Document:

Exhibit
4.13 

   

 NEITHER
THIS SECURITY NOR THE SECURITIES FOR WHICH THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE
COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE TRANSFERRED, UNLESS (I) SUCH SECURITIES HAVE
BEEN REGISTERED FOR SALE PURSUANT TO THE SECURITIES ACT OF 1933, AS AMENDED, OR (II) SUCH SECURITIES MAY BE SOLD PURSUANT TO RULE
144 OR OTHER APPLICABLE EXEMPTION FROM APPLICABLE SECURITIES LAWS. THE ISSUER MAY REQUIRE AN OPINION OF COUNSEL TO THE HOLDER
OF THESE SECURITIES, IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE ISSUER, THAT SUCH TRANSFER MAY LAWFULLY BE MADE WITHOUT
REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 

   

 COMMON
STOCK PURCHASE 

 WARRANT
DIGITAL POWER 

 CORPORATION 

   

	 Warrant
    Shares: 25,000 	 Issue
    Date:  	 January
    23, 2018 (the “Issue Date”) 

   

 THIS
COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies that Libertas Funding, LLC, or its assigns (the “Holder”)
is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time
commencing on the Issue Date and ending at 5:00 P.M. on January 23, 2023 (the “Termination Date”), to purchase
from Digital Power Corporation, a California corporation (the “Company”), up to 25,000 shares (as subject to
adjustment hereunder, the “Warrant Shares”) of common stock, no par value per share, of the Company (“Common
Stock”), at the per share Exercise Price as defined in Section 2(b). This is issued in connection with that certain
agreement dated as of the date hereof by and among Holder, the Company, Milton Ault and Philou Ventures, LLC, pursuant to which
the Holder advanced capital to the Company for the manufacture of certain equipment.  
    

 Section
1.            Definitions. 

   

 “Affiliate”
means, as to any Person (the “subject Person”), any other Person (a) that directly or indirectly through one or more
intermediaries controls or is controlled by, or is under direct or indirect common control with, the subject Person, (b) that
directly or indirectly beneficially owns or holds ten percent (10%) or more of any class of voting equity of the subject Person,
or (c) ten percent (10%) or more of the voting equity of which is directly or indirectly beneficially owned or held by the subject
Person. For the purposes of this definition, “control” when used with respect to any Person means the power to direct
the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, through
representation on such Person’s board of directors or other management committee or group, by contract or otherwise. 

   

 “Alternate
Consideration” shall have the meaning set forth in Section 3(c). 

   

    2 

    

    

   

 “Business
Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or any
day on which banking institutions in the United States are authorized or required by law or other governmental action to close. 

   

 “Beneficial
Ownership Limitation” shall have the meaning set forth in Section 2(e). 

   

 “Commission”
means the United States Securities and Exchange Commission. 

   

 “Common
Stock” means the Company’s common stock, no par value per share, and stock of any other class of securities into which
such securities may hereafter be reclassified or changed. 

   

 “Common
Stock Equivalents” means any securities of the Company which would entitle the holder thereof to acquire at any time Common
Stock, including, without limitation, any convertible debt, preferred stock, rights, options, warrants or other instrument that
is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common
Stock. 

   

 “Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. 

   

 “Fundamental
Transaction” shall have the meaning set forth in Section 3(c). 

   

 “Holder”
shall have the meaning given such term in the first paragraph. 

   

 “Notice
of Exercise” shall have the meaning set forth in Section 2(a). 

   

 “Person”
means an individual or Company, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind. 

   

 “Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. 

   

 “Trading
Day” means a day on which the principal Trading Market is open for business. 

   

 “Trading
Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading
on the date in question: the NYSE MKT, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the
New York Stock Exchange or the OTC Bulletin Board (or any successors to any of the foregoing). 

   

 “Warrant
Shares” means, collectively, the shares of Common Stock issuable upon the exercise of this Warrant in accordance with the
terms hereof. 

   

 “Warrant
Share Delivery Date” shall have the meaning set forth in Section 2(d)(i). 

   

    2 

    

    

   

 Section
2. Exercise. 

   

 a)          
Upon delivery to the Company (or such other office or agency of the Company as it may designate by notice in writing to the
registered Holder at the address of the Holder appearing on the books of the Company) of a duly executed notice of exercise (the
“Notice of Exercise”) in substantially the form of the Notice of Exercise Form annexed hereto and the aggregate
Exercise Price for the shares specified in the applicable Notice of Exercise by wire transfer or cashier’s check drawn on
a United States bank unless the cashless exercise procedure specified in Section 2(c) below is specified in the applicable Notice
of Exercise, the Holder shall be entitled to Exercise the rights represented by this Warrant, in whole or in part, to acquire
Warrant Shares at any time or times on or before the Termination Date by facsimile. Notwithstanding anything herein to the contrary
(although the Holder may surrender the Warrant to, and receive a replacement Warrant from, the Company), the Holder shall not
be required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available
hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company for
cancellation within three (3) Trading Days of the date the final Notice of Exercise is delivered to the Company. Partial exercises
of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect
of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant
Shares purchased. The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and the date
of such purchases. In the case of a partial exercise of this Warrant, the Holder may request that the Company deliver to the Holder
a certificate representing such new warrant, with terms identical in all respects to this Warrant (except that such new warrant
shall be exercisable into the number of Warrant Shares with respect to which this Warrant shall remain unexercised); provided,
however, that the Holder shall be entitled to exercise all or any portion of such new warrant, regardless of whether the Company
has actually issued such new warrant or delivered to the Holder a certificate thereof. The Company shall deliver any objection
to any Notice of Exercise Form within one (1) Trading Day of delivery of such notice. The Holder and any assignee, by acceptance
of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion
of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than
the amount stated on the face hereof. 

   

 b)               
Exercise Price. The exercise price per share of the Warrant Shares under this Warrant shall be $2.50 per share
subject to adjustment hereunder (the “Exercise Price”). 

   

 c)               
Cashless Exercise. If at any time after the earlier of (i) the one-year anniversary of the date of the Underwriting
Agreement and (ii) the completion of the then-applicable holding period required by Rule 144, or any successor provision then
in effect, there is no effective Registration Statement registering, or no current prospectus available for, the purchase of the
Warrant Shares, then this Warrant may also be exercised, in whole or in part, at such time by means of a “cashless exercise”. 

   

 The
Holder shall be entitled to receive a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) x (X)] by (A),
where: 

   

	   	 (A) 	 = 	 the
                                         VWAP on the Trading Day immediately preceding the date on which Holder elects to exercise
                                         this Warrant by means of a “cashless exercise,” as set forth in the applicable
                                         Notice of Exercise; 

   

		 (B) 	 = 	 the
                                         Exercise Price of this Warrant, as adjusted hereunder; and 

   

		 (X) 	 = 	 the
                                         number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance
                                         with the terms of this Warrant if such exercise were by means of a cash exercise rather
                                         than a cashless exercise. 

   

    2 

    

    

   

 “VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then
listed or quoted Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding
date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (or other reliable
source) based on a Trading Day from 9:30 a.m. (New York City time) (or such other time as the Trading Market publicly announces
is the official open of trading) to 4:00 p.m. (New York City time) (or such other time as the Trading Market publicly announces
is the official close of trading), (b) if no daily volume weighted average prices are reported by Bloomberg (or other reliable
source), the average of the highest closing bid price and the lowest closing ask price of any of the market makers for such security
as reported in the “pink sheets” by OTC Markets LLC, or (c) in all other cases, the fair market value of a share of
Common Stock as mutually determined by the Company and Holder. 

   

 d)               
Mechanics of Exercise. 

   

 i.                 Delivery
of Certificates Upon Exercise. Certificates for shares purchased hereunder shall be transmitted by the Transfer Agent (“Transfer
Agent” means the transfer agent employed by the Company from time to time, for its Common Stock) to the Holder by physical
delivery to the address specified by the Holder in the Notice of Exercise by the date that is three (3) Trading Days after the
date of delivery to the Company of the Notice of Exercise (such date, the “Warrant Share Delivery Date”). Notwithstanding
the above, Warrant Shares may be issued and delivered in uncertificated form (with a notice of share issuance delivered to Holder)
and maintained in electronic form on the transfer agent ’s books and records. The Warrant Shares shall be deemed to have
been issued, and Holder or any other person so designated to be named therein shall be deemed to have become a holder of record
of such shares for all purposes, as of the date of delivery to the Company of the Notice of Exercise. 

   

 ii.                Delivery
of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder
and upon surrender of this Warrant certificate, at the time of delivery of the certificate or certificates representing Warrant
Shares (or delivery of notice of issuance, if shares are issued in uncertificated form), deliver to the Holder a new Warrant evidencing
the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in all
other respects be identical with this Warrant. 

   

 iii.               No
Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise
of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the
Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction
multiplied by the Exercise Price or round up to the next whole share. 

   

 iv.               Charges,
Taxes and Expenses. Issuance of certificates for Warrant Shares shall be made without charge to the Holder for any issue or
transfer tax or other incidental expense in respect of the issuance of such certificate, all of which taxes and expenses shall
be paid by the Company, and such certificates shall be issued in the name of the Holder or in such name or names as may be directed
by the Holder. 

   

    2 

    

    

   

 v.                Closing
of Books. The Company will not close its stockholder books or records in any manner which prevents the timely exercise of
this Warrant, pursuant to the terms hereof. 

   

 e)               
Holder’s Exercise Limitations. The Company shall not affect any exercise of this Warrant, and a Holder
shall not have the right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after
giving effect to such issuance after exercise as set forth on the applicable Notice of Exercise, (i) the Holder would beneficially
own in excess of the Holder Beneficial Ownership Limitation (as defined below) or (ii) the Holder, together with the Holder’s
Affiliates and any other Persons acting as a group together with the Holder or any of the Holder’s Affiliates, would beneficially
own in excess of the Affiliates Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence, the
number of shares of Common Stock beneficially owned by the Holder and its Affiliates shall include the number of shares of Common
Stock issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude the number
of shares of Common Stock which would be issuable upon (i) exercise of the remaining, unexercised portion of this Warrant beneficially
owned by the Holder or any of its Affiliates and conversion of any Warrant Shares so acquired upon exercise, and (ii) exercise
or conversion of the unexercised or unconverted portion of any other securities of the Company (including, without limitation,
any other securities of the Company which would entitle the holder thereof to acquire at any time Common Stock, including, without
limitation, any debt, preferred stock, right, option, warrant or other instrument that is at any time convertible into or exercisable
or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock, hereinafter “Common Stock Equivalents”)
subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder
or any of its Affiliates. Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial ownership
shall be calculated in accordance with Section 13(d) of the 1934 Act and the rules and regulations promulgated thereunder, it
being acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with
Section 13(d) of the 1934 Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith.
To the extent that the limitation contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable
(in relation to other securities owned by the Holder together with any Affiliates) and of which portion of this Warrant is exercisable
shall be in the reasonable judgment of the Holder, in each case subject to the Holder Beneficial Ownership Limitation or the Affiliates
Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination.
In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d)
of the 1934 Act and the rules and regulations promulgated thereunder. For purposes of this Section 2(e), in determining the number
of outstanding shares of Common Stock, a Holder may rely on the number of outstanding shares of Common Stock as reflected in (A)
the Company’s most recent periodic or annual report filed with the Commission, as the case may be, (B) a more recent public
announcement by the Company or (C) a more recent written notice by the Company or the Transfer Agent setting forth the number
of shares of Common Stock outstanding. Upon the written or oral request of a Holder, the Company shall within one (1) Trading
Day confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding. In any case, the number
of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the
Company, including this Warrant, by the Holder or its Affiliates since the date as of which such number of outstanding shares
of Common Stock was reported. The “Holder Beneficial Ownership Limitation” shall be 4.99% of the number of
shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon
exercise of this Warrant (including shares issuable upon conversion of Warrant Shares issued upon exercise). The “Affiliates
Beneficial Ownership Limitation” shall be 9.99% of the number of shares of the Common Stock outstanding immediately
after giving effect to the issuance of shares of Common Stock issuable upon exercise of this Warrant (including shares issuable
upon conversion of Warrant Shares issued upon exercise). The Holder Beneficial Ownership Limitation together with the Affiliates
Beneficial Ownership Limitation is collectively known as the “Beneficial Ownership Limitation.” The provisions
of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section
2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership
Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such limitation.
The limitations contained in this paragraph shall apply to a successor holder of this Warrant and shall cease to apply only (x)
upon sixty-one (61)  days’ written notice from the Holder to the Company of an
election to increase or decrease or remove one or both of the Holder Beneficial Ownership Limitation and the Affiliate Beneficial
Ownership Limitation or (y) immediately upon written notice from the Holder to the Company at any time after the public announcement
or other disclosure of a Fundamental Transaction (as defined in Section 3(c)). 

   

    2 

    

    

   

 Section
3.            Certain Adjustments. 

   

 a)          
Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend
or otherwise makes a distribution or distributions of shares of its Common Stock to the record holders of Common Stock (which,
for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon exercise of this Warrant), (ii)
subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including by way of reverse stock
split) outstanding shares of Common Stock into a smaller number of shares, or (iv) issues by reclassification of shares of the
Common Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction
of which the numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding immediately
before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such
event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate
Exercise Price of this Warrant shall remain unchanged in the case of an exercise for Common Stock only. In the event that any
adjustment of the Exercise Price required herein results in a fraction of a cent, the Exercise Price shall be rounded down to
the nearest one hundredth of a cent. Any adjustment made pursuant to this Section 3(a) shall become effective immediately after
the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become effective
immediately after the effective date in the case of a subdivision, combination or reclassification. 

   

    2 

    

    

   

 b)              
Pro Rata Distributions. If the Company, at any time while this Warrant is outstanding, shall distribute to all holders
of Common Stock (and not to the Holder) evidences of its indebtedness or assets (including cash and cash dividends) or rights
or warrants to subscribe for or purchase any security of the Company other than the Common Stock (which shall be subject to Section
3(b)) (a “Distribution”), then in each such case the Holder shall be entitled to participate in such Distribution
to the same extent that the Holder would have participated therein if the Holder had held the number of shares of Common Stock
acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including, without limitation,
the Beneficial Ownership Limitation) immediately before the date of which a record is taken for such Distribution, or, if no such
record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the participation
in such Distribution (provided, however, to the extent that the Holder’s right to participate in any such Distribution would
result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such
Distribution to such extent (or in the beneficial ownership of any shares of Common Stock as a result of such Distribution to
such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time, if
ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation). To the extent that this
Warrant has not been exercised at the time of such Distribution, such portion of the Distribution shall be held in abeyance for
the benefit of the Holder until the Holder has exercised this Warrant. 

   

 c)               
Fundamental Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly,
in one or more related transactions effects any merger or consolidation of the Company with or into another Person pursuant to
which the shares of capital stock of the Company outstanding immediately prior to such merger or consolidation are converted into
or exchanged for shares of another company or entity and represent, or are converted into or exchanged for equity securities that
represent, immediately following such merger or consolidation, less than a majority, by voting power, of the equity securities
of (1) the surviving or resulting party or (2) if the surviving or resulting party is a wholly owned subsidiary of another party
immediately following such merger or consolidation, the parent of such surviving or resulting party, (ii) the Company, directly
or indirectly, effects any sale of all or substantially all of its assets in one or a series of related transactions and the consideration
is distributed to holders of Common Stock, (iii) any tender offer or exchange offer by the Company is completed pursuant to which
holders of Common Stock are permitted to sell, tender or exchange their shares for other securities, cash or property and has
been accepted by the holders of 50% or more of the outstanding Common Stock, (iv) the Company effects any reclassification, reorganization
or recapitalization 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, or (v) the Company, directly or indirectly, in one or more related transactions
consummates a stock or share purchase agreement with another Person or group of Persons whereby such other Person or group acquires
more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person or
other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock or share purchase
agreement) (each 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, the number of shares of common stock of the successor or acquiring company or
of the Company, if it is the surviving Company, and any additional consideration (the “Alternate Consideration”)
receivable by holders of Common Stock as a result of such Fundamental Transaction by a holder of the number of shares of Common
Stock for which this Warrant is exercisable immediately prior to such Fundamental Transaction. For purposes of any such exercise,
the determination of the Exercise 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 Exercise 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. 

   

    2 

    

    

   

 d)               
Calculations. All calculations under this Section 3 shall be made to the nearest cent or the nearest 11100th of
a share, as the case may be. For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding
as of a given date shall be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding. 

   

 e)               
Notice to Holder. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall
promptly mail to the Holder a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the
number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment. 

   

 f)                
Adjustments. In the event that at any time, as a result of an adjustment made pursuant to this Section 3, the Holder
shall, upon exercise of this Warrant, become entitled to receive securities or assets (other than Common Stock) then, wherever
appropriate, all references herein to shares of Common Stock shall be deemed to refer to and include such shares and/or other
securities or assets; and thereafter the number of such shares and/or other securities or assets shall be subject to adjustment
from time to time in a manner and upon terms as nearly equivalent as practicable to the provisions of this Section 3. 

   

 Section
4.                 Transfer of Warrant. 

   

 a)               
Transferability. Subject to compliance with any applicable securities laws, this Warrant and all rights hereunder
(including, without limitation, any registration rights) are transferable, in whole but not in part, only to an Affiliate of the
Holder and upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written
assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and
funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such
payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable,
and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant
evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. The Warrant, if properly
assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant
issued. 

   

    2 

    

    

   

 b)               
Warrant Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose
(the “Warrant Register”), in the name of the record Holder hereof from time to time. The Company may deem and
treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution
to the Holder, and for all other purposes, absent actual notice to the contrary. 

   

 Section
5.                  Registration Rights.
The shares of Common Stock issuable in connection with the exercise of these Warrants (the “Registered Shares”)
as set forth above shall be registered by the Company pursuant to a registration statement (a “Registration Statement”)
under the Securities Act of 1933 within 60 days of the date that these Warrants were issued (the “Issuance Date”)
as set forth above. The Company shall maintain the Registration Statement effective with respect to the Registered Shares for
a three-year period following the date in which such Registration Statement is declared effective by the Securities Exchange Commission
(the “SEC). To the extent that such Registration Statement is not declared effective by the SEC by the date that is 30 days
following the Issuance Date (the “Effective Date”), then the Company will issue an additional 5,000 warrants for every
thirty-day period following the Effective Date in which the Registration Statement is not declared effective by the SEC. 

   

 Section
6.                  Miscellaneous. 

   

 a)               
No Rights as Stockholder Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends or other
rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(a)(i). 

   

 b)               
Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant
Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case
of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate,
if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation,
in lieu of such Warrant or stock certificate. 

   

 c)               
Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right
required or granted herein shall not be a Trading Day, then, such action may be taken or such right may be exercised on the next
succeeding Trading Day. 

   

 d)              
Authorized Shares. 

   

 i.                
The Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common
Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights
under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers
who are charged with the duty of executing stock certificates to execute and issue the necessary certificates for the Warrant
Shares upon the exercise of the purchase rights under this Warrant. The Company will take all such reasonable action as may be
necessary to assure that such Warrant Shares may be issued as provided herein without violation of any applicable law or regulation,
or of any requirements of the Principal Market upon which the Common Stock may be listed. 

   

    2 

    

    

   

 ii.                Except
and to the extent as waived or consented to by the Holder, the Company shall not by any action to avoid or seek to avoid the observance
or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such
terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of Holder as set forth in
this Warrant against impairment. Without limiting the generality of the foregoing, the Company will (i) take all such action as
may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares
upon the exercise of this Warrant and (ii) use commercially reasonable efforts to obtain all such authorizations, exemptions or
consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its
obligations under this Warrant. 

   

    2 

    

    

   

 m.               Before
taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or
in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be
necessary from any public regulatory body or bodies having jurisdiction thereof. 

   

 e)               
Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Warrant
shall be determined in accordance with the laws of the state of New York (excluding its choice of law rules). 

   

 f)               
Restrictions. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if Holder
does not utilize cashless exercise and Rule 144 is available, will have restrictions upon resale imposed by state and federal
securities laws. 

   

 g)              
Nonwaiver. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall
operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies. 

   

 h)              
Notices. Any notice, request or other document required or permitted to be given or delivered to the Holder by the
Company shall be delivered in accordance with the notice provisions of this Warrant. 

   

 i)               
Limitation of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise
this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise
to any liability of the Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability
is asserted by the Company or by creditors of the Company. 

   

 j)                
Remedies. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of
damages, will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would
not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees
to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate. 

   

 k)               
Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced
hereby shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors
and permitted assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to
time of this Warrant and shall be enforceable by the Holder or holder of Warrant Shares. 

   

    2 

    

    

   

 1)               
 Amendment. This Warrant may be modified or amended
or the provisions hereof waived with the written consent of the Company and the Holder. 

   

 m)              
Severability. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such
provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions
or the remaining provisions of this Wa1rnnt. 

   

 n)              
Headings. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose,
be deemed a part of this Warrant. 

   

 ******************** 

   

 (Signature
Page Follows) 

   

    2 

    

    

   

 IN
WITNESS WHEREOF, the parties have executed and delivered this Warrant as of the date first above indicated.  

   

	   	 DIGITAL
    POWER CORPORATION 	   
	   	   	   	   
	   	 By: 	 /s/
    Milton C. Ault, III 	   
	   	   	 Name: Milton
    C. Ault, III 	   
	   	   	 Title:
    Chief Executive Officer 	   
	   	   	   	   
	   	 By: 	   	   
	   	   	 Name: Libertas
    Funding, LLC 	   
	   	   	 Title: 	   

    

     

    

    

   

 NOTICE
OF EXERCISE 

   

		 TO: 	 DIGITAL
                                         POWER CORPORATION 

   

 (1)          
 The undersigned hereby elects to purchase________ Warrant
Shares (to be comprised of _ shares of Common Stock of the Company pursuant to the terms of the attached Warrant and tenders herewith
payment of the exercise price in full, together with all applicable transfer taxes, if any. 

   

		 (2) 	 Payment
                                         shall take the form of (check applicable box): [ ] 

   

			 in
                                         lawful money of the United States; or 

   

			 []
                                         the cancellation of such number of Warrant Shares as is necessary, in accordance with
                                         the formula set forth in subsection 2(c), to exercise this Warrant with respect to the
                                         maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure
                                         set forth in subsection 2(c). 

   

 (3)          
 Please issue a certificate or certificates representing
said Warrant Shares in the name of the undersigned or in such other name as is specified below:  

	   	   	   

   

 (4)          
 After giving effect to this Notice of Exercise, the undersigned
will not have exceeded the Beneficial Ownership Limitation. 

   

 The
Warrant Shares shall be delivered to the following DWAC Account Number or by physical delivery of a certificate to:  

	   	   	   
	   	   	   
	   	   	   

    

 [SIGNATURE
OF HOLDER] 

   

	   	 Name of
    Investing Entity: 	   
	   	   	   
	   	 Signature
    of Authorized Signatory of Investing Entity: 	   
	   	   	   
	   	 Name of
    Authorized Signatory: 	   
	   	   	   
	   	 Title of
    Authorized Signatory: 	   
	   	   	   
	   	 Date: 	   
	   	   	   

    

     

    

    

   

 ASSIGNMENT
FORM 

   

 (To
assign the foregoing warrant, execute this 

 form
and supply required information. Do not use 

 this
form to exercise the warrant.) 

   

 DIGITAL
POWER CORPORATION 

   

 FOR
VALUE RECEIVED, [____] all of or [______] shares of the foregoing Warrant and all rights evidenced thereby are hereby assigned
to 

   

	   	 whose address
    is 

   

	   	 . 

    

	   	

   

	 Dated: 		 , 		   

   

		 Holder’s
    Signature: 		   

   

		 Holder’s
    Address:  		   

   

				   

   

		 Signature
    Guaranteed :  		   

   

 NOTE:
The signature to this Assignment Form must correspond with the name as it appears on the face of the Warrant, without alteration
or enlargement or any change whatsoever, and must be guaranteed by a bank or trust company. Officers of the company and those
acting in a fiduciary or other representative capacity should file proper evidence of authority to assign the foregoing Warrant.Exhibit
4.14 

   

 NEITHER
THIS SECURITY NOR THE SECURITIES FOR WHICH THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE
COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE TRANSFERRED, UNLESS (I) SUCH SECURITIES HAVE
BEEN REGISTERED FOR SALE PURSUANT TO THE SECURITIES ACT OF 1933, AS AMENDED, OR (II) SUCH SECURITIES MAY BE SOLD PURSUANT TO RULE
144 OR OTHER APPLICABLE EXEMPTION FROM APPLICABLE SECURITIES LAWS. THE ISSUER MAY REQUIRE AN OPINION OF COUNSEL TO THE HOLDER
OF THESE SECURITIES, IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE ISSUER, THAT SUCH TRANSFER MAY LAWFULLY BE MADE WITHOUT
REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 

   

 COMMON
STOCK PURCHASE 

 WARRANT
DIGITAL POWER 

 CORPORATION 

   

	 Warrant
    Shares: 56,250 	 Issue
    Date:  	 January
    23, 2018 (the “Issue Date”) 

   

 THIS
COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies that TVT Capital, LLC, or its assigns (the “Holder”)
is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time
commencing on the Issue Date and ending at 5:00 P.M. on January 23, 2023 (the “Termination Date”), to purchase
from Digital Power Corporation, a California corporation (the “Company”), up to 56,250 shares (as subject to
adjustment hereunder, the “Warrant Shares”) of common stock, no par value per share, of the Company (“Common
Stock”), at the per share Exercise Price as defined in Section 2(b). This is issued in connection with that certain
agreement dated as of the date hereof by and among Holder, the Company, Milton Ault and Philou Ventures, LLC,
pursuant to which the Holder advanced capital to the Company for the manufacture of certain equipment.  
    

 Section
1.            Definitions. 

   

 “Affiliate”
means, as to any Person (the “subject Person”), any other Person (a) that directly or indirectly through one or more
intermediaries controls or is controlled by, or is under direct or indirect common control with, the subject Person, (b) that
directly or indirectly beneficially owns or holds ten percent (10%) or more of any class of voting equity of the subject Person,
or (c) ten percent (10%) or more of the voting equity of which is directly or indirectly beneficially owned or held by the subject
Person. For the purposes of this definition, “control” when used with respect to any Person means the power to direct
the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, through
representation on such Person’s board of directors or other management committee or group, by contract or otherwise. 

   

 “Alternate
Consideration” shall have the meaning set forth in Section 3(c). 

   

    1 

    

    

   

 “Business
Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or any
day on which banking institutions in the United States are authorized or required by law or other governmental action to close. 

   

 “Beneficial
Ownership Limitation” shall have the meaning set forth in Section 2(e). 

   

 “Commission”
means the United States Securities and Exchange Commission. 

   

 “Common
Stock” means the Company’s common stock, no par value per share, and stock of any other class of securities into which
such securities may hereafter be reclassified or changed. 

   

 “Common
Stock Equivalents” means any securities of the Company which would entitle the holder thereof to acquire at any time Common
Stock, including, without limitation, any convertible debt, preferred stock, rights, options, warrants or other instrument that
is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common
Stock. 

   

 “Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. 

   

 “Fundamental
Transaction” shall have the meaning set forth in Section 3(c). 

   

 “Holder”
shall have the meaning given such term in the first paragraph. 

   

 “Notice
of Exercise” shall have the meaning set forth in Section 2(a). 

   

 “Person”
means an individual or Company, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind. 

   

 “Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. 

   

 “Trading
Day” means a day on which the principal Trading Market is open for business. 

   

 “Trading
Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the
date in question: the NYSE MKT, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New
York Stock Exchange or the OTC Bulletin Board (or any successors to any of the foregoing). 

   

 “Warrant
Shares” means, collectively, the shares of Common Stock issuable upon the exercise of this Warrant in accordance with the
terms hereof. 

   

 “Warrant
Share Delivery Date” shall have the meaning set forth in Section 2(d)(i). 

   

    1 

    

    

   

 Section
2. Exercise. 

   

 a)          
Upon delivery to the Company (or such other office or agency of the Company as it may designate by notice in writing to the
registered Holder at the address of the Holder appearing on the books of the Company) of a duly executed notice of exercise (the
“Notice of Exercise”) in substantially the form of the Notice of Exercise Form annexed hereto and the aggregate
Exercise Price for the shares specified in the applicable Notice of Exercise by wire transfer or cashier’s check drawn on
a United States bank unless the cashless exercise procedure specified in Section 2(c) below is specified in the applicable Notice
of Exercise, the Holder shall be entitled to Exercise the rights represented by this Warrant, in whole or in part, to acquire
Warrant Shares at any time or times on or before the Termination Date by facsimile. Notwithstanding anything herein to the contrary
(although the Holder may surrender the Warrant to, and receive a replacement Warrant from, the Company), the Holder shall not
be required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available
hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company for
cancellation within three (3) Trading Days of the date the final Notice of Exercise is delivered to the Company. Partial exercises
of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect
of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant
Shares purchased. The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and the date
of such purchases. In the case of a partial exercise of this Warrant, the Holder may request that the Company deliver to the Holder
a certificate representing such new warrant, with terms identical in all respects to this Warrant (except that such new warrant
shall be exercisable into the number of Warrant Shares with respect to which this Warrant shall remain unexercised); provided,
however, that the Holder shall be entitled to exercise all or any portion of such new warrant, regardless of whether the Company
has actually issued such new warrant or delivered to the Holder a certificate thereof. The Company shall deliver any objection
to any Notice of Exercise Form within one (1) Trading Day of delivery of such notice. The Holder and any assignee, by acceptance
of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion
of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than
the amount stated on the face hereof. 

   

 b)               
Exercise Price. The exercise price per share of the Warrant Shares under this Warrant shall be $2.25 per share
subject to adjustment hereunder (the “Exercise Price”). 

   

 c)               
Cashless Exercise. If at any time after the earlier of (i) the one-year anniversary of the date of the Underwriting
Agreement and (ii) the completion of the then- applicable holding period required by Rule 144, or any successor provision then
in effect, there is no effective Registration Statement registering, or no current prospectus available for, the purchase of the
Warrant Shares, then this Warrant may also be exercised, in whole or in part, at such time by means of a “cashless exercise”. 

   

 The
Holder shall be entitled to receive a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) x (X)] by (A),
where: 

   

	   	 (A) 	 = 	 the
                                         VWAP on the Trading Day immediately preceding the date on which Holder elects to exercise
                                         this Warrant by means of a “cashless exercise,” as set forth in the applicable
                                         Notice of Exercise; 

   

		 (B) 	 = 	 the
                                         Exercise Price of this Warrant, as adjusted hereunder; and 

   

		 (X) 	 = 	 the
                                         number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance
                                         with the terms of this Warrant if such exercise were by means of a cash exercise rather
                                         than a cashless exercise. 

   

    1 

    

    

   

 “VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then
listed or quoted Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding
date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (or other reliable
source) based on a Trading Day from 9:30 a.m. (New York City time) (or such other time as the Trading Market publicly announces
is the official open of trading) to 4:00 p.m. (New York City time) (or such other time as the Trading Market publicly announces
is the official close of trading), (b) if no daily volume weighted average prices are reported by Bloomberg (or other reliable
source), the average of the highest closing bid price and the lowest closing ask price of any of the market makers for such security
as reported in the “pink sheets” by OTC Markets LLC, or (c) in all other cases, the fair market value of a share of
Common Stock as mutually determined by the Company and Holder. 

   

 d)               
Mechanics of Exercise. 

   

 i.                 Delivery
of Certificates Upon Exercise. Certificates for shares purchased hereunder shall be transmitted by the Transfer Agent (“Transfer
Agent” means the transfer agent employed by the Company from time to time, for its Common Stock) to the Holder by physical
delivery to the address specified by the Holder in the Notice of Exercise by the date that is three (3) Trading Days after the
date of delivery to the Company of the Notice of Exercise (such date, the “Warrant Share Delivery Date”). Notwithstanding
the above, Warrant Shares may be issued and delivered in uncertificated form (with a notice of share issuance delivered to Holder)
and maintained in electronic form on the transfer agent ’s books and records. The Warrant Shares shall be deemed to have
been issued, and Holder or any other person so designated to be named therein shall be deemed to have become a holder of record
of such shares for all purposes, as of the date of delivery to the Company of the Notice of Exercise. 

   

 ii.                Delivery
of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder
and upon surrender of this Warrant certificate, at the time of delivery of the certificate or certificates representing Warrant
Shares (or delivery of notice of issuance, if shares are issued in uncertificated form), deliver to the Holder a new Warrant evidencing
the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in all
other respects be identical with this Warrant. 

   

 iii.               No
Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise
of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the
Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction
multiplied by the Exercise Price or round up to the next whole share. 

   

 iv.               Charges,
Taxes and Expenses. Issuance of certificates for Warrant Shares shall be made without charge to the Holder for any issue or
transfer tax or other incidental expense in respect of the issuance of such certificate, all of which taxes and expenses shall
be paid by the Company, and such certificates shall be issued in the name of the Holder or in such name or names as may be directed
by the Holder. 

   

    1 

    

    

   

 v.                Closing
of Books. The Company will not close its stockholder books or records in any manner which prevents the timely exercise of
this Warrant, pursuant to the terms hereof. 

   

 e)               
Holder’s Exercise Limitations. The Company shall not affect any exercise of this Warrant, and a Holder
shall not have the right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after
giving effect to such issuance after exercise as set forth on the applicable Notice of Exercise, (i) the Holder would beneficially
own in excess of the Holder Beneficial Ownership Limitation (as defined below) or (ii) the Holder, together with the Holder’s
Affiliates and any other Persons acting as a group together with the Holder or any of the Holder’s Affiliates, would beneficially
own in excess of the Affiliates Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence, the
number of shares of Common Stock beneficially owned by the Holder and its Affiliates shall include the number of shares of Common
Stock issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude the number
of shares of Common Stock which would be issuable upon (i) exercise of the remaining, unexercised portion of this Warrant beneficially
owned by the Holder or any of its Affiliates and conversion of any Warrant Shares so acquired upon exercise, and (ii) exercise
or conversion of the unexercised or unconverted portion of any other securities of the Company (including, without limitation,
any other securities of the Company which would entitle the holder thereof to acquire at any time Common Stock, including, without
limitation, any debt, preferred stock, right, option, warrant or other instrument that is at any time convertible into or exercisable
or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock, hereinafter “Common Stock Equivalents”)
subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder
or any of its Affiliates. Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial ownership
shall be calculated in accordance with Section 13(d) of the 1934 Act and the rules and regulations promulgated thereunder, it
being acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with
Section 13(d) of the 1934 Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith.
To the extent that the limitation contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable
(in relation to other securities owned by the Holder together with any Affiliates) and of which portion of this Warrant is exercisable
shall be in the reasonable judgment of the Holder, in each case subject to the Holder Beneficial Ownership Limitation or the Affiliates
Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination.
In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d)
of the 1934 Act and the rules and regulations promulgated thereunder. For purposes of this Section 2(e), in determining the number
of outstanding shares of Common Stock, a Holder may rely on the number of outstanding shares of Common Stock as reflected in (A)
the Company’s most recent periodic or annual report filed with the Commission, as the case may be, (B) a more recent public
announcement by the Company or (C) a more recent written notice by the Company or the Transfer Agent setting forth the number
of shares of Common Stock outstanding. Upon the written or oral request of a Holder, the Company shall within one (1) Trading
Day confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding. In any case, the number
of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the
Company, including this Warrant, by the Holder or its Affiliates since the date as of which such number of outstanding shares
of Common Stock was reported. The “Holder Beneficial Ownership Limitation” shall be 4.99% of the number of
shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon
exercise of this Warrant (including shares issuable upon conversion of Warrant Shares issued upon exercise). The “Affiliates
Beneficial Ownership Limitation” shall be 9.99% of the number of shares of the Common Stock outstanding immediately
after giving effect to the issuance of shares of Common Stock issuable upon exercise of this Warrant (including shares issuable
upon conversion of Warrant Shares issued upon exercise). The Holder Beneficial Ownership Limitation together with the Affiliates
Beneficial Ownership Limitation is collectively known as the “Beneficial Ownership Limitation.” The provisions
of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section
2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership
Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such limitation.
The limitations contained in this paragraph shall apply to a successor holder of this Warrant and shall cease to apply only (x)
upon sixty-one (61)  days’ written notice from the Holder to the Company of an
election to increase or decrease or remove one or both of the Holder Beneficial Ownership Limitation and the Affiliate Beneficial
Ownership Limitation or (y) immediately upon written notice from the Holder to the Company at any time after the public announcement
or other disclosure of a Fundamental Transaction (as defined in Section 3(c)). 

   

    1 

    

    

   

 Section
3.            Certain Adjustments. 

   

 a)          
Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend
or otherwise makes a distribution or distributions of shares of its Common Stock to the record holders of Common Stock (which,
for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon exercise of this Warrant), (ii)
subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including by way of reverse stock
split) outstanding shares of Common Stock into a smaller number of shares, or (iv) issues by reclassification of shares of the
Common Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a :fraction
of which the numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding immediately
before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such
event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate
Exercise Price of this Warrant shall remain unchanged in the case of an exercise for Common Stock only. In the event that any
adjustment of the Exercise Price required herein results in a fraction of a cent, the Exercise Price shall be rounded down to
the nearest one hundredth of a cent. Any adjustment made pursuant to this Section 3(a) shall become effective immediately after
the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become effective
immediately after the effective date in the case of a subdivision, combination or reclassification. 

   

    1 

    

    

   

 b)              
Pro Rata Distributions. If the Company, at any time while this Warrant is outstanding, shall distribute to all holders
of Common Stock (and not to the Holder) evidences of its indebtedness or assets (including cash and cash dividends) or rights
or warrants to subscribe for or purchase any security of the Company other than the Common Stock (which shall be subject to Section
3(b)) (a “Distribution”), then in each such case the Holder shall be entitled to participate in such Distribution
to the same extent that the Holder would have participated therein if the Holder had held the number of shares of Common Stock
acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including, without limitation,
the Beneficial Ownership Limitation) immediately before the date of which a record is taken for such Distribution, or, if no such
record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the participation
in such Distribution (provided, however, to the extent that the Holder’s right to participate in any such Distribution would
result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such
Distribution to such extent (or in the beneficial ownership of any shares of Common Stock as a result of such Distribution to
such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time, if
ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation). To the extent that this
Warrant has not been exercised at the time of such Distribution, such portion of the Distribution shall be held in abeyance for
the benefit of the Holder until the Holder has exercised this Warrant. 

   

 c)               
Fundamental Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly,
in one or more related transactions effects any merger or consolidation of the Company with or into another Person pursuant to
which the shares of capital stock of the Company outstanding immediately prior to such merger or consolidation are converted into
or exchanged for shares of another company or entity and represent, or are converted into or exchanged for equity securities that
represent, immediately following such merger or consolidation, less than a majority, by voting power, of the equity securities
of (1) the surviving or resulting party or (2) if the surviving or resulting party is a wholly owned subsidiary of another party
immediately following such merger or consolidation, the parent of such surviving or resulting party, (ii) the Company, directly
or indirectly, effects any sale of all or substantially all of its assets in one or a series of related transactions and the consideration
is distributed to holders of Common Stock, (iii) any tender offer or exchange offer by the Company is completed pursuant to which
holders of Common Stock are permitted to sell, tender or exchange their shares for other securities, cash or property and has
been accepted by the holders of 50% or more of the outstanding Common Stock, (iv) the Company effects any reclassification, reorganization
or recapitalization 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, or (v) the Company, directly or indirectly, in one or more related transactions
consummates a stock or share purchase agreement with another Person or group of Persons whereby such other Person or group acquires
more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person or
other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock or share purchase
agreement) (each 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, the number of shares of common stock of the successor or acquiring company or
of the Company, if it is the surviving Company, and any additional consideration (the “Alternate Consideration”)
receivable by holders of Common Stock as a result of such Fundamental Transaction by a holder of the number of shares of Common
Stock for which this Warrant is exercisable immediately prior to such Fundamental Transaction. For purposes of any such exercise,
the determination of the Exercise 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 Exercise 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. 

   

    1 

    

    

   

 d)               
Calculations. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/ lO0th of
a share, as the case may be. For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding
as of a given date shall be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding. 

   

 e)               
Notice to Holder. 

   

 Whenever
the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly mail to the Holder a notice
setting forth the Exercise Price after such adjustment and any resulting adjustment to the number of Warrant Shares and setting
forth a brief statement of the facts requiring such adjustment. 

   

 f)                
Adjustments. In the event that at any time, as a result of an adjustment made pursuant to this Section 3, the Holder
shall, upon exercise of this Warrant, become entitled to receive securities or assets (other than Common Stock) then, wherever
appropriate, all references herein to shares of Common Stock shall be deemed to refer to and include such shares and/or other
securities or assets; and thereafter the number of such shares and/or other securities or assets shall be subject to adjustment
from time to time in a manner and upon terms as nearly equivalent as practicable to the provisions of this Section 3. 

   

 Section
4.                 Transfer of Warrant. 

   

 a)               
Transferability. Subject to compliance with any applicable securities laws, this Warrant and all rights hereunder
(including, without limitation, any registration rights) are transferable, in whole but not in part, only to an Affiliate of the
Holder and upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written
assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and
funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such
payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable,
and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant
evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. The Warrant, if properly
assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant
issued. 

   

    1 

    

    

   

 b)               
Warrant Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose
(the “Warrant Register”), in the name of the record Holder hereof from time to time. The Company may deem and
treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution
to the Holder, and for all other purposes, absent actual notice to the contrary. 

   

 Section
5.                  Registration Rights.
The shares of Common Stock issuable in connection with the exercise of these Warrants (the “Registered Shares”)
as set forth above shall be registered by the Company pursuant to a registration statement (a “Registration Statement”)
under the Securities Act of 1933 within 60 days of the date that these Warrants were issued (the “Issuance Date”)
as set forth above. The Company shall maintain the Registration Statement effective with respect to the Registered Shares for
a three-year period following the date in which such Registration Statement is declared effective by the Securities Exchange Commission
(the “SEC). To the extent that such Registration Statement is not declared effective by the SEC by the date that is 30 days
following the Issuance Date (the “Effective Date”), then the Company will issue an additional 5,000 warrants for every
thirty-day period following the Effective Date in which the Registration Statement is not declared effective by the SEC. 

   

 Section
6.                  Miscellaneous. 

   

 a)               
No Rights as Stockholder Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends or other
rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(a)(i). 

   

 b)               
Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant
Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case
of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate,
if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation,
in lieu of such Warrant or stock certificate. 

   

 c)               
Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right
required or granted herein shall not be a Trading Day, then, such action may be taken or such right may be exercised on the next
succeeding Trading Day. 

   

 d)              
Authorized Shares. 

   

 i.                
The Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common
Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights
under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers
who are charged with the duty of executing stock certificates to execute and issue the necessary certificates for the Warrant
Shares upon the exercise of the purchase rights under this Warrant. The Company will take all such reasonable action as may be
necessary to assure that such Warrant Shares may be issued as provided herein without violation of any applicable law or regulation,
or of any requirements of the Principal Market upon which the Common Stock may be listed. 

   

    1 

    

    

   

 ii.                Except
and to the extent as waived or consented to by the Holder, the Company shall not by any action to avoid or seek to avoid the observance
or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such
terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of Holder as set forth in
this Warrant against impairment. Without limiting the generality of the foregoing, the Company will (i) take all such action as
may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares
upon the exercise of this Warrant and (ii) use commercially reasonable efforts to obtain all such authorizations, exemptions or
consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its
obligations under this Warrant. 

   

    1 

    

    

   

 111.            Before
taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or
in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be
necessary from any public regulatory body or bodies having jurisdiction thereof. 

   

 e)              
Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Warrant
shall be determined in accordance with the laws of the state of New York (excluding its choice of law rules). 

   

 f)               
Restrictions. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if Holder
does not utilize cashless exercise and Rule 144 is available, will have restrictions upon resale imposed by state and federal
securities laws. 

   

 g)              
Nonwaiver. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall
operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies. 

   

 h)              
Notices. Any notice, request or other document required or permitted to be given or delivered to the Holder by the
Company shall be delivered in accordance with the notice provisions of this Warrant. 

   

 i)               
Limitation of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise
this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise
to any liability of the Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability
is asserted by the Company or by creditors of the Company. 

   

 j)               
Remedies. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of
damages, will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would
not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees
to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate. 

   

 k)              
Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced
hereby shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors
and permitted assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to
time of this Warrant and shall be enforceable by the Holder or holder of Warrant Shares. 

   

    1 

    

    

   

 1)               
Amendment. This Warrant may be modified or amended or the
provisions hereof waived with the written consent of the Company and the Holder. 

   

 m)              
Severability. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such
provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions
or the remaining provisions of this Warrant. 

   

 n)              
Headings. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose,
be deemed a part of this Warrant. 

   

 ******************** 

   

 (Signature
Page Follows) 

   

    1 

    

    

   

 IN
WITNESS WHEREOF, the parties have executed and delivered this Warrant as of the date first above indicated.  

   

   

 DIGITAL
POWER CORPORATION 

 

	   		   
	   	   	   	   
	   	 By: 		   
	   	   	 Name: Milton
    C. Ault, III 	   
	   	   	 Title:
    Chief Executive Officer 	   
	   	   	   	   
	   	 By: 	   	   
	   	   	 Name: TVT
    Capital, LLC 	   
	   	   	 Title: 	   

    

     

    

    

   

 NOTICE
OF EXERCISE 

   

		 TO: 	 DIGITAL
                                         POWER CORPORATION 

   

 (1)          
The undersigned hereby elects to purchase________ Warrant Shares
(to be comprised of _ shares of Common Stock of the Company pursuant to the terms of the attached Warrant and tenders herewith
payment of the exercise price in full, together with all applicable transfer taxes, if any. 

   

		 (2) 	 Payment
                                         shall take the form of (check applicable box): 

   

			 ☐
                                         in lawful money of the United
                                         States; or 

   

			 ☐
                                         the cancellation of such number
                                         of Warrant Shares as is necessary, in accordance with the formula set forth in subsection
                                         2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable
                                         pursuant to the cashless exercise procedure set forth in subsection 2(c). 

   

 (3)          
Please issue a certificate or certificates representing said Warrant
Shares in the name of the undersigned or in such other name as is specified below:  

	   	   	   

   

 (4)          
After giving effect to this Notice of Exercise, the undersigned
will not have exceeded the Beneficial Ownership Limitation. 

   

 The
Warrant Shares shall be delivered to the following DWAC Account Number or by physical delivery of a certificate to:  

	   	   	   
	   	   	   
	   	   	   

    

 [SIGNATURE
OF HOLDER] 

   

	   	 Name of
    Investing Entity: 	   
	   	   	   
	   	 Signature
    of Authorized Signatory of Investing Entity: 	   
	   	   	   
	   	 Name of
    Authorized Signatory: 	   
	   	   	   
	   	 Title of
    Authorized Signatory: 	   
	   	   	   
	   	 Date: 	   
	   	   	   

    

     

    

    

   

 ASSIGNMENT
FORM 

   

 To
assign the foregoing warrant, execute this 

 form
and supply required information. Do not use 

 this
form to exercise the warrant.) 

   

 DIGITAL
POWER CORPORATION 

   

 FOR
VALUE RECEIVED, [____] all of or [______] shares of the foregoing Warrant and all rights evidenced thereby are hereby assigned
to 

   

	   	 whose address
    is 

   

	   	 . 

    

	   	

   

	 Dated: 		 , 		   

   

   

		 Holder’s
    Signature: 		   

   

		 Holder’s
    Address:  		   

   

				   

   

		 Signature
    Guaranteed:  		   

   

   

 NOTE:
The signature to this Assignment Form must correspond with the name as it appears on the face of the Warrant, without alteration
or enlargement or any change whatsoever, and must be guaranteed by a bank or trust company. Officers of the company and those
acting in a fiduciary or other representative capacity should file proper evidence of authority to assign the foregoing Warrant.

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