Title:	 

 

    	 

     

    

 

EXHIBIT
C

 

ASSIGNMENT
OF WARRANT

 

(To
be signed only upon authorized transfer of the Warrant)

 

For
Value Received, the undersigned hereby sells,
assigns, and transfers unto ____________________ the right to purchase _______________ shares of common stock of TheMaven, Inc.,
to which the within Common Stock Purchase Warrant relates and appoints ____________________, as attorney-in-fact, to transfer
said right on the books of TheMaven, Inc. with full power of substitution and re-substitution in the premises. By accepting such
transfer, the transferee has agreed to be bound in all respects by the terms and conditions of the within Warrant.

 

Dated:
__________________

 

	 	 
	 	(Signature)
    *
	 	 
	 	(Name)
	 

                                                                              
	 
	 	(Address)
	 	 
	 	(Social
    Security or Tax Identification No.)

 

*
The signature on this Assignment of Warrant must correspond to the name as written upon the face of the Common Stock Purchase
Warrant in every particular without alteration or enlargement or any change whatsoever. When signing on behalf of a corporation,
partnership, trust or other entity, please indicate your position(s) and title(s) with such entity.

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