Document:

Exhibit 10.1

 

AMENDMENT
TO AMENDED AND RESTATED ASSET PURCHASE AGREEMENT

 

This
AMENDMENT TO AMENDED AND RESTATED ASSET PURCHASE AGREEMENT (this “Amendment”),
is entered into as of August 24, 2018, by and among TheMaven, Inc., a Delaware corporation (“TheMaven”),
Maven Coalition, Inc., a Nevada corporation and a wholly-owned subsidiary of TheMaven (“Purchaser”),
and Say Media, Inc., a Delaware corporation (“Seller”). TheMaven, Purchaser and Seller are each, individually,
a “Party” or, collectively, the “Parties.”  Capitalized terms used but not otherwise defined herein
will have the same meanings ascribed to such terms in the Asset Purchase Agreement.

 

RECITALS

 

WHEREAS,
the Parties entered into that certain Asset Purchase Agreement, dated as of August 2, 2018, by and among the Parties (the “Original
Asset Purchase Agreement”);

 

WHEREAS,
the Parties amended and restated the Original Asset Purchase Agreement by entering into that certain Amended and Restated Asset
Purchase Agreement, dated as of August 4, 2018 (the “Asset Purchase Agreement”);

 

WHEREAS,
the Parties desire, solely on the terms and subject to the conditions set forth herein, to further amend certain terms and conditions
of the Asset Purchase Agreement pursuant to Section 7.12 of the Asset Purchase Agreement; and

 

WHEREAS,
except for the terms and conditions of the Asset Purchase Agreement specifically amended herein, the remaining terms and conditions
of the Asset Purchase Agreement remain in full force and effect.

 

NOW,
THEREFORE, in consideration of the premises and the respective covenants, agreements and conditions contained herein,
the parties hereto agree as follows:

 

		1.	Amendment Payments. On the date hereof,
TheMaven shall pay to each of the respective recipients thereof as set forth on Schedule 1 hereto the payments set forth
on Schedule 1 hereto (the “Amendment Payments”).

 

		2.	Final Forms of Ancillary Documents. The
Parties acknowledge and agree that:

 

		a.	Attached as Exhibit A hereto is the final form of the certificate contemplated by Section
2.3(c) of the Asset Purchase Agreement;

 

		b.	Attached as Exhibit B hereto is the final form of the certificate contemplated by Section
2.3(d) of the Asset Purchase Agreement;

 

		c.	Attached as Exhibit C hereto is the final form of the certificate contemplated by Section
2.4(d) of the Asset Purchase Agreement;

 

		d.	Attached as Exhibit D hereto is the final form of the certificate contemplated by Section
2.4(o) of the Asset Purchase Agreement, as amended hereby;

 

		e.	Attached as Exhibit E hereto is the final form of the Bill of Sale;

 

		f.	Attached as Exhibit F hereto is the final form of the Assignment and Assumption Agreement;

 

		g.	Attached as Exhibit G hereto is the final form of the IP Assignment Agreement;

 

		h.	The form of security agreement attached as Exhibit H-1 hereto and the form of subordination
agreement attached as Exhibit H-2 hereto collectively constitute the final form of the Security Agreement; and the form
of promissory note attached as Exhibit H-3 hereto is the final form of the Promissory Note;

 

		i.	Attached as Exhibit I hereto is the final form of the certificate contemplated by Section
2.5(i) of the Asset Purchase Agreement;

 

     

     

    

 

		j.	Attached as Exhibit J hereto are the final forms of the sole UCC termination statements
contemplated by Section 2.5(j) of the Asset Purchase Agreement; and

 

		k.	Attached as Exhibit K hereto is the final form of the instrument of transfer contemplated
by Section 2.5(k) of the Asset Purchase Agreement.

 

		3.	Contingent Amendment of Asset Purchase Agreement.
On condition, and solely to the extent, that TheMaven pays the Amendment Payments to the respective recipients thereof as set
forth on Schedule 1 hereto on the date hereof, the Asset Purchase Agreement shall be amended as follows with effect from
such time as the Amendment Payments are received by such recipients:

 

		a.	Intercreditor Agreement. Sections 2.5(e) and 2.6(e) of the Asset Purchase Agreement
are each hereby deleted and replaced in their entirety with the following:

 

“[Reserved]”

 

		b.	Key Personnel.

 

		i.	The definition of “Key Personnel” set forth in Exhibit A to Asset Purchase Agreement
shall be deleted and replaced in its entirety by the following:

 

““Key
Personnel” shall mean Benjamin Trott.”

 

		ii.	Section 2.4(i) of the Asset Purchase Agreement shall be deleted and replaced in its entirety by
the following:

 

“(i)(x) Each of Benjamin
Trott, Michelle Panzer, Nick Sanchez and Antoine Imbert shall have agreed to continue their employment as an employee of the Purchaser
with no less than substantially the same salary and benefits as under their current employment with Seller; and (y) Benjamin Trott
shall have agreed to enter into a non-competition and non-solicitation agreement applicable to the two (2) year period following
the Closing Date;”

 

		c.	Restrictive Covenant Agreement. The Asset Purchase Agreement shall be amended by
adding the following new Section 2.4(p):

 

“(p)Matthew Sanchez shall
have agreed to enter into a non-competition and non-solicitation agreement applicable to the two (2) year period following the
Closing Date.”

 

		d.	Non-Competition and Non-Solicitation Agreements. The Parties acknowledge and agree
that the non-competition and non-solicitation agreements contemplated by Sections 2.4(i) and 2.4(p) of the Asset Purchase Agreement,
to the extent the Asset Purchase Agreement is amended hereby, shall contain non-competition and non-solicitation covenants in substantially
the form attached hereto as Exhibit L, mutatis mutandis.

 

		e.	End Date. The reference to the date “August 20, 2018” in Section 7.1(b)
of the Asset Purchase Agreement shall be deemed to refer to the date “September 10, 2018”.

 

		f.	Conditions to the Obligations of TheMaven and Purchaser. The Asset Purchase Agreement
shall be amended by adding the following new Section 2.4(o):

 

“(o)(i) The representations
and warranties of Seller set forth in Sections 3.1, 3.2 and 3.14 shall be true and correct in all material respects as of the Closing
Date, except for representations and warranties made as of a specified date, which shall be true and correct in all material respects
as of such date; and (ii) TheMaven shall have received from the Chief Executive Officer of the Company a certificate certifying
that the condition set forth in the foregoing clause (i) has been satisfied; and”

 

     

     

    

 

		4.	Participating Stockholders. Exhibit C to
the Asset Purchase Agreement is hereby deleted and replaced in its entirety by Exhibit M hereto.

 

		5.	Severance Payments. For all purposes under
Section 6.8(b) of the Asset Purchase Agreement, TheMaven and Purchaser acknowledge and agree that Purchaser shall be responsible
for all severance pay and benefits payable to any Seller Service Provider who is not an Offered Service Provider.

 

		6.	Bring-Down Certification. Seller hereby
certifies to TheMaven and Purchaser as follows:

 

		a.	The representations and warranties of Seller set forth in Section 3 of the Asset Purchase Agreement
are true and correct in all material respects as of the date hereof, except for representations and warranties made as of a specified
date, which are true and correct in all material respects as of such date.

 

		b.	Seller has performed or complied with, in all material respects, its agreements and covenants required
to be performed or complied with under the Asset Purchase Agreement prior to the Closing.

 

		7.	Satisfaction by Seller of Certain Closing Conditions.
From and after the date hereof, Seller shall irrevocably be deemed to have satisfied in full each condition set forth in Sections
2.2 and 2.4 of the Asset Purchase Agreement (including any such condition that by its terms or nature is to be satisfied at the
Closing and was capable of being satisfied if the Closing Date were the date hereof), in each case, solely to the extent that
such condition was satisfied as of the date hereof (including any such condition that by its terms or nature is to be satisfied
at the Closing and was capable of being satisfied if the Closing Date were the date hereof). For the avoidance of doubt, the preceding
sentence shall not apply to Sections 2.4(i), 2.4(o) and 2.4(p) of the Asset Purchase Agreement.

 

		8.	Contingent Negotiation of Merger Agreement.
On condition, and solely to the extent, that TheMaven pays the Amendment Payments to the respective recipients thereof as set
forth on Schedule 1 on or prior to the date hereof, each of the Parties agrees to use commercially reasonable efforts to
negotiate in good faith a merger agreement, in accordance with the principles set forth on Exhibit N and, to the extent
the Parties enter into such a definitive merger agreement, each of the Parties further agrees to use commercially reasonable efforts
to consummate in good faith the transactions contemplated by such definitive merger agreement, and to the extent necessary, one
or more other definitive agreements with respect to such matters as are set forth in Exhibit N; provided, however,
that (x) the Parties shall be under no obligation to enter into any such merger agreement and/or such definitive agreements and
(y) in the event any such merger agreement and/or such definitive agreements are not executed and delivered by the Parties prior
to the valid termination of the Asset Purchase Agreement pursuant to Section 7.1 of the Asset Purchase Agreement or the Closing,
as applicable, the Asset Purchase Agreement, as amended hereby, shall be shall be binding on the Parties, and shall govern with
respect to the matters set forth herein and therein.

 

		9.	Certain Payments. Until the earlier of
(x) the valid termination of the Asset Purchase Agreement pursuant to Section 7.1 of the Asset Purchase Agreement and (y) the
Closing, TheMaven shall from time to time advance to Seller the Liabilities of Seller arising in the ordinary course of business,
consistent with past practices, from and after July 31, 2018 through to and including the Closing pursuant to one or more promissory
notes in the form of Exhibit O hereto, which promissory notes the Parties acknowledge and agree shall be Seller Promissory
Notes. For the avoidance of doubt, it is the intention of the Parties that the payments contemplated by the foregoing sentence
be made in such amounts and in such frequency as is from time to time necessary to prevent any such Liabilities from becoming
overdue.

 

		10.	Definitions. Unless the context otherwise
requires, the capitalized terms used in this Amendment shall have the meanings set forth in the Asset Purchase Agreement. Each
reference to the term “Agreement” in the Asset Purchase Agreement shall be deemed to refer to the Asset Purchase Agreement,
as amended hereby.

 

     

     

    

 

		11.	Construction. Sections 7.5 through 7.15
and Section 7.17 of the Asset Purchase Agreement are incorporated herein by reference, mutatis mutandis.

 

		12.	Continuing Effect of the Asset Purchase Agreement.
This Amendment shall not constitute an amendment of any other provision of the Asset Purchase Agreement not expressly amended
herein.

 

 

[Signature Pages Follow]

  

     

     

    

 

IN
WITNESS WHEREOF, TheMaven, Purchaser and Seller have caused this Amendment to
be executed as of the date first written above.

 

	 	TheMaven, INC.
	 	 	 
	 	 	 
	 	 	 
	 	By:	/s/ James C. Heckman 
	 	      	Name: James C. Heckman
	 	      	Title: Chief Executive Officer
	 	 	 
	 	 	 
	 	 	 
	 	MAVEN COALITION, INC.
	 	 	 
	 	 	 
	 	 	 
	 	By:	/s/
    James C. Heckman 
	 		Name: James C. Heckman
	 		Title: Chief Executive Officer
	 	 	 
	 	 	 
	 	 	 
	 	SAY MEDIA, INC.
	 	 	 
	 	 	 
	 	 	 
	 	By:	/s/ Matt Sanchez 
	 	      	Name:  Matt Sanchez
	 		Title:  Chief Executive
OfficerExhibit 10.1

 

August 28,
2018

 

Elliot Maza

150 Columbus Avenue, Apt 6D

New York, NY 10023

  

Re: Termination of Employment

 

Dear Elliot,

 

This letter summarizes the discussions between you and Immune
Pharmaceuticals, Inc. (together with its subsidiaries, the “Company”), regarding the terms and conditions of the termination
of your employment by the Company and your resignation as a member of the Company’s Board of Directors, effective immediately.

 

Reference is hereby made to the Employment Agreement, dated
as of December 1, 2017 (the “Employment Agreement”), by and between you and the Company. Capitalized terms used herein
have the respective meanings ascribed thereto in the Employment Agreement unless otherwise defined herein.

 

In consideration of your agreement to resign all positions held
by you with the Company effective immediately and in lieu of and in complete satisfaction of your rights pursuant to Sections 4.2,
5.4 and 5.5 of the Employment Agreement, the Company agrees to pay to you an amount equal to $300,000 (the “Severance Amount”)
and to waive any right it may have to seek to terminate your employment “For Cause” as specified in Section 5.3 of
the Employment Agreement. The Severance Amount will be paid to you in equal installments over a nine (9) month period (net of applicable
withholding) in accordance with the Company’s customary payroll practices; provided, however, that all outstanding installments
shall be paid in full in a lump sum (net of applicable withholding) within 15 days of the consummation of a Company Sale (as defined
below). As used herein, “Company Sale” means the acquisition by a third-party person, entity or “group”
(within the meaning of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended) (collectively, an “Acquirer”)
of (i) at least 50% of the voting power of the Company, (ii) the merger, consolidation or other similar business combination transaction
pursuant to which the stockholders of the Company immediately prior to such transaction own less than 50% of the voting power of
the Company or the successor thereto after giving effect to such transaction, or (iii) the sale, lease, exclusive license, assignment
or other transfer of Bertilimumab or all or substantially all of the Company’s assets in one or a series of related transactions;
provided, however, that in no event shall this clause (iii) include the disposal of the Company’s and its subsidiaries’
right, title and interest in Ceplene. In addition, if you timely and properly elect continuation coverage under the Consolidated
Omnibus Reconciliation Act of 1985 (“COBRA”), then the Company will reimburse you for the cost of the monthly COBRA
premium paid by you for you and your eligible dependents. You shall be eligible to receive such reimbursement until the earliest
of: (x) the nine (9) month anniversary of the date the Severance Payment commences; (y) the date you are no longer eligible to
receive COBRA continuation coverage; or (z) the date on which you either receive or becomes eligible to receive substantially similar
coverage from another employer.

 

     

     

    

 

You hereby resign all positions held by you as an officer, director
or employee of the Company, effective immediately and shall evidence your resignation by executing and delivering to the Company
the resignation letter attached hereto as Exhibit A. Furthermore, as a condition to the payment of the Severance Amount and reimbursement
of COBRA premiums you shall, simultaneously herewith, shall execute and deliver to the Company the General Release attached hereto
as Exhibit B. The Company hereby accepts your resignation and is also delivering to you an executed counterpart of the General
Release.

 

Except as expressly modified hereby, the terms of the Employment
Agreement shall continue in full force and effect.

 

This Agreement shall be governed by and interpreted under the
laws of the State of New York applicable to contracts made and to be performed therein without giving effect to the principles
of conflict of laws thereof. Except in respect of any action commenced by a third party in another jurisdiction, the parties hereto
agree that any legal suit, action, or proceeding against them arising out of or relating to this Agreement may be brought in the
United States Federal Courts in the State of New York or the state courts, in the State of New York. By its execution hereof, the
parties hereby irrevocably waive any objection and any right of immunity on the ground of venue, the convenience of the forum or
the jurisdiction of such courts or from the execution of judgments resulting therefrom. The parties hereby irrevocably accept and
submit to the jurisdiction of the aforesaid courts in any such suit, action or proceeding.

 

THE PARTIES HEREBY WAIVE ANY RIGHT TO TRIAL BY JURY IN ANY ACTION
OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY, WHETHER NOW EXISTING OR HEREAFTER
ARISING, AND WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE. THE PARTIES AGREE THAT ANY OF THEM MAY FILE A COPY OF THIS PARAGRAPH
WITH ANY COURT AS WRITTEN EVIDENCE OF THE KNOWING, VOLUNTARY AND BARGAINED-FOR AGREEMENT AMONG THE PARTIES IRREVOCABLY TO WAIVE
TRIAL BY JURY AND THAT ANY ACTION OR PROCEEDING WHATSOEVER BETWEEN THEM RELATING TO THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED
HEREBY SHALL INSTEAD BE TRIED IN A COURT OF COMPETENT JURISDICTION BY A JUDGE SITTING WITHOUT A JURY.

 

     

     

    

 

This Agreement may be executed and delivered in counterparts,
including by facsimile transmission or portable document format (“.pdf”), each of which shall be deemed an original,
but all of which together shall constitute one and the same instrument.

 

This Agreement shall be binding on successors and assigns.

 

[Signature page immediately follows]

 

     

     

    

  

If the forgoing accurately sets forth our agreement, please
so indicate by executing a counterpart of this agreement where indicated below and returning it to me.

 

	 	Very truly yours,	 
	 	 	 
	 	IMMUNE PHARMACEUTICALS, INC.	 
	 	 	 
	 	 	 	 	 
	 	By:	 /s/ Jeffrey Paley, MD	 
	 	Name:	Jeffrey Paley, MD	 
	 	Title:	Chair of the Nominating and Corporate Governance	 
	 	 		Committee of the Board of Directors	 

 

ACCEPTED AND AGREED

 

 

/s/ Elliot Maza________________

Elliot Maza

 

 

     

     

    

  

EXHIBIT A

 

Form of Resignation Letter

 

     

     

    

 

EXHIBIT B

 

Form of General Release

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00287-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00287-of-00352.parquet"}]]