Document:

Exhibit 4.2

 

THIS WARRANT AND ANY SHARES ACQUIRED
UPON THE EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 AND MAY NOT BE TRANSFERRED, SOLD OR
OTHERWISE DISPOSED OF EXCEPT UNDER AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY
TO THE COMPANY THAT REGISTRATION IS NOT REQUIRED UNDER SUCH ACT.

 

DPW HOLDINGS, INC.

 

COMMON STOCK PURCHASE WARRANT

 

JULY 3, 2019

 

THIS
COMMON STOCK PURCHASE WARRANT (this “Warrant”) of DPW Holdings, Inc., a Delaware corporation (the “Company”),
is issued by the Company as of the date hereof pursuant to that certain Exchange Agreement dated of even date herewith,
by and between the Company and the Holder (the “Exchange Agreement”). All terms used but not defined herein
shall have the meanings ascribed thereto in the Exchange Agreement.

 

FOR
VALUE RECEIVED, the Company hereby certifies that [●], and
its successors and assigns (the “Holder”), is entitled to purchase from the Company 1,000,000 duly authorized,
validly issued, fully paid and nonassessable shares of its common stock, par value $0.001 per share (the “Common Stock”),
at a purchase price equal to $0.22 per share, as may be adjusted under this Warrant (the “Warrant Price”) or
pursuant to the terms of the Exchange Agreement. The Holder is registered on the records of the Company regarding registration
and transfer of the Warrant (the “Warrant Register”) and is the owner and Holder for all purposes, except as
described in Section 11 below.

 

1.       Warrant.
This Warrant shall be immediately exercisable once the Company shall have obtained Exchange Approval therefor.

 

2.        Expiration
of Warrant. This Warrant shall expire on July 2, 2024 (the “Expiration Date”).

 

3.        Exercise
of Warrant. This Warrant shall be exercisable under the terms of Section 1 and this Section 3.

 

3.1        Manner
of Exercise. This Warrant may only be exercised by the Holder, in accordance with its terms and conditions, in whole or in
part with respect to any portion of this Warrant, into shares of Common Stock (the “Warrant Shares”), during
normal business hours on any day other than a Saturday or a Sunday or a day on which commercial banking institutions in New York,
New York are authorized by law to be closed (a “Business Day”) on or before the Expiration Date, by surrender
of this Warrant to the Company at its office maintained under Section 11.2(a), accompanied by an exercise notice (the “Exercise
Notice”) in substantially the form attached as Exhibit A (or a reasonable facsimile thereof) duly executed
by the Holder, together with the payment of the Warrant Price. The Holder also shall have the right, at its election exercised
in its sole discretion, when exercising the Warrant, in whole or in part, in lieu of making the cash payment otherwise contemplated
to be made to the Company upon such exercise in payment of the 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 Warrant
Shares that Holder is then purchasing.

 

B = the Closing Price of the Common
Stock on the trading day immediately preceding the date of the Exercise Notice.

 

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

 

    	 	 	 

    	 

    

 

Anything to the contrary
notwithstanding, in no event shall the Holder be entitled to exercise any portion of this Warrant in excess of that portion of
this Warrant upon exercise of which the sum of (1) the number of shares of Common Stock beneficially owned by the Holder and the
Holder’s affiliates (other than shares of Common Stock which may be deemed beneficially owned through the ownership of the
unexercised portion of the Warrant or the unexercised or unconverted portion of any other of the Company’s securities subject
to a limitation on conversion or exercise analogous to the limitations contained herein) and (2) the number of shares of Common
Stock issuable upon the exercise of the portion of this Warrant with respect to which the determination of this proviso is being
made, would result in beneficial ownership by the Holder and its affiliates of more than 9.99% of the outstanding shares of Common
Stock (“Ownership Limitation”). Beneficial ownership shall be determined in accordance with Section 13(d) of
the Securities Exchange Act of 1934 (the “Exchange Act”), and Regulations 13D - G thereunder, provided, further,
however, that the limitations on exercised may be waived by the Holder upon, at the election of the Holder, not less than 61 days’
prior notice to the Company, and the provisions of the exercise limitation shall continue to apply until such 61st day (or such
later date, as determined by the Holder, as may be specified in such notice of waiver).

 

3.2        When
Exercise Effective. Each exercise of this Warrant shall be deemed to have been effected immediately prior to the close of business
on the Business Day on which this Warrant shall have been surrendered to the Company as provided in Section 3.1 hereof,
and, at such time, the corporation, association, partnership, organization, business, individual, government or political subdivision
thereof or a governmental agency (a “Person” or the “Persons”) in whose name or names any
certificate or certificates for shares of Common Stock shall be issuable upon exercise as provided in Section 3.3 hereof
shall be deemed to have become the holder or holders of record thereof.

 

3.3        Delivery
of Certificates upon Exercise. Certificates for Warrant Shares purchased hereunder shall be transmitted by the Company’s
transfer agent (the “Transfer Agent”) to the Holder by crediting the account of the Holder’s prime broker
with the Depository Trust Company through its Deposit Withdrawal Agent Commission (“DWAC”) system 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
otherwise by physical delivery to the address specified by the Holder in the Exercise Notice by the date that is two Business Days
after the latest of (A) the delivery to the Company of the Exercise Notice, (B) surrender of this Warrant and (C) payment of the
aggregate Exercise Price as set forth above (including by cashless exercise) (such date, the “Warrant Share Delivery Date”).
If the Company fails for any reason to deliver to the Holder certificates evidencing the Warrant Shares subject to an Exercise
Notice by 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 closing price of the Common Stock on the date of the applicable
Exercise Notice), $10 per Business Day (increasing to $20 per Business Day on the fifth Business Day after such liquidated damages
begin to accrue) for each Business Day after such Warrant Share Delivery Date until such certificates are delivered or the Holder
rescinds such exercise.

 

3.4       Rescission
Rights. If the Company fails to cause the Transfer Agent to transmit the Warrant Shares to the Holder under Section 3.3
by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.

 

3.5       Compensation
for Buy-In on Failure to Timely Deliver Certificates upon Exercise. In addition to any other rights available to the Holder,
if the Company fails to cause the Transfer Agent to transmit the Warrant Shares to the Holder under Section 3.3 by 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 that 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
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, reasonable 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 certificates representing shares of Common Stock upon exercise of the Warrant as required under the terms
hereof.

 

    	 	 	 

    	 

    

 

3.6       Partial
Exercise. In case exercise is in part only, a new Warrant of like tenor, dated the date hereof and calling in the aggregate
on the face thereof for the number of Warrant Shares equal to the number of Warrant Shares called for on the face of this Warrant
minus the number of Warrant Shares designated by the Holder upon exercise as provided in Section 3.1 (without giving effect
to any adjustment thereof).

 

3.7       Company
to Reaffirm Obligations. The Company will, at the time of each exercise of this Warrant and upon the written request of the
Holder, acknowledge in writing its continuing obligation to afford to the Holder all rights (including without limitation any rights
to registration of the Warrant Shares issued upon exercise) to which the Holder shall continue to be entitled after exercise under
the terms of this Warrant; provided, however, that if the Holder shall fail to make a request, the failure shall
not affect the continuing obligation of the Company to afford the rights to such Holder.

 

4.       Warrant
Adjustments.

 

The Warrant Price and
the number of Warrant Shares purchasable upon exercise of this Warrant shall be subject to adjustment with respect to events after
the date hereof as follows:

 

4.1       Adjustment
for Change in Capital Stock. If the Company shall (i) declare a dividend on its outstanding Common Stock in shares of its capital
stock, (ii) subdivide its outstanding Common Stock, or (iii) issue any shares of its capital stock by reclassification of its Common
Stock (including any such reclassification in connection with a consolidation or merger in which the Company is the continuing
corporation), then in each such case the Warrant Price in effect immediately prior to such action shall be adjusted so that if
this Warrant is thereafter exercised, the Holder may receive the number and kind of shares which it would have owned immediately
following such action if it had exercised this Warrant immediately prior to such action. Such adjustment shall be made successively
whenever such an event shall occur. The adjustment shall become effective immediately after the record date in the case of a dividend
or distribution and immediately after the effective date in the case of a subdivision or reclassification. If after an adjustment
the Holder upon exercise of this Warrant may receive shares of two or more classes of capital stock of the Company, the Company's
Board of Directors, in good faith, shall determine the allocation of the adjusted Warrant Price between the classes of capital
stock. After such allocation, the Warrant Price of each class of capital stock shall thereafter be subject to adjustment on terms
comparable to those applicable to Common Stock in this Section 4.

 

4.2       Number
of Shares. Upon each adjustment of the Warrant Price as a result of the calculations made in Section 4.1, this Warrant
shall thereafter evidence the right to purchase, at the adjusted Warrant Price, that number of shares (calculated to the nearest
one-hundredth) obtained by dividing (i) the product obtained by multiplying the number of shares issuable upon exercise of this
Warrant prior to adjustment of the number of shares by Warrant Price in effect prior to adjustment of the Warrant Price by (ii)
the Warrant Price in effect after such adjustment of the Warrant Price.

 

4.3       Transactions
Not Requiring Adjustments. No adjustment need be made for a transaction referred to in Section 4.1 if the Holder is
permitted to participate in the transaction on a basis no less favorable than any other party and at a level which would preserve
the Holder’s percentage equity participation in the Common Stock upon exercise of this Warrant. No adjustment need be made
for sales of Common Stock under a Company plan for reinvestment of dividends or interest, the granting of options and/or the exercise
of options outstanding under any of the Company's currently existing stock option plans, the exercise of currently existing incentive
stock options or incentive stock options which may be granted in the future, the exercise of any other of the Company's currently
outstanding options, or any currently authorized warrants, whether or not outstanding. If this Warrant becomes exercisable solely
into cash, no adjustment need be made thereafter. Interest will not accrue on the cash.

 

    	 	 	 

    	 

    

 

4.4       Notice
of Adjustments. Whenever the Warrant Price is adjusted, the Company shall promptly mail to the Holder a notice of the adjustment
together with a certificate from the Company's Chief Financial Officer briefly stating (i) the facts requiring the adjustment,
(ii) the adjusted Warrant Price and the manner of computing it, and (iii) the date on which such adjustment becomes effective.
The certificate shall be prima facie evidence that the adjustment is correct, absent manifest error.

 

4.5       Reorganization
of Company. If the Company is a party to a merger, consolidation or a transaction in which (i) the Company transfers or leases
substantially all of its assets; (ii) the Company reclassifies or changes its outstanding Common Stock; or (iii) the Common Stock
is exchanged for securities, cash or other assets, the Person who is the transferee or lessee of such assets or is obligated to
deliver such securities, cash or other assets shall assume the terms of this Warrant. If the issuer of securities deliverable upon
exercise of this Warrant is an affiliate of the surviving, transferee or lessee corporation, that issuer shall join in such assumption.
The assumption agreement shall provide that the Holder may exercise this Warrant into the kind and amount of securities, cash or
other assets which it would have owned immediately after the consolidation, merger, transfer, lease or exchange if it had exercised
this Warrant immediately before the effective date of the transaction. The assumption agreement shall provide for adjustments that
shall be as nearly equivalent as may be practical to the adjustments provided for in this Section 4. The successor company
shall mail to the Holder a notice briefly describing the assumption agreement. If this Paragraph applies, Section 4(a) above
does not apply.

 

4.6       Dissolution,
Liquidation. In the event of the dissolution or total liquidation of the Company, then after the effective date thereof, this
Warrant and all rights thereunder shall expire.

 

4.7       Notices.
If (i) the Company takes any action that would require an adjustment in the Warrant Price under this Section 4; or (ii)
there is a liquidation or dissolution of the Company, the Company shall mail to the Holder a notice stating the proposed record
date for a distribution or effective date of a reclassification, consolidation, merger, transfer, lease, liquidation or dissolution.
The Company shall mail the notice at least 15 days before such date. Failure to mail the notice or any defect in it shall not affect
the validity of the transaction.

 

5.        Fractional
Shares. If the number of Warrant Shares purchasable upon the exercise of this Warrant is adjusted under Section 4,
the Company shall nevertheless not be required to issue fractions of shares upon exercise of this Warrant or otherwise, or to distribute
certificates that evidence fractional shares. Instead the Company will issue cash in the amount equal to the fractional share times
the Closing Price on the trading day immediately preceding the exercise calculated to the nearest penny.

 

6.        No
Dilution or Impairment.

 

6.1       Actions
to Permit Issuance of Warrant Shares. The Company will not, by amendment of its certificate of incorporation or through any
consolidation, merger, reorganization, transfer of assets, 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 the Warrants, but will always in good faith assist
in the carrying out of all the terms and in the taking of all actions necessary or appropriate to protect the rights of the Holder.
Without limiting the generality of the foregoing, the Company (a) will not permit the par value of any shares of Common Stock receivable
upon the exercise of the Warrants to exceed the amount payable therefor upon exercise, (b) will take all actions necessary or appropriate
in order that the Company may validly and legally issue fully paid and nonassessable shares of Common Stock on the exercise of
the Warrants, and (c) will not take any action which results in any adjustment of the Warrant Price if the total number of shares
of Common Stock issuable after the action upon the exercise of the Warrant would exceed the total number of shares of Common Stock
then authorized by the Company's certificate of incorporation and available for the purpose of issuance upon exercise.

 

6.2       Acknowledgement
of Company’s Obligations. The Company acknowledges that its obligation to issue the Warrant Shares issuable upon exercise
of the Warrants is binding upon it and enforceable regardless of the dilution that such issuance may have on the ownership interests
of other stockholders.

 

    	 	 	 

    	 

    

 

7.        Chief
Financial Officer’s Report as to Adjustments. In the case of any adjustment or re-adjustment in the shares of Common
Stock issuable upon the exercise of the Warrants, the Company at its expense will promptly compute the adjustment or re-adjustment
in accordance with the terms of the Warrants and cause its Chief Financial Officer to certify the computation (other than any computation
of the fair value of property as determined in good faith by the Board of Directors of the Company) and prepare a report setting
forth the adjustment or re-adjustment and showing in reasonable detail the method of calculation thereof and the facts upon which
the adjustment or re-adjustment is based, including a statement of (a) the number of shares of Common Stock outstanding or deemed
to be outstanding and (b) the Warrant Price in effect immediately prior to the deemed issuance or sale and as adjusted and re-adjusted
(if required by Section 4 above) on account thereof. The Company will mail a copy of each report to the Holder promptly
and will, upon the written request at any time of the Holder, furnish to the Holder a like report setting forth the Warrant Price
at the time in effect and showing in reasonable detail how it was calculated. The Company will also keep copies of all reports
at its office maintained under Section 11.2(a) hereof and will cause them to be available for inspection at the office during
normal business hours upon reasonable notice by the Holder or any prospective purchaser of the Warrants designated by the Holder.

 

8.       Reservation
of Shares. The Company shall at all times reserve and keep available out of its authorized but unissued shares of Common
Stock, free from all taxes, liens and charges with respect to the issue thereof and not be subject to preemptive rights or other
similar rights of stockholders of the Company, solely for the purpose of effecting the exercise of the Warrants, such number of
its shares of Common Stock as shall from time to time be sufficient to effect the exercise thereof, and if at any time the number
of authorized but unissued shares of Common Stock shall not be sufficient to effect the exercise of the Warrants, in addition to
such other remedies as shall be available to the Holder, the Company will take such corporate action as may, in the opinion of
its counsel, be necessary to increase the number of authorized but unissued shares of Common Stock to such number of shares as
shall be sufficient for such purposes, including without limitation, using its best efforts to obtain the requisite stockholder
approval necessary to increase the number of authorized shares of the Company’s Common Stock. All shares of Common Stock
issuable upon exercise of the Warrants shall be duly authorized and, when issued upon exercise, shall be validly issued and, in
the case of shares, fully paid and nonassessable and free from all preemptive or similar rights, taxes, liens and charges with
respect to the issue thereof, and that upon issuance such shares shall be listed on each securities exchange, if any, on which
the other shares of outstanding Common Stock of the Company are then listed.

 

9.       Listing.
The Company shall always comply in all respects with the Company’s reporting, filing and other obligations under the by-laws
or rules of each national securities exchange or inter-dealer quotation system upon which shares of Common Stock are then listed
and shall list the shares issuable upon the exercise of the Warrants on such national securities exchange or inter-dealer quotation
system.

 

10.        Investment
Representations: Restrictions on Transfer.

 

10.1       Investment
Representations. The Holder acknowledges that the Warrant and the Warrant Shares have not been and, except as otherwise provided
herein or in the Exchange Agreement, will not be registered under the Securities Act of 1933, as amended (the “Act”),
or qualified under applicable state securities laws and that the transferability thereof is restricted by the registration provisions
of the Act as well as such state laws. The Holder represents that it is acquiring this Warrant and will acquire the Warrant Shares
for its own account, for investment purposes only and not with a view to resale or other distribution thereof, nor with the intention
of selling, transferring or otherwise disposing of all or any part of such securities for any particular event or circumstance,
except selling, transferring or disposing of them upon full compliance with all applicable provisions of the Act, the Securities
Exchange Act of 1934, the Rules and Regulations promulgated by the Commission thereunder, and any applicable state securities
laws. The Holder further understands and agrees that (i) neither the Warrant nor the Warrant Shares may be sold or otherwise transferred
unless they are subsequently registered under the Act and qualified under any applicable state securities laws or, in the opinion
of counsel reasonably satisfactory to the Company, an exemption from such registration and qualification is available; (ii) any
routine sales of the Company's securities made in reliance upon Rule 144 promulgated by the Commission under the Act, can be effected
only under the terms and conditions of that Rule, including applicable holding periods and timely filing requirements with the
Commission for the Company; and (iii) except as otherwise set forth herein, the Company is under no obligation to register the
Warrants or the Warrant Shares on its behalf or to assist it in complying with any exemption from registration under the Act.
The Holder agrees that each certificate representing any Warrant Shares for which the Warrant may be exercised will bear on its
face a legend in substantially the following form:

 

    	 	 	 

    	 

    

 

These securities have not been registered
under the Securities Act of 1933 or qualified under any state securities laws. They may not be sold, hypothecated or otherwise
transferred in the absence of an effective registration statement under that Act or qualification under applicable state securities
laws without an opinion counsel reasonably acceptable to the Company that such registration and qualification are not required.

 

 

10.2       Notice
of Proposed Transfer; Opinion of Counsel. Prior to any transfer of any securities that are not registered under an effective
registration statement under the Act (“Restricted Securities”), the Holder will give written notice to the Company
of the Holder's intention to effect a transfer and to comply in all other respects with this Section 10.2. Each notice (a)
shall describe the manner and circumstances of the proposed transfer, and (b) shall designate counsel for the Holder giving the
notice (who may be in-house counsel for the Holder). The Holder giving notice will submit a copy thereof to the counsel designated
in the notice. The following provisions shall then apply:

 

(a)       If
in the opinion of counsel for the Holder reasonably satisfactory to the Company the proposed transfer (i.e. private sale of Restricted
Securities) may be effected without registration of Restricted Securities under the Act (which opinion shall state the bases for
the legal conclusions reached therein), the Holder shall thereupon be entitled to transfer the Restricted Securities in accordance
with the terms of the notice delivered by the Holder to the Company. Each certificate representing the Restricted Securities issued
upon or relating to any transfer shall bear the restrictive legends required by Section 10.1 hereof.

 

(b)       If
the opinion called for in (i) above is not delivered, the Holder shall not be entitled to transfer the Restricted Securities until
either (x) receipt by the Company of a further notice from such Holder under the foregoing provisions of this Section 10.2
and fulfillment of the provisions of clause (i) above, or (y) such Restricted Securities have been effectively registered under
the Act.

 

10.3        Termination
of Restrictions. The restrictions imposed by this Section 10 upon the transferability of Restricted Securities shall
cease and terminate as to any particular Restricted Securities: (a) which Restricted Securities shall have been effectively registered
under the Act, or (b) when, in the opinions of both counsel for the holder thereof and counsel for the Company, which opinion shall
not be unreasonably withheld, such restrictions are no longer required in order to insure compliance with the Act or Section
10 hereof. Whenever such restrictions shall cease and terminate as to any Restricted Securities, the holder thereof shall be
entitled to receive from the Company, without expense (other than applicable transfer taxes, if any), new securities of like tenor
not bearing the applicable legends required by Section 10.1 hereof.

 

11.        Ownership,
Transfer and Substitution of Warrant.

 

11.1        Ownership
of Warrant. The Company may treat the Holder, in whose name this Warrant is registered to in the Warrant Register maintained
under Section 11.2(b) hereof, as the owner and holder thereof for all purposes, notwithstanding any notice to the contrary,
except that, if and when any Warrant is properly assigned by a notice in substantially the form attached to this Warrant as Exhibit
B (or a reasonable facsimile thereof) duly executed by the holder thereof in blank, the Company shall treat the bearer
thereof as the owner of such Warrant for all purposes, notwithstanding any notice to the contrary. Subject to Section 10
hereof, this Warrant, if properly assigned, may be exercised by a new holder without a new Warrant first having been issued.

 

11.2        Office;
Transfer and Exchange of Warrant.

 

(a)       The
Company will maintain an office (which may be an agency maintained at a bank) at 201 Shipyard Way, Suite E, Newport Beach, CA 92663
(until the Company notifies the Holder of any change of location of the office) where notices, presentations and demands in respect
of the may be made upon it.

 

    	 	 	 

    	 

    

 

(b)       The
Company shall cause to be kept at its office maintained under Section 11.2(a) hereof a Warrant Register for the registration
and transfer of the Warrants. The names and addresses of holders of the Warrants, the transfers thereof and the names and addresses
of transferees of the Warrants shall be registered in such Warrant Register. The Person in whose name any Warrant shall be so registered
shall be deemed and treated as the owner and holder thereof for all purposes of such Warrant, and the Company shall not be affected
by any notice or knowledge to the contrary.

 

(c)       Upon
the surrender of a Warrant, properly endorsed, for registration of transfer or for exchange at the office of the Company maintained
under Section 11.2(a) hereof, the Company at its expense will (subject to compliance with Section 12 hereof, if applicable)
execute and deliver to or upon the order of the Holder thereof a new Warrant of like tenor, in the name of such holder or as such
holder (upon payment by such holder of any applicable transfer taxes) may direct, calling in the aggregate on the face thereof
for the number of shares of Common Stock called for on the face of the Warrant so surrendered.

 

11.3        Replacement
of Warrant. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation
of a Warrant and, in the case of any such loss, theft or destruction of a Warrant, upon delivery of indemnity reasonably satisfactory
to the Company in form and amount or, in the case of any mutilation, upon surrender of a Warrant for cancellation at the office
of the Company maintained under Section 11.2(a) hereof, the Company at its expense will execute and deliver, in lieu thereof,
a new Warrant of like tenor and dated the date hereof.

 

12.        No
Rights or Liabilities as Stockholder. Except as may otherwise be provided herein, no Holder shall be entitled to vote or
receive dividends or be deemed the holder of any shares of Common Stock or any other securities of the Company which may at any
time be issuable on the exercise hereof for any purpose, nor shall anything contained herein be construed to confer upon the Holder,
as such, any of the rights of a stockholder of the Company or any right to vote for the election of directors or upon any matter
submitted to stockholders at any meeting thereof, or to give or withhold consent to any corporate action (whether upon any recapitalization,
issuance of stock, reclassification of stock, change of par value, consolidation, merger, conveyance, or otherwise) or to receive
notice of meetings, or to receive dividends or subscription rights or otherwise until such Holder’s Warrant shall have been
exercised and the shares of Common Stock purchasable upon the exercise hereof shall have become deliverable, as provided herein.
The Holder will not be entitled to share in the assets of the Company in the event of liquidation, dissolution or the winding up
of the Company.

 

13.        Notices.
Any notice or other communication in connection with this Warrant shall be deemed to be given if in writing addressed as hereinafter
provided and actually delivered at such address: (a) if to any Holder, at the registered address of such holder as set forth in
the Warrant Register kept at the office of the Company maintained under Section 11.2(a) hereof, or (b) if to the Company,
to the attention of its Chief Financial Officer at its office maintained under Section 11.2(a) hereof; provided,
however, that the exercise of any Warrant shall be effective in the manner provided in Section 3 hereof.

 

14.       Payment
of Taxes. The Company will pay all documentary stamp taxes attributable to the issuance of shares of Common Stock underlying
this Warrant upon exercise of this Warrant; provided, however, that the Company shall not be required to pay any
tax which may be payable in respect of any transfer involved in the registration of any certificate for shares of Common Stock
underlying this Warrant in a name other that of the Holder. The Holder is responsible for all other tax liability that may arise
because of holding or transferring this Warrant or receiving shares of Common Stock underlying this Warrant upon exercise hereof.

 

15.       Warrant
Agent. The Company shall serve as warrant agent under for the Warrants. Upon 30 days’ notice to the Holder, the Company
may appoint a new warrant agent. Any corporation into which the Company or any new warrant agent may be merged or any corporation
resulting from any consolidation to which the Company or any new warrant agent shall be a party or any corporation to which the
Company or any new warrant agent transfers substantially all its corporate trust or stockholders’ services business shall
be successor warrant agent under this Warrant without any further act. Any such successor warrant agent shall promptly cause notice
of its succession as warrant agent to be mailed (by first class mail, postage prepaid) to the Holder at the Holder’s last
address as shown on the Warrant Register.

 

    	 	 	 

    	 

    

 

16.       Miscellaneous.
This Warrant and any term hereof may be changed, waived, discharged or terminated only by an instrument in writing signed by the
party against which enforcement of the change, waiver, discharge or termination is sought. This Warrant shall be construed and
enforced in accordance with and governed by the laws of the Commonwealth of Pennsylvania applicable to contracts made and to be
performed entirely within such State. Any action, suit or proceeding in connection with this Warrant may be brought in a federal
or state court of record located in Delaware County, Pennsylvania, and Holder and Company each agrees to submit to the personal
jurisdiction of such court and waives any objection which either may have, based on improper venue or forum non conveniens,
to the conduct of any proceeding in any such court and waives personal service of any and all process upon it, and consents that
all such service of process be made by mail or messenger directed to it at the address referred to in Section 13 above and
that service so made shall be deemed to be completed upon the earlier of actual receipt or five days after the same shall have
been posted to its address. The section headings in this Warrant are for purposes of convenience only and shall not constitute
a part hereof. The use herein of the masculine pronouns or similar terms shall be deemed to include the feminine and neuter genders
as well and vice versa and the use of the singular pronouns shall be deemed to include the plural as well and vice versa.

 

    	 	 	 

    	 

    

 

IN WITNESS WHEREOF,
the Company has caused this Common Stock Purchase Warrant to be duly executed as of the date first above written.

 

DPW HOLDINGS, INC.

 

	By:		 
	Name:	Milton C. Ault III	 
	Title:	Chief Executive Officer	 

 

Agreed and Accepted:

 

[●]

 

	By:		 
	Name:	[●]	 
	Title:	[●]	 

 

    	 	 	 

    	 

    

 

EXHIBIT A

 

EXERCISE NOTICE

 

To Be Executed by the Holder

In Order to Exercise Warrants

 

TO: DPW HOLDINGS, INC.

 

		(1)	The undersigned hereby elects to purchase ________ Warrant Shares of the Company under the terms of the attached Warrant, and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

  

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

  

		☐	
in lawful money of the United States; or

  

		☐	
the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in Section 3.1 to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable under the cashless exercise procedure set forth in Section 3.1.

 

		(3)	Please issue a certificate or certificates representing the 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 or by physical delivery of a certificate to:

 

_________________________________________________________

 

_________________________________________________________

 

	Dated:  	 	 	 

 

	             	 	 
	 	 	 
	 	 	 
	 	Address	 
	 	 	 
	 	 	 
	 	 	 
	 	Taxpayer Identification Number

	 
	 	 	 
	 	 	Signature

 

    	 	 	 

    	 

    

 

EXHIBIT B

 

[FORM OF ASSIGNMENT]

 

 

To be executed by the registered holder
if such holder

desires to transfer the Warrant Certificate.

 

FOR VALUE
RECEIVED                                                                                                      hereby
sells, assigns and transfers unto

 

	 
	(Please print name and address of transferee)

 

this Warrant Certificate, together with
all right, title and interest therein, and does hereby irrevocably constitute and appoint ________________ Attorney, to transfer
the within Warrant Certificate on the books of the within-named Company, with full power of substitution.

 

	Dated: 	 	 	 	 	 
	 	 	 	Signature  	 	 
	 	 	 	(Signature must conform in all respects to name of holder as 

specified on the face of the Warrant Certificate.)
	 	 	 	 
	 	 	 	 	 
	 	 	 	
        (Insert Social Security
        or Other

        Identifying Number of Holder)

	 	 	 	 	 
	 	 	 	 
	 	 	 	Signature GuaranteedExhibit 10.1

 

EXCHANGE AGREEMENT

 

THIS EXCHANGE AGREEMENT
(the “Agreement”) is made as of July 3, 2019 (the “Effective Date”), by and between DPW Holdings,
Inc., a Delaware corporation (the “Company”) and [●], a [●] limited liability company with an address
at [●] (the “Investor”).

 

WHEREAS, pursuant
to a Securities Purchase Agreement dated March 23, 2018 (the “SPA”), the Company issued to the Investor a 12%
Note in the principal amount of $1,000,000 at a 10% original issue discount (the “Original Note”) and a Common
Stock Purchase Warrant exercisable for 300,000 shares of the Company’s common stock (the “Common Stock”)
at a purchase price of $1.15 per share;

 

WHEREAS, the
Company conducted a 1 for 20 reverse split of its issued and outstanding shares of Common Stock effective on March 15, 2019, thus
adjusting the Warrant to presently be exercisable for 15,000 Warrant Shares at an exercise price of $23.00 per share; and

 

WHEREAS, subject
to the satisfaction of the conditions set forth herein, the Company and the Investor desire to enter into a transaction wherein
the Company shall issue the Investor a Convertible Promissory Note (the “New Note”) in the principal amount
of $1,292,000 plus a default premium in the amount of $200,000 (the “Default Premium”), as reduced pursuant
to the terms hereof pursuant to prepayment or otherwise, for an aggregate of $1,492,000 (the “Principal”), in
the form attached hereto as Exhibit A, as well as the Warrant described below in exchange for the Securities.

 

NOW, THEREFORE,
for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

 

1.            Exchange;
Forbearance. The closing of the Exchange (the “Closing”) will occur on or before July 3, 2019 (or such later
date as the parties hereto may agree in writing) following the satisfaction or waiver of the conditions set forth herein (such
date, the “Closing Date”). Pending the Closing up to and through 5:00 pm Eastern Standard time on July 5, 2019,
the Investor shall take no action to enforce its rights under the Original Note. On the Closing Date, subject to the terms and
conditions of this Agreement, the Investor and the Company shall exchange the Original Note for the New Note, which shall be convertible
into the Conversion Shares as set forth therein. At the Closing, the following transactions shall occur (such transactions in this
Section 1, the “Exchange”):

 

1.1.       On
the Closing Date, the Company shall issue the New Note to the Investor. Promptly after the Closing Date, but in no event more than
one Trading Day after the Closing Date, the Company shall deliver an executed original New Note to the Investor. Simultaneously
with the delivery of the New Note, the Company will also issue and deliver a common stock purchase warrant for the purchase of
1,000,000 shares of common stock at an exercise price of $0.22 per share and an expiration date of July 2, 2024 (the “Warrant”
and the “Warrant Shares”), which Warrant shall be in the form attached hereto as Exhibit B. On
the Closing Date, the Investor shall be deemed for all purposes to have become the holder of record of the New Note, irrespective
of the date the Company delivers the New Note to the Investor. Upon receipt of the executed original of the New Note in accordance
with this Section 1.1, all of the Investor’s rights under the Original Note shall be extinguished.

 

1.2.       It
shall be a condition to the obligation of the Investor, on the one hand, and the Company, on the other hand, to consummate the
Exchange contemplated hereunder that the other party’s representations and warranties contained herein are true and correct
on the Closing Date with the same effect as though made on such date, unless waived in writing by the party to whom such representations
and warranties are made.

 

2.            Representations
and Warranties of the Company. The Company hereby represents and warrants to the Investor that:

 

2.1       Organization.
The Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware, with
the requisite power and authority to own and use its properties and assets and to carry on its business as currently conducted.
The Company is not in violation nor default of any of the provisions of its certificate of incorporation, bylaws or other organizational
or charter documents. The Company is duly qualified to conduct business and is in good standing as a foreign corporation or other
entity in each jurisdiction in which the nature of the business conducted or property owned by it makes such qualification necessary,
and no claim, action or proceeding of any kind has been instituted in any such jurisdiction revoking, limiting or curtailing or
seeking to revoke, limit or curtail such power and authority or qualification.

 

    	 	1	 

    	 

    

 

2.2       Authorization.
This Agreement has been duly and validly authorized, executed and delivered on behalf of the Company and shall constitute the legal,
valid and binding obligations of the Company enforceable against the Company in accordance with their respective terms, except
as such enforceability may be limited by general principles of equity or to applicable bankruptcy, insolvency, reorganization,
moratorium, liquidation and other similar laws relating to, or affecting generally, the enforcement of applicable creditors’
rights and remedies. The execution, delivery and performance by the Company of this Agreement and the consummation by the Company
of the transactions contemplated hereby and thereby will not: (i) conflict with, or constitute a default (or an event which with
notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration
or cancellation of, any agreement, indenture or instrument to which the Company is a party or by which it is bound; or (ii) result
in a violation of any law, rule, regulation, order, judgment or decree (including federal and state securities or “blue sky”
laws) applicable to the Company, provided Exchange Approval (as hereinafter defined) is obtained in a timely manner.

 

2.3       Valid
Issuance of the New Note and Warrant. The New Note and the Warrant when issued and delivered in accordance with the terms of
this Agreement, for the consideration expressed herein, and the Common Stock and Warrant Shares when issued in accordance with
the terms of this Agreement, will be duly and validly issued, fully paid and non-assessable, free and clear of all Liens imposed
by the Company other than restrictions on transfer provided for in the Transaction Documents.

 

2.4       Reservation
of Common Stock.

 

2.4.1       So
long as the New Note remains outstanding, the Company shall reserve seven (7) million shares of Common Stock (the “Required
Reserve Amount”) to be issued to the Investor in accordance with the terms set forth in the New Note.

 

2.4.2       If,
notwithstanding Section 2.4.1, and not in limitation thereof, at any time while the New Note remain outstanding the Company does
not have a sufficient number of authorized and unreserved shares of Common Stock to satisfy its obligation to reserve 7 million
shares of its Common Stock for issuance pursuant to the terms of this Agreement, (an “Authorized Share Failure”),
then the Company shall as practicable as possible take all action necessary to increase the Company’s authorized shares of
Common Stock or effectuate a reverse split of the Common Stock to an amount sufficient to allow the Company to reserve the Required
Reserve Amount. Without limiting the generality of the foregoing sentence, as soon as practicable after the date of the occurrence
of an Authorized Share Failure, but in no event later than 60 days after the occurrence of such Authorized Share Failure, the Company
shall hold a meeting of its stockholders for the approval of an increase in the number of authorized shares of Common Stock. In
connection with such meeting, the Company shall provide each stockholder with a proxy statement and shall use its best efforts
to solicit its stockholders’ approval of such increase in authorized shares of Common Stock and to cause its board of directors
to recommend to the stockholders that they approve such proposal. In the event that the Company is prohibited from issuing shares
of Common Stock pursuant to the terms of this Agreement due to the failure by the Company to have sufficient shares of Common Stock
available out of the authorized but unissued shares of Common Stock (such unavailable number of shares of Common Stock, the “Authorized
Failure Shares”), in lieu of delivering such Authorized Failure Shares to the Investor, the Company shall pay to the
Investor, in cash, an amount equal to the sum of (i) the product of (x) such number of Authorized Failure Shares and (y) the greatest
Closing Sale Price of the Common Stock on any Trading Day during the period commencing on the date the Investor delivers the applicable
Issuance Notice with respect to such Authorized Failure Shares to the Company and ending on the date of such issuance and payment
under this Section 2.4.2; and (ii) to the extent the Investor purchases (in an open market transaction or otherwise) shares of
Common Stock to deliver in satisfaction of a sale by the Investor of Authorized Failure Shares, any brokerage commissions and other
out-of-pocket expenses, if any, of the Investor incurred in connection therewith.

 

2.5       Compliance
With Laws. The Company has complied in all material respects with all laws, rules, and regulations applicable to it and its
business, and the Company has not received notice of any such violation. 

 

    	 	2	 

    	 

    

 

2.6       Consents;
Waivers. No consent, waiver, approval or authority of any nature, or other formal action, by any person or entity, not already
obtained, other than Exchange Approval, is required in connection with the execution and delivery of this Agreement by the Company
or the consummation by the Company of the transactions provided for herein and therein.

 

2.7       Acknowledgment
Regarding Investor’s Purchase of the New Note. The Company acknowledges and agrees that the Investor is acting solely
in the capacity of arm’s length purchaser with respect to this Agreement and the Exchange and the transactions contemplated
hereby and thereby and that the Investor is not: (i) an officer or director of the Company; (ii) an “affiliate” of
the Company (as defined in Rule 144 promulgated under the Securities Act); or (iii) to the knowledge of the Company, a “beneficial
owner” of 4.99% or more of the shares of Common Stock (as defined for purposes of Rule 13d-3 under the Securities Exchange
Act of 1934 (the “Exchange Act”). The Company further acknowledges that the
Investor is not acting as a financial advisor or fiduciary of the Company (or in any similar capacity) with respect to the Exchange,
this Agreement, any other document or agreement delivered in connection herewith or therewith or the transactions contemplated
hereby and thereby, and any advice given by the Investor or any of its representatives or agents in connection with the Exchange,
this Agreement, any other document or agreement delivered in connection herewith or therewith or the transactions contemplated
hereby and thereby is merely incidental to the Investor’s acceptance of the New Note. The Company further represents to the
Investor that the Company’s decision to enter into the Exchange has been based solely on the independent evaluation by the
Company and its representatives.

 

2.8       Absence
of Litigation. There is no action, suit, proceeding, inquiry or investigation before or by any court, public board, government
agency, self-regulatory organization or body pending or threatened against or affecting the Company, the Common Stock, the Original
Note, the New Note, the Warrant or any of the Company’s officers or directors in their capacities as such, other than what
is disclosed in the Company’s public filings.

 

2.9       Disclosure.
Upon receipt or delivery by the Company of any notice or other document in accordance with the terms of this Agreement, unless
the Company has in good faith determined that the matters relating to such notice do not constitute material, non-public information
relating to the Company or any of its Subsidiaries, the Company shall within one Trading Day after any such receipt or delivery
publicly disclose such material, non-public information on a Current Report on Form 8-K or otherwise. In the event that the Company
believes that a notice contains material, non-public information relating to the Company or any of its Subsidiaries, the Company
so shall indicate to the Investor contemporaneously with delivery of such notice, and in the absence of any such indication, the
Investor shall be allowed to presume that all matters relating to such notice do not constitute material, non-public information
relating to the Company or any of its Subsidiaries. If the Company or any of its Subsidiaries provides material non-public information
to the Investor that is not simultaneously filed in a Current Report on Form 8-K and the Investor has not agreed to receive such
material non-public information, the Company hereby covenants and agrees that the Investor shall not have any duty of confidentiality
to the Company, any of its Subsidiaries or any of their respective officers, directors, employees, Affiliates or agents with respect
to, or a duty to any of the foregoing not to trade on the basis of, such material non-public information.

 

3.            Representations
and Warranties of the Investor. The Investor hereby represents, warrants and covenants that:

 

3.1.       Organization.
The Investor is a limited liability company duly organized, validly existing and in good standing under the laws of the Commonwealth
of Pennsylvania, with the requisite power and authority to own and use its properties and assets and to carry on its business as
currently conducted. The Investor is not in violation nor default of any of the provisions of its certificate of formation, operating
agreement, or other organizational or charter documents. The Investor is duly qualified to conduct business and is in good standing
as a foreign corporation or other entity in each jurisdiction in which the nature of the business conducted or property owned by
it makes such qualification necessary, and no claim, action or proceeding of any kind has been instituted in any such jurisdiction
revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority or qualification.

 

    	 	3	 

    	 

    

 

3.2.       Authorization.
This Agreement has been duly and validly authorized, executed and delivered on behalf of the Investor and shall constitute the
legal, valid and binding obligations of the Investor enforceable against the Investor in accordance with their respective terms,
except as such enforceability may be limited by general principles of equity or to applicable bankruptcy, insolvency, reorganization,
moratorium, liquidation and other similar laws relating to, or affecting generally, the enforcement of applicable creditors’
rights and remedies. The execution, delivery and performance by the Investor of this Agreement and the consummation by the Investor
of the transactions contemplated hereby and thereby will not: (i) conflict with, or constitute a default (or an event which with
notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration
or cancellation of, any agreement, indenture or instrument to which the Investor is a party or by which it is bound; or (ii) result
in a violation of any law, rule, regulation, order, judgment or decree (including federal and state securities or “blue sky”
laws) applicable to the Investor.

 

3.3.       Accredited
Investor Status; Investment Experience. The Investor is an “accredited investor” as that term is defined in Rule
501(a) of Regulation D. The Investor can bear the economic risk of its investment in the New Note, and has such knowledge and experience
in financial and business matters that it is capable of evaluating the merits and risks of an investment in the New Note.

 

3.4.       No
Governmental Review. The Investor understands that no United States federal or state agency or any other government or governmental
agency has passed on or made any recommendation or endorsement of the New Note or the fairness or suitability of the investment
in the New Note nor have such authorities passed upon or endorsed the merits of the offering of the New Note.

 

3.5.       Ownership
of Securities. The Investor owns and holds, beneficially and of record, the entire right, title, and interest in and to the
Original Note free and clear of all rights and liens (other than pledges or security interests (x) arising by operation of applicable
securities laws and (y) that the Investor may have created in favor of a prime broker under and in accordance with its prime brokerage
agreement with such broker). The Investor has full power and authority to transfer and dispose of the Original Note to the Company
free and clear of any right or lien. Other than the transactions contemplated by this Agreement, there is no outstanding, plan,
pending proposal, or other right of any person or entity to acquire all or any part of the Original Note or any shares of Common
Stock issuable upon the delivery of the Issuance Notice and corresponding deduction of the face amount of the New Note, or pursuant
to the terms of the Warrant.

 

3.6.       No
Short Sales or Hedging Transactions. The Investor covenants and agrees that neither it, nor any Affiliate acting on its behalf
or pursuant to any understanding with it will execute any Short Sales of the Common Stock or (ii) hedging transaction, which establishes
a net short position with respect to the Common Stock, during the period commencing with the execution of this Agreement and ending
on the earlier of the Maturity Date of the New Note; provided that this provision shall not operate to restrict the Investor's
trading under any prior securities purchase agreement containing contractual rights that explicitly protects such trading in respect
of the previously issued securities.

 

4.            Additional
Covenants

 

4.1.       Disclosure.
The Company shall, on or before 8:30 a.m., New York, New York time, within one Trading Day after the date of this Agreement, file
with the Securities and Exchange Commission a Current Report on Form 8-K disclosing all material terms of the transactions contemplated
hereby and attaching the form of this Agreement, the New Note and the Warrant as exhibits thereto (collectively with all exhibits
attached thereto, the “8-K Filing”). From and after the issuance of the 8-K Filing, the Investor shall not be
in possession of any material, nonpublic information received from the Company or any of its Subsidiaries or any of their respective
officers, directors, employees, affiliates or agents, that is not disclosed in the 8-K Filing. The Company shall not, and shall
cause its officers, directors, employees, affiliates and agents, not to, provide the Investor with any material, nonpublic information
regarding the Company from and after the filing of the 8-K Filing without the express written consent of the Investor. To the extent
that the Company delivers any material, non-public information to the Investor without the Investor’s express prior written
consent, the Company hereby covenants and agrees that the Investor shall not have any duty of confidentiality to the Company, any
of its subsidiaries or any of their respective officers, directors, employees, affiliates or agent with respect to, or a duty to
the Company, any of its subsidiaries or any of their respective officers, directors, employees, affiliates or agent. The Company
shall not disclose the name of the Investor in any filing, announcement, release or otherwise, unless such disclosure is required
by law or regulation. In addition, effective upon the filing of the 8-K Filing, the Company acknowledges and agrees that any and
all confidentiality or similar obligations under any agreement, whether written or oral, between the Company, any of its subsidiaries
or any of their respective officers, directors, affiliates, employees or agents, on the one hand, and the Investor or any of its
affiliates, on the other hand, shall terminate and be of no further force or effect. The Company understands and confirms that
the Investor will rely on the foregoing representations in effecting transactions in securities of the Company.

 

    	 	4	 

    	 

    

 

4.2.       Blue
Sky. The Company shall make all filings relating to the Exchange required by Regulation D under the Securities Act and under
applicable securities or “blue sky” laws of the states of the United States following the date hereof.

 

4.3.       Fees
and Expenses. Except as otherwise set forth in this Agreement, each party to this Agreement shall pay the fees and expenses
of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such party incident to the
negotiation, preparation, execution, delivery and performance of this Agreement. Notwithstanding the foregoing, the Company will
reimburse the Investor for $10,000 in legal expenses upon execution of this Agreement.

 

4.4.       Noncircumvention.
The Company hereby covenants and agrees that the Company will not, by amendment of the Company’s certificate of incorporation
or other charter documents, 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 Agreement, and will at all times in good faith carry out all of the provisions of this Agreement and take
all action as may be required to protect the rights of the Investor under this Agreement. Without limiting the generality of the
foregoing or any other provision of this Agreement, the Company (a) shall not increase the par value of any shares of Common
Stock issuable pursuant to the terms of this Agreement above the Conversion Price (as defined in the New Note) then in effect,
and (b) 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 issuance of such Common Stock to the Investor pursuant to the terms of
this Agreement. Notwithstanding anything herein to the contrary, if at any time the Investor is not permitted receive all the shares
of Common Stock the Investor is entitled to receive pursuant to the terms of this Agreement for any reason, the Company shall use
its best efforts to promptly remedy such failure, including, without limitation, obtaining such consents or approvals as necessary
to permit the issuance of such shares of Common Stock.

 

5.            Miscellaneous

 

5.1.       Successors
and Assigns. Except as otherwise provided herein, the terms and conditions of this Agreement shall inure to the benefit of
and be binding upon the parties hereto and the respective successors and assigns of the parties. Nothing in this Agreement, express
or implied, is intended to confer upon any party, other than the parties hereto or their respective successors and assigns, any
rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

 

5.2.       Governing
Law; Exclusive Jurisdiction. All questions concerning the construction, validity, enforcement and interpretation of this Agreement
shall be governed by the internal laws of the Commonwealth of Pennsylvania, without giving effect to any choice of law or conflict
of law provision or rule (whether of the Commonwealth of Pennsylvania or any other jurisdictions) that would cause the application
of the laws of any jurisdictions other than the Commonwealth of Pennsylvania. Each party hereby irrevocably submits to the exclusive
jurisdiction of the state or federal courts sitting in or for Delaware County, Pennsylvania, 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 brought in an inconvenient forum or that the venue of such suit, action
or proceeding is improper. Each of the parties hereby waives any objection to such exclusive jurisdiction and that such courts
represent an inconvenient forum.

 

5.3.       Notices.
All notices, offers, acceptance and any other acts under this Agreement (except payment) shall be in writing, and shall be sufficiently
given if delivered to the addressees in person, by FedEx or similar overnight next business day delivery, or by email followed
by overnight next business day delivery, to the address as provided for on the signature page to this agreement.

 

    	 	5	 

    	 

    

 

5.4.       Amendments
and Waivers. Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived (either
generally or in a particular instance and either retroactively or prospectively), only with the written consent of the Company
and the Investor.

 

5.5.       Severability.
If one or more provisions of this Agreement are held to be unenforceable under applicable law, such provision shall be excluded
from this Agreement and the balance of the Agreement shall be interpreted as if such provision were so excluded and shall be enforceable
in accordance with its terms so long as this Agreement as so modified continues to express, without material change, the original
intentions of the parties as to the subject matter hereof and the prohibited nature, invalidity or unenforceability of the provision(s)
in question does not substantially impair the respective expectations or reciprocal obligations of the parties or the practical
realization of the benefits that would otherwise be conferred upon the parties. The parties will endeavor in good faith negotiations
to replace the prohibited, invalid or unenforceable provision(s) with a valid provision(s), the effect of which comes as close
as possible to that of the prohibited, invalid or unenforceable provision(s).

 

5.6.       Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument.

 

5.7.       Survival.
The representations, warranties and covenants of the Company and the Investor contained herein shall survive the Closing and delivery
of the New Note.

 

6.            Definitions.
For purposes of this Agreement, the following words and terms shall have the following meanings:

 

6.1.       “Affiliate”
means, with respect to any Person, any other Person that directly or indirectly controls, is controlled by, or is under common
control with, such Person, it being understood for purposes of this definition that “control” of a Person means the
power directly or indirectly either to vote 10% or more of the stock having ordinary voting power for the election of directors
of such Person or direct or cause the direction of the management and policies of such Person whether by contract or otherwise.

 

6.2.       “Bloomberg”
means Bloomberg, L.P., or any successor.

 

6.3.       “Closing
Sale Price” means, for any security as of any date, the last closing trade price for such security on the Principal Market,
as reported by Bloomberg, or, if the Principal Market begins to operate on an extended hours basis and does not designate the closing
trade price (as the case may be) then the last trade price of such security prior to 4:00 p.m., New York time, as reported by Bloomberg,
or, if the Principal Market is not the principal securities exchange or trading market for such security, the last trade price
of such security on the principal securities exchange or trading market where such security is listed or traded as reported by
Bloomberg, or if the foregoing do not apply, the last trade price of such security in the over-the-counter market on the electronic
bulletin board for such security as reported by Bloomberg, or, if no last trade price, is reported for such security by Bloomberg,
the average of the ask prices, respectively, of any market makers for such security as reported by OTC Markets Group Inc. 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 Investor. If the Company
and the Investor are unable to agree upon the fair market value of such security, the determination of the Company made in good
faith shall be the fair market value of such security. All such determinations shall be appropriately adjusted for any stock splits,
stock dividends, stock combinations, recapitalizations or other similar transactions during such period.

 

6.4.       
“Current Subsidiary” means any Person in which the Company on the Effective Date, directly or indirectly, (i)
owns any of the outstanding capital stock or holds any equity or similar interest of such Person or (ii) controls or operates all
or any part of the business, operations or administration of such Person, and all of the foregoing, collectively, “Current
Subsidiaries”.

 

6.5.       “Exchange
Act” means the Securities Exchange Act of 1934.

 

6.6.       “Exchange
Approval” means approval of the issuance of the Conversion Shares and the Warrant Shares contemplated by this Agreement
by the NYSE American, which approval shall be obtained no later than twenty-five (25) days after the Closing Date.

 

    	 	6	 

    	 

    

 

6.7.       
“Liens” means a lien, charge, pledge, security interest, encumbrance, right of first refusal, preemptive right
or other restriction.

 

6.8.       “New
Subsidiary” means, as of any date of determination, any Person in which the Company after the Effective Date, directly
or indirectly, (i) owns or acquires any of the outstanding capital stock or holds any equity or similar interest of such Person
or (ii) controls or operates all or any part of the business, operations or administration of such Person, and all of the foregoing,
collectively, “New Subsidiaries”.

 

6.9.       
“Person” means an individual, a limited liability company, a partnership, a joint venture, a corporation, a
trust, an unincorporated organization, any other entity or a government or any department or agency thereof.

 

6.10.       “Principal
Market” means any of The New York Stock Exchange, the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Select
Market, the Nasdaq Global Market, the OTCQB, the OTCQX, the OTC Pink or any other market operated by the OTC Markets Group Inc.
or any successors of any of these exchanges or markets.

 

6.11.       “Short
Sales” means all “short sales” as defined in Rule 200 of Regulation SHO under the Exchange Act.

 

6.12.       
“Subsidiaries” means, as of any date of determination, collectively, all Current Subsidiaries and all New Subsidiaries,
and each of the foregoing, individually, a “Subsidiary.”

 

6.13.       “Trading
Day” means, as applicable, (x) with respect to all price or trading volume determinations relating to the Common Stock,
any day on which the Common Stock is traded on the Principal Market, or, if the Principal Market is not the principal trading market
for the Common Stock, then on the principal securities exchange or securities market on which the Common Stock is then traded,
provided that “Trading Day” shall not include any day on which the Common Stock is scheduled to trade on such exchange
or market for less than 4.5 hours or any day that the Common Stock is suspended from trading during the final hour of trading on
such exchange or market (or if such exchange or market does not designate in advance the closing time of trading on such exchange
or market, then during the hour ending at 4:00 p.m., New York time) unless such day is otherwise designated as a Trading Day in
writing by the Investor or (y) with respect to all determinations other than price determinations relating to the Common Stock,
any day on which The New York Stock Exchange (or any successor thereto) is open for trading of securities.

 

6.14.       “Transaction
Documents” means this Agreement, the New Note and all exhibits and schedules thereto and hereto and any other documents
or agreements executed in connection with the transactions contemplated hereunder.

 

6.15.       “Transfer
Agent” means Computershare Trust Company, N.A., and any successor transfer agent of the Company.

 

 

[SIGNATURES ON THE FOLLOWING PAGE]

 

    	 	7	 

    	 

    

 

IN WITNESS WHEREOF, the parties
have caused this Agreement to be duly executed and delivered as of the date provided above.

 

 

	 	COMPANY:   
	 	 
	 	DPW HOLDINGS, INC.   
	 	 
	 	 
	 	 
	 	By:  	
	 	 	Name:   Milton C. Ault, III   
	 	 	Title:     Chief Executive Officer   
	 	 
	 	 
	 	Address for Notices:   
	 	 
	 	201 Shipyard Way   
	 	Suite E   
	 	Newport Beach, CA 92663   

 

    	 	8	 

    	 

    

 

IN WITNESS WHEREOF, the parties have caused
this Agreement to be duly executed and delivered as of the date provided above.

 

 

	 	INVESTOR:   
	 	 
	 	[●]
	 	 
	 	 
	 	 
	 	By: 	 
	 	 	Name: [●]
	 	 	Title: [●]
	 	 
	 	 
	 	Address for Notices:   
	 	 
	 	 
	 	 
	 	 
	 	Email:	 
	 	EIN#:	 

 

    	 	9	 

    	 

    

 

EXHIBT A

 

Convertible Promissory Note

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00297-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00297-of-00352.parquet"}]]