Document:

Exhibit 10.1

 

EXCHANGE AGREEMENT

 

THIS EXCHANGE AGREEMENT
(the “Agreement”) is made as of September 26, 2019 (the “Effective Date”), by and between
DPW Holdings, Inc., a Delaware corporation (the “Company”) and [●] (the “Investor”).
In addition to the terms defined elsewhere in this Agreement, certain terms used herein have the meanings set forth in Section
6 hereof.

 

WHEREAS, on July 2,
2019, the Company and the Investor entered into an exchange agreement pursuant to which the Investor surrendered that certain Term
Promissory Note dated September 21, 2018, in exchange for a convertible promissory note in the principal amount of $783,031.14
with an interest rate of 12% per annum (the “Old Note”); and

 

WHEREAS, subject to
the satisfaction of the conditions set forth herein, and in consideration for the Investor agreeing to enter into that certain
Forbearance Agreement between the parties hereto and dated of even date herewith, the Company and the Investor desire to enter
into a transaction wherein the Company shall issue the Investor a new convertible promissory note (the “New Note”)
in the principal amount of $815,218.02 (as reduced pursuant to the terms hereof pursuant to prepayment or otherwise, the “Principal”),
in the form attached hereto as Exhibit A, in exchange for the Old Note;

 

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 will occur on September 26, 2019 (or such later date as the parties hereto may
agree in writing) (the “Closing”) 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 October
3, 2019, the Investor shall take no action to enforce its rights under the Old Note. On the Closing Date, subject to the terms
and conditions of this Agreement, the Investor and the Company shall exchange the Old Note for the New Note. 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 (1) Trading Day (as defined below) after the Closing Date, the Company shall deliver an executed New Note to the
Investor. 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 of the New Note in accordance
with this Section 1.1, all of the Investor’s rights under the Old Note shall be extinguished (including, without limitation,
the rights to receive, as applicable, any premium, make-whole amount, accrued and unpaid interest or dividends thereon or any shares
of common stock, par value $0.001 per share, of the Company (the “Common Stock”) with respect thereto).

 

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1.2.         
The Company acknowledges and agrees that the New Note is an enforceable and binding obligation of the Company, subject to
the terms of this Agreement.

 

1.3.         
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.

 

2.2.         
Authorization; Enforcement. The Company has the requisite corporate power and authority to enter into and to consummate
the transactions contemplated by this Agreement and the New Note and to otherwise to carry out its obligations hereunder and thereunder.
This Agreement and the New Note have 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 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 New Note and the consummation
by the Company of the transactions contemplated hereby and thereby will not: (i) conflict with or violate any provision of the
Company’s or any Subsidiary’s certificate of incorporation, bylaws or other organizational or charter documents; (ii)
conflict with, or constitute a default (or an event which with notice or lapse of time or both would become a default) under, result
in the creation of any options, contracts, agreements, liens, security interests, or other encumbrances (“Liens”)
upon any of the properties or assets of the Company or any of its Subsidiaries, or give to others any rights of termination, amendment,
acceleration or cancellation of (with or without notice, lapse of time or both), any agreement, credit facility, debt, indenture
or other instrument to which the Company or any of its Subsidiaries is a party or by which any property or asset of the Company
or any of its Subsidiaries is bound or affected; or (iii) result in a violation of any law, rule, regulation, order, judgment,
decree or other restriction of any court or governmental authority (including federal and state securities or “blue sky”
laws) applicable to the Company or any of its Subsidiaries or by which any property or asset of the Company or any of its Subsidiaries
is bound or affected, provided Exchange Approval (as hereinafter defined) is obtained in a timely manner in accordance with the
terms hereof.

 

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2.3.         
Valid Issuance of the New Note. The New Note when issued and delivered in accordance with the terms of this Agreement,
for the consideration expressed herein, and the Common Stock when issued in accordance with the terms of this Agreement, will be
duly and validly issued, fully paid and non-assessable.

 

2.4.         
Filing of Registration Statement. The Company agrees to file a resale registration statement on Form S-3 on or before
July 10, 2019, which shall be declared effective no later than August 30, 2019 and otherwise be governed by the Registration Rights
Agreement, and any amendments thereto, entered into by the parties hereto and dated of even date herewith.

 

2.5.         
Reservation of Common Stock.

 

2.5.1.     
So long as the New Note remains outstanding, the Company shall reserve 15,000,000 shares of Common Stock (the “Required
Reserve Amount”) to be issued to the Investor in accordance with the terms hereof.

 

2.5.2.     
If, notwithstanding Section 2.5.1, and not in limitation thereof, at any time while the New Note remains outstanding the
Company does not have a sufficient number of authorized and unreserved shares of Common Stock to satisfy its obligation to reserve
the Required Reserve Amount for issuance pursuant to the terms of this Agreement (an “Authorized Share Failure”),
then the Company shall as soon as practicable 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 sixty (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 (as defined below) of the Common Stock on any Trading Day during the period commencing on the date the Investor
delivers the applicable Issuance Notice (as defined below) with respect to such Authorized Failure Shares to the Company and ending
on the date of such issuance and payment under this Section 2.5.2; 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.

 

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2.6.         
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.

 

2.7.         
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 and the New Note by the Company or the consummation by the Company of the transactions provided for herein and therein.

 

2.8.         
Regulatory Permits. The Company and its Subsidiaries possess all certificates, authorizations and permits issued
by the appropriate federal, state, local or foreign regulatory authorities necessary to conduct their respective businesses as
described in the SEC Reports, except where the failure to possess such permits could not reasonably be expected to result in a
Material Adverse Effect (“Material Permits”), and neither the Company nor any Subsidiary has received any notice
of proceedings relating to the revocation or modification of any Material Permit.

 

2.9.         
Acknowledgment Regarding the Exchange. The Company acknowledges and agrees that the Investor is acting solely in
the capacity of an arm’s length purchaser with respect to this Agreement and the New Note 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 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, the New Note, 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, the New Note, 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 and Common Stock issuable under this Agreement. 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.

 

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2.10.       
SEC Reports; Financial Statements.  The Company has filed all reports, schedules, forms, statements and
other documents required to be filed by the Company under the Securities Act and the Exchange Act, including pursuant to Section
13(a) or 15(d) of the Exchange Act, for the two (2) years preceding the date hereof (the foregoing materials, including the exhibits
thereto and documents incorporated by reference therein, being collectively referred to herein as the “SEC Reports”)
on a timely basis or has received a valid extension of such time of filing and has filed any such SEC Reports prior to the expiration
of any such extension.  As of their respective dates, the SEC Reports complied in all material respects with the requirements
of the Securities Act and the Exchange Act, as applicable, and none of the SEC Reports, when filed, contained any untrue statement
of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading.  The financial statements of the
Company included in the SEC Reports comply in all material respects with applicable accounting requirements and the rules and regulations
of the SEC with respect thereto as in effect at the time of filing.  Such financial statements have been prepared in
accordance with United States generally accepted accounting principles applied on a consistent basis during the periods involved
(“GAAP”), except as may be otherwise specified in such financial statements or the notes thereto and except
that unaudited financial statements may not contain all footnotes required by GAAP, and fairly present in all material respects
the financial position of the Company and its consolidated Subsidiaries as of and for the dates thereof and the results of operations
and cash flows for the periods then ended, subject, in the case of unaudited statements, to normal, immaterial, year-end audit
adjustments.

 

2.11.       
Material Changes; Undisclosed Events, Liabilities or Developments. Since the date of the latest audited financial
statements included within the SEC Reports, except as specifically disclosed in a subsequent SEC Report filed prior to the date
hereof: (i) there has been no event, occurrence or development that has had or that could reasonably be expected to result in a
Material Adverse Effect, (ii) the Company has not incurred any liabilities (contingent or otherwise) other than (A) trade payables
and accrued expenses incurred in the ordinary course of business consistent with past practice and (B) liabilities not required
to be reflected in the Company’s financial statements pursuant to GAAP or disclosed in filings made with the SEC, (iii) the
Company has not altered its method of accounting, (iv) the Company has not declared or made any dividend or distribution of cash
or other property to its stockholder or purchased, redeemed or made any agreements to purchase or redeem any shares of its capital
stock and (v) the Company has not issued any equity securities to any officer, director or Affiliate, except pursuant to existing
Company stock option plans. The Company does not have pending before the SEC any request for confidential treatment of information.
Except for the issuance of the New Note contemplated by this Agreement, no event, liability, fact, circumstance, occurrence or
development has occurred or exists or is reasonably expected to occur or exist with respect to the Company or its Subsidiaries
or their respective businesses, properties, operations, assets or financial condition that would be required to be disclosed by
the Company under applicable securities laws at the time this representation is made or deemed made that has not been publicly
disclosed at least one (1) Trading Day prior to the date that this representation is made.

 

2.12.       
Absence of Litigation. Other than as set forth in the SEC Reports, there is no action, suit, inquiry, notice of violation,
proceeding or investigation pending or, to the knowledge of the Company, threatened against or affecting the Company, any of its
Subsidiaries or any of their respective properties before or by any court, arbitrator, governmental or administrative agency or
regulatory authority (federal, state, county, local or foreign) (collectively, an “Action”) which (i) adversely
affects or challenges the legality, validity or enforceability of the Agreement or the New Note or (ii) could, if there were an
unfavorable decision, have or reasonably be expected to result in a Material Adverse Effect. Neither the Company nor any of its
Subsidiaries, nor any director or officer thereof, is or has been the subject of any Action involving a claim of violation of or
liability under federal or state securities laws or a claim of breach of fiduciary duty. There has not been, and to the knowledge
of the Company, there is not pending or contemplated, any investigation by the SEC involving the Company or any current or former
director or officer of the Company. The SEC has not issued any stop order or other order suspending the effectiveness of any registration
statement filed by the Company or any of its subsidiaries under the Exchange Act or the Securities Act.

 

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2.13.       
Capitalization. No Person has any right of first refusal, preemptive right, right of participation, or any similar
right to participate in the transactions contemplated by the Transaction Documents. Other than as set forth in the SEC Reports,
there are no outstanding options, warrants, scrip rights to subscribe to, calls or commitments of any character whatsoever relating
to, or securities, rights or obligations convertible into or exercisable or exchangeable for, or giving any Person any right to
subscribe for or acquire any shares of Common Stock, or contracts, commitments, understandings or arrangements by which the Company
or any Subsidiary is or may become bound to issue additional shares of Common Stock or any securities of the Company which would
entitle the holder thereof to acquire at any time Common Stock, including, without limitation, any debt, preferred stock, right,
option, warrant or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles
any holder thereof to receive, Common Stock. Schedule 2.13 hereto sets forth all capital stock and derivative securities
of the Company that are authorized for issuance and that are issued and outstanding. All issued and outstanding shares of Common
Stock have been duly authorized and validly issued and are fully paid and nonassessable. The Company has sufficient authorized
and unissued shares of Common Stock as may be necessary to effect the issuance of the Common Stock issuable under this Agreement,
assuming the prior issuance and exercise, exchange or conversion, as the case may be, of all derivative securities authorized,
as indicated in Schedule 2.13.

 

2.14.       
Listing and Maintenance Requirements; Principal Market Regulation. The Common Stock is registered pursuant to Section
12(b) or 12(g) of the Exchange Act, and the Company has taken no action designed to, or which to its knowledge is likely to have
the effect of, terminating the registration of the Common Stock under the Exchange Act, nor has the Company received any notification
that the SEC is contemplating terminating such registration. Other than as disclosed in the SEC Reports, the Company has not, in
the twelve (12) months preceding the date hereof, received any notice from any Person to the effect that the Company is not in
compliance with the listing or maintenance requirements of the Principal Market. The Company shall use commercially reasonable
best efforts to maintain the listing of the Common Stock on the Principal Market and shall comply in all respects with the Company’s
reporting, filing and other obligations under the bylaws or rules and regulations of the Principal Market. Neither the Company
nor any of its Subsidiaries shall take any action that would reasonably be expected to result in the delisting or suspension of
the Common Stock on the Principal Market. The Company shall promptly, and in no event later than the following business day, provide
to the Investor copies of any notices it receives from any Person regarding the continued eligibility of the Common Stock for listing
on the Principal Market; provided, however, that the Company shall not be required to provide the Investor copies of any such notice
that the Company reasonably believes constitutes material non-public information and the Company would not be required to publicly
disclose such notice in any report or statement filed with the SEC and under the Exchange Act or the Securities Act. The Company
shall pay all fees and expenses in connection with satisfying its obligations under this Section 2.14.

 

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2.15.       
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 (1) 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.

 

2.16.       
Indebtedness; Liens. Except as listed on Schedule 2.16 hereto, the Company does not have any indebtedness
nor any Liens other than Permitted Liens. “Permitted Liens” shall have the same meaning given to such term in
the New Note.

 

2.17.       
No General Solicitation. Neither the Company, nor any of its Affiliates, nor any Person acting on its or their behalf,
has engaged in any form of general solicitation or general advertising (within the meaning of Regulation D under the Securities
Act) in connection with the offer or sale of the New Note or the shares of Common Stock issuable thereunder.

 

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

 

3.1.         
Organization. The Investor is a limited partnership 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 Investor is not in violation nor default of any of the provisions of its certificate of limited
partnership, limited partnership 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.

 

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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 obligation of the Investor enforceable against the Investor in accordance with
its 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 New Note
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 under the Securities Act. 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 Old Note free and clear of all rights and liens (other than pledges or security interests (i) arising by operation
of applicable securities laws and (ii) 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 Old Note
to the Company free and clear of any right or lien. Other than the transactions contemplated by this Agreement and the New Note,
there is no outstanding, plan, pending proposal, or other right of any person or entity to acquire all or any part of the Old Note
or any shares of Common Stock issuable upon the delivery of an Issuance Notice and corresponding deduction of the face amount of
the New Note.

 

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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 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 (as defined in the New Note) or full satisfaction of the Company’s
obligations under the New Note; provided that this provision shall not prohibit any sales made where a corresponding Issuance Notice
is tendered to the Company and the shares of Common Stock received upon such issuance are used to close out such sale; provided,
further 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; Confidentiality. The Company shall, on or before 8:30 a.m., New York, New York time, within one (1) Trading
Day after the date of this Agreement, file with the SEC a Current Report on Form 8-K disclosing all material terms of the transactions
contemplated hereby and attaching the form of this Agreement and the New Note as exhibits thereto (collectively with all exhibits
attached thereto, the “8-K Filing”). From and after the issuance of the 8-K Filing, the Company represents to
the Investor that it shall have publicly disclosed all material, non-public information received from the Company or any of its
Subsidiaries or any of their respective officers, directors, employees, Affiliates or agents, in connection with the Transaction
Documents. The Company shall not, and shall cause its officers, directors, employees, Affiliates and agents not to, provide the
Investor with any material, non-public 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 agents, or a duty to the Company, any of its Subsidiaries or any of their respective officers, directors, employees,
Affiliates or agents not to trade on the basis of such material non-public information, provided that the Investor shall remain
subject to applicable law. 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.

 

4.2.         
Principal Market Regulation. The Company agrees to submit the application to the Principal Market to obtain
Exchange Approval no later than one (1) week after the Registration Statement is filed or due be filed under the Registration Rights
Agreement dated as of even date hereof.

 

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4.3.         
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.

 

4.4.         
Fees and Expenses. Except as otherwise set forth herein, 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 has
agreed to reimburse the Investor for up to $25,000 of documented attorneys’ fees, which sum is part of the principal of the
New Note.

 

4.5.         
Non-circumvention. 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 or the New Note, and will
at all times in good faith carry out all of the provisions of this Agreement and the New Note and take all action as may be required
to protect the rights of the Investor under this Agreement and the New Note. Without limiting the generality of the foregoing or
any other provision of this Agreement or the New Note, the Company (i) shall not increase the par value of any shares of Common
Stock issuable pursuant to the terms of this Agreement above the Issuance Price (as defined below) then in effect and (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 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 permitted 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 permitted assigns, any rights, remedies, obligations or liabilities under or by reason of this Agreement, except
as expressly provided in this Agreement. The Investor may assign some or all of its rights hereunder without the consent of the
Company, in which event such assignee shall be deemed to be the Investor with respect to such assigned rights.

 

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5.2.         
Governing Law; Exclusive Jurisdiction; Waiver of Jury Trial. All questions concerning the construction, validity,
enforcement and interpretation of this Agreement shall be governed by the internal laws of the State of New York, without giving
effect to any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdictions)
that would cause the application of the laws of any jurisdictions other than the State of New York. Each party hereby irrevocably
submits to the exclusive jurisdiction of the state or federal courts sitting in the City of New York, Borough of Manhattan, for
the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein,
and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally
subject to the jurisdiction of any such court, that such suit, action or proceeding is 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. Each party hereby irrevocably waives personal service of process and consents
to process being served in any such suit, action or proceeding by mailing a copy thereof to such party at the address for such
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 manner permitted by law.
EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF
ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

5.3.         
Notices. All notices, consents or other communications required or permitted under this Agreement shall be in writing
and shall be deemed to have been delivered: (i) upon receipt when delivered personally; (ii) upon receipt when sent by email (provided
confirmation of transmission is mechanically or electronically generated and kept on file by the sending party); or (iii) one (1)
business day after deposit with a nationally recognized overnight delivery service, in each case properly addressed to the party
to receive the same at the address as provided for on the signature page to this Agreement.

 

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).

 

    	 	11	 

    	 

    

 

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.

 

5.8.         
Failure to Deliver Shares of Common Stock. If the Company fails to file an additional listing application for the
shares of Common Stock issuable pursuant to the terms of this Agreement or the Principal Market fails to provide Exchange Approval
for the issuance of the shares of Common Stock by October 31, 2019, the Investor shall have the right to terminate this Agreement
and the New Note shall be in default and the Investor shall have all rights as provided for in the side letter agreement dated
as of even date hereof.

 

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.

 

    	 	12	 

    	 

    

 

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, as amended.

 

6.6.         
“Exchange Approval” means approval of the issuance of the shares of Common Stock contemplated by this
Agreement by the Principal Market, which approval shall be obtained no later than October 31, 2019.

 

6.7.         
“Group” means a “group” as that term is used in Section 13(d) of the Exchange Act and as
defined in Rule 13d-5 thereunder.

 

6.8.         
“Material Adverse Effect” means (i) a material adverse effect on the legality, validity or enforceability
of this Agreement or any other Transaction Document, (ii) a material adverse effect on the results of operations, assets, business,
prospects or condition (financial or otherwise) of the Company and its Subsidiaries, individually or taken as a whole, or (iii)
a material adverse effect on the Company’s or any Subsidiary’s ability to perform in any material respect on a timely
basis its obligations under any Transaction Document.

 

6.9.         
“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.”

 

6.10.       
“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.

 

6.11.       
“Principal Market” means the NYSE American (or any nationally recognized successor thereto); provided,
however, that in the event the Common Stock is ever listed or traded on the Nasdaq Capital Market, the Nasdaq Global Market, the
Nasdaq Global Select Market, the New York Stock Exchange, the OTC Bulletin Board, the OTCQX, OTCQB, OTC Pink or any other market
operated by the OTC Markets Group, Inc. (or any nationally recognized successor to any of the foregoing), then the “Principal
Market” shall mean such other market or exchange on which the Common Stock is then listed or traded.

 

    	 	13	 

    	 

    

 

6.12.       
“SEC” means the U.S. Securities and Exchange Commission.

 

6.13.       
“Securities Act” means the Securities Act of 1933, as amended.

 

6.14.       
“Short Sales” means all “short sales” as defined in Rule 200 of Regulation SHO under the
Exchange Act.

 

6.15.       
“Subsidiaries” means, as of any date of determination, collectively, all Current Subsidiaries and all
New Subsidiaries, and each of the foregoing, individually, a “Subsidiary.”

 

6.16.       
“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.

 

6.17.       
“Transaction Documents” means, collectively, this Agreement, the New Note, the Registration Rights Agreement
and any other agreement or document executed by the Company and/or the Investor in connection herewith or therewith.

 

6.18.       
“Transfer Agent” means Computershare Trust Company, N.A., and any successor transfer agent of the Company.

 

 

 

 

 

[SIGNATURES ON THE FOLLOWING PAGE]

 

    	 	14	 

    	 

    

 

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   
	 	Tel: (949) 444-5464
	 	Email: Todd@dpwholdings.com
	 	 
	 	 
	 	INVESTOR:
	 	 
	 	 
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	 
	 	Address for Notices:Exhibit 10.2

 

AMENDED & RESTATED

 

REGISTRATION RIGHTS AGREEMENT

 

 

This
AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made and entered into as of
September 26, 2019, between DPW Holdings, Inc., a Delaware corporation (the “Company”), and the purchaser signatory
hereto (the “Purchaser”).

 

On July
2, 2019, the Company and the Purchaser entered into an exchange agreement pursuant to which the Investor surrendered that certain
Term Promissory Note dated September 21, 2018, in exchange for a convertible promissory note in the principal amount of $783,031.14
with an interest rate of 12% per annum (the “Old Note”).

 

This
Agreement is made pursuant to that certain exchange agreement, dated as of the date hereof, between the Company and the Purchaser
(the “Exchange Agreement”), pursuant to which the Company shall issue to the Purchaser a new convertible promissory
note (the “New Note”) in the principal amount of $815,218.02, in exchange for the Old Note.

 

The Company and the Purchaser hereby agrees as follows:

 

		1.	Definitions.

 

Capitalized
terms used and not otherwise defined herein that are defined in that certain Exchange Agreement shall have the meanings given such
terms therein. As used in this Agreement, the following terms shall have the following meanings:

 

“Advice” shall
have the meaning set forth in Section 6(d).

 

“Amended
Registration Statement” means the Registration Statement to be filed pursuant to this Agreement.

  

“Effectiveness
Date” means, with respect to the Amended Registration Statement required to be filed hereunder, December 16, 2019.

 

“Effectiveness Period”
shall have the meaning set forth in Section 2(a).

  

“Event” shall
have the meaning set forth in Section 2(d).

  

“Event Date”
shall have the meaning set forth in Section 2(d).

  

“Filing
Date” means, with respect to the Amended Registration Statement required hereunder, on or about October 21, 2019.

 

“Holder”
or “Holders” means the holder or holders, as the case may be, from time to time of Registrable Securities.

 

“Indemnified Party”
shall have the meaning set forth in Section 5(c).

 

“Indemnifying Party”
shall have the meaning set forth in Section 5(c).

 

    	 	 	 

    	 	 

    

 

“Losses” shall
have the meaning set forth in Section 5(a).

 

“Prospectus”
means the prospectus included in a Registration Statement (including, without limitation, a prospectus that includes any information
previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated
by the Commission pursuant to the Securities Act), as amended or supplemented by any prospectus supplement, with respect to the
terms of the offering of any portion of the Registrable Securities covered by a Registration Statement, and all other amendments
and supplements to the Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to
be incorporated by reference in such Prospectus.

 

“Registrable
Securities” means, as of any date of determination, (a) all of the shares of Common Stock then issued and issuable upon
conversion in full of the New Note (assuming on such date the New Note are converted in full without regard to any conversion limitations
therein), and (b) any securities issued or then issuable upon any stock split, dividend or other distribution, recapitalization
or similar event with respect to the foregoing; provided, however, that any such Registrable Securities shall cease to be
Registrable Securities (and the Company shall not be required to maintain the effectiveness of any, or file another, Registration
Statement hereunder with respect thereto) for so long as (a) a Registration Statement with respect to the sale of such Registrable
Securities is declared effective by the Commission under the Securities Act and such Registrable Securities have been disposed
of by the Holders in accordance with such effective Registration Statement, (b) such Registrable Securities have been previously
sold in accordance with Rule 144, or (c) such securities become eligible for resale without volume or manner-of-sale restrictions
and without current public information pursuant to Rule 144 as set forth in a written opinion letter to such effect, addressed,
delivered and acceptable to the Transfer Agent and the affected Holders (assuming that such securities and any securities issuable
upon exercise, conversion or exchange of which, or as a dividend upon which, such securities were issued or are issuable, were
at no time held by any Affiliate of the Company), as reasonably determined by the Company, upon the advice of counsel to the Company.

 

“Registration
Statement” means any registration statement required to be filed hereunder pursuant to Section 2(a) and any additional
registration statements contemplated by Section 2 or Section 3(c), including (in each case) the Prospectus, amendments and supplements
to any such registration statement or Prospectus, including pre- and post-effective amendments, all exhibits thereto, and all material
incorporated by reference or deemed to be incorporated by reference in any such registration statement.

 

“Rule
415” means Rule 415 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted
from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose
and effect as such Rule.

 

“Rule
424” means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted
from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose
and effect as such Rule.

 

    	 	2 	 

    	 	 

    

 

“Selling Stockholder Questionnaire”
shall have the meaning set forth in Section

3(a).

 

“SEC
Guidance” means (i) any publicly available written or oral guidance of the Commission staff, or any comments, requirements
or requests of the Commission staff and (ii) the Securities Act.

 

		2.	Registration

 

(a)       No
later than the Filing Date, the Company shall file with the Commission the Amended Registration Statement relating to the resale
by the Holder of all (or such other number as the Commission will permit) of the Registrable Securities. If Form S-3 is not available
for the registration of the resale of Registrable Securities hereunder, the Company shall (i) register the resale of the Registrable
Securities on another appropriate form and (ii) undertake to register the Registrable Securities on Form S-3 as soon as such form
is available; provided that the Company shall maintain the effectiveness of the Registration Statement then in effect until such
time as a Registration Statement on Form S-3 covering the Registrable Securities has been declared effective by the Commission.
Subject to the terms of this Agreement, the Company shall use its best efforts to cause a Registration Statement filed under this
Agreement (including, without limitation, under Section 3(c)) to be declared effective under the Securities Act within thirty (30)
days after the filing thereof, but in any event no later than the applicable Effectiveness Date, and shall use its best efforts
to keep such Registration Statement continuously effective under the Securities Act until all Registrable Securities covered by
such Registration Statement (i) have been sold, thereunder or pursuant to Rule 144, or (ii) may be sold without volume or manner-of-sale
restrictions pursuant to Rule 144 and without the requirement for the Company to be in compliance with the current public information
requirement under Rule 144, as determined by the counsel to the Company pursuant to a written opinion letter to such effect, addressed
and acceptable to the Transfer Agent and the affected Holder (the “Effectiveness Period”). The Company shall
telephonically request effectiveness of a Registration Statement as of 5:00 p.m. Eastern Time on a Trading Day. The Company shall
immediately notify the Holder via facsimile or by e-mail of the effectiveness of a Registration Statement on the same Trading Day
that the Company telephonically confirms effectiveness with the Commission, which shall be the date requested for effectiveness
of such Registration Statement. The Company shall, by 9:30 a.m. Eastern Time on the Trading Day after the effective date of such
Registration Statement, file a final Prospectus with the Commission as required by Rule 424. Failure to so notify the Holders within
one (1) Trading Day of such notification of effectiveness or failure to file a final Prospectus as foresaid shall be deemed an
Event under Section 2(g).

 

(b)       Notwithstanding
the registration obligations set forth in Section 2(a), if the Commission informs the Company that all of the Registrable Securities
cannot, as a result of the application of Rule 415, be registered for resale as a secondary offering on a single registration statement,
the Company agrees to promptly inform each of the Holders thereof and use its best efforts to file amendments to the Amended Registration
Statement as required by the Commission, covering the maximum number of Registrable Securities permitted to be registered by the
Commission, on Form S-3 or such other form available to register for resale the Registrable Securities as a secondary offering,
subject to the provisions of Section 2(e); with respect to filing on Form S-3 or other appropriate form, and subject to the provisions
of Section 2(d) with respect to the payment of liquidated damages; provided, however, that prior to filing such amendment,
the Company shall be obligated to use diligent efforts to advocate with the Commission for the registration of all of the Registrable
Securities in accordance with the SEC Guidance, including without limitation, Compliance and Disclosure Interpretation 612.09.

 

    	 	3 	 

    	 	 

    

 

(c)       Notwithstanding
any other provision of this Agreement other than Section 6(i) and subject to the payment of liquidated damages pursuant to Section
2(d), if the Commission or any SEC Guidance sets forth a limitation on the number of Registrable Securities permitted to be registered
on a particular Registration Statement as a secondary offering (and notwithstanding that the Company used diligent efforts to advocate
with the Commission for the registration of all or a greater portion of Registrable Securities), unless otherwise directed in writing
by a Holder as to its Registrable Securities, the number of Registrable Securities to be registered on such Registration Statement
will be reduced as by eliminating any securities to be included by any Person other than a Holder with the exception of the entity
set forth on Schedule 6(i).

 

In the event of a cutback
hereunder, the Company shall give the Holder at least five (5) Trading Days prior written notice along with the calculations as
to such Holder’s allotment. In the event the Company amends the Amended Registration Statement in accordance with the foregoing,
the Company will use its best efforts to file with the Commission, as promptly as allowed by Commission or SEC Guidance provided
to the Company or to registrants of securities in general, one or more registration statements on Form S-3 or such other form available
to register for resale those Registrable Securities that were not registered for resale on the Amended Registration Statement,
as amended.

 

(d)       Provided
that no event of default exists under the Exchange Agreement or any of the other Transaction Documents, if: (i) the Amended Registration
Statement is not filed on or prior to the Filing Date (if the Company files the Amended Registration Statement without providing
the Holder the opportunity to review and comment on the same as required by Section 3(a) herein, the Company shall be deemed to
have not satisfied this clause (i)) or (ii) the Company fails to file with the Commission a request for acceleration of a Registration
Statement in accordance with Rule 461 promulgated by the Commission pursuant to the Securities Act, within five (5) Trading Days
of the date that the Company is notified (orally or in writing, whichever is earlier) by the Commission that such Registration
Statement will not be “reviewed” or will not be subject to further review, or (iii) prior to the effective date of
a Registration Statement, the Company fails to file a pre-effective amendment and otherwise respond in writing to comments made
by the Commission in respect of such Registration Statement within ten (10) calendar days after the receipt of comments by or notice
from the Commission that such amendment is required in order for such Registration Statement to be declared effective, or (iv)
a Registration Statement registering for resale all of the Registrable Securities is not declared effective by the Commission by
the Effectiveness Date of the Amended Registration Statement, or (v) after the effective date of a Registration Statement, such
Registration Statement ceases for any reason to remain continuously effective as to all Registrable Securities included in such
Registration Statement, or the Holders are otherwise not permitted to utilize the Prospectus therein to resell such Registrable
Securities, for more than ten (10) consecutive calendar days or more than an aggregate of fifteen (15) calendar days (which need
not be consecutive calendar days) during any 12-month period (any such failure or breach being referred to as an “Event”,
and for purposes of clause (i) thirty (30) calendar days after the date on which such Event occurs, and for purpose of clause (ii),
the date on which such five (5) Trading Day period is exceeded, and for purpose of clause (iii) the date which such fifteen (15)
calendar day period is exceeded, and for purpose of clause (v) the date on which such ten (10) or fifteen (15) calendar day period,
as applicable, is exceeded being referred to as “Event Date”), then, in addition to any other rights the Holders
may have hereunder or under applicable law, on each such Event Date and on each monthly anniversary of each such Event Date thereafter
(if the applicable Event shall not have been cured by such date) or any pro rata portion thereof, until the applicable Event is
cured or sixty (60) calendar days after the applicable Event Date, whichever occurs first, the Company shall pay to each Holder
an amount in cash, as partial liquidated damages and not as a penalty, equal to the product of one percent (1.0%) multiplied by
the aggregate amount paid by such Holder for the New Note pursuant to the Exchange Agreement; provided that the maximum amount
payable thereunder shall not exceed 4% of such aggregate amount paid by such Holder. If the Company fails to pay any partial liquidated
damages pursuant to this Section in full within seven (7) days after the date payable, the Company will pay interest thereon at
a rate of eighteen percent (18%) per annum (or such lesser maximum amount that is permitted to be paid by applicable law) to the
Holder, accruing daily from the date such partial liquidated damages are due until such amounts, plus all such interest thereon,
are paid in full.

 

    	 	4 	 

    	 	 

    

 

(e)       Notwithstanding
anything to the contrary contained herein but subject to comments by the Commission, in no event shall the Company be permitted
to name any Holder or affiliate of a Holder as an underwriter without the prior written consent of such Holder.

 

		3.	Registration Procedures.

 

In connection
with the Company’s registration obligations hereunder, the Company shall have the following obligations:

 

(a)       Not
less than three (3) Trading Days prior to the filing of each Registration Statement and not less than one (1) Trading Day prior
to the filing of any related Prospectus or any amendment or supplement thereto (including any document that would be incorporated
or deemed to be incorporated therein by reference), the Company shall (i) furnish to the Holder copies of all such documents proposed
to be filed, which documents (other than those incorporated or deemed to be incorporated by reference) will be subject to the review
of the Holders, and (ii) cause its officers and directors, counsel and independent registered public accountants to respond to
such inquiries as shall be necessary, in the reasonable opinion of counsel to the Holder, to conduct a reasonable investigation
within the meaning of the Securities Act. Notwithstanding the above, the Company shall not be obligated to provide the Holders
advance copies of any universal registration statement registering securities in addition to those required hereunder, or any Prospectus
prepared thereto. The Company shall not file a Registration Statement or any such Prospectus or any amendments or supplements thereto
to which the Holders of a majority of the Registrable Securities shall reasonably object in good faith, provided that, the Company
is notified of such objection in writing no later than five (5) Trading Days after the Holders have been so furnished copies of
a Registration Statement or one (1) Trading Day after the Holder has been furnished copies of any related Prospectus or amendments
or supplements thereto. Each Holder agrees to furnish to the Company a completed questionnaire in the form attached to this Agreement
as Annex A (a “Selling Stockholder Questionnaire”) on a date that is not less than two (2) Trading Days
prior to the Filing Date or by the end of the fourth (4th) Trading Day following the date on which such Holder receives
draft materials in accordance with this Section.

 

    	 	5 	 

    	 	 

    

 

(b)       (i)
The Company shall prepare and file with the Commission such amendments, including post-effective amendments, to a Registration
Statement and the Prospectus used in connection therewith as may be necessary to keep a Registration Statement continuously effective
as to the applicable Registrable Securities for the Effectiveness Period and prepare and file with the Commission such additional
Registration Statements in order to register for resale under the Securities Act all of the Registrable Securities, (ii) cause
the related Prospectus to be amended or supplemented by any required Prospectus supplement (subject to the terms of this Agreement),
and, as so supplemented or amended, to be filed pursuant to Rule 424, (iii) respond as promptly as reasonably practicable to any
comments received from the Commission with respect to a Registration Statement or any amendment thereto and provide as promptly
as reasonably practicable to the Holders true and complete copies of all correspondence from and to the Commission relating to
a Registration Statement (provided that, the Company shall excise any information contained therein which would constitute material
non-public information regarding the Company or any of its Subsidiaries), and (iv) comply in all material respects with the applicable
provisions of the Securities Act and the Exchange Act with respect to the disposition of all Registrable Securities covered by
a Registration Statement during the applicable period in accordance (subject to the terms of this Agreement) with the intended
methods of disposition by the Holders thereof set forth in such Registration Statement as so amended or in such Prospectus as so
supplemented.

 

(c)       If
during the Effectiveness Period, the number of Registrable Securities at any time exceeds 100% of the number of shares of Common
Stock then registered in a Registration Statement, then the Company shall file as soon as reasonably practicable, but in any case,
prior to the applicable Filing Date, an additional Registration Statement covering the resale by the Holders of not less than the
number of such Registrable Securities.

 

    	 	6 	 

    	 	 

    

 

(d)       The
Company shall notify the Holders of Registrable Securities to be sold (which notice shall, pursuant to clauses (iii) through (vi)
hereof, be accompanied by an instruction to suspend the use of the Prospectus until the requisite changes have been made) as promptly
as reasonably possible (and, in the case of (i)(A) below, not less than one (1) Trading Day prior to such filing) and (if requested
by any such Person) confirm such notice in writing no later than one (1) Trading Day following the day (i)(A) when a Prospectus
or any Prospectus supplement or post-effective amendment to a Registration Statement is proposed to be filed, (B) when the Commission
notifies the Company whether there will be a “review” of such Registration Statement and whenever the Commission comments
in writing on such Registration Statement, and (C) with respect to a Registration Statement or any post-effective amendment, when
the same has become effective, (ii) of any request by the Commission or any other federal or state governmental authority for amendments
or supplements to a Registration Statement or Prospectus or for additional information, (iii) of the issuance by the Commission
or any other federal or state governmental authority of any stop order suspending the effectiveness of a Registration Statement
covering any or all of the Registrable Securities or the initiation of any Proceedings for that purpose, (iv) of the receipt by
the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any of the
Registrable Securities for sale in any jurisdiction, or the initiation or threatening of any Proceeding for such purpose, (v) of
the occurrence of any event or passage of time that makes the financial statements included in a Registration Statement ineligible
for inclusion therein or any statement made in a Registration Statement or Prospectus or any document incorporated or deemed to
be incorporated therein by reference untrue in any material respect or that requires any revisions to a Registration Statement,
Prospectus or other documents so that, in the case of a Registration Statement or the Prospectus, as the case may be, it will not
contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to
make the statements therein, in light of the circumstances under which they were made, not misleading, and (vi) of the occurrence
or existence of any pending corporate development with respect to the Company that the Company believes may be material and that,
in the determination of the Company, makes it not in the best interest of the Company to allow continued availability of a Registration
Statement or Prospectus, provided, however, in no event shall any such notice contain any information which would
constitute material, non-public information regarding the Company or any of its Subsidiaries.

 

(e)       The
Company shall use its best efforts to avoid the issuance of, or, if issued, obtain the withdrawal of (i) any order stopping or
suspending the effectiveness of a Registration Statement, or (ii) any suspension of the qualification (or exemption from qualification)
of any of the Registrable Securities for sale in any jurisdiction, at the earliest practicable moment.

 

(f)       The
Company shall furnish to each Holder, without charge, at least one conformed copy of each such Registration Statement and each
amendment thereto, including financial statements and schedules, all documents incorporated or deemed to be incorporated therein
by reference to the extent requested by such Person, and all exhibits to the extent requested by such Person (including those previously
furnished or incorporated by reference) promptly after the filing of such documents with the Commission; provided, that any such
item which is available on the EDGAR system (or successor thereto) need not be furnished in physical form.

 

(g)       Subject
to the terms of this Agreement, the Company hereby consents to the use of such Prospectus and each amendment or supplement thereto
by each of the selling Holders in connection with the offering and sale of the Registrable Securities covered by such Prospectus
and any amendment or supplement thereto, except after the giving of any notice pursuant to Section 3(d).

 

(h)       The
Company shall cooperate with any broker-dealer through which a Holder proposes to resell its Registrable Securities in effecting
a filing with the FINRA Corporate Financing Department pursuant to FINRA Rule 5110, as requested by any such Holder, and the Company
shall pay the filing fee required by such filing within two

		(2)	Business Days of receipt of a request therefor.

 

    	 	7 	 

    	 	 

    

 

(i)       Prior
to any resale of Registrable Securities by a Holder, the Company shall use its best efforts to register or qualify or cooperate
with the selling Holders in connection with the registration or qualification (or exemption from the Registration or qualification)
of such Registrable Securities for the resale by the Holder under the securities or Blue Sky laws of such jurisdictions within
the United States as any Holder reasonably requests in writing, to keep each registration or qualification (or exemption therefrom)
effective during the Effectiveness Period and to do any and all other acts or things reasonably necessary to enable the disposition
in such jurisdictions of the Registrable Securities covered by each Registration Statement; provided, that, the Company shall not
be required to qualify generally to do business in any jurisdiction where it is not then so qualified, subject the Company to any
material tax in any such jurisdiction where it is not then so subject or file a general consent to service of process in any such
jurisdiction.

 

(j)       If
requested by a Holder, the Company shall cooperate with such Holder to facilitate the timely preparation and delivery of certificates
representing Registrable Securities to be delivered to a transferee pursuant to a Registration Statement, which certificates shall
be free, to the extent permitted by the Exchange Agreement, of all restrictive legends, and to enable such Registrable Securities
to be in such denominations and registered in such names as any such Holder may request.

 

(k)       Upon
the occurrence of any event contemplated by Section 3(d), as promptly as reasonably possible under the circumstances taking into
account the Company’s good faith assessment of any adverse consequences to the Company and its stockholders of the premature
disclosure of such event, prepare a supplement or amendment, including a post-effective amendment, to a Registration Statement
or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by reference, and file
any other required document so that, as thereafter delivered, neither a Registration Statement nor such Prospectus will contain
an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the
statements therein, in light of the circumstances under which they were made, not misleading. If the Company notifies the Holders
in accordance with clauses (iii) through (vi) of Section 3(d) above to suspend the use of any Prospectus until the requisite changes
to such Prospectus have been made, then the Holders shall suspend use of such Prospectus. The Company will use its best efforts
to ensure that the use of the Prospectus may be resumed as promptly as is practicable. The Company shall be entitled to exercise
its right under this Section 3(k) to suspend the availability of a Registration Statement and Prospectus, subject to the payment
of partial liquidated damages otherwise required pursuant to Section 2(g), for a period not to exceed sixty (60) calendar days
(which need not be consecutive days) in any 12-month period.

 

(l)       The
Company shall comply with all applicable rules and regulations of the Commission.

 

    	 	8 	 

    	 	 

    

 

(m)       The
Company may require from each selling Holder a certified statement as to the number of shares of Common Stock beneficially owned
by such Holder and the name(s) of the natural persons thereof that have voting and dispositive control over the Common Stock underlying
the Note(s). During any periods that the Company is unable to meet its obligations hereunder with respect to the registration of
the Registrable Securities solely because any Holder fails to furnish such information within three Trading Days of the Company’s
request, any liquidated damages that are accruing at such time as to such Holder only shall be tolled and any Event that may otherwise
occur solely because of such delay shall be suspended as to all Holders until such information is delivered to the Company.

 

4.       Registration
Expenses. All fees and expenses incident to the performance of or compliance with, this Agreement by the Company shall be borne
by the Company whether or not any Registrable Securities are sold pursuant to a Registration Statement. The fees and expenses referred
to in the foregoing sentence shall include, without limitation, (i) all registration and filing fees (including, without limitation,
fees and expenses of the Company’s counsel and independent registered public accountants) (A) with respect to filings made
with the Commission, (B) with respect to filings required to be made with any Trading Market on which the Common Stock is then
listed for trading, (C) in compliance with applicable state securities or Blue Sky laws reasonably agreed to by the Company in
writing (including, without limitation, fees and disbursements of counsel for the Company in connection with Blue Sky qualifications
or exemptions of the Registrable Securities) and (D) if not previously paid by the Company in connection with an Issuer Filing,
with respect to any filing that may be required to be made by any broker through which a Holder intends to make sales of Registrable
Securities with FINRA pursuant to FINRA Rule 5110, so long as the broker is receiving no more than a customary brokerage commission
in connection with such sale, (ii) printing expenses (including, without limitation, expenses of printing certificates for Registrable
Securities), (iii) messenger, telephone and delivery expenses, (iv) fees and disbursements of counsel for the Company, (v) Securities
Act liability insurance, if the Company so desires such insurance, and (vi) fees and expenses of all other Persons retained by
the Company in connection with the consummation of the transactions contemplated by this Agreement. In addition, the Company shall
be responsible for all of its internal expenses incurred in connection with the consummation of the transactions contemplated by
this Agreement (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting
duties), the expense of any annual audit and the fees and expenses incurred in connection with the listing of the Registrable Securities
on any securities exchange as required hereunder. In no event shall the Company be responsible for any broker or similar commissions
of any Holder or, except to the extent provided for in the Transaction Documents, any legal fees or other costs of the Holders.

 

    	 	9 	 

    	 	 

    

 

		5.	Indemnification.

 

(a)       Indemnification
by the Company. The Company shall, notwithstanding any termination of this Agreement, indemnify and hold harmless each Holder,
the officers, directors, members, partners, agents, brokers (including brokers who offer and sell Registrable Securities as principal
as a result of a pledge or any failure to perform under a margin call of Common Stock), investment advisors and employees (and
any other Persons with a functionally equivalent role of a Person holding such titles, notwithstanding a lack of such title or
any other title) of each of them, each Person who controls any such Holder (within the meaning of Section 15 of the Securities
Act or Section 20 of the Exchange Act) and the officers, directors, members, stockholders, partners, agents and employees (and
any other Persons with a functionally equivalent role of a Person holding such titles, notwithstanding a lack of such title or
any other title) of each such controlling Person, to the fullest extent permitted by applicable law, from and against any and all
losses, claims, damages, liabilities, costs (including, without limitation, reasonable attorneys’ fees) and expenses (collectively,
“Losses”), as incurred, arising out of or relating to (1) any untrue or alleged untrue statement of a material
fact contained in a Registration Statement, any Prospectus or any form of prospectus or in any amendment or supplement thereto
or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission of a material fact required
to be stated therein or necessary to make the statements therein (in the case of any Prospectus or supplement thereto, in light
of the circumstances under which they were made) not misleading or (2) any violation or alleged violation by the Company of the
Securities Act, the Exchange Act or any state securities law, or any rule or regulation thereunder, in connection with the performance
of its obligations under this Agreement, except to the extent, but only to the extent, that (i) such untrue statements or omissions
are based solely upon information regarding such Holder furnished in writing to the Company by such Holder expressly for use therein,
or to the extent that such information relates to such Holder or such Holder’s proposed method of distribution of Registrable
Securities and was reviewed and expressly approved in writing by such Holder expressly for use in a Registration Statement, such
Prospectus or in any amendment or supplement thereto or

 

(b)       in
the case of an occurrence of an event of the type specified in Section 3(d)(iii)-(vi), the use by such Holder of an outdated, defective
or otherwise unavailable Prospectus after the Company has notified such Holder in writing that the Prospectus is outdated, defective
or otherwise unavailable for use by such Holder and prior to the receipt by such Holder of the Advice contemplated in Section 6(d),
but only if and to the extent that following the receipt of the Advice the misstatement or omission giving rise to such Loss would
have been corrected. The Company shall notify the Holders promptly of the institution, threat or assertion of any Proceeding arising
from or in connection with the transactions contemplated by this Agreement of which the Company is aware. Such indemnity shall
remain in full force and effect regardless of any investigation made by or on behalf of such indemnified person and shall survive
the transfer of any Registrable Securities by any of the Holders in accordance with Section 6(h).

 

    	 	10 	 

    	 	 

    

 

		(c)	Indemnification by Holders. Each Holder shall, severally and not
jointly, indemnify and hold harmless the Company, its directors, officers, agents and employees, each Person who controls the Company
(within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers, agents
or employees of such controlling Persons, to the fullest extent permitted by applicable law, from and against all Losses, as incurred,
to the extent arising out of or based solely upon: (x) such Holder’s failure to comply with any applicable prospectus delivery
requirements of the Securities Act through no fault of the Company or (y) any untrue or alleged untrue statement of a material
fact contained in any Registration Statement, any Prospectus, or in any amendment or supplement thereto or in any preliminary prospectus,
or arising out of or relating to any omission or alleged omission of a material fact required to be stated therein or necessary
to make the statements therein (in the case of any Prospectus or supplement thereto, in light of the circumstances under which
they were made) not misleading (i) to the extent, but only to the extent, that such untrue statement or omission is contained in
any information so furnished in writing by such Holder to the Company expressly for inclusion in such Registration Statement or
such Prospectus, (ii) to the extent, but only to the extent, that such information relates to such Holder’s proposed method
of distribution of Registrable Securities and was reviewed and expressly approved in writing by such Holder expressly for use in
a Registration Statement, such Prospectus or in any amendment or supplement thereto or (iii) in the case of an occurrence of an
event of the type specified in Section 3(d)(iii)-(vi), to the extent, but only to the extent, related to the use by such Holder
of an outdated, defective or otherwise unavailable Prospectus after the Company has notified such Holder in writing that the Prospectus
is outdated, defective or otherwise unavailable for use by such Holder and prior to the receipt by such Holder of the Advice contemplated
in Section 6(d), but only if and to the extent that following the receipt of the Advice the misstatement or omission giving rise
to such Loss would have been corrected. In no event shall the liability of any selling Holder under this Section 5(b) be greater
in amount than the dollar amount of the net proceeds received by such Holder upon the sale of the Registrable Securities giving
rise to such indemnification obligation.

 

(d)       Conduct
of Indemnification Proceedings. If any Proceeding shall be brought or asserted against any Person entitled to indemnity hereunder
(an “Indemnified Party”), such Indemnified Party shall promptly notify the Person from whom indemnity is sought
(the “Indemnifying Party”) in writing, and the Indemnifying Party shall have the right to assume the defense
thereof, including the employment of counsel reasonably satisfactory to the Indemnified Party and the payment of all fees and expenses
incurred in connection with defense thereof; provided, that, the failure of any Indemnified Party to give such notice shall not
relieve the Indemnifying Party of its obligations or liabilities pursuant to this Agreement, except (and only) to the extent that
it shall be finally determined by a court of competent jurisdiction (which determination is not subject to appeal or further review)
that such failure shall have materially and adversely prejudiced the Indemnifying Party.

 

An Indemnified
Party shall have the right to employ separate counsel in any such Proceeding and to participate in the defense thereof, but the
fees and expenses of such counsel shall be at the expense of such Indemnified Party or Parties unless: (1) the Indemnifying Party
has agreed in writing to pay such fees and expenses; (2) the Indemnifying Party shall have failed promptly to assume the defense
of such Proceeding and to employ counsel reasonably satisfactory to such Indemnified Party in any such Proceeding; or (3) the named
parties to any such Proceeding (including any impleaded parties) include both such Indemnified Party and the Indemnifying Party,
and counsel to the Indemnified Party shall reasonably believe that a material conflict of interest is likely to exist if the same
counsel were to represent such Indemnified Party and the Indemnifying Party (in which case, if such Indemnified Party notifies
the Indemnifying Party in writing that it elects to employ separate counsel at the expense of the Indemnifying Party, the Indemnifying
Party shall not have the right to assume the defense thereof and the reasonable fees and expenses of no more than one separate
counsel shall be at the expense of the Indemnifying Party). The Indemnifying Party shall not be liable for any settlement of any
such Proceeding effected without its written consent, which consent shall not be unreasonably withheld or delayed. No Indemnifying
Party shall, without the prior written consent of the Indemnified Party, effect any settlement of any pending Proceeding in respect
of which any Indemnified Party is a party, unless such settlement includes an unconditional release of such Indemnified Party from
all liability on claims that are the subject matter of such Proceeding.

 

    	 	11 	 

    	 	 

    

 

 

Subject
to the terms of this Agreement, all reasonable fees and expenses of the Indemnified Party (including reasonable fees and expenses
to the extent incurred in connection with investigating or preparing to defend such Proceeding in a manner not inconsistent with
this Section) shall be paid to the Indemnified Party, as incurred, within ten (10) Trading Days of written notice thereof to the
Indemnifying Party; provided, that, the Indemnified Party shall promptly reimburse the Indemnifying Party for that portion of such
fees and expenses applicable to such actions for which such Indemnified Party is finally determined by a court of competent jurisdiction
(which determination is not subject to appeal or further review) not to be entitled to indemnification hereunder.

 

(e)       Contribution.
If the indemnification under Section 5(a) or 5(b) is unavailable to an Indemnified Party or insufficient to hold an Indemnified
Party harmless for any Losses, then each Indemnifying Party shall contribute to the amount paid or payable by such Indemnified
Party, in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party and Indemnified Party in connection
with the actions, statements or omissions that resulted in such Losses as well as any other relevant equitable considerations.
The relative fault of such Indemnifying Party and Indemnified Party shall be determined by reference to, among other things, whether
any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission of
a material fact, has been taken or made by, or relates to information supplied by, such Indemnifying Party or Indemnified Party,
and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such action, statement
or omission. The amount paid or payable by a party as a result of any Losses shall be deemed to include, subject to the limitations
set forth in this Agreement, any reasonable attorneys’ or other fees or expenses incurred by such party in connection with
any Proceeding to the extent such party would have been indemnified for such fees or expenses if the indemnification provided for
in this Section was available to such party in accordance with its terms.

 

The parties
hereto agree that it would not be just and equitable if contribution pursuant to this Section 5(d) were determined by pro rata
allocation or by any other method of allocation that does not take into account the equitable considerations referred to in the
immediately preceding paragraph. Notwithstanding the provisions of this Section 5(d), no Holder shall be required to contribute
pursuant to this Section 5(d), in the aggregate, any amount in excess of the amount by which the net proceeds actually received
by such Holder from the sale of the Registrable Securities subject to the Proceeding exceeds the amount of any damages that such
Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission.

 

The indemnity
and contribution agreements contained in this Section are in addition to any liability that the Indemnifying Parties may have to
the Indemnified Parties.

 

    	 	12 	 

    	 	 

    

 

		6.	Miscellaneous.

 

(a)       Remedies.
In the event of a breach by the Company or by a Holder of any of their respective obligations under this Agreement, each Holder
or the Company, as the case may be, in addition to being entitled to exercise all rights granted by law and under this Agreement,
including recovery of damages, shall be entitled to specific performance of its rights under this Agreement. Each of the Company
and each Holder agrees that monetary damages would not provide adequate compensation for any losses incurred by reason of a breach
by it of any of the provisions of this Agreement and hereby further agrees that, in the event of any action for specific performance
in respect of such breach, it shall not assert or shall waive the defense that a remedy at law would be adequate.

 

(b)       No
Piggyback on Registrations; Prohibition on Filing Other Registration Statements. Neither the Company nor any of its security
holders (other than the Holders in such capacity pursuant hereto) may include securities of the Company in any Registration Statements
other than the Registrable Securities. The Company shall not file any other registration statements until all Registrable Securities
are registered pursuant to a Registration Statement that is declared effective by the Commission, provided that this Section 6(b)(i)
shall not prohibit the Company from filing amendments to registration statements filed prior to the date of this Agreement and
(ii) shall not prohibit the Company from filing a registration statement on Form S-3 or other available form for a primary offering
by the Company, provided that the Company makes no offering of securities pursuant to such registration statement prior to the
effective date of the Registration Statement required hereunder that includes all of the Registrable Securities.

 

(c)       Compliance.
Each Holder covenants and agrees that it will comply with the prospectus delivery requirements of the Securities Act as applicable
to it (unless an exemption therefrom is available) in connection with sales of Registrable Securities pursuant to a Registration
Statement.

 

(d)       Discontinued
Disposition. By its acquisition of Registrable Securities, the Holder agrees that, upon receipt of a notice from the Company
of the occurrence of any event of the kind described in Section 3(d)(iii) through (vi), such Holder will forthwith discontinue
disposition of such Registrable Securities under a Registration Statement until it is advised in writing (the “Advice”)
by the Company that the use of the applicable Prospectus (as it may have been supplemented or amended) may be resumed. The Company
will use its best efforts to ensure that the use of the Prospectus may be resumed as promptly as is practicable. The Company agrees
and acknowledges that any periods during which the Holder is required to discontinue the disposition of the Registrable Securities
hereunder shall be subject to the provisions of Section 2(d).

 

(e)       Piggy-Back
Registrations. If, at any time during the Effectiveness Period, there is not an effective Registration Statement covering all
of the Registrable Securities and the Company shall determine to prepare and file with the Commission a registration statement
relating to an offering for its own account or the account of others under the Securities Act of any of its equity securities,
other than on Form S-4 or Form S-8 (each as promulgated under the Securities Act) or their then equivalents relating to equity
securities to be issued solely in connection with any acquisition of any entity or business or equity securities issuable in connection
with the Company’s stock option or other employee benefit plans, then the Company shall deliver to the Holder a written notice
of such determination and, if within fifteen (15) days after the date of the delivery of such notice, any such Holder shall so
request in writing, the Company shall include in such registration statement all or any part of such Registrable Securities such
Holder requests to be registered; provided, however, that the Company shall not be required to register any Registrable Securities
pursuant to this Section 6(e) that are eligible for resale pursuant to Rule 144 (without volume restrictions or current public
information requirements) promulgated by the Commission pursuant to the Securities Act or that are the subject of a then effective
Registration Statement.

 

    	 	13 	 

    	 	 

    

 

(f)       Amendments
and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified or supplemented,
and waivers or consents to departures from the provisions hereof may not be given, unless the same shall be in writing and signed
by the Company and the Holders of 67% or more of the then outstanding Registrable Securities (for purposes of clarification, this
includes any Registrable Securities issuable upon exercise or conversion of any Security). If a Registration Statement does not
register all of the Registrable Securities pursuant to a waiver or amendment done in compliance with the previous sentence, then
the number of Registrable Securities to be registered for each Holder shall be reduced pro rata among all Holders and each Holder
shall have the right to designate which of its Registrable Securities shall be omitted from such Registration Statement. Notwithstanding
the foregoing, a waiver or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the
rights of a Holder or some Holders and that does not directly or indirectly affect the rights of other Holders may be given only
by such Holder or Holders of all of the Registrable Securities to which such waiver or consent relates; provided, however,
that the provisions of this sentence may not be amended, modified, or supplemented except in accordance with the provisions of
the first sentence of this Section 6(f). No consideration shall be offered or paid to any Person to amend or consent to a waiver
or modification of any provision of this Agreement unless the same consideration also is offered to all of the parties to this
Agreement.

 

(g)       Notices.
Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be delivered as
set forth in the Exchange Agreement.

 

(h)       Successors
and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns of each
of the parties hereto and shall inure to the benefit of each Holder. The Company may not assign (except by merger) its rights or
obligations hereunder without the prior written consent of all of the Holders of the then outstanding Registrable Securities. Each
Holder may assign their respective rights hereunder in the manner and to the Persons as permitted under Section 5.1 of the Exchange
Agreement.

 

(i)       No
Inconsistent Agreements. Neither the Company nor any of its Subsidiaries has entered, as of the date hereof, nor shall the
Company or any of its Subsidiaries, on or after the date of this Agreement, enter into any agreement with respect to its securities,
that would have the effect of impairing the rights granted to the Holders in this Agreement or otherwise conflicts with the provisions
hereof. Except as set forth on Schedule 6(i), neither the Company nor any of its Subsidiaries has previously entered into
any agreement granting any registration rights with respect to any of its securities to any Person that have not been satisfied
in full.

 

(j)       Execution
and Counterparts. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered
one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other
party, it being understood that all parties hereto need not sign the same counterpart. In the event that any signature is delivered
by facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and
binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if
such facsimile or “.pdf” signature page were an original thereof.

 

    	 	14 	 

    	 	 

    

 

(k)       Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be determined
in accordance with the provisions of the Exchange Agreement.

 

(l)       Cumulative
Remedies. The remedies provided herein are cumulative and not exclusive of any other remedies provided by law.

 

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

 

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

 

(o)       Independent
Nature of Holders’ Obligations and Rights. The obligations of each Holder hereunder are several and not joint with the
obligations of any other Holder hereunder, and no Holder shall be responsible in any way for the performance of the obligations
of any other Holder hereunder. Nothing contained herein or in any other agreement or document delivered at any closing, and no
action taken by any Holder pursuant hereto or thereto, shall be deemed to constitute the Holders as a partnership, an association,
a joint venture or any other kind of group or entity, or create a presumption that the Holders are in any way acting in concert
or as a group or entity with respect to such obligations or the transactions contemplated by this Agreement or any other matters,
and the Company acknowledges that the Holders are not acting in concert or as a group, and the Company shall not assert any such
claim, with respect to such obligations or transactions. Each Holder shall be entitled to protect and enforce its rights, including
without limitation the rights arising out of this Agreement, and it shall not be necessary for any other Holder to be joined as
an additional party in any proceeding for such purpose. The use of a single agreement with respect to the obligations of the Company
contained was solely in the control of the Company, not the action or decision of any Holder, and was done solely for the convenience
of the Company and not because it was required or requested to do so by any Holder. It is expressly understood and agreed that
each provision contained in this Agreement is between the Company and a Holder, solely, and not between the Company and the Holders
collectively and not between and among Holders.

 

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

 

(Signature Pages Follow)

 

    	 	15 	 

    	 	 

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this Registration Rights Agreement as of the date first written above.

 

 

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

 

 

[SIGNATURE PAGE OF HOLDERS FOLLOWS]

 

    	 	16 	 

    	 	 

    

 

[SIGNATURE PAGE OF HOLDERS TO RRA]

 

 

	Name of Holder:   	 	 

 

	Signature of Authorized Signatory of Holder:  	 	 

  

	Name of Authorized Signatory:  	 	 

  

	Title of Authorized Signatory:  	 	 

 

    	 	1 	 

    	 	 

    

 

ANNEX A

 

 

DPW HOLDINGS, INC.

 

Selling Stockholder Notice and Questionnaire

 

The
undersigned beneficial owner of shares of common stock (the “Registrable Securities”) of DPW HOLDINGS, INC.
(the “Company”), understands that the Company has filed or intends to file with the Securities and Exchange
Commission (the “Commission”) a registration statement (the “Registration Statement”) for
the registration and resale under Rule 415 of the Securities Act of 1933, as amended (the “Securities Act”),
of the Registrable Securities, in accordance with the terms of the Registration Rights Agreement (the “Registration Rights
Agreement”) to which this document is annexed. A copy of the Registration Rights Agreement is available from the Company
upon request at the address set forth below. All capitalized terms not otherwise defined herein shall have the meanings ascribed
thereto in the Registration Rights Agreement.

 

Certain
legal consequences arise from being named as a selling stockholder in the Registration Statement and the related prospectus. Accordingly,
holders and beneficial owners of Registrable Securities are advised to consult their own securities law counsel regarding the consequences
of being named or not being named as a selling stockholder in the Registration Statement and the related prospectus.

 

NOTICE

 

The
undersigned beneficial owner (the “Selling Stockholder”) of Registrable Securities hereby elects to include
the Registrable Securities owned by it in the Registration Statement.

 

The undersigned hereby provides the following
information to the Company and represents and warrants that such information is accurate:

 

QUESTIONNAIRE

 

		1.	Name.

 

		(a)	Full Legal Name of Selling Stockholder

 

	 

 

 

		(b)	Full Legal Name of Registered Holder (if not the same as (a) above) through which Registrable
Securities are held:

 

	 

 

 

		(c)	Full Legal Name of Natural Control Person (which means a natural person
who directly or indirectly alone or with others has power to vote or dispose of the securities covered by this Questionnaire):

 

	 

 

    	 	2 	 

    	 	 

    

 

		2.	Address for Notices to Selling Stockholder:

 

 

	 
	 

	Telephone:  	 

	Fax:	 

	Contact Person:  	 

 

		3.	Broker-Dealer Status:

 

		(a)	Are you a broker-dealer?

 

Yes  ̈           No
x

 

		(b)	If “yes” to Section 3(a), did you receive your Registrable Securities as compensation
for investment banking services to the Company?

 

Yes  ̈           No
x

 

Note: If “no”
to Section 3(b), the Commission’s staff has indicated that you should be identified as an underwriter in the Registration
Statement.

 

 

 

		(c)	Are you an affiliate of a broker-dealer?

 

Yes  ̈           No
x

 

		(d)	If you are an affiliate of a broker-dealer, do you certify that you purchased
the Registrable Securities in the ordinary course of business, and at the time of the purchase of the Registrable Securities to
be resold, you had no agreements or understandings, directly or indirectly, with any person to distribute the Registrable Securities?

 

Yes  ̈           No
x

 

Note:
If “no” to Section 3(d), the Commission’s staff has indicated that you should be identified as an underwriter
in the Registration Statement.

 

		4.	Beneficial Ownership of Securities of the Company Owned by the Selling Stockholder.

 

Except as set forth below
in this Item 4, the undersigned is not the beneficial or registered owner of any securities of the Company other than the securities
issuable pursuant to the Exchange Agreement.

 

    	 	3 	 

    	 	 

    

 

		(a)	Type and Amount of other securities beneficially owned by the Selling Stockholder:

 

Relationships with the Company:

	 
	 

 

Except as set forth below,
neither the undersigned nor any of its affiliates, officers, directors or principal equity holders (owners of 5% of more of the
equity securities of the undersigned) has held any position or office or has had any other material relationship with the Company
(or its predecessors or affiliates) during the past three years.

 

State any exceptions here:

 

	 
	 

 

 

The
undersigned agrees to promptly notify the Company of any material inaccuracies or changes in the information provided herein that
may occur subsequent to the date hereof at any time while the Registration Statement remains effective; provided, that the undersigned
shall not be required to notify the Company of any changes to the number of securities held or owned by the undersigned or its
affiliates.

 

By
signing below, the undersigned consents to the disclosure of the information contained herein in its answers to Items 1 through
5 and the inclusion of such information in the Registration Statement and the related prospectus and
any amendments or supplements thereto. The undersigned understands that such information will be relied upon by the Company
in connection with the preparation or amendment of the Registration Statement and the related prospectus and any amendments or
supplements thereto.

 

IN
WITNESS WHEREOF the undersigned, by authority duly given, has caused this Notice and Questionnaire to be executed and delivered
either in person or by its duly authorized agent.

 

	Date:	 	 	Beneficial Owner:	 
	 	 	 	 	 
	 	 	 	By: Name:

      Title:	 

 

 

PLEASE EMAIL A .PDF COPY OF THE COMPLETED
AND EXECUTED NOTICE AND QUESTIONNAIRE TO:

 

Henry Nisser, Esq. of DPW Holdings, Inc.
henry@dpwholdings.com

 

4

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