Document:

Exhibit
10.1

 

 

October
6, 2021

 

Via
DocuSign

 

Ross
Levinsohn

16100
Anoka Drive

Pacific
Palisades, CA 90272

 

Re:
Special Bonus

 

Dear
Ross:

 

We
refer to the Second Amended & Restated Employment Agreement dated as of August 26, 2020 (the “Employment Agreement”)
between you and TheMaven, Inc., (the “Company”). Capitalized terms not defined herein shall have the meanings ascribed
them in the Employment Agreement.

 

In
recognition of your continued service with the Company, and of the Company’s continued success under your leadership, we are pleased
to offer you a one-time bonus in the amount of $300,000, less all applicable withholdings and deductions required by law (the “Bonus”).

 

You
will be eligible to receive the Bonus if all of the following eligibility criteria are satisfied:

 

	 	●	The
    Company completes a listing of its common stock on a Nasdaq exchange.
	 	●	You
    are actively employed by the Company on the date of such listing (the “Listing Date”).
	 	●	You
    have not given notice of your intent to resign from employment with the Company.

 

If
you are eligible to receive the Bonus, it will be paid to you on the first regularly scheduled pay date following the Listing Date.

 

This
letter agreement is intended to comply with, or be exempt from, Section 409A of the Internal Revenue Code of 1986, as amended (“Section
409A”) and shall be construed and administered in accordance with Section 409A.

 

 

    	 

     

    

 

This
letter agreement contains all of the understandings and representations between the Company and you relating to the Bonus and supersedes
all prior and contemporaneous understandings, discussions, agreements, representations, and warranties, both written and oral, with respect
to the Bonus; provided, however, that this letter agreement shall not supersede any other agreements between the Company and you.

 

This
letter agreement and all related documents, and all matters arising out of or relating to this letter agreement, whether sounding in
contract, tort, or statute are governed by, and construed in accordance with, the laws of California, including, without giving effect
to the conflict of laws provisions thereof to the extent such principles or rules would require or permit the application of the laws
of any jurisdiction other than those of California.

‌

Please
sign this letter agreement via DocuSign.

 

	 

     
	Very
                                            truly yours,

    THEMAVEN,
    INC.

	 	 	 
	  
	By:	             
	 	 	Douglas
    Smith
	 	 	Chief
    Financial Officer

 

	Agreed
                                            to and accepted by:

    
	 

    

	 	 

    

	Ross
                                            Levinsohn
	 

 

Cc:
Human ResourcesExhibit 10.2

 

AMENDMENT
NO. 1 TO SECOND AMENDED & RESTATED EXECUTIVE EMPLOYMENT AGREEMENT

 

Amendment
No. 1 to Second Amended & Restated Executive Employment Agreement, dated as of December 22, 2021 (the “Amendment”),
between TheMaven, Inc. a Delaware corporation having its principal place of business at 200 Vesey St, 24th Floor, New York,
NY 10281 (the “Company”) and Ross Levinsohn, an individual with an address at 16100 Anoka Drive, Pacific Palisades,
CA 90272 (the “Executive”, and together with the Company, the “Parties,” and each, a “Party”).

 

WHEREAS,
the Parties have entered into a Second Amended & Restated Executive Employment Agreement dated as of August 26, 2020 (the “Existing
Agreement”);

 

WHEREAS,
the Parties are party to a letter agreement dated October 6, 2021 pursuant to which the Executive is entitled to receive a bonus in the
event the Company completes a listing of its stock on the Nasdaq stock exchange (the “Bonus Letter”); and

 

WHEREAS,
the Parties hereto desire to amend the Existing Agreement to clarify certain terms of the Executive’s cash bonus compensation on
the terms and subject to the conditions set forth herein.

 

NOW,
THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Parties agree as follows:

 

1.
Definitions.
Capitalized terms used and not defined in this Amendment have the respective meanings assigned to them in the Existing Agreement.

 

2.
Termination of Bonus Letter. The Bonus Letter is hereby terminated, effective immediately, and shall be deemed to be void ab
initio.

 

3.
Amendments to the Existing Agreement.
As of the Effective Date (defined below), the Existing Agreement is hereby amended or modified by deleting Exhibit A to the Existing
Agreement in its entirety and Exhibit A to this Amendment is hereby inserted in place thereof.

 

4.
Date of Effectiveness; Limited Effect.
This Amendment will be deemed effective as of the date first written above (the “Effective Date”). Except as expressly
provided in this Amendment, all of the terms and provisions of the Existing Agreement are and will remain in full force and effect and
are hereby ratified and confirmed by the Parties. Without limiting the generality of the foregoing, the amendments contained herein will
not be construed as an amendment to or waiver of any other provision of the Existing Agreement or as a waiver of or consent to any further
or future action on the part of either Party that would require the waiver or consent of the other Party. On and after the Effective
Date, each reference in the Existing Agreement to “this Agreement,” “the Agreement,” “hereunder,”
“hereof,” “herein,” or words of like import will mean and be a reference to the Existing Agreement as amended
by this Amendment.

 

    	 

     

    

 

5.
Miscellaneous.

 

(a)
This Amendment is governed by and construed in accordance with the laws of the State of California, without regard to the conflict of
laws provisions of such State.

 

(b)
This Amendment shall inure to the benefit of and be binding upon each of the Parties and each of their respective permitted successors
and permitted assigns.

 

(c)
The headings in this Amendment are for reference only and do not affect the interpretation of this Amendment.

 

(d)
This Amendment may be executed in counterparts, each of which is deemed an original, but all of which constitute one and the same agreement.
Delivery of an executed counterpart of this Amendment electronically or by facsimile shall be effective as delivery of an original executed
counterpart of this Amendment.

 

(e)
This Amendment constitutes the sole and entire agreement between the Parties with respect to the subject matter contained herein, and
supersedes all prior and contemporaneous understandings, agreements, representations, and warranties, both written and oral, with respect
to such subject matter.

 

(f)
Each Party shall pay its own costs and expenses in connection with this Amendment (including the fees and expenses of its advisors, accountants,
and legal counsel).

 

IN
WITNESS WHEREOF, the Parties have executed this Amendment as of the date first written above.

 

	 	THEMAVEN,
    INC.
	 	 
	 	By	 
	 	Name:	               
	 	Title:	 
	 	 	 
	 	By	 
	 	 	Ross
    Levinsohn

 

    	2

     

    

 

Exhibit
A

 

Bonuses

 

Calendar
Year 2020 

 

$250,000
– earned as of January 1, 2021 and payable in equal amounts over eight successive bi-monthly pay period commencing with February
28, 2021, or upon the earlier termination of the Executive’s employment for any reason whatsoever.

 

Calendar
Year 2021

 

Target
Bonus: $1 million (the “Target Bonus”)

 

$333,333
of the Target Bonus shall become earned on the date that either (i) the Company submits a formal application to list its Common Stock
on an Exchange or (ii) the Board determines that the Company should not become listed on an Exchange in 2021 or 2022.

 

Up
to $666,667 of the Target Bonus (the “EBITDA Bonus”) shall become earned and payable in the event that the Company
achieves 70% or more of the Company’s EBITDA target for 2021 as set forth in the budget approved by the Board on December 4, 2020
with respect to calendar year 2021 (the “EBITDA Target”), as described below.

 

For
purposes of this Exhibit A, “EBITDA” means earnings (on a GAAP basis) before (i) interest, taxes, depreciation, amortization
and, (ii) other non-cash or non-recurring charges (including equity compensation expense, severance, transaction related or non-recurring
legal costs).

 

The
EBITDA Target with respect to 2021 is therefore negative $10.6 million.

 

	EBITDA Target Achieved	 	EBITDA Bonus Earned	 
	< 70% of EBITDA Target	 	Discretionary by the BOD	 
	70% of EBITDA Target	 	$	333,333	 
	For each 1% in excess of 70% of EBITDA Target, up to a maximum of 100%	 	$	11,111	 

 

The
Target Bonus will be payable on or before March 31, 2022, subject to “Quarterly Payments” below.

 

    	 

     

    

 

Calendar
Year 2022

 

Target
Bonus of $1 million, with achievement based on 2022 EBITDA goals to be determined by the Board, with partial payment beginning at the
achievement of 70% of such EBITDA goals.

 

Calendar
Year 2023

 

Target
Bonus of $1 million, with achievement based on 2023 EBITDA goals to be determined by the Board, with partial payment beginning at the
achievement of 70% of such EBITDA goals.

 

Quarterly
Payments

 

The
Bonus will be paid quarterly at the end of the third and fourth fiscal quarters of 2021 and each fiscal quarter for the calendar years
2022 and 2023 (each a “Quarterly Payment”):

 

	Calendar
    period	 	Fiscal
    Quarter	 	Pay
    Date
	January
    1 through March 31	 	Q1	 	April
    30
	April
    1 through June 30	 	Q2	 	July
    31
	July
    1 through September 30	 	Q3	 	October
    31
	October
    1 through December 31	 	Q4	 	January
    31

 

Each
such Quarterly Payment will be calculated by multiplying the EBITDA during such fiscal quarter by four, then multiplying that amount
by the applicable Percentage of Revenue to identify the estimated Bonus, and then dividing that amount by four.

 

Within
60 days following the end of the applicable calendar year, the Company shall conduct a reconciliation (a “Reconciliation”)
of the Quarterly Payments for such calendar year against the actual Bonus earned for such year and provide the Executive with a breakdown
in accordance with the notice provisions of the Agreement (“Reconciliation Notice”).

 

In
the event that as a result of the Reconciliation it is determined that the sum of the Quarterly Payments was less than the actual Bonus
for the year, the Company will pay the difference to the Executive within 30 days following the sending of the Reconciliation Notice.
The Executive shall not be required to return or offset any overpayment revealed by the Reconciliation.

 

Notwithstanding
the forgoing, no Quarterly Payments will be made with respect to 2020 or the first two fiscal quarters of 2021.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00338-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00338-of-00352.parquet"}]]