Document:

Exhibit 4.1

 

NEITHER THE ISSUANCE NOR SALE OF THE
SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE EXERCISABLE HAVE BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE,
SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL (WHICH COUNSEL SHALL BE SELECTED BY THE HOLDER AND REASONABLY APPROVED BY
THE COMPANY), IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT TO
RULE 144 OR RULE 144A UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE
MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.

 

	 	Right to Purchase [●] shares of Common Stock of Microphase Corporation (subject to adjustment as provided herein)

 

COMMON STOCK PURCHASE WARRANT

 

	No. 1	Issue Date: ________, 2016

 

MICROPHASE CORPORATION, a corporation
organized under the laws of the State of Connecticut (the “Company”), hereby certifies that, for value received,
______________, with an address at _______________________________________,  or its assigns (the “Holder”),
is entitled, subject to the terms set forth below, to purchase from the Company at any time after the Issue Date until 5:00 p.m.,
E.D.T. on the five (5) year anniversary of the Issue Date (the “Expiration Date”), up to [●] [NTD:
100% coverage] fully paid and non-assessable shares of Common Stock at a per share purchase price of $2.50. The aforedescribed
purchase price per share, as adjusted from time to time as herein provided, is referred to herein as the “Purchase Price.”
The number and character of such shares of Common Stock and the Purchase Price are subject to adjustment as provided herein. The
Company may reduce the Purchase Price for some or all of the Warrants, temporarily or permanently, provided such reduction
is made as to all outstanding Warrants for all Holders of such Warrants. 

 

As used herein the
following terms, unless the context otherwise requires, have the following respective meanings:

 

(a)       The
term “Common Stock” includes (i) the Company’s Common Stock, no par value per share and (ii) any other
securities into which or for which any of the securities described in (i) may be converted or exchanged pursuant to a plan of recapitalization,
reorganization, merger, sale of assets or otherwise.

 

(b)       The
term “Other Securities” refers to any stock (other than Common Stock) and other securities of the Company or
any other person (corporate or otherwise) which the holder of the Warrant at any time shall be entitled to receive, or shall have
received, on the exercise of the Warrant, in lieu of or in addition to Common Stock, or which at any time shall be issuable or
shall have been issued in exchange for or in replacement of Common Stock or Other Securities pursuant to Section 4 hereof
or otherwise.

 

     

     

    

 

(c)       The
term “Warrant Shares” shall mean the Common Stock issuable upon exercise of this Warrant.

 

1.         Exercise
of Warrant.

 

1.1.        Number
of Shares Issuable upon Exercise. From and after the Issue Date through and including the Expiration Date, the Holder shall
be entitled to receive, upon exercise of this Warrant in whole in accordance with the terms of Section 1.2 hereof or upon
exercise of this Warrant in part in accordance with Section 1.3 hereof, shares of Common Stock of the Company, subject to
adjustment pursuant to Section 2 hereof.

 

1.2.       Full
Exercise. This Warrant may be exercised in full by the Holder hereof by delivery to the Company of an original or facsimile
copy of the form of subscription attached as Exhibit A hereto (the “Subscription Form”) duly executed
by such Holder and delivered within two (2) business days thereafter of payment, in cash, wire transfer or by certified or official
bank check payable to the order of the Company, in the amount obtained by multiplying the number of shares of Common Stock for
which this Warrant is then exercisable by the Purchase Price then in effect. The original Warrant is not required to be surrendered
to the Company until it has been fully exercised.

 

1.3.       Partial
Exercise. This Warrant may be exercised in part (but not for a fractional share) by delivery of a Subscription Form in the
manner and at the place provided in Section 1.2 hereof, except that the amount payable by the Holder on such partial exercise
shall be the amount obtained by multiplying (a) the number of whole shares of Common Stock designated by the Holder in the Subscription
Form by (b) the Purchase Price then in effect. On any such partial exercise, upon the written request of the Holder, provided the
Holder has surrendered the original Warrant, the Company, at its expense, will forthwith issue and deliver to or upon the order
of the Holder a new Warrant of like tenor, in the name of the Holder hereof or as such Holder (upon payment by such Holder of any
applicable transfer taxes) may request, the whole number of shares of Common Stock for which such Warrant may still be exercised.

 

1.4.       Fair
Market Value. For purposes of this Warrant, the Fair Market Value of a share of Common Stock as of a particular date
(the “Determination Date”) shall mean:

 

(A)       If
the Company’s Common Stock is traded on an exchange or on the NASDAQ Capital Market, NASDAQ Global Select Market, the New
York Stock Exchange or the NYSE Euronext, the average of the closing sale prices of the Common Stock for the five (5) trading days
immediately prior to (but not including) the Determination Date;

 

(B)       If
the Company’s Common Stock is not traded on an exchange or on the NASDAQ Global Market, NASDAQ Global Select Market, the
NASDAQ Capital Market, the New York Stock Exchange or the NYSE Euronext, but is traded on the OTC Bulletin Board or in the over-the-counter
market or Pink Sheets, the average of the closing bid and ask prices reported for the five (5) trading days immediately prior to
(but not including) the Determination Date;

 

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(C)       Except
as provided in clause (D) below, if the Company’s Common Stock is not publicly traded, then as the Holder and the Company
shall mutually agree, or in the absence of such an agreement after good faith efforts of the Company and the Holder to reach an
agreement, by arbitration in accordance with the rules then standing of the American Arbitration Association, before a single arbitrator
to be chosen from a panel of persons qualified by education and training to pass on the matter to be decided; or

 

(D)       If
the Determination Date is the date of a liquidation, dissolution or winding up, or any event deemed to be a liquidation, dissolution
or winding up pursuant to the Company’s charter, then all amounts to be payable per share to holders of the Common Stock
pursuant to the charter in the event of such liquidation, dissolution or winding up, plus all other amounts to be payable per share
in respect of the Common Stock in liquidation under the charter, assuming for the purposes of this clause (d) that all of the shares
of Common Stock then issuable upon exercise of all of the Warrants are outstanding at the Determination Date.

 

1.5.       Company
Acknowledgment. The Company will, at the time of the exercise of the Warrant, upon the request of the Holder hereof, acknowledge
in writing its continuing obligation to afford to such Holder any rights to which such Holder shall continue to be entitled after
such exercise in accordance with the provisions of this Warrant. If the Holder shall fail to make any such request, such failure
shall not affect the continuing obligation of the Company to afford to such Holder any such rights.

 

1.6.       Delivery
of Stock Certificates, etc. on Exercise. The Company agrees that, provided the purchase price listed in the Subscription Form
is received as specified in Section 2 hereof, the shares of Common Stock purchased upon exercise of this Warrant shall be
deemed to be issued to the Holder hereof as the record owner of such shares as of the close of business on the date on which delivery
of a Subscription Form shall have occurred and payment made for such shares as aforesaid. As soon as practicable after the exercise
of this Warrant in full or in part and the payment is made, and in any event within five (5) business days thereafter (“Warrant
Share Delivery Date”), the Company, at its expense (including the payment by it of any applicable issue taxes), will
cause to be issued in the name of, and delivered to, the Holder hereof, or as such Holder (upon payment by such Holder of any applicable
transfer taxes) may direct in compliance with applicable securities laws, a certificate or certificates for the number of duly
and validly issued, fully paid and non-assessable shares of Common Stock (or Other Securities) to which such Holder shall be entitled
on such exercise, plus, in lieu of any fractional share to which such Holder would otherwise be entitled, either (i) cash equal
to such fraction multiplied by the then Fair Market Value of one full share of Common Stock, together with any other stock or other
securities and property (including cash, where applicable) to which such Holder is entitled upon such exercise pursuant to Section
1 hereof or otherwise (ii) an extra share of Common Stock. The Company understands that a delay in the delivery of the Warrant
Shares after the Warrant Share Delivery Date could result in economic loss to the Holder. If a warrant holder notifies the Company
of such Holder’s election to exercise and the Company does not deliver the shares of Common Stock issuable upon such exercise,
and the Holder has to buy shares of the Company’s Common Stock on the open market because of the Holder’s obligation
to deliver shares of Common Stock, then the Company will pay such Holder the difference between the price paid on the open market
and the value of such Common Stock on the date of exercise. The Company will also pay interest at the annual rate of 15% for each
day that it is late in delivering shares of its Common Stock. 

 

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2.       Adjustment
for Reorganization, Consolidation, Merger, etc.

 

2.1.       Fundamental
Transaction. If, at any time while this Warrant is outstanding, (A) the Company effects any merger or consolidation of the
Company with or into another entity, (B) the Company effects any sale of all or substantially all of its assets in one or a series
of related transactions, (C) any tender offer or exchange offer (whether by the Company or another entity) is completed pursuant
to which holders of Common Stock are permitted to tender or exchange their shares for other securities, cash or property, (D) the
Company consummates a stock purchase agreement or other business combination (including, without limitation, a reorganization,
recapitalization, or spin-off) with one or more persons or entities whereby such other persons or entities acquire more than 50%
of the outstanding shares of Common Stock (not including any shares of Common Stock held by such other persons or entities making
or party to, or associated or affiliated with the other persons or entities making or party to, such stock purchase agreement or
other business combination), (E) any “person” or “group” (as these terms are used for purposes of Sections
13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “1934 Act”) is or shall become the “beneficial
owner” (as defined in Rule 13d-3 under the 1934 Act), directly or indirectly, of 50% of the aggregate Common Stock of the
Company, or (F) the Company effects any reclassification of the Common Stock or any compulsory share exchange pursuant to which
the Common Stock is effectively converted into or exchanged for other securities, cash or property (in any such case, a “Fundamental
Transaction”), then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each
Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction,
at the option of the Holder, (a) upon exercise of this Warrant, the number of shares of Common Stock of the successor or acquiring
corporation or of the Company, if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”)
receivable upon or as a result of such reorganization, reclassification, merger, consolidation or disposition of assets by a Holder
of the number of shares of Common Stock for which this Warrant is exercisable immediately prior to such event or (b) if the Company
is acquired in (1) a transaction where the consideration paid to the holders of the Common Stock consists solely of cash, (2) a
“Rule 13e-3 transaction” as defined in Rule 13e-3 under the 1934 Act, or (3) a transaction involving a person or entity
not traded on a national securities exchange, the Nasdaq Global Select Market, the Nasdaq Global Market or the Nasdaq Capital Market,
cash equal to the Black-Scholes Value (as defined herein). For purposes of any such exercise, the determination of the Purchase
Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable
in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Purchase Price among
the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration.
If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction,
then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant
following such Fundamental Transaction. To the extent necessary to effectuate the foregoing provisions, any successor to the Company
or surviving entity in such Fundamental Transaction shall issue to the Holder a new warrant consistent with the foregoing provisions
and evidencing the Holder’s right to exercise such warrant into Alternate Consideration. The terms of any agreement pursuant
to which a Fundamental Transaction is effected include terms requiring any such successor or surviving entity to comply with the
provisions of this Section 2.1 and insuring that this Warrant (or any such replacement security) will be similarly adjusted
upon any subsequent transaction analogous to a Fundamental Transaction. “Black-Scholes Value” shall be determined
in accordance with the Black-Scholes Option Pricing Model obtained from the “OV” function on Bloomberg L.P. using (i)
a price per share of Common Stock equal to the Volume Weighted Average Price of the Common Stock for the trading day immediately
preceding the date of consummation of the applicable Fundamental Transaction, (ii) a risk-free interest rate corresponding to the
U.S. Treasury rate for a period equal to the remaining term of this Warrant as of the date of such request and (iii) an expected
volatility equal to the 100 day volatility obtained from the HVT function on Bloomberg L.P. determined as of the trading day immediately
following the public announcement of the applicable Fundamental Transaction.

 

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2.2.       Continuation
of Terms. Upon any reorganization, consolidation, merger or transfer (and any dissolution following any transfer) referred
to in this Section 2 hereof, this Warrant shall continue in full force and effect and the terms hereof shall be applicable
to the Other Securities and property receivable on the exercise of this Warrant after the consummation of such reorganization,
consolidation or merger or the effective date of dissolution following any such transfer, as the case may be, and shall be binding
upon the issuer of any Other Securities, including, in the case of any such transfer, the person acquiring all or substantially
all of the properties or assets of the Company, whether or not such person shall have expressly assumed the terms of this Warrant
as provided in Section 5 hereof.

 

3.       Accredited
Investor Status. This Warrant may only be exercised by a Holder that is an “accredited investor” as that term is
defined in Rule 501 promulgated under the Securities Act of 1933, as amended.

 

4.       Extraordinary
Events Regarding Common Stock. In the event that the Company shall (a) issue additional shares of Common Stock as a dividend
or other distribution on outstanding Common Stock, (b) subdivide its outstanding shares of Common Stock, or (c) combine its outstanding
shares of the Common Stock into a smaller number of shares of Common Stock, then, in each such event, the Purchase Price shall,
simultaneously with the happening of such event, be adjusted by multiplying the then Purchase Price by a fraction, the numerator
of which shall be the number of shares of Common Stock outstanding immediately prior to such event and the denominator of which
shall be the number of shares of Common Stock outstanding immediately after such event, and the product so obtained shall thereafter
be the Purchase Price then in effect. The Purchase Price, as so adjusted, shall be readjusted in the same manner upon the happening
of any successive event or events described in this Section 4. The number of shares of Common Stock that the Holder of this
Warrant shall thereafter, on the exercise hereof, be entitled to receive shall be adjusted to a number determined by multiplying
the number of shares of Common Stock that would otherwise (but for the provisions of this Section 4) be issuable on such
exercise by a fraction of which (a) the numerator is the Purchase Price that would otherwise (but for the provisions of this Section
4) be in effect, and (b) the denominator is the Purchase Price in effect on the date of such exercise.

 

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5.       Certificate
as to Adjustments. In each case of any adjustment or readjustment in the shares of Common Stock (or Other Securities) issuable
on the exercise of the Warrants or in the Purchase Price, the Company at its expense will promptly cause its Chief Financial Officer
or other appropriate designee to compute such adjustment or readjustment in accordance with the terms of the Warrant and prepare
a certificate setting forth such adjustment or readjustment and showing in detail the facts upon which such adjustment or readjustment
is based, including a statement of (a) the consideration received or receivable by the Company for any additional shares of Common
Stock (or Other Securities) issued or sold or deemed to have been issued or sold, (b) the number of shares of Common Stock (or
Other Securities) outstanding or deemed to be outstanding, and (c) the Purchase Price and the number of shares of Common Stock
to be received upon exercise of this Warrant, in effect immediately prior to such adjustment or readjustment and as adjusted or
readjusted as provided in this Warrant. The Company will forthwith mail a copy of each such certificate to the Holder of the Warrant
and any Warrant Agent (as defined herein) of the Company (appointed pursuant to Section 10 hereof). Holder will be entitled
to the benefit of the adjustment regardless of the giving of such notice. The timely giving of such notice to Holder is a material
obligation of the Company.

 

6.       Reservation
of Stock, etc. Issuable on Exercise of Warrant; Financial Statements. The Company will at all times reserve and keep available,
solely for issuance and delivery on the exercise of the Warrants, all shares of Common Stock (or Other Securities) from time to
time issuable on the exercise of the Warrant. This Warrant entitles the Holder hereof, upon written request, to receive copies
of all financial and other information distributed or required to be distributed to the holders of the Company’s Common Stock.

 

7.       Assignment;
Exchange of Warrant. Subject to compliance with applicable securities laws, this Warrant, and the rights evidenced hereby,
may be transferred by any registered holder hereof (a “Transferor”). On the surrender for exchange of this Warrant,
with the Transferor’s endorsement in the form of Exhibit B attached hereto (the “Transferor Endorsement Form”)
and together with an opinion of counsel reasonably satisfactory to the Company that the transfer of this Warrant will be in compliance
with applicable securities laws, the Company will issue and deliver to or on the order of the Transferor thereof a new Warrant
or Warrants of like tenor, in the name of the Transferor and/or the transferee(s) specified in such Transferor Endorsement Form
(each a “Transferee”), calling in the aggregate on the face or faces thereof for the number of shares of Common
Stock called for on the face or faces of the Warrant so surrendered by the Transferor.

 

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8.       Replacement
of Warrant. On receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of
this Warrant and, in the case of any such loss, theft or destruction of this Warrant, on delivery of an indemnity agreement or
security reasonably satisfactory in form and amount to the Company or, in the case of any such mutilation, on surrender and cancellation
of this Warrant, the Company at its expense, twice only, will execute and deliver, in lieu thereof, a new Warrant of like tenor.

 

9.       Maximum
Exercise. The Holder shall not be entitled to exercise this Warrant on an exercise date, in connection with that number of
shares of Common Stock which would be in excess of the sum of (i) the number of shares of Common Stock beneficially owned by the
Holder and its Affiliates on an exercise date, and (ii) the number of shares of Common Stock issuable upon the exercise of this
Warrant with respect to which the determination of this limitation is being made on an exercise date, which would result in beneficial
ownership by the Holder and its Affiliates of more than 4.99% of the outstanding shares of Common Stock on such date. For the purposes
of the immediately preceding sentence, beneficial ownership shall be determined in accordance with Section 13(d) of the 1934 Act
and Rule 13d-3 thereunder. Subject to the foregoing, the Holder shall not be limited to aggregate exercises which would result
in the issuance of more than 4.99% of the outstanding shares of Common Stock. The restriction described in this paragraph may be
waived, in whole or in part, upon sixty-one (61) days’ prior notice from the Holder to the Company to increase such percentage.

 

10.       Warrant
Agent. The Company may, by written notice to the Holder, appoint an agent (a “Warrant Agent”) for the purpose
of issuing Common Stock (or Other Securities) on the exercise of this Warrant pursuant to Section 1 hereof, exchanging this
Warrant pursuant to Section 7 hereof, and replacing this Warrant pursuant to Section 8 hereof, or any of the foregoing,
and thereafter any such issuance, exchange or replacement, as the case may be, shall be made at such office by such Warrant Agent.

 

11.       Transfer
on the Company’s Books. Until this Warrant is transferred on the books of the Company, the Company may treat the registered
holder hereof as the absolute owner hereof for all purposes, notwithstanding any notice to the contrary.

 

12.       Notices.
All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder shall be in writing
and, unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered or certified, return
receipt requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid, or (iv) transmitted
by hand delivery, telegram, or facsimile addressed as set forth below or to such other address as such party shall have specified
most recently by written notice. Any notice or other communication required or permitted to be given hereunder shall be deemed
effective (a) upon hand delivery or delivery by facsimile, with accurate confirmation generated by the transmitting facsimile machine,
at the address or number designated below (if delivered on a business day during normal business hours where such notice is to
be received), or the first business day following such delivery (if delivered other than on a business day during normal business
hours where such notice is to be received), or (b) on the second business day following the date of mailing by express courier
service, fully prepaid, addressed to such address, or upon actual receipt of such mailing, whichever shall first occur. The addresses
for such communications shall be: (i) if to the Company, to Microphase Corporation, 100 Trap Falls Road Ext, Shelton, CT 06484
Attn: James Ashman, with a copy by fax only to (which shall not constitute notice) Lucosky Brookman LLP, 101 Wood Avenue South,
5th Floor, Iselin, NJ 08830, Attn: Joseph M. Lucosky, Esq., facsimile: (732) 395-4401, and (ii) if to the Holder, to the address
and facsimile number listed on the first paragraph of this Warrant.

 

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13.       Law
Governing This Warrant. This Warrant shall be governed by and construed in accordance with the laws of the State of New York
without regard to its principles of conflicts of laws or of any other State. Any action brought by either party hereto against
the other concerning the transactions contemplated by this Warrant shall be brought only in the state courts of New York or in
the federal courts located in the state and county of New York. The parties to this Warrant hereby irrevocably waive any objection
to jurisdiction and venue of any action instituted hereunder and shall not assert any defense based on lack of jurisdiction or
venue or based upon forum non conveniens. The Company and the Holder waive trial by jury. The prevailing party shall
be entitled to recover from the other party its reasonable attorney’s fees and costs. In the event that any provision of
this Warrant or any other agreement delivered in connection herewith is invalid or unenforceable under any applicable statute or
rule of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified
to conform to, such statute or rule of law. Any such provision which may prove invalid or unenforceable under any law shall not
affect the validity or enforceability of any other provision of any agreement. Each party hereto hereby irrevocably waives personal
service of process and consents to process being served in any suit, action or proceeding in connection with this Warrant or any
other transaction document by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery)
to such party at the address in effect for notices to it under this Warrant and agrees that such service shall constitute good
and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to
serve process in any other manner permitted by law.

 

[Signature Page Follows]

 

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IN WITNESS WHEREOF, the Company has executed
this Warrant as of the date first written above.

 

	 	MICROPHASE CORPORATION	 
	 	
         

         
	 
	 	By:	 	 
	 	Name: 	Necdet Ergul	 
	 	Title: 	Chief Executive Officer	 

 

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Exhibit A

FORM OF EXERCISE

(to be signed only on exercise of Warrant)

 

TO: MICROPHASE CORPORATION

 

The undersigned, pursuant to the provisions set forth in the
attached Warrant (No.____), hereby irrevocably elects to purchase (check applicable box):

 

___ ________ shares of the Common Stock covered by such Warrant;
or

	___	.

 

The undersigned herewith makes payment of the full purchase
price for such shares at the price per share provided for in such Warrant, which is $___________. Such payment takes the form of
(check applicable box or boxes):

 

___ $__________ in lawful money of the United States; and/or

 

The undersigned requests that the certificates for such shares
be issued in the name of, and delivered to __________________________________________, whose address is ___________________________
__________________________________________________________________________________________________.

 

The undersigned represents and warrants that all offers and
sales by the undersigned of the securities issuable upon exercise of the within Warrant shall be made pursuant to registration
of the Common Stock under the Securities Act of 1933, as amended (the “Securities Act”), or pursuant to an exemption
from registration under the Securities Act. The undersigned hereby represents an d warrants that the undersigned in an “accredited
investor” as that term is defined in Rule 501 promulgated under the Securities Act.

 

     

     

    

 

	Dated:___________________	 	 
	 	 	
        (Signature must conform to name of holder as

        specified on the face of the Warrant)

	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	(Address)

 

     

     

    

 

Exhibit B

 

FORM OF TRANSFEROR ENDORSEMENT

(To be signed only on transfer of Warrant)

 

For value received, the
undersigned hereby sells, assigns, and transfers unto the person(s) named below under the heading “Transferees” the
right represented by the within Warrant to purchase the percentage and number of shares of Common Stock of MICROPHASE CORPORATION
to which the within Warrant relates specified under the headings “Percentage Transferred” and “Number Transferred,”
respectively, opposite the name(s) of such person(s) and appoints each such person Attorney to transfer its respective right on
the books of MICROPHASE CORPORATION, with full power of substitution in the premises.

 

	Transferees	 	Percentage Transferred	 	Number Transferred
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

	Dated: __________________, _______	 	 
	 	 	
        (Signature must conform to name of holder as specified

        on the face of the warrant)

	 	 	 
	Signed in the presence of: 	 	 
	 	 	 
	 	 	 
	(Name)	 	 
	 	 	(address)
	 	 	 
	ACCEPTED AND AGREED:	 	 
	[TRANSFEREE]	 	 
	 	 	(address)
	 	 	 
	 	 	 
	(Name)Exhibit 10.2

 

SUBSCRIPTION AGREEMENT

 

THIS SUBSCRIPTION
AGREEMENT (this “Agreement”), dated as of September [●], 2016, is by and between MICROPHASE
CORPORATION, a corporation incorporated under the laws of the State of Connecticut and located at 100 Trap Falls Road Extension,
Shelton, CT 06484 (the “Company”), and [●], a [●] in the State of [●] located at [●]
(the “Subscriber”).

 

WHEREAS, the
Company and Subscriber are executing and delivering this Agreement in reliance upon an exemption from securities registration afforded
by the provisions of Section 4(2) and/or Regulation D (“Regulation D”) promulgated by the United States Securities
and Exchange Commission (the “Commission”) under the Securities Act of 1933, as amended (the “Securities
Act”);

 

WHEREAS, the
parties hereto desire that, upon the terms and subject to the conditions contained herein and upon the date hereof (the “Funding
Date”), the Company shall issue to the Subscriber (1) [●] Thousand ([●]) shares (the “Shares”)
of the Company’s common stock, no par value per share (the “Common Stock”), and (2) a warrant to purchase
[●] Thousand ([●]) shares of Common Stock (the “Warrant”) (the Shares, together with the Common
Stock to be issued upon conversion of the Warrant shall hereinafter, together, be referred to as the “Conversion Shares”
and the Shares and Warrant shall be referred to collectively herein as the “Securities”); and

 

WHEREAS, the
Subscriber understands that the Company is proposing to enter into an underwriting agreement providing for the purchase by certain
underwriters of shares of Common Stock and that such underwriters propose to reoffer such shares of Common Stock to the public
(the “Offering”).

 

NOW, THEREFORE,
in consideration of the mutual covenants and other agreements contained in this Agreement, the Company and Subscriber hereby agree
as follows:

 

1.       Purchase
and Sale. Upon the terms and subject to the conditions set forth in this Agreement and in consideration of [●][NTD:
$1.50 per share] Thousand United States Dollars (US$[●]) (the “Purchase
Price”) delivered by the Subscriber to the Company on the Funding Date, the Company hereby agrees to issue the Shares
and the Warrant to the Subscriber on the Funding Date. The Company agrees to issue and deliver the Securities to the Subscriber
free of all liens, pledges, mortgages, security interests, charges, restrictions, adverse claims or other encumbrances of any kind
or nature whatsoever (“Encumbrances”), and Subscriber hereby agrees to accept the Securities free of all Encumbrances.

 

2.       Subscriber
Representations and Warranties. Subscriber hereby represents and warrants to and agrees with the Company that:

 

(a)       Standing
of Subscriber. Subscriber has the legal capacity and power to enter into this Agreement;

 

(b)       Authorization
and Power. Subscriber has the requisite power and authority to enter into and perform this Agreement and to deliver
the Purchase Price on the Funding Date and accept the Warrant. The execution, delivery and performance of this Agreement by the
Subscriber, and the consummation by the Subscriber of the transactions contemplated hereby, have been duly authorized by all necessary
action, and no further consent or authorization of Subscriber is required. This Agreement has been duly authorized, executed and
delivered by the Subscriber and constitutes, or shall constitute, when executed and delivered, a valid and binding obligation of
the Subscriber, enforceable against Subscriber in accordance with the terms hereof;

 

     

     

    

 

(c)       Information
on Subscriber. Subscriber is, and reasonably believes he will be at the time of the exercise of the Warrant, an “accredited
investor,” as such term is defined in Regulation D promulgated by the Commission under the Securities Act, is experienced
in investments and business matters, has made investments of a speculative nature and has purchased securities of United States
publicly-owned companies in private placements in the past and, with its representatives, has such knowledge and experience in
financial, tax and other business matters as to enable the Subscriber to utilize the information made available by the Company
to evaluate the merits and risks of, and to make an informed investment decision with respect to, the proposed purchase, which
the Subscriber hereby agrees represents a speculative investment. The Subscriber has the authority and is duly and legally qualified
to purchase and own the Securities. The Subscriber is able to bear the risk of such investment for an indefinite period and to
afford a complete loss thereof;

 

(d)       Purchase
of Securities. The Subscriber will purchase the Securities
for its own account for investment and not with a view toward, or for resale in connection with, the public sale or any distribution
thereof in violation of the Securities Act or any applicable state securities law, and has no direct or indirect arrangement or
understandings with any other person or entity to distribute or regarding the distribution of such Securities;

 

(e)       Compliance
with Securities Act. The Subscriber understands and agrees that the Securities have not been registered under the Securities
Act or any applicable state securities laws by reason of their issuance in a transaction that does not require registration under
the Securities Act (based in part on the accuracy of the representations and warranties of Subscriber contained herein), and that
such Securities must be held indefinitely unless a subsequent disposition is registered under the Securities Act or any applicable
state securities laws or is exempt from such registration;

 

(f)       Share
Legend. The Conversion Shares shall bear the following or similar legend:

 

“THE ISSUANCE AND SALE OF THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE
STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE
REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL (WHICH COUNSEL
SHALL BE SELECTED BY THE HOLDER AND REASONABLY APPROVED BY THE COMPANY), IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT
REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THE
SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.”

 

    2 

     

    

 

(g)       Warrant
Legend. The Warrant shall bear the following or similar legend

 

“NEITHER THE ISSUANCE NOR SALE
OF THE SECURITIES REPRESENTED BY THIS DOCUMENT NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE EXERCISABLE HAVE BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE,
SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL (WHICH COUNSEL SHALL BE SELECTED BY THE HOLDER AND REASONABLY APPROVED BY
THE COMPANY), IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT TO
RULE 144 OR RULE 144A UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE
MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.”

 

(h)       Communication
of Offer. Subscriber has a preexisting personal or business relationship with the Company or one or more of its directors,
officers, advisors or control persons or the Company’s placement agent, and the offer to issue
the Securities was directly communicated to Subscriber by the Company and/or its placement agent. At no time was Subscriber presented
with or solicited by any leaflet, newspaper or magazine article, radio or television advertisement, or any other form of general
advertising or solicited or invited to attend a promotional meeting otherwise than in connection and concurrently with such communicated
offer;

 

(i)       No
Governmental Endorsement. Subscriber understands that no United States federal or state agency or any other governmental or
state agency has passed on or made recommendations or endorsement of the Securities, or the suitability of the investment in the
Securities, nor have such authorities passed upon or endorsed the merits of the offering of the Securities; and

 

(j)       Receipt
of Information. Subscriber believes it has received all the information it considers necessary or appropriate for deciding
whether to invest and to accept the Securities. Subscriber further represents that through its representatives it has had an opportunity
to ask questions and receive answers from the Company regarding the terms and conditions of the offering of the Securities and
the business, properties and financial condition of the Company and to obtain additional information (to the extent the Company
possessed such information or could acquire it without unreasonable effort or expense) necessary to verify the accuracy of any
information furnished to it or to which it had access.

 

    3 

     

    

 

3.       Company
Representations and Warranties. The Company represents and warrants to, and agrees with, Subscriber that:

 

(a)       Due
Incorporation. The Company is a corporation duly incorporated, validly existing and in good standing under the laws of the
jurisdiction of its incorporation;

 

(b)       Authority;
Enforceability. The Warrant has been duly authorized, executed and delivered by the Company and is the valid and binding agreements
of the Company, enforceable in accordance with its terms, except as may be limited by bankruptcy, insolvency, moratorium
or other similar laws affecting the enforcement of creditors’ rights generally, or principles of equity.
The Company has full corporate power and authority necessary to enter into and deliver the Warrant and to perform its obligations
thereunder;

 

(c)       Additional
Issuances. All of the Conversion Shares to be issued pursuant to the terms hereof will be, duly authorized and validly issued,
fully paid and non-assessable and are not (and will not be) subject to preemptive or similar rights affecting such securities;

 

(d)       Consents.
No consent, approval, authorization or order of any court, governmental agency or body having jurisdiction
over the Company or of any other person is required for the execution by the Company of the Warrant and compliance and performance
by the Company of its obligations hereunder and thereunder, including, without limitation, the issuance of the Securities;

 

(e)       No
Violation or Conflict. Neither the issuance of the Securities nor the performance of the Company’s obligations under
the Warrant will:

 

(i)       violate,
conflict with, result in a breach of, or constitute a default (or an event which with the giving of notice or the lapse of time
or both would be reasonably likely to constitute a default) under (a) the charter or bylaws of the Company or (b) any decree, judgment,
order or determination applicable to the Company of any court, governmental agency or body having jurisdiction over the Company
or over the properties or assets of the Company; or

 

(ii)       result
in the creation or imposition of any lien, charge or encumbrance upon the securities except in favor of Subscriber as described
herein;

 

    4 

     

    

 

(f)       The
Conversion Shares. Upon issuance, the Conversion Shares:

 

(i)       shall
be free and clear of any security interests, liens, claims or other Encumbrances, subject only to restrictions upon transfer under
the Securities Act and any applicable state securities laws;

 

(ii)       shall
have been duly and validly issued, fully paid and non-assessable; and

 

(iii)       will
not subject the holders thereof to personal liability by reason of being such holders;

 

(g)       No
General Solicitation. Neither the Company, nor any of its affiliates, nor any person or entity acting on its or their behalf,
has engaged in any form of general solicitation or general advertising (within the meaning of Regulation D under the Securities
Act) in connection with the offer or sale of the Securities; and

 

(h)       Investment
Company. The Company is not an “investment company” within the meaning of the Investment Company Act of 1940, as
amended.

 

4.       Lock-up
Agreement. Subscriber agrees that it will execute and deliver, concurrently with the execution and delivery hereof, the lock-up
agreement in the form attached hereto as Exhibit A, and the Subscriber shall be bound by the terms of such lock-up agreement
with respect to the Conversion Shares, including restrictions prohibiting the Subscriber from engaging in certain transactions
with respect to the Conversion Shares for a period commencing on the date hereof and ending on the 180th day after the date of
the prospectus relating to the Offering (such 180-day period, the “Lock-Up Period”), whether or not the Subscriber
has executed such an agreement.

 

5.       Registration
Rights. The Company hereby grants the following registration rights to holders of the Conversion Shares.

 

(a)       Registration
Statement. The Company shall file with the Commission, as soon as practicable following the completion of the Offering, a registration
statement on an appropriate form (the “Registration Statement”) covering the resale of the Conversion Shares
and shall use its commercially reasonable best efforts to cause the Registration Statement to be declared effective as soon as
practicable.

 

    5 

     

    

 

(b)       Registration
Procedures. In connection with the Registration Statement, the Company will:

 

(i)       prepare
and file with the Commission such amendments and supplements to the Registration Statement and the prospectus used in connection
therewith as may be necessary to keep such Registration Statement effective with respect to the Subscriber until such time as all
of the Conversion Shares owned by the Subscriber may be resold without restriction under the Securities Act; and

 

(ii)       immediately
notify the Subscriber when the prospectus included in the Registration Statement is required to be delivered under the Securities
Act, of the happening of any event of which the Company has knowledge as a result of which the prospectus contained in such Registration
Statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be
stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing. If the Company
notifies the Subscriber to suspend the use of any prospectus until the requisite changes to such prospectus have been made, then
the Subscriber shall suspend use of such prospectus. In such event, the Company will use its commercially reasonable efforts to
update such prospectus as promptly as is practicable.

 

(c)       Provision
of Documents etc. In connection with the Registration Statement, the Subscriber will furnish to the Company in writing such
information and representation letters with respect to itself and the proposed distribution by it as reasonably shall be necessary
in order to assure compliance with federal and applicable state securities laws. The Company may require the Subscriber, upon five
business days’ notice, to furnish to the Company a certified statement as to, among other things, the number of Conversion
Shares and the number of other shares of the Company’s Common Stock beneficially owned by the Subscriber and the person that
has voting and dispositive control over such shares. The Subscriber covenants and agrees that it will comply with the prospectus
delivery requirements of the Securities Act, if applicable, in connection with sales of Conversion Shares pursuant to the Registration
Statement.

 

(d)       Expenses.
All expenses incurred by the Company in complying with this section, including, without limitation, all registration and filing
fees, printing expenses, fees and disbursements of counsel and independent public accountants for the Company, fees of transfer
agents and registrars are called “Registration Expenses.” All underwriting discounts and selling commissions
applicable to the sale of the Conversion Shares, including any fees and disbursements of any counsel to the Subscriber, are called
“Selling Expenses.” The Company will pay all Registration Expenses in connection with the Registration Statement. Selling
Expenses in connection with the Registration Statement shall be borne by the Subscriber.

 

    6 

     

    

 

(e)       Indemnification
and Contribution.

 

(i)       The
Company will, to the extent permitted by law, indemnify and hold harmless the Subscriber, each officer of the Subscriber, if applicable,
each director of the Subscriber, if applicable, and each other person, if any, who controls the Subscriber within the meaning of
the Securities Act, against any losses, claims, damages or liabilities, joint or several, to which such Subscriber or such other
person (a “controlling person”) may become subject under the Securities Act or otherwise, insofar as such losses,
claims, damages or liabilities (or actions in respect thereof) (“Claims”) arise out of or are based upon any
untrue statement or alleged untrue statement of any material fact contained in the Registration Statement at the time of its effectiveness,
any preliminary prospectus or final prospectus contained therein, or any amendment or supplement thereof, or arise out of or are
based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make
the statements therein not misleading in light of the circumstances when made, and will, subject to the limitations herein, reimburse
the Subscriber and each controlling person for any legal or other expenses reasonably incurred by them in connection with investigating
or defending any such Claim; provided, however, that the Company shall not be liable to the Subscriber to the extent that any Claim
arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in conformity
with information furnished by the Subscriber or any such controlling person in writing specifically for use in the Registration
Statement or related prospectus, as amended or supplemented.

 

(ii)       The
Subscriber will, to the extent permitted by law, indemnify and hold harmless the Company, and each person, if any, who controls
the Company within the meaning of the Securities Act, each underwriter, each officer of the Company who signs the Registration
Statement and each director of the Company against all Claims to which the Company or such officer, director, underwriter or controlling
person may become subject under the Securities Act or otherwise, insofar as such Claims arise out of or are based upon any untrue
statement or alleged untrue statement of any material fact contained in the Registration Statement, any preliminary prospectus
or final prospectus contained therein, or any amendment or supplement thereof, or the omission or alleged omission to state therein
a material fact required to be stated therein or necessary to make the statements therein not misleading, and will reimburse the
Company and each such officer, director, underwriter and controlling person for any legal or other expenses reasonably incurred
by them in connection with investigating or defending any such loss, claim, damage, liability or action, provided, however, that
the Subscriber will be liable hereunder in any such case if and only to the extent that any such Claim arises out of or is based
upon an untrue statement or alleged untrue statement or omission or alleged omission made in reliance upon and in conformity with
information pertaining to the Subscriber, as such, furnished in writing to the Company by the Subscriber specifically for use in
the Registration Statement or related prospectus, as amended or supplemented.

 

    7 

     

    

 

(iii)       Promptly
after receipt by an indemnified party hereunder of notice of the commencement of any action, such indemnified party shall, if a
claim in respect thereof is to be made against the indemnifying party hereunder, notify the indemnifying party in writing thereof,
but the omission so to notify the indemnifying party shall not relieve it from any liability which it may have to such indemnified
party other than under this section and shall only relieve it from any liability which it may have to such indemnified party under
this section except and only if and to the extent the indemnifying party is materially prejudiced by such omission. In case any
such action shall be brought against any indemnified party and it shall notify the indemnifying party of the commencement thereof,
the indemnifying party shall be entitled to participate in and, to the extent it shall wish, to assume and undertake the defense
thereof with counsel satisfactory to such indemnified party, and, after notice from the indemnifying party to such indemnified
party of its election so to assume and undertake the defense thereof, the indemnifying party shall not be liable to such indemnified
party under this section for any legal expenses subsequently incurred by such indemnified party in connection with the defense
thereof other than reasonable costs of investigation and of liaison with counsel so selected; provided, however, that, if the defendants
in any such action include both the indemnified party and the indemnifying party and the indemnified party shall have reasonably
concluded that there may be reasonable defenses available to it which are different from or additional to those available to the
indemnifying party or if the interests of the indemnified party reasonably may be deemed to conflict with the interests of the
indemnifying party, the indemnified parties, as a group, shall have the right to select one separate counsel and to assume such
legal defenses and otherwise to participate in the defense of such action, with the reasonable expenses and fees of such separate
counsel and other expenses related to such participation to be reimbursed by the indemnifying party as incurred. The indemnifying
party shall not be liable for any settlement of any such proceeding affected without its written consent, which consent shall not
be unreasonably withheld.

 

(iv)       In
order to provide for just and equitable contribution in the event of joint liability under the Securities Act in any case in which
either (i) the Subscriber, or any controlling person of a Subscriber, makes a claim for indemnification pursuant to this section
but it is judicially determined (by the entry of a final judgment or decree by a court of competent jurisdiction and the expiration
of time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced in such case notwithstanding
the fact that this section provides for indemnification in such case, or (ii) contribution under the Securities Act may be required
on the part of the Subscriber or controlling person of the Subscriber in circumstances for which indemnification is not provided
under this section, then, and in each such case, the Company and the Subscriber will contribute to the aggregate losses, claims,
damages or liabilities to which they may be subject (after contribution from others) in a manner that reflects, as near as practicable,
the economic effect of the foregoing provisions of this section. Notwithstanding the foregoing, no person or entity guilty of fraudulent
misrepresentation (within the meaning of Section 10(f) of the Securities Act) will be entitled to contribution from any person
or entity who was not guilty of such fraudulent misrepresentation.

 

    8 

     

    

 

(f)       Delivery
of Unlegended Shares.

 

(i)       Within
three business days (such business day, the “Unlegended Shares Delivery Date”) after the business day on which
the Company has received (i) a notice that Conversion Shares have been sold either pursuant to, and in compliance with, the Registration
Statement or Rule 144 under the Securities Act and (ii) in the case of sales under Rule 144, customary representation letters of
the Subscriber and Subscriber’s broker regarding compliance with the requirements of Rule 144, the Company at its expense,
(A) shall deliver the Conversion Shares so sold without any restrictive legends relating to the Securities Act (the “Unlegended
Shares”); and (B) shall cause the transmission of the certificates representing the Unlegended Shares together with a
legended certificate representing the balance of the unsold Conversion Shares, if any, to the Subscriber at the address specified
in the notice of sale, via express courier, by electronic transfer or otherwise on or before the Unlegended Shares Delivery Date.
Transfer fees shall be the responsibility of the Subscriber.

 

(ii)       In
lieu of delivering physical certificates representing the Unlegended Shares, if the Company’s transfer agent is participating
in the Depository Trust Company (“DTC”) Fast Automated Securities Transfer program, upon request of the Subscriber,
so long as the certificates therefor do not bear a legend and the Subscriber is not obligated to return such certificate for the
placement of a legend thereon, the Company shall use its best efforts to cause its transfer agent to electronically transmit the
Unlegended Shares by crediting the account of Subscriber’s broker with DTC through its Deposit/Withdrawal at Custodian system.
Such delivery must be made on or before the Unlegended Shares Delivery Date but is subject to the cooperation of the Subscriber’s
broker (the so-called DTC participant).

 

(iii)       The
Subscriber agrees that the removal of the restrictive legend from certificates representing the Conversion Shares as set forth
in this section is predicated upon the Company’s reliance that the Subscriber will sell any Conversion Shares pursuant to
either the registration requirements of the Securities Act, including any applicable prospectus delivery requirements, or an exemption
therefrom.

 

6.       Broker’s
Commission/Finder’s Fee. Each party hereto represents to the other that there are no parties entitled to receive
fees, commissions, finder’s fees, due diligence fees or similar payments in connection with the consummation of the transactions
contemplated hereby, except for Palladium Capital Advisors, LLC (“Palladium”), to whom the Company shall pay
broker’s commissions in the form of: (i) cash, in the amount equal to 10% of the Purchase Price and (ii) stock, in the amount
of 25,000 shares of Common Stock. Each party hereto agrees to indemnify the other against and hold the other harmless from any
and all liabilities to any persons, other than Palladium, claiming brokerage commissions or similar fees on account of services
purported to have been rendered on behalf of the indemnifying party in connection with this Agreement or the transactions contemplated
hereby and arising out of the indemnifying party’s actions.

 

    9 

     

    

 

7.       Covenants
Regarding Indemnification. Each party hereto agrees to indemnify,
hold harmless, reimburse and defend the other party and the other party’s officers, directors, agents, counsel, affiliates,
members, managers, control persons, and principal shareholders, as applicable, against any claim, cost, expense, liability, obligation,
loss or damage (including reasonable legal fees) of any nature, incurred by or imposed upon the indemnified party or any such person
which results, arises out of or is based upon (i) any breach of any representation or warranty by the indemnifying party in this
Agreement or (ii) any breach or default in performance by the indemnifying party of any covenant or undertaking to be performed
by the indemnifying party.

 

8.       Miscellaneous.

 

(a)       Notices.
All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder shall be in writing
and, unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered or certified, return
receipt requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid, or (iv) transmitted
by hand delivery or facsimile, addressed as set forth in the preamble paragraph hereto or to such other address as such party shall
have specified most recently by written notice. Any notice or other communication required or permitted to be given hereunder shall
be deemed effective (a) upon hand delivery at the address designated in the preamble paragraph hereto (if delivered on a business
day during normal business hours where such notice is to be received), or the first business day following such delivery (if delivered
other than on a business day during normal business hours where such notice is to be received) or (b) on the second business day
following the date of mailing by express courier service, fully prepaid, addressed to such address, or upon actual receipt of such
mailing, whichever shall first occur.

 

(b)       Entire
Agreement. This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof
and may be amended only by a writing executed by both parties hereto. Neither the Company nor Subscriber has relied on any representations
not contained or referred to in this Agreement and the documents delivered herewith.

 

(c)       Counterparts/Execution.
This Agreement may be executed in any number of counterparts and by the different signatories hereto on separate counterparts,
each of which, when so executed, shall be deemed an original, but all such counterparts shall constitute but one and the same instrument.
This Agreement may be executed by facsimile transmission, PDF, electronic signature or other similar electronic means with the
same force and effect as if such signature page were an original thereof.

 

(d)       Law
Governing this Agreement. This Agreement shall be governed by and construed in accordance with the laws of the State
of New York without regard to principles of conflicts of laws. Any action brought by either party hereto against the other concerning
the transactions contemplated by this Agreement shall be brought only in the state courts of the State of New York or in the federal
courts located in the State of New York. The parties to this Agreement hereby irrevocably waive any objection to jurisdiction and
venue of any action instituted hereunder and shall not assert any defense based on lack of jurisdiction or venue or based upon
forum non conveniens. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL
FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED
HEREBY. 

 

    10 

     

    

 

(e)       Severability.
In the event that any provision of this Agreement or any other agreement delivered in connection herewith is invalid or unenforceable
under any applicable statute or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict
therewith and shall be deemed modified to conform with such statute or rule of law. Any such provision which may prove invalid
or unenforceable under any law shall not affect the validity or enforceability of any other provision of any agreement. Each party
hereto hereby irrevocably waives personal service of process and consents to process being served in any suit, action or proceeding
in connection with this Agreement by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence
of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute
good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right
to serve process in any other manner permitted by law.

 

(f)       Counsel;
Ambiguities. Each party and its counsel have participated fully in the review and revision of this Agreement, the Warrant and
any documents executed in connection therewith. The parties understand and agree that any rule of construction to the effect that
ambiguities are to be resolved against the drafting party shall not apply in interpreting this Agreement, the Warrant and any documents
executed in connection therewith. The language in this Agreement, the Warrant and any documents executed in connection therewith
shall be interpreted as to its fair meaning and not strictly for or against any party.

 

(g)       Captions.
The captions of the various sections and paragraphs of this Agreement have been inserted only for the purposes of convenience;
such captions are not a part of this Agreement and shall not be deemed in any manner to modify, explain, enlarge or restrict any
of the provisions of this Agreement.

 

[signature page follows]

 

    11 

     

    

 

MICROPHASE CORPORATION

Signature Page

 

The Subscriber hereby
executes this Agreement. By executing this signature page, the Subscriber attests and swears, under the pains and penalties of
perjury, that (initial all that apply) the Subscriber is:

 

	 

                                                (initials)
	 	a corporation, a business trust, or a partnership, not formed for the specific purpose of acquiring the Shares and the Warrant, with total assets in excess of $5,000,000.
	 	 	 
	

                                     

                                    (initials)
	 	a natural person whose net worth, or joint net worth with spouse, exceeds $1,000,000; net worth means the excess of: (a) the Subscriber’s total assets (excluding the estimated fair market value of the Subscriber’s primary residence) over (b) the Subscriber’s total liabilities (excluding indebtedness secured by my primary residence up to the fair market value of such residence, but including (i) any indebtedness secured by my primary residence in excess of the residence’s fair market value and (ii) any indebtedness (or increase in pre-existing indebtedness) secured by such residence incurred within 60 days of the purchase date of the Securities other than as a result of the acquisition of such residence).
	 	 	 
	

                                     

                                    (initials)
	 	a natural person who had an individual income in excess of $200,000 in each of the two most recent years, or joint income with his or her spouse in excess of $300,000 in each of those years, and has a reasonable expectation of reaching the same income level in the current year.
	 	 	 
	

                                     

                                    (initials)
	 	a trust with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the Securities.
	 	 	 
	
         

        (initials)
	 	an entity in which all of the equity owners fall within one of the categories set forth above.

 

	$	 	 
	
        Aggregate
        purchase price for Shares and Warrant é

         
	 	Subscriber’s name é
	 	 	 
	Number of Shares being purchased (together with a warrant to purchase shares equal to such number of Shares)	 	 
	
         

         
	 	Subscriber’s signature é
	
        Warrant
        exercise price per shareé

         
	 	Title of signatory, if Subscriber is an entity é
	
        ACCEPTED AND AGREED:

         
	 	 
	
        MICROPHASE CORPORATION

         
	 	Address of the Subscriber ê
	 	 	 
	By:  ________________________	 	 
	
        Name:

        Title:
	 	 
	 	 	 
	 	 	Email address:  ___________________________
	Date:  ______________________	 	 
	 	 	Fax number:     ___________________________
	 	 
	 	    Social Security/Tax ID no.: _________________

 

     

     

    

 

EXHIBIT A

 

 

LOCK-UP AGREEMENT

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