Document:

Exhibit 4.3

 

Term
NoTE

 

	Principal Amount: $2,450,000	March 22, 2018 (the “Issuance Date”)

Actual Amount: $1,750.000

 

FOR VALUE RECEIVED, the undersigned
DPW Holdings, Inc., a Delaware corporation (the “Maker”) promises to pay, on or before May 21, 2018 (the “Maturity
Date”), to Plankton Enterprises, LLC, a New York limited liability company (the “Lender”), at 84 White
Hill Road, Cold Spring Harbor, New York 11724 or such other address as is designated by the Lender, up to the sum of One Million
Seven Hundred and Fifty Thousand Dollars ($1,750,000) or any portion then outstanding at the Maturity Date with principal and interest
payable, as set forth below. The Maker and the Lender each acknowledges and agrees that (i) the Lender has previously lent the
Maker $750,000, which will constitute part of the $1,750,000, and (ii) that interest on such principal amount in the amount of
$150,000 has been accrued and paid to the Lender by Maker on or before the date hereof.

 

The interest rate payable
on this Promissory Note (the “Note”) shall be twenty percent (20%) per thirty (30) calendar days, payable in
a lump sum on the Maturity Date. Notwithstanding the foregoing, the Maker shall have the right to prepay the entirety of this Note
by paying to the Lender the sum of One Million Seven Hundred and Fifty Thousand Dollars ($1,750,000) plus interest of Three Hundred
and Fifty Thousand Dollars ($350,000) on or before April 21, 2018 (the “Prepayment Date”).

 

Any of the following shall
be deemed an Event of Default under this Note:

 

(i) if any repayment to
be made hereunder, whether interest, principal or both, shall not be paid within five (5) days after the same shall be due, in
addition to interest and without limiting the Lender’s rights by reason of such default;

 

(ii) the Maker fails to
timely pay off the full amount of the notes that the Maker issued to Iroquois Master Fund, Ltd. and Intracoastal, LLC, in the aggregate
amount of $2,500,000 each, which mature on or about March 26, 2018;

 

(iii) or the Maker issues
any additional confessions of judgements to any third-parties after the date hereof; or the Maker makes any other notes that mature
or require payment within seventh five (75) days from the date hereof;

 

(iv) or, as it is understood
and agreed that the Maker will be using proceeds from the Company’s At-the-Market (“ATM”) Offering, the
Maker agrees to draw down between five (5) and ten (10) percent of each day’s trading volume, and to provide a statement
to the Lender of how much it drew down each day and to instruct the underwriter, H.C. Wainwright & Co., LLC to wire, and/or
ensure itself that one-half (1⁄2) of the proceeds from each day’s draw down is wired each day to an attorney escrow
account for the benefit of Plankton, yet the Maker fails to provide such information to the Lender and/or fails to provide such
funds to the escrow, until such time as the full amount of the note and interest has been satisfied.

 

In the event of the occurrence
of any Event of Default set forth above, this Note shall be accelerated such that the full balance otherwise due and owing on the
Maturity Date, plus an additional five (5%) to, amongst other things, cover the extra expense in handling delinquent payments,
shall be immediately due and owing to the Lender.

 

Except as expressly provided
herein, the Maker waives presentment, demand, notice, protest, and all other demands or notices in connection with the delivery,
acceptance, endorsement, performance, default or enforcement of this Note, generally waives all suretyship defenses and defenses
in the nature thereof, and agrees to be bound by all the terms and conditions contained in this Note executed in connection herewith.

 

The undersigned agrees to
pay the costs and expenses of collection, including reasonable attorneys' fees actually incurred or paid by the Lender in enforcing
this Note or the obligations hereby evidenced, the sum of an additional fifteen (15%) percent of such sum due on or before May
21, 2018.

 

    	 	 	 

    	 

    

 

No delay or omission of the
holder in exercising any right or remedy hereunder shall constitute a waiver of any such right or remedy. Acceptance by the Lender
of any payment after acceleration shall not be deemed a waiver of such acceleration. A waiver on one occasion shall not operate
as a bar to or waiver of any such right or remedy on any future occasion.

 

The Lender need not enter
payments of principal or interest upon this Note but may maintain a record thereof on a separate ledger maintained by the Lender.

 

Time is of the essence of
this Note.

 

The word “holder”
as used in this Note, shall mean the payee or endorsee of the Note who is in possession of it or the bearer if this Note is at
the time payable to bearer.

 

If any provision of this
Note is held to be invalid or unenforceable by a court of competent jurisdiction, such provision shall be deemed modified to the
extent necessary to be enforceable, or if such modification is not practicable, such provision shall be deemed deleted from this
Note, and the other provisions of this Note shall remain in full force and effect, and shall be construed in favor of holder. Subject
to the foregoing provisions of this paragraph, it is the express intention of Maker and holder to conform strictly to any applicable
usury laws. Accordingly, all agreements between Maker and holder, whether now existing or hereafter arising, and whether written
or oral, are hereby expressly limited so that in no contingency or event whatsoever, whether by reason of acceleration of the maturity
of this Note or otherwise, shall the amount paid or agreed to be paid to Lender or the holder of this Note for the use, forbearance
or detention of the money loaned pursuant hereto or otherwise, or for the payment or performance of any covenant or obligation
contained herein or in any other document executed in connection herewith, exceed the maximum amount permissible under applicable
law. If, from any circumstance or contingency whatsoever, fulfillment of any provision hereof or of any other document executed
in connection herewith, at the time performance of such provision shall be due, shall involve transcending the limit of validity
prescribed by law, then, ipso facto, the obligation to be fulfilled shall be reduced to the limit of such validity, and if from
any such circumstance or contingency holder shall ever receive as interest or otherwise an amount which would exceed the maximum
rate of interest permitted by applicable law, the amount of such excess shall be applied to a reduction of the indebtedness evidenced
by this Note, and not to the payment of interest, and if such excessive interest exceeds such indebtedness, the amount of such
excessive interest shall be refunded to Maker. If at any time this Note prescribes a rate of interest in excess of the maximum
rate permitted by law, all sums paid or agreed to be paid to holder for the use, forbearance or detention of the money loaned pursuant
to this Note shall be amortized, prorated, allocated and spread throughout the full term of such indebtedness until payment in
full, so that the actual rate of interest on account of such indebtedness is uniform throughout the term hereof.

 

This Note shall be governed
by and construed solely and exclusively in accordance with the internal laws of the State of New York without regard to the conflicts
of laws principles thereof. The parties hereto hereby expressly and irrevocably agree that any suit or proceeding arising directly
and/or indirectly pursuant to or under this Note shall be brought solely in a federal or state court located in the City, County
and State of New York. By its execution hereof, in the case of Maker, or acceptance, in the case of Lender, the parties hereby
covenant and irrevocably submit to the in personam jurisdiction of the federal and state courts located in the City, County and
State of New York and agree that any process in any such action may be served upon any of them personally, or by certified mail
or registered mail upon them or their agent, return receipt requested, with the same full force and effect as if personally served
upon them in New York City. The parties hereto expressly and irrevocably waive any claim that any such jurisdiction is not a convenient
forum for any such suit or proceeding and any defense or lack of in personam jurisdiction with respect thereto. In the event of
any such action or proceeding, the party prevailing therein shall be entitled to payment from the other party hereto of all of
its reasonable counsel fees and disbursements.

 

    	 	 	 

    	 

    

 

IN WITNESS WHEREOF, the Maker has duly executed this Term
Note as a sealed instrument as of the date and year first above written.

 

	 	 	DPW HOLDINGS, INC.	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	By:	 	 
	 	Name:	Milton C. Ault III	 
	 	Title:	Chief Executive OfficerExhibit 4.4

 

NEITHER THIS SECURITY NOR THE SECURITIES
AS TO WHICH THIS SECURITY MAY BE EXERCISED HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION
OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF
THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR
TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY. THIS SECURITY AND THE SECURITIES ISSUABLE
UPON EXERCISE OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

 

COMMON STOCK PURCHASE WARRANT 

 

DPW HOLDINGS, INC.

 

Warrant Shares:

Date of Issuance: March 22, 2018 (“Issuance
Date”)

 

This COMMON STOCK PURCHASE
WARRANT (the “Warrant”) certifies that, for value received (in connection with the consulting agreement entered
into between the Holder and the Company of even date herewith to the Holder (as defined below)) (the “Agreement”),
Plankton Enterprises, LLC, a New York limited liability company (including any permitted and registered 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 of issuance hereof, to purchase from DPW Holdings, Inc., a Delaware corporation (the “Company”),
up to 1,250,000 shares of Common Stock (as defined below) (the “Warrant Shares”) (whereby such number may be
adjusted from time to time pursuant to the terms and conditions of this Warrant) at the Exercise Price per share then in effect.
The Holder agrees and accepts that this Warrant may not be exercised until the Company has obtained the approval of the NYSE American
therefor.

 

For purposes of this
Warrant, the term “Exercise Price” shall mean $1.15, subject to adjustment as provided herein, (including but
not limited to cashless exercise), and the term “Exercise Period” shall mean the period commencing on the
Issuance Date and ending on 5:00 p.m. eastern standard time on the three-year anniversary thereof.

 

1.            EXERCISE
OF WARRANT.

 

(a)       Mechanics
of Exercise. Subject to the terms and conditions hereof, the rights represented by this Warrant may be exercised in whole
or in part at any time or times during the Exercise Period by delivery of a written notice, in the form attached hereto as Exhibit
A (the “Exercise Notice”), of the Holder’s election to exercise this Warrant. The Holder shall
not be required to deliver the original Warrant in order to effect an exercise hereunder. Partial exercises of this Warrant resulting
in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding
number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. On or
before the third Trading Day (the “Warrant Share Delivery Date”) following the date on which the Company shall
have received the Exercise Notice, and upon receipt by the Company of payment to the Company of an amount equal to the applicable
Exercise Price multiplied by the number of Warrant Shares as to which all or a portion of this Warrant is being exercised (the
“Aggregate Exercise Price” and together with the Exercise Notice, the “Exercise Delivery Documents”)
in cash or by wire transfer of immediately available funds, (or by cashless exercise, in which case there shall be no Aggregate
Exercise Price provided), the Company shall (or direct its transfer agent to) issue and dispatch by overnight courier to the address
as specified in the Exercise Notice, a certificate, registered in the Company’s share register in the name of the Holder
or its designee, for the number of shares of Common Stock to which the Holder is entitled pursuant to such exercise. Upon receipt
of the Exercise Delivery Documents by the Company, 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 certificates evidencing such Warrant Shares. If this Warrant is submitted in connection with any exercise and the number of
Warrant Shares represented by this Warrant submitted for exercise is greater than the number of Warrant Shares being acquired
upon an exercise, then the Company shall as soon as practicable and in no event later than five Trading Days after any exercise
and at its own expense, issue a new Warrant (in accordance with Section 6) representing the right to purchase the number of Warrant
Shares purchasable immediately prior to such exercise under this Warrant, less the number of Warrant Shares with respect to which
this Warrant is exercised. 

 

    	 	 	 

    	 

    

 

If the Company fails to cause its transfer
agent to transmit to the Holder the respective shares of Common Stock by the respective Warrant Share Delivery Date, then the Holder
will have the right to rescind such exercise in Holder’s sole discretion, and such failure shall be deemed a breach of the
Agreement.

 

(b)       No
Fractional Shares. No fractional shares shall be issued upon the exercise of this Warrant as a consequence of any adjustment
pursuant hereto. All Warrant Shares (including fractions) issuable upon exercise of this Warrant may be aggregated for purposes
of determining whether the exercise would result in the issuance of any fractional share. If, after aggregation, the exercise would
result in the issuance of a fractional share, the Company shall, in lieu of issuance of any fractional share, pay the Holder otherwise
entitled to such fraction a sum in cash equal to the product resulting from multiplying the then-current fair market value of a
Warrant Share by such fraction.

 

(c)       Holder’s
Exercise Limitations. The Company shall not effect any exercise of this Warrant, and the Holder shall not have the right to
exercise any portion of this Warrant, to the extent that after giving effect to issuance of Warrant Shares upon exercise as set
forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates, and any other persons acting
as a group together with the Holder or any of the Holder’s Affiliates), would beneficially own in excess of the Beneficial
Ownership Limitation, as defined below. For purposes of the foregoing sentence, the number of shares of Common Stock beneficially
owned by the Holder and its Affiliates shall include the number of shares of Common Stock issuable upon exercise of this Warrant
with respect to which such determination is being made, but shall exclude the number of shares of Common Stock which would be issuable
upon (i) exercise of the remaining, non-exercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates
and (ii) exercise or conversion of the unexercised or non-converted 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. Except as set forth in the preceding sentence, for purposes of
this paragraph (d), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act, 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 the Holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent
that the limitation contained in this paragraph applies, the determination of whether this Warrant is exercisable (in relation
to other securities owned by the Holder together with any affiliates) and of which portion of this Warrant is exercisable shall
be in the 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 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.

 

For purposes of this
paragraph, in determining the number of outstanding shares of Common Stock, a Holder may rely on the number of outstanding shares
of Common Stock as reflected in (A) the Company’s most recent periodic or annual report filed with the Commission, as the
case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company or its transfer
agent setting forth the number of shares of Common Stock outstanding. Upon the request of a Holder, the Company shall within two
Trading Days confirm to the Holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding
shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the Company, including
this Warrant, by the Holder or its affiliates since the date as of which such number of outstanding shares of Common Stock was
reported. The “Beneficial Ownership Limitation” shall be 4.99% of the number of shares of the Common Stock outstanding
immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise of this Warrant. Upon no fewer
than 61 days’ prior notice to the Company, a Holder may increase or decrease the Beneficial Ownership Limitation provisions
of this paragraph, provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of shares of the Common
Stock outstanding immediately after giving effect to the issuance of shares of Common Stock upon exercise of this Warrant held
by the Holder and the provisions of this paragraph shall continue to apply. Any such increase or decrease will not be effective
until the 61st day after such notice is delivered to the Company and shall only apply to such Holder and no other Holder.
The limitations contained in this paragraph shall apply to a successor Holder of this Warrant.

 

    	 	- 2 -	 

    	 

    

 

(d)       Cashless
Exercise.

 

Notwithstanding
anything contained herein to the contrary, if at the time of exercise hereof there is no registration statement effective (or the
prospectus contained therein is not available for use) for the issuance by the Company to the Holder of all of the Warrant Shares,
then the Holder may, in its sole discretion, exercise this Warrant in whole or in part and, in lieu of making the cash payment
otherwise contemplated to be made to the Company upon such exercise in payment of the Aggregate Exercise Price, elect instead to
receive upon such exercise the “Net Number” of shares of Common Stock determined according to the following formula
(a “Cashless Exercise”):

 

            Net
Number = (A x B) - (A x C)

 

      B

 

            For
purposes of the foregoing formula:

 

A = the total number of shares
with respect to which this Warrant is then being exercised.

 

B = as applicable: (i) the
Closing Sale Price of the Common Stock on the Trading Day immediately preceding the date of the applicable Exercise Notice if such
Exercise Notice 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) the Bid
Price of the Common Stock as of the time of the Holder’s execution of the applicable Exercise Notice if such Exercise Notice
is executed during “regular trading hours” on a Trading Day and is delivered within two (2) hours thereafter pursuant
to Section 1(a) hereof or (iii) the Closing Sale Price of the Common Stock on the date of the applicable Exercise Notice if the
date of such Exercise Notice is a Trading Day and such Exercise Notice is both executed and delivered pursuant to Section 1(a)
hereof after the close of “regular trading hours” on such Trading Day.

 

C = the Exercise Price then
in effect for the applicable Warrant Shares at the time of such exercise.

 

(e)           Mechanics
of Exercise. 

 

(i)      
Delivery of Certificates upon Exercise. Certificates for shares purchased hereunder shall be transmitted by the Company’s
transfer agent for its Common Stock (the “Transfer Agent”) to the Holder by crediting the account of the Holder’s
prime broker 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 being exercised via cashless exercise
and Rule 144 is available, and otherwise by physical delivery to the address specified by the Holder in the Notice of Exercise
by the date that is three (3) Trading Days after the delivery to the Company of the Notice of Exercise (such date, the “Warrant
Share Delivery Date”). The Warrant Shares shall be deemed to have been issued, and Holder or any other person so designated
to be named therein shall be deemed to have become a holder of record of such shares for all purposes, as of the date the Warrant
has been exercised, with payment to the Company of the Exercise Price (or by cashless exercise, if permitted) and all taxes required
to be paid by the Holder, if any, pursuant to Section 2(d)(vi) prior to the issuance of such shares, having been paid. The Company
understands that a delay in the delivery of the Warrant Shares after the Warrant Share Delivery Date could result in economic loss
to the Holder. In addition to any other remedies which may be available to the Holder, in the event that the Company fails for
any reason to effect delivery of the Warrant Shares by the Warrant Share Delivery Date, the Holder may revoke all or part of the
relevant Warrant exercise by delivery of a notice to such effect to the Company, whereupon the Company and the Holder shall each
be restored to their respective positions immediately prior to the exercise of the relevant portion of this Warrant, except that
the liquidated damages described above shall be payable through the date notice of revocation or rescission is given to the Company.

 

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

 

    	 	- 3 -	 

    	 

    

 

(iii)    
Rescission Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder a certificate or the certificates
representing the Warrant Shares pursuant to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right,
at any time prior to issuance of such Warrant Shares, to rescind such exercise.

 

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

 

(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.

 

2.            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. 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 reclassification.

 

(b)       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.

 

(c)       Notice
to Holder. 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. 

 

    	 	- 4 -	 

    	 

    

 

3.            FUNDAMENTAL
TRANSACTIONS. If, at any time while this Warrant is outstanding, (i) the Company effects any merger of the Company with or
into another entity and the Company is not the surviving entity (such surviving entity, the “Successor Entity”),
(ii) the Company effects any sale of all or substantially all of its assets in one or a series of related transactions, (iii) any
tender offer or exchange offer (whether by the Company or by another individual or entity, and approved by the Company) is completed
pursuant to which holders of Common Stock are permitted to tender or exchange their shares of Common Stock for other securities,
cash or property and the holders of at least 50% of the Common Stock accept such offer, or (iv) the Company effects any reclassification
of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged
for other securities, cash or property (other than as a result of a subdivision or combination of shares of Common Stock) (in any
such case, a “Fundamental Transaction”), then, upon any subsequent exercise of this Warrant, the Holder shall
have the right to receive the number of shares of Common Stock of the Successor Entity or of the Company and any additional consideration
(the “Alternate Consideration”) receivable upon or as a result of such reorganization, reclassification, merger,
consolidation or disposition of assets by a holder of the number of shares of Common Stock for which this Warrant is exercisable
immediately prior to such event (disregarding any limitation on exercise contained herein solely for the purpose of such determination).
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. To the
extent necessary to effectuate the foregoing provisions, any Successor Entity in such Fundamental Transaction shall issue to the
Holder a new warrant consistent with the foregoing provisions and evidencing the Holder’s right to exercise such warrant
into Alternate Consideration.

 

4.            NON-CIRCUMVENTION.
The Company covenants and agrees that it will not, by amendment of its certificate of incorporation, bylaws or through any reorganization,
transfer of assets, consolidation, merger, scheme of arrangement, 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, and will at all times in good
faith carry out all the provisions of this Warrant and take all action as may be required to protect the rights of the Holder.
Without limiting the generality of the foregoing, the Company (i) shall not increase the par value of any shares of Common Stock
receivable upon the exercise of this Warrant above the Exercise Price then in effect, (ii) shall take all such actions as may be
necessary or appropriate in order that the Company may validly and legally issue fully paid and non-assessable shares of Common
Stock upon the exercise of this Warrant, and (iii) shall, for so long as this Warrant is outstanding, have authorized and reserved,
free from preemptive rights, three (3) times the number of shares of Common Stock into which the Warrants are then exercisable
into to provide for the exercise of the rights represented by this Warrant (without regard to any limitations on exercise).

 

5.            WARRANT
HOLDER NOT DEEMED A STOCKHOLDER. Except as otherwise specifically provided herein, this Warrant, in and of itself, shall not
entitle the Holder to any voting rights or other rights as a stockholder of the Company. In addition, nothing contained in this
Warrant shall be construed as imposing any liabilities on the Holder to purchase any securities (upon exercise of this Warrant
or otherwise) or as a stockholder of the Company, whether such liabilities are asserted by the Company or by creditors of the Company.

 

6.            REISSUANCE.

 

(a)       Lost,
Stolen or Mutilated Warrant. If this Warrant is lost, stolen, mutilated or destroyed, the Company will, on such terms as to
indemnity or otherwise as it may reasonably impose (which shall, in the case of a mutilated Warrant, include the surrender thereof),
issue a new Warrant of like denomination and tenor as this Warrant so lost, stolen, mutilated or destroyed.

 

(b)       Issuance
of New Warrants. Whenever the Company is required to issue a new Warrant pursuant to the terms of this Warrant, such new Warrant
shall be of like tenor with this Warrant, and shall have an issuance date, as indicated on the face of such new Warrant which is
the same as the Issuance Date.

 

7.            TRANSFER.

 

(a)       Notice
of Transfer. The Holder agrees to give written notice to the Company before transferring this Warrant or transferring any
Warrant Shares of such Holder’s intention to do so, describing briefly the manner of any proposed transfer. Promptly upon
receiving such written notice, the Company shall present copies thereof to the Company’s counsel. If the proposed transfer
may be effected without registration or qualification (under any federal or state securities laws), the Company, as promptly as
practicable, shall notify the Holder thereof, whereupon the Holder shall be entitled to transfer this Warrant or to dispose of
Warrant Shares received upon the previous exercise of this Warrant, all in accordance with the terms of the notice delivered by
the Holder to the Company; provided, however, that an appropriate legend may be endorsed on this Warrant or the certificates for
such Warrant Shares respecting restrictions upon transfer thereof necessary or advisable in the opinion of counsel and satisfactory
to the Company to prevent further transfers which would be in violation of Section 5 of the Securities Act and applicable state
securities laws; and provided further that the prospective transferee or purchaser shall execute the Assignment of Warrant attached
hereto as Exhibit B and such other documents and make such representations, warranties, and agreements as may be
required solely to comply with the exemptions relied upon by the Company for the transfer or disposition of the Warrant or Warrant
Shares. 

 

    	 	- 5 -	 

    	 

    

 

(b)       If
the proposed transfer or disposition of this Warrant or such Warrant Shares described in the written notice given pursuant to this
Section 7 may not be effected without registration or qualification of this Warrant or such Warrant Shares, the Holder will limit
its activities in respect to such transfer or disposition as are permitted by law.

 

(c)       Any
transferee of all or a portion of this Warrant shall succeed to the rights and benefits of the initial Holder of this Warrant.

 

8.            NOTICES.
Whenever notice is required to be given under this Warrant, unless otherwise provided herein, such notice shall be given in accordance
with the notice provisions contained in the Purchase Agreement. The Company shall provide the Holder with prompt written notice
(i) immediately upon any adjustment of the Exercise Price, setting forth in reasonable detail, the calculation of such adjustment
and (ii) at least 20 days prior to the date on which the Company closes its books or takes a record (A) with respect to any dividend
or distribution upon the shares of Common Stock, (B) with respect to any grants, issuances or sales of any stock or other securities
directly or indirectly convertible into or exercisable or exchangeable for shares of Common Stock or other property, pro rata to
the holders of shares of Common Stock or (C) for determining rights to vote with respect to any Fundamental Transaction, dissolution
or liquidation, provided in each case that such information shall be made known to the public prior to or in conjunction with such
notice being provided to the Holder.

 

9.            AMENDMENT
AND WAIVER. The terms of this Warrant may be amended or waived (either generally or in a particular instance and either retroactively
or prospectively) only with the written consent of the Company and the Holder.

 

10.          GOVERNING
LAW. This Warrant shall be governed by and construed in accordance with the laws of the State of New York without regard to
principles of conflicts of laws. Any action brought by either party against the other concerning the transactions contemplated
by this Warrant shall be brought only in the state courts or federal courts located in New York. The parties to this Warrant hereby
irrevocably waive any objection to jurisdiction and venue of any action instituted hereunder and shall not assert any defense based
on lack of jurisdiction or venue or based upon forum non conveniens. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT
MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR UNDER ANY OTHER TRANSACTION
DOCUMENT ENTERED INTO IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT, ANY OTHER TRANSACTION DOCUMENT OR ANY TRANSACTION CONTEMPLATED
HEREBY OR THEREBY. The prevailing party shall be entitled to recover from the other party its reasonable attorney's fees and
costs. In the event that any provision of this Warrant or any other agreement delivered in connection herewith is invalid or unenforceable
under any applicable statute or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict
therewith and shall be deemed modified to conform with such statute or rule of law. Any such provision which may prove invalid
or unenforceable under any law shall not affect the validity or enforceability of any other provision of any agreement. Each party
hereby irrevocably waives personal service of process and consents to process being served in any suit, action or proceeding in
connection with this Agreement or any other Transaction Document by mailing a copy thereof via registered or certified mail or
overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this 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.

 

11.          ACCEPTANCE.
Receipt of this Warrant by the Holder shall constitute acceptance of and agreement to all of the terms and conditions contained
herein.

 

12.          CERTAIN
DEFINITIONS. For purposes of this Warrant, the following terms shall have the following meanings:

 

(a)       “Closing
Sale Price” means, for any security as of any date, (i) the last closing trade price for such security on the Principal
Market, as reported by Nasdaq, or, if the Principal Market begins to operate on an extended hours basis and does not designate
the closing trade price, then the last trade price of such security prior to 4:00 p.m., New York time, as reported by Nasdaq,
or (ii) if the foregoing does not apply, the last trade price of such security in the over-the-counter market for such security
as reported by Nasdaq, or (iii) if no last trade price is reported for such security by Nasdaq, the average of the bid and ask
prices of any market makers for such security as reported by the OTC Markets. If the Closing Sale Price cannot be calculated for
a security on a particular date on any of the foregoing bases, the Closing Sale Price of such security on such date shall be the
fair market value as mutually determined by the Company and the Holder. All such determinations to be appropriately adjusted for
any stock dividend, stock split, stock combination or other similar transaction during the applicable calculation period. 

 

    	 	- 6 -	 

    	 

    

 

(b)       “Common
Stock” means the Company’s Class A common stock, and any other class of securities into which such securities may
hereafter be reclassified or changed.

 

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

 

(d)       “Principal
Market” means the primary national securities exchange on which the Common Stock is then traded.

 

(e)       “Market
Price” means the highest traded price of the Common Stock during the thirty (30) Trading Days prior to the date of the
respective Exercise Notice.

 

(f)       “Trading
Day” means (i) any day on which the Common Stock is listed or quoted and traded on its Principal Market, (ii) if the
Common Stock is not then listed or quoted and traded on any national securities exchange, then a day on which trading occurs on
any over-the-counter markets, or (iii) if trading does not occur on the over-the-counter markets, any Business Day.

 

 

 

 

* * * * * * *

 

 

    	 	- 7 -	 

    	 

    

 

IN WITNESS WHEREOF, the Company has caused
this Warrant to be duly executed as of the Issuance Date set forth above.

 

 

	 	DPW HOLDINGS, INC.
	 	 
	 	 
	 	 
	 	Name: Milton C. Ault III
	 	Title: Chief Executive Officer

 

    	 		 

    	 

    

 

EXHIBIT A

 

EXERCISE NOTICE

 

(To be executed by the registered holder
to exercise this Common Stock Purchase Warrant)

 

 

The
Undersigned holder hereby exercises the right to purchase _________________ of the shares of Common Stock (“Warrant
Shares”) of DPW Holdings, Inc., a Delaware corporation (the “Company”), evidenced by the attached
copy of the Common Stock Purchase Warrant (the “Warrant”). Capitalized terms used herein and not otherwise
defined shall have the respective meanings set forth in the Warrant.

 

		1.	Form of Exercise Price. The Holder intends that payment of the Exercise Price shall be made
as (check one):

 

		☐	a cash exercise with respect to _________________ Warrant Shares; or

☐
  by cashless exercise pursuant to the Warrant.

 

 

		2.	Payment of Exercise Price. If cash exercise is selected above, the holder shall pay the
applicable Aggregate Exercise Price in the sum of $___________________ to the Company in accordance with the terms of the Warrant.

 

		3.	Delivery of Warrant Shares. The Company shall deliver to the holder __________________ Warrant
Shares in accordance with the terms of the Warrant.

 

 

 

	Date:  	 	 

 

	 	 	 
	 	(Print Name of Registered Holder) 
	 	 	 
	 	 	 
	 	By:  	 
	 	Name:  	 
	 	Title:  	 

 

    	 		 

    	 

    

 

EXHIBIT B

 

ASSIGNMENT OF WARRANT

 

(To be signed only upon authorized transfer
of the Warrant)

 

 

For
Value Received, the undersigned hereby sells, assigns, and transfers unto ____________________ the right to purchase _______________
shares of common stock of DPW Holdings, Inc., to which the within Common Stock Purchase Warrant relates and appoints ____________________,
as attorney-in-fact, to transfer said right on the books of DPW Holdings, Inc. with full power of substitution and re-substitution
in the premises. By accepting such transfer, the transferee has agreed to be bound in all respects by the terms and conditions
of the within Warrant.

 

 

 

	Dated:  	 	 

 

	 	 
	 	(Signature) *
	 	 
	 	 
	 	(Name) 
	 	 
	 	 
	 	(Address)
	 	 
	 	 
	 	(Social Security or Tax Identification No.) 

 

 

 

* The signature on this Assignment of Warrant
must correspond to the name as written upon the face of the Common Stock Purchase Warrant in every particular without alteration
or enlargement or any change whatsoever. When signing on behalf of a corporation, partnership, trust or other entity, please indicate
your position(s) and title(s) with such entity.

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