Document:

Exhibit
10.120

 

THEMAVEN,
INC.

 

STOCK
OPTION AWARD AGREEMENT

 

This
Stock Option Award Agreement (“Agreement”) is made and entered into by and between THEMAVEN, INC., a Delaware
corporation (the “Company”) and Andrew Q. Kraft (“Participant”). This Agreement is entered
into separate from any equity incentive or similar plan, however the provisions of Sections 2, 6, 7, 8, 9, 10, 11, 12 and 13 of
the 2016 Stock Incentive Plan of the Company (the “Plan”) are incorporated herein by reference. All capitalized
terms not defined in this Agreement have the meanings set forth in the Plan.

 

1.
Grant. Subject to the Plan, the Company grants to the Participant an option (“Option”) to purchase shares
of the common stock of the Company as follows:

 

	Participant:	Andrew
    Q. Kraft
	 	 
	Grant
    Date: 	December
    13, 2018
	 	 
	Vesting
    Start Date:	December
    13, 2018
	 	 
	Shares:	Common
    Stock 
	 	 
	Shares
    Subject to Option:	1,000,000
	 	 
	Exercise
    Price:	$0.35
    per share
	 	 
	Type
    of Option:	Incentive
    Stock Option as permitted by law, and Nonqualified Stock Option
	 	 
	Option
    Expiration Date:	December
    13, 2028
	 	 
	 	(subject
    to early termination in accordance with the terms of the Plan incorporated herein by reference)
	 	 
	Vesting
    Period:	1,000,000
    options shall vest equally over 36-months. In the event that the Participant’s employment is terminated without Cause
    or for Good Reason (each as defined in the Executive Employment Agreement dated as of December 13, 2018 between Participant
    and Maven Coalition, Inc. (the “Employment Agreement”), then the vesting of the options will accelerate
    by one year.

 

THE
GRANT OF THE OPTION IS MADE IN CONSIDERATION OF THE SERVICES TO BE RENDERED BY THE PARTICIPANT TO THE COMPANY AND IS SUBJECT TO
THE TERMS AND CONDITIONS OF THE PLAN INCORPORATED HEREIN BY REFERENCE. THE OPTION MAY BE EXERCISED ONLY FOR WHOLE SHARES.

 

2.
Option Provisions.

 

2.1
Termination. Subject to the provisions of the Vesting Period set forth above, upon the termination of the employment of
the Participant with the Company and all Subsidiaries for any reason other than death, Disability, or Retirement, or if Participant
is in the employ of a Subsidiary and the Subsidiary ceases to be a Subsidiary of the Company (unless the Participant continues
in the employ of the Company or another Subsidiary), then (a) all vesting of the Option shall immediately cease and (b) any and
all Options then held by the Participant will, to the extent vested as of such termination of employment, remain exercisable in
full for a period of one (1) month after such termination of employment (but in no event after the expiration date of any such
Option), unless the termination is for Cause. If termination of employment is for Cause (as defined in the Employment Agreement),
all Options shall immediately terminate as further provided in the Plan. If the termination of employment is due to Disability
or Retirement, then the Option shall be exercisable as provided in the Plan.

 

    	 

    	 

    

 

2.2
Exercise. To exercise the Option, the Participant (or person then entitled to exercise the Option under the Plan) must
deliver to the Company an executed stock option exercise agreement in such form as is approved by the Committee from time to time
(“Exercise Agreement”), which shall set forth, inter alia: (a) the Participant’s election to exercise
the Option; (b) the number of shares of Common Stock being purchased; (c) any restrictions imposed on the shares of Common Stock
being purchased; and (d) such representations, warranties, and agreements regarding the Participant’s investment intent
and access to information as may be required by the Company to comply with applicable securities laws.

 

The
shares that may be issued on exercise of this Option, at the time of the grant hereof, are not authorized and available for issuance,
therefore this Option is currently considered an unfunded option. The Participant agrees that no part of this Option may be exercised
until the later of the increase in the authorized shares of common stock in sufficient number of shares to permit the exercise
from time to time of this Option or the later respective vesting and exercise date as set forth herein.

 

2.3
Payment of Exercise Price. The Exercise Price of the Option shall be payable in full in cash, or its equivalent at the
time of exercise in the manner then designated by the Committee, unless otherwise agreed by the Committee.

 

2.4
Vesting. All Options not vested will be terminated and forfeited upon the Participant’s termination of employment.
Any and all Options that have not vested as provided in Section 1 of this Agreement shall terminate immediately upon the
termination, for any reason whatsoever, of the employment of the Participant with the Company and all Subsidiaries, or if Participant
is in the employ of a Subsidiary and the Subsidiary ceases to be a Subsidiary of the Company (unless the Participant continues
in the employ of the Company or another Subsidiary).

 

3.
Taxation.

 

3.1
Tax Liability and Withholding. Notwithstanding any action the Company takes with respect to any or all income tax, social
insurance, payroll tax, or other tax-related withholding (“Tax-Related Items”), the ultimate liability for
all Tax-Related Items is and remains the Participant’s sole responsibility. The Company makes no representation or undertakings
regarding the treatment of any Tax-Related Items in connection with the grant, vesting, or exercise of the Option or the subsequent
sale of any shares of Common Stock acquired on exercise and does not commit to structure the Option to reduce or eliminate the
Participant’s liability for Tax-Related Items.

 

3.2
Disqualifying Disposition. If the Option is an ISO and the Participant disposes of the shares of Common Stock prior to
the expiration of either two (2) years from the Grant Date or one (1) year from the date the shares are transferred to the Participant
pursuant to the exercise of the Option, the Participant shall notify the Company in writing within thirty (30) days after such
disposition of the date and terms of such disposition. The Participant also agrees to provide the Company with any information
concerning any such dispositions as the Company requires for tax purposes.

 

4.
Compliance with Law. The exercise of the Option and the issuance and transfer of the shares of Common Stock shall be subject
to compliance by the Company and the Participant with any and all applicable requirements of federal and state securities laws
and with all applicable requirements of any stock exchange on which the Company’s shares of Common Stock may be listed.
No shares of Common Stock shall be issued pursuant to this Option unless and until any then-applicable requirements of state or
federal laws and regulatory agencies have been fully complied with to the satisfaction of the Company and its counsel. The Participant
understands that the Company is under no obligation to register the shares with the Securities and Exchange Commission, any state
securities commission, or any stock exchange to effect such compliance.

 

    	2

    	 

    

 

5.
General Terms.

 

5.1
Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which
together will constitute one and the same instrument. Counterpart signature pages to this Agreement transmitted by electronic
means intended to preserve the original graphic and pictorial appearance of a document will have the same effect as physical delivery
of the paper document bearing an original signature.

 

5.2
Discretionary Nature of Plan. The provisions of the Plan incorporated herein are discretionary and may be amended, cancelled,
or terminated by the Company at any time, in its discretion. The grant of the Option in this Agreement does not create any contractual
right or other right to receive any Options or other Awards in the future. Future Awards, if any, will be at the sole discretion
of the Company. Any amendment, modification, or termination of the Plan shall not constitute a change or impairment of the terms
and conditions of the Participant’s employment with the Company.

 

5.3
Governing Law. This Agreement will be construed and interpreted in accordance with the laws of the State of Delaware without
regard to conflict of law principles.

 

5.4
Interpretation. Any dispute regarding the interpretation of this Agreement shall be submitted by the Participant or the
Company to the Committee for review. The resolution of such dispute by the Committee shall be final and binding on the Participant
and the Company.

 

5.5
No Right to Continued Employment; No Rights as Shareholder. Neither the Plan nor this Agreement shall confer upon the Participant
any right to be retained in any position with the Company. Nothing in the Plan or this Agreement shall be construed to limit the
discretion of the Company to terminate the employment of Participant at any time, with or without Cause. The Participant shall
not have any rights as a shareholder with respect to any shares of Common Stock subject to the Option unless and until certificates
representing the shares have been issued by the Company to the holder of such shares, or the shares have otherwise been recorded
on the books of the Company or of a duly authorized transfer agent as owned by such holder.

 

5.6
Options Subject to Plan. In the event of a conflict between any term or provision contained herein and a term or provision
of the Plan, the applicable terms and provisions of the Plan will govern and prevail.

 

5.7
Severability. The invalidity or unenforceability of any provision of the Plan or this Agreement shall not affect the validity
or enforceability of any other provision of the Plan or this Agreement, and each provision of the Plan and this Agreement shall
be severable and enforceable to the extent permitted by law.

 

5.8
Successors and Assigns. The Company may assign any of its rights under this Agreement. This Agreement will be binding upon
and inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth herein,
this Agreement will be binding upon the Participant and the Participant’s beneficiaries, executors, administrators and the
person(s) to whom this Agreement may be transferred by will or the laws of descent or distribution.

 

[SIGNATURE
PAGE TO STOCK OPTION AWARD AGREEMENT TO FOLLOW]

 

    	3

    	 

    

 

[SIGNATURE
PAGE TO STOCK OPTION AWARD AGREEMENT]

 

	THEMAVEN,
    INC.	 
	 	 
	 	/s/
    Paul Edmondson	 
	By:	Paul
    Edmondson	 
	Title:	Chief
    Operating Officer	 
	Date:	1/16/2019	 

 

	 	PARTICIPANT
    
	 	 
	 	 	/s/
    Andrew Q. Kraft
	 	Name: 	Andrew
    Q. Kraft
	 	Date:	1/16/2019

 

PARTICIPANT
ACKNOWLEDGES RECEIPT OF A COPY OF THE PLAN AND THIS AGREEMENT. PARTICIPANT HAS READ AND UNDERSTANDS THE TERMS AND PROVISIONS THEREOF,
AND ACCEPTS THE OPTION SUBJECT TO ALL OF THE TERMS AND CONDITIONS OF THE PLAN THAT ARE INCORPORATED HEREIN BY REFERENCE AND THIS
AGREEMENT. PARTICIPANT ACKNOWLEDGES THAT THERE MAY BE ADVERSE TAX CONSEQUENCES UPON EXERCISE OF THE OPTION OR DISPOSITION OF THE
UNDERLYING SHARES AND THAT THE PARTICIPANT SHOULD CONSULT A TAX ADVISOR PRIOR TO SUCH EXERCISE OR DISPOSITION.

 

Attachments:

 

Exhibit
1- Plan 

 

    	4

    	 

    

 

EXHIBIT
1

 

PLAN

 

See
attached.

 

    	5Exhibit
10.122

 

[Execution
Copy]

 

AMENDMENT
NO. 1 TO AGREEMENT AND PLAN OF MERGER

 

This
Amendment No. 1 (this “Amendment No. 1”) to that certain Agreement and Plan of Merger, dated as of June
11, 2010 (the “Merger Agreement”), by and among TheMaven, Inc., a Delaware corporation (“Parent”),
TST Acquisition Co., Inc., a Delaware corporation and wholly owned Subsidiary of Parent (“Merger Sub”), and TheStreet,
Inc., a Delaware corporation (the “Company”), is made and entered into as of July 12 , 2019 by and among the Company,
Parent and Merger Sub. All capitalized terms that are used in this Amendment No. 1 but not defined in this Amendment No. 1 shall
have the respective meanings ascribed thereto in the Merger Agreement.

 

WHEREAS,
Parent desires to transfer 100% of the outstanding capital stock of Merger Sub from Parent to Maven Media Brands, LLC., a wholly
owned subsidiary of Parent;

 

WHEREAS,
the Company desires to consent to such transfer; and

 

WHEREAS,
Parent, Merger Sub and the Company wish to amend certain provisions of the Merger Agreement as provided herein;

 

NOW,
THEREFORE, in consideration of the foregoing and the mutual representations, warranties and covenants and subject to the conditions
herein contained, and intending to be legally bound hereby, the parties hereto hereby agree as follows:

 

1.
Consent to Transfer. The Company hereby consents to the transfer of 100% of the outstanding capital stock of Merger Sub
from Parent to Maven Media Brands, LLC., a wholly owned subsidiary of Parent.

 

2.
Amendment of Preamble. As a result of the transfer referred to in Section 1 above, the preamble of the Merger Agreement
hereby is amended to read in its entirety as follows: “THIS AGREEMENT AND PLAN OF MERGER, dated as of June 11, 2019 (this
“Agreement”), is made by and among TheMaven, Inc., a Delaware corporation (“Parent”), TST
Acquisition Co., Inc., a Delaware corporation and an indirect wholly owned Subsidiary of Parent (“Merger Sub”),
and TheStreet, Inc., a Delaware corporation (the “Company”).”

 

    	 

    	 

    

 

3.
Amendment to Section 3.2(b). Section 3.2(b) of the Merger Agreement is hereby amended to read in its entirety as follows:

 

“Designation
of Paying Agent; Deposit of Exchange Fund. Such Person as selected by the Company, which Person shall be reasonably acceptable
to Parent, shall be designated as the paying agent (the “Paying Agent”) for the payment of the Merger Consideration
as provided in Section 3.1(b). Immediately after the Effective Time, the Escrow Deposit shall be deposited with the Paying Agent
(such deposit, the “Exchange Fund”). In the event the Aggregate Cash Merger Consideration portion of the Exchange
Fund shall be insufficient to make the payments contemplated by Section 3.1(b)(i) Parent shall promptly deposit, or cause to be
deposited, additional funds with the Paying Agent in an amount that is equal to the deficiency in the amount required to make
such payment. Following the Effective Time, if not already paid, Parent shall promptly cause the Paying Agent to make, and the
Paying Agent shall make, payments of the Aggregate Cash Merger Consideration to the holders of Company Common Stock pursuant to
Section 3.1(b). The Exchange Fund shall not be used for any purpose other than to fund payments pursuant to Section 3.1, except
as expressly provided for in this Agreement.”

 

4.
Amendment to Section 4.4. Section 4.4 of the Merger Agreement hereby is amended to read in its entirety as follows:

 

“Authority
Relative to Agreement. The Company has all necessary corporate power and authority to execute and deliver this Agreement and
the other agreements referred to in this Agreement to which it is or will be a party, to perform its obligations hereunder and,
subject to receipt of the Requisite Stockholder Approval, to consummate the transactions contemplated hereby and thereby, including
the Merger. The execution and delivery of this Agreement and the CVR Agreement by the Company and the consummation by the Company
of the transactions contemplated hereby and thereby, including the Merger, have been duly and validly authorized by all necessary
corporate action, and no other corporate proceedings on the part of the Company are necessary to authorize the execution of this
Agreement or the CVR Agreement or to consummate the transactions contemplated hereby or thereby, including the Merger (other than,
with respect to the Merger, the receipt of the Requisite Stockholder Approval, as well as the filing of the Certificate of Merger
with the Secretary of State, and other than the declaration of the Pre-Merger Special Distribution or the approval of the Recapitalization
(and the filing of a related certificate of amendment of the Company’s Restated Certificate of Incorporation with the Secretary
of State)). The Company’s board of directors has approved this Agreement and the CVR Agreement, declared this Agreement
to be advisable, approved the transactions contemplated hereby and thereby, determined them to be fair and in the best interest
of the Company and its stockholders, and resolved to recommend to the stockholders of the Company the Company Recommendation that
they vote in favor of the adoption of this Agreement in accordance with the DGCL. This Agreement has been duly and validly executed
and delivered by the Company and, assuming the due authorization, execution and delivery by Parent and Merger Sub, this Agreement
constitutes a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms
(except as such enforceability may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other
similar laws of general applicability relating to or affecting creditor’s rights, and to general equitable principles).”

 

    	-2-

    	 

    

 

5.
Amendment to Section 4.21. Section 4.21 of the Merger Agreement hereby is amended to read in its entirety as follows:

 

“Vote
Required. The affirmative vote of the holders of outstanding Company Common Stock representing at least a majority of all
the votes entitled to be cast thereupon by holders of Company Common Stock (the “Requisite Stockholder Approval”)
is the only vote of holders of securities of the Company that is necessary to adopt this Agreement, but excluding the Recapitalization.
For the avoidance of doubt, the Requisite Stockholder Approval is the only vote of holders of securities of the Company that is
necessary to effect the Recapitalization if the same if submitted to the holders of Company Common Stock for approval.”

 

6.
Amendment to Appendix A. Appendix A of the Merger Agreement hereby is amended by amending and restating the definition
of “Company Recommendation” as follows:

 

“Company
Recommendation” shall mean the recommendation of the board of directors of the Company that the stockholders of the
Company adopt this Agreement.”

 

7.
Merger Agreement References. The parties hereto hereby agree that all references to the “Agreement” set forth
in the Merger Agreement (including, without limitation, in the representations and warranties of the parties set forth therein)
shall be deemed to be references to the Merger Agreement as amended by this Amendment No. 1.

 

8.
Full Force and Effect. Except as expressly amended or modified hereby, the Merger Agreement and the agreements, documents,
instruments and certificates among the parties hereto as contemplated by, or referred to, in the Merger Agreement shall remain
in full force and effect without any amendment or other modification thereto.

 

9.
Counterparts. This Amendment No. 1 may be executed in one or more counterparts, and by the different parties hereto in
separate counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall constitute
one and the same agreement. Delivery of an executed counterpart of a signature page to this Agreement by facsimile transmission
or by e-mail of a .pdf attachment shall be effective as delivery of a manually executed counterpart of this Agreement No. 1.

 

[Remainder
of Page Intentionally Left Blank]

 

    	-3-

    	 

    

 

IN
WITNESS WHEREOF, Parent, Merger Sub and the Company have caused this Amendment No. 1 to be executed as of the date first written
above by their respective officers thereunto duly authorized.

 

	 	THESTREET,
    INC.
	 	 	 
	 	By:	/s/
    Eric F. Lundberg
	 	Name:
    	Eric
    F. Lundberg
	 	Title:	CEO
    and CFO

 

	 	THEMAVEN,
    INC.
	 	 	 
	 	By:	/s/
    James C. Heckman
	 	Name:	James
    C. Heckman
	 	Title:	CEO

 

	 	TST
    ACQUISITION CO., INC.
	 	 	 
	 	By:	/s/
    James C. Heckman
	 	Name:	James
    C. Heckman
	 	Title:	CEO

 

[Signature
Page to Amendment No. 1 to Agreement and Plan of Merger]

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