Document:

Exhibit 10.6

 

FIRST AMENDMENT
TO 8.5% CONVERTIBLE REDEEMABLE NOTE DUE APRIL 24, 2018

 

 

This FIRST AMENDMENT TO 8.5% CONVERTIBLE
REDEEMABLE NOTE (“First Amendment”’) is entered into by and between JERRICK MEDIA HOLDINGS, INC., a Nevada
corporation (the “Borrower”), and DIAMOND ROCK, LLC., a New York limited liability, (the “Lender”).
Borrower and Lender are sometimes individually referred to in this First Amendment as “Party” and collectively as
“Parties”. This First Amendment shall be effective on the first date on which it is signed by both of the Parties
(“Effective Date”).

 

RECITALS

 

A.        
The Parties previously entered into that certain 8.5% Convertible Redeemable Note Agreement on or around July 24, 2017 (the
“Note Agreement”) (the 8.5% Convertible Redeemable Note referred to as the “Note”).

 

B.         
The Parties now desire to amend the 8.5% Convertible Redeemable Note Agreement as set forth in this First Amendment.

 

NOW, THEREFORE,
IN CONSIDERATION OF THE MUTUAL PROMISES SET FORTH IN THIS FIRST AMENDMENT AND OTHER VALUABLE CONSIDERATION, THE PARTIES AGREE AS
FOLLOWS:

 

		1.	Amendments.

 

1.1
Section 4(c) of the 8.5% Convertible Redeemable Note Agreement is hereby amended to read as follows: The Company may redeem this
Note by paying to the Lender an amount as follows: (i) if the redemption of the Note is on or prior to September 13, 2017, then
for an amount equal to 117.5% of the face amount of this Note along with any interest that has accrued during that period or (ii)
if the redemption of this Note after September 13, 2017 but less than the 180th day of this
Note, then for an amount equal to 150% of the unpaid principal amount of this Note along with any accrued interest (the day of
such a redemption if and when it occurs, the “Redemption Date”). In the event the Company redeems the Note on or prior
to September 13, 2017, the Company will offer to repurchase, on the Redemption Date, the shares the Lender received as additional
consideration for the purchase of the Note pursuant to Section 4(e) of the Securities Purchase Agreement (the “Consideration
Shares”) at a price of $0.14079 per share, which represents the volume weighted average closing price for the five trading
day period from August 31, 2017 through September 7, 2017 (the “Share Repurchase”). The Lender is under no obligation
to sell the Consideration Shares pursuant to the Share Repurchase offer, and the Share Repurchase offer will expire at 5:00 pm
(Eastern Time) on the Redemption Date. The Lender should notify the Borrower in writing delivered by overnight mail, email or facsimile
transmission if it chooses to accept the Share Repurchase offer. Funds for the accrued interest, Note Redemption and Share Repurchase
(if lender chooses to accept the Share Repurchase offer) will be paid to the Lender in a single wire transfer (per Lender’s
wiring instruction included herein on Exhibit A) within 24 hours. This Note may not be redeemed after 180 days.

 

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Funds due Lender in the event
the Company redeems the Note on or before September 13, 2017:

 

	Redemption Date:	 	Note
 Redemption
	 	 	Accrued
 Interest
	 	 	Total
 Without
 Share
 Repurchase
	 	 	Share
 Repurchase
	 	 	Total
 With
 Share
 Repurchase
	 
	September 11, 2017	 	$	58,750.00	 	 	$	578.47	 	 	$	59,328.47	 	 	$	3,519.75	 	 	$	62,848.22	 
	September 12, 2017	 	$	58,750.00	 	 	$	590.28	 	 	$	59,340.28	 	 	$	3,519.75	 	 	$	62,860.03	 
	September 13, 2017	 	$	58,750.00	 	 	$	602.08	 	 	$	59,352.08	 	 	$	3,519.75	 	 	$	62,871.83	 

 

2              Incorporation of Recitals. The Recitals set forth above, including the defined terms therein, are true and correct and are
hereby incorporated in this First Amendment by this reference as if restated in full.

 

3             Defined Terms. All initially-capitalized terms used in this First Amendment and not otherwise defined herein shall have
the meaning ascribed to them, respectively, in the 8.5% Convertible Redeemable Note Agreement, unless otherwise expressly provided
in this First Amendment.

 

4             No Other Amendments. Except as modified by this First Amendment, the 8.5% Convertible Redeemable Note Agreement remains
binding on the Parties in full force and effect according to its terms.

 

5             Incorporation of First Amendment. From and after the Effective Date of this First Amendment, wherever the term “8.5%
Convertible Redeemable Note Agreement” or “Agreement” appears in the 8.5% Convertible Redeemable Note Agreement,
it shall be read and understood to mean the 8.5% Convertible Redeemable Note Agreement as amended by this First Amendment.

  

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Signature Page Follows ***

 

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IN WITNESS WHEREOF, DiamondRock LLC and
Jerrick Media Holdings, Inc. have executed this First Amendment as of the date written below:

 

	JERRICK MEDIA HOLDINGS, INC. 	 	 
	 	 	 
	By:	/s/ Jeremy Frommer	 	Date: September 8, 2017
	 	Jeremy Frommer, Chief Executive Officer	 	 
	 	 	 
	DIAMONDROCK LLC	 	 
	 	 	 	 
	By:	/s/ Neil Rock	 	Date: September 8, 2017
	 	Neil Rock, President	 	 

  

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EXHIBIT A

 

 

Page 4
of 4Exhibit
10.7

 

FIRST
AMENDMENT TO 8.5% CONVERTIBLE REDEEMABLE DEBENTURE 

DUE APRIL 18, 2018

  

This
FIRST AMENDMENT TO 8.5% CONVERTIBLE REDEEMABLE DEBENTURE (“First Amendment”’) is entered into by and between
JERRICK MEDIA HOLDINGS, INC., a Nevada corporation (the “Borrower”), and PEAK ONE OPPORTUNITY FUND, L.P., a Delaware
limited partnership, (the “Lender”). Borrower and Lender are sometimes individually referred to in this First Amendment
as “Party” and collectively as “Parties”. This First Amendment shall be effective on the first date on
which it is signed by both of the Parties (“Effective Date”).

 

RECITALS

 

A.          The
Parties previously entered into that certain 8.5% Convertible Redeemable Debenture on or around July 18, 2017 (the “Debenture”).

 

B.           The
Parties now desire to amend the 8.5% Convertible Redeemable Debenture as set forth in this First Amendment.

 

NOW,
THEREFORE, IN CONSIDERATION OF THE MUTUAL PROMISES SET FORTH IN THIS FIRST AMENDMENT AND OTHER VALUABLE CONSIDERATION, THE PARTIES
AGREE AS FOLLOWS:

 

		1.	Amendments.

 

1.1
Section 4(c) of the Debenture is hereby amended to read as follows: The Company may redeem this Debenture by paying to the Lender
an amount as follows: (i) if the redemption of the Debenture is on or prior to September 13, 2017, then for an amount equal to
117.5% of the face amount of this Debenture along with any interest that has accrued during that period or (ii) if the redemption
of this Debenture after September 13, 2017 but less than the 180th day of this Debenture, then for an amount equal to 150% of
the unpaid principal amount of this Debenture along with any accrued interest (the day of such a redemption if and when it occurs,
the “Redemption Date”). In the event the Company redeems the Debenture on or prior to September 13, 2017, the Company
will offer to repurchase, on the Redemption Date, the shares the Lender received as additional consideration for the purchase
of the Debenture pursuant to Section 4(e) of the Securities Purchase Agreement (the “Consideration Shares”) at a price
of $0.14079 per share, which represents the volume weighted average closing price for the five trading day period from August
31, 2017 through September 7, 2017 (the “Share Repurchase”). The Lender is under no obligation to sell the Consideration
Shares pursuant to the Share Repurchase offer, and the Share Repurchase offer will expire at 5:00 pm (Eastern Time) on the Redemption
Date. The Lender should notify the Borrower in writing delivered by overnight mail, email or facsimile transmission if it chooses
to accept the Share Repurchase offer. Funds for the accrued interest, Debenture Redemption and Share Repurchase (if lender chooses
to accept the Share Repurchase offer) will be paid to the Lender in a single wire transfer (per Lender’s wiring instruction
included herein on Exhibit A) within 24 hours. This Debenture may not be redeemed after 180 days.

 

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Funds
due Lender in the event the Company redeems the Debenture on or before September 13, 2017:

 

	Redemption
    Date:	 	Debenture
    Redemption	 	 	Accrued
    Interest	 	 	Total
 Without
                                         Share Repurchase
	 	 	Share
    Repurchase	 	 	Total
 With
                                         Share
 Repurchase
	 
	September 14, 2017	 	$	261,110.85	 	 	$	2,990.74	 	 	$	264,101.59	 	 	$	15,486.90	 	 	$	279,588.49	 

 

2         Incorporation
of Recitals. The Recitals set forth above, including the defined terms therein, are true and correct and are hereby incorporated
in this First Amendment by this reference as if restated in full.

 

3         Defined
Terms. All initially-capitalized terms used in this First Amendment and not otherwise defined herein shall have the meaning ascribed
to them, respectively, in the Debenture, unless otherwise expressly provided in this First Amendment.

 

4         No
Other Amendments. Except as modified by this First Amendment, the Debenture remains binding on the Parties in full force and effect
according to its terms.

 

5         Incorporation
of First Amendment. From and after the Effective Date of this First Amendment, wherever the term “Debenture ” appears
in the Debenture, it shall be read and understood to mean the 8 Debenture as amended by this First Amendment.

  

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Signature Page Follows ***

 

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IN
WITNESS WHEREOF, Peak One Opportunity Fund, L.P. and Jerrick Media Holdings, Inc. have executed this First Amendment as of
the date written below:

 

JERRICK
MEDIA HOLDINGS, INC.

 

	By:	/s/
Jeremy Frommer	 	Date: September 13, 2017
	 	Jeremy Frommer, Chief Executive Officer	 	 

  

PEAK
ONE OPPORTUNITY FUND, L.P.

 

	By:	 	 	Date: September 13, 2017
	 	Jason Goldstein, Founder and Managing Partner	 	 

  

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EXHIBIT
A

 

 

 

 

 

 

 

 

 

 

Page 4 of 4

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