Document:

Exhibit
10.12

 

SUBSCRIPTION
AGREEMENT

 

THIS
SUBSCRIPTION AGREEMENT (this “Agreement”), dated as of March 17, 2016, is by and between JERRICK
MEDIA HOLDINGS, Inc., a corporation incorporated under the laws of the State of Nevada and located at 202 S. Dean Street,
Englewood, NJ 07631 (the “Company”), and _________________________ (the “Subscriber”).

 

WHEREAS,
the Company and Subscriber are executing and delivering this Agreement in reliance upon an exemption from securities registration
afforded by the provisions of Section 4(2) and/or Regulation D (“Regulation D”) promulgated by the United States
Securities and Exchange Commission (the “Commission”) under the Securities Act of 1933, as amended (the “Securities
Act”); and

 

WHEREAS,
the parties hereto desire that, upon the terms and subject to the conditions contained herein and upon the date hereof (the “Funding
Date”), the Company shall issue to Subscriber (i) a convertible debenture (in the form attached hereto as Exhibit
A, the “Debenture”) in the principal amount of One Hundred Thousand United States Dollars (US$100,000),
pursuant to which, upon the occurrence and continuation of an Event of Default, the amounts owed thereunder shall be convertible
into such number of shares of common stock, par value $0.00001 per share, of the Company (the “Common Stock”)
as are called for by the terms of the Debenture (“Conversion Shares”); and (ii) a common stock purchase warrant
(in the form attached hereto as Exhibit B, the “Warrant”) which shall permit the Subscriber to purchase
One Hundred Fifty Thousand (150,000) shares of the Company’s Common Stock at a price of Zero and 40/100 United States Dollars
($0.40) (the “Warrant Shares” and together with the Conversion Shares, the “Shares”; and
the Shares, together with the Debenture and the Warrant, the “Securities”).

 

NOW,
THEREFORE, in consideration of the mutual covenants and other agreements contained in this Agreement, the Company and Subscriber
hereby agree as follows:

 

1.           Purchase
and Sale. Upon the terms and subject to the conditions set forth in this Agreement and in consideration of One Hundred Thousand
United States Dollars (US$100,000) (the “Purchase Price”) delivered by Subscriber to the Company on the Funding
Date, the Company hereby agrees to issue the Debenture and the Warrant to Subscriber on the Funding Date. The Company agrees to
issue and deliver the Securities to Subscriber free of all liens, pledges, mortgages, security interests, charges, restrictions,
adverse claims or other encumbrances of any kind or nature whatsoever (“Encumbrances”), and Subscriber hereby
agrees to accept the Securities free of all Encumbrances. The Subscriber shall pay the Purchase Price, to the Company, by check
payable to the Company, or by wire transfer of immediately available funds in accordance with the instructions on Schedule
I hereto.

 

2.           Subscriber Representations and Warranties. Subscriber hereby represents and warrants to and agrees with the Company
that:

 

(a)           Standing
of Subscriber. Subscriber has the legal capacity and power to enter into this Agreement.

 

     

     

    

 

(b)           Authorization
and Power. Subscriber has the requisite power and authority to enter into and perform this Agreement and to advance
the Purchase Price and accept the Securities. The execution, delivery and performance of this Agreement by Subscriber, and the
consummation by Subscriber of the transactions contemplated hereby, have been duly authorized by all necessary action, and no
further consent or authorization of Subscriber is required. This Agreement has been duly authorized, executed and delivered by
Subscriber and constitutes, or shall constitute, when executed and delivered, a valid and binding obligation of Subscriber, enforceable
against Subscriber in accordance with the terms hereof.

 

(c)           Information
on Subscriber. Subscriber is, and reasonably believes Subscriber will be at the time of any conversion of the Debenture and
the exercise of the Warrant, an “accredited investor,” as such term is defined in Regulation D promulgated by the
Commission under the 1933 Act, is experienced in investments and business matters, has made investments of a speculative nature
and has purchased securities of United States publicly-owned companies in private placements in the past and, with Subscriber’s
representatives, has such knowledge and experience in financial, tax and other business matters as to enable Subscriber to utilize
the information made available by the Company to evaluate the merits and risks of, and to make an informed investment decision
with respect to, the proposed purchase, which Subscriber hereby agrees represents a speculative investment. Subscriber has the
authority and is duly and legally qualified to purchase and own the Securities. Subscriber is able to bear the risk of such investment
for an indefinite period and to afford a complete loss thereof.

 

(d)           Purchase
of Securities. Subscriber will purchase the Securities for Subscriber’s
own account for investment and not with a view toward, or for resale in connection with, the public sale or any distribution thereof
in violation of the Securities Act or any applicable state securities law, and has no direct or indirect arrangement or understandings
with any other person or entity to distribute or regarding the distribution of such Securities.

 

(e)           Highly Speculative Investment. Subscriber acknowledges and agrees that a purchase of the Securities is highly speculative
and involves significant risks and that the Securities should not be purchased if Subscriber cannot afford the loss of Subscriber’s
entire investment. The business objectives of the Company are speculative, and it is possible that the Company may be unable to
achieve them. Subscriber understands that Subscriber may be unable to realize a substantial return on the purchase of the offered
Securities, or any return whatsoever, and may lose Subscriber’s entire investment.

 

(f)           Compliance
with Securities Act. Subscriber understands and agrees that the Securities have not been registered under the 1933 Act or
any applicable state securities laws by reason of their issuance in a transaction that does not require registration under the
1933 Act (based in part on the accuracy of the representations and warranties of Subscriber contained herein), and that such Securities
must be held indefinitely unless a subsequent disposition is registered under the 1933 Act or any applicable state securities
laws or is exempt from such registration.

 

    	 	2	 

     

    

  

(g)           Share
Legend. The certificates evidencing the Shares shall bear the following or similar legend:

 

“THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, NOR 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 AND REASONABLY APPROVED BY THE COMPANY),
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.”

 

(h)           Debenture
and Warrant Legend. The Debenture and the Warrant shall each bear the following or similar legend:

 

“NEITHER
THE ISSUANCE NOR SALE OF THE SECURITIES REPRESENTED BY THIS DOCUMENT NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE CONVERTIBLE
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 AND
REASONABLY APPROVED BY THE COMPANY), 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.”

 

(i)           Communication
of Offer. Subscriber has a preexisting personal or business relationship with the Company or one or more of its directors,
officers, advisors or control persons, and the offer to issue the Securities was directly communicated to Subscriber by the Company.
At no time was Subscriber presented with or solicited by any leaflet, newspaper or magazine article, radio or television advertisement,
or any other form of general advertising or solicited or invited to attend a promotional meeting otherwise than in connection
and concurrently with such communicated offer.

 

(j)           No
Governmental Endorsement. Subscriber understands that no United States federal or state agency or any other governmental or
state agency has passed on or made recommendations or endorsement of the Securities, or the suitability of the investment in the
Securities, nor have such authorities passed upon or endorsed the merits of the offering of the Securities.

 

    	 	3	 

     

    

 

 

(k)           Information.
Subscriber and its advisors, if any, have been furnished with all materials relating to the business, finances and operations
of the Company and materials relating to the offer and sale of the Securities that have been requested by Subscriber.  Subscriber
and its advisors, if any, acknowledge that they reviewed the Company SEC Documents (as defined herein). Subscriber and its advisors,
if any, have been afforded the opportunity to ask questions of the Company.  Neither such inquiries nor any other due diligence
investigations conducted by Subscriber or its advisors, if any, or its representatives shall modify, amend or affect Subscriber’s
right to rely on the Company’s representations and warranties contained herein. Subscriber understands that its investment
in the Debenture and the Warrant and any Shares involve a high degree of risk and the Subscriber is able to afford a complete
loss of such investment. Subscriber has sought such accounting, legal and tax advice as it has considered necessary to make an
informed investment decision with respect to its acquisition of the securities.

 

(l)           No
Market Manipulation. Subscriber has not taken, and will not take, directly or indirectly, any action designed to, or that
might reasonably be expected to, cause or result in stabilization or manipulation of the price of the Common Stock, to facilitate
the sale or resale of the Securities or affect the price at which the Securities may be issued or resold.

 

(m)          Restrictions
on Transfer or Resale. The Subscriber understands that (i) the Securities are not being registered under the Securities Act
of 1933 or any state securities laws, and may not be offered for sale, sold, assigned or transferred unless (A) the Securities
are subsequently registered thereunder, or (B) Subscriber shall have delivered to the Company an opinion of counsel, in a generally
acceptable form, to the effect that such Securities to be sold, assigned or transferred may be sold, assigned or transferred pursuant
to an exemption from such registration; and (ii) neither the Company nor any other party is under any obligation to register the
Securities under the 1933 Act or any state securities laws or to comply with the terms and conditions of any exemption thereunder;
(iii) Subscriber is acquiring the Securities for its own account and not with a view towards, or for resale in connection with,
the public sale or distribution thereof, except pursuant to sales registered or exempted under the 1933 Act, and (iv) Subscriber
does not presently have any agreement or understanding, directly or indirectly, with any party to distribute the Securities.

 

(n)           Reliance
on Exemptions.  The Subscriber understands that the Securities are being offered and sold or assigned to it in reliance
on specific exemptions from the registration requirements of United States federal and state securities laws and that the Company
is relying in part upon the truth and accuracy of, and Subscriber’s compliance with, the representations, warranties, agreements,
acknowledgments and understandings of Subscriber set forth herein in order to determine the availability of such exemptions and
the eligibility of Subscriber to acquire the Securities.

 

    	 	4	 

     

    

 

3.           Company
Representations and Warranties. The Company represents and warrants to, and agrees with, Subscriber that:

 

(a)           Due
Incorporation. The Company is a corporation duly incorporated, validly existing and in good standing under the laws of the
jurisdiction of its incorporation;

 

(b)           Authority;
Enforceability. This Agreement has been duly authorized, executed and delivered by the Company and is the valid and binding
agreement of the Company, enforceable in accordance with their terms, except as may be limited by bankruptcy, insolvency, moratorium
or other similar laws affecting the enforcement of creditors’ rights generally, or principles of equity. The Company has
full corporate power and authority necessary to enter into and deliver this Agreement and to perform its obligations thereunder;

 

(c)           Capitalization
and Additional Issuances. All of the outstanding shares of the Common Stock are, and the Shares to be issued pursuant to the
Debenture and the Warrant will be, duly authorized and validly issued, fully paid and non-assessable and are not (and will not
be) subject to preemptive or similar rights affecting the Common Stock. As of the date hereof, there are
no (i) contracts to which the Company is a party obligating the Company to accelerate the vesting of any company equity award
as a result of the transactions contemplated by this Agreement (whether alone or upon the occurrence of any additional or subsequent
events), (ii) outstanding securities of the Company convertible into or exchangeable for shares of the Common Stock, (iii) outstanding
options, warrants or other agreements or commitments to acquire from the Company, or obligations of the Company to issue, shares
of capital stock of (or securities convertible into or exchangeable for shares of capital stock of) the Company or (iv) restricted
shares, restricted stock units, stock appreciation rights, performance shares, profit participation rights, contingent value rights,
“phantom” stock or similar securities or rights that are derivative of, or provide economic benefits based, directly
or indirectly, on the value or price of, any shares of capital stock of the Company, in each case that have been issued by the
Company (the items in clauses (i), (ii) and (iii), together with the capital stock of the Company, being referred to collectively
as “Company Securities”). There are no outstanding contracts requiring the Company to repurchase, redeem or
otherwise acquire any Company Securities and the Company is not a party to any voting agreement with respect to any Company Securities;

 

(d)           Commission
Filings; Financial Statements; Absence of Undisclosed Liabilities.

 

(i)           Commission
Filings. The Company has filed with the Commission all registration statements, prospectuses, reports, schedules, forms, statements
and other documents (including exhibits and all other information incorporated by reference) required to be filed or furnished
by it with the Commission since (the “Company SEC Documents”) and such Company SEC Documents when filed were
true, correct and complete in all material respects. As of their respective filing dates (or, if amended or superseded by a subsequent
filing, as of the date of the last such amendment or superseding filing prior to the date hereof), each of the Company SEC Documents
complied in all material respects with the applicable requirements of the Sarbanes-Oxley Act of 2002 (including the rules and
regulations promulgated thereunder) and the Exchange Act, and the rules and regulations of the SEC thereunder applicable to such
Company SEC Documents and did not, at the time it was filed (or, if amended, at the time (and taking into account the content)
of such amendment), contain any untrue statement of a material fact or omit to state a material fact required to be stated therein
or necessary in order to make the statements made therein, in light of the circumstances under which they were made, not misleading.
As of the date hereof, there are no outstanding or unresolved comments in comment letters from the Commission staff with respect
to any of the Company SEC Documents. As of the date hereof, none of the Company SEC Documents is the subject of ongoing Commission
review, outstanding Commission comment or outstanding Commission investigation;

 

    	 	5	 

     

    

 

(ii)           Financial
Statements. Each of the consolidated financial statements (including, in each case, any related notes thereto) contained in
the Company SEC Documents: (i) complied as to form in all material respects with the published rules and regulations of the SEC
with respect thereto as of their respective dates; (ii) was prepared in accordance with United States generally accepted accounting
principles (“GAAP”) applied on a consistent basis throughout the periods involved (except as may be indicated in the
notes thereto and, in the case of unaudited interim financial statements, as may be permitted by the Commission for Quarterly
Reports on Form 10-Q); and (iii) fairly presented in all material respects the consolidated financial position of the Company
at the respective dates thereof and the consolidated results of the Company’s operations and cash flows for the periods
indicated therein, subject, in the case of unaudited interim financial statements, to normal and year-end audit adjustments as
permitted by GAAP and the applicable rules and regulations of the Commission. As of the date hereof, RRBB Accountants and Advisors
has not resigned or been dismissed as independent public accountants of the Company as a result of or in connection with any disagreements
with the Company on a matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure;

 

(iii)           No
Undisclosed Liabilities. Neither the Company nor any of its subsidiaries has any liability, indebtedness or obligation of
any kind (whether accrued, absolute, contingent, matured, unmatured or otherwise, and whether or not required to be recorded or
reflected on a balance sheet under GAAP) (“Liability”) except for Liabilities that (a) are reflected or recorded
on the Company’s most recent balance sheet included in the Company SEC Documents (including in the notes thereto but only
to the extent it is reasonably apparent that the disclosure in such notes is of a Liability required to be reflected on a balance
sheet prepared in accordance with GAAP) contained in the Company SEC Documents or (b) are current Liabilities (within the meaning
of GAAP) which were incurred since the date of such balance sheet in the ordinary course of business consistent with past practice;           

 

(e)           Related
Party Transactions. All contracts, transactions, arrangements and understandings with any executive officer or director of
the Company or any of its subsidiaries, any other person that directly or indirectly controls, is controlled by or is under common
control with (“Affiliate”), the Company, or any person owning 10% or more of the shares of the Common Stock
(or any of such person's immediate family members or Affiliates or associates), which is required to be disclosed under Item 404
of Regulation S-K promulgated under the Securities Act, have been fully and properly disclosed in the appropriate Company SEC
Documents. There are no such contracts, transactions, arrangements or understandings which have not been so disclosed;

 

    	 	6	 

     

    

 

(f)           Consents.
No consent, approval, authorization or order of any court, governmental agency or body having jurisdiction over the Company or
of any other person is required for the execution by the Company of this Agreement and compliance and performance by the Company
of its obligations hereunder, including, without limitation, the issuance of the Securities;

 

(g)           No
Violation or Conflict. Neither the issuance of the Securities nor the performance of the Company’s obligations under
this Agreement will:

 

(i)           violate,
conflict with, result in a breach of, or constitute a default (or an event which with the giving of notice or the lapse of time
or both would be reasonably likely to constitute a default) under (a) the charter or bylaws of the Company or (b) any decree,
judgment, order or determination applicable to the Company of any court, governmental agency or body having jurisdiction over
the Company or over the properties or assets of the Company or (c) any contract, agreement, instrument or undertaking to which
the Company or any subsidiary is a party; or

 

(ii)          result
in the creation or imposition of any lien, charge or encumbrance upon the Securities except in favor of Subscriber as described
herein;

 

(h)           The
Shares. Upon issuance, the Shares:

 

(i)           shall
be free and clear of any security interests, liens, claims or other Encumbrances, subject only to restrictions upon transfer under
the Securities Act and any applicable state securities laws;

 

(ii)          shall
have been duly and validly issued, fully paid and non-assessable; and

 

(iii)         will
not subject the holders thereof to personal liability by reason of being such holders;

 

(i)           Litigation.
There is no pending or, to the knowledge of the Company, threatened action, suit, proceeding or investigation before or by any
court, governmental agency or body having jurisdiction over the Company including, without limitation, any such that would materially
affect the execution by the Company or the complete and timely performance by the Company of its obligations under this Agreement;

 

(j)           No
General Solicitation. Neither the Company, nor any of its affiliates, nor any person or entity acting on its or their behalf,
has engaged in any form of general solicitation or general advertising (within the meaning of Regulation D under the Securities
Act) in connection with the offer or sale of the Shares;

 

    	 	7	 

     

    

 

(k)          Investment
Company. The Company is not an “investment company” within the meaning of the Investment Company Act of 1940,
as amended; and

 

(l)           Full
Disclosure. No representation or warranty or other statement made by the Company in this Agreement in connection with the
contemplated transactions contains any untrue statement of material fact or omits to state a material fact necessary to make the
representations and warranties set forth herein, in light of the circumstances in which they were made, not misleading.

 

4.           Broker’s
Commission/Finder’s Fee. There are no parties entitled to receive fees, commissions, finder’s fees, due diligence
fees or similar payments in connection with the consummation of the transactions contemplated hereby. Each party hereto agrees
to indemnify the other against and hold the other harmless from any and all liabilities to any persons claiming brokerage commissions
or similar fees on account of services purported to have been rendered on behalf of the indemnifying party in connection with
this Agreement or the transactions contemplated hereby and arising out of the indemnifying party’s actions.

 

5.           Covenants
Regarding Indemnification. Each party hereto agrees to indemnify, hold harmless, reimburse and defend the other party and
the other party’s officers, directors, agents, counsel, affiliates, members, managers, control persons, and principal shareholders,
as applicable, against any claim, cost, expense, liability, obligation, loss or damage (including reasonable legal fees) of any
nature, incurred by or imposed upon the indemnified party or any such person which results, arises out of or is based upon (i)
any breach of any representation or warranty by the indemnifying party in this Agreement or (ii) any breach or default in performance
by the indemnifying party of any covenant or undertaking to be performed by the indemnifying party.

 

6.           Miscellaneous.

 

(a)           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 or facsimile, addressed as set forth in the preamble paragraph hereto 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 at the address designated in the preamble paragraph hereto (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.

 

    	 	8	 

     

    

 

(b)           Entire
Agreement. This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof
and may be amended only by a writing executed by both parties hereto. Neither the Company nor Subscriber has relied on any representations
not contained or referred to in this Agreement and the documents delivered herewith.

  

 

(c)           Counterparts/Execution.
This Agreement may be executed in any number of counterparts and by the different signatories hereto on separate counterparts,
each of which, when so executed, shall be deemed an original, but all such counterparts shall constitute but one and the same
instrument. This Agreement may be executed by facsimile transmission, PDF, electronic signature or other similar electronic means
with the same force and effect as if such signature page were an original thereof.

 

(d)           Law
Governing this Agreement. This Agreement shall be governed by and construed in accordance with the laws of the State of Nevada
without regard to principles of conflicts of laws. Any action brought by either party hereto against the other concerning the
transactions contemplated by this Agreement shall be brought only in the state courts of the State of New Jersey or in the federal
courts located in the State of New Jersey. The parties to this Agreement 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 PARTY HERETO HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST,
A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT OR
ANY TRANSACTION CONTEMPLATED HEREBY. 

 

(e)           Advice
of Counsel. the Company hereby acknowledges that IT has been, and hereby is, advised to seek legal counsel and to review
this Note with legal counsel of ITs choice, and (ii) such party has sought such legal counsel, which such legal counsel has
reviewed the Note, or hereby waives the right to do so. In connection with the preparation of this Note, the Company
acknowledges and agrees that _________________________ prepared this Note and acted solely as legal counsel to the
Holder. The Company acknowledges that _______________________ has represented the interests of the Holder and not the
Company. The Company acknowledges that it has no objection to the terms and conditions herein contained or _______________________ representation of the Holder in connection herewith. The economic, business and legal terms and conditions
contained herein were agreed upon by the Company after the Company had the opportunity to consult with independent counsel.
The Company has had access to their respective independent counsel and has knowingly consented and executed this Note and
agreed to be irrevocably bound by its terms.

 

    	 	9	 

     

    

 

(f)            Conflict
Waiver. _________________ HAS PREVIOUSLY ACTED AND CONTINUED TO ACT AS COUNSEL TO THE COMPANY, HOWEVER, IT
IS ACKNOWLEDGED AND AGREED THAT _______________________ HAS NOT ACTED AS COUNSEL TO THE COMPANY IN CONNECTION WITH THE
NEGOTIATION, DRAFTING OR EXECUTION OF THIS AGREEMENT, THE DEBENTURE OR THE WARRANT. The Company hereby expressly waiveS any
and all conflicts of interest with ___________________, whether actual or potential, and whether existing previously or in
the future in connection with the issuance of the Note. IT IS FURTHER NOTED AND AGREED THAT THE SUBSCRIBER DOES NOT WISH TO
ENTER INTO THIS AGREEMENT OR ADVANCE THE PRINCIPAL AMOUNT PROVIDED HEREUNDER, HOWEVER, IT HAS CHOSEN TO DO SO AT THE REQUEST
OF THE COMPANY AND AS AN ACCOMMODATION TO THE COMPANY. 

 

(g)           Legal
Fees; Expenses. The Company agrees to pay the Subscriber an amount equal to Two Thousand Nine Hundred Fifty United States
Dollars (US$2,950) in consideration of legal fees, plus an amount equal to Five Hundred Seventy Five United States Dollars (US$575)
in consideration of expenses and disbursements which shall be incurred by the Subscriber, each of such amounts shall be paid on
the Maturity Date.

 

(h)           Severability.
In the event that any provision of this Agreement 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
hereto hereby irrevocably waives personal service of process and consents to process being served in any suit, action or proceeding
in connection with this Agreement 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 Agreement 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.

 

(h)           Counsel;
Ambiguities. Each party and its counsel have participated fully in the review and revision of this Agreement, the Debenture,
the Warrant, and any documents executed in connection therewith. The parties understand and agree that any rule of construction
to the effect that ambiguities are to be resolved against the drafting party shall not apply in interpreting this Agreement, the
Debenture, the Warrant and any documents executed in connection therewith. The language in this Agreement, the Debenture, the
Warrant and any documents executed in connection therewith shall be interpreted as to its fair meaning and not strictly for or
against any party.

 

(i)           Captions.
The captions of the various sections and paragraphs of this Agreement have been inserted only for the purposes of convenience;
such captions are not a part of this Agreement and shall not be deemed in any manner to modify, explain, enlarge or restrict any
of the provisions of this Agreement.

 

[Signature
page follows]

 

    	 	10	 

     

    

 

IN
WITNESS WHEREOF, the undersigned have executed this Subscription Agreement as of the date first indicated above.

 

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

  

CONSENT
AND AGREEMENT

 

The
undersigned hereby consents and agrees to the terms and conditions contained in this Subscription Agreement, to the payment of
the amounts contemplated herein, documents contemplated hereby and to the provisions contained herein relating to conditions to
be fulfilled and obligations to be performed to the same extent as if the undersigned were a party to said Subscription Agreement.

 

GUARANTOR:

 

JERRICK
VENTURES LLC

 

	By:		 
	Name:	 	 
	Title:	 	 
		 

JEREMY
FROMMER, an individual

 

    	 	11	 

     

    

 

EXHIBIT
A

 

DEBENTURE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

     

    

 

EXHIBIT
B

 

WARRANTExhibit
10.13

 

SECURITY
AGREEMENT

 

This
SECURITY AGREEMENT (“Agreement”) is made as of March 17, 2016, by and among JERRICK
MEDIA HOLDINGS, Inc., a corporation incorporated under the laws of the State of Nevada and located at 202 S. Dean Street,
Englewood, NJ 07631 (“JMH”), and JERRICK VENTURES, LLC, a corporation incorporated under the laws of the State
of Delaware and located at 202 S. Dean Street, Englewood, NJ 07631 (“JV” and together with JMH, collectively,
the “Company”), in favor of ________________________ (the “Secured Party”).

 

WHEREAS,
pursuant to a Subscription Agreement dated March 17, 2016 (the “Subscription Agreement”) by and between JMH
and the Buyer (and consented to by JV), (i) JMH has agreed to issue to the Buyer and the Buyer has agreed to purchase from JMH
a debenture, dated March 17, 2016 (the “Debenture”), issued by JMH in favor of the Buyer; and (ii) JMH has
agreed to issue to the Buyer and the Buyer has agreed to purchase from JMH a commons stock purchase warrant, dated March 17, 2016
(the “Warrant”), each as more specifically set forth in the Subscription Agreement; and

WHEREAS,
in order to induce the Secured Party to purchase the Debenture and the Warrant, Company has agreed to execute and deliver to the
Secured Party this Agreement for the benefit of the Secured Party and to grant to Secured Party an unconditional and continuing,
first priority security interest in all of the assets and property of the Company to secure the prompt payment, performance and
discharge in full of all of Company’s obligations under the Debenture, the Warrant, the Subscription Agreement and the other
Transaction Documents.

 

NOW,
THEREFORE, in consideration of the mutual covenants and agreements of the parties hereinafter set forth and other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the parties each intending to be legally bound, hereby
do agree as follows:

 

1.          
Recitals. The recitations set forth in
the preamble of this Agreement are true and correct and incorporated herein by this reference.

 

    1

     

    

 

2.          
Construction and Definition of Terms.
In this Agreement, unless the express context otherwise requires: (i) the words “herein,” “hereof’ and
“hereunder” and words of similar import refer to this Agreement as a whole and not to any particular provision of
this Agreement; (ii) references to the words “Section” or “Subsection” refer to the respective Sections
and Subsections of this Agreement, and references to “Exhibit” or “Schedule” refer to the respective Exhibits
and Schedules attached hereto; (iii) wherever the word “include,” “includes” or “including”
is used in this Agreement , it will be deemed to be followed by the words “without limitation.” All capitalized terms
used in this Agreement that are defined in the Debenture or otherwise defined in Articles 8 or 9 of the Code shall have the meanings
assigned to them in the Debenture or the Code, respectively and as applicable, unless the context of this Agreement requires otherwise.
In addition to the capitalized terms defined in the Code and the Debenture, unless the context otherwise requires, when used herein,
the following capitalized terms shall have the following meanings (provided that if a capitalized term used herein is defined
in the Debenture and separately defined in this Agreement, the meaning of such term as defined in this Agreement shall
control for purposes of this Agreement):

 

(a)      
   “Agreement” means
this Security Agreement and all amendments, modifications and supplements hereto.

 

(b)        
“Bankruptcy Code” means the
United States Bankruptcy Code, as amended from time to time, or any other similar laws, codes, rules or regulations relating to
bankruptcy, insolvency or the protection of creditors.

 

(c)        
“Business Premises” shall
mean the Company’s offices located at 202 S. Dean Street, Englewood, NJ 07631, or any additional offices, warehouses, or
storage facilities that the Company may utilize for day to day operations.

 

(d)        
“Closing” shall mean the date
on which this Agreement is fully executed by both parties.

 

(e)        
“Code” shall mean the Uniform
Commercial Code as in effect from time to time in the State of Nevada, provided that terms used herein which are defined in the
Code as in effect in the State of Nevada on the date hereof shall continue to have the same meaning notwithstanding any replacement
or amendment of such statute, except as the Secured Party may otherwise agree.

 

(f)         
“Collateral” shall mean any
and all property of the Company, of any kind or description, tangible or intangible, real, personal or mixed, wheresoever located
and whether now existing or hereafter arising or acquired, including the following: (i) all property of, or for the account of,
the Company now or hereafter coming into the possession, control or custody of, or in transit to, Secured Party or any agent or
bailee for Secured Party or any parent, affiliate or subsidiary of Secured Party or any participant with Secured Party in the
Obligations (whether for safekeeping, deposit, collection, custody, pledge, transmission or otherwise), including all cash, earnings,
dividends, interest, or other rights in connection therewith and the products and proceeds therefrom, including the proceeds of
insurance thereon; (ii) the following additional property of the Company, whether now existing or hereafter arising or acquired,
and wherever now or hereafter located, together with all additions and accessions thereto, substitutions, betterments and replacements
therefor, products and Proceeds therefrom, and all of the Company’s books and records and recorded data relating thereto
(regardless of the medium of recording or storage), together with all of the Company’s right, title and interest in and
to all computer software required to utilize, create, maintain and process any such records or data on electronic media, including
all: (A) Accounts, and all goods whose sale, lease or other disposition by the Company has given rise to Accounts and have been
returned to, or repossessed or stopped in transit by, the Company, or rejected or refused by an Account debtor; (B) As-extracted
Collateral; (C) Chattel Paper (whether tangible or electronic); (D) Commodity Accounts; (E) Commodity Contracts; (F) Deposit Accounts,
including all cash and other property from time to time deposited therein and the monies and property in the possession or under
the control of the Secured Party or any affiliate, representative, agent, designee or correspondent of the Secured Party; (G)
Documents; (H) Equipment; (I) Farm Products; (J) Fixtures; (K) General Intangibles (including all Payment Intangibles); (L) Goods,
and all accessions thereto and goods with which the Goods are commingled; (M) Health-Care Insurance Receivables; (N) Instruments;
(O) Inventory, including raw materials, work-in-process and finished goods; (P) Investment Property; (Q) Letter-of-Credit Rights;
(R) Promissory Notes; (S) Software; (T) all Supporting Obligations; (U) all commercial tort claims hereafter arising; (V) all
intellectual property; (W) all other tangible and intangible personal property of the Company (whether or not subject to the Code),
including, all bank and other accounts and all cash and all investments therein, all proceeds, products, offspring, accessions,
rents, profits, income, benefits, substitutions and replacements of and to any of the property of the Company described within
the definition of Collateral (including, any proceeds of insurance thereon and all causes of action, claims and warranties now
or hereafter held by the Company in respect of any of the items listed within the definition of Collateral), and all books, correspondence,
files and other Records, including, all tapes, desks, cards, Software, data and computer programs in the possession or under the
control of the Company or any other Person from time to time acting for the Company, in each case, to the extent of the Company’s
rights therein, that at any time evidence or contain information relating to any of the property described or listed within the
definition of Collateral or which are otherwise necessary or helpful in the collection or realization thereof; (W) all real property
interests of the Company and the interest of the Company in fixtures related to such real property interests; and (X) Proceeds,
including all Cash Proceeds and Noncash Proceeds, and products of any or all of the foregoing, in each case howsoever the Company’s
interest therein may arise or appear (whether by ownership, security interest, claim or otherwise).

 

    2

     

    

 

(g)          
“Event of Default” shall
mean any of the events described in Section 4 hereof.

 

(h)          “Obligations” shall mean,
now existing or in the future, any debt, liability or obligation of any nature whatsoever (including any required performance
of any covenants or agreements), whether secured, unsecured, recourse, nonrecourse, liquidated, unliquidated, accrued, voluntary
or involuntary, direct or indirect, absolute, fixed, contingent, ascertained, unascertained, known, unknown, whether or not jointly
owed with others, whether or not from time to time decreased or extinguished and later decreased, created or incurred, or obligations
existing or incurred under any Transaction Document, or any other agreement between the Company and the Secured Party, as such
obligations may be amended, supplemented, converted, extended or modified from time to time.

 

(i)          
“Transaction Documents” shall
mean the Debenture, the Subscription Agreement, the Warrant, and any security agreements or guarantee agreement or any other document
executed by the Company and the Secured Party in connection with the Subscription Agreement.

 

    3

     

    

 

3.          
Security.

 

(a)          Grant of Security Interest. As security
for the full payment and performance of all of the Obligations, whether or not any instrument or agreement relating to any Obligation
specifically refers to this Agreement or the security interest created hereunder, the Company hereby assigns, pledges and grants
to Secured Party an unconditional, continuing, first priority security interest in all of the Collateral. Secured Party’s
security interest shall continually exist until all Obligations have been indefeasibly satisfied and/or paid in full.

 

(b)          Representations, Warranties. Covenants and
Agreement of the Company. The Company covenants, warrants and represents, for the benefit of the Secured Party, as follows:

 

(i)          
The Company has the requisite corporate power
and authority to enter into this Agreement and otherwise to carry out its obligations hereunder. The execution, delivery and performance
by the Company of this Agreement and the filings contemplated herein have been duly authorized by all necessary action on the
part of the Company and no further action is required by the Company. This Agreement constitutes a legal, valid and binding obligation
of the Company enforceable in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization,
moratorium or similar laws affecting the enforcement of creditor’s rights generally.

 

(ii)          
The Company represents and warrants that it has
no place of business or offices where its respective books of account and records are kept or places where Collateral is stored
or located, except for the Business Premises.

 

(iii)        The
Company is the sole owner of the Collateral (except for non-exclusive licenses granted by the Company in the Company’s
Ordinary Course of Business), free and clear of any and all Encumbrances. The Company is fully authorized to grant the
security interests in and to pledge the Collateral to Secured Party. There is not on file in any agency, land records or
other office of any Governmental Authority, an effective financing statement, security agreement, license or transfer or any
notice of any of the foregoing (other than those that have been filed in favor of the Secured Party pursuant to this
Agreement) covering or affecting any of the Collateral. So long as this Agreement shall be in effect, the Company shall not
execute and shall not permit to be on file in any such agency, land records or other office any such financing statement or
other document or instrument (except to the extent filed or recorded in favor of the Secured Party pursuant to the terms of
this Agreement).

 

(iv)        
No part of the Collateral has been judged invalid
or unenforceable. No Claim, Proceeding or other notice or other similar item has been received by the Company that any Collateral
or the Company’s use of any Collateral violates the rights of any Person. There has been no adverse decision or claim to
the Company’s ownership rights in or exclusive rights to use the Collateral in any jurisdiction or to the Company’s
right to keep and maintain such Collateral in full force and effect, and there is no Claim or Proceeding of any nature involving
said rights pending or, to the best knowledge of the Company, threatened, before any Governmental Authority.

 

    4

     

    

 

(v)          
The Company shall at all times maintain its books
of account and records relating to the Collateral and maintain the Collateral at the Business Premises, and the Company shall
not relocate such books of account and records or Collateral, except and unless: (A) Secured Party first approves of such relocation,
which approval may be withheld in Secured Party’s sole and absolute discretion; (B) evidence that appropriate financing
statements and other necessary documents have been filed and recorded and other steps have been taken to create in favor of the
Secured Party valid, perfected and continuing liens in the Collateral; or (C) Collateral is moved or relocated in the Company’s
Ordinary Course of Business, provided, however, that any permanent relocation of any of the Collateral shall require Secured Party’s
prior written approval in accordance with Subsection 3(b)(v)(A) above.

 

(vi)        
Upon making the filings described in the immediately
following sentence or by possession or control of such Collateral by Secured Party or delivery of such Collateral to Secured Party,
this Agreement creates, in favor of the Secured Party, a valid, perfected, security interest in the Collateral. Except for the
filing of financing statements on Form UCC-1, no authorization or approval of, or filing with, or notice to any Governmental Authority
is required either: (A) for the grant by the Company of, or the effectiveness of, the security interest granted hereby or for
the execution, delivery and performance of this Agreement by the Company; or (B) for the perfection of or exercise by the Secured
Party of its rights and remedies hereunder.

 

(vii)       
Simultaneous with the execution of this Agreement,
the Company hereby authorizes the Secured Party to file one or more UCC financing statements, and any continuations, amendments,
or assignments thereof with respect to the security interests on the Collateral granted hereby, in such jurisdictions as may be
requested or desired by the Secured Party.

 

(viii)     
The execution, delivery and performance of this
Agreement, and the granting of the security interests contemplated hereby, will not: (A) constitute a violation of or conflict
with the Certificate of Incorporation, Bylaws or any other organizational or governing documents of the Company; (B) constitute
a violation of, or a default or breach under (either immediately, upon notice, upon lapse of time, or both), or conflicts with,
or gives to any other Person any rights of termination, amendment, acceleration or cancellation of, any provision of any Contract
or agreement to which Company is a party or by which any of the Collateral may be bound; (C) constitute a violation of, or a default
or breach under (either immediately, upon notice, upon lapse of time, or both), or conflicts with, any Judgment of any Governmental
Authority; (D) constitute a violation of, or conflict with, any Law; or (E) result in the loss or adverse modification of, or
the imposition of any fine, penalty or other Encumbrance with respect to, any Permit granted or issued to, or otherwise held by
or for the use of, the Company or any of the Collateral. No Consent (including from stockholders or creditors of the Company)
is required for the Company to enter into and perform its obligations hereunder.

 

    5

     

    

 

(ix)         The Company shall at all times maintain the liens
and security interests provided for hereunder as valid and perfected liens and security interests in the Collateral in favor of
the Secured Party until this Agreement and the security interests hereunder shall terminate pursuant to Section 8(o) below. The
Company shall at all times safeguard and protect all Collateral, at its own expense, for the account of the Secured Party. At
the request of the Secured Party, the Company will sign and deliver to the Secured Party at any time, or from time to time, one
or more financing statements pursuant to the Code (or any other applicable statute) in form reasonably satisfactory to the Secured
Party and will pay the cost of filing the same in all public offices wherever filing is, or is deemed by the Secured Party to
be, necessary or desirable to effect the rights and obligations provided for herein. Without limiting the generality of the foregoing,
the Company shall pay all fees, taxes and other amounts necessary to maintain the Collateral and the security interests granted
hereunder, and the Company shall obtain and furnish to the Secured Party from time to time, upon demand, such releases and/or
subordinations of claims and liens which may be required to maintain the priority of the security interests hereunder.

 

(x)          The Company will not transfer, pledge, hypothecate,
encumber, license, sell or otherwise dispose of any of the Collateral without the prior written consent of the Secured Party,
which consent may be withheld in the Secured Party’s sole and absolute discretion, except for transfers, sales or licenses
made in the Company’s Ordinary Course of Business.

 

(xi)         The Company shall keep, maintain and preserve
all of the Collateral in good condition, repair and order and the Company will use, operate and maintain the Collateral in compliance
with all Laws, and in compliance with all applicable insurance requirements and regulations.

 

(xii)       
The Company shall, within five (5) days of obtaining
knowledge thereof, advise the Secured Party promptly, in sufficient detail, of any substantial or material change in the Collateral,
and of the occurrence of any event which would have a Material Adverse Effect.

 

(xiii)      
The Company shall promptly execute and deliver to the Secured Party such further deeds, mortgages, assignments, security
agreements, financing statements or other instruments, documents, certificates and assurances and take such further action as
the Secured Party may from time to time request and may in its sole discretion deem necessary to perfect, protect or enforce
its security interest in the Collateral, including, placing legends on Collateral or on books and records pertaining to
Collateral stating that Secured Party has a security interest therein.

 

(xiv)     
The Company will take all steps reasonably necessary
to diligently pursue and seek to preserve, enforce and collect any rights, claims, causes of action and accounts receivable in
respect of the Collateral.

 

(xv)        The Company shall promptly notify the Secured
Party in sufficient detail upon becoming aware of any Claim, Proceeding, or any other litigation, attachment, garnishment, execution
or other legal process levied against any Collateral or of any Claim, Proceeding or any other litigation, attachment, garnishment,
execution or other legal process which Company knows or has reason to believe is pending or threatened against it or the Collateral,
and of any other information received by the Company that may materially affect the value of the Collateral, the security interests
granted hereunder or the rights and remedies of the Secured Party hereunder.

 

    6

     

    

 

(xvi)       All information heretofore, herein or hereafter
supplied to the Secured Party by or on behalf of the Company with respect to the Collateral is accurate and complete in all material
respects as of the date furnished.

 

(xvii)      Company will promptly pay when due all Taxes
and all transportation, storage, warehousing and all other charges and fees affecting or arising out of or relating to the Collateral
and shall defend the Collateral, at Company’s expense, against all claims of any Persons claiming any interest in the Collateral
adverse to Company or Secured Party.

 

(xviii)      During normal business hours and subject to prior
reasonable notice from Secured Party to the Company (which notice may be e-mail or telephonic notice), Secured Party and its agents
and designees may enter the Business Premises and any other premises of the Company and inspect the Collateral and all books and
records of the Company (in whatever form).

 

(xix)     
  The Company shall cooperate with Secured Party
to obtain and keep in effect one or more control agreements in Deposit Accounts, Electronic Chattel Paper, Investment Property
and Letter-of-Credit Rights Collateral. In addition, the Company, at the Company’s expense, shall promptly: (A) execute
all notices of security interest for each relevant type of Software and other General Intangibles in forms suitable for filing
with any United States or foreign office handling the registration or filing of patents, trademarks, copyrights and other intellectual
property and any successor office or agency thereto; and (B) take all commercially reasonable steps in any Proceeding before any
such office or any similar office or agency in any other country or any political subdivision thereof, to diligently prosecute
or maintain, as applicable, each application and registration of any Software, General Intangibles or any other intellectual property
rights and assets that are part of the Collateral, including filing of renewals, affidavits of use, affidavits of incontestability
and opposition, interference and cancellation proceedings.

 

(xx)        
Company shall not file any amendments, correction
statements or termination statements concerning the Collateral without the prior written consent of Secured Party.

 

(c)         Collateral
Collections. After an Event of Default shall have occurred, Secured Party shall have the right at any and all times to enforce
the Company’s rights against all Persons obligated on any of the Collateral, including the right to: (i) notify and/or require
the Company to notify any or all Persons obligated on any of the Collateral to make payments directly to Secured Party or in care
of a post office lock box under the sole control of Secured Party established at Company’s expense, and to take any or all
action with respect to Collateral as Secured Party shall determine in its sole discretion, including, the right to demand, collect,
sue for and receive any money or property at any time due, payable or receivable on account thereof, compromise and settle with
any Person liable thereon, and extend the time of payment or otherwise change the terms thereof, without incurring any liability
or responsibility to the Company whatsoever; and/or (ii) require the Company to segregate and hold in trust for Secured Party
and, on the day of Company’s receipt thereof, transmit to Secured Party in the exact form received by the Company (except
for such assignments and endorsements as may be required by Secured Party), all cash, checks, drafts, money orders and other items
of payment constituting any portion of the Collateral or proceeds of the Collateral. Secured Party’s collection and enforcement
of Collateral against Persons obligated thereon shall be deemed to be commercially reasonable if Secured Party exercises the care
and follows the procedures that Secured Party generally applies to the collection of obligations owed to Secured Party.

 

    7

     

    

 

(d)         
Care of Collateral. Company shall have
all risk of loss of the Collateral. Secured Party shall have no liability or duty, either before or after the occurrence of an
Event of Default, on account of loss of or damage to, to collect or enforce any of its rights against, the Collateral, to collect
any income accruing on the Collateral, or to preserve rights against Persons with prior interests in the Collateral. If Secured
Party actually receives any notices requiring action with respect to Collateral in Secured Party’s possession, Secured Party
shall take reasonable steps to forward such notices to the Company. The Company is responsible for responding to notices concerning
the Collateral, voting the Collateral, and exercising rights and options, calls and conversions of the Collateral. Secured Party’s
sole responsibility is to take such action as is reasonably requested by Company in writing, however, Secured Party is not responsible
to take any action that, in Secured Party’s sole judgment, would affect the value of the Collateral as security for the
Obligations adversely. While Secured Party is not required to take certain actions, if action is needed, in Secured Party’s
sole discretion, to preserve and maintain the Collateral, Company authorizes Secured Party to take such actions, but Secured Party
is not obligated to do so.

 

4.           Event of Default. Each of the Events of
Default as defined in the Debenture shall constitute an Event of Default hereunder.

 

5.           Rights
and Remedies.

 

(a)         
Rights and Remedies of Secured Party.
Upon and after the occurrence of an Event of Default, Secured Party may, without notice or demand, exercise in any jurisdiction
in which enforcement hereof is sought, the following rights and remedies, in addition to the rights and remedies available to
Secured Party under the Subscription Agreement and any other Transaction Documents, the rights and remedies of a secured party
under the Code, and all other rights and remedies available to Secured Party under applicable law or in equity, all such rights
and remedies being cumulative and enforceable alternatively, successively or concurrently:

 

(i)          
Take absolute control of the Collateral including
transferring into the Secured Party’s name or into the name of its nominee or nominees (to the extent the Secured Party
has not theretofore done so) and thereafter receive, for the benefit of the Secured Party, all payments made thereon, give all
consents, waivers and ratifications in respect thereof and otherwise act with respect thereto as though it were the outright owner
thereof;

 

    8

     

    

 

(ii)          Require the Company to, and the Company hereby agrees that it will at its expense and upon request of the Secured Party forthwith,
assemble all or part of the Collateral as directed by the Secured Party and make it available to the Secured Party at a place
or places to be designated by the Secured Party that is convenient to Secured Party, and the Secured Party may enter into and
occupy the Business Premises or any other premises owned or leased by the Company where the Collateral or any part thereof is
located or assembled in order to effectuate the Secured Party’s rights and remedies hereunder or under law, including removing
such Collateral therefrom, without any obligation or liability to the Company in respect of such occupation, the Company HEREBY
WAIVING ANY AND ALL RIGHTS TO PRIOR NOTICE AND TO JUDICIAL HEARING WITH RESPECT TO REPOSSESSION OF COLLATERAL AND THE COMPANY
HEREBY GRANTING TO SECURED PARTY AND ITS AGENTS AND REPRESENTATIVES FULL AUTHORITY TO ENTER SUCH PREMISES;

 

(iii)        
Without notice, except as specified below, and
without any obligation to prepare or process the Collateral for sale: (A) sell the Collateral or any part thereof in one or more
parcels at public or private sale, at any of the Secured Party’s offices or elsewhere, for cash, on credit or for future
delivery, and at such price or prices and upon such other terms as the Secured Party may deem commercially reasonable; and/or
(B) lease, license or dispose of the Collateral or any part thereof upon such terms as the Secured Party may deem commercially
reasonable. The Company agrees that, to the extent notice of sale or any other disposition of the Collateral shall be required
by law, at least ten (10) days’ notice to the Company of the time and place of any public sale or the time after which any
private sale or other disposition of the Collateral is to be made shall constitute reasonable notification. The Secured Party
shall not be obligated to make any sale or other disposition of any Collateral regardless of notice of sale having been given.
The Secured Party may adjourn any public or private sale from time to time by announcement at the time and place fixed therefor
and such sale may, without further notice, be made at the time and place to which it was so adjourned. The Company hereby waives
any claims and actions against the Secured Party arising by reason of the fact that the price at which any of the Collateral may
have been sold at a private sale was less than the price which might have been obtained at a public sale or was less than the
aggregate amount of the Obligations, even if the Secured Party accepts the first offer received and does not offer such Collateral
to more than one offeree, and waives all rights that the Company may have to require that all or any part of such Collateral be
marshaled upon any sale (public or private) thereof. The Company hereby acknowledges that: (X) any such sale of the Collateral
by the Secured Party shall be made without warranty; (Y) the Secured Party may specifically disclaim any warranties of title,
possession, quiet enjoyment or the like; and (Z) such actions set forth in clauses (X) and (Y) above shall not adversely affect
the commercial reasonableness of any such sale of Collateral. In addition to the foregoing: (1) upon written notice to the Company
from the Secured Party after and during the continuance of an Event of Default, the Company shall cease any use of any intellectual
property or any trademark, patent or copyright similar thereto for any purpose described in such notice; (2) the Secured Party
may, at any time and from time to time after and during the continuance of an Event of Default, license, whether general, special
or otherwise, and whether on an exclusive or non-exclusive basis, any of the Company’s intellectual property, throughout
the universe for such term or terms, on such conditions, and in such manner, as the Secured arty shall in its sole discretion
determine; and (3) the Secured Party may, at any time, pursuant to the authority granted under this Agreement (such authority
being effective upon the occurrence and during the continuance of an Event of Default), execute and deliver on behalf of the Company,
one or more instruments of assignment of any intellectual property (or any application or registration thereof), in form suitable
for filing, recording or registration in any country.

 

    9

     

    

 

(iv)         Operate, manage and control the Collateral (including
use of the Collateral and any other property or assets of Company in order to continue or complete performance of Company’s
obligations under any contracts of Company), or permit the Collateral or any portion thereof to remain idle or store the same,
and collect all rents and revenues therefrom.

 

(v)         
Enforce the Company’s rights against any
Persons obligated upon any of the Collateral.

 

(vi)         The Company hereby acknowledges that if the Secured
Party complies with any applicable foreign, state, provincial or federal law requirements in connection with a disposition of
the Collateral, such compliance will not adversely affect the commercial reasonableness of any sale or other disposition of the
Collateral.

 

(vii)      
The Secured Party shall not be required to marshal
any present or future collateral security (including, this Agreement and the Collateral) for, or other assurances of payment of,
the Obligations or any of them or to resort to such collateral security or other assurances of payment in any particular order,
and all of the Secured Party’s rights hereunder and in respect of such collateral security and other assurances of payment
shall be cumulative and in addition to all other rights, however existing or arising. To the extent that the Company lawfully
may, the Company hereby agrees that it will not invoke any law relating to the marshaling of collateral which might cause delay
in or impede the enforcement of the Secured Party’s rights under this Agreement or under any other instrument creating or
evidencing any of the Obligations or under which any of the Obligations is outstanding or by which any of the Obligations is secured
or payment thereof is otherwise assured, and, to the extent that it lawfully may, the Company hereby irrevocably waives the benefits
of all such laws.

 

    10

     

    

 

(b)        Power of Attorney. Effective upon the
occurrence of an Event of Default, Company hereby designates and appoints Secured Party and its designees as attorney-in-fact
of and for the Company, irrevocably and with full power of substitution, with authority to endorse the Company’s name on
any notes, acceptances, checks, drafts, money orders, instruments or other evidences of payment or proceeds of the Collateral
that may come into Secured Party’s possession; to execute proofs of claim and loss; to adjust and compromise any claims
under insurance policies; and to perform all other acts necessary and advisable, in Secured Party’s sole discretion, to
carry out and enforce this Agreement and the rights and remedies conferred upon the Secured Party by this Agreement, the Subscription
Agreement or any other Transaction Documents. All acts of said attorney or designee are hereby ratified and approved by the Company
and said attorney or designee shall not be liable for any acts of commission or omission, nor for any error of judgment or mistake
of fact or law. This power of attorney is coupled with an interest and is irrevocable so long as any of the Obligations remain
unpaid or unperformed or there exists any commitment by Secured Party which could give rise to any Obligations.

  

(c)         
Costs and Expenses. The Company agrees
to pay to the Secured Party, upon demand, the amount of any and all costs and expenses, including the reasonable fees, costs,
expenses and disbursements of counsel for the Secured Party and of any experts and agents, which the Secured Party may incur in
connection with: (i) the preparation, negotiation, execution, delivery, recordation, administration, amendment, waiver or other
modification or termination of this Agreement; (ii) the custody, preservation, use or operation of, or the sale of, collection
from, or other realization upon, any Collateral; (iii) the exercise or enforcement of any of the rights of the Secured Party hereunder;
or (iv) the failure by the Company to perform or observe any of the provisions hereof. Included in the foregoing shall be the
amount of all expenses paid or incurred by Secured Party in consulting with counsel concerning any of its rights hereunder, under
the Subscription Agreement or under applicable law, as well as such portion of Secured Party’s overhead as Secured Party
shall allocate to collection and enforcement of the Obligations in Secured Party’s sole but reasonable discretion. All such
costs and expenses shall bear interest from the date of outlay until paid, at the highest rate set forth in the Debenture, or
if none is so stated, the highest rate allowed by law. The provisions of this Subsection shall survive the termination of this
Agreement and Secured Party’s security interest hereunder and the payment of all Obligations.

 

6.           
Security Interest Absolute. All rights
of the Secured Party and all Obligations of the Company hereunder, shall be absolute and unconditional, irrespective of: (i) any
lack of validity or enforceability of this Agreement, the Subscription Agreement, and any other Transaction Documents or any agreement
entered into in connection with the foregoing, or any portion hereof or thereof; (ii) any change in the time, manner or place
of payment or performance of, or in any other term of, all or any of the Obligations, or any other amendment or waiver of or any
consent to any departure from the terms and provisions of the Subscription Agreement, any other Transaction Documents, or any
other agreement entered into in connection with the foregoing; (iii) any exchange, release or non-perfection of any of the Collateral,
or any release or amendment or waiver of or consent to departure from any other collateral for, or any guaranty, or any other
security, for all or any of the Obligations; (iv) any action by the Secured Party to obtain, adjust, settle and cancel in its
sole discretion any insurance claims or matters made or arising in connection with the Collateral; or (v) any other circumstance
which might otherwise constitute any legal or equitable defense available to the Company, or a discharge of all or any part of
the security interests granted hereby. Until the Obligations shall have been paid and performed in full, the rights of the Secured
Party shall continue even if the Obligations are barred for any reason, including, the running of the statute of limitations or
bankruptcy. In the event that at any time any transfer of any Collateral or any payment received by the Secured Party hereunder
shall be deemed by final order of a court of competent jurisdiction to have been a voidable preference or fraudulent conveyance
under the Bankruptcy Code or any other similar insolvency or bankruptcy laws of any jurisdiction , or shall be deemed to be otherwise
due to any party other than the Secured Party, then, in any such event, the Company’s obligations hereunder shall survive
cancellation of this Agreement, and shall not be discharged or satisfied by any prior payment thereof and/or cancellation of this
Agreement, but shall remain a valid and binding obligation enforceable in accordance with the terms and provisions hereof. The
Company waives all right to require the Secured Party to proceed against any other Person or to apply any Collateral which the
Secured Party may hold at any time, or to pursue any other remedy. The Company waives any defense arising by reason of the application
of the statute of limitations to any obligation secured hereby.

 

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7.          
Indemnity. The Company agrees to defend,
protect, indemnify and hold the Secured Party forever harmless from and against any and all Claims of any nature or kind (including
reasonable legal fees, costs, expenses, and disbursements of counsel) to the extent that they arise out of, or otherwise result
from, this Agreement (including, enforcement of this Agreement). This indemnity shall survive termination of this Agreement.

 

8.          
Miscellaneous.

 

(a)          
Performance for Company. The Company agrees
and hereby authorizes that Secured Party may, in Secured Party’s sole discretion, but Secured Party shall not be obligated
to, whether or not an Event of Default shall have occurred, advance funds on behalf of the Company , without prior notice to the
Company, in order to insure the Company’s compliance with any covenant, warranty , representation or agreement of the Company
made in or pursuant to this Agreement, the Subscription Agreement, or any other Transaction Documents, to continue or complete,
or cause to be continued or completed, performance of the Company’s obligations under any Contracts of the Company, or to
preserve or protect any right or interest of Secured Party in the Collateral or under or pursuant to this Agreement, the Subscription
Agreement or any other Transaction Documents, including, the payment of any insurance premiums or taxes and the satisfaction or
discharge of any Claim, Obligation, Judgment or any other Encumbrance upon the Collateral or other property or Assets of Company;
provided, however, that the making of any such advance by Secured Party shall not constitute a waiver by Secured Party of any
Event of Default with respect to which such advance is made, nor relieve the Company of any such Event of Default. The Company
shall pay to Secured Party upon demand all such advances made by Secured Party with interest thereon at the highest rate set forth
in the Debenture, or if none is so stated, the highest rate allowed by law. All such advances shall be deemed to be included in
the Obligations and secured by the security interest granted Secured Party hereunder; provided, however, that the provisions of
this Subsection shall survive the termination of this Agreement and Secured Party’s security interest hereunder and the
payment of all other Obligations.

 

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(b)          
Applications of Payments and Collateral.
Except as may be otherwise specifically provided in this Agreement or the Subscription Agreement, all Collateral and proceeds
of Collateral coming into Secured Party’s possession and all payments made by any Person to Secured Party with respect to
any Collateral may be applied by Secured Party (after payment of any amounts payable to the Secured Party pursuant to Section
5(c) hereof) to any of the Obligations, whether matured or unmatured, as Secured Party shall determine in its sole, but reasonable
discretion. Any surplus held by the Secured Party and remaining after the indefeasible payment in full in cash of all of the Obligations
shall be paid over to whomsoever shall be lawfully entitled to receive the same or as a court of competent jurisdiction shall
direct. Secured Party may defer the application of Noncash Proceeds of Collateral, to the Obligations until Cash Proceeds are
actually received by Secured Party. In the event that the proceeds of any such sale, collection or realization are insufficient
to pay all amounts to which the Secured Party is legally entitled, the Company shall be liable for the deficiency, together with
interest thereon at the highest rate specified in the Debenture for interest on overdue principal thereof or such other rate as
shall be fixed by applicable law, together with the costs of collection and the reasonable fees, costs, expenses and other client
charges of any attorneys employed by the Secured Party to collect such deficiency.

 

(c)          
Waivers by Company. The Company hereby
waives, to the extent the same may be waived under applicable law: (i) notice of acceptance of this Agreement; (ii) all claims
and rights of the Company against Secured Party on account of actions taken or not taken by Secured Party in the exercise of Secured
Party’s rights or remedies hereunder, under the Subscription Agreement, and other Transaction Documents or under applicable
law; (iii) all claims of the Company for failure of Secured Party to comply with any requirement of applicable law relating to
enforcement of Secured Party’s rights or remedies hereunder, under the Subscription Agreement, under any other Transaction
Documents or under applicable law; (iv) all rights of redemption of the Company with respect to the Collateral; (v) in the event
Secured Party seeks to repossess any or all of the Collateral by judicial proceedings, any bond(s) or demand(s) for possession
which otherwise may be necessary or required; (vi) presentment, demand for payment, protest and notice of non-payment and all
exemptions applicable to any of the Collateral or the Company; (vii) any and all other notices or demands which by applicable
law must be given to or made upon the Company by Secured Party; (viii) settlement, compromise or release of the obligations of
any Person primarily or secondarily liable upon any of the Obligations; (ix) all rights of the Company to demand that Secured
Party release account debtors or other Persons liable on any of the Collateral from further obligation to Secured Party; and (x)
substitution, impairment, exchange or release of any Collateral for any of the Obligations. The Company agrees that Secured Party
may exercise any or all of its rights and/or remedies hereunder, under the Subscription Agreement, the other Transaction Documents
and under applicable law without resorting to and without regard to any Collateral or sources of liability with respect to any
of the Obligations. Upon termination of this Agreement and Secured Party’s security interest hereunder and payment of all
Obligations, within ten (10) Business Days following the Company’s request to Secured Party, Secured Party shall release
control of any security interest in the Collateral perfected by control and Secured Party shall send Company a statement terminating
any financing statement filed against the Collateral.

 

    13

     

    

 

(d)         
Waivers by Secured Party. No failure or
any delay on the part of Secured Party in exercising any right, power or remedy hereunder, under this Agreement, the Subscription
Agreement, and other Transaction Documents or under applicable law, shall operate as a waiver thereof.

 

(e)          Secured Party’s Setoff. Secured
Party shall have the right, in addition to all other rights and remedies available to it, following an Event of Default, to set
off against any Obligations due Secured Party, any debt owing to the Company by Secured Party.

 

(f)        
Modifications, Waivers and Consents. No modifications or waiver of any provision of this Agreement, the Subscription
Agreement, or any other Transaction Documents, and no consent by Secured Party to any departure by the Company therefrom, shall
in any event be effective unless the same shall be in writing, and then such waiver or consent shall be effective only in the
specific instance and for the purpose for which given, and any single or partial written waiver by Secured Party of any term,
provision or right of Secured Party hereunder shall only be applicable to the specific instance to which it relates and shall
not be deemed to be a continuing or future waiver of any other right, power or remedy. No notice to or demand upon the Company
in any case shall entitle Company to any other or further notice or demand in the same, similar or other circumstances.

 

(g)          Notices. Except as otherwise provided
herein, Company waives all notices and demands in connection with the enforcement of Secured Party’s rights hereunder. All
notices, requests, demands and other communications provided for hereunder shall be made in accordance with the terms of the Subscription
Agreement.

 

(h)          Applicable
Law and Consent to Jurisdiction. The Grantor and the Secured Party each irrevocably agrees that any dispute arising under,
relating to, or in connection with, directly or indirectly, this Agreement or related to any matter which is the subject of or
incidental to this Agreement (whether or not such claim is based upon breach of contract or tort) shall be subject to the exclusive
jurisdiction and venue of the state and/or federal courts located in Middlesex County, New Jersey. This provision is intended
to be a “mandatory” forum selection clause and governed by and interpreted consistent with New Jersey law. The Grantor
and Secured Party each hereby consents to the exclusive jurisdiction and venue of any state or federal court having its situs
in said county, and each waives any objection based on forum non conveniens. The Grantor hereby waives personal service of any
and all process and consent that all such service of process may be made by certified mail, return receipt requested, directed
to the Grantor, as set forth herein in the manner provided by applicable statute, law, rule of court or otherwise. Except for
the foregoing mandatory forum selection clause, this Agreement shall be construed in accordance with the laws of the State of
Nevada, without regard to the principles of conflicts of laws, except to the extent that the validity and perfection or the perfection
and the effect of perfection or non-perfection of the security interest created hereby, or remedies hereunder, in respect of any
particular Collateral are governed under the Code by the law of a jurisdiction other than the State of Nevada, in which case such
issues shall be governed by the laws of the jurisdiction governing such issues under the Code.

 

    14

     

    

 

(i)          
Survival: Successors and Assigns. All
covenants, agreements, representations and warranties made herein shall survive the execution and delivery hereof, shall survive
Closing and shall continue in full force and effect until all Obligations have been paid in full, there exists no commitment by
Secured Party which could give rise to any Obligations and all appropriate termination statements have been filed terminating
the security interest granted Secured Party hereunder. Whenever in this Agreement any of the parties hereto is referred to, such
reference shall be deemed to include the successors and assigns of such party. In the event that Secured Party assigns this Agreement
and/or its security interest in the Collateral, Secured Party shall give written notice to the Company of any such assignment
and such assignment shall be binding upon and recognized by the Company (provided that failure to deliver any such written notice
shall not impair, negate or otherwise adversely affect any of the Secured Party’s rights or remedies under this Agreement
or any other Transaction Documents). All covenants, agreements, representations and warranties by or on behalf of the Company
which are contained in this Agreement shall inure to the benefit of Secured Party, its successors and assigns. The Company may
not assign this Agreement or delegate any of its rights or obligations hereunder, without the prior written consent of Secured
Party, which consent may be withheld in Secured Party’s sole and absolute discretion.

 

(j)          
Severabilitv. If any term, provision or
condition, or any part thereof, of this Agreement shall for any reason be found or held invalid or unenforceable by any court
or governmental authority of competent jurisdiction, such invalidity or unenforceability shall not affect the remainder of such
term, provision or condition nor any other term, provision or condition, and this Agreement shall survive and be construed as
if such invalid or unenforceable term, provision or condition had not been contained therein.

 

(k)          Merger and Integration. This Agreement
and the attached Schedules (if any), together with the Subscription Agreement and the other Transaction Documents, contain the
entire agreement of the parties hereto with respect to the matters covered and the transactions contemplated hereby and thereby,
and no other agreement, statement or promise made by any party hereto or thereto, or by any employee, officer, agent or attorney
of any party hereto, which is not contained herein or therein shall be valid or binding.

 

(1)          
WAIVER OF JURY TRIAL. THE COMPANY HEREBY:
(a) COVENANTS AND AGREES NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY A JURY; AND (b) WAIVES TRIAL BY JURY IN
ANY ACTION OR PROCEEDING TO WHICH THE COMPANY AND SECURED PARTY MAY BE PARTIES, ARISING OUT OF, IN CONNECTION WITH OR IN ANY WAY
PERTAINING TO THIS AGREEMENT, THE SUBSCRIPTION AGREEMENT AND/OR ANY TRANSACTIONS, OCCURRENCES, COMMUNICATIONS, OR UNDERSTANDINGS
(OR THE LACK OF ANY OF THE FOREGOING) RELATING IN ANY WAY TO DEBTOR-CREDITOR RELATIONSHIP BETWEEN THE PARTIES. IT IS UNDERSTOOD
AND AGREED THAT THIS WAIVER CONSTITUTES A WAIVER OF TRIAL BY JURY OF ALL CLAIMS AGAINST ALL PARTIES TO SUCH ACTIONS OR PROCEEDINGS,
INCLUDING CLAIMS AGAINST PARTIES WHO ARE NOT PARTIES TO THIS SECURITY AGREEMENT. THIS WAIVER OF JURY TRIAL IS SEPARATELY GIVEN,
KNOWINGLY, WILLINGLY AND VOLUNTARILY MADE BY THE COMPANY AND THE COMPANY HEREBY AGREES THAT NO REPRESENTATIONS OF FACT OR OPINION
HAVE BEEN MADE BY ANY INDIVIDUAL TO INDUCE THIS WAIVER OF TRIAL BY JURY OR TO IN ANY WAY MODIFY OR NULLIFY ITS EFFECT. SECURED
PARTY IS HEREBY AUTHORIZED TO SUBMIT THIS AGREEMENT TO ANY COURT HAYING JURISDICTION OVER THE SUBJECT MATTER AND THE COMPANY AND
SECURED PARTY, SO AS TO SERVE AS CONCLUSIVE EVIDENCE OF SUCH WAIVER OF RIGHT TO TRIAL BY JURY. THE COMPANY REPRESENTS AND WARRANTS
THAT IT HAS BEEN REPRESENTED IN THE SIGNING OF THIS AGREEMENT AND IN THE MAKING OF THIS WAIVER BY INDEPENDENT LEGAL COUNSEL, SELECTED
OF ITS OWN FREE WILL, AND/OR THAT IT HAS HAD THE OPPORTUNITY TO DISCUSS THIS WAIVER WITH COUNSEL.

 

    15

     

    

 

(m)          Execution. This Agreement may be executed
in one or more counterparts, all of which taken together shall be deemed and considered one and the same Agreement, and same shall
become effective when counterparts have been signed by each party and each party has delivered its signed counterpart to the other
party. In the event that any signature is delivered by facsimile transmission or by e-mail delivery of a “.pdf” format
file or other similar format file, such signature shall be deemed an original for all purposes and shall create a valid and binding
obligation of the party executing same with the same force and effect as if such facsimile or “.pdf” signature page
was an original thereof.

 

(n)          
Headings. The headings and sub-headings
contained in the titling of this Agreement are intended to be used for convenience only and shall not be used or deemed to limit
or diminish any of the provisions hereof.

 

(o)          
Termination.This Agreement and the
security interests hereunder shall terminate on the date on which all Obligations have been indefeasibly paid or discharged in
full and there are no commitments outstanding for Secured Party to advance any funds to the Company, either under the Subscription
Agreement, the Transaction Documents or any other Contract. Upon such termination, the Secured Party, at the request and at the
expense of the Company, will join in executing any termination statement with respect to any financing statement executed and
filed pursuant to this Agreement.

 

(p)          
Gender and Use of Singular and Plural.
All pronouns shall be deemed to refer to the masculine, feminine, neuter, singular or plural, as the identity of the party or
parties or their personal representatives, successors and assigns may require.

 

(q)          
Further Assurances. The parties hereto
will execute and deliver such further instruments and do such further acts and things as may be reasonably required to carry out
the intent and purposes of this Agreement.

 

    16

     

    

 

(r)          
Time is of the Essence. The parties hereby
agree that time is of the essence with respect to performance of each of the parties’ obligations under this Agreement.
The parties agree that in the event that any date on which performance is to occur falls on a Saturday, Sunday or state or national
holiday, then the time for such performance shall be extended until the next business day thereafter occurring.

 

(s)          
Joint Preparation. The preparation of
this Agreement has been a joint effort of the parties and the resulting documents shall not, solely as a matter of judicial construction,
be construed more severely against one of the parties than the other.

 

(t)          
Increase in Obligations. It is the intent
of the parties to secure payment of the Obligations, as the amount of such Obligations may increase from time to time in accordance
with the terms and provisions of the Subscription Agreement, and all of the Obligations, as so increased from time to time, shall
be and are secured hereby. Upon the execution hereof, the Company shall pay any and all documentary stamp taxes and/or other charges
required to be paid in connection with the execution and enforcement of the Subscription Agreement and this Agreement, and if,
as and to the extent the Obligations are increased from time to time in accordance with the terms and provisions of the Debenture,
then the Company shall immediately pay any additional documentary stamp taxes or other charges in connection therewith.

 

[signature
page follows]

 

    17

     

    

 

IN
WITNESS WHEREOF, the parties hereto have duly executed this Security Agreement as of the day and year first above written.

 

	 	COMPANY:
	 	 	 
	 	JERRICK MEDIA HOLDINGS, INC.
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	JERRICK VENTURES LLC
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	SECURED PARTY:
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

 

18

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