Document:

Exhibit
4.1

 

COMMON STOCK PURCHASE WARRANT

 

ALLIANCE MMA, INC.

 

	Warrant Shares: ____________	Issuance Date: January 11, 2018

 

THIS COMMON STOCK
PURCHASE WARRANT (this “Warrant”) certifies that, for value received, ____________
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 on or after the date hereof (the “Initial Exercise
Date”) and on or prior to the close of business on the five (5) year anniversary of the Initial Exercise Date (the
“Termination Date”; provided, however that if such date is not a Trading Day, the Termination Date shall
be the immediately following Trading Day) but not thereafter, to subscribe for and purchase from Alliance MMA, Inc., a
Delaware corporation (the “Company”), up to  ____________ shares (the “Warrant Shares”) of
the Company’s common stock, par value $0.001 per share (the “Common Stock”). The purchase price of
one share of Common Stock under this Warrant shall be equal to the Exercise Price, as defined in Section 1(b). This
Warrant is one of the warrants (collectively, the “Warrants”) issued pursuant to the Company’s
Registration Statement on Form S-3 (File number 333-221295) (the “Registration Statement”) to the holders
thereof (collectively, the “Holders”).

 

Section 1.          Exercise.

 

(a)          Exercise
of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times
on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company of a duly executed facsimile
copy (or .pdf copy via e-mail attachment) of the Notice of Exercise in the form attached hereto as Exhibit A (the
“Notice of Exercise”). Within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising
the Standard Settlement Period (as defined in Section 1(d)(i) herein) following the date on which a Notice of Exercise is
delivered to the Company, the Holder shall deliver the aggregate Exercise Price for the Warrant 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 1(c) below is specified in the applicable Notice of Exercise. No ink-original Notice of Exercise shall
be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise be required.
Notwithstanding anything herein to the contrary, 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 number of Warrant Shares purchasable hereunder
by an amount equal to the number of Warrant Shares so purchased. The Holder and the Company shall maintain records showing the
number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise
within one (1) Business Day of receipt 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 Common Stock under this Warrant shall be $1.10, subject to adjustment as provided herein
(the “Exercise Price”).

 

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(c)          Cashless
Exercise. If, at the time of exercise hereof, there is no effective registration statement registering, or the prospectus contained
therein is not available for, the issuance of the Warrant Shares to the Holder, then this Warrant may also be exercised, in whole
or in part, at such time by means of a “cashless exercise” in which the Holder shall be entitled to receive a number
of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

 

	 	(A)	as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1) both executed and delivered pursuant to Section 1(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 1(a) hereof on a Trading Day prior to the opening of “regular trading hours” (as defined in Rule 600(b)(64) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of the Holder, either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise or (z) the Bid Price of the Common Stock on the principal Trading Market as reported by Bloomberg L.P. as of the time of the Holder’s execution of the applicable Notice of Exercise if such Notice of Exercise is executed during “regular trading hours” on a Trading Day and is delivered within two (2) hours thereafter (including until two (2) hours after the close of “regular trading hours” on a Trading Day) pursuant to Section 1(a) hereof or (iii) the VWAP on the date of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant to Section 1(a) hereof after the close of “regular trading hours” on such Trading Day;
	 	 	 
	 	(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.
	 	 	 

If Warrant
Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9) of the
Securities Act of 1933, amended (the “Securities Act”), the Warrant Shares shall take on the registered characteristics
of the Warrants being exercised. The Company agrees not to take any position contrary to this Section 1(c).

 

“Affiliate” means any Person that, directly or
indirectly through one or more intermediaries, controls or is controlled by or is under common control with a Person, as such terms
are used in and construed under Rule 405 under the Securities Act.

 

“Bid Price” means, at any
time, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed on the Principal
Market, the bid price of the Common Stock reported at such time on the Principal Market, (b) if the Common Stock is not listed
on the Principal Market but is quoted on OTCQB or OTCQX, the most recent bid price per share of the Common Stock reported at such
time on OTCQB or OTCQX, as applicable, (c) if the Common Stock is not then listed or quoted for trading on the Principal Market
or the OTCQB or OTCQX, and if prices for the Common Stock are then reported in the “Pink Sheets” published by OTC Markets
Group, Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per
share of the Common Stock so reported at such time by such organization, or (d) in all other cases, the fair market value
of a share of Common Stock as determined by an independent appraiser selected in good faith by Holders of Warrants that are exercisable
into a number of Warrant Shares that represents a majority in interest of the number of Warrant Shares into which all of the Warrants
then outstanding are exercisable, and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the
Company

 

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“Principal Market” means
the Nasdaq Capital Market.

 

“Subscription Date” means
the date of execution of the underwriting agreement by and between the Company and Maxim Group LLC.

 

“Trading Day” means a day
on which the Common Stock is traded on a Trading Market.

 

“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
American, 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).

 

“Transfer Agent” means Transfer
Online, Inc., the current transfer agent of the Company, with a mailing address of 512 SE Salmon Street, Portland, Oregon 97214,
and any successor transfer agent of the Company.

 

“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 on the Principal
Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding date) on the Principal
Market as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)),
(b) if the Common Stock is not listed on the Principal Market but is quoted on OTCQB or OTCQX, the volume weighted average price
of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, as reported by Bloomberg L.P.
(based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)) (c) if the Common Stock is not then
listed or quoted for trading on the Principal Market or the OTCQB or OTCQX, and if prices for the Common Stock are then reported
in the “Pink Sheets” published by OTC Markets Group, Inc. (or a similar organization or agency succeeding to its functions
of reporting prices), the most recent bid price per share of Common Stock so reported, or (d) in all other cases, the fair market
value of a share of Common Stock as determined by an independent appraiser selected in good faith by Holders of Warrants that are
exercisable into a number of Warrant Shares that represents a majority in interest of the number of Warrant Shares into which all
of the Warrants then outstanding are exercisable, and reasonably acceptable to the Company, the fees and expenses of which shall
be paid by the Company.

 

Notwithstanding anything herein to the contrary,
subject to the limitations set forth in Section 1(e), on the Termination Date, this Warrant shall be automatically exercised
via cashless exercise pursuant to this Section 1(c) if the applicable VWAP is greater than the Exercise Price.

 

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(d)          Mechanics
of Exercise.

 

(i)          Delivery
of Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased hereunder to be transmitted by the Transfer
Agent to the Holder by crediting the account of the Holder’s or its designee’s balance account with The Depository
Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is then a participant
in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or
resale of the Warrant Shares by the Holder or (B) this Warrant is eligible for and is being exercised via cashless exercise, and
otherwise by physical delivery of a certificate, registered in the Company’s share register in the name of the Holder or
its designee, for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified
by the Holder in the Notice of Exercise by the date that is (i) the later of (A) two (2) Trading Days after the delivery to the
Company of the Notice of Exercise and (B) one (1) Trading Day after delivery of the aggregate Exercise Price to the Company or
(ii) if the Standard Settlement Period at the time of such purchase is greater or less than two (2) Trading Days, the number of
Trading Days comprising the Standard Settlement Period after the delivery to the Company of the Notice of Exercise and, in the
case of a cash exercise, the aggregate Exercise Price (such date, the “Warrant Share Delivery Date”). Upon delivery
of the Notice of Exercise, the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant
Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares provided
that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received within the earlier of
(i) two Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period following delivery of the Notice
of Exercise; provided, that, if the aggregate Exercise Price is not received within such period, the Holder shall be deemed to
have become the holder of record of such Warrant Shares on the date on which the aggregate Exercise Price is received by the Company.
If the Company fails for any reason to deliver to the Holder the Warrant Shares to which the Holder is entitled on or before the
Warrant Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each
$1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Common Stock on the date of the applicable Notice of
Exercise), $5.00 per Trading Day for each of the first three Trading Days after such Warrant Share Delivery Date and $10.00 per
Trading Day for each day thereafter until such Warrant Shares are delivered or Holder rescinds such exercise. The Company agrees
to maintain a transfer agent that is a participant in the FAST program so long as this Warrant remains outstanding and exercisable.
As used herein, “Standard Settlement Period” means, with respect to a Notice of Exercise, the standard settlement
period, expressed in a number of Trading Days, on the Principal Market or, if the Common Stock is not then listed on the Principal
Market, on such other trading market or quotation system on which the Common Stock is then listed or quoted, as of the date of
delivery 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, on or before the second (2nd) Business Day following receipt by the Company of this
Warrant, deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the remaining Warrant Shares into
which this Warrant is exercisable, which new Warrant shall in all other respects be identical with this Warrant.

 

(iii)        Rescission
Rights. If, following an exercise of this Warrant, the Transfer Agent fails to transmit to the Holder the Warrant Shares issuable
pursuant to Section 1(d)(i) by the Warrant Share Delivery Date, the Holder will have the right to rescind such exercise by
delivery of written notice of rescission to the Company.

 

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(iv)        Compensation
for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise. In addition to any other rights available to the Holder,
if the Transfer Agent fails to transmit to the Holder the Warrant Shares in accordance with the provisions of Section 1(d)(i)
above pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such date the Holder is required by its
broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise purchases, shares
of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving
upon such exercise (a “Buy-In”), then the Company shall (A) pay in cash to the Holder the amount, if any, by
which (x) the Holder’s total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased
exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required to deliver to the
Holder in connection with the exercise at issue times (2) the price at which the sell order giving rise to such purchase obligation
was executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant
Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver to the Holder
the number of shares of Common Stock that would have been issued had the Company timely complied with its exercise and delivery
obligations hereunder. For example, if the Holder purchases shares of Common Stock having a total purchase price of $11,000 to
cover a Buy-In with respect to an attempted exercise of shares of Common Stock with an aggregate sale price giving rise to such
purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company shall be required to pay the
Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the
Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder’s right
to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific
performance and/or injunctive relief with respect to the Company’s failure to timely deliver shares of Common Stock upon
exercise of the Warrant as required pursuant to the terms hereof. The obligation of the Company to pay compensation for Buy-In
under this Section 1(d)(iv) is subject to delivery by the Holder of the aggregate Exercise Price in accordance with the terms
of Section 1(a).

 

(v)         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.

 

(vi)        Charges,
Taxes and Expenses. Issuance of 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 Warrant Shares, all of which taxes and expenses shall be paid by the
Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder;
provided, however, that in the event that Warrant Shares are to be issued in a name other than the name of the Holder,
this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto as Exhibit B duly
executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for
any transfer tax incidental thereto. The Company shall pay all Transfer Agent fees required for same-day processing of any Notice
of Exercise and all fees to the Depository Trust Company (or another established clearing corporation performing similar functions)
required for same-day electronic delivery of the Warrant Shares.

 

(vii)       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.

 

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(e)         Holder’s
Exercise Limitations. The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise
any portion of this Warrant, pursuant to Section 1 or otherwise, to the extent that after giving effect to such issuance after
exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates, and any other
individual or corporation, 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 (“Persons”)
acting as a group together with the Holder or any of the Holder’s Affiliates (such Persons, “Attribution Parties”)),
would beneficially own in excess of the 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 and Attribution Parties 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, nonexercised
portion of this Warrant beneficially owned by the Holder or any of its Affiliates or Attribution Parties and (ii) exercise or conversion
of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation, any other 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 or Attribution Parties. Except as set forth in the preceding sentence, for purposes
of this Section 1(e), beneficial ownership shall be calculated in accordance with Section 13(d) of the Securities Exchange
Act of 1934, as amended (the “Exchange 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 Exchange Act and that 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 1(e) applies, the determination of whether this Warrant is exercisable
(in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion
of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall
be deemed to be the Holder’s determination of whether this Warrant is exercisable (in relation to other securities owned
by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable, in each
case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy
of such determination and shall have no liability for exercises of this Warrant that are not in compliance with the Beneficial
Ownership Limitation (other than to the extent that information on the number of outstanding shares of Common Stock of the Company
is provided by the Company and relied upon by the Holder). In addition, a determination as to any group status as contemplated
above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder
and the Company shall have no obligation to verify or confirm the accuracy of such determination and shall have no liability for
exercises of this Warrant that are not in compliance with the Beneficial Ownership Limitation. For purposes of this Section 1(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 Securities and Exchange 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 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 or Attribution Parties since
the date as of which such number of outstanding shares of Common Stock was reported. The “Beneficial Ownership Limitation”
shall be 4.99% of the number of shares of Common Stock outstanding immediately after giving effect to the issuance of shares of
Common Stock issuable upon exercise of this Warrant. The Holder, upon written notice to the Company, may increase or decrease the
Beneficial Ownership Limitation provisions of this Section 1(e), provided that the Beneficial Ownership Limitation in no event
exceeds 9.99% of the number of shares of Common Stock outstanding immediately after giving effect to the issuance of the shares
of Common Stock upon exercise of this Warrant held by the Holder and the provisions of this Section 1(e) shall continue to
apply. Any such increase in the Beneficial Ownership Limitation will not be effective until the 61st
day after such notice is delivered to the Company. The provisions of this paragraph shall be construed and implemented in a manner
otherwise than in strict conformity with the terms of this Section 1(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.

 

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Section 2.          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 on shares of its Common Stock or any other equity or equity equivalent securities payable
in shares 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, subject to the limitation on fractional shares in Section 1(d)(v).
Any adjustment made pursuant to this Section 2(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 re-classification.

 

(b)         Adjustment
Upon Issuance of Shares of Common Stock. If and whenever on or after the date on which this Warrant is issued (the “Issuance
Date”), the Company issues or sells, or in accordance with this Section 2(b) is deemed to have issued or sold, any shares
of Common Stock and/or other securities directly or indirectly convertible into or exercisable or exchangeable for shares of Common
Stock (collectively, “Common Stock Equivalents”) (including the issuance or sale of shares of Common Stock owned
or held by or for the account of the Company, but excluding any Exempt Issuance issued or sold or deemed to have been issued or
sold) for a consideration per share (the “New Issuance Price”) less than a price equal to the Exercise Price
in effect immediately prior to such issuance or sale or deemed issuance or sale (such Exercise Price then in effect is referred
to herein as the “Applicable Price”) (the foregoing a “Dilutive Issuance”), then immediately
upon such Dilutive Issuance, the Exercise Price then in effect shall be reduced to an amount equal to the New Issuance Price. For
all purposes of the foregoing (including, without limitation, determining the adjusted Exercise Price and the New Issuance Price
under this Section 2(b)), the following shall be applicable:

 

i.        Issuance
of Options. If the Company in any manner grants or sells any rights, warrants or options to subscribe for or purchase shares
of preferred stock and/or Common Stock or Common Stock Equivalents (“Options”) and the lowest price per share
for which one share of Common Stock is at any time issuable upon the exercise of any such Option or upon conversion, exercise or
exchange of any Common Stock Equivalents issuable upon exercise of any such Option or otherwise pursuant to the terms thereof is
less than the Applicable Price, then such share of Common Stock shall be deemed to be outstanding and to have been issued and sold
by the Company at the time of the granting or sale of such Option for such price per share. For purposes of this Section 2(b)(i),
the “lowest price per share for which one share of Common Stock is issuable upon the exercise of any such Options or upon
conversion, exercise or exchange of any Common Stock Equivalents issuable upon exercise of any such Option or otherwise pursuant
to the terms thereof” shall be equal to (1) the lower of (x) the sum of the lowest amounts of consideration (if any) received
or receivable by the Company with respect to any one share of Common Stock upon the granting or sale of such Option, upon exercise
of such Option and upon conversion, exercise or exchange of any Common Stock Equivalents issuable upon exercise of such Option
or otherwise pursuant to the terms thereof and (y) the lowest exercise price set forth in such Option for which one share of Common
Stock is issuable upon the exercise of any such Options or upon conversion, exercise or exchange of any Common Stock Equivalents
issuable upon exercise of any such Option or otherwise pursuant to the terms thereof. Except as contemplated below, no further
adjustment of the Exercise Price shall be made upon the actual issuance of such shares of Common Stock or of such Common Stock
Equivalents upon the exercise of such Options or otherwise pursuant to the terms of or upon the actual issuance of such shares
of Common Stock upon conversion, exercise or exchange of such Common Stock Equivalents. This Section 2(b)(i) shall not apply
to any Exempt Issuance. “Exempt Issuance” means the issuance of any shares of Common Stock issued or issuable,
or deemed issued or issuable pursuant to Section 2(b): (i) in connection with any employee benefit plan with has been approved
by a majority of the disinterested members of the Board of Directors of the Company, pursuant to which the Company’s securities
may be issued to any employee, officer or director for services provided to the Company, (ii) upon exercise of the Warrants; provided,
that the terms of such Warrants are not amended, modified or changed on or after the Subscription Date and (iii) upon conversion,
exercise or exchange of any Options or Convertible Securities which are outstanding on the day immediately preceding the Subscription
Date; provided, that the terms of such Options or Convertible Securities are not amended, modified or changed on or after the Subscription
Date.

 

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ii.        Issuance
of Common Stock Equivalents. If the Company in any manner issues or sells any Common Stock Equivalents and the lowest price
per share for which one share of Common Stock is at any time issuable upon the conversion, exercise or exchange thereof or otherwise
pursuant to the terms thereof is less than the Exercise Price, then such share of Common Stock shall be deemed to be outstanding
and to have been issued and sold by the Company at the time of the issuance or sale of such Common Stock Equivalents for such price
per share. For the purposes of this Section 2(b)(ii), the “lowest price per share for which one share of Common Stock is
issuable upon the conversion, exercise or exchange thereof or otherwise pursuant to the terms thereof” shall be equal to
(1) the lower of (x) the sum of the lowest amounts of consideration (if any) received or receivable by the Company with respect
to one share of Common Stock upon the issuance or sale of the Common Stock Equivalent and upon conversion, exercise or exchange
of such Common Stock Equivalent or otherwise pursuant to the terms thereof and (y) the lowest conversion price set forth in such
Common Stock Equivalent for which one share of Common Stock is issuable upon conversion, exercise or exchange thereof or otherwise
pursuant to the terms thereof minus (2) the sum of all amounts paid or payable to the holder of such Common Stock Equivalent (or
any other Person) upon the issuance or sale of such Common Stock Equivalent plus the value of any other consideration received
or receivable by, or benefit conferred on, the holder of such Common Stock Equivalent (or any other Person). Except as contemplated
below, no further adjustment of the Exercise Price shall be made upon the actual issuance of such shares of Common Stock upon conversion,
exercise or exchange of such Common Stock Equivalents or otherwise pursuant to the terms thereof, and if any such issuance or sale
of such Common Stock Equivalents is made upon exercise of any Options for which adjustment of the Warrant has been or is to be
made pursuant to other provisions of this Section 2(b), except as contemplated below, no further adjustment of the Exercise Price
shall be made by reason of such issuance or sale. 

 

iii.      
Change in Option Price or Rate of Conversion. If the purchase or exercise price provided for in any Options, the additional
consideration, if any, payable upon the issue, conversion, exercise or exchange of any Common Stock Equivalents, or the rate at
which any Common Stock Equivalents are convertible into or exercisable or exchangeable for shares of Common Stock increases or
decreases at any time (other than proportional changes in conversion or exercise prices, as applicable, in connection with an event
referred to in Section 2(a)), the Exercise Price in effect at the time of such increase or decrease shall be adjusted to the Exercise
Price which would have been in effect at such time had such Options or Common Stock Equivalents provided for such increased or
decreased purchase price, additional consideration or increased or decreased conversion rate, as the case may be, at the time initially
granted, issued or sold. For purposes of this Section 2(b)(iii), if the terms of any Option or Common Stock Equivalents that was
outstanding as of the Issuance Date are increased or decreased in the manner described in the immediately preceding sentence, then
such Option or Common Stock Equivalents and the shares of Common Stock deemed issuable upon exercise, conversion or exchange thereof
shall be deemed to have been issued as of the date of such increase or decrease. No adjustment pursuant to this Section 2(b) shall
be made if such adjustment would result in an increase of the Exercise Price then in effect.

 

    	 	8	 

     

    

 

iv.      
Calculation of Consideration Received. If any Option and/or Common Stock Equivalent and/or Adjustment Right is issued in
connection with the issuance or sale or deemed issuance or sale of any other securities of the Company (as determined by the Holder,
the “Primary Security”, and such Option and/or Common Stock Equivalent and/or Adjustment Right, the “Secondary
Securities” and together with the Primary Security, each a “Unit”), together comprising one integrated
transaction, the aggregate consideration per share of Common Stock with respect to such Primary Security shall be deemed to be
the lowest of (x) the purchase price of such Unit, (y) if such Primary Security is an Option and/or Common Stock Equivalent, the
lowest price per share for which one share of Common Stock is at any time issuable upon the exercise or conversion of the Primary
Security in accordance with Section 2(b)(i) or 2(b)(ii) above and (z) the lowest VWAP of the Common Stock on any Trading Day during
the four Trading Day period immediately following the public announcement of such Dilutive Issuance (for the avoidance of doubt,
if such public announcement is released prior to the opening of the applicable Trading Market on a Trading Day, such Trading Day
shall be the first Trading Day in such four Trading Day period). If any shares of Common Stock, Options or Common Stock Equivalents
are issued or sold or deemed to have been issued or sold for cash, the consideration received therefor will be deemed to be the
net amount of consideration received by the Company therefor. If any shares of Common Stock, Options or Common Stock Equivalents
are issued or sold for a consideration other than cash, the amount of such consideration received by the Company will be the fair
value of such consideration, except where such consideration consists of publicly traded securities, in which case the amount of
consideration received by the Company for such securities will be the arithmetic average of the VWAPs of such security for each
of the five (5) Trading Days immediately preceding the date of receipt. If any shares of Common Stock, Options or Common Stock
Equivalents are issued to the owners of the non-surviving entity in connection with any merger in which the Company is the surviving
entity, the amount of consideration therefor will be deemed to be the fair value of such portion of the net assets and business
of the non-surviving entity as is attributable to such shares of Common Stock, Options or Common Stock Equivalents (as the case
may be). The fair value of any consideration other than cash or publicly traded securities will be determined jointly by the Company
and the Holder. If such parties are unable to reach agreement within ten (10) days after the occurrence of an event requiring valuation
(the “Valuation Event”), the fair value of such consideration will be determined within five (5) Trading Days
after the tenth (10th) day following such Valuation Event by an independent, reputable appraiser jointly selected by the Company
and the Holder. The determination of such appraiser shall be final and binding upon all parties absent manifest error and the fees
and expenses of such appraiser shall be borne by the Company. For purposes of hereof, “Adjustment Right” means
any right granted with respect to any securities issued in connection with, or with respect to, any issuance or sale (or deemed
issuance or sale in accordance with this Section 2(b)) of shares of Common Stock that could result in a decrease in the net consideration
received by the Company in connection with, or with respect to, such securities (including, without limitation, any cash settlement
rights, cash adjustment or other similar rights).

 

    	 	9	 

     

    

 

v.        Holder’s
Right of Alternative Exercise Price. In addition to and not in limitation of the other provisions of this Section 3, if the
Company in any manner issues or sells or enters into any agreement to issue or sell, any Common Stock, Options or Common Stock
Equivalents (any such securities, “Variable Price Securities”) after the Subscription Date that are issuable
pursuant to such agreement or convertible into or exchangeable or exercisable for shares of Common Stock pursuant to such Options
or Common Stock Equivalents, as applicable, at a price which varies or may vary with the market price of the shares of Common Stock,
including by way of one or more reset(s) to a fixed price, but exclusive of such formulations reflecting customary anti-dilution
provisions (such as share splits, share combinations, share dividends and similar transactions) (each of the formulations for such
variable price being herein referred to as, the “Variable Price”), the Company shall provide written notice
thereof via a facsimile and overnight courier to the Holder on the date of such agreement and/or the issuance of such Common Stock
Equivalents or Options, as applicable. From and after the date the Company enters into such agreement or issues any such Variable
Price Securities, the Holder shall have the right, but not the obligation, in its sole discretion to substitute the Variable Price
for the Exercise Price upon exercise of this Warrant by designating in the Notice of Exercise delivered upon any exercise of this
Warrant that solely for purposes of such exercise the Holder is relying on the Variable Price rather than the Exercise Price then
in effect. The Holder’s election to rely on a Variable Price for a particular exercise of this Warrant shall not obligate
the Holder to rely on a Variable Price for any future exercise of this Warrant.

 

vi.        Record
Date. If the Company takes a record of the holders of shares of Common Stock for the purpose of entitling them (A) to receive
a dividend or other distribution payable in shares of Common Stock, Options or in Common Stock Equivalents or (B) to subscribe
for or purchase shares of Common Stock, Options or Common Stock Equivalents, then such record date will be deemed to be the date
of the issuance or sale of the shares of Common Stock deemed to have been issued or sold upon the declaration of such dividend
or the making of such other distribution or the date of the granting of such right of subscription or purchase (as the case may
be).

 

vii.      Floor
Price. In any event the Exercise Price as adjusted pursuant to the provisions of this Section 2(b), will not be less than
$0.29 per share.

 

(c)         Subsequent
Rights Offerings. In addition to any adjustments pursuant to Section 2(a) above, if at any time the Company grants, issues
or sells any Common Stock Equivalents or rights to purchase shares, warrants, securities or other property pro rata to the record
holders of any class of shares of Common Stock (the “Purchase Rights”), then the Holder will be entitled to
acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired
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
on which a record is taken for the grant, issuance or sale of such Purchase Rights, 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 grant, issue or sale of such Purchase Rights
(provided, however, to the extent that the Holder’s right to participate in any such Purchase Right would result in the Holder
exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such
extent (or beneficial ownership of such shares of Common Stock as a result of such Purchase Right to such extent) and such Purchase
Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in
the Holder exceeding the Beneficial Ownership Limitation).

 

    	 	10	 

     

    

 

(d)         Pro
Rata Distributions. Beginning on the Subscription Date and during such time as this Warrant is outstanding, if the Company
shall declare or make any dividend or other distribution of its assets (or rights to acquire its assets) to holders of shares of
Common Stock, by way of return of capital or otherwise (including, without limitation, any distribution of cash, shares or other
securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement
or other similar transaction) (other than dividends or distributions subject to Section 2(a)) (a “Distribution”),
at any time after the Subscription Date, 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).

 

    	 	11	 

     

    

 

(e)         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, (ii) the Company, directly or indirectly,
effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets
in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether
by the Company or another Person) 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 shares
of Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization
or recapitalization of the Common Stock or any compulsory stock exchange pursuant to which the shares of Common Stock are 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 or other business combination (including, without limitation,
a reorganization, recapitalization, spin-off or scheme of arrangement) 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 or other business combination) (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, at the option of the Holder
(without regard to any limitation in Section 1(e) on the 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 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 (without regard
to any limitation in Section 1(e) on the exercise of this Warrant). 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. Notwithstanding the foregoing, in the event of a Fundamental
Transaction, at the request of the Holder delivered before the 30th day after such Fundamental Transaction, the Company (or the
Successor Entity) shall purchase this Warrant from the Holder by paying to the Holder, within five (5) Business Days after such
request (or, if later, on the effective date of the Fundamental Transaction), an amount equal to the Black Scholes Value of the
remaining unexercised portion of this Warrant on the effective date of such Fundamental Transaction, payable in cash; provided,
however, that, if the Fundamental Transaction is not within the Company's control, including not approved by the Company's
Board of Directors, Holder shall only be entitled to receive from the Company or any Successor Entity, as of the date of consummation
of such Fundamental Transaction, the same type or form of consideration (and in the same proportion), at the Black Scholes Value
of the unexercised portion of this Warrant, that is being offered and paid to the holders of Common Stock of the Company in connection
with the Fundamental Transaction, whether that consideration be in the form of cash, stock or any combination thereof, or whether
the holders of Common Stock are given the choice to receive from among alternative forms of consideration in connection with the
Fundamental Transaction. As used herein, "Black Scholes Value" means the value of this Warrant based on the Black-Scholes
Option Pricing Model obtained from the "OV" function on Bloomberg L.P. (“Bloomberg”) determined as
of the day immediately following the public announcement of the applicable Fundamental Transaction, or, if the Fundamental Transaction
is not publicly announced, the date the Fundamental Transaction is consummated, for pricing purposes and reflecting (i) 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 such date
of request, (ii) an expected volatility equal to the greater of 100% and the 100 day volatility obtained from the HVT function
on Bloomberg as of the day immediately following the public announcement of the applicable Fundamental Transaction, or, if the
Fundamental Transaction is not publicly announced, the date the Fundamental Transaction is consummated, (iii) the underlying price
per share used in such calculation shall be the greater of (x) the highest weighted average price during the five (5) Trading Days
prior to the day the applicable Fundamental Transaction is publicly announced, or, if the Fundamental Transaction is not publicly
announced, such five (5) Trading Day-period immediately preceding the date the Fundamental Transaction is consummated and (y) the
sum of the price per share being offered in cash, if any, plus the value of any non-cash consideration, if any, being offered in
the Fundamental Transaction, (iv) a zero cost of borrow and (v) a 360 day annualization factor. The payment of the Black Scholes
Value will be made by wire transfer of immediately available funds (or such other consideration) within five Business Days of the
Holder’s election (or, if later, on the effective date of the Fundamental Transaction). The Company shall cause any successor
entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor Entity”) to assume
in writing all of the obligations of the Company under this Warrant and the other Transaction Documents in accordance with the
provisions of this Section 2(e) pursuant to customary written agreements in form and substance reasonably satisfactory to
the Holder and approved by the Holder (without unreasonable conditions or delay) prior to such Fundamental Transaction and shall,
at the option of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by
a written instrument substantially similar in form and substance to this Warrant which is exercisable for a corresponding number
of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the shares of Common Stock acquirable
and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such
Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such capital stock (but taking
into account the relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares
of capital stock, such number of shares of capital stock and such exercise price being for the purpose of protecting the economic
value of this Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory
in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed
to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant and
the other Transaction Documents referring to the “Company” shall refer instead to the Successor Entity), and may exercise
every right and power of the Company and shall assume all of the obligations of the Company under this Warrant and the other Transaction
Documents with the same effect as if such Successor Entity had been named as the Company herein.

 

    	 	12	 

     

    

 

(f)          Calculations.
All calculations under this Section 2 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may
be. For purposes of this Section 2, 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.

 

(g)         Notice
to Holder.

 

(i)          Adjustment
to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 2, the Company shall
promptly deliver to the Holder by facsimile or email 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.

 

(ii)         Notice
to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the
Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the
Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares
of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection
with any reclassification of the Common Stock, any consolidation or merger to which the Company is a party, any sale or transfer
of all or substantially all of the assets of the Company, or any compulsory stock exchange whereby the Common Stock is converted
into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation
or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by facsimile or email
to the Holder at its last facsimile number or email address as it shall appear upon the Warrant Register of the Company, at least
ten (10) Trading Days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on
which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is
not to be taken, the date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions,
redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale,
transfer or stock exchange is expected to become effective or close, and the date as of which it is expected that holders of the
Common Stock of record shall be entitled to exchange their shares of Common Stock for securities, cash or other property deliverable
upon such reclassification, consolidation, merger, sale, transfer or stock exchange; provided that the failure to deliver such
notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to be specified
in such notice. To the extent that any notice provided by the Company in accordance with this Warrant constitutes, or contains,
material, non-public information regarding the Company or any of its Subsidiaries, the Company shall simultaneously file a Current
Report on Form 8-K disclosing such information. The Holder shall remain entitled to exercise this Warrant during the period commencing
on the date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth
herein.

 

    	 	13	 

     

    

 

(iii)        Voluntary
Adjustments by the Company. The Company may at any time during the term of this Warrant reduce the then current Exercise Price
to any amount and for any period of time deemed appropriate by the Board of Directors of Company with the prior written consent
of the holders of a majority in interest of the Warrants based on the initial number of Warrants issued pursuant to the Registration
Statement.

 

Section 3.          Transfer
of Warrant.

 

(a)         Transferability.
This Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in
part, 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. Notwithstanding anything herein to the contrary,
the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant
in full, in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading Days of the date the Holder
delivers an assignment form to the Company assigning this Warrant in full. 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.

 

(b)         New
Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the
Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by
the Holder or its agent or attorney. Subject to compliance with Section 3(a), as to any transfer which may be involved in
such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants
to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the Issuance
Date of this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.

 

(c)         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 4.          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 1(d)(i), except as expressly set forth
in Section 2.

 

(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.

 

    	 	14	 

     

    

 

(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 Business Day, then, such action may be taken or such right may be exercised on the next succeeding
Business Day. For purposes of this Warrant, “Business Day” means any day other than a Saturday, Sunday or other
day on which commercial banks located in New York City are permitted or required to close for business.

 

(d)        Authorized
Shares. The Company covenants that, during the period this 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 issuing the necessary 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 any trading market
upon which the Common Stock may be listed or quoted. The Company covenants that all Warrant Shares which may be issued upon the
exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant
and payment for such Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable and
free from all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of any
transfer occurring contemporaneously with such issue).

 

Except and to the extent
as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its certificate
of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities
or any other voluntary action, 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) not increase the par value of any Warrant Shares above the amount payable therefor upon
such exercise immediately prior to such increase in par value, (ii) 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 (iii) 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.

 

(e)         Consents.
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.

 

(f)         Jurisdiction.
All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be governed by and construed
and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law
thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense of the transactions
contemplated by this Warrant (whether brought against a party hereto or their respective affiliates, directors, officers, shareholders,
partners, members, employees or agents) shall be commenced exclusively in the state and federal courts sitting in the City of New
York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of
New York, Borough of Manhattan for the adjudication of any dispute hereunder or in connection herewith or with any transaction
contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding,
any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is improper
or is an inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service of process and consents
to process being served in any such suit, action or proceeding 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. If either party shall commence an action,
suit or proceeding to enforce any provisions of this Warrant, the prevailing party in such action, suit or proceeding shall be
reimbursed by the other party for their reasonable attorneys’ fees and other costs and expenses incurred with the investigation,
preparation and prosecution of such action or proceeding.

 

    	 	15	 

     

    

 

(g)         Restrictions.
The Holder acknowledges that if the Warrant Shares acquired upon the exercise of this Warrant are not registered under the Registration
Statement or another effective registration statement, and the Holder does not utilize cashless exercise, the Warrant Shares will
have restrictions upon resale imposed by state and federal securities laws.

 

(h)        Nonwaiver
and Expenses. 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. Without limiting any other provision
of this Warrant, if the Company willfully and knowingly fails to comply with any provision of this Warrant, which results in any
material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and
expenses including, but not limited to, reasonable attorneys’ fees, including those of appellate proceedings, incurred by
the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.

 

(i)          Notices.
Any notices (including any Notice of Exercise), consents, waivers or other document or communications required or permitted to
be given or delivered under the terms of this Warrant must be in writing and will be deemed to have been delivered: (i) upon receipt,
if delivered personally; (ii) when sent, if sent by facsimile (provided confirmation of transmission is mechanically or electronically
generated and kept on file by the sending party); (iii) when sent, if sent by e-mail (provided that such sent e-mail is kept on
file (whether electronically or otherwise) by the sending party and the sending party does not receive an automatically generated
message from the recipient’s e-mail server that such e-mail could not be delivered to such recipient) and (iv) if sent by
overnight courier service, one (1) Business Day after timely deposit with an overnight courier service with next day delivery specified,
in each case, properly addressed to the party to receive the same, provided, that if any such notice is delivered on a day that
is not a Business Day, or after 5:00 p.m., New York time, on a Business Day, such notice shall be deemed delivered on the immediately
following Business Day. The addresses, facsimile numbers and e-mail addresses for such communications shall be:

 

If to the Company:

 

Alliance MMA, Inc.

590 Madison Avenue,
21st Floor

New York, New York
10022

E-mail: pdanner@alliancemma.com

Facsimile: 212-658-9291

Attention: Chief Executive
Officer

 

With a copy (for informational
purposes only) to:

 

    	 	16	 

     

    

 

Mazzeo Song P.C.

444 Madison Avenue,
4th Floor

New York, New York
10022

E-mail: rmazzeo@mazzeosong.comrmazzeo@mazzeosong.com

Facsimile: 212-599-8400

Attention: Robert
L. Mazzeo

 

If to a Holder, to its
address, facsimile number or e-mail address set forth herein or on the books and records of the Company.

 

Or, in each of the above
instances, to such other address, facsimile number or e-mail address and/or to the attention of such other person as the recipient
party has specified by written notice given to each other party at least five (5) days prior to the effectiveness of such change.
Written confirmation of receipt (A) given by the recipient of such notice, consent, waiver or other communication, (B) mechanically
or electronically generated by the sender’s facsimile machine containing the time, date and recipient facsimile number or
(C) provided by an overnight courier service shall be rebuttable evidence of personal service, receipt by facsimile or receipt
from an overnight courier service in accordance with clause (i), (ii) or (iv) above, respectively. A copy of the e-mail transmission
containing the time, date and recipient e mail address shall be rebuttable evidence of receipt by e-mail in accordance with clause
(iii) above. The Company shall provide the Holder with prompt written notice of all actions taken pursuant to this Warrant, including
in reasonable detail a description of such action and the reason therefor.

 

(j)          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.

 

(k)         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.

 

(l)          Successors
and Assigns. Subject to applicable securities laws, this Warrant shall be binding upon and inure to the benefit of the parties
and their successors and permitted assigns. 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.

 

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

 

(n)        Severability.
If any term, provision, covenant or restriction of this Warrant is held by a court of competent jurisdiction to be invalid, illegal,
void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full
force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially
reasonable best efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated
by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that
they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be
hereafter declared invalid, illegal, void or unenforceable.

 

(o)         Headings.
The headings used herein are for convenience only, do not constitute a part of this Warrant and shall not be deemed to limit or
affect any of the provisions hereof.

  

(Signature Page Follows)

 

    	 	17	 

     

    

  

IN WITNESS WHEREOF, the Company has caused
this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.

 

	ALLIANCE MMA, INC.	 
	   	 
	By:	 /s/ Paul K. Danner III	 
	 	Paul K. Danner III 	 
	 	Chief Executive Officer 	 

 

    	 	18	 

     

    

 

EXHIBIT A

 

NOTICE OF EXERCISE

 

		TO:	ALLIANCE MMA, INC.

 

(1)         The
undersigned hereby elects to purchase ______ Warrant Shares from Alliance MMA, Inc. pursuant to the terms of the attached Warrant
(only if exercised in full), 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

 

 ̈
if permitted, the cancellation of such number of Warrant Shares as is
necessary, in accordance with the formula set forth in subsection 1(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 1(c).

 

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

 

	 

 

The Warrant Shares shall be delivered to the
following DWAC Account Number:

 

	 
	 
	 
	 
	 
	 

(4)         Variable
Price Securities.  By checking the box in this Item 4, the holder elects to exercise the Warrant by substituting the Variable
Price for the Exercise Price pursuant to Section 2(b)(v) of the Warrant, which Variable Price equals $___________ per share. [  
]

 

[SIGNATURE OF HOLDER]

 

	Name of Investing Entity:	 
	 	 

	Signature of Authorized Signatory of Investing Entity:	 
	 	 

	Name of Authorized Signatory:	 
	 	 

	Title of Authorized Signatory:	 
	 	 

	Date:	 	 
	 	 

    	 	19	 

     

    

 

EXHIBIT B

ASSIGNMENT FORM

 

(To assign the Warrant, execute this form
and supply required information. Do not use this form to purchase shares.)

 

FOR VALUE RECEIVED, the attached Warrant and
all rights evidenced thereby are hereby assigned to

 

	Name:	 	 
	 	(Please Print)	 
	Address:	 	 
	 	(Please Print)	 
	 	 	 
	Phone Number:	 	 
	 	 	 
	Email Address:	 	 
	 	 	 
	Dated:	 	 
	 	 	 
	Holder’s Signature:	 	 
	 	 	 
	Holder’s Address:	 	 

 

    	 	20Exhibit 10.1

 

mPhase Technologies, Inc.

688 New Dorp Lane,

Staten Island, New York 10306-4933

 

 

December 22, 2017

 

Scepter Commodities, LLC

9841 Washingtonian Blvd., Suite 390

Gaithersburg, MD 20878

 

Attention: Anshu Bhatnagar

 

Re:       Letter
of Intent (“LOI”)

Dear Anshu:

 

The purpose of this
letter is to set forth certain understandings and agreements among Scepter Commodities, LLC (the “Private Company”),
Certain Shareholders of mPhase Technologies, Inc. (Management of the Company “Management ”) and mPhase Technologies,
Inc. (“Public Company”) (both Public Company and Management described together as “Sellers”) and with any
party individually referred to as a “Party” or collectively the “Parties”), with respect to the potential
acquisition by Private Company of a majority interest in Public Company (the “Transaction”). The Parties acknowledge
that all provisions of this LOI are non-binding. No contract or agreement providing for a Transaction shall be deemed to exist
unless and until a definitive agreement has been negotiated and executed between the Parties hereto.

 

The proposed terms
of the Transaction are as follows:

 

1. Transaction.
Sellers will enter into the Transaction with Private Company, the form of which will be suitable to the Parties and will
comply with applicable state and federal laws. Public Company is a publicly-traded company in the United States, subject to
the reporting requirements of the Securities Exchange Act of 1934, and its common stock trades on the OTC Pink Open Market.
Presently, Public Company is in the process of preparing and filing delinquent reports with the U.S. Securities and Exchange
Commission (the “SEC”) and it plans to become current in its reporting obligations on or before February 15,
2018. Pursuant to a mutually satisfactory definitive agreement (the “Definitive Agreement”) among Private Company
and the Sellers, the Public Company will agree to implement a reverse split of its issued and outstanding common stock (the
“Common Shares”) and issue shares to Private Company such that upon closing of the Transaction, Private Company
will own 80% of the fully-diluted Common Shares. At closing, Public Company will maintain limited operations with limited
material assets or liabilities, with such liabilities estimated to be no more than $350,000.00 in accounts payable and
unpaid, debt excluding proxy and other shareholder filings subsequent to the September 30, 2017 quarterly report, otherwise,
will have no tax obligations, will not be subject to litigation and will have had no material changes to its business or
financial condition from the date of this LOI until such date of closing.

 

     

     

    

 

2. Definitive
Agreement. The Parties will use their best efforts to negotiate in good faith the Definitive Agreement, which will contain,
among other standard terms and conditions, the following provisions:

 

		a.	Prior to the closing of the Transaction, the Public Company’s Board of Directors and the
Management will approve a reverse split, the ratio of which is to be determined by the Private Company and Management.
	 	 	 
	 	b.	At the closing, Private Company shall receive 80% of the fully diluted Common Shares of the Public Company.

 

		c.	Public Company shall eliminate all liabilities except for up to $350,0000.00 discussed above from
its balance sheet and have no ongoing operations as of the closing, or the business will be spun out at a later date.

 

		d.	Public Company shall deliver to Private Company its financial statements, by an accounting firm
accredited by the PCAOB and a member of the SEC practice section.

 

		e.	Public Company shall deliver to Private Company, certified transfer sheets (or make same available
through the transfer agent) as well as all corporate books and records and support documents for the audits as provided for in
item 1(d) above.

 

		f.	All officers and employees shall resign from the Public Company in all current capacities, with
no further compensation due under their existing employment agreement other than mutually agreed to consulting agreements if any.
For a period of 90 days, the Parties may agree to keep one (1) remaining Director on the Board from the Public Company in order
to maintain operating company status.

 

		g.	A condition precedent to the closing of the Transaction shall be an executed agreement by the Management
of the Public Company, to vote in favor of the Transaction if need be and to have the Board of Directors and/or holders of the
majority of shares of voting common stock execute any documents necessary to affect the sale of a majority interest in the Public
Company and as documented in the Definitive Agreement, with all such approvals being obtained as required by relevant state and
Federal securities laws.

 

		h.	Public Company acknowledges that within the first sixty (60) days after the closing, the new Board
will amend the Public Company’s Certificate of Incorporation to authorize 20,000,000 shares of blank check preferred stock,
and of that preferred, the Board shall approve a super voting series of preferred stock in the form set forth in Exhibit A (“Series
A Preferred Stock”). The Series A Preferred Stock will be issued to the new principals in exchange for certain contributions
such principals will be making to the combined entity.

 

		i.	Public Company agrees to leave one (1) of its existing subsidiaries intact as part of the Transaction,
but that subsidiary need not have any assets or operations.

 

		j.	All current known and unknown debts and payoffs and settlements made thereto, estimated at no more
than $350,0000, including the disclosed convertible notes, will be the responsibility of the Management of mPhase, and will either
be converted to equity (and included in the 20% hold back) or will be repaid, and shall not be the responsibility of the Private
Company pre or post Transaction. In the event that any debts are presented over the course of the next 36 months that existed prior
to this Transaction (even if that amount exceeds the estimated $350,000) such debts will remain the responsibility of Management
of mPhase and will either be converted and deemed included in the 20% hold back or will be repaid by the Managment.

 

		k.	During the twelve (12) months that follow the closing of the Transaction, any undisclosed liabilities
that are uncovered by Private Company will be the responsibility of the Management to repay or shall be deducted from the 20% initial
holdings.

 

    	2 | P a g e	 

     

    

 

3. Conduct
of Business. On and after the date that this LOI is executed by the Parties hereto, Public Company will cause the operations
of Public Company to be carried on in the normal course of business, diligently and lawfully, and in substantially the same manner
as they previously were carried out. Public Company will not cause its business to suffer the existence or allow the creation of
any liens or encumbrances of any nature on its business, property or assets, except in the ordinary course of business consistent
with past practices. Public Company shall not engage in any activities or transactions which are outside the ordinary course as
conducted prior to and on the date hereof, other than certain transactions which include raising capital via private placement
memorandums to accredited investors pursuant to Section 4(2)a of the SEC in order to continue operations and to clean up of the
balance sheet, thru either cash payments or debt to equity conversions. In addition, Public Company will not issue, or enter into
any agreements for the future issuance of any capital stock or grant any options with respect to its capital stock other than for
the purposes described above, nor will the Public Company make any distributions, dividends or other payments to any affiliate
or shareholders of the Public Company.

 

4. Public
Announcements. Neither Party will make any public disclosure concerning the matters set forth in this LOI or the negotiation
of the proposed Transaction without the prior written consent of the other Party. When either Party desires to make such public
disclosure, after receiving such prior written consent, the disclosing Party will give the other Party an opportunity to review
and comment on any such disclosure in advance of public release. Notwithstanding the above, to the extent that either Party is
advised by counsel that disclosure of the matters set forth in this letter of intent is required by applicable securities laws
or to the extent that such disclosure is ordered by a court of competent jurisdiction or is otherwise required by law, then such
disclosing Party will provide the other Party, if reasonably possible under the circumstances, prior notice of such disclosure
as well as an opportunity to review and comment on such disclosure in advance of the public release.

 

5. Due
Diligence. Each Party and its representatives, officers, employees and advisors, including accountants and legal advisors,
will provide the other Party and its representatives, officers, employees and advisors, including accountants and legal advisors,
with all information, books, records and property (collectively, “Transaction Information”) that such other Party reasonably
considers necessary or appropriate in connection with its due diligence inquiry. Each Party agrees to make available to the other
Party such officers, employees, consultants, advisors and others as reasonably requested by the other Party for meetings, visits,
questions and discussions concerning each other and the Transaction. Each of the Parties will use its reasonable best efforts to
maintain the confidentiality of the Transaction Information, unless all or part of the Transaction Information is required to be
disclosed by applicable securities laws or to the extent that such disclosure is ordered by a court of competent jurisdiction.

 

    	3 | P a g e	 

     

    

 

6. Exclusivity.
In consideration of the mutual covenants and agreements contained herein, until the earlier of the closing of the Transaction
or termination of this LOI in accordance with its terms, the Public Company and its officers, directors, employees,
shareholders and other representatives will not, and will not permit any of their respective affiliates to, directly or
indirectly, solicit, discuss, accept, approve, respond to or encourage (including by way of furnishing information) any
inquiries or proposals relating to, or engage in any negotiations with any third party with respect to any transaction
similar to the Transaction or any transaction involving the transfer of a significant or controlling interest in the assets
or capital stock of the Public Company, including, but not limited to, a merger, acquisition, strategic investment or similar
transaction (“Acquisition Proposal”). Public Company and its officers or their respective affiliates will
immediately notify Private Company of the receipt of any third-party inquiry or proposal relating to an Acquisition Proposal
and will provide Private Company with copies of any such notice inquiry or proposal. Notwithstanding the foregoing, nothing
in this Section 6 will be construed as prohibiting the Board of Directors of the Public Company from (a) making any
disclosure required by applicable law to its shareholders; or (b) responding to any unsolicited proposal or inquiry to the
Public Company (other than an Acquisition Proposal by a third party) by advising the person making such proposal or inquiry
of the terms of this Section 6.

 

7. Termination.
This LOI may be terminated (a) by mutual written consent of the Parties hereto, (b) by either Party if the Transaction (i)
has not been consummated by March, 1, 2018, (placeholder) (ii) is enjoined by a court or a governmental body, (iii) cannot be
consummated due to a material breach of any representation, warranty, covenant or agreement on the part of the other Party,
which breach cannot be cured within thirty (30) days of written notice of such breach, or (iv) by either Party if a Party is
not reasonably satisfied with the results of its due diligence investigation of the other Party; or (c) by Private Company if
(i) the Public Company’s financial condition or capitalization changes to any material extent from that which shall be
reported to Private Company in its most recently filed Annual Report on Form10-K.

 

8. Closing.The
Transaction shall close upon the execution of Definitive Agreement and ancillary documents related thereto by the
Parties.

 

9. Brokers.
Each Party represents and warrants to the other that if they are represented by any brokers or finders entitled to any
compensation with respect to the Transaction that Party shall be responsible for any compensation due to the broker or
finder, and each Party agrees to indemnify and hold the other harmless from and against any expenses or damages incurred
because of a breach of this representation and warranty.

 

10. Expenses.
Except as provided in Section 11, each party will be solely responsible for any and all of its respective costs, fees and
expenses, including, without limitation, expenses of legal counsel, consultants, accountants and other advisors, incurred at
any time in connection with pursuing or consummating the Transaction.

 

11. Attorneys’
Fees. If any legal action is necessary to enforce or interpret the terms of this LOI which are binding on the Parties
pursuant to Section 12, the prevailing Party shall be entitled to recover reasonable attorneys’ fees, costs and
necessary disbursements in addition to any other relief to which such Party may be entitled.

 

12. Non-Binding
Nature. This LOI expresses the intention of the Parties with respect to the Transaction. This LOI does not contain all
matters upon which the parties must reach agreement. This LOI will not constitute an obligation binding in any respect on any
party or create any rights in favor of any party or any person, except for the parties’ agreements and obligations
under Sections 3, 4, 6, 9 ,10, 11 and 12 of this LOI, which sections will be binding obligations on each of the Parties
hereto. Any other obligations (legal or otherwise) will be as set forth in the Definitive Agreement.

 

    	4 | P a g e	 

     

    

 

13. Compliance
with the Securities Laws. Private Company acknowledges that it and the Private Company’s officers, directors,
shareholders and employees and other representatives may, in connection with their consideration of the proposed Transaction,
come into possession of material non-public information about Public Company. Accordingly, the Private Company will use its
best efforts to ensure that none of its officers, directors, shareholders and employees or other representatives will trade
(or cause or encourage any third party to trade) in any of the securities which they will receive as a result of the
Transaction while in possession of any such material, non-public information.

 

14. Mutual
Cooperation. The parties hereto shall cooperate with each other to achieve the purpose of this LOI, and shall execute such
other and further documents and take such other and further actions as may be necessary or convenient to affect the transaction
described herein.

 

15. Miscellaneous.

 

a. Governing
Law; Venue. This LOI will be governed by and construed under the internal laws of the State of New York applicable to a
contract made and performed in that state, without regard to choice of law or conflict of law principles. Each Party submits
to the exclusive personal jurisdiction of the state and federal courts located in New York and agrees that all actions or
disputes related to this LOI shall be brought in such courts.

 

b. Interpretation.
No provision of this LOI shall be interpreted or construed against any Party hereto solely because such Party or its legal
representative drafted such provision.

 

c. Entire
Agreement; Amendment. This LOI constitutes the entire agreement between the Parties with respect to the matters covered
herein and supersedes any prior negotiations, understandings or agreements with respect to the matters contemplated hereby.
This LOI may only be modified or amended in a writing signed by the Parties hereto.

 

d. Counterparts.
This LOI may be executed by facsimile or .PDF signature and in any number of counterparts, all of which taken together shall
be deemed to constitute a single original document.

 

This LOI will terminate
at 5:00 p.m. Eastern time on December 29, 2017 unless it has been duly executed by or on behalf of the Parties prior to such time.

 

THE REMAINDER OF THIS PAGE INTENTIONALLY
LEFT BLANK

SIGNATURE PAGE TO FOLLOW

 

    	5 | P a g e	 

     

    

 

Please indicate your acceptance of the terms outlined in this
LOI regarding the Transaction as set forth herein.

 

Sincerely,

 

/s/ Martin Smiley

 

Martin Smiley

CFO and General Counsel of mPHASE Technologies, Inc.

on behalf of the Sellers.

 

/s/ Ronald Durando

 

Ronald Durando, President and CEO

 

Dated: December 28, 2017

 

Agreed and Accepted:

 

Scepter Commodities, LLC

 

	By:	/s/ Anshu Bhatnagar	 
	 	Name:	Anshu Bhatnagar	 
	 	Title:	Chief Executive Officer	 
	 	 	 	 
	 	Date:	12/29/2017	 

 

    	6 | P a g e

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