MGT
CAPITAL INVESTMENTS, INC.


 


FORM
OF WARRANT AGREEMENT


 


WARRANT
AGREEMENT (this “Agreement”), dated as of [                   ]
between MGT CAPITAL INVESTMENTS, INC., a Delaware corporation (the “Company”) and [                   ],
a [corporation] [national banking association] organized and existing under the laws of [                   ]
and having a corporate trust office in [                   ],
as warrant agent (the “Warrant Agent”).


 


WHEREAS,
the Company proposes to sell warrant certificates evidencing one or more warrants (the “Warrants” or,
individually, a “Warrant”) representing the right to purchase [Securities] of the Company (the “Warrant
Securities”), such warrant certificates and other warrant certificates issued pursuant to this Agreement being herein
called the “Warrant Certificates”; and


 


WHEREAS,
the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing so to act, in connection
with the issuance, registration, transfer, exchange, exercise and replacement of the Warrant Certificates, and in this Agreement
wishes to set forth, among other things, the form and provisions of the Warrant Certificates and the terms and conditions on which
they may be issued, registered, transferred, exchanged, exercised and replaced.


 


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


 


ARTICLE
1


 


ISSUANCE
OF WARRANTS AND EXECUTION AND DELIVERY OF WARRANT CERTIFICATES


 


1.1
Issuance Of Warrants. Upon issuance, each Warrant Certificate shall evidence one or more Warrants. Each Warrant evidenced
thereby shall represent the right, subject to the provisions contained herein and therein, to purchase one Warrant Security.


 


1.2
Execution And Delivery Of Warrant Certificates. Each Warrant Certificate, whenever issued, shall be in registered form substantially
in the form set forth in Exhibit A hereto, shall be dated the date of its countersignature by the Warrant Agent and
may have such letters, numbers, or other marks of identification or designation and such legends or endorsements printed, lithographed
or engraved thereon as the officers of the Company executing the same may approve (execution thereof to be conclusive evidence
of such approval) and as are not inconsistent with the provisions of this Agreement, or as may be required to comply with any
law or with any rule or regulation made pursuant thereto or with any rule or regulation of any securities exchange on
which the Warrants may be listed, or to conform to usage. The Warrant Certificates shall be signed on behalf of the Company by
any of its present or future chief executive officers, presidents, senior vice presidents, vice presidents, chief financial officers,
chief legal officers, treasurers, assistant treasurers, controllers, assistant controllers, secretaries or assistant secretaries
under its corporate seal reproduced thereon. Such signatures may be manual or facsimile signatures of such authorized officers
and may be imprinted or otherwise reproduced on the Warrant Certificates. The seal of the Company may be in the form of a facsimile
thereof and may be impressed, affixed, imprinted or otherwise reproduced on the Warrant Certificates.


 


No
Warrant Certificate shall be valid for any purpose, and no Warrant evidenced thereby shall be exercisable, until such Warrant
Certificate has been countersigned by the manual signature of the Warrant Agent. Such signature by the Warrant Agent upon any
Warrant Certificate executed by the Company shall be conclusive evidence that the Warrant Certificate so countersigned has been
duly issued hereunder.


 


In
case any officer of the Company who shall have signed any of the Warrant Certificates either manually or by facsimile
signature shall cease to be such officer before the Warrant Certificates so signed shall have been countersigned and
delivered by the Warrant Agent, such Warrant Certificates may be countersigned and delivered notwithstanding that the person
who signed Warrant Certificates ceased to be such officer of the Company; and any Warrant Certificate may be signed on behalf
of the Company by such persons as, at the actual date of the execution of such Warrant Certificate, shall be the proper
officers of the Company, although at the date of the execution of this Agreement any such person was not such
officer.


 






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The
term “holder” or “holder of a Warrant Certificate” as used herein shall mean any person in whose name
at the time any Warrant Certificate shall be registered upon the books to be maintained by the Warrant Agent for that purpose.


 


1.3
Issuance Of Warrant Certificates. Warrant Certificates evidencing the right to purchase Warrant Securities may be executed
by the Company and delivered to the Warrant Agent upon the execution of this Warrant Agreement or from time to time thereafter.
The Warrant Agent shall, upon receipt of Warrant Certificates duly executed on behalf of the Company, countersign such Warrant
Certificates and shall deliver such Warrant Certificates to or upon the order of the Company.


 


ARTICLE
2


 


WARRANT
PRICE, DURATION AND EXERCISE OF WARRANTS


 


2.1
Warrant Price. During the period specified in Section 2.2, each Warrant shall, subject to the terms of this Warrant
Agreement and the applicable Warrant Certificate, entitle the holder thereof to purchase the number of Warrant Securities
specified in the applicable Warrant Certificate at an exercise price of
$ [                   ]
per Warrant Security, subject to adjustment upon the occurrence of certain events, as hereinafter provided. Such purchase
price per Warrant Security is referred to in this Agreement as the “Warrant Price.”


 


2.2
Duration Of Warrants. Each Warrant may be exercised in whole or in part at any time, as specified herein, on or after [the
date thereof] [                   ]
and at or before [                   ]
p.m., [                   ] time,
on [                   ] or such
later date as the Company may designate by notice to the Warrant Agent and the holders of Warrant Certificates mailed to their
addresses as set forth in the record books of the Warrant Agent (the “Expiration Date”). Each Warrant
not exercised at or before [                   ]
p.m., [                   ] time,
on the Expiration Date shall become void, and all rights of the holder of the Warrant Certificate evidencing such Warrant under
this Agreement shall cease.


 


2.3
Exercise Of Warrants.


 


(a)
During the period specified in Section 2.2, the Warrants may be exercised to purchase a whole number of Warrant Securities
in registered form by providing certain information as set forth on the reverse side of the Warrant Certificate and by paying
in full, in lawful money of the United States of America, [in cash or by certified check or official bank check in New York Clearing
House funds] [by bank wire transfer in immediately available funds] the Warrant Price for each Warrant Security with respect to
which a Warrant is being exercised to the Warrant Agent at its corporate trust office, provided that such exercise is subject
to receipt within five (5) business days of such payment by the Warrant Agent of the Warrant Certificate with the form of election
to purchase Warrant Securities set forth on the reverse side of the Warrant Certificate properly completed and duly executed.


 


The
date on which payment in full of the Warrant Price is received by the Warrant Agent shall, subject to receipt of the Warrant Certificate
as aforesaid, be deemed to be the date on which the Warrant is exercised; provided, however, that if, at the date of receipt of
such Warrant Certificates and payment in full of the Warrant Price, the transfer books for the Warrant Securities purchasable
upon the exercise of such Warrants shall be closed, no such receipt of such Warrant Certificates and no such payment of such Warrant
Price shall be effective to constitute the person so designated to be named as the holder of record of such Warrant Securities
on such date, but shall be effective to constitute such person as the holder of record of such Warrant Securities for all purposes
at the opening of business on the next succeeding day on which the transfer books for the Warrant Securities purchasable upon
the exercise of such Warrants shall be opened, and the certificates for the Warrant Securities in respect of which such Warrants
are then exercised shall be issuable as of the date on such next succeeding day on which the transfer books shall next be opened,
and until such date the Company shall be under no duty to deliver any certificate for such Warrant Securities.


 




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The
Warrant Agent shall deposit all funds received by it in payment of the Warrant Price in an account of the Company maintained with
it and shall advise the Company at the end of each day on which a payment for the exercise of Warrants is received of the amount
so deposited to its account. If such advice is given other than in a writing, the Warrant Agent shall promptly confirm such advice
to the Company in writing.


 


(b)
The Warrant Agent shall, from time to time, as promptly as practicable, advise the Company of (i) the number of Warrant
Securities with respect to which Warrants were exercised, (ii) the instructions of each holder of the Warrant Certificates
evidencing such Warrants with respect to delivery of the Warrant Securities to which such holder is entitled upon such exercise,
(iii) delivery of Warrant Certificates evidencing the balance, if any, of the Warrants for the remaining Warrant Securities
after such exercise, and (iv) such other information as the Company shall reasonably require.


 


(c)
As soon as practicable after the exercise of any Warrant, the Company shall issue to or upon the order of the holder of the
Warrant Certificate evidencing such Warrant the Warrant Securities to which such holder is entitled, in fully registered form,
registered in such name or names as may be directed by such holder. If fewer than all of the Warrants evidenced by such Warrant
Certificate are exercised, the Company shall execute, and an authorized officer of the Warrant Agent shall manually countersign
and deliver, a new Warrant Certificate evidencing Warrants for the number of Warrant Securities remaining unexercised.


 


(d)
The Company shall not be required to pay any stamp or other tax or other governmental charge required to be paid in connection
with any transfer involved in the issue of the Warrant Securities, and in the event that any such transfer is involved, the Company
shall not be required to issue or deliver any Warrant Security until such tax or other charge shall have been paid or it has been
established to the Company’s satisfaction that no such tax or other charge is due.


 


(e)
Prior to the issuance of any Warrants there shall have been reserved, and the Company shall at all times through the Expiration
Date keep reserved, out of its authorized but unissued Warrant Securities, a number of shares sufficient to provide for the exercise
of the Warrants.


 


ARTICLE 3


 


OTHER
PROVISIONS RELATING TO RIGHTS OF HOLDERS OF WARRANT CERTIFICATES


 


3.1
No Rights As Warrant Securityholder Conferred By Warrants Or Warrant Certificates. No Warrant Certificate or Warrant evidenced
thereby shall entitle the holder thereof to any of the rights of a holder of Warrant Securities, including, without limitation,
the right to receive the payment of dividends or distributions, if any, on the Warrant Securities or to exercise any voting rights,
except to the extent expressly set forth in this Agreement or the applicable Warrant Certificate.


 


3.2
Lost, Stolen, Mutilated Or Destroyed Warrant Certificates. Upon receipt by the Warrant Agent of evidence reasonably
satisfactory to it and the Company of the ownership of and the loss, theft, destruction or mutilation of any Warrant
Certificate and/or indemnity reasonably satisfactory to the Warrant Agent and the Company and, in the case of mutilation,
upon surrender of the mutilated Warrant Certificate to the Warrant Agent for cancellation, then, in the absence of notice to
the Company or the Warrant Agent that such Warrant Certificate has been acquired by a bona fide purchaser, the Company shall
execute, and an authorized officer of the Warrant Agent shall manually countersign and deliver, in exchange for or in lieu of
the lost, stolen, destroyed or mutilated Warrant Certificate, a new Warrant Certificate of the same tenor and evidencing
Warrants for a like number of Warrant Securities. Upon the issuance of any new Warrant Certificate under this
Section 3.2, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that
may be imposed in relation thereto and any other expenses (including the fees and expenses of the Warrant Agent) in
connection therewith. Every substitute Warrant Certificate executed and delivered pursuant to this Section 3.2 in lieu
of any lost, stolen or destroyed Warrant Certificate shall represent an additional contractual obligation of the
Company, whether or not the lost, stolen or destroyed Warrant Certificate shall be at any time enforceable by anyone, and
shall be entitled to the benefits of this Agreement equally and proportionately with any and all other Warrant Certificates
duly executed and delivered hereunder. The provisions of this Section 3.2 are exclusive and shall preclude (to the
extent lawful) all other rights and remedies with respect to the replacement of mutilated, lost, stolen or destroyed Warrant
Certificates.


 






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3.3
Holder Of Warrant Certificate May Enforce Rights. Notwithstanding any of the provisions of this Agreement, any holder
of a Warrant Certificate, without the consent of the Warrant Agent, the holder of any Warrant Securities or the holder of any
other Warrant Certificate, may, in such holder’s own behalf and for such holder’s own benefit, enforce, and may institute
and maintain any suit, action or proceeding against the Company suitable to enforce, or otherwise in respect of, such holder’s
right to exercise the Warrants evidenced by such holder’s Warrant Certificate in the manner provided in such holder’s
Warrant Certificate and in this Agreement.


 


3.4
Adjustments.


 


(a)
[Adjustments if the Warrant Securities shall consist of common stock]


 


(i)
In case the Company shall at any time subdivide its outstanding shares of common stock into a greater number of shares, the
Warrant Price in effect immediately prior to such subdivision shall be proportionately reduced and the number of Warrant Securities
purchasable under the Warrants shall be proportionately increased. Conversely, in case the outstanding shares of common stock
of the Company shall be combined into a smaller number of shares, the Warrant Price in effect immediately prior to such combination
shall be proportionately increased and the number of Warrant Securities purchasable under the Warrants shall be proportionately
decreased.


 


(ii)
If at any time or from time to time the holders of common stock (or any shares of stock or other securities at the time receivable
upon the exercise of the Warrants) shall have received or become entitled to receive, without payment therefore,


 


(w)
common stock or any shares of stock or other securities which are at any time directly or indirectly convertible into or exchangeable
for Common Stock, or any rights or options to subscribe for, purchase or otherwise acquire any of the foregoing by way of dividend
or other distribution;


 


(x)
 any cash paid or payable otherwise than as a cash dividend paid or payable out of the Company’s current or retained
earnings;


 


(y)
 any evidence of the Company’s indebtedness or rights to subscribe for or purchase the Company’s indebtedness;
or


 


(z)
common Stock or additional stock or other securities or property (including cash) by way of spinoff, split-up, reclassification,
combination of shares or similar corporate rearrangement (other than shares of common stock issued as a stock split or adjustments
in respect of which shall be covered by the terms of Section 3.4(a) above), then and in each such case, the holder of
each Warrant shall, upon the exercise of the Warrant, be entitled to receive, in addition to the number of Warrant Securities
receivable thereupon, and without payment of any additional consideration therefore, the amount of stock and other securities
and property (including cash and indebtedness or rights to subscribe for or purchase indebtedness) which such holder would hold
on the date of such exercise had he been the holder of record of such Warrant Securities as of the date on which holders of common
stock received or became entitled to receive such shares or all other additional stock and other securities and property.


 


(iii)
Notwithstanding anything to the contrary herein, in no event shall the Warrant Price, as adjusted in accordance with the terms
hereof, be less than the par value per share of Common Stock.


 


(b)
[If the Warrant Securities shall consist of other than common stock, insert appropriate adjustments]


 






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(c) In
case of (i) any reclassification, capital reorganization, or change in the Warrant Securities of the Company (other than
as a result of a subdivision, combination, or stock dividend otherwise provided for in this Section 3.4),
(ii) share exchange, merger or similar transaction of the Company with or into another person or entity (other than a
share exchange, merger or similar transaction in which the Company is the acquiring or surviving corporation and which does
not result in any change in the Warrant Securities other than the issuance of additional securities) or (iii) the sale,
exchange, lease, transfer or other disposition of all or substantially all of the properties and assets of the Company as an
entirety (in any such case, a “Reorganization Event”), then, as a condition of such Reorganization
Event, lawful provisions shall be made, and duly executed documents evidencing the same from the Company or its successor
shall be delivered to the holders of the Warrants, so that the holders of the Warrants shall have the right at any time prior
to the expiration of the Warrants to purchase, at a total price equal to that payable upon the exercise of the Warrants, the
kind and amount of shares of stock and other securities and property receivable in connection with such Reorganization Event
by a holder of the same number of Warrant Securities as were purchasable by the holders of the Warrants immediately prior to
such Reorganization Event.


 


In
any such case appropriate provisions shall be made with respect to the rights and interests of the holders of the Warrants so
that the provisions hereof shall thereafter be applicable with respect to any shares of stock or other securities and property
deliverable upon exercise of the Warrants, and appropriate adjustments shall be made to the Warrant Price payable hereunder provided
the aggregate purchase price shall remain the same. In the case of any transaction described in clauses (ii) and (iii) above,
the Company shall thereupon be relieved of any further obligation hereunder or under the Warrants, and the Company as the predecessor
corporation may thereupon or at any time thereafter be dissolved, wound up or liquidated. Such successor or assuming entity thereupon
may cause to be signed, and may issue either in its own name or in the name of the Company, any or all of the Warrants issuable
hereunder which heretofore shall not have been signed by the Company, and may execute and deliver securities in its own name,
in fulfillment of its obligations to deliver Warrant Securities upon exercise of the Warrants. All the Warrants so issued shall
in all respects have the same legal rank and benefit under this Agreement as the Warrants theretofore or thereafter issued in
accordance with the terms of this Agreement as though all of such Warrants had been issued at the date of the execution hereof.
In any case of any such Reorganization Event, such changes in phraseology and form (but not in substance) may be made in the Warrants
thereafter to be issued as may be appropriate.


 


The
Warrant Agent may receive a written opinion of legal counsel as conclusive evidence that any such Reorganization Event complies
with the provisions of this Section 3.4.


 


(d)
 The Company may, at its option, at any time until the Expiration Date, reduce the then current Warrant Price to any amount
deemed appropriate by the Board of Directors of the Company for any period not exceeding twenty consecutive days (as evidenced
in a resolution adopted by such Board of Directors), but only upon giving the notices required by Section 3.5 at least ten
days prior to taking such action.


 


(e)
 Except as herein otherwise expressly provided, no adjustment in the Warrant Price shall be made by reason of the issuance
of the Warrant Securities, or securities convertible into or exchangeable for such securities, or securities carrying the right
to purchase any of the foregoing or for any other reason whatsoever.


 


(f) 
No fractional Warrant Securities shall be issued upon the exercise of Warrants. If more than one Warrant shall be exercised at
one time by the same holder, the number of full Warrant Securities which shall be issuable upon such exercise shall be computed
on the basis of the aggregate number of Warrant Securities purchased pursuant to the Warrants so exercised. Instead of any fractional
Warrant Security which would otherwise be issuable upon exercise of any Warrant, the Company shall pay a cash adjustment in respect
of such fraction in an amount equal to the same fraction of the last sales price (or bid price if there were no sales) per Warrant
Security, in either case as reported on the principal registered national securities exchange on which the Warrant Securities
are listed or admitted to trading on the business day that next precedes the day of exercise or, if the Warrant Securities are
not then listed or admitted to trading on any registered national securities exchange, the average of the closing high bid and
low asked prices as reported on the OTC Bulletin Board Service (the “OTC Bulletin Board”) operated by
the Financial Industry Regulatory Authority, Inc. (“FINRA”) or, if not available on the OTC Bulletin
Board, then the average of the closing high bid and low asked prices as reported on any other U.S. quotation medium or inter-dealer
quotation system on such date, or if on any such date the Warrant Securities are not listed or admitted to trading on a registered
national securities exchange, are not included in the OTC Bulletin Board, and are not quoted on any other U.S. quotation medium
or inter-dealer quotation system, an amount equal to the same fraction of the average of the closing bid and asked prices as furnished
by any FINRA member firm selected from time to time by the Company for that purpose at the close of business on the business day
that next precedes the day of exercise.


 




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(g)
 Whenever the Warrant Price then in effect is adjusted as herein provided, the Company shall mail to each holder of the Warrants
at such holder’s address as it shall appear on the books of the Company a statement setting forth the adjusted Warrant Price
then and thereafter effective under the provisions hereof, together with the facts, in reasonable detail, upon which such adjustment
is based.


 


3.5
Notice To Warrantholders. In case the Company shall (a) effect any dividend or distribution on the Warrant Securities,
(b) effect any Reorganization Event, (c) make any distribution on or in respect of the Warrant Securities in connection
with the dissolution, liquidation or winding up of the Company, or (d) reduce the then current Warrant Price pursuant to
Section 3.4(d), then the Company shall mail to each holder of Warrants at such holder’s address as it shall appear
on the books of the Warrant Agent, at least ten (10) days prior to the applicable date hereinafter specified, a notice stating
(x) the record date for such dividend or distribution, or, if a record is not to be taken, the date as of which the holders
of record that will be entitled to such dividend or distribution are to be determined, (y) the date on which such Reorganization
Event, dissolution, liquidation or winding up is expected to become effective, and the date as of which it is expected that holders
of Warrant Securities of record shall be entitled to exchange their Warranty Securities for securities or other property deliverable
upon such Reorganization Event, dissolution, liquidation or winding up, or (z) the first date on which the then current Warrant
Price shall be reduced pursuant to Section 3.4(d). No failure to mail such notice nor any defect therein or in the mailing
thereof shall affect any such transaction or any adjustment in the Warrant Price required by Section 3.4.


 


ARTICLE
4


 


EXCHANGE
AND TRANSFER OF WARRANT CERTIFICATES


 


4.1
Exchange And Transfer Of Warrant Certificates. Upon surrender at the corporate trust office of the Warrant Agent, Warrant
Certificates evidencing Warrants may be exchanged for Warrant Certificates in other denominations evidencing such Warrants or
the transfer thereof may be registered in whole or in part; provided that such other Warrant Certificates evidence Warrants for
the same aggregate number of Warrant Securities as the Warrant Certificates so surrendered. The Warrant Agent shall keep, at its
corporate trust office, books in which, subject to such reasonable regulations as it may prescribe, it shall register Warrant
Certificates and exchanges and transfers of outstanding Warrant Certificates, upon surrender of the Warrant Certificates to the
Warrant Agent at its corporate trust office for exchange or registration of transfer, properly endorsed or accompanied by appropriate
instruments of registration of transfer and written instructions for transfer, all in form satisfactory to the Company and the
Warrant Agent. No service charge shall be made for any exchange or registration of transfer of Warrant Certificates, but the Company
may require payment of a sum sufficient to cover any stamp or other tax or other governmental charge that may be imposed in connection
with any such exchange or registration of transfer. Whenever any Warrant Certificates are so surrendered for exchange or registration
of transfer, an authorized officer of the Warrant Agent shall manually countersign and deliver to the person or persons entitled
thereto a Warrant Certificate or Warrant Certificates duly authorized and executed by the Company, as so requested.


 


The
Warrant Agent shall not be required to effect any exchange or registration of transfer which will result in the issuance of a
Warrant Certificate evidencing a Warrant for a fraction of a Warrant Security or a number of Warrants for a whole number of Warrant
Securities and a fraction of a Warrant Security. All Warrant Certificates issued upon any exchange or registration of transfer
of Warrant Certificates shall be the valid obligations of the Company, evidencing the same obligations and entitled to the same
benefits under this Agreement as the Warrant Certificate surrendered for such exchange or registration of transfer.


 


4.2
Treatment Of Holders Of Warrant Certificates. The Company, the Warrant Agent and all other persons may treat the registered
holder of a Warrant Certificate as the absolute owner thereof for any purpose and as the person entitled to exercise the rights
represented by the Warrants evidenced thereby, any notice to the contrary notwithstanding.


 


4.3
Cancellation Of Warrant Certificates. Any Warrant Certificate surrendered for exchange, registration of transfer or exercise
of the Warrants evidenced thereby shall, if surrendered to the Company, be delivered to the Warrant Agent and all Warrant Certificates
surrendered or so delivered to the Warrant Agent shall be promptly canceled by the Warrant Agent and shall not be reissued and,
except as expressly permitted by this Agreement, no Warrant Certificate shall be issued hereunder in exchange therefor or in lieu
thereof.


 




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The
Warrant Agent shall deliver to the Company from time to time or otherwise dispose of canceled Warrant Certificates in a manner
satisfactory to the Company.


 


ARTICLE
5


 


CONCERNING
THE WARRANT AGENT


 


5.1
Warrant Agent. The Company hereby appoints [                   ]
as Warrant Agent of the Company in respect of the Warrants and the Warrant Certificates upon the terms and subject to the conditions
herein set forth, and [                   ]
hereby accepts such appointment. The Warrant Agent shall have the powers and authority granted to and conferred upon it in the
Warrant Certificates and hereby and such further powers and authority to act on behalf of the Company as the Company may hereafter
grant to or confer upon it. All of the terms and provisions with respect to such powers and authority contained in the Warrant
Certificates are subject to and governed by the terms and provisions hereof.


 


5.2
Conditions Of Warrant Agent’s Obligations. The Warrant Agent accepts its obligations herein set forth upon the terms
and conditions hereof, including the following to all of which the Company agrees and to all of which the rights hereunder of
the holders from time to time of the Warrant Certificates shall be subject:


 


(a)
Compensation And Indemnification. The Company agrees promptly to pay the Warrant Agent the compensation to be agreed upon
with the Company for all services rendered by the Warrant Agent and to reimburse the Warrant Agent for reasonable out-of-pocket
expenses (including reasonable counsel fees) incurred without negligence, bad faith or willful misconduct by the Warrant Agent
in connection with the services rendered hereunder by the Warrant Agent. The Company also agrees to indemnify the Warrant Agent
for, and to hold it harmless against, any loss, liability or expense incurred without negligence, bad faith or willful misconduct
on the part of the Warrant Agent, arising out of or in connection with its acting as Warrant Agent hereunder, including the reasonable
costs and expenses of defending against any claim of such liability.


 


(b)
Agent For The Company. In acting under this Warrant Agreement and in connection with the Warrant Certificates, the Warrant
Agent is acting solely as agent of the Company and does not assume any obligations or relationship of agency or trust for or with
any of the holders of Warrant Certificates or beneficial owners of Warrants.


 


(c)
Counsel. The Warrant Agent may consult with counsel satisfactory to it, which may include counsel for the Company, and the
written advice of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered
or omitted by it hereunder in good faith and in accordance with the advice of such counsel.


 


(d)
Documents. The Warrant Agent shall be protected and shall incur no liability for or in respect of any action taken or omitted
by it in reliance upon any Warrant Certificate, notice, direction, consent, certificate, affidavit, statement or other paper or
document reasonably believed by it to be genuine and to have been presented or signed by the proper parties.


 


(e)
Certain Transactions. The Warrant Agent, and its officers, directors and employees, may become the owner of, or acquire any
interest in, Warrants, with the same rights that it or they would have if it were not the Warrant Agent hereunder, and, to the
extent permitted by applicable law, it or they may engage or be interested in any financial or other transaction with the Company
and may act on, or as depositary, trustee or agent for, any committee or body of holders of Warrant Securities or other obligations
of the Company as freely as if it were not the Warrant Agent hereunder. Nothing in this Warrant Agreement shall be deemed to prevent
the Warrant Agent from acting as trustee under any indenture to which the Company is a party.


 


(f)
No Liability For Interest. Unless otherwise agreed with the Company, the Warrant Agent shall have no liability for interest
on any monies at any time received by it pursuant to any of the provisions of this Agreement or of the Warrant Certificates.


 




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(g)
No Liability For Invalidity. The Warrant Agent shall have no liability with respect to any invalidity of this Agreement or
any of the Warrant Certificates (except as to the Warrant Agent’s countersignature thereon).


 


(h)
No Responsibility For Representations. The Warrant Agent shall not be responsible for any of the recitals or representations
herein or in the Warrant Certificates (except as to the Warrant Agent’s countersignature thereon), all of which are made
solely by the Company.


 


(i)
No Implied Obligations. The Warrant Agent shall be obligated to perform only such duties as are herein and in the Warrant
Certificates specifically set forth and no implied duties or obligations shall be read into this Agreement or the Warrant Certificates
against the Warrant Agent. The Warrant Agent shall not be under any obligation to take any action hereunder which may tend to
involve it in any expense or liability, the payment of which within a reasonable time is not, in its reasonable opinion, assured
to it. The Warrant Agent shall not be accountable or under any duty or responsibility for the use by the Company of any of the
Warrant Certificates authenticated by the Warrant Agent and delivered by it to the Company pursuant to this Agreement or for the
application by the Company of the proceeds of the Warrant Certificates. The Warrant Agent shall have no duty or responsibility
in case of any default by the Company in the performance of its covenants or agreements contained herein or in the Warrant Certificates
or in the case of the receipt of any written demand from a holder of a Warrant Certificate with respect to such default, including,
without limiting the generality of the foregoing, any duty or responsibility to initiate or attempt to initiate any proceedings
at law or otherwise or, except as provided in Section 6.2 hereof, to make any demand upon the Company.


 


5.3
Resignation, Removal And Appointment Of Successors.


 


(a)
The Company agrees, for the benefit of the holders from time to time of the Warrant Certificates, that there shall at all
times be a Warrant Agent hereunder until all the Warrants have been exercised or are no longer exercisable.


 


(b)
The Warrant Agent may at any time resign as agent by giving written notice to the Company of such intention on its part, specifying
the date on which its desired resignation shall become effective; provided that such date shall not be less than three (3) months
after the date on which such notice is given unless the Company otherwise agrees. The Warrant Agent hereunder may be removed at
any time by the filing with it of an instrument in writing signed by or on behalf of the Company and specifying such removal and
the intended date when it shall become effective. Such resignation or removal shall take effect upon the appointment by the Company,
as hereinafter provided, of a successor Warrant Agent (which shall be a bank or trust company authorized under the laws of the
jurisdiction of its organization to exercise corporate trust powers) and the acceptance of such appointment by such successor
Warrant Agent. The obligation of the Company under Section 5.2(a) shall continue to the extent set forth therein notwithstanding
the resignation or removal of the Warrant Agent.


 


(c)
In case at any time the Warrant Agent shall resign, or shall be removed, or shall become incapable of acting, or shall be
adjudged a bankrupt or insolvent, or shall commence a voluntary case under the Federal bankruptcy laws, as now or hereafter constituted,
or under any other applicable Federal or state bankruptcy, insolvency or similar law or shall consent to the appointment of or
taking possession by a receiver, custodian, liquidator, assignee, trustee, sequestrator (or other similar official) of the Warrant
Agent or its property or affairs, or shall make an assignment for the benefit of creditors, or shall admit in writing its inability
to pay its debts generally as they become due, or shall take corporate action in furtherance of any such action, or a decree or
order for relief by a court having jurisdiction in the premises shall have been entered in respect of the Warrant Agent in an
involuntary case under the Federal bankruptcy laws, as now or hereafter constituted, or any other applicable Federal or state
bankruptcy, insolvency or similar law, or a decree or order by a court having jurisdiction in the premises shall have been entered
for the appointment of a receiver, custodian, liquidator, assignee, trustee, sequestrator (or similar official) of the Warrant
Agent or of its property or affairs, or any public officer shall take charge or control of the Warrant Agent or of its property
or affairs for the purpose of rehabilitation, conservation, winding up or liquidation, a successor Warrant Agent, qualified as
aforesaid, shall be appointed by the Company by an instrument in writing, filed with the successor Warrant Agent. Upon the appointment
as aforesaid of a successor Warrant Agent and acceptance by the successor Warrant Agent of such appointment, the Warrant Agent
shall cease to be Warrant Agent hereunder.


 




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(d)
Any successor Warrant Agent appointed hereunder shall execute, acknowledge and deliver to its predecessor and to the Company
an instrument accepting such appointment hereunder, and thereupon such successor Warrant Agent, without any further act, deed
or conveyance, shall become vested with all the authority, rights, powers, trusts, immunities, duties and obligations of such
predecessor with like effect as if originally named as Warrant Agent hereunder, and such predecessor, upon payment of its charges
and disbursements then unpaid, shall thereupon become obligated to transfer, deliver and pay over, and such successor Warrant
Agent shall be entitled to receive, all monies, securities and other property on deposit with or held by such predecessor, as
Warrant Agent hereunder.


 


(e)
Any corporation into which the Warrant Agent hereunder may be merged or converted or any corporation with which the Warrant
Agent may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Warrant Agent
shall be a party, or any corporation to which the Warrant Agent shall sell or otherwise transfer all or substantially all the
assets and business of the Warrant Agent, provided that it shall be qualified as aforesaid, shall be the successor Warrant Agent
under this Agreement without the execution or filing of any paper or any further act on the part of any of the parties hereto.


 


ARTICLE
6


 


MISCELLANEOUS


 


6.1
Amendment. This Agreement may be amended by the parties hereto, without the consent of the holder of any Warrant Certificate,
for the purpose of curing any ambiguity, or of curing, correcting or supplementing any defective provision contained herein, or
making any other provisions with respect to matters or questions arising under this Agreement as the Company and the Warrant Agent
may deem necessary or desirable; provided that such action shall not materially adversely affect the interests of the holders
of the Warrant Certificates.


 


6.2
Notices And Demands To The Company And Warrant Agent. If the Warrant Agent shall receive any notice or demand addressed to
the Company by the holder of a Warrant Certificate pursuant to the provisions of the Warrant Certificates, the Warrant Agent shall
promptly forward such notice or demand to the Company.


 


6.3
Addresses. Any communication from the Company to the Warrant Agent with respect to this Agreement shall be addressed to [                   ],
Attention: [                   ]
and any communication from the Warrant Agent to the Company with respect to this Agreement shall be addressed to MGT Capital Investments, Inc.,
512 S. Mangum Street, Suite 408, Durham, NC 27701, Attention: Chief Financial Officer (or such other address as shall be


specified
in writing by the Warrant Agent or by the Company).


 


6.4
Governing Law. This Agreement and each Warrant Certificate issued hereunder shall be governed by and construed in accordance
with the laws of the State of New York.


 


6.5
Delivery Of Prospectus. The Company shall furnish to the Warrant Agent sufficient copies of a prospectus meeting the requirements
of the Securities Act of 1933, as amended, relating to the Warrant Securities deliverable upon exercise of the Warrants (the “Prospectus”),
and the Warrant Agent agrees that upon the exercise of any Warrant, the Warrant Agent will deliver to the holder of the Warrant
Certificate evidencing such Warrant, prior to or concurrently with the delivery of the Warrant Securities issued upon such exercise,
a Prospectus.


 


The
Warrant Agent shall not, by reason of any such delivery, assume any responsibility for the accuracy or adequacy of such Prospectus.


 


6.6
Obtaining Of Governmental Approvals. The Company will from time to time take all action which may be necessary to obtain and
keep effective any and all permits, consents and approvals of governmental agencies and authorities and securities act filings
under United States Federal and state laws (including without limitation a registration statement in respect of the Warrants and
Warrant Securities under the Securities Act of 1933, as amended), which may be or become requisite in connection with the issuance,
sale, transfer, and delivery of the Warrant Securities issued upon exercise of the Warrants, the issuance, sale, transfer and
delivery of the Warrants or upon the expiration of the period during which the Warrants are exercisable.


 




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6.7
Persons Having Rights Under Warrant Agreement. Nothing in this Agreement shall give to any person other than the Company,
the Warrant Agent and the holders of the Warrant Certificates any right, remedy or claim under or by reason of this Agreement.


 


6.8
Headings. The descriptive headings of the several Articles and Sections of this Agreement are inserted for convenience only
and shall not control or affect the meaning or construction of any of the provisions hereof.


 


6.9
Counterparts. This Agreement may be executed in any number of counterparts, each of which as so executed shall be deemed to
be an original, but such counterparts shall together constitute but one and the same instrument.


 


6.10
Inspection Of Agreement. A copy of this Agreement shall be available at all reasonable times at the principal corporate trust
office of the Warrant Agent for inspection by the holder of any Warrant Certificate. The Warrant Agent may require such holder
to submit his Warrant Certificate for inspection by it.


 


IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed, all as of the day and year first above
written.


 


	 	MGT CAPITAL INVESTMENTS, INC.
	 	 
	 	By:	                        
	 	 
	 	Name:	 
	 	 
	 	Title:	 
	 	 
	 	[WARRANT AGENT], as Warrant
    Agent
	 	 
	 	By:	 
	 	 
	 	Name:	 
	 	 
	 	Title:	 


 


[SIGNATURE
PAGE TO COMMON STOCK WARRANT AGREEMENT]


 




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EXHIBIT
A


 


MGT
CAPITAL INVESTMENTS, INC.

WARRANT CERTIFICATE REPRESENTING

WARRANTS TO PURCHASE

[SECURITIES]


 


	No.	 	 	Warrants


 


This
certifies that or registered assigns is the registered owner of the above indicated number of Warrants, each Warrant entitling
such owner to purchase, at any time [after [                   ]
p.m., [                   ] time,
[on         and] on or before [                   ]
p.m., [                   ] time,
on [                   ], [insert
number or amount of securities] (the “Warrant Securities”), of MGT Capital Investments, Inc.
(the “Company”) on the following basis: during the period from [                   ],
through and including [                   ],
the exercise price per Warrant Security will be $[                   ],
subject to adjustment as provided in the Warrant Agreement (as hereinafter defined) (the “Warrant Price”).


 


The
Holder may exercise the Warrants evidenced hereby by providing certain information set forth on the back hereof and by paying
in full, in lawful money of the United States of America, [in cash or by certified check or official bank check in New York Clearing
House funds] [by bank wire transfer in immediately available funds], the Warrant Price for each Warrant Security with respect
to which this Warrant is exercised to the Warrant Agent (as hereinafter defined) and by surrendering this Warrant Certificate,
with the purchase form on the back hereof duly executed, at the corporate trust office of [name of Warrant Agent], or its successor
as warrant agent (the “Warrant Agent”), which is, on the date hereof, at the address specified on the
reverse hereof, and upon compliance with and subject to the conditions set forth herein and in the Warrant Agreement (as hereinafter
defined).


 


The
term “Holder” as used herein shall mean the person in whose name at the time this Warrant Certificate
shall be registered upon the books to be maintained by the Warrant Agent for that purpose pursuant to Section 4 of the Warrant
Agreement.


 


The
Warrants evidenced by this Warrant Certificate may be exercised to purchase a whole number of Warrant Securities in registered
form. Upon any exercise of fewer than all of the Warrants evidenced by this Warrant Certificate, there shall be issued to the
Holder hereof a new Warrant Certificate evidencing Warrants for the number of Warrant Securities remaining unexercised.


 


This
Warrant Certificate is issued under and in accordance with the Warrant Agreement dated as of [                   ]
(the “Warrant Agreement”), between the Company and the Warrant Agent and is subject to the terms and
provisions contained in the Warrant Agreement, to all of which terms and provisions the Holder of this Warrant Certificate consents
by acceptance hereof. Copies of the Warrant Agreement are on file at the above-mentioned office of the Warrant Agent.


 


Transfer
of this Warrant Certificate may be registered when this Warrant Certificate is surrendered at the corporate trust office of the
Warrant Agent by the registered owner or such owner’s assigns, in the manner and subject to the limitations provided in
the Warrant Agreement.


 


After
countersignature by the Warrant Agent and prior to the expiration of this Warrant Certificate, this Warrant Certificate may be
exchanged at the corporate trust office of the Warrant Agent for Warrant Certificates representing Warrants for the same aggregate
number of Warrant Securities.


 


This
Warrant Certificate shall not entitle the Holder hereof to any of the rights of a holder of the Warrant Securities, including,
without limitation, the right to receive payments of dividends or distributions, if any, on the Warrant Securities (except to
the extent set forth in the Warrant Agreement) or to exercise any voting rights.


 


Reference
is hereby made to the further provisions of this Warrant Certificate set forth on the reverse hereof, which further provisions
shall for all purposes have the same effect as if set forth at this place.


 


This Warrant Certificate shall not be valid or
obligatory for any purpose until countersigned by the Warrant Agent.


 






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IN
WITNESS WHEREOF, the Company has caused this Warrant to be executed in its name and on its behalf by the facsimile signatures
of its duly authorized officers.


 


	Dated: ______________________	 	 
	 	 	 
	 	MGT CAPITAL INVESTMENTS, INC.
	 	 	                          
	 	By:	 
	 	 	 
	 	Name:	 
	 	 	 
	 	Title:	 
	 	 	 
	 	Countersigned:
	 	 	 
	 	[WARRANT AGENT], as Warrant Agent
	 	 	 
	 	By:	 
	 	 	 
	 	Name:	 
	 	 	 
	 	Title:	 





 




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[REVERSE
OF WARRANT CERTIFICATE]


(Instructions
for Exercise of Warrant)


 


To
exercise any Warrants evidenced hereby for Warrant Securities (as hereinafter defined), the Holder must pay, in lawful money of
the United States of America, [in cash or by certified check or official bank check in New York Clearing House funds] [by bank
wire transfer in immediately available funds], the Warrant Price in full for Warrants exercised, to [Warrant Agent] [address of
Warrant Agent], Attn: [      ], which payment must specify the name of the Holder and the number of Warrants exercised by such Holder. 
In addition, the Holder must complete the information required below and present this Warrant Certificate in person or by mail
(certified or registered mail is recommended) to the Warrant Agent at the appropriate address set forth above. This Warrant
Certificate, completed and duly executed, must be received by the Warrant Agent within five business days of the payment.


 


(To
be executed upon exercise of Warrants)


 


The
undersigned hereby irrevocably elects to exercise [          ] Warrants,
evidenced by this Warrant Certificate, to purchase [insert number or amount of securities] (the “Warrant
Securities”), of MGT Capital Investments, Inc. and represents that he has tendered payment for such Warrant
Securities, in lawful money of the United States of America, [in cash or by certified check or official bank check in New
York Clearing House funds] [by bank wire transfer in immediately available funds], to the order of MGT Capital Investments,
Inc., c/o [insert name and address of Warrant Agent], in the amount of
$[          ] in accordance with the terms hereof.  The undersigned
requests that said Warrant Securities be in fully registered form in the authorized denominations, registered in such names
and delivered all as specified in accordance with the instructions set forth below.


 


If
the number of Warrants exercised is less than all of the Warrants evidenced hereby, the undersigned requests that a new Warrant
Certificate evidencing the Warrants for the number of Warrant Securities remaining unexercised be issued and delivered to the
undersigned unless otherwise specified in the instructions below.


 


	Dated	                                                                       	  	 	Name	 
	 	 	Please
    Print
	 	 	 
	Address:	                	 	 
	 	 	 
	 	 	 
	 	 	 
	(Insert Social Security or Other
    Identifying Number of Holder)	 	 
	 	 	 
	 	 	 
	Signature
    Guaranteed	         	 	 	 
	Signature	 	 
	 	 	 	 	 	 	 	 





(Signature
must conform in all respects to name of holder as specified on the face of this Warrant Certificate and must bear a signature
guarantee by a FINRA member firm).


 


This
Warrant may be exercised at the following addresses:


 


	By hand at	 	 
	 	 
	 	 
	 	 
	By mail at	 	 
	 	 
	 	 





 


[Instructions
as to form and delivery of Warrant Securities and, if applicable, Warrant Certificates evidencing Warrants for the number of Warrant
Securities remaining unexercised—complete as appropriate.]





 




    	 	13	 



    	 



    

 


ASSIGNMENT


 


[Form
of assignment to be executed if Warrant Holder desires to transfer Warrant]


 


FOR
VALUE RECEIVED,                     
hereby sells, assigns and transfers unto:


 


	 	 	 
	 	 	 
	 	 	 
	(Please print name and address including
    zip code)	Please print Social Security or other identifying
    number


 


the
right represented by the within Warrant to purchase [insert number or amount of Warrant Securities] of MGT Capital Investments,
Inc.  to which the within Warrant relates and appoints  __________ attorney to transfer such right on the books of the
Warrant Agent with full power of substitution in the premises.


 


	Dated	 	 	 
	 	Signature


 


(Signature
must conform in all respects to name of holder as specified on the face of the Warrant)


 


	Signature Guaranteed
	 	 


 






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