Document:

Exhibit 4.17 

 

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

 

COMMON
STOCK PURCHASE WARRANT

 

THEMAVEN,
INC.

 

Warrant
Shares: 10,994,922

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

 

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

 

 1. EXERCISE OF WARRANT.

 

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

 

    	 

     

    

 

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

 

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

 

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

 

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

 

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

 

X
= Y (A-B)

      A

 

	 	Where	X =	the
    number of Warrant Shares to be issued to Holder.
	 	 	 	 
	 	 	Y
    =	the
                                                     number of Warrant Shares that the Holder elects to purchase under this Warrant (at the date of such calculation).

	 	 	 	 
	 	 	A
    =	the Market Price (at the date of such calculation).
	 	 	 	 
	 	 	B
    = 	Exercise
    Price (as adjusted to the date of such calculation).

 

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

 

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

 

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

 

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

 

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

 

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

 

3.
CHANGE OF CONTROL TRANSACTIONS. If, at any time while this Warrant is outstanding, the Company effects any Change of Control
Transaction (as defined below), then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive,
for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Change of
Control Transaction, upon exercise of this Warrant, the number of shares of Common Stock or other capital stock of the successor
or acquiring corporation or of the Company, if it is the surviving corporation, and/or any additional consideration or alternate
consideration (collectively, the “Alternate Consideration”) receivable upon or as a result of such Change of
Control Transaction by a holder of the number of shares of Common Stock for which this Warrant is exercisable immediately prior
to such Change of Control Transaction. For purposes of any such exercise, the determination of the Exercise Price shall be appropriately
adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share
of Common Stock in such Change of Control Transaction, and the Company shall apportion the Exercise Price among the Alternate
Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration.
If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Change of Control Transaction,
then the Holder shall, to the extent practical, be given the same choice as to the Alternate Consideration it receives upon any
exercise of this Warrant following such Change of Control Transaction. To the extent necessary to effectuate the foregoing provisions,
any successor to the Company or surviving entity in such Change of Control Transaction shall issue to the Holder a new warrant
consistent with the foregoing provisions and evidencing the Holder’s right to exercise such warrant into Alternate Consideration.

 

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

 

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

 

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

 

7.
REISSUANCE.

 

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

 

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

 

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8.
TRANSFER.

 

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

 

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

 

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

 

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9.
COMPLIANCE WITH THE SECURITIES ACT.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

If
to the Company:

 

TheMaven,
Inc.

1500
Fourth Avenue, Suite 200

Seattle,
WA 98101

Attention:
Legal Department

Email:
legal@maven.io

 

    	8

     

    

 

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

 

Hand
Baldachin & Associates LLP

8
West 40th Street, 12th Floor

New
York, NY 10018

Attention:
Alan Baldachin

E-mail:
abaldachin@hballp.com

 

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

 

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

 

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

 

14.
GOVERNING LAW. This Warrant shall be governed by and construed in accordance with the laws of the State of New York without
regard to principles of conflicts of laws. Any action brought by either party against the other concerning the transactions contemplated
by this Warrant shall be brought only in the state courts or in the federal courts located in the State of New York, County of
New York. The parties to this Warrant hereby irrevocably waive any objection to jurisdiction and venue of any action instituted
hereunder and shall not assert any defense based on lack of jurisdiction or venue or based upon forum non conveniens. EACH
OF THE HOLDER AND THE COMPANY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR
THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS WARRANT OR ANY TRANSACTION CONTEMPLATED
HEREBY. The prevailing party shall be entitled to recover from the other party its reasonable attorney’s fees and costs.
In the event that any provision of this Warrant or any other agreement delivered in connection herewith is invalid or unenforceable
under any applicable statute or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict
therewith and shall be deemed modified to conform with such statute or rule of law. Any such provision which may prove invalid
or unenforceable under any law shall not affect the validity or enforceability of any other provision of any agreement. Each party
hereby irrevocably waives personal service of process and consents to process being served in any suit, action or proceeding in
connection with this Warrant by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of
delivery) to such party at the address in effect for notices to it under this Warrant and agrees that such service shall constitute
good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right
to serve process in any other manner permitted by law.

 

    	9

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	10

     

    

 

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

 

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

 

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

 

(h)
“Exercise Price” means Eighty-Four Cents ($0.84), as it may be adjusted under the terms of this Warrant.

 

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

 

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

 

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

 

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

 

    	11

     

    

 

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

 

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

 

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

 

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

 

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

 

*
* * * * * *

 

    	12

     

    

 

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

 

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

 

    	 

     

    

 

EXHIBIT
A

 

EXERCISE
NOTICE

 

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

 

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

 

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

 

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

 

	 	[  ]	by
    cashless exercise pursuant to the Warrant.

 

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

 

Date:
  __________________

 

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

 

    	2

     

    

 

EXHIBIT
B

 

ACKNOWLEDGMENT

 

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

 

Dated:
 _________________

 

	 	THEMAVEN,
    INC.
	 	 
	 	 
	 	Name:	             
	 	Title:	 

 

    	 

     

    

 

EXHIBIT
C

 

ASSIGNMENT
OF WARRANT

 

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

 

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

 

Dated:
_________________

 

	 	 
	 	(Signature)
    *
	 	 
	 	(Name)
	 	 
	 	(Address)
	 	 
	 	(Social
    Security or Tax Identification No.)

 

*
The signature on this Assignment of Warrant must correspond to the name as written upon the face of the Common Stock Purchase
Warrant in every particular without alteration or enlargement or any change whatsoever. When signing on behalf of a corporation,
partnership, trust or other entity, please indicate your position(s) and title(s) with such entity.Exhibit
10.11

 

SECURITIES
PURCHASE AGREEMENT

 

This
SECURITIES PURCHASE AGREEMENT (the “Agreement”) is dated as of the 30th day of March 2018, by and
among TheMaven, Inc., a Delaware corporation (the “Company”) and each individual or entity named on the Schedule
of Buyers attached hereto (each such individual or entity, individually, a “Buyer” and all of such individuals
or entities, collectively, the “Buyers”).

 

RECITALS

 

A.
Subject to the terms and conditions set forth in this Agreement and pursuant to Section 4(a)(2) of the Securities Act of 1933,
as amended (the “Securities Act”), and Rule 506(b) promulgated thereunder, the Company desires to issue and
sell to each Buyer, and each Buyer, severally and not jointly, desires to purchase from the Company, securities of the Company
as more fully described in this Agreement.

 

AGREEMENT

 

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

 

ARTICLE
I

RECITALS,
EXHIBITS, SCHEDULES

 

The
foregoing recitals are true and correct and, together with the Schedules and Exhibits referred to hereafter, are hereby incorporated
into this Agreement by this reference.

 

ARTICLE
II

DEFINITIONS

 

For
purposes of this Agreement, except as otherwise expressly provided or otherwise defined elsewhere in this Agreement, or unless
the context otherwise requires, the capitalized terms in this Agreement shall have the meanings assigned to them in this Article
as follows:

 

2.1
“Affiliate” means any Person that, directly or indirectly through one or more intermediaries, controls or is
controlled by or is under common control with a Person as such terms are used in and construed under Rule 405 under the Securities
Act.

 

2.2
“Assets” means all of the properties and assets of the Company and its Subsidiaries, whether real, personal
or mixed, tangible or intangible, wherever located, whether now owned or hereafter acquired.

 

2.3
“Buyer’s Purchase Price” shall mean, with respect to any Buyer, the “Purchase Price” opposite
such Buyer’s name on the Schedule of Buyers.

 

    	 

     

    

 

2.4
“Claims” means any Proceedings, Judgments, Obligations, known threats, losses, damages, deficiencies, settlements,
assessments, charges, costs and expenses of any nature or kind.

 

2.5
“Common Stock” means the Company’s common stock, $0.01 par value per share.

 

2.6
“Consent” means any consent, approval, order or authorization of, or any declaration, filing or registration
with, or any application or report to, or any waiver by, or any other action (whether similar or dissimilar to any of the foregoing)
of, by or with, any Person, which is necessary in order to take a specified action or actions, in a specified manner and/or to
achieve a specific result.

 

2.7
“Contract” means any written contract, agreement, order or commitment of any nature whatsoever, including,
any sales order, purchase order, lease, sublease, license agreement, services agreement, loan agreement, mortgage, security agreement,
guarantee, management contract, employment agreement, consulting agreement, partnership agreement, shareholders agreement, buy-sell
agreement, option, warrant, debenture, subscription, call or put.

 

2.8
“Encumbrance” means any lien, security interest, pledge, mortgage, easement, leasehold, assessment, tax, covenant,
restriction, reservation, conditional sale, prior assignment, or any other encumbrance, claim, burden or charge of any nature
whatsoever.

 

2.9
“Environmental Requirements” means all Laws and requirements relating to human, health, safety or protection
of the environment or to emissions, discharges, releases or threatened releases of pollutants, contaminants, or Hazardous Materials
in the environment (including, without limitation, ambient air, surface water, ground water, land surface or subsurface strata),
or otherwise relating to the treatment, storage, disposal, transport or handling of any Hazardous Materials.

 

2.10
“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated
thereunder.

 

2.11
“GAAP” means generally accepted accounting principles, methods and practices set forth in the opinions and
pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants, and statements and
pronouncements of the Financial Accounting Standards Board, the SEC or of such other Person as may be approved by a significant
segment of the U.S. accounting profession, in each case as of the date or period at issue, and as applied in the U.S. to U.S.
companies.

 

2.12
“Governmental Authority” means any foreign, federal, state or local government, or any political subdivision
thereof, or any court, agency or other body, organization, group, stock market or exchange exercising any executive, legislative,
judicial, quasi-judicial, regulatory or administrative function of government.

 

2.13
“Hazardous Materials” means: (i) any petroleum or petroleum products, radioactive materials, asbestos in any
form that is or could become friable, urea formaldehyde foam insulation and transformers or other equipment that contain dielectric
fluid containing levels of polychlorinated biphenyls (PCB’s); (ii) any chemicals, materials, substances or wastes which
are now or hereafter become defined as or included in the definition of “hazardous substances,” “hazardous wastes,”
“hazardous materials,” “extremely hazardous wastes,” “restricted hazardous wastes,” “toxic
substances,” “toxic pollutants” or words of similar import, under any Law; and (iii) any other chemical, material,
substance, or waste, exposure to which is now or hereafter prohibited, limited or regulated by any Governmental Authority.

 

    	2

     

    

 

2.14
“Judgment” means any final order, writ, injunction, fine, citation, award, decree, or any other judgment of
any nature whatsoever of any Governmental Authority.

 

2.15
“Law” means any provision of any law, statute, ordinance, code, constitution, charter, treaty, rule or regulation
of any Governmental Authority applicable to the Company.

 

2.16
“Leases” means all leases for real or personal property.

 

2.17
“Material Adverse Effect” means with respect to the event, item or question at issue, that such event, item
or question would not have or reasonably be expected to result in: (i) a material adverse effect on the legality, validity or
enforceability of this Agreement or any of the Transaction Documents; (ii) a material adverse effect on the results of operations,
Assets, business or condition (financial or otherwise) of the Company and its subsidiaries, taken as a whole; or (iii) a material
adverse effect on the Company’s or its subsidiaries’ ability to perform, on a timely basis, its or their respective
Obligations under this Agreement or any Transaction Documents.

 

2.18
“Material Contract” means any Contract to which the Company or any subsidiary thereof is a party or by which
they or their respective assets is bound which is required to be filed as an exhibit to the Company’s filings with the SEC
pursuant to Item 601(b)(4) or Item 601(b)(10) of Regulation S-K promulgated by the SEC, and by its terms has current obligations
to be performed by the parties thereto, without regard to any statute of limitations periods during which an obligation may be
enforced.

 

2.19
“Obligation” means any debt, liability or obligation of any nature whatsoever, whether secured, unsecured,
recourse, nonrecourse, liquidated, unliquidated, accrued, absolute, fixed, contingent, ascertained, unascertained, known or unknown,
or obligations under executory Contracts.

 

2.20
“Ordinary Course of Business” means the ordinary course of business of the Company consistent with its past
custom and practice since November 7, 2016 (including with respect to quantity, quality and frequency).

 

2.21
“Permit” means any license, permit, approval, waiver, order, authorization, right or privilege of any nature
whatsoever, granted, issued, approved or allowed by any Governmental Authority.

 

2.22
“Person” means any individual, sole proprietorship, joint venture, partnership, company, corporation, association,
limited liability company, cooperation, trust, estate, Governmental Authority, or any other entity of any nature whatsoever.

 

2.23
“Principal Trading Market” shall mean the Nasdaq Global Select Market, the Nasdaq Global Market, the Nasdaq
Capital Market, the OTC Markets, including the Bulletin Board and Pink Sheets, the NYSE Euronext or the New York Stock Exchange,
whichever is at the time the principal trading exchange or market for the Common Stock.

 

    	3

     

    

 

2.24
“Proceeding” means any demand, claim, suit, action, litigation, investigation, audit, study, arbitration, administrative
hearing, or any other proceeding of any nature whatsoever.

 

2.25
“Real Property” means any real estate, land, building, structure, improvement, fixture or other real property
of any nature whatsoever, including, but not limited to, fee and leasehold interests.

 

2.26
“Registration Rights Agreement” means the Registration Rights Agreement, dated the date hereof, among the Company
and the Buyers, in the form of Exhibit A attached hereto.

 

2.27
“SEC” means the United States Securities and Exchange Commission.

 

2.28
“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

2.29
“SEC Documents” is as defined in Section 6.7.

 

2.30
“Tax” means (i) any foreign, federal, state or local income, profits, gross receipts, franchise, sales, use,
occupancy, general property, real property, personal property, intangible property, transfer, fuel, excise, accumulated earnings,
personal holding company, unemployment compensation, social security, withholding taxes, payroll taxes, or any other tax of any
nature whatsoever, (ii) any foreign, federal, state or local organization fee, qualification fee, annual report fee, filing fee,
occupation fee, assessment, rent, or any other fee or charge of any nature whatsoever, or (iii) any deficiency, interest or penalty
imposed with respect to any of the foregoing.

 

2.31
“Tax Return” means any tax return, filing, declaration, information statement or other form or document required
to be filed in connection with or with respect to any Tax.

 

2.32
“Transaction Documents” means this Agreement and the Registration Rights Agreement, executed in connection
with the transactions contemplated hereunder.

 

ARTICLE
III

INTERPRETATION

 

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 “Article” or “Section” refer to the respective Articles and Sections of this Agreement, and
references to “Exhibit” or “Schedule” refer to the respective Exhibits and Schedules annexed hereto; (iii)
references to a “party” mean a party to this Agreement and include references to such party’s permitted successors
and permitted assigns; (iv) references to a “third party” mean a Person not a party to this Agreement; (v) the terms
“dollars” and “$” means U.S. dollars; (vi) wherever the word “include,” “includes”
or “including” is used in this Agreement, it will be deemed to be followed by the words “without limitation.”

 

    	4

     

    

 

ARTICLE
IV

PURCHASE
AND SALE

 

4.1
Sale and Issuance of Shares. Subject to the terms and conditions of this Agreement, each Buyer agrees, severally and not
jointly, to subscribe for and purchase, and upon acceptance by the Company of each such subscription, it agrees to sell and issue
to each Buyer, the number of shares of Common Stock (the “Shares” or sometimes referred to as the “Securities”)
set forth on the signature page to this Agreement. The Shares purchased shall be sold at a cash purchase price of $2.50 per Share
(the “Purchase Price”). The Company’s agreement with each Buyer is a separate agreement, and the sale
and issuance of the Shares to each Buyer is a separate sale and issuance from all other sales and issuances to other Buyers who
purchase Securities in this Offering.

 

4.2
Subscription Acceptance. The Shares are being sold on a rolling basis, which means that the Company may accept a subscription
for the sale of Shares to one or more Buyers from time to time, individually or in groups of subscriptions. The Purchase Price
will be paid into the accounts of the Company, not into an escrow or other segregated account, at the time of each Buyer’s
subscription and payment for Shares issued and sold by the Company pursuant to this Agreement. The funds paid by the Buyers to
the Company pursuant to the terms of this Agreement will be subject to the creditors of the Company upon payment by the Buyer
to the Company, even if the subscription is not yet accepted by the Company. Each subscription will be irrevocable once submitted
by each Buyer; provided, however, that the Company may reject any subscription of any Buyer in the Company’s sole discretion.
If the Company rejects a subscription from a Buyer, it will return the Purchase Price paid in respect thereof promptly, without
deduction or interest. The purchase, sale and issuance of the Shares pursuant to this Agreement shall take place at the location
as the parties shall mutually agree, no later than the second business day following the satisfaction or waiver of the conditions
provided in Articles VIII and IX of this Agreement.

 

4.3
Form of Payment; Delivery. Substantially concurrently with the delivery of an executed copy of this Agreement to the Company,
the Buyer purchasing and subscribing for Shares shall deliver to the Company, for deposit in an account designated by the Company,
the Buyer’s Purchase Price against delivery of the Shares being issued and sold.

 

    	5

     

    

 

ARTICLE
V

BUYERS’
REPRESENTATIONS AND WARRANTIES

 

Each
Buyer represents and warrants to the Company, severally and not jointly, that:

 

5.1
Investment Purpose. Such Buyer is acquiring the Securities for his, her or its own account, for investment only, 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 Securities Act; provided, however, that by making the representations herein, such Buyer reserves the right
to dispose of the Securities at any time in accordance with or pursuant to an effective registration statement covering such Securities
or an available exemption under the Securities Act. Such Buyer acknowledges that a legend will be placed on the certificates representing
the Securities in the following form:

 

THESE
SECURITIES HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND
ARE “RESTRICTED SECURITIES” AS THAT TERM IS DEFINED IN RULE 144 UNDER THE SECURITIES ACT. SUCH SECURITIES MAY NOT
BE OFFERED FOR SALE, SOLD, OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
ACT AND THE APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN EXEMPTION FROM REGISTRATION THEREUNDER, THE AVAILABILITY OF WHICH
IS TO BE ESTABLISHED TO THE REASONABLE SATISFACTION OF COUNSEL TO THE ISSUER.

 

5.2
Accredited Investor Status. Such Buyer is an “accredited investor” as that term is defined in Rule 501(a) of
Regulation D, as promulgated under the Securities Act.

 

5.3
Reliance on Exemptions. Such Buyer understands that the Securities are being offered and sold to him, her or 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 such Buyer’s compliance with, the representations, warranties, agreements,
acknowledgments and understandings of such Buyer set forth herein in order to determine the availability of such exemptions and
the eligibility of such Buyer to acquire the Shares.

 

5.4
Information. Such Buyer and his, her or its advisors, if any, have been furnished with all materials relating to the business,
finances and operations of the Company and other information such Buyer deemed material to making an informed investment decision
regarding his, her or its purchase of the Shares, which have been requested by such Buyer. Such Buyer acknowledges that he, she
or it has received, reviewed and/or had access to a copy of each of the SEC Documents. Among other things, such Buyer has carefully
considered (a) each of the risks described under the heading “Risk Factors” in the Company’s Form 10-K filed
April 10, 2017 (SEC Accession No. 0001144204-17-026149) and the other disclosure in that Form 10-K, (b) the additional risk factors
set forth on Exhibit B hereto, and (c) the other SEC Documents. Such Buyer and his, her or its advisors, if any, have been afforded
the opportunity to ask questions of the Company and its management. Such Buyer understands that his, her or its investment in
the Securities involves a high degree of risk. Such Buyer is in a position regarding the Company, which, based upon employment,
family relationship or economic bargaining power, enabled and enables such Buyer to obtain information from the Company in order
to evaluate the merits and risks of his, her or its investment in the Shares. Such Buyer has sought such accounting, legal and
tax advice as he, she or it has considered necessary to make an informed investment decision with respect to its acquisition of
the Securities. Without limiting the foregoing, such Buyer has carefully considered the potential risks relating to the Company
and a purchase of the Securities, and fully understands that the Securities are a speculative investment that involves a high
degree of risk of loss of the Buyer’s entire investment in the Company. Such Buyer can afford to lose his, her or its entire
investment in the Company.

 

    	6

     

    

 

5.5
No Minimum Offering Amount; Special Risk of Investment. The Company makes no representation or warranty to any Buyer regarding
the aggregate proceeds the Company shall receive in connection with the issuance and sale of Shares pursuant to this Agreement.
There is no minimum Offering size. Each Buyer also understands that the Company may not obtain sufficient funds from this Offering
to implement its current phase of its business plan as set forth in the SEC Documents. Each Buyer understands that the Company
may accept or reject such Buyer’s subscription and purchase of Shares hereunder, at any time, in the Company’s sole
discretion. Additionally, Buyers that subscribe for Shares, whose subscriptions are accepted early in the process of the Offering,
bear a greater risk in respect of their investment because the Company may not raise sufficient funds to implement its business
plan. Buyers who acquire Shares earlier in the Offering process will not receive any additional benefits, payments or other privileges
as a result of such earlier investment. Such Buyer’s Purchase Price, when paid to the Company, will be deposited in the
Company’s bank accounts and will be commingled with the general funds of the Company, subject to the demands of any creditors.
Any officer or director of the Company, or any of such parties’ affiliates, may participate in the Offering.

 

5.6
No Governmental Review. Such Buyer understands that no United States federal or state Governmental Authority has passed
on or made any recommendation or endorsement of the Shares, or the fairness or suitability of an investment in the Securities
or the Company, nor have such Governmental Authorities passed upon or endorsed the merits of the Offering.

 

5.7
Authorization, Enforcement. This Agreement has been duly and validly authorized, executed and delivered on behalf of such
Buyer and is a valid and binding agreement of such Buyer, enforceable in accordance with its terms, except as such enforceability
may be limited by general principles of equity or applicable bankruptcy, insolvency, reorganization, moratorium, liquidation and
other similar laws relating to, or affecting generally, the enforcement of applicable creditors’ rights and remedies.

 

5.8
General Solicitation. Such Buyer is not purchasing the Shares as a result of any advertisement, article, notice or other
communication regarding the Shares published in any newspaper, magazine or similar media or broadcast over television or radio
or presented at any seminar or any other general solicitation or general advertisement. Such Buyer represents that he, she or
it had a relationship with the Company preceding its decision to purchase the Shares from the Company.

 

5.9
Residency. If the Buyer is an individual, then such Buyer resides in the state or province identified on the signature
pages hereto as the address for such Buyer. If the Buyer is a partnership, corporation, limited liability company or other entity,
then the office or offices of such Buyer identified on the signature pages hereto as the address of such Buyer is the location
of its principal place of business and such entity is duly organized in its state of formation.

 

5.10
Brokers and Finders. With respect to such Buyer, no Person will have, as a result of the transactions contemplated by this
Agreement, any valid right, interest or claim against or upon the Company or any Buyer for any commission, fee or other compensation
pursuant to any agreement, arrangement or understanding entered into by or on behalf of such Buyer.

 

    	7

     

    

 

5.11
FINRA. Such Buyer (i) has had no position, office or other material relationship within the past three years with the Company
or Persons known to it to be affiliates of the Company, and (ii) if such Buyer is a member of the Financial Industry Regulatory
Authority (“FINRA”) or an associated person of a member of FINRA, such Buyer, together with its affiliates
and any other associated persons of such member of FINRA, does not, and at the time of the acceptance by the Company of such Buyer’s
subscription for Shares pursuant to this Agreement will not, directly or indirectly have a beneficial interest (as determined
under FINRA Rule 5130(i)(1)) of more than 50% of the outstanding voting securities of the Company.

 

ARTICLE
VI

REPRESENTATIONS
AND WARRANTIES OF THE COMPANY

 

Except
as set forth and disclosed in the Company’s disclosure schedules (“Disclosure Schedules”) attached to
this Agreement and made a part hereof, the Company and the Subsidiaries each hereby makes the following representations and warranties
to the Buyer. The Disclosure Schedules shall be arranged in sections corresponding to the numbered and lettered sections and subsections
contained in this Article VI and certain other sections of this Agreement, and the disclosures in any section or subsection
of the Disclosure Schedules shall qualify other sections and subsections in this Article VI only to the extent it is readily
apparent from a reading of the disclosure that such disclosure is applicable to such other sections and subsections.

 

6.1
Subsidiaries. Except for Maven Coalition, Inc. (formerly theMaven Network, Inc.), a Nevada corporation (the “Operating
Sub”) and HP Acquisition Co., Inc., a Delaware corporation, a non-operating subsidiary formed solely for anticipated
merger with HubPages, Inc. (the “Merger Sub” and together with the Operating Sub, the “Subsidiaries”),
the Company has no subsidiaries and the Company does not own, directly or indirectly, any outstanding voting securities of or
other interests in, or have any control over, any other Person. The Company wholly-owns the Subsidiaries. With respect to the
Subsidiaries, all representations and warranties in this Article VI and elsewhere in this Agreement by the Company shall be deemed
repeated and re-made from and by each Subsidiary, as if such representations and warranties were independently made by each Subsidiary,
in this Agreement (but modified as necessary in order to give effect to the intent of the parties that such representation and
warranty is being made by each Subsidiary, rather than the Company, as applicable; provided, however, that in all cases the Company
shall remain liable the breach of any representation and warranty by the Subsidiaries). In addition, each representation and warranty
contained in this Article VI or otherwise set forth in this Agreement shall be deemed to mean and be construed to include
the Company and each of its subsidiaries, as applicable, regardless of whether each of such representations and warranties in
Article VI specifically refers to the Company’s subsidiaries or not.

 

6.2
Organization. The Company and each Subsidiary are corporations, duly organized, validly existing and in good standing under
the Laws of the jurisdiction in which they are incorporated. The Company has the full corporate power and authority and all necessary
certificates, licenses, approvals and Permits to: (i) enter into and execute this Agreement and the Transaction Documents and
to perform all of its Obligations hereunder and thereunder; and (ii) own and operate its Assets and properties and to conduct
and carry on its business as and to the extent now conducted and currently contemplated to be conducted. The Company is duly qualified
to transact business and is in good standing as a foreign corporation in each jurisdiction where the character of its business
or the ownership or use and operation of its Assets or properties requires such qualification, except to the extent that failure
to so qualify will not result in a Material Adverse Effect.

 

    	8

     

    

 

6.3
Authority and Approval of Agreement; Binding Effect. The execution and delivery by the Company of the Transaction Documents
(which includes this Agreement), and the performance by the Company of all of its Obligations hereunder and thereunder, including
the issuance of the Shares, have been duly and validly authorized and approved by the Company and its board of directors pursuant
to all applicable Laws and no other corporate action or Consent on the part of the Company, its board of directors, its stockholders
or any other Person is necessary or required by the Company to execute and deliver the Transaction Documents, consummate the transactions
contemplated herein and therein, perform all of the Company’s Obligations hereunder and thereunder, or to issue the Shares.
Each of the Transaction Documents have been duly and validly executed by the Company (and the officer executing this Agreement
and all such other Transaction Documents is duly authorized to act and execute same on behalf of the Company) and constitute the
valid and legally binding agreements of the Company, enforceable against the Company in accordance with their respective terms,
except as such enforceability may be limited by general principles of equity or applicable bankruptcy, insolvency, reorganization,
moratorium, liquidation and other similar laws relating to, or affecting generally, the enforcement of applicable creditors’
rights and remedies.

 

6.4
Capitalization. As of March 29, 2018, the authorized capital stock of the Company consisted of (i) 100,000,000 shares of
Common Stock, of which 29,596,444 shares of Common Stock were issued and outstanding, and (ii) 1,000,000 shares of preferred stock,
of which there were 168 shares of the Series G Preferred Stock issued and outstanding. Also, as of December 29, 2017, the Company
had issued options and warrants to purchase 6,158,637 shares of Common Stock. All of such outstanding shares of Common Stock and
Series G Preferred Stock have been validly issued and are fully paid and nonassessable. The Company has received no notice, either
oral or written, with respect to the continued eligibility of the Common Stock for quotation on the Principal Trading Market,
and the Company has maintained all requirements on its part for the continuation of such quotation. No shares of Common Stock
are subject to preemptive rights or any other similar rights or any Encumbrances suffered or permitted by the Company. Except
as set forth on Schedule 6.4 of the Disclosure Schedules or disclosed herein, as of the date hereof: (i) there are no outstanding
options, warrants, scrip, rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities
or rights convertible into, any shares of capital stock of the Company or any of its subsidiaries, or Contracts, commitments,
understandings or arrangements by which the Company or any of its subsidiaries is or may become bound to issue additional shares
of capital stock of the Company or any of its subsidiaries, or options, warrants, scrip, rights to subscribe to, calls or commitments
of any character whatsoever relating to, or securities or rights convertible into, any shares of capital stock of the Company
or any of its subsidiaries; (collectively, “Derivative Securities”); (ii) there are no outstanding debt securities,
notes, credit agreements, credit facilities or other Contracts or instruments evidencing indebtedness of the Company or any of
its subsidiaries, or by which the Company or any of its subsidiaries is or may become bound; (iii) there are no outstanding registration
statements with respect to the Company or any of its securities (other than registration statements on Form S-1 and Form S-8 filed
prior to the date hereof); (iv) there are no agreements or arrangements under which the Company or any of its subsidiaries is
obligated to register the sale of any of their securities under the Securities Act (except pursuant to this Agreement); (v) there
are no financing statements securing obligations filed in connection with the Company or any of its Assets; (vi) there are no
securities or instruments containing anti-dilution or similar provisions that will be triggered by this Agreement or any related
agreement or the consummation of the transactions described herein or therein; and (vii) there are no outstanding securities or
instruments of the Company which contain any redemption or similar provisions, and there are no Contracts by which the Company
is or may become bound to redeem a security of the Company. Except as set forth on Schedule 6.4 of the Disclosure Schedules, there
are no stockholders agreements, voting agreements or other similar agreements with respect to the Company’s capital stock
to which the Company is a party or, to the knowledge of the Company, between or among any of the Company’s stockholders.

 

    	9

     

    

 

6.5
No Conflicts; Consents and Approvals. The execution, delivery and performance of this Agreement and the other Transaction
Documents, and the consummation of the transactions contemplated hereby and thereby, will not: (i) constitute a violation of or
conflict with any provision of the Company’s or any Subsidiaries’s certificate or articles of incorporation, bylaws
or other organizational or charter documents; (ii) constitute a violation of, or a default or breach under (either immediately,
upon notice, upon lapse of time, or both), or conflict with, or give to any other Person any rights of termination, amendment,
acceleration or cancellation of, any provision of any Material Contract; (iii) constitute a violation of, or a default or breach
under (either immediately, upon notice, upon lapse of time, or both), or conflict with, any Judgment; (iv) assuming the accuracy
of the representations and warranties of the Buyers set forth in Article V above, constitute a violation of, or conflict with,
any Law (including United States federal and state securities Laws and the rules and regulations of any market or exchange on
which the Common Stock is quoted); or (v) 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 Company’s Assets. The Company is not in violation of its certificate of incorporation, bylaws or other organizational
or governing documents and the Company is not in default or breach (and no event has occurred which with notice or lapse of time
or both could put the Company in default or breach) under, and the Company has not taken any action or failed to take any action
that would give to any other Person any rights of termination, amendment, acceleration or cancellation of, any Material Contract.
Except as specifically contemplated by this Agreement, the Company is not required to obtain any Consent of, from, or with any
Governmental Authority, or any other Person, in order for it to execute, deliver or perform any of its Obligations under this
Agreement or the Transaction Documents in accordance with the terms hereof or thereof, or to issue and sell the Shares in accordance
with the terms hereof. All Consents which the Company is required to obtain pursuant to the immediately preceding sentence have
been obtained or effected on or prior to the date hereof.

 

6.6
Issuance of Securities. The Shares are duly authorized and, upon issuance in accordance with the terms hereof shall be
duly issued, fully paid and non-assessable, and free from all Encumbrances, and, assuming the accuracy of the representations
and warranties of the Buyers set forth in Article V above, will be issued in compliance with all applicable United States federal
and state securities Laws. Assuming the accuracy of the representations and warranties of the Buyers set forth in Article V above,
the offer and sale by the Company of the Shares is exempt from: (i) the registration and prospectus delivery requirements of the
Securities Act; and (ii) the registration and/or qualification provisions of all applicable state and provincial securities and
“blue sky” laws.

 

    	10

     

    

 

6.7
SEC Documents; Financial Statements. The Common Stock is registered pursuant to Section 12 of the Exchange Act and the
Company has timely filed all reports, schedules, forms, statements and other documents required to be filed by it with the SEC
under the Exchange Act (all of the foregoing filed since November 7, 2016 or amended after the date hereof and all exhibits included
therein and financial statements and schedules thereto and documents incorporated by reference therein, being hereinafter referred
to as the “SEC Documents”). The Company is current with its filing obligations under the Exchange Act and all
SEC Documents have been filed on a timely basis or the Company has received a valid extension of such time of filing and has filed
any such SEC Document prior to the expiration of any such extension. The Company represents and warrants that true and complete
copies of the SEC Documents are available on the SEC’s website (www.sec.gov) at no charge to Buyers, and Buyers acknowledge
that each of them may retrieve all SEC Documents from such website and each Buyer’s access to such SEC Documents through
such website shall constitute delivery of the SEC Documents to Buyers. As of their respective dates, the SEC Documents complied
in all material respects with the requirements of the Exchange Act, and none of the SEC Documents, at the time they were filed
with the SEC, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein
or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading.
None of the statements made in any such SEC Documents is, or has been, required to be amended or updated under applicable Law
(except as such statements have been amended or updated in subsequent filings prior to the date hereof, which amendments or updates
are also part of the SEC Documents). As of their respective dates, the financial statements of the Company included in the SEC
Documents (“Financial Statements”) complied in all material respects with applicable accounting requirements
and the published rules and regulations of the SEC with respect thereto (except as such Financial Statements have been amended
or updated in subsequent filings prior to the date hereof, which amendments or updates are also part of the SEC Documents). All
of the Financial Statements have been prepared in accordance with GAAP, consistently applied, during the periods involved (except:
(i) as may be otherwise indicated in such Financial Statements or the notes thereto; or (ii) in the case of unaudited interim
statements, to the extent they may exclude footnotes or may be condensed or summary statements), and fairly present in all material
respects the consolidated financial position of the Company as of the dates thereof and the consolidated results of its operations
and cash flows for the periods then ended (subject, in the case of unaudited statements, to normal year-end audit adjustments).
To the knowledge of the Company and its officers, no other information provided by or on behalf of the Company to the Buyers which
is not included in the SEC Documents contains any untrue statement of a material fact or omits to state any material fact necessary
in order to make the statements therein, in the light of the circumstance under which they are or were made, not misleading.

 

6.8
Absence of Certain Changes. Since the date the last of the SEC Documents was filed with the SEC, none of the following
have occurred:

 

(a)
There has been no event or circumstance of any nature whatsoever that has resulted in, or could reasonably be expected to result
in, a Material Adverse Effect; or

 

(b)
Except for this Agreement and the other Transaction Documents, there has been no transaction, event, action, development, payment,
or other matter of any nature whatsoever entered into by the Company that requires disclosure in an SEC Document which has not
been so disclosed.

 

    	11

     

    

 

6.9
Absence of Litigation or Adverse Matters. Except as disclosed in the SEC Documents: (i) there is no Proceeding before or
by any Governmental Authority or any other Person, pending, or the best of Company’s knowledge, threatened or contemplated
by, against or affecting the Company, its business or Assets; (ii) there is no outstanding Judgments against or affecting the
Company, its business or Assets; and (iii) the Company is not in breach or violation of any Material Contract.

 

6.10
Liabilities of the Company. The Company does not have any Obligations of a nature required by GAAP to be disclosed on a
consolidated balance sheet of the Company, except: (i) as disclosed in the Financial Statements; or (ii) incurred in the Ordinary
Course of Business since the date of the last Financial Statements filed by the Company with the SEC, or (iii) disclosed on Schedule
6.10 of the Disclosure Schedules.

 

6.11
Title to Assets. The Company has good and marketable title to, or a valid license or leasehold interest in, all of its
Assets which are material to the business and operations of the Company as presently conducted and as presently contemplated to
be conducted, free and clear of all Encumbrances or restrictions on the transfer or use of same, other than restrictions on transfer
or use arising under a license or Lease with respect to such Assets that, individually or in the aggregate, would not have, or
be reasonably expected to, materially interfere with the purposes for which they are currently used and for the purposes for which
they are proposed to be used. The Company’s Assets are in good operating condition and repair, ordinary wear and tear excepted,
and are free of any latent or patent defects which might impair their usefulness, and are suitable for the purposes for which
they are currently used and for the purposes for which they are proposed to be used.

 

6.12
Real Estate.

 

(a)
Real Property Ownership. The Company does not own any Real Property.

 

(b)
Real Property Leases. Except pursuant to the Leases described in the SEC Documents (the “Company Leases”),
the Company does not lease any Real Property. With respect to each of the Company Leases, except as disclosed in the SEC Documents,
(i) the Company has been in peaceful possession of the property leased thereunder and neither the Company nor, to the Company’s
knowledge, the landlord is in default thereunder; (ii) no waiver, indulgence or postponement of any of the Obligations thereunder
has been granted by the Company or landlord thereunder; and (iii) there exists no event, occurrence, condition or act known to
the Company which, upon notice or lapse of time or both, would be or could become a default thereunder or which could result in
the termination of the Company Leases, or any of them, or have a Material Adverse Effect on the business of the Company, its Assets
or its operations or financial results. The Company has not violated nor breached any provision of any such Company Leases, and
all Obligations required to be performed by the Company under any of such Company Leases have been fully, timely and properly
performed. If requested by any of the Buyers, the Company has delivered to such Buyers true, correct and complete copies of all
Company Leases, including all modifications and amendments thereto, whether in writing or otherwise. The Company has not received
any written or oral notice to the effect that any of the Company Leases will not be renewed at the termination of the term of
such Company Leases, or that any of such Company Leases will be renewed only at higher rents.

 

    	12

     

    

 

6.13
Material Contracts. An accurate, current and complete copy of each of the Material Contracts is readily available and filed
with the SEC as part of the SEC Documents, and each of the Material Contracts constitutes the principal terms of the agreement
of the respective parties thereto relating to the subject matter thereof. Each of the Material Contracts is in full force and
effect and is a valid and binding Obligation of the parties thereto in accordance with the terms and conditions thereof. The Obligation
required to be performed by the Company under each of the Material Contracts have been fully performed in all material respects
and the Company is not in default under any of the Material Contracts and, to the knowledge of the Company and its officers, all
Obligations required to be performed under the terms of each of the Material Contracts by any party thereto other than the Company
have been fully performed by all parties thereto, and no party to any Material Contracts is in default with respect to any term
or condition thereof, nor has any event occurred which, through the passage of time or the giving of notice, or both, would constitute
a default thereunder or would cause the acceleration or modification of any Obligation of any party thereto or the creation of
any Encumbrance upon any of the Assets of the Company. Further, the Company has received no notice, nor does the Company have
any knowledge, of any pending or contemplated termination of any of the Material Contracts and, no such termination is proposed
or has been threatened, whether in writing or orally.

 

6.14
Compliance with Laws. Except as set forth on Schedule 6.14 of the Disclosure Schedules, the Company is and at all times
has been in material compliance with all Laws. The Company has not received any notice that it is in violation of, has violated,
or is under investigation with respect to, or has been threatened to be charged with, any violation of any Law.

 

6.15
Intellectual Property. The Company owns or possesses adequate and legally enforceable rights or licenses to use all trademarks,
trade names, service marks, service mark registrations, service names, patents, patent rights, copyrights, inventions, licenses,
approvals, governmental authorizations, trade secrets and all other intellectual property rights necessary to conduct its business
as now conducted and as currently contemplated to be conducted. The Company has not infringed trademarks, trade name rights, patents,
patent rights, copyrights, inventions, licenses, service names, service marks, service mark registrations, trade secrets or other
intellectual property rights of others, and there is no Claim being made or brought against, or to the Company’s knowledge,
being threatened against, the Company regarding trademarks, trade names, patents, patent rights, inventions, copyrights, licenses,
service names, service marks, service mark registrations, trade secrets or other intellectual property infringement; and the Company
is unaware of any facts or circumstances which might give rise to any of the foregoing.

 

6.16
Labor and Employment Matters. The Company is not involved in any labor dispute or, to the knowledge of the Company, is
any such dispute threatened. To the knowledge of the Company and its officers, none of the Company’s employees is a member
of a union and the Company believes that its relations with its employees are good. To the knowledge of the Company and its officers,
the Company has complied in all material respects with all Laws relating to employment matters, civil rights and equal employment
opportunities.

 

    	13

     

    

 

6.17
Employee Benefit Plans. The Company is in compliance in all material respects with all presently applicable provisions
of the Employee Retirement Income Security Act of 1974, as amended, including the regulations and published interpretations thereunder
(“ERISA”); no “reportable event” (as defined in ERISA) has occurred with respect to any “pension
plan” (as defined in ERISA) for which the Company would have any Obligation; the Company has not incurred and does not expect
to incur any Obligation under (i) Title IV of ERISA with respect to termination of, or withdrawal from, any “pension plan”
or (ii) Sections 412 or 4971 of the Internal Revenue Code of 1986, as amended, including the regulations and published interpretations
thereunder (the “Code”); and each “pension plan” for which the Company would have any liability
that is intended to be qualified under Section 401(a) of the Code is so qualified in all material respects and nothing has occurred,
whether by action or by failure to act, which would cause the loss of such qualification. To the Company’s knowledge, the
Company has promptly paid and discharged all Obligations arising under ERISA of a character which if unpaid or unperformed might
result in the imposition of an Encumbrance against any of its Assets or otherwise have a Material Adverse Effect.

 

6.18
Tax Matters. The Company has timely filed all Tax Returns required by any jurisdiction to which it is subject, and each
such Tax Return has been prepared in compliance with all applicable Laws, and all such Tax Returns are true and accurate in all
respects. Except and only to the extent that the Company has set aside on its books provisions reasonably adequate for the payment
of all unpaid and unreported Taxes in compliance with Law, the Company has timely paid all Taxes shown or determined to be due
on such Tax Returns, except those being contested in good faith, and the Company has set aside on its books provision reasonably
adequate for the payment of all Taxes for periods subsequent to the periods to which such Tax Returns apply. There are no unpaid
Taxes in any material amount claimed to be due by the taxing authority of any jurisdiction, and the officers of the Company know
of no basis for any such claim. The Company has withheld and paid all Taxes to the appropriate Governmental Authority required
to have been withheld and paid in connection with amounts paid or owing to any Person. There is no Proceeding or Claim for a refund
now in progress, pending or, to the Company’s knowledge, threatened against or with respect to the Company regarding Taxes.

 

6.19
Insurance. The Company is covered by valid, outstanding and enforceable policies of insurance which were issued to it by
reputable insurers of recognized financial responsibility, covering its properties, Assets and businesses against losses and risks
normally insured against by other corporations or entities in the same or similar lines of businesses as the Company is engaged
and in coverage amounts which are prudent and typically and reasonably carried by such other corporations or entities (the “Insurance
Policies”). Such Insurance Policies are in full force and effect, and all premiums due thereon have been paid. None
of the Insurance Policies will lapse or terminate as a result of the transactions contemplated by this Agreement. The Company
has complied with the provisions of such Insurance Policies. The Company has not been refused any insurance coverage sought or
applied for and the Company does not have any reason to believe that it will not be able to renew its existing Insurance Policies
as and when such Insurance Policies expire or to obtain similar coverage from similar insurers as may be necessary to continue
its business at a cost that would not materially and adversely affect the condition, financial or otherwise, or the earnings,
business or operations of the Company. There is no material claim pending under any Insurance Policies as to which coverage has
been questioned, denied or disputed by the underwriters of such Insurance Policies.

 

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6.20
Permits. The Company possesses all Permits necessary to conduct its business, and the Company has not received any notice
of, and is not otherwise involved in any Proceedings relating to, the revocation or modification of any such Permits. All such
Permits are valid and in full force and effect and the Company is in material compliance with the respective requirements of all
such Permits.

 

6.21
Business Location. The Company has no office or place of business other than as identified in the SEC Documents and the
Company’s principal executive offices are located in Seattle, Washington. All books and records of the Company and other
material Assets of the Company are held or located at the offices and places of business identified in the SEC Documents.

 

6.22
Environmental Laws. The Company is and has at all times been in compliance in all material respects with any and all applicable
Environmental Requirements, and there are no pending Claims against the Company relating to any Environmental Requirements, nor
to the best knowledge of the Company, is there any basis for any such Claims.

 

6.23
Illegal Payments. Neither the Company, nor any director, officer, agent, employee or other Person acting on behalf of the
Company has, in the course of his actions for, or on behalf of, the Company: (i) used any corporate funds for any unlawful contribution,
gift, entertainment or other unlawful expenses relating to political activity; (ii) made any direct or indirect unlawful payment
to any foreign or domestic government official or employee from corporate funds; (iii) violated or is in violation of any provision
of the U.S. Foreign Corrupt Practices Act of 1977, as amended (or similar anticorruption or anti-bribery laws of other jurisdictions);
or (iv) made any bribe, rebate, payoff, influence payment, kickback or other unlawful payment to any foreign or domestic government
official or employee.

 

6.24
Related Party Transactions. Except as disclosed in the SEC Documents, and except for arm’s length transactions pursuant
to which the Company makes payments in the Ordinary Course of Business upon terms no less favorable than the Company could obtain
from unaffiliated third parties, none of the officers, directors or employees of the Company, nor any stockholders who own, legally
or beneficially, five percent (5%) or more of the issued and outstanding shares of any class of the Company’s capital stock
(each a “Material Shareholder”), is presently a party to any transaction with the Company (other than for services
as employees, officers and directors), including any Contract providing for the furnishing of services to or by, providing for
rental of real or personal property to or from, or otherwise requiring payments to or from, any officer, director or such employee
or Material Shareholder or, to the best knowledge of the Company, any other Person in which any officer, director, or any such
employee or Material Shareholder has a substantial or material interest in or of which any officer, director or employee of the
Company or Material Shareholder is an officer, director, trustee or partner. There are no Claims or disputes of any nature or
kind between the Company, on the one hand, and any officer, director or employee of the Company or any Material Shareholder, on
the other hand, or, to the Company’s knowledge, between or among any of them, relating to the Company and its business.

 

    	15

     

    

 

6.25
Internal Accounting Controls. Except as set forth in the SEC Documents, the Company and each of its subsidiaries maintain
a system of internal accounting controls sufficient to provide reasonable assurance that: (i) transactions are executed in accordance
with management’s general or specific authorizations; (ii) transactions are recorded as necessary to permit preparation
of financial statements in conformity with GAAP and to maintain asset accountability; (iii) access to Assets is permitted only
in accordance with management’s general or specific authorization; and (iv) the recorded accountability for Assets is compared
with the existing Assets at reasonable intervals and appropriate action is taken with respect to any differences.

 

6.26
Acknowledgment Regarding Buyers’ Purchase of the Shares. The Company acknowledges and agrees that each Buyer is acting
solely in the capacity of an arm’s length purchaser with respect to this Agreement and the transactions contemplated hereby.
The Company further acknowledges that no Buyer is acting as a financial advisor or fiduciary of the Company (or in any similar
capacity) with respect to this Agreement and the transactions contemplated hereby and any advice given by any Buyer or any of
its representatives or agents in connection with this Agreement and the transactions contemplated hereby is merely incidental
to such Buyer’s purchase of the Shares. The Company further represents to each Buyer that the Company’s decision to
enter into this Agreement has been based solely on the independent evaluation by the Company and its representatives.

 

6.27
Listing and Maintenance Requirements. The Company’s Common Stock is registered pursuant to Section 12 of the Exchange
Act, and the Company has taken no action designed to, or which to the best of its knowledge is likely to have the effect of, terminating
the registration of the Common Stock under the Exchange Act, nor has the Company received any notification that the SEC is contemplating
terminating such registration.

 

6.28
Bad Actor. No “bad actor” disqualifying event described in Rule 506(d)(1)(i)-(viii) of the Securities Act (a
“Disqualification Event”) is applicable to the Company or, to the Company’s knowledge, any Company Covered
Person. As used in this Section 6.28, the term “Company Covered Person” means, with respect to the Company
as an “issuer” for purposes of Rule 506 promulgated under the Securities Act, any Person listed in the first paragraph
of Rule 506(d)(1).

 

6.29
Brokerage Fees. There is no Person acting on behalf of the Company who is entitled to or has any claim for any financial
advisory, brokerage or finder’s fee or commission in connection with the execution of this Agreement or the consummation
of the transactions contemplated hereby.

 

6.30
Disclosure. Except with respect to the material terms and conditions of the transactions contemplated by the Transaction
Documents, the Company confirms that, to the knowledge of the Company, neither it nor any other Person acting on its behalf has
provided any of the Buyers or their agents or counsel with any information that it believes constitutes or might constitute material,
nonpublic information. The Company understands and confirms that each of the Buyers will rely on the foregoing representation
in effecting the contemplated transaction in securities of the Company under this Agreement.

 

6.31
No Integrated Offering. Neither the Company, nor any of its affiliates, nor any Person acting on its or their behalf has,
directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security under circumstances
that would cause the Offering to be integrated with prior offerings by the Company for purposes of the Securities Act which would
require the registration of any such Securities under the Securities Act.

 

    	16

     

    

 

6.32
No Investment Company. The Company is not, and is not an affiliate of, and immediately after receipt of payment for the
Securities will not be, or be an affiliate of, an “investment company,” a company controlled by an “investment
company” or an “affiliated person” of, or “promoter” or “principal underwriter” for,
an “investment company” within the meaning of the Investment Company Act of 1940, as amended.

 

6.33
U.S. Real Property Holding Corporation. The Company is not, nor has ever been, and so long as any of the Securities are
held by any of the Buyers, shall not become, a U.S. real property holding corporation within the meaning of Section 897 of the
Code, and the Company shall so certify upon any Buyer’s request.

 

ARTICLE
VII

COVENANTS

 

7.1
Best Efforts. Each party shall use its best efforts to timely satisfy each of the conditions to be satisfied by it as provided
in Articles VIII and IX of this Agreement.

 

7.2
Form D. If required by applicable Law, the Company agrees to file a Form D with respect to the sale of the Shares as required
under Regulation D of the Securities Act. The Company shall take such action as the Company shall reasonably determine is necessary
to qualify the Shares, or obtain an exemption for the Shares for sale to each of the Buyers pursuant to this Agreement under applicable
securities or “Blue Sky” Laws of the states of the United States.

 

7.3
Affirmative Covenants.

 

(a)
Reporting Status; Listing. Until the earlier of two (2) years from the date hereof or when the Shares are no longer registered
in the names of the Buyers on the books and records of the Company, the Company shall: (i) file in a timely manner all reports
required to be filed under the Securities Act, the Exchange Act or any securities Laws and regulations thereof applicable to the
Company of any state of the United States, or by the rules and regulations of the Principal Trading Market, and, if not otherwise
publicly available, to provide a copy thereof to each Buyer upon request; (ii) not terminate its status as an issuer required
to file reports under the Exchange Act even if the Exchange Act or the rules and regulations thereunder would otherwise permit
such termination; (iii) if required by the rules and regulations of the Principal Trading Market, promptly secure the listing
of any of the Shares upon the Principal Trading Market (subject to official notice of issuance) and, take all reasonable action
under its control to maintain the continued listing, quotation and trading of its Common Stock on the Principal Trading Market,
and the Company shall comply in all respects with the Company’s reporting, filing and other Obligations under the bylaws
or rules of the Principal Trading Market, the Financial Industry Regulatory Authority, Inc. and such other Governmental Authorities,
as applicable.

 

    	17

     

    

 

(b)
Rule 144. With a view to making available to each Buyer the benefits of Rule 144 under the Securities Act (“Rule
144”), or any similar rule or regulation of the SEC that may at any time permit Buyers to sell the Shares to the public
without registration, the Company represents and warrants to the Buyers that the Company ceased being a Shell Company on November
7, 2016, and since that date has been subject to Section 13 or 15(d) of the Exchange Act and has filed all required reports thereunder.
For the purposes hereof, the term “Shell Company” shall mean an issuer that meets the description set forth
under Rule 144(i)(1)(i). In addition, until the earlier of three (3) years from the date hereof or when the Shares no longer are
required to bear a restrictive legend, the Company shall, at its sole expense:

 

(i)
make, keep and ensure that adequate current public information with respect to the Company, as required in accordance with Rule
144, is publicly available;

 

(ii)
furnish to each Buyer, promptly upon reasonable request: (A) a written statement, executed by a senior officer of the Company,
certifying that the Company has complied with the reporting requirements of Rule 144, the Securities Act and the Exchange Act;
and (B) such other information as may be reasonably requested by each Buyer to permit each Buyer to sell any of the Shares pursuant
to Rule 144 without limitation or restriction; and

 

(iii)
subject to compliance with Rule 144, promptly at the request of each Buyer, give the Company’s transfer agent instructions
to the effect that, upon the transfer agent’s receipt from any Buyer of a certificate (a “Rule 144 Certificate”)
certifying that such Buyer’s holding period (as determined in accordance with the provisions of Rule 144) for any portion
of the Shares which such Buyer proposes to sell (the “Securities Being Sold”) is not less than six (6) months,
and receipt by the transfer agent of the “Rule 144 Opinion” (as hereinafter defined) from the Company or its counsel
(or from such Buyer and its counsel as permitted below), the transfer agent is to effect the transfer of the Securities Being
Sold and issue to such Buyer or transferee(s) thereof one or more stock certificates representing the transferred Securities Being
Sold without any restrictive legend and without recording any restrictions on the transferability of such Securities Being Sold
on the transfer agent’s books and records or, at the Buyer’s option, the Securities Being Sold shall be transmitted
by the transfer agent to the Buyer by crediting the account of the Buyer’s or its designee’s balance account with
The Depository Trust Company through its Deposit or Withdrawal at Custodian system if the transfer agent is then a participant
in such system. In this regard, upon each Buyer’s request, the Company shall have an affirmative obligation at its expense
to cause its counsel to promptly issue to the transfer agent a legal opinion providing that, based on the Rule 144 Certificate,
the Securities Being Sold were or may be sold, as applicable, pursuant to the provisions of Rule 144, even in the absence of an
effective registration statement (the “Rule 144 Opinion”). If the transfer agent requires any additional documentation
in connection with any proposed transfer by any Buyer of any Securities Being Sold, the Company shall promptly deliver or cause
to be delivered to the transfer agent or to any other Person, all such additional documentation as may be necessary to effectuate
the transfer of the Securities Being Sold and the issuance of an unlegended certificate to any transferee thereof, all at the
Company’s expense.

 

7.4
Use of Proceeds. The Company shall use the net proceeds from the sale of the Shares for working capital, corporate acquisitions
and general corporate purposes, including marketing and product promotion, capital expenditures and payment of the fees and expenses
incurred in connection with the Offering.

 

    	18

     

    

 

7.5
Fees and Expenses. The Company agrees to pay to each Buyer (or any designee or agent of the Buyers), upon demand, or to
otherwise be responsible for the payment of, any and all costs, fees, charges and expenses, including the reasonable fees, costs,
expenses and disbursements of counsel for any Buyer, and of any experts and agents, which any Buyer may incur or which may otherwise
be due and payable in connection with any documentary stamp taxes, intangibles taxes, recording fees, filing fees, or other similar
taxes, fees or charges imposed by or due to any Governmental Authority in connection with this Agreement or any other Transaction
Documents; The provisions of this Subsection shall survive the termination of this Agreement.

 

7.6
Public Disclosure of Buyers. The Company shall not publicly disclose the name of any Buyer, or include the name of any
Buyer in any filing with the SEC or any regulatory agency or Principal Trading Market, without the prior written consent of such
Buyer except: (a) as required by federal securities law in connection with any registration statement contemplated by the Registration
Rights Agreement or (b) to the extent such disclosure is required by Law or Principal Trading Market regulations, in which case
the Company shall provide Buyers with prior written notice of such disclosure permitted under this clause (b).

 

7.7
True-Up. During the period beginning on the twelve (12) month anniversary of the date hereof and ending ninety (90) days
thereafter, in the event that a Buyer sells one or more Shares on a national securities exchange or OTC marketplace or in an arm’s
length, unrelated third-party private sale, for a price less than the Purchase Price (a “Low Price Sale”),
such Buyer shall have the right, subject to providing the Company with reasonable evidence of such Low Price Sale, to automatically
receive a number of additional shares of the Company’s Common Stock at no additional cost (“Additional Shares”)
equal to (i) the difference between the aggregate amount such Buyer would have received if they had sold such shares at the Purchase
Price and the aggregate amount they did receive in connection with the Low Price Sale divided by (ii) the Low Price Sale per share
amount; provided, however, in no event shall the aggregate number of Additional Shares issued under this Section 7.7 exceed the
aggregate total number of the Shares sold under this Agreement.

 

7.8
Lock-Up. Each Buyer hereby agrees that, for a period one (1) year from the date of this Agreement (the “Restricted
Period”), it will not (i) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any
option or contract to sell, grant any option, right or warrant to purchase, lend or otherwise transfer or dispose of any of the
Shares purchased by such Buyer under this Agreement; or (ii) enter into any swap or other agreement, arrangement or transaction
that transfers to another, in whole or in part, directly or indirectly, any of the economic consequence of ownership of any of
the Shares purchased by such Buyer under this Agreement, whether any transaction described in clause (i) or (ii) is to be settled
by delivery of Common Stock, other securities, in cash or otherwise, without the prior written consent of the Company. In order
to enforce the restrictions agreed to by Buyer in this Section 7.8, the Company may impose stop-transfer instructions with respect
to any Shares purchased by each Buyer under this Agreement until the end of the Restricted Period. Any underwriters of the Company’s
securities shall be third-party beneficiaries of the restrictions set forth in this Section 7.8.

 

    	19

     

    

 

ARTICLE
VIII

CONDITIONS
PRECEDENT TO THE COMPANY’S OBLIGATIONS TO SELL

 

The
obligation of the Company hereunder to issue and sell the Shares to each Buyer is subject to the satisfaction, at or before the
acceptance of a subscription by the Company from such Buyer, of each of the following conditions, provided that these conditions
are for the Company’s sole benefit and may be waived by the Company at any time in its sole discretion:

 

8.1
The Buyer acquiring Shares shall have executed the Transaction Documents that require the Buyer’s execution, and delivered
them to the Company.

 

8.2
The Buyer acquiring Shares shall have paid the Buyer’s Purchase Price to the Company.

 

8.3
The representations and warranties of the Buyer acquiring Shares shall be true and correct in all material respects as of the
date when made and as of the acceptance by the Company of such Buyer’s subscription as though made at that time (except
for representations and warranties that speak as of a specific date, which shall be true and correct as of such specific date),
and such Buyer shall have performed, satisfied and complied in all material respects with the covenants, agreements and conditions
required by this Agreement to be performed, satisfied or complied with by such Buyer at or prior to the acceptance of such Buyer’s
subscription for Shares by the Company.

 

8.4
The Company shall have obtained all governmental, regulatory or third party consents and approvals necessary for the sale of the
Shares.

 

8.5
No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed
by any court or Governmental Authority of competent jurisdiction that prohibits the consummation of any of the transactions contemplated
by the Transaction Documents.

 

8.6
Since the date of execution of this Agreement, no event or series of events shall have occurred that resulted, or could reasonably
be expected to result, in a Material Adverse Effect.

 

8.7
Trading in the Common Stock shall not have been suspended by the SEC or any Principal Trading Market at any time since the date
of execution of this Agreement.

 

ARTICLE
IX

CONDITIONS
PRECEDENT TO A BUYER’S OBLIGATIONS TO PURCHASE

 

The
obligation of a Buyer hereunder to purchase the Shares is subject to the satisfaction, at or before the acceptance by the Company
of such Buyer’s subscription for Shares, of each of the following conditions (in addition to any other conditions precedent
elsewhere in this Agreement), provided that these conditions are for the benefit of each Buyer acquiring Shares and may be waived
by each such Buyer at any time in their sole discretion:

 

9.1
The Company shall have executed and delivered the Transaction Documents and delivered the same to the Buyers.

 

9.2
The Company shall have delivered to the transfer agent for the Company’s Common Stock issuance instructions and all other
documents required by such transfer agent to issue by direct registration in book-entry form in such Buyer’s name the number
of Shares that the Buyer is purchasing.

 

    	20

     

    

 

9.3
The representations and warranties of the Company and the Subsidiaries shall be true and correct in all material respects (except
to the extent that any of such representations and warranties are already qualified as to materiality, Material Adverse Effect
or similar qualification in Article VI above, in which case, such representations and warranties shall be true and correct in
all respects without further qualification) as of the date when made and as of the Company’s acceptance of such Buyer’s
subscription for Shares as though made at that time (except for representations and warranties that speak as of a specific date,
which shall be true and correct as of such specific date) and the Company and the Subsidiaries shall have performed, satisfied
and complied in all material respects with the covenants, agreements and conditions required by this Agreement to be performed,
satisfied or complied with by the Company and the Subsidiaries at or prior to acceptance of such subscription.

 

9.4
The Company shall have obtained all governmental, regulatory or third party consents and approvals necessary for the sale of the
Shares.

 

9.5
No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed
by any court or Governmental Authority of competent jurisdiction that prohibits the consummation of any of the transactions contemplated
by the Transaction Documents.

 

9.6
Trading in the Common Stock shall not have been suspended by the SEC or any Principal Trading Market at any time since the date
of execution of this Agreement.

 

9.7
Since the date of execution of this Agreement, no event or series of events shall have occurred that resulted, or could reasonably
be expected to result, in a Material Adverse Effect.

 

ARTICLE
X

INDEMNIFICATION

 

10.1
Company’s Obligation to Indemnify. In consideration of each Buyers’ execution and delivery of this Agreement,
and in addition to all of the Company’s other obligations under this Agreement, the Company hereby agrees to defend and
indemnify each Buyer, and each Affiliate of each Buyer and their respective subsidiaries, and their respective directors, officers,
employees, agents and representatives, and the successors and assigns of each of them (collectively, the “Buyer Indemnified
Parties”) and the Company hereby agrees to hold the Buyer Indemnified Parties harmless, from and against any and all
Claims made, brought or asserted against the Buyer Indemnified Parties, or any one of them, and the Company hereby agrees to pay
or reimburse the Buyer Indemnified Parties for any and all Claims payable by any of the Buyer Indemnified Parties to any Person,
including reasonable attorneys’ and paralegals’ fees and expenses, court costs, settlement amounts, costs of investigation
and interest thereon from the time such amounts are due at one-half of the highest non-usurious rate of interest permitted by
applicable Law in the state of New York, through all negotiations, mediations, arbitrations, trial and appellate levels, as a
result of, or arising out of, or relating to: (i) any misrepresentation or breach of any representation or warranty made by the
Company or any Subsidiaries in this Agreement, the other Transaction Documents or any other certificate, instrument or document
contemplated hereby or thereby; (ii) any breach of any covenant, agreement or Obligation of the Company or any Subsidiary contained
in this Agreement, the other Transaction Documents or any other certificate, instrument or document contemplated hereby or thereby;
or (iii) any Claims brought or made against the Buyer Indemnified Parties, or any one of them, by any Person and arising out of
or resulting from the execution, delivery, performance or enforcement of this Agreement, the other Transaction Documents or any
other instrument, document or agreement executed pursuant hereto or thereto. To the extent that the foregoing undertaking by the
Company may be unenforceable for any reason, the Company shall make the maximum contribution to the payment and satisfaction of
each of the Claims covered hereby, which is permissible under applicable Law. The Company will not be liable to any Buyer under
this Section 10.1: (i) for any settlement by a Buyer in connection with any Claim effected without the Company’s prior written
consent, which consent shall not be unreasonably withheld, conditioned or delayed; or (ii) to the extent, but only to the extent,
that a Claim is attributable solely to any Buyer’s breach of any of the representations, warranties, covenants or agreements
made by such Buyer in this Agreement or in the other Transaction Documents.

 

    	21

     

    

 

ARTICLE
XI

MATTERS
RELATING TO THE BUYERS

 

11.1
Independent Nature of Buyers’ Obligations and Rights. The obligations of each Buyer under this Agreement and the
Transaction Documents are several and not joint with the obligations of any other Buyer, and no Buyer shall be responsible in
any way for the performance of the obligations of any other Buyer under any one or more of the Transaction Documents. The decision
of each Buyer to purchase the Shares pursuant to the Transaction Documents has been made by each such Buyer independently of the
other Buyers and independently of any information, materials, statements or opinions as to the business, affairs, operations,
assets, properties, liabilities, results of operations, condition (financial or otherwise) of the Company or of its subsidiaries,
if any, which may have been made or given by any other Buyer or any of their respective officers, directors, principals, employees,
agents, counsel or representatives (collectively, including the Buyer in question, the “Buyer Representatives”). No
Buyer Representative shall have any liability to any other Buyer or the Company relating to or arising from any such information,
materials, statements or opinions, if any. Each Buyer acknowledges that no other Buyer has acted as agent for such Buyer in connection
with making its investment decision hereunder and that no Buyer will be acting as agent of such other Buyer in connection with
monitoring such Buyer’s investment in the Securities or enforcing its rights under the Transaction Documents. Each Buyer
shall be entitled to independently protect and enforce its rights, including, without limitation, the rights arising out of this
Agreement or out of the other Transaction Documents, and it shall not be necessary for any other Buyer to be joined as an additional
party in any Proceeding for such purpose. The Company and each of the Buyers acknowledge that, for reasons of administrative convenience
the Company has elected to provide each of the Buyers with the same Transaction Documents for the purpose of closing a transaction
with multiple Buyers and not because it was required or requested to do so by any Buyer. In furtherance of the foregoing, and
not in limitation thereof, the Company and the Buyers acknowledge that nothing contained in this Agreement or in any Transaction
Document, and no action taken by any Buyer pursuant thereto, shall be deemed to constitute any two or more Buyers as a partnership,
an association, a joint venture or any other kind of entity, or create a presumption that the Buyers are in any way acting in
concert or as a group with respect to such obligations or the transactions contemplated by the Transaction Documents. Each Buyer
acknowledges that he ,she or it has been advised by his or her own legal counsel, or has had the opportunity to engage his, her
or its own legal counsel, with respect to this Agreement, the other Transaction Documents, and the transactions contemplated hereby
and thereby and each Buyer understands and agrees that (i) he, she or it has carefully read and fully understands all of the terms
of this Agreement and each Transaction Document to which he, she or it is a party; and (ii) he or she is under no disability or
impairment that affects his or her decision to sign this Agreement or the other Transaction Documents and he or she knowingly
and voluntarily intends to be legally bound by this Agreement and the Transaction Documents.

 

    	22

    	 

    

 

11.2
Equal Treatment of Buyers. No consideration shall be offered or paid to any Buyer to amend or consent to a waiver or modification
of any provision of this Agreement or any of the other Transaction Documents, unless the same consideration is also offered to
all of the other Buyers parties to the Transaction Documents.

 

ARTICLE
XII

TERMINATION

 

12.1
Termination. This Agreement may be terminated prior to Outside Closing Date (defined below) (i) by written agreement of
any Buyer who had signed this Agreement but who had not yet acquired Shares and the Company, or (ii) by either the Company or
a Buyer who had signed this Agreement but not yet acquired Shares (as to itself but no other Buyer) upon written notice to the
other, if the acceptance by the Company of a subscription shall not have taken place by April 29, 2018, or such later date approved
by the Company’s Board of Directors, but in no event later than May 29, 2018 (“Outside Closing Date”);
provided, that the right to terminate this Agreement under this Section 12.1 shall not be available to any party whose
failure to comply with its obligations under this Agreement has been the cause of or resulted in the failure of the issuance and
sale of Shares to occur on or before such time.

 

12.2
Consequences of Termination. No termination of this Agreement shall release any party from any liability for breach by
such party of the terms and provisions of this Agreement or the other Transaction Documents.

 

ARTICLE
XIII

MISCELLANEOUS

 

13.1
Notices. All notices of request, demand and other communications hereunder shall be addressed to the parties as follows:

 

	 	If
    to the Company:	 	TheMaven,
    Inc.
	 	 	 	2125
    Western Avenue, Suite 502
	 	 	 	Seattle,
    WA 98121
	 	 	 	Attention:
    Martin Heimbigner
	 	 	 	Email:
    marty@maven.io

 

    	23

    	 

    

 

	 	With
    a copy (which shall not constitute notice pursuant to this Section 13.1) to:
	 	 
	 	 	 	Golenbock
    Eiseman Assor Bell & Peskoe LLP
	 		 	711
    Third Avenue
	 	 	 	New
    York, New York 10017
	 	 	 	Attention:
    Andrew D. Hudders
	 	 	 	Email:
    ahudders@golenbock.com
	 	 	 	Facsimile:
    (212) 818-8881
	 	 	 	 
	 	If
    to the Buyers:	 	To
    each Buyer based on the information set forth in the Schedule of Buyers attached hereto

 

unless
the address is changed by the party by like notice given to the other parties. Notice shall be in writing and shall be deemed
delivered: (i) if mailed by certified mail, return receipt requested, postage prepaid and properly addressed to the address above,
then three (3) business days after deposit of same in a regularly maintained U.S. mail receptacle; or (ii) if mailed by Federal
Express, UPS or other nationally recognized overnight courier service, next business morning delivery, then one (1) business day
after deposit of same in a regularly maintained receptacle of such overnight courier; or (iii) if hand delivered, then upon hand
delivery thereof to the address indicated on or prior to 5:00 p.m., New York time, on a business day. Any notice hand delivered
after 5:00 p.m., New York time, shall be deemed delivered on the following business day. Notwithstanding the foregoing, notice,
consents, waivers or other communications referred to in this Agreement may be sent by facsimile, e-mail, or other method of delivery,
but shall be deemed to have been delivered only when the sending party has confirmed (by reply e-mail or some other form of written
confirmation from the receiving party) that the notice has been received by the other party.

 

13.2
Entire Agreement. This Agreement, including the Exhibits and Schedules attached hereto and the documents delivered pursuant
hereto, including the Transaction Documents other than this Agreement set forth all the promises, covenants, agreements, conditions
and understandings between the parties hereto with respect to the subject matter hereof and thereof, and supersede all prior and
contemporaneous agreements, understandings, inducements or conditions, expressed or implied, oral or written, except as contained
herein and in the Transaction Documents; provided, however, except as explicitly stated herein, nothing contained in this Agreement
or any other Transaction Document shall (or shall be deemed to) (i) have any effect on any agreements any Buyer has entered into
with, or any instruments any Buyer has received from, the Company prior to the date hereof with respect to any prior investment
made by such Buyer in the Company or (ii) waive, alter, modify or amend in any respect any obligations of the Company, or any
rights of or benefits to any Buyer or any other Person, in any agreement entered into prior to the date hereof between or among
the Company and any Buyer, or any instruments any Buyer received from the Company prior to the date hereof, and all such agreements
and instruments shall continue in full force and effect in accordance with their respective terms.

 

13.3
Successors and Assigns. This Agreement, and any and all rights, duties and obligations hereunder, shall not be assigned,
transferred, delegated or sublicensed by the Company without the prior written consent of each Buyer. Subject to the foregoing
and except as otherwise provided herein, the provisions of this Agreement shall inure to the benefit of, and be binding upon,
the successors, assigns, heirs, executors and administrators of the parties hereto.

 

13.4
Binding Effect. This Agreement shall be binding upon the parties hereto, their respective successors and permitted assigns.

 

    	24

    	 

    

 

13.5
Amendment. Except as specifically set forth herein, neither the Company nor any Buyer makes any representation, warranty,
covenant or undertaking with respect to such matters. For clarification purposes, the Recitals are part of this Agreement. No
provision of this Agreement may be amended other than by an instrument in writing signed by the Company and the Required Buyers.
Any amendment to any provision of this Agreement made in conformity with the provisions of this Section 13.5 shall be binding
on all Buyers and holders of Securities, as applicable, provided that no such amendment shall be effective to the extent that
it (1) applies to less than all of the holders of the Securities then outstanding, (2) imposes any Obligation or liability on
any Buyer without such Buyer’s prior written consent (which may be granted or withheld in such Buyer’s sole discretion),
or (3) adversely affects any Buyer in a manner differently than other Buyers. No waiver shall be effective unless it is in writing
and signed by an authorized representative of the waiving party, provided that the Required Buyers may waive any provision of
this Agreement, and any waiver of any provision of this Agreement made in conformity with the provisions of this Section 13.5
shall be binding on all Buyers and holders of Securities, as applicable, provided that no such waiver shall be effective to the
extent that it (1) applies to less than all of the holders of the Securities then outstanding (unless a party gives a waiver as
to itself only), (2) imposes any Obligation on any Buyer without such Buyer’s prior written consent (which may be granted
or withheld in such Buyer’s sole discretion)., or (3) adversely affects any Buyer in a manner differently than other Buyers.
No consideration shall be offered or paid to any Person to amend or consent to a waiver or modification of any provision of any
of the Transaction Documents unless the same consideration also is offered to all of the parties to the Transaction Documents
who are holders of Securities. The Company has not, directly or indirectly, made any agreements with any Buyers relating to the
terms or conditions of the transactions contemplated by the Transaction Documents except as set forth in the Transaction Documents.
Without limiting the foregoing, the Company confirms that, except as set forth in this Agreement, no Buyer has made any commitment
or promise or has any other Obligation to provide any financing to the Company or otherwise. As a material inducement for each
Buyer to enter into this Agreement, the Company expressly acknowledges and agrees that no due diligence or other investigation
or inquiry conducted by a Buyer or any Buyer Representative shall affect such Buyer’s right to rely on, or shall modify
or qualify in any manner or be an exception to any of, the Company’s representations and warranties contained in this Agreement
or any other Transaction Document. “Required Buyers” means, as of any date of determination, Buyers holding
a majority of the Shares sold pursuant to this Agreement and those of similar tenor as part of the offering of which this Agreement
is part.

 

13.6
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.

 

13.7
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. A digital reproduction, portable document format (“.pdf”)
or other reproduction of this Agreement may be executed by one or more parties hereto and delivered by such party by electronic
signature (including signature via DocuSign or similar services), electronic mail or any similar electronic transmission
device pursuant to which the signature of or on behalf of such party can be seen. Such execution and delivery shall be considered
valid, binding and effective for all purposes.

 

    	25

    	 

    

 

13.8
Headings. The article and section headings contained in this Agreement are inserted for convenience only and shall not
affect in any way the meaning or interpretation of the Agreement.

 

13.9
Governing Law. All questions concerning the construction, validity, enforcement and interpretation of the Transaction Documents
shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard
to the principles of conflicts of law thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement
and defense of the transactions contemplated by this Agreement and any other Transaction Documents (whether brought against a
party hereto or its respective affiliates, directors, officers, shareholders, employees or agents) shall be commenced exclusively
in the state and federal courts sitting in the State of New York. Each party hereby irrevocably submits to the exclusive jurisdiction
of the state and federal courts sitting in the State of New York, for the adjudication of any dispute hereunder or in connection
herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert
in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such
suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper.
Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. Each party
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 with or arising out of this Agreement or any transaction contemplated hereby. If either party shall commence
an action or proceeding to enforce any provisions of the Transaction Documents, then the prevailing party in such action or proceeding
shall be reimbursed by the other party for its reasonable attorneys’ fees and other costs and expenses incurred with the
investigation, preparation and prosecution of such action or proceeding.

 

13.10
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.

 

13.11
Survival. The representations and warranties contained herein shall survive the expiration or termination of this Agreement.
Each Buyer shall be responsible only for its own representations, warranties and covenants hereunder.

 

13.12
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.

 

13.13
Severability. If any one of the provisions contained in this Agreement, for any reason, shall be held invalid, illegal
or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision of this
Agreement, and this Agreement shall remain in full force and effect and be construed as if the invalid, illegal or unenforceable
provision had never been contained herein.

 

13.14
No Third Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective permitted
successors and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other Person.

 

13.15
WAIVER OF JURY TRIAL. THE BUYERS AND THE COMPANY, AFTER CONSULTING OR HAVING HAD THE OPPORTUNITY TO CONSULT WITH COUNSEL,
EACH KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES, IRREVOCABLY, THE RIGHT TO TRIAL BY JURY WITH RESPECT TO ANY LEGAL PROCEEDING
BASED HEREON, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER TRANSACTION DOCUMENT OR ANY OTHER AGREEMENT
EXECUTED OR CONTEMPLATED TO BE EXECUTED IN CONJUNCTION WITH THIS AGREEMENT, OR ANY COURSE OF CONDUCT OR COURSE OF DEALING IN WHICH
THE BUYERS AND THE COMPANY ARE ADVERSE PARTIES. THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE BUYERS TO PURCHASE THE SHARES.

 

[SIGNATURES
ON THE FOLLOWING PAGES]

 

    	26

    	 

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the date and year set forth above.

 

	 	“COMPANY”
	 	 	 
	 	THEMAVEN,
    INC.,
	 	a
    Delaware corporation
	 	 	 
	 	By:	/s/
    James Heckman
	 	 	James
    Heckman,
	 	 	Chief
    Executive Officer

 

Signature
Page to Securities Purchase Agreement

 

    	 

     

    

 

BUYER
SIGNATURE PAGE FOR SECURITIES PURCHASE AGREEMENT

 

WITH
THEMAVEN, INC.

 

By
its execution below, the undersigned Buyer hereby acknowledges and agrees to the terms set forth in the Securities Purchase Agreement
to which this signature page is attached.

 

	FOR
    ENTITY INVESTORS:	 	FOR
    INDIVIDUAL INVESTORS:
	 	 	 	 	      
	MARK
    AND TAMMY STROME FAMILY TRUST	 	 	 
	 	 	 	 
	 	 	 	Signature:	 
	By:	/s/
    Mark Strome	 	Name:	 
	Name:	Mark
    Strome	 	 	 
	Title:	Trustee	 	Signature:	 
			 	Name:	 

 

	WORK
    ADDRESS:	 	HOME
    ADDRESS:
	100
    Wiltshire Blvd	 	 
	Suite
    1750	 	 	 
	Attention:
    Mark Strome	 	 
	Phone:310-917-6600	 	 	       
	Fax:
    307-752-1402	 	Phone:	 
	E-mail:
    mstrome@strome.com	 	 	 
	Taxpayer
    ID#: ___________________________________	 	SSN:	 

 

Number
of Shares to be Purchased: 500,000

 

Amount
of Subscription (number of shares X $2.50): $1,250,000

 

    	 

     

    

 

EXHIBIT
A

 

REGISTRATION
RIGHTS AGREEMENT

 

    	 

     

    

 

EXHIBIT
B

 

ADDITIONAL
RISK FACTORS

 

The
shares of the Company’s common stock that have not been registered under the Securities Act of 1933, as amended (the “Securities
Act”), including the Shares issued pursuant to this Agreement, are subject to resale restrictions imposed by Rule 144
under the Securities Act (“Rule 144”), including those set forth in Rule 144(i) which apply to a former “shell
company.” Pursuant to Rule 144, a “shell company” is defined as a company that has no or nominal operations
and either no or nominal assets, assets consisting solely of cash and cash equivalents or assets consisting of any amount of cash
and cash equivalents and nominal other assets. As such, the Company was, until November 7, 2016, a “shell company”
pursuant to Rule 144 (as further described in the SEC Filings), and as such, sales of the Company’s securities pursuant
to Rule 144 are not able to be made until a period of at least twelve months has elapsed from the date on which the information
that is required by Form 10 to register the Company’s securities under the Securities Exchange Act of 1934, as amended,
(the “Exchange Act”) is filed with the Securities and Exchange Commission (the “Commission”).
The Company filed such information with the Commission on November 7, 2016. Therefore, any restricted securities the Company has
sold or may sell in the future (including Shares sold pursuant to this Agreement) or issues to consultants or employees, in consideration
for services rendered or for any other purpose, will have no liquidity until and unless such securities are registered with the
Commission and/or until six months after the date of issuance and we have otherwise complied with the other requirements of Rule
144. As a result, it may be harder for the Company to fund its operations and pay its employees and consultants with the Company’s
securities instead of cash. Furthermore, it will be harder for the Company to raise funding through the sale of debt or equity
securities unless it agrees to register such securities with the Commission, which could cause the Company to expend additional
resources in the future. The Company’s prior status as a “shell company” could prevent it in the future from
raising additional funds, engaging employees and consultants, and using its securities to pay for any acquisitions, which could
cause the value of its securities, if any, to decline in value or become worthless.

 

Under
Rule 144, restricted or unrestricted securities that were initially issued by a reporting or non-reporting shell company, or a
company that was at any time previously a reporting or non-reporting shell company, can only be resold in reliance on Rule 144
if the following conditions are met:

 

	 	●	the
    issuer of the securities that was formerly a reporting or non-reporting shell company has ceased to be a shell company; 
	 	●	the
    issuer of the securities is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act; 
	 	●	the
    issuer of the securities has filed all reports and material required to be filed under Section 13 or 15(d) of the Exchange
    Act, as applicable, during the preceding twelve months (or shorter period that the Issuer was required to file such reports
    and materials), other than Form 8-K reports; and 
	 	●	at
    least one year has elapsed from the time the issuer filed the current Form 10 type information with the SEC reflecting its
    status as an entity that is not a shell company. 

 

At
the present time, the Company is not classified as a “shell company” under Rule 405 of the Securities Act or Rule
12b-2 of the Exchange Act. However, in the event the Company was to be so designated in the future, Buyers of Shares would be
unable to sell such Shares under Rule 144.

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