Document:

Exhibit 10.3

 

DEBT EXCHANGE AGREEMENT

 

This Debt Exchange
Agreement (this “Agreement”) is dated as of June 3rd, 2019 by and between Jerrick Media Holdings, Inc., a Nevada
corporation (the “Company”), and that certain investor listed on the signature page attached hereto (the “Investor”).

 

WHEREAS, the Investor
is currently owed a loan by the Company as of the date hereof with an outstanding unpaid principal amount of $1,000,000 and $95,833
of outstanding unpaid interest (the “Prior Debt Amount”) with a maturity date of May 26, 2017 (the Maturity Date”),
issued pursuant to the terms of that certain Loan Agreement, dated as of May 26, 2016, between the Company and the Investor (the
“Original Loan Agreement”);

 

WHEREAS, subject to
the terms and conditions set forth in this Agreement the Company and the Investor desire to exchange (the “Exchange”)
the Prior Debt Amount for Investor’s acceptance of a joint and several interest in the “Term Loan” as defined
in that certain a Loan Agreement dated as of the date hereof (the “New Loan Agreement”), between the Company,
the Investor and Eric Goldberg (the “Additional Investor”).

 

NOW, THEREFORE, IN
CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration, the receipt and
adequacy of which are hereby acknowledged, the Company and the Investor hereby agree as follows:

 

ARTICLE I.

DEFINITIONS

 

1.1 Definitions.
In addition to the terms defined elsewhere in this Agreement, the following terms have the meanings set forth in this Section 1.1:

 

“Board of
Directors” means the board of directors of the Company;

 

“Business
Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or
any day on which banking institutions in the State of New York are authorized or required by law or other governmental action to
close;

 

“Closing”
means the consummation of the Exchange pursuant to Section 2.1 hereof;

 

“Closing Date”
means the Business Day on which this Agreement has been executed and delivered by the applicable parties hereto, and all conditions
precedent to the Investor’s obligation to proceed with the Closing, have been satisfied or waived;

 

“Exchange”
shall have the meaning assigned to that term in the Recitals to this Agreement;

 

“Liens”
means a lien, charge, security interest, encumbrance, right of first refusal, preemptive right or other restriction;

 

“Person”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind;

 

“Proceeding”
means an action, claim, suit, investigation or proceeding (including, without limitation, an informal investigation or partial
proceeding, such as a deposition), whether commenced or threatened.

 

ARTICLE II.

EXCHANGE

 

2.1 Closing.
On the Closing Date, upon the terms and subject to the conditions set forth herein, concurrent with the execution and delivery
of this Agreement by the parties hereto, the Company shall exchange the Original Loan Agreement for New Loan Agreement, in accordance
with Section 2.3(a) hereof. Upon satisfaction of the covenants and conditions set forth in Sections 2.2, 2.3 and 2.4 hereof, the
Closing shall occur.

 

     

     

    

 

2.2  Deliveries.

 

(a) On or prior
to the Closing Date, the Company shall deliver or cause to be delivered to the Investor the following:

 

(i) this
Agreement duly executed by the Company; and

 

(ii) the
New Loan Agreement duly executed by the Company.

 

(b) On or prior
to the Closing Date, the Investor shall deliver or cause to be delivered to the Company this Agreement and the New Loan Agreement
duly executed by the Investor and the Additional Investor.

 

 2.3 
Closing Conditions.

 

(a) The obligations
of the Company hereunder in connection with the Closing are subject to the following conditions being met:

 

(i) the accuracy
in all material respects when made and on the Closing Date of the representations and warranties of Investor contained herein (unless
expressly stated herein as of a specific date);

 

(ii) all obligations,
covenants and agreements of Investor required to be performed at or prior to the Closing Date shall have been performed; and

 

(iii) the delivery
by Investor and the Additional Investor of the items set forth in Section 2.3(b) of this Agreement.

 

(b) The obligations
of the Investor hereunder in connection with the Closing are subject to the following conditions being met:

 

(i) the accuracy
in all material respects when made and on the Closing Date of the representations and warranties of the Company contained herein
(unless expressly stated herein as of a specific date);

 

(ii) all obligations,
covenants and agreements of the Company required to be performed at or prior to the Closing Date shall have been performed; and

 

(iii) the delivery
by the Company of the items set forth in Section 2.3(a) of this Agreement.

 

2.4 Cancellation
of Original Loan Agreement. Immediately upon the occurrence of the Closing the Company will effect the cancellation of the
Promissory on its corporate books and records and the Investor will provide the original wet-ink signature of the Original Loan
Agreement to the Company for cancellation.

 

ARTICLE III.

REPRESENTATIONS AND WARRANTIES

 

3.1  Representations
and Warranties of the Company. The Company hereby makes the following representations and warranties to the Investor:

 

(a) Authorization;
Enforcement. The Company has the requisite corporate power and authority to enter into and to consummate the transactions contemplated
by this Agreement and to otherwise carry out its obligations hereunder. The execution and delivery of this Agreement by the Company
and the consummation by it of the transactions contemplated hereby have been duly authorized by all necessary action on the part
of the Company and no further action is required by the Company and the Board of Directors in connection herewith. This Agreement
has been duly executed by the Company and, when delivered in accordance with the terms hereof and upon receipt of Investor’s
signature page to this Agreement, will constitute the valid and binding obligation of the Company, enforceable against the Company
in accordance with its terms, except: (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization,
moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by
laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification
and contribution provisions may be limited by applicable law.

 

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(b) Issuance of the New Loan Agreement. The New Loan Agreement shall be duly authorized and issued in accordance with
this Agreement, shall be duly and validly issued, and free and clear of all Liens imposed by the Company other than restrictions
on transfer provided for in this Agreement.

 

(c) General Solicitation.
The Company has not undertaken any advertisement, article, notice or other communication with regards to the Exchange or otherwise
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, regarding the Exchange.

 

3.2 Representations,
Warranties and Covenants of Investor. Investor hereby represents and warrants as of the date hereof and as of the Closing Date
to the Company as follows:

 

(a) Organization and Standing of Investor. If Investor is an entity, Investor is duly formed, validly existing and in
good standing under the laws of the jurisdiction of its formation. If the Investor is a natural person, Investor has the legal
capacity and power to enter into this Agreement.

 

(b) 
Authorization and Power. Such Investor has the requisite power and authority to enter into and perform this Agreement. The
execution, delivery and performance of this Agreement by such Investor, and the consummation by such Investor of the transactions
contemplated hereby and thereby, have been duly authorized by all necessary action, and no further consent or authorization of
Investor or its board of directors, manager(s), trustee, stockholders, partners, members or beneficiaries, as applicable, is required.
This Agreement has been duly authorized, executed and delivered by such Investor and constitutes, or shall constitute, when executed
and delivered, a valid and binding obligation of such Investor, enforceable against Investor in accordance with the terms thereof.

 

(c) 
No Conflicts. The execution, delivery and performance of this Agreement by Investor and the consummation by the Investor
of the transactions contemplated herein do not and will not (i) conflict with or violate any provision of the Investor’s
charter or other organizational documents or (ii) conflict with or result in a violation of any law, rule, regulation, order, judgment,
injunction decree or other restriction of any court or governmental authority to which the Investor is subject (including federal
and state securities laws and regulations), or by which any property or asset of the Investor is bound or affected.

 

(d) 
No Liens. The New Loan Agreement is free and clear of all Liens and is not subject to any other encumbrances.

 

(e) 
Filings, Consents and Approvals. The Investor is not required to obtain any approval, consent, waiver, authorization or
order of, give any notice to, or make any filing, qualification or registration with, any court or other federal, state, local,
foreign or other governmental authority or other Person in connection with the execution, delivery and performance by the Investor
of this Agreement or the cancellation of the Original Loan Agreement.

 

(f) 
General Solicitation. The Investor is not exchanging the Original Loan Agreement for the New Loan Agreement as a result
of any advertisement, article, notice or other communication regarding the New Loan Agreement 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.

 

ARTICLE IV.

MISCELLANEOUS

 

4.1 Fees
and Expenses. Each party hereto shall pay the fees and expenses of its advisers, counsel, accountants and other experts, if
any, and all other expenses incurred by such party incident to the negotiation, preparation, execution, delivery and performance
of this Agreement.

 

4.2 Entire
Agreement. This Agreement contains the entire understanding of the parties hereto with respect to the subject matter hereof
and supersedes all prior agreements and understandings, oral or written, with respect to such matters, which the parties hereto
acknowledge have been merged into such documents, exhibits and schedules.

 

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4.3 
Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall
be in writing and shall be deemed given and effective on the earliest of: (a) the date of transmission, if such notice or communication
is delivered via facsimile at the facsimile number set forth on the signature pages attached hereto prior to 5:30 p.m. (New York
City time) on a Business Day, and confirmation of transmission shall have been received, (b) the next Business Day after the date
of transmission, if such notice or communication is delivered via facsimile at the facsimile number set forth on the signature
pages attached hereto on a day that is not a Business Day or later than 5:30 p.m. (New York City time) on any Business Day, and
confirmation of transmission shall have been received, (c) the second (2nd) Business Day following the date of mailing, if sent
by U.S. nationally recognized overnight courier service or (d) upon actual receipt by the party to whom such notice is required
to be given if delivered by hand or by registered or certified mail, return receipt requested. The address for such notices and
communications shall be as set forth on the signature pages attached hereto.

 

4.4 
Amendments; Waivers. No provision of this Agreement may be waived, modified, supplemented or amended except in a written
instrument signed by the Company and the Investor. No waiver of any default with respect to any provision, condition or requirement
of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of
any other provision, condition or requirement hereof, nor shall any delay or omission of any party hereto to exercise any right
hereunder in any manner impair the exercise of any such right. 

 

4.5 
  Headings. The headings herein are for convenience only, do not constitute a part of this Agreement and
shall not be deemed to limit or affect any of the provisions hereof.

 

4.6 Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their successors and permitted
assigns. The Company may not assign this Agreement or any rights or obligations hereunder without the prior written consent of
the Investor (other than by merger). The Investor may assign any or all of its rights under this Agreement to any Person to whom
the Investor assigns or transfers the New Loan Agreement, provided that such transferee agrees in writing to be bound, with
respect to the New Loan Agreement, by the provisions of this Agreement that apply to the Investor.

 

4.7 
Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall
be governed by and construed and enforced in accordance with the internal laws of the State of New Jersey, without regard to the
principles of conflicts of law thereof. Each party hereto agrees that all legal proceedings concerning the interpretations, enforcement
and defense of the transactions contemplated by this Agreement (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 Jersey. Each party hereto hereby irrevocably submits to the exclusive jurisdiction of the state and federal
courts sitting in the State of New Jersey for the adjudication of any dispute hereunder or in connection herewith or with any transaction
contemplated hereby or discussed herein (including with respect to the enforcement of this Agreement), 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 improper or is an inconvenient venue for such proceeding. Each party hereto
hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding
by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the
address in effect for notices to it under this Agreement, and agrees that such service shall constitute good and sufficient service
of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other
manner permitted by law. If either party hereto shall commence an action or proceeding to enforce any provisions of this Agreement,
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.

 

4.8 Survival.
The representations and warranties contained herein shall survive the Closing and the cancellation of the Original Loan Agreement.

 

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4.9 Execution.
This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same
agreement and shall become effective when counterparts have been signed by each party hereto and delivered to the other party,
it being understood that both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile
transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation
of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf”
signature page were an original thereof.

 

4.10 
Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction
to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein
shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use
their commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result
as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention
of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any
of such that may be hereafter declared invalid, illegal, void or unenforceable.

 

4.11 
Replacement of New Loan Agreement. If, subsequent to the date hereof, any certificate or instrument evidencing any of the
New Loan Agreement is mutilated, lost, stolen or destroyed, the Company shall issue or cause to be issued in exchange and substitution
for and upon cancellation thereof (in the case of mutilation), or in lieu of and substitution therefor, a new certificate or instrument,
but only upon receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction. The applicant for
a new certificate or instrument under such circumstances shall also pay any reasonable third-party costs (including customary indemnity)
associated with the issuance of such replacement certificates.

 

4.12 
  Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration
of any right required or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised
on the next succeeding Business Day.

 

4.13 Construction.
The parties hereto agree that each of them and/or their respective counsel has reviewed and had an opportunity to revise this Agreement
and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party
shall not be employed in the interpretation of this Agreement or any amendments hereto.

 

[Signature Pages Follow]

 

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IN WITNESS WHEREOF,
the parties hereto have caused this Debt Exchange Agreement to be duly executed by their respective authorized signatories as of
the date first indicated above.

 

	JERRICK MEDIA HOLDINGS, INC.	 	
        Address for Notice:

        2050 Center Avenue

        Suite 640

	 	 	Fort Lee, NJ 07024
	By:	 	 	 
	 	Name:	Jeremy Frommer	 	 
	 	Title:	Chief Executive Officer	 	 
	 	 	 
	With a copy to (which shall not constitute notice):	 	 
	 	 	 
	
        Lucosky Brookman LLP

        101 Wood Avenue South, 5th Floor

        Iselin, NJ 08830

        Attn: Joseph M. Lucosky, Esq.

        Fax: (732) 395-4401
	 	 

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

SIGNATURE PAGE FOR THE INVESTOR FOLLOW]

 

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[INVESTOR SIGNATURE PAGE TO DEBT EXCHANGE
AGREEMENT]

 

IN WITNESS WHEREOF,
the undersigned has caused this Debt Exchange Agreement to be duly executed by their respective authorized signatories as of the
date first indicated above.

Name of Investor:

 

	Signature of Investor: 	 	 
	 	Arthur Rosen	 

 

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EXHIBIT A

 

New Loan Agreement

 

 

8Exhibit 10.4

 

LOAN AGREEMENT 

 

This Loan Agreement
(this “Agreement”) is made and entered into as of this 3rd day of June, 2019, by and between Arthur Rosen,
an individual (“Rosen”) and Eric Goldberg, an individual (“Goldberg”, and together
with Rosen, the “Lenders”), and JERRICK MEDIA HOLDINGS, INC., a Nevada corporation with a principal place
of business at 2050 Center Avenue, Suite 640, Fort Lee, NJ 07024 (the “Borrower”). 

 

ARTICLE 1

 

CERTAIN DEFINITIONS

 

Section 1.1 Certain
Definitions. As used herein:

  

“Affiliate”
means, as to any Person, (a) any corporation in which such Person or any partner, shareholder, director, officer, member, or manager
of such Person, at any level, directly or indirectly owns or controls more than ten percent (10%) of the beneficial interest, (b)
any partnership, joint venture or limited liability company in which such Person or any partner, shareholder, director, officer,
member, or manager of such Person, at any level, is a partner, joint venturer or member, (c) any trust in which such Person or
any partner, shareholder, director, officer, member or manager of such Person, at any level, or any individual related by birth,
adoption or marriage to such Person, is a trustee or beneficiary, (d) any entity of any type which is directly or indirectly owned
or controlled by (or is under common control with) such Person or any partner, shareholder, director, officer, member or manager
of such Person, at any level, (e) any partner, shareholder, director, officer, member, manager or employee of such Person, or (f)
any individual related by birth, adoption or marriage to any partner, shareholder, director, officer, member, manager, or employee
of such Person.

 

“Agreement”
means this Loan Agreement.

 

“Business
Day” means a day on which national banks located in the State of New Jersey are open for general banking business.

 

“First Closing” means
the execution and exchange of this Agreement, the Debt Exchange Agreement, the Security agreements with completed exhibits thereto
and the first payment of SIX HUNDRED THOUSAND DOLLARS and No/CENTS ($600,000) by Goldberg to the Borrower.

 

“First
Closing Date” means the date on which Goldberg shall advance the first payment of SIX HUNDRED THOUSAND DOLLARS and
No/CENTS ($600,000) and the Exchange shall have occurred.

 

“Second Closing” means
the second payment of SIX HUNDRED THOUSAND DOLLARS and No/CENTS ($600,000) by Goldberg to the Borrower, which shall occur on July
1, 2019.

 

“Collateral”
shall have the meaning set forth in the Security Agreement.

 

“Current
Advance” means One Million Two Hundred Thousand No/100 Dollars ($1,200,000.00)

 

“Debt Exchange
Agreement” means that certain Debt Exchange Agreement, dated as of the date hereof between Rosen and the Borrower,
a true and correct copy of which is attached hereto as Exhibit C.

 

“Default
Rate” means the lesser of (a) the maximum per annum rate of interest allowed by applicable law, and (b) eighteen
percent (18.0%) per annum.

 

“Event
of Default” has the meaning assigned in Article 7.

 

“Exchange”
has the meaning assigned in the Debt Exchange Agreement.

 

     

     

    

 

“GAAP”
means generally accepted accounting principles consistently applied and maintained throughout the period indicated and consistent
with the prior financial practices of the Person referred to.

 

“Lien”
means any interest, or claim thereof, in the Collateral securing an obligation owed to, or a claim by, any Person other than the
owner of the Collateral, whether such interest is based on common law, statute or contract, including the lien or security interest
arising from a deed of trust, mortgage, assignment, encumbrance, pledge, security agreement, conditional sale or trust receipt
or a lease, consignment or bailment for security purposes.

 

“Loan”
means the loan to be made by the Lenders to Borrower under this Agreement and all other amounts secured by the Loan Documents,
as amended, supplemented or modified from time to time.

 

“Loan
Documents” means: (a) this Agreement, (b) Security Agreement (c) UCC financing statements, (d) all other documents
evidencing, securing, governing or otherwise pertaining to the Loan, and (e) all amendments, modifications, renewals, substitutions
and replacements of any of the foregoing.

 

“Maturity
Date” means the earlier of:

 

 with respect to
the Loan, (i) the six (6) month anniversary of the First Closing Date; or (ii) any earlier date on which the entire Loan is required
to be paid in full, by acceleration or otherwise, under this Agreement or any of the other Loan Documents.

 

“Patriot Act”: the
Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Pub.
L. No. 107-56, 115 Stat. 272 (2001).

 

“Person”
means any individual, corporation, partnership, joint venture, association, joint stock company, trust, trustee, estate, limited
liability company, unincorporated organization, real estate investment trust, government or any agency or political subdivision
thereof, or any other form of entity.

 

“Security
Agreement” means the Security Agreement of event date, executed by Borrower in favor of the Lenders. The Security
Agreement shall be substantially in the form of Exhibit A attached hereto.

 

“Slide
Appraisal” The Slide Appraisal shall be substantially in the form of Exhibit B attached hereto.

 

“Term Loan”
See “Loan”.

 

“Transfer”
has the meaning assigned in Section 6.5.

 

“UCC” means
the Uniform Commercial Code as enacted and in effect in the state of New Jersey.

 

ARTICLE 2 

 

LOAN TERMS

 

Section 2.1 The Loan

 

The Lenders have
resolved to issue certain financial accommodations to the Borrower in an amount of up to TWO MILLION FOUR HUNDRED THOUSAND AND
NO/100 DOLLARS ($2,400,000.00), which shall be undertaken, funded and/or repaid in accordance with this Agreement, as follows:
the Borrower shall be indebted in the amount of Two Million Four Hundred Thousand and No/100 Dollars ($2,400,000.00) (the “Term
Loan”), of which (i) SIX HUNDRED THOUSAND AND NO/100 DOLLARS ($600,000) shall be funded at First Closing by Goldberg;
(ii) SIX HUNDRED THOUSAND AND NO/100 DOLLARS ($600,000) shall be funded at Second Closing on July 1, 2019 by Goldberg; and (iii)
ONE MILLION TWO HUNDRED THOUSAND AND NO/100 DOLLARS ($1,200,000) shall be exchanged from an existing Promissory note dated May
26, 2016 in favor of Rosen for a joint and several interest in the Term Loan pursuant to the Debt Exchange Agreement. The Loan
is not a revolving credit loan, and Borrower is not entitled to any re-advances of any portion of the Loan which it may
(or is otherwise required to) pay or prepay pursuant to the provisions of this Agreement. The Closings shall occur on the Closing
Dates and shall be conducted remotely via exchange of documents.

 

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The net proceeds
of the Current Advance shall be employed by the Borrower as provided in Section 6.2 of this Agreement.

 

Section 2.2 Payment
of Principal and Interest

 

(a) The outstanding
principal balance of the Term Loan shall bear interest at a fixed rate of interest of 12.50% per annum. Interest on the unpaid
principal balance of this Loan shall begin to accrue on the respective Closing Dates. Interest shall be computed on the basis of
a 365-day year and for the actual number of days elapsed. The interest shall be paid upon maturity along with any outstanding principal.
If any portion of the principal balance is repaid before the maturity date, any accrued and unpaid interest shall be paid through
the date of repayment.

 

(b) If the principal
amount of the Loan is not repaid within six (6) months from date of this Agreement, the interest rate shall increase to fourteen
and one-half percent (14.5%) per annum.

 

(c) While any Event
of Default exists, the Loan shall, at the option of the Lenders, bear interest at the Default Rate.

 

Section 2.3 Terms
of Payment 

 

(1)   
Application of Payments. All payments received by the Lenders under the Loan Documents shall be applied to the following,
in such order as the Lenders may elect in their sole discretion: (a) to any fees and expenses due to the Lenders under the Loan
Documents; (b) to any Default Rate interest or late charges; (c) to accrued and unpaid interest; (d) to amounts owed under any
reserves or escrows required by the Lenders; and (e) to the principal sum and other amounts due under the Loan Documents. Prepayments
of principal, if permitted or accepted, shall be applied against amounts owing in inverse order of maturity.

 

Section 2.4 Prepayment

 

The Borrower may prepay
the Term Loan, in whole or in part, at any time, provided that (i) Borrower provides the Lenders with a 30-day written notice of
its intent to prepay the Term Loan (such notice shall be irrevocable) and (ii) any such prepayment shall be accompanied by the
payment of any remaining amount of interest, notwithstanding the foregoing, there shall be a minimum interest payment of ONE HUNDRED
THOUSAND DOLLARS and No/CENTS ($100,000) to be paid on a pro rata basis to the Lenders.

 

Section 2.5 Security

 

The Loan shall be
secured by the “Collateral” as defined in the Security Agreement.

 

ARTICLE 3

 

INSURANCE, CONDEMNATION, AND IMPOUNDS

 

Section 3.1 Insurance.
Borrower shall maintain insurance with responsible insurance companies on such of its properties, in such amounts and against such
risks as is customarily maintained by similar businesses operating in the same vicinity, including but not limited to:

 

(1) Liability.
Borrower shall maintain and pay for (a) commercial general liability insurance with respect to its principal place of
business and any other property it owns providing for limits of liability as are customarily maintained by similar
businesses operating in the same vicinity for both injury to or death of a person and for property damage per occurrence,
(b) boiler and machinery insurance, and (c) other liability insurance as reasonably required by the Lenders.

 

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(2) Casualty.
Borrower shall maintain and pay for insurance upon all Collateral covering such risks and in such amounts and with such
insurance companies as shall be reasonably satisfactory to the Lenders, and deliver such certificates of insurance to the
Lenders.

 

Section 3.2 Use and Application of
Insurance Proceeds

 

The Lenders may apply any insurance proceeds
they may each receive to amounts owing under the Loan Documents in such order and manner as the Lenders in each of their sole discretion
determines.

 

ARTICLE 4

 

REPRESENTATIONS AND WARRANTIES

 

Borrower represents and warrants to the
Lenders that:

 

Section 4.1 Organization and Power

 

Borrower is duly
organized, validly existing and in good standing under the laws of the State of Nevada, and is in compliance with all legal requirements
applicable to doing business in the States of Nevada and New Jersey in all other states in which it does business. Borrower is
not a “foreign person” within the meaning of Section 1445(f)(3) of the Internal Revenue Code.

 

Section 4.2 Validity
of Loan Documents

 

The execution, delivery
and performance by Borrower of the Loan Documents:

 

(1) are duly authorized
and do not require the consent or approval of any other party or governmental authority which has not been obtained; and (2) will
not violate any law or result in the imposition of any lien, charge or encumbrance upon the assets of any such party, except as
contemplated by the Loan Documents. The Loan Documents constitute the legal, valid and binding obligations of Borrower, enforceable
in accordance with their respective terms, subject to applicable bankruptcy, insolvency, or similar laws generally affecting the
enforcement of creditors’ rights.

 

(2) Borrower is not, and has not been,
bound (whether as a result of a merger or otherwise) as a debtor under a pledge or security agreement entered into by another
Person, which has not heretofore been terminated.

 

ARTICLE 5

 

OTHER COVENANTS

 

Borrower covenants
and agrees with the Lenders as follows:

 

Section 5.1 Payment
and Performance of Obligations.

 

Borrower shall pay
and perform all obligations to be paid or performed by it under the Loan Documents and all other agreements between the Borrower
and the Lenders. In addition, Borrower shall pay, discharge or otherwise satisfy at or before maturity (or prior to delinquency,
as the case may be) all its indebtedness and other obligations of whatever nature except when the amount or validity thereof is
currently being contested in good faith by appropriate proceedings and reserves in conformity with generally accepted accounting
principles consistently applied are shown on Borrower’s balance sheet.

 

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Section 5.2 Legal
Existence; Name, Etc.

 

Borrower and each
general partner or managing member in Borrower shall preserve and keep in full force and effect its existence, entity status, franchises,
rights and privileges under the laws of the state of its formation. Neither Borrower nor any general partner or managing member
of Borrower shall not wind up, liquidate, dissolve, reorganize, merge, or consolidate with or into any Person, or permit any subsidiary
or Affiliate of Borrower to do so. Without limiting the foregoing, Borrower shall not reincorporate or reorganize itself under
the laws of any jurisdiction other than the jurisdiction in which it is incorporated or organized as of the First Closing Date.
Borrower and each general partner or managing member in Borrower shall conduct business only in its own name and shall not change
its name, identity, organizational structure, state of formation or the location of its chief executive office or principal place
of business unless Borrower (1) shall have obtained the prior written consent of the Lenders to such change, and (2) shall have
taken all actions necessary or requested by the Lenders to file or amend any financing statement or continuation statement to assure
perfection and continuation of perfection of security interests under the Loan Documents. Borrower (and each general partner or
managing member in Borrower, if any) shall maintain its separateness as an entity, including maintaining separate books, records,
and accounts and observing corporate and partnership formalities independent of any other entity, shall pay its obligations with
its own funds and shall not commingle funds or assets with those of any other entity.

 

Section 5.3 Control;
Management

 

Without the prior
written consent of the Lenders, there shall be no change in the Borrower’s Chief Executive Officer, and no change in their
respective organizational documents relating to control over Borrower, Borrower’s general partner or managing member.

 

Section 5.4 Financial
Covenants

 

Sale of Assets.
The Borrower shall not engage in the sale of assets outside the ordinary course of business. In addition, the Borrower owns photographic
slides of Bob Guccione from the previously deemed “Guccione Collection” and other various photographers (“Slide
Collection”) that is valued by the Slide Appraisal attached as Exhibit B. If any portion of the Slide Collection
is sold, the Borrower shall place all proceeds from the sale of the Slide Collection into an escrow account and such proceeds shall
be applied against the outstanding principal amount of the Term Loan within five (5) days from the date of such sale so as any
amounts remain outstanding hereunder.

  

ARTICLE 6

 

EVENTS OF DEFAULT

 

Each of the following
shall constitute an Event of Default under the Loan:

 

Section 6.1 Payments

 

Borrower’s
failure to pay any regularly scheduled installment of principal, interest or other amount due under the Loan Documents, or Borrower’s
failure to pay the Loan at the Maturity Date, whether by acceleration or otherwise, and such failure is not cured by Borrower for
a period of thirty (30) days.

 

Section 6.2 Insurance

 

Borrower’s
failure to maintain insurance as required under this Agreement, or a loss, theft, damage or destruction occurs with respect to
any Collateral if the amount not covered by insurance exceeds $100,000.00, and such failure is not cured by Borrower for a period
of thirty (30) days.

  

Section 6.3 Representations
and Warranties

 

Any representation or warranty made in
any Loan Document proves to be untrue in any material respect when made.

 

    5

     

    

 

Section 6.4 Involuntary
Bankruptcy or Other Proceeding

 

Commencement of an
involuntary case or other proceeding against Borrower (each, a “Bankruptcy Party”) which seeks liquidation,
reorganization or other relief with respect to it or its Debts or other liabilities under any bankruptcy, insolvency or other similar
law now or hereafter in effect or seeks the appointment of a trustee, receiver, liquidator, custodian or other similar official
of it or any of its property, and such involuntary case or other proceeding shall remain undismissed or unstayed for a period of
sixty (60) days; or an order for relief against a Bankruptcy Party shall be entered in any such case under the Federal Bankruptcy
Code.

 

Section 6.5 Voluntary
Petitions, Etc.

 

Commencement by a
Bankruptcy Party of a voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to itself
or its Debts or other liabilities under any bankruptcy, insolvency or other similar law or seeking the appointment of a trustee,
receiver, liquidator, custodian or other similar official for it or any of its property, or consent by a Bankruptcy Party to any
such relief or to the appointment of or taking possession by any such official in an involuntary case or other proceeding commenced
against it, or the making by a Bankruptcy Party of a general assignment for the benefit of creditors, or the failure by a Bankruptcy
Party, or the admission by a Bankruptcy Party in writing of its inability, to pay its debts generally as they become due, or any
action by a Bankruptcy Party to authorize or effect any of the foregoing.

 

Section 6.6 Revocation
or Contest

 

Borrower or a third
party denies or contests the validity or enforceability of any Loan Documents, or the perfection or priority of any lien granted
to the Lenders; or any Loan Document ceases to be in full force or effect for any reason (other than a waiver or release by the
Lenders).

 

ARTICLE 7

 

REMEDIES

 

Section 7.1 Remedies

 

While any Event of
Default exists, the Lenders may (1) by written notice to Borrower, declare the entire Loan to be immediately due and payable without
presentment, demand, protest, notice of protest or dishonor, notice of intent to accelerate the maturity thereof, notice of acceleration
of the maturity thereof, or other notice of default of any kind, all of which are hereby expressly waived by Borrower, (2) terminate
the obligation, if any, of the Lenders to advance amounts hereunder, and (3) exercise all rights and remedies therefor under the
Loan Documents and at law or in equity.

 

Section 7.2 Lenders’
Right to Perform the Obligations

 

If Borrower shall
fail, refuse or neglect to make any payment or perform any act required by the Loan Documents, then while any Event of Default
exists, and without notice to or demand upon Borrower and without waiving or releasing any other right, remedy or recourse the
Lenders may have because of such Event of Default, the Lenders may (but shall not be obligated to) make such payment or perform
such act for the account of and at the expense of Borrower, and shall have the right to enter upon the Borrower’s premises
for such purpose and to take all such action thereon as it may deem necessary or appropriate. If the Lenders shall elect to pay
any sum due hereunder, the Lenders may do so in reliance on any bill, statement or assessment procured from the issuer thereof
without inquiring into the accuracy or validity thereof. Similarly, in making any payments to protect the security intended to
be created by the Loan Documents, the Lenders shall not be bound to inquire into the validity of any apparent or threatened adverse
title, lien, encumbrance, claim or charge before making an advance for the purpose of preventing or removing the same. Borrower
shall indemnify, defend and hold the Lenders harmless from and against any and all losses, liabilities, claims, damages, expenses,
obligations, penalties, actions, judgments, suits, costs or disbursements of any kind or nature whatsoever, including reasonable
attorneys’ fees, incurred or accruing by reason of any acts performed by the Lenders pursuant to the provisions of this Section
7.2, including those arising from the joint, concurrent, or comparative negligence of the Lenders, except as a result of the Lenders’
gross negligence or willful misconduct. All sums paid by the Lenders pursuant to this Section 7.2 and all other sums expended by
the Lenders to which it shall be entitled to be indemnified, together with interest thereon at the Default Rate from the date of
such payment or expenditure until paid, shall constitute additions to the Loan, shall be secured by the Loan Documents and shall
be paid by Borrower to the Lenders upon demand.

 

    6

     

    

 

ARTICLE 8

 

MISCELLANEOUS

   

Section 8.1 Notices

 

All notices, requests
and demands to or upon the respective parties hereto to be effective shall be in writing and, unless
otherwise expressly provided herein, shall be deemed to
have been duly given or made when delivered by hand, or when deposited in the United States or overnight mail, air postage prepaid,
addressed as follows or to such address or other address as may be hereafter notified by the respective parties hereto and
any further assignee of the Term Loan. Notice may be given by electronic means provided that an identical notice is sent simultaneously
by regular or overnight mail.

 

	If to Borrower:	Jerrick Media Holdings, Inc.
	 	2050 Center Avenue, Suite 640, Fort Lee, NJ 07024
	 	Attention: Jeremy Frommer, President/ CEO
	 	E-Mail: jeremy@jerrickmedia.com
	 	 
	With a Copy to:	 
	 	 
	If to  the Lenders:	Arthur Rosen
	 	P.O. Box 811
	 	Sullivan’s Island, SC 29482
	 	E-mail: arthurjrosen@gmail.com
	 	 
	If to  the Lenders:	Eric Goldberg
	 	E-Mail: axele329@gmail.com

 

	With a copy to:	Patrick Sturgeon
	(which shall not constitute notice)	 
	 	E-mail: patrick.sturgeon@brooklinecapmkts.com

 

Section 8.2 Amendments
and Waivers; References

 

No amendment or waiver
of any provision of the Loan Documents shall be effective unless in writing and signed by the party against whom enforcement is
sought. This Agreement and the other Loan Documents shall not be executed, entered into, altered, amended, or modified by electronic
means. Without limiting the generality of the foregoing, the Borrower and the Lenders hereby agree that the transactions contemplated
by this Agreement shall not be conducted by electronic means, except as specifically set forth in Section 9.2 regarding notices.
Any reference to a Loan Document, whether in this Agreement or in any other Loan Document, shall be deemed to be a reference to
such Loan Document as it may hereafter from time to time be amended, modified, supplemented and restated in accordance with the
terms hereof.

 

    7

     

    

 

Section 8.3 Usury

 

It is the intention
of the parties hereto to conform strictly to applicable usury laws. Accordingly, all agreements between Borrower and the Lenders
with respect to the Loan are hereby expressly limited so that in no event, whether by reason of acceleration of maturity or otherwise,
shall the amount paid or agreed to be paid to the Lenders or charged by the Lenders for the use, forbearance or detention of the
money to be lent hereunder or otherwise, exceed the maximum amount allowed by law. If the Loan would be usurious under applicable
law, then, notwithstanding anything to the contrary in the Loan Documents: (1) the aggregate of all consideration which constitutes
interest under applicable law that is contracted for, taken, reserved, charged or received under the Loan Documents shall under
no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited on any Term
Loan hereunder by the obligee thereof (or, if any Term Loan hereunder has been paid in full, refunded to Borrower); and (2) if
maturity is accelerated by reason of an election by the Lenders, or in the event of any prepayment, then any consideration which
constitutes interest may never include more than the maximum amount allowed by applicable law. In such case, excess interest, if
any, provided for in the Loan Documents or otherwise, to the extent permitted by applicable law, shall be amortized, prorated,
allocated and spread from the date of advance until payment in full so that the actual rate of interest is uniform through the
term hereof. If such amortization, proration, allocation and spreading is not permitted under applicable law, then such excess
interest shall be canceled automatically as of the date of such acceleration or prepayment and, if theretofore paid, shall be credited
on any Term Loan hereunder (or, if any Term Loan hereunder has been paid in full, refunded to Borrower). The terms and provisions
of this Section 8.3 shall control and supersede every other provision of the Loan Documents. If at any time the laws of the United
States of America permit the Lenders to contract for, take, reserve, charge or receive a higher rate of interest than is allowed
by applicable state law (whether such federal laws directly so provide or refer to the law of any state), then such federal laws
shall to such extent govern as to the rate of interest which the Lenders may contract for, take, reserve, charge or receive under
the Loan Documents.

 

Section 8.4 Severability

 

To the extent any
provision of this Agreement is prohibited by or invalid under applicable law, such provision
shall be ineffective, without invalidating the remainder of such provision or the remaining provisions of this Agreement.

  

Section 8.5 No
Venture

 

The relationship
between Borrower and the Lenders is strictly that of debtor and creditor. Nothing in this Agreement or the performance of the parties
hereunder shall be construed to create a joint venture, partnership, or other business collaboration between the parties.

 

Section 8.6 Successors
and Assigns

 

This Agreement shall
be binding upon and inure to the benefit of the Lenders and Borrower and the respective successors and assigns of the Lenders and
Borrower, provided that Borrower shall not, without the prior written consent of the Lenders, assign any rights, duties or obligations
hereunder.

 

Section 8.7 Renewal,
Extension or Rearrangement

 

All provisions of
the Loan Documents shall apply to each and all amendments thereof hereinafter executed which in whole or in part represent a renewal,
extension, increase or rearrangement of the Loan. For portfolio management purposes, at any time during the term of the Loan, the
Lenders may elect to divide the Loan into two or more separate loans evidenced by separate promissory notes so long as the payment
and other obligations of Borrower are not effectively increased or otherwise modified. Borrower agrees to cooperate with the Lenders
and to execute such documents as the Lenders reasonably may request to effect such division of the Loan.

 

Section 8.8 Waivers

 

No course of dealing
on the part of the Lenders, their officers, employees, consultants or agents, nor any failure or delay by Lenders with respect
to exercising any right, power or privilege of the Lenders under any of the Loan Documents, shall operate as a waiver thereof.

 

Section 8.9 Rights
and Remedies

 

Rights and remedies
of the Lenders under the Loan Documents shall be cumulative, and the exercise or partial exercise of any such right or remedy shall
not preclude the exercise of any other right or remedy.

 

    8

     

    

 

Section 8.10 Singular
and Plural

 

Words used in this Agreement and the other
Loan Documents in the singular, where the context so permits, shall be deemed to include the plural and vice versa. The definitions
of words in the singular in this Agreement and the other Loan Documents shall apply to such words when used in the plural where
the context so permits and vice versa.

 

Section 8.11 Exhibits
and Schedules

 

The exhibits and schedules attached to
this Agreement are incorporated herein and shall be considered a part of this Agreement for the purposes stated herein.

 

Section 8.12 Titles
of Articles, Sections and Subsections

 

All titles or headings
to articles, sections, subsections or other divisions of this Agreement and the other Loan Documents or the exhibits hereto and
thereto are only for the convenience of the parties and shall not be construed to have any effect or meaning with respect to the
other content of such articles, sections, subsections or other divisions, such other content being controlling as to the agreement
between the parties hereto.

 

Section 8.13 Survival

 

All of the representations,
warranties, covenants, and indemnities hereunder, and under the indemnification provisions of the other Loan Documents, shall survive
the repayment in full of the Loan and the release of the liens evidencing or securing the Loan.

 

Section 8.14 Jurisdiction
and Venue

 

BORROWER HEREBY CONSENTS
AND AGREEES TO THE EXCLUSIVE JURISDICTION AND VENUE OF ANY FEDERAL OR STATE COURT LOCATED WITHIN THE STATE OF NEW JERSEY AND CONSENTS
THAT SERVICE OF PROCESS MAY BE MADE BY REGISTERED OR CERTIFIED MAIL AT THE ADDRESS CONTAINED IN THIS AGREEMENT. THE BORROWER WAIVES
ANY OBJECTION BASED ON LACK OF JURISDICTION, IMPROPER VENUE OR FORUM NON CONVENIENS TO THE CONDUCT OF ANY PROCEEDING INSTITUTED
HEREUNDER IN ANY SUCH COURT.

 

Section 8.15 Other
Waivers. Except as otherwise expressly provided herein, Borrower waives to the fullest extent permitted by law (a) notice of
default, presentment or demand for payment, protest or notice of nonpayment or dishonor, or other notices or demands of any kind
or character, (b) notice prior to taking possession or control of the Collateral or any bond or security which might be required
by any court prior to allowing the Lenders to exercise any of the Lenders’ remedies, and (c) the benefit of all valuation,
appraisal and exemption laws.

 

Section 8.16 Punitive
or Consequential Damages; Waiver

 

Neither the Lenders
nor Borrower shall be responsible or liable to the other or to any other Person for any punitive, exemplary or consequential damages
which may be alleged as a result of the Loan or the transaction contemplated hereby, including any breach or other default by any
party hereto. Borrower represents and warrants to the Lenders that as of the First Closing Date it has no claims against the Lenders
in connection with the Loan.

 

Section 8.17 Governing
Law

 

The Loan Documents
are being executed and delivered, and are intended to be performed, in the State of New Jersey and the laws of the State of New
Jersey and of the United States of America shall govern the rights and duties of the parties hereto and the validity, construction,
enforcement and interpretation of the Loan Documents, except to the extent otherwise specified in any of the Loan Documents.

 

    9

     

    

 

Section 8.18 Entire
Agreement

 

This Agreement and
the other Loan Documents contain the entire agreement between the Lenders and Borrower and supersede all prior agreements between
the parties relating to the subject matter hereof and thereof, including any commitment letter (if any) issued by the Lenders with
respect to the Loan. Accordingly, the Loan Documents may not be contradicted by evidence of prior, contemporaneous, or subsequent
oral agreements of the parties. There are no unwritten oral agreements between the parties. If any conflict or inconsistency exists
between this Agreement and any of the other Loan Documents, the terms of this Agreement shall control.

 

Section 8.19 Patriot
Act Notice

 

The Lenders hereby
notify Borrower that pursuant to the requirements of the Patriot Act, the Lenders are required to obtain, verify and record information
that identifies Borrower, including its legal name, address, tax ID number and other information that will allow the Lenders to
identify it in accordance with the Patriot Act. The Lenders will also require information regarding each Guarantor, if any, and
may require information regarding Borrower’s management and owners, such as legal name, address, social security number and date
of birth.

 

Section 8.20 Counterparts

 

This Agreement may
be executed in multiple counterparts, each of which shall constitute an original, and all of which shall constitute one document.
Execution and delivery of this Agreement by electronic means (including, without limitation, facsimile transmission and transmission
of a version of the document in Adobe Acrobat format by e-mail) shall serve to fully bind the party so executing and delivering
such counterpart of this Agreement.

 

Section 8.21 Expenses

 

The Borrower shall
bear all of the Lenders’ reasonable costs and out-of pocket expenses (including, but not limited to, the fees and out-of
pocket expenses of the Lenders’ counsel) associated with their due diligence, maintenance and enforcement of the Term Loan.
Expenses shall be covered in the amount up to $10,000.

 

Section
8.22 Confidentiality

 

Except as required
by federal or state securities laws, all parties and their affiliates shall keep the terms and provisions of the Term Loan, as
well as of the Term Loan documentation, confidential as and to the extent required by the Lenders, the Lenders shall keep confidential
all information provided by or on behalf of the Lenders, its affiliates and the Fund except as reasonably necessary in. connection
with any syndication or participation of the Loan and (ii) for the purposes of informing such Lenders’ employees, officers,
directors, agents, investors and the Lenders that have a reasonable need to know such information, but in either case subject to
the Lenders having informed such recipients of the confidential nature of the information.

 

[Remainder of page intentionally left
blank]

 

    10

     

    

 

EXECUTED as of the date first written above.

 

	 	LENDER:
	 	 
	 	ARTHUR ROSEN, an individual
	 	 
	 	By:	 
	 	Name: 	Arthur Rosen
	 	 	 
	 	LENDER:
	 	 
	 	ERIC GOLDBERG, an individual
	 	 
	 	By:	 
	 	Name:	Eric Goldberg
	 	 	 
	 	BORROWER:
	 	 
	 	JERRICK MEDIA HOLDINGS, INC., a Nevada corporation
	 	 
	 	By:	 
	 	Name:	JEREMY FROMMER
	 	Title:	CEO

 

    11

     

    

 

EXHIBIT A

 

SECURITY AGREEMENT

 

This Security Agreement
(the “Agreement”) is entered into this __th day of May, 2019, by JERRICK MEDIA HOLDINGS, INC., a Nevada
corporation with a principal place of business in Englewood, New Jersey (the “Debtor”), whose address
is 2050 Center Avenue, Suite 640, Fort Lee, NJ 07024 in favor of ARTHUR ROSEN, an individual and ERIC GOLDBERG (each a “Secured
Party” and together as the “Secured Parties”), whose address is ____________________________.

 

WHEREAS, Debtor
and Secured Parties have entered into that certain Loan Agreement, dated as of the date hereof, as amended and in effect from time
to time (the “Loan Agreement”), pursuant to which Secured Parties have agreed to make loans, advances
and other extensions of credit to Debtor upon and subject to the terms and conditions set forth therein; and

 

WHEREAS, it
is a condition to the obligation of Secured Parties to make loans, advances and other extensions of credit to Debtor under the
Loan Agreement that Debtor shall have executed and delivered this Agreement to Secured Parties for the purpose of securing its
obligations to the Secured Parties.

 

NOW, THEREFORE,
in consideration of the foregoing and to induce Secured Parties to enter into the Loan Agreement and to make loans, advances and
other extensions of credit to Debtor under the Loan Agreement, Debtor agrees as follows:

 

SECTION 1. DEFINITIONS

 

All capitalized terms
used herein without definition shall have the respective meanings ascribed thereto in the Loan Agreement. Any term used in this
Agreement which is defined in the UCC (as defined below) and not otherwise defined in this Agreement or any other Loan Document
shall have the meaning ascribed thereto in the UCC. The following terms shall have the following meanings:

 

“Collateral”
has the meaning set forth in Section 2.

 

“Damages”
has the meaning set forth in Section 30.

 

“Debtor”
has the meaning set forth in the above recitals.

 

“Default”
has the meaning set forth in Section 25.

 

“Jurisdiction”
has the meaning set forth in Section 31C.

 

“Loan
Agreement” has the meaning set forth in the above recitals.

 

“Loan
Documents” refers to all documents, including this Agreement and the Loan Agreement, whether now or hereafter existing,
executed in connection with or related to the Obligations, and may include, without limitation and whether executed by Debtor or
others, promissory notes, guaranty agreements, deposit or other similar agreements, pledge agreements, other security agreements,
security instruments, financing statements, mortgage instruments, and any renewals or modifications, whenever any of the foregoing
are executed.

 

“Obligations”
means any and all obligations of Debtor to Secured Parties under the Loan Documents however created, arising or evidenced, whether
direct or indirect, joint or several, absolute or contingent, now existing or hereafter arising or acquired, including future advances,
and all costs and expenses incurred by Secured Parties to obtain, preserve, perfect and enforce the security interest granted herein
and to maintain, preserve and collect the property subject to such security interest.

 

    12

     

    

 

“Permitted
Encumbrances” means (a) liens, charges or encumbrances for taxes, assessments or governmental charges or claims which
are not yet due and payable, (b) statutory liens of landlords, carriers, warehousemen, mechanics and materialmen, and (c) liens
imposed in the ordinary course of business in connection with workers’ compensation, unemployment insurance and other types
of social security.

 

“Regulation
U” has the meaning set forth in Section 23.

 

“Secured
Party(ies)” has the meaning set forth in the above recitals.

 

“UCC”
means the Uniform Commercial Code as presently and hereafter enacted in the State of New Jersey.

 

SECTION 2. GRANT OF SECURITY INTEREST

 

For value received
and to secure payment and performance of the Obligations, Debtor hereby grants to the Secured Parties a continuing security interest
in and lien upon photographic slides from the previously deemed “Guccione Gollection” and other various photographers
(“Slide Collection”), that is related and as is valued by the Slide Appraisal attached as Exhibit
B (collectively, “Collateral”).

 

SECTION 3. OWNERSHIP OF COLLATERAL

 

Debtor owns the Collateral
or has rights in the Collateral. If Collateral is being acquired with the proceeds of an advance under the Loan Documents, Debtor
authorizes Secured Parties to disburse proceeds directly to the seller of the Collateral. The Collateral is free and clear of all
liens, security interests, and claims except for Permitted Encumbrances and those previously reported in writing to and approved
by Secured Parties. Debtor will keep the Collateral free and clear from all liens, security interests and claims, other than Permitted
Encumbrances and those granted to or approved by Secured Parties, and will defend the Collateral against all claims and demands
of all persons at any time claiming any interest therein adverse to Secured Parties. Debtor will not transfer, sell, or lease Collateral
except as permitted herein and in the Loan Agreement.

 

SECTION 4. NAME AND OFFICES; JURISDICTION
OF ORGANIZATION

 

The name and address
of Debtor appearing at the beginning of this Agreement are Debtor’s exact legal name and the address of its chief executive
office. There has been no change in the name of Debtor, or the name under which Debtor conducts business, within the sixty (60)
days preceding the date hereof except as previously reported in writing to Secured Parties. Debtor has not moved its chief executive
office/place of residence within the six (6) months preceding the date hereof except as previously reported in writing to Secured
Parties. If a business entity, Debtor is organized solely under the laws of the State of Nevada and has not changed the jurisdiction
of its organization within the six (6) months preceding the date hereof except as previously reported in writing to the Secured
Parties.

 

SECTION 5. NOTIFICATIONS; LOCATION
OF COLLATERAL.

 

Debtor will notify
the Secured Parties in writing at least thirty (30) days prior to any change in: (i) Debtor’s chief place of business
and/or residence; (ii) Debtor’s name or identity; (iii) Debtor’s corporate/organizational structure; or (iv) the jurisdiction
in which Debtor is organized. In addition, Debtor shall promptly notify Secured Parties of any claims or alleged claims of any
other person or entity to the Collateral or the institution of any litigation, arbitration, governmental investigation or administrative
proceedings against or affecting the Collateral. Debtor will keep Collateral at the location(s) previously provided to the Secured
Parties until such time as the Secured Parties provide written advance consent to a change of location. Debtor will bear the cost
of preparing and filing any documents necessary to protect each Secured Party’s liens.

 

SECTION 6. COLLATERAL CONDITION AND
LAWFUL USE.

 

Debtor represents
that the Collateral is in good repair and condition and that Debtor shall use reasonable care to prevent Collateral from being
damaged or depreciating, normal wear and tear excepted. Debtor shall immediately notify the Secured Parties of any material loss
or damage to Collateral. Debtor shall not permit any item of Collateral to become an accession to other property unless such property
is also Collateral hereunder. Debtor represents it is in compliance in all material respects with all laws, rules and regulations
applicable to the Collateral and its properties, operations, business, and finances.

 

    13

     

    

 

SECTION 7. RISK OF LOSS AND INSURANCE

 

Debtor shall bear
all risk of loss with respect to the Collateral. The injury to or loss of Collateral, either partial or total, shall not release
Debtor from payment or other performance hereof. Debtor agrees to obtain and keep in force property insurance on the Collateral
with a lender’s loss payable endorsement in favor of the Secured Parties and commercial general liability insurance naming
each Secured Party as additional insured, and such other insurance as either Secured Party may require from time to time. Such
insurance is to be in form and amounts satisfactory to Secured Parties and issued by reputable insurance carriers reasonably satisfactory
to the Secured Parties. All such policies shall provide to the Secured Parties a minimum of thirty (30) days written notice of
cancellation. Debtor shall furnish to the Secured Parties copies of such policies, or other evidence of such policies satisfactory
to the Secured Parties. If Debtor fails to obtain or maintain in force such insurance or fails to furnish such evidence, the Secured
Parties are authorized, but not obligated, to purchase any or all such insurance protecting such interest as the Secured Parties
deem appropriate against such risks and for such coverage and for such amounts, including either the loan amount or value of the
Collateral, all at their discretion, and at Debtor’s expense, in accordance with the terms of the Loan Agreement. In such
event, Debtor agrees to reimburse the Secured Parties for the cost of such insurance and the Secured Parties may add such cost
to the Obligations. Debtor shall bear the risk of loss to the extent of any deficiency in the effective insurance coverage with
respect to loss or damage to any of the Collateral. Debtor hereby assigns to Secured Parties the proceeds of all property insurance
covering the Collateral up to the amount of the Obligations and directs any insurer to make payments directly to the Secured Parties.
Debtor hereby appoints each Secured Party its attorney-in-fact, which appointment shall be irrevocable and coupled with an interest
for so long as Obligations are unpaid, to file proof of loss and/or any other forms required to collect from any insurer any amount
due from any damage to or destruction of Collateral, to agree to and bind Debtor as to the amount of said recovery, to designate
any payees of such recovery, to grant releases to insurer, to grant subrogation rights to any insurer, and to endorse any settlement
check or draft. Debtor agrees not to exercise any of the foregoing powers granted to a Secured Party without each Secured Party’s
prior written consent.

 

SECTION 8. TAXES

 

Debtor agrees to
pay promptly all taxes and assessments upon or for the use of Collateral. At their option, the Secured Parties may discharge taxes,
liens, security interests or other encumbrances at any time levied or placed on Collateral. Debtor agrees to reimburse the Secured
Parties, on demand, for any such payment made by the Secured Parties. Any amounts so paid shall be added to the Obligations.

  

SECTION 9. FINANCING STATEMENTS, CERTIFICATES
OF TITLE, POWER OF ATTORNEY.

 

No financing statement
(other than any filed or approved by the Secured Parties) covering any Collateral is on file in any public filing office. Debtor
authorizes the filing by the Secured Parties at any time and from time to time of one or more financing statements and amendments
thereto covering the Collateral in form satisfactory to the Secured Parties (and which may describe the Collateral as all assets
of Debtor), agrees to deliver certificates of title on which each Secured Party’s lien has been indicated covering any Collateral
subject to a certificate of title statute, and will pay all costs and expenses of filing or applying for the same. Debtor hereby
constitutes and appoints each Secured Party the true and lawful attorney of Debtor with full power of substitution to take any
and all appropriate action and to execute any and all documents, instruments or applications that may be necessary or desirable
to accomplish the purpose and carry out the terms of this Agreement. The foregoing power of attorney is coupled with an interest
and shall be irrevocable until all of the Obligations have been paid in full. Neither Secured Party nor anyone acting on their
behalf shall be liable for acts, omissions, errors in judgment, or mistakes in fact in such capacity as attorney-in-fact. Debtor
ratifies all acts of each Secured Party as attorney-in- fact. Debtor agrees to take such other actions, at Debtor’s expense,
as might be requested for the perfection, continuation and assignment, in whole or in part, of the security interests granted herein
and to assure and preserve each Secured Party’s intended priority position. If Debtor shall hold or acquire a commercial
tort claim, Debtor will immediately notify Secured Parties in writing thereof, such notice to provide the particulars of such claim
and grant to Secured Parties a security interest therein and in the proceeds thereof. If certificates, passbooks, or other documentation
or evidence is/are issued or outstanding as to any of the Collateral, Debtor will cause the security interests of Secured Parties
to be properly protected, including perfection by notation thereon or delivery thereof to Secured Parties.

 

    14

     

    

 

SECTION 10. LANDLORD/MORTGAGEE WAIVERS

 

Debtor shall cause
each landlord of real property leased by Debtor and each mortgagee of real property owned by Debtor to execute and deliver instruments
satisfactory in form and substance to the Secured Parties by which such mortgagee or landlord subordinates its rights, if any,
in the Collateral.

 

SECTION 11. CONTROL

 

At the Secured Parties’
request, Debtor shall authorize and direct any depositary bank or securities intermediary that holds Collateral to (a) comply with
the terms of this Agreement and to enter into an agreement satisfactory to the Secured Parties to perfect the Secured Parties security
interest in such Collateral by control and (b) mark its records to show the security interest of and/or the transfer to Secured
Parties of the property pledged as Collateral hereunder. Debtor will cooperate with the Secured Parties in obtaining control with
respect to Collateral consisting of electronic chattel paper and will not create any electronic chattel paper without taking all
steps deemed necessary by the Secured Parties to confer control of the electronic chattel paper upon the Secured Parties in accordance
with the UCC. Upon the occurrence and continuation of a Default, the Secured Parties shall be entitled to deliver to any depositary
bank, securities intermediary or other applicable third party notice of the exercise of their control rights with respect to such
Collateral.

 

SECTION 12. COLLATERAL DUTIES

 

The Secured Parties
shall have no custodial or ministerial duties to perform with respect to Collateral pledged except as set forth herein; and by
way of explanation and not by way of limitation, Secured Parties shall incur no liability for any of the following: (i) loss or
depreciation of Collateral (unless caused by their willful misconduct or gross negligence), (ii) failure to present any paper for
payment or protest, to protest or give notice of nonpayment, or any other notice with respect to any paper or Collateral.

 

SECTION 13. TRANSFER OF COLLATERAL

 

Either Secured Party
may assign his rights in Collateral or any part thereof to any assignee who shall thereupon become vested with all the powers and
rights herein given to such Secured Party with respect to the property so transferred and delivered, and such Secured Party shall
thereafter be forever relieved and fully discharged from any liability with respect to such property so transferred, but with respect
to any property not so transferred, such Secured Party shall retain all rights and powers hereby given.

 

SECTION 14. INSPECTION, BOOKS AND
RECORDS

 

Debtor will at all
times keep accurate and complete records covering each item of Collateral, including the proceeds therefrom. Each Secured Party,
or any of his agents, shall have the right, at intervals not more frequent than every one hundred eighty (180) days and without
hindrance or delay, at Debtor’s expense in accordance with the terms of the Loan Agreement, to inspect, audit, and examine
the Collateral and to make copies of and extracts from the books, records, journals, orders, receipts, correspondence and other
data relating to Collateral, Debtor’s business or any other transaction between the parties hereto. Debtor will at its expense
furnish Secured Parties copies thereof upon request. For the further security of the Secured Parties, it is agreed that the Secured
Parties have and are hereby granted a security interest in all books and records of Debtor pertaining to the Collateral.

 

SECTION 15. COMPLIANCE WITH LAW

 

Debtor will comply
in all material respects with all federal, state and local laws and regulations, applicable to it, including without limitation,
environmental and labor laws and regulations, in the creation, use, operation, manufacture and storage of the Collateral and the
conduct of its business.

 

    15

     

    

 

SECTION 16. REGULATION U

 

None of the proceeds
of the credit secured hereby shall be used directly or indirectly for the purpose of purchasing or carrying any margin stock in
violation of any of the provisions of Regulation U of the Board of Governors of the Federal Reserve System (“Regulation
U”), or for the purpose of reducing or retiring any indebtedness which was originally incurred to purchase or carry
margin stock or for any other purchase which might render the Loan a “Purpose Credit” within the meaning of Regulation
U.

 

SECTION 17. ATTORNEYS’ FEES
AND OTHER COSTS OF COLLECTION

 

Debtor shall pay
all of Secured Parties’ expenses incurred in enforcing this Agreement, in the amount up to $10,000, and in preserving and
liquidating Collateral, including but not limited to attorneys’ and experts’ fees and expenses, whether incurred with
or without the commencement of a suit, trial, arbitration, or administrative proceeding, or in any appellate or bankruptcy proceeding.

 

SECTION 18. DEFAULT

 

If any of the following
occurs, a default (“Default”) under this Agreement shall exist:

 

A. Loan
Document Default. A default or an event of default under this Agreement or any other Loan Document.

 

B. Collateral
Loss or Destruction. Any loss, theft, substantial damage, or destruction of Collateral not fully covered by insurance, or as
to which insurance proceeds are not (i) used to replace or repair such damaged Collateral or (ii) remitted to the Secured Parties,
in either case within sixty (60) days of the loss.

 

C. Collateral
Sale, Lease or Encumbrance. Any sale, lease, or encumbrance of any Collateral not specifically permitted herein or under the
Loan Documents without prior written consent of the Secured Parties.

 

D. Levy,
Seizure or Attachment. The making of any levy, seizure, or attachment on or of Collateral which is not removed within ten (10)
days.

 

E. Unauthorized
Collection of Collateral. Any attempt, outside the ordinary course of business, to collect, cash in or otherwise recover deposits
that are Collateral.

 

F. Third
Party Breach. Any default or breach by a depositary bank or securities intermediary of any provision contained in a control
agreement entered into pursuant to Section 11 in connection with any of the Collateral.

 

G. Unauthorized
Termination. Any attempt to terminate, revoke, rescind, modify, or violate the terms of this Agreement or any Control Agreement
without the prior written consent of Secured Parties.

 

H. Impairment
of Security. If any Lien granted hereunder shall terminate (except in accordance with its terms) or shall cease to be a first
priority perfected security interest in favor of Secured Parties (subject to Permitted Encumbrances or other security interests
or claims approved by Secured Parties).

  

SECTION 19. REMEDIES ON DEFAULT (INCLUDING
POWER OF SALE)

 

If a Default occurs,
the Secured Parties shall have all the rights and remedies of a secured party under the Uniform Commercial Code. Without limitation
thereto, the Secured Parties shall have the following rights and remedies: (i) to take immediate possession of Collateral, without
notice or resort to legal process, and for such purpose, to enter upon any premises on which Collateral or any part thereof may
be situated and to remove the same therefrom, or, at their option, to render Collateral unusable or dispose of said Collateral
on Debtor’s premises; (ii) to require Debtor to assemble the Collateral and make it available to the Secured Parties at a
place to be designated by the Secured Parties; (iii) to exercise their right of set-off or Secured Parties lien as to any monies
of Debtor deposited in accounts of any nature maintained by Debtor with Secured Parties or affiliates of Secured Parties, without
advance notice, regardless of whether such accounts are general or special; and (iv) to dispose of Collateral, as a unit or in
parcels, separately or with any real property interests also securing the Obligations, in any county or place to be selected by
Secured Parties, at either private or public sale (at which public sale a Secured Party may be the purchaser) with or without having
the Collateral physically present at said sale.

 

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Any notice of sale,
disposition or other action by the Secured Parties required by law and sent to Debtor at Debtor’s address shown above, or
at such other address of Debtor as may from time to time be shown on the records of each Secured Party, at least ten (10) days
prior to such action, shall constitute reasonable notice to Debtor. Notice shall be deemed given or sent when mailed, via certified
mail, postage prepaid to Debtor’s address as provided herein. Secured Parties shall be entitled to apply the proceeds of
any sale or other disposition of the Collateral, and the payments received by Secured Parties with respect to any of the Collateral,
to Obligations in such order and manner as Secured Parties may determine. Collateral that is subject to rapid declines in value
and is customarily sold in recognized markets may be disposed of by the Secured Parties in a recognized market for such collateral
without providing notice of sale. Debtor waives any and all requirements that the Secured Parties sell or dispose of all or any
part of the Collateral at any particular time, regardless of whether Debtor has requested such sale or disposition.

 

SECTION 20. STANDARDS FOR EXERCISING
RIGHTS AND REMEDIES

 

To the extent that
applicable law imposes duties on the Secured Parties to exercise remedies in a commercially reasonable manner, Debtor acknowledges
and agrees that it is not commercially unreasonable for the Secured Parties (a) to fail to incur expenses reasonably deemed significant
by the Secured Parties to prepare Collateral for disposition or otherwise to fail to complete raw material or work in process into
finished goods or other finished products for disposition, (b) to fail to obtain third party consents for access to Collateral
to be disposed of, or to obtain or, if not required by other law, to fail to obtain governmental or third party consents for the
collection or disposition of Collateral to be collected or disposed of, (c) to fail to exercise collection remedies against account
debtors or other persons obligated on Collateral or to fail to remove liens or encumbrances on or any adverse claims against Collateral,
(d) to exercise collection remedies against account debtors and other persons obligated on Collateral directly or through the use
of collection agencies and other collection specialists, (e) to advertise dispositions of Collateral through publications or media
of general circulation, whether or not the Collateral is of a specialized nature, (f) to contact other persons, whether or not
in the same business as Debtor, for expressions of interest in acquiring all or any portion of the Collateral, (g) to hire one
or more professional auctioneers to assist in the disposition of Collateral, whether or not the collateral is of a specialized
nature, (h) to dispose of Collateral by utilizing Internet sites that provide for the auction of assets of the types included in
the Collateral or that have the reasonable capability of doing so, or that match buyers and sellers of assets, (i) to dispose of
assets in wholesale rather than retail markets, (j) to disclaim disposition warranties, (k) to purchase insurance or credit enhancements
to insure the Secured Parties against risks of loss, collection or disposition of Collateral or to provide to the Secured Parties
a guaranteed return from the collection or disposition of Collateral, or (l) to the extent deemed appropriate by Secured Parties,
to obtain the services of other brokers, investment bankers, consultants and other professionals to assist the Secured Parties
in the collection or disposition of any of the Collateral. Debtor acknowledges that the purpose of this Section 20 is to provide
non-exhaustive indications of what actions or omissions by the Secured Parties would fulfill the Secured Parties’ duties
under the UCC or other applicable law in the Secured Parties’ exercise of remedies against the Collateral and that other
actions or omissions by the Secured Parties shall not be deemed to fail to fulfill such duties solely on account of not being indicated
in this Section 20. Without limitation upon the foregoing, nothing contained in this Section 20 shall be construed to grant any
rights to Debtor or to impose any duties on the Secured Parties that would not have been granted or imposed by this Agreement or
by applicable law in the absence of this Section 20.

 

SECTION 21. REMEDIES ARE CUMULATIVE

 

No failure on the
part of the Secured Parties to exercise, and no delay in exercising, any right, power or remedy hereunder shall operate as a waiver
thereof, nor shall any single or partial exercise by the Secured Parties or any right, power or remedy hereunder preclude any other
or further exercise thereof or the exercise of any right, power or remedy. The remedies herein provided are cumulative and are
not exclusive of any remedies provided by law, in equity, or in other Loan Documents.

 

    17

     

    

 

SECTION 22. WAIVERS BY DEBTOR

 

Debtor agrees not
to assert against the Secured Parties as a defense (legal or equitable), as a set-off, as a counterclaim, or otherwise, any claims
Debtor may have against any seller or lessor that provided personal property or services relating to any part of the Collateral
or against any other party liable to Secured Parties for all or any part of the Obligations. Debtor waives all exemptions and homestead
rights with regard to the Collateral. Debtor waives any and all rights to any bond or security which might be required by applicable
law prior to the exercise of any of the Secured Parties’ remedies against any Collateral. All rights of the Secured Parties
and security interests hereunder, and all obligations of Debtor hereunder, shall be absolute and unconditional, not discharged
or impaired irrespective of (and regardless of whether Debtor receives any notice of): (i) any lack of validity or enforceability
of any Loan Document; (ii) any change in the time, manner or place of payment or performance, or in any term, of all or any of
the Obligations or the Loan Documents or any other amendment or waiver of or any consent to any departure from any Loan Document;
or (iii) any exchange, insufficiency, unenforceability, enforcement, release, impairment or non-perfection of any Collateral, or
any release of or modifications to or insufficiency, unenforceability or enforcement of the obligations of any guarantor or other
obligor. To the extent permitted by law, Debtor hereby waives any rights under any valuation, stay, appraisement, extension or
redemption laws now existing or which may hereafter exist and which, but for this provision, might be applicable to any sale or
disposition of the Collateral by the Secured Parties; and any other circumstance which might otherwise constitute a defense available
to, or a discharge of any party with respect to the Obligations. To the extent it may lawfully do so, Debtor waives the benefit
of all laws relating to the marshalling of collateral.

  

SECTION 23. INDEMNIFICATION.

 

Debtor shall protect,
indemnify and save harmless the Secured Parties from and against all losses, liabilities, obligations, claims, damages, penalties,
fines, causes of action, costs and expenses (including, without limitation, reasonable attorneys’ fees and expenses) (collectively,
“Damages”) imposed upon, incurred by or asserted against the Secured Parties on account of or in connection
with (i) the Loan Documents or any failure or alleged failure of Debtor to comply with any of the terms or representations of,
or the inaccuracy or breach of any representation in, the Loan Documents; (ii) the Collateral, any claim of loss or damage to the
Collateral or any injury or claim of injury to, or death of, any person or property that may be occasioned by any cause whatsoever
pertaining to the Collateral or the use, occupancy or operation thereof, (iii) any failure or alleged failure of Debtor to comply
with any law, rule or regulation applicable to it or to the Collateral or the use, occupancy or operation of the Collateral (including,
without limitation, the failure to pay any taxes, fees or other charges), (iv) any Damages whatsoever by reason of any alleged
action, obligation or undertaking of the Secured Parties relating in any way to or any matter contemplated by the Loan Documents,
or (v) any claim for brokerage fees or such other commissions relating to the Collateral or any other Obligations; provided that
such indemnity shall be effective only to the extent of any Damages that may be sustained by the Secured Parties in excess of any
net proceeds received by it from any insurance of Debtor (other than self- insurance) with respect to such Damages. Nothing contained
herein shall require Debtor to indemnify the Secured Parties for any Damages resulting from a Secured Party’s gross negligence
or his willful misconduct. The indemnity provided for herein shall survive payment of the Obligations and shall extend to the officers,
directors, employees and duly authorized agents of a Secured Party. In the event a Secured Party incurs any Damages arising out
of or in any way relating to the transaction contemplated by the Loan Documents (including any of the matters referred to in this
Section), the amounts of such Damages shall be added to the Obligations, shall bear interest, to the extent permitted by law, at
the interest rate borne by the Obligations from the date incurred until paid and shall be payable on demand.

 

SECTION 24. MISCELLANEOUS.

 

A. Amendments
and Waivers. No waiver, amendment or modification of any provision of this Agreement shall be valid unless in writing and signed
by Debtor and an officer of each Secured Party. No waiver by a Secured Party of any Default shall operate as a waiver of any other
Default or of the same Default on a future occasion.

 

B. Assignment.
All rights of the Secured Parties hereunder are freely assignable, in whole or in part, and shall inure to the benefit of and
be enforceable by a Secured Party, his successors, assigns and affiliates. Debtor shall not assign its rights and interest hereunder
without the prior written consent of the Secured Parties, and any attempt by Debtor to assign without Secured Parties’ prior
written consent is null and void. Unless otherwise agreed in writing by the Secured Parties, any assignment shall not release Debtor
from the Obligations. This Agreement shall be binding upon Debtor, and the heirs, personal representatives, successors, and assigns
of Debtor.

 

C. Applicable
Law. This Agreement shall be governed by and construed under the law of the State of New Jersey (the “Jurisdiction”)
without regard to the Jurisdiction’s conflict of laws principles, except to the extent that the UCC requires the application
of the law of a different jurisdiction.

 

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D. Jurisdiction
and Venue. Debtor irrevocably agrees to exclusive personal jurisdiction and venue in any federal or state court located within
the State of New Jersey.

 

E. Waiver
of Jury Trial. DEBTOR WAIVES ITS RIGHT TO A JURY TRIAL WITH RESPECT TO ANY ACTION OR CLAIM ARISING OUT OF ANY DISPUTE IN CONNECTION
WITH THIS AGREEMENT, ANY RIGHTS, REMEDIES, OBLIGATIONS, OR DUTIES HEREUNDER, OR THE PERFORMANCE OR ENFORCEMENT HEREOF OR THEREOF.
Except as prohibited by law, Debtor waives any right which it may have to claim or recover in any litigation referred to in the
preceding sentence any special, exemplary, punitive or consequential damages or any damages other than, or in addition to, actual
damages. Debtor (i) certifies that neither Secured Parties nor any representative, agent or attorney of the Secured Parties
has represented, expressly or otherwise, that the Secured Parties would not, in the event of litigation, seek to enforce the foregoing
waivers or other waivers contained in this Agreement, and (ii) acknowledges that, in entering into the Loan Agreement and
other Loan Documents to which a Secured Party is a party, each Secured Party is relying upon, among other things, the waivers and
certifications contained in this Section.

 

F. Severability.
If any provision of this Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective
but only to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining
provisions of this Agreement.

 

G. Notices.
Any notices to Debtor shall be sufficiently given, if in writing and mailed or delivered to the address of Debtor shown above
or such other address as provided hereunder; and to the Secured Parties, if in writing and mailed or delivered to shown above or
such other address as a Secured Party may specify in writing from time to time. In the event that Debtor changes Debtor’s
mailing address at any time prior to the date the Obligations are paid in full, Debtor agrees to promptly give written notice of
said change of address by registered or certified mail, return receipt requested, all charges prepaid.

 

H. Captions.
The captions contained herein are inserted for convenience only and shall not affect the meaning or interpretation of this
Agreement or any provision hereof. The use of the plural shall also mean the singular, and vice versa.

 

I. Joint
and Several Liability. If more than one party (other than the Secured Parties) has signed this Agreement, such parties are
jointly and severally obligated hereunder.

 

J. Binding
Contract. Debtor by execution and the Secured Parties by acceptance of this Agreement, agree that each party is bound by all
terms and provisions of this Agreement.

 

K. Final
Agreement. This Agreement and the other Loan Documents represent the final agreement between the parties and may not be contradicted
by evidence of prior, contemporaneous or subsequent written or oral agreements of the parties. There are no unwritten oral agreements
between the parties.

 

L. Essence
of Time. Time is of the essence hereunder.

 

M.
Counterparts. This Agreement may be executed in multiple counterparts, each of which shall constitute an original, and
all of which shall constitute one document. Execution and delivery of this Agreement by electronic means (including, without
limitation, facsimile transmission and transmission of a version of the document in Adobe Acrobat format by e-mail) shall
serve to fully bind the party so executing and delivering such counterpart of this Agreement.

 

[Signature page to the Security Agreement
follows]

 

    19

     

    

 

 

IN WITNESS WHEREOF,
Debtor, on the day and year first written above, has caused this Security Agreement to be executed under seal.

 

	 	DEBTOR:
	 	 
	 	JERRICK MEDIA HOLDINGS, INC., a Nevada corporation
	 	 
	 	By:	 	(SEAL)
	 	Name: 	JEREMY FROMMER
	 	Title:	CEO
	 	 	 
	 	SECURED PARTY:
	 	 
	 	Eric Goldberg, an individual
	 	 
	 	By:	 	(SEAL)
	 	Name: 	Eric Goldberg
	 	 	 
	 	SECURED PARTY:
	 	 
	 	Arthur Rosen, an individual
	 	 
	 	By:	 	(SEAL)
	 	Name: 	Arthur Rosen

 

    20

     

    

 

EXHIBIT B

(attached)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    21

     

    

 

EXHIBIT C

(attached)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

22

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