Document:

EXHIBIT 4.8

 

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

 

THIS WARRANT IS NOT EXERCISABLE PRIOR TO
[●], 2014. VOID AFTER 5:00 P.M., EASTERN TIME, [●], 2018.

 

 

 

PIONEER
POWER SOLUTIONS, INC.

 

WARRANT

 

	Warrant No. [ ]	Original Issue Date:
September [ ], 2013

  

Pioneer Power Solutions,
Inc., a Delaware corporation (the “Company”), hereby certifies that, for value received, Roth Capital Partners,
LLC or its registered assigns (the “Holder”), is entitled to purchase from the Company up to a total of []
shares of Common Stock (each such share, a “Warrant Share” and all such shares, the “Warrant Shares”),
at any time and from time to time from and after [●], 2014, the date that is 180 days after the Effective Date, until at
or before 5:00 p.m., Eastern time [●], 2018 (the “Expiration Date”), but not thereafter, and subject to
the terms and conditions set forth herein.

 

In no event will this
Warrant be exercisable for more than five years from the Effective Date in compliance with FINRA Rule 5110(f)(2)(H)(i). Any terms
not defined herein shall have the meaning ascribed to them in that certain Underwriting Agreement by and between the Company and
Roth Capital Partners, LLC dated [●], 2013.

 

1.                 
Definitions. As used in this Warrant, the following terms shall have the respective definitions set forth in this
Section 1.

 

    	 

    	 

    

 

 

“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common
control with a Person, as such terms are used in and construed under Rule 144.

 

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

 

“Common Stock”
means the common stock of the Company, $0.001 par value per share, and any securities into which such common stock may hereafter
be reclassified or for which it may be exchanged as a class.

 

“Effective
Date” means the effective date of the Registration Statement.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

“Exercise
Price” means $[______], subject to adjustment in accordance with Section 10.

 

“Fundamental
Transaction” means any of the following: (1) the Company effects any merger or consolidation of the Company with or into
another Person, (2) the Company effects any sale of all or substantially all of its assets in one or a series of related transactions,
(3) any tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Common
Stock are permitted to tender or exchange their shares for other securities, cash or property, or (4) the Company effects any reclassification
of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged
for other securities, cash or property.

 

“New York
Courts” means the state and federal courts sitting in the City of New York, Borough of Manhattan.

 

“Original
Issue Date” means the Original Issue Date first set forth on the first page of this Warrant.

 

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

 

“Rule 144”
means Rule 144 promulgated by the Securities and Exchange Commission pursuant to the Securities Act, as such Rule may be amended
from time to time, or any similar rule or regulation hereafter adopted by the Securities and Exchange Commission having substantially
the same effect as such Rule.

 

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

 

“Subsidiary”
means any “significant subsidiary” as defined in Rule 1-02(w) of Regulation S-X promulgated by the Securities and Exchange
Commission under the Exchange Act.

 

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“Trading Day”
means (i) a day on which the Common Stock is traded on a Trading Market (or any similar organization or agency succeeding to its
functions of reporting prices), or (ii) if the Common Stock is not quoted on any Trading Market, a Trading Day shall mean a Business
Day.

 

“Trading Market”
means whichever of the New York Stock Exchange, the NYSE MKT, the NASDAQ Global Select Market, the NASDAQ Global Market, the NASDAQ
Capital Market, OTC Bulletin Board, or the OTC Markets Group, Inc. OTCQX or OTCQB tier on which the Common Stock is listed or quoted
for trading on the date in question.

 

“Warrant Shares”
means the shares of Common Stock issuable upon exercise of this Warrant.

 

2.                 
Registration of Warrant. The Company shall register this Warrant upon records to be maintained by the Company for
that purpose (the “Warrant Register”), in the name of the record Holder hereof from time to time. The Company
may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or
any distribution to the Holder, and for all other purposes, absent actual notice to the contrary.

 

3.                 
Restriction on Transfers. The registered Holder of this Warrant agrees by his, her or its acceptance hereof, that
such Holder will not, for a period of one hundred eighty (180) days following the Effective Date: (a) sell, transfer, assign, pledge
or hypothecate this Warrant or the Warrant Shares or (b) cause this Warrant or the Warrant Shares to be the subject of any hedging,
short sale, derivative, put or call transaction that would result in the effective economic disposition of this Warrant or the
Warrant Shares, except, in any case, as provided for in FINRA Rule 5110(g)(2). On and after the Expiration Date, transfers to others
may be made subject to compliance with or exemptions from applicable securities laws.

 

4.                 
Registration of Transfers. The Company shall register the transfer of any portion of this Warrant in the Warrant
Register, upon surrender of this Warrant, with the Form of Assignment attached hereto duly completed and signed, to the Company
at its address specified herein. Upon any such registration or transfer, a new Warrant to purchase Common Stock, in substantially
the form of this Warrant (any such new Warrant, a “New Warrant”), evidencing the portion of this Warrant so
transferred shall be issued to the transferee and a New Warrant evidencing the remaining portion of this Warrant not so transferred,
if any, shall be issued to the transferring Holder. The acceptance of the New Warrant by the transferee thereof shall be deemed
the acceptance by such transferee of all of the rights and obligations of a holder of a Warrant.

 

5.                 
Exercise and Duration of Warrants. This Warrant shall be exercisable by the registered Holder at any time and from
time to time from and after the Original Issue Date, and through and including the Expiration Date. At 5:30 p.m., New York City
time on the Expiration Date, the portion of this Warrant not exercised prior thereto shall be and become void and of no value.
The Company may not call or redeem any portion of this Warrant without the prior written consent of the affected Holder.

 

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6.                 
Delivery of Warrant Shares.

 

(a)               
To effect exercises hereunder, the Holder shall not be required to physically surrender this Warrant unless the aggregate
Warrant Shares represented by this Warrant is being exercised. Upon delivery of the Exercise Notice (in the form attached hereto)
to the Company (with the attached Warrant Shares Exercise Log) at its address for notice set forth herein and upon payment of the
Exercise Price multiplied by the number of Warrant Shares that the Holder intends to purchase hereunder, the Company shall promptly
(but in no event later than three Trading Days after the Date of Exercise (as defined herein)) issue and deliver to the Holder,
a certificate for the Warrant Shares issuable upon such exercise. The Company shall, upon request of the Holder and subsequent
to the date on which a registration statement covering the resale of the Warrant Shares has been declared effective by the Securities
and Exchange Commission, use its reasonable best efforts to deliver Warrant Shares hereunder electronically through the Depository
Trust & Clearing Corporation or another established clearing corporation performing similar functions, if available, provided,
that, the Company may, but will not be required to change its transfer agent if its current transfer agent cannot deliver Warrant
Shares electronically through the Depository Trust Corporation. A “Date of Exercise” means the date on which
the Holder shall have delivered to the Company: (i) the Exercise Notice (with the Warrant Exercise Log attached to it), appropriately
completed and duly signed and (ii) payment of the Exercise Price for the number of Warrant Shares so indicated by the Holder to
be purchased.

 

(b)              
If by the third Trading Day after a Date of Exercise the Company fails to deliver the required number of Warrant Shares
in the manner required pursuant to Section 6(a), then the Holder will have the right to rescind such exercise.

 

(c)               
At any time following the earlier of (i) the fifth day following the effective date of the registration statement filed
by the Company registering the resale of the Warrant Shares and (ii) the one year anniversary of the Original Issue Date, if by
the fifth Trading Day after a Date of Exercise the Company fails to deliver the required number of Warrant Shares in the manner
required pursuant to Section 6(a), and if after such fifth Trading Day and prior to the receipt of such Warrant Shares, the Holder
purchases (in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale by the Holder
of the Warrant Shares which the Holder anticipated receiving upon such exercise (a “Buy-In”), then the Company
shall (1) pay in cash to the Holder the amount by which (x) the Holder’s total purchase price (including brokerage commissions,
if any) for the shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying (A) the number of Warrant Shares
that the Company was required to deliver to the Holder in connection with the exercise at issue by (B) the price at which the sell
order giving rise to such purchase obligation was executed and (2) at the option of the Holder, either reinstate the portion of
the Warrant and equivalent number of Warrant Shares for which such exercise was not honored or deliver to the Holder the number
of shares of Common Stock that would have been issued had the Company timely complied with its exercise and delivery obligations
hereunder. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In
and, upon request of the Company, evidence of the amount of such loss.

 

(d)              
The Company’s obligations to issue and deliver Warrant Shares in accordance with the terms hereof are absolute and
unconditional, irrespective of any action or inaction by the Holder to enforce the same, any waiver or consent with respect to
any provision hereof, the recovery of any judgment against any Person or any action to enforce the same, or any setoff, counterclaim,
recoupment, limitation or termination, or any breach or alleged breach by the Holder or any other Person of any obligation to the
Company or any violation or alleged violation of law by the Holder or any other Person, and irrespective of any other circumstance
which might otherwise limit such obligation of the Company to the Holder in connection with the issuance of Warrant Shares. Nothing
herein shall limit a Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including,
without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely
deliver certificates representing Warrant Shares upon exercise of the Warrant as required pursuant to the terms hereof.

 

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7.                 
Charges, Taxes and Expenses. Issuance and delivery of Warrant Shares upon exercise of this Warrant shall be made
without charge to the Holder for any issue or transfer tax, withholding tax, transfer agent fee or other incidental tax or expense
in respect of the issuance of such certificates, all of which taxes and expenses shall be paid by the Company; provided, however,
that the Company shall not be required to pay any tax which may be payable in respect of any transfer involved in the registration
of any certificates for Warrant Shares or Warrants in a name other than that of the Holder. The Holder shall be responsible for
all other tax liability that may arise as a result of holding or transferring this Warrant or receiving Warrant Shares upon exercise
hereof.

 

8.                 
Replacement of Warrant. If this Warrant is mutilated, lost, stolen or destroyed, the Company shall issue or cause
to be issued in exchange and substitution for and upon cancellation hereof, or in lieu of and substitution for this Warrant, a
New Warrant, but only upon receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction and customary
and reasonable indemnity (which shall not include a surety bond), if requested. Applicants for a New Warrant under such circumstances
shall also comply with such other reasonable regulations and procedures and pay such other reasonable third-party costs as the
Company may prescribe. If a New Warrant is requested as a result of a mutilation of this Warrant, then the Holder shall deliver
such mutilated Warrant to the Company as a condition precedent to the Company’s obligation to issue the New Warrant.

 

9.                 
Reservation of Warrant Shares. The Company covenants that it will at all times reserve and keep available out of
the aggregate of its authorized but unissued and otherwise unreserved Common Stock, solely for the purpose of enabling it to issue
Warrant Shares upon exercise of this Warrant as herein provided, the number of Warrant Shares which are then issuable and deliverable
upon the exercise of this entire Warrant, free from preemptive rights or any other contingent purchase rights of Persons other
than the Holder (taking into account the adjustments and restrictions of Section 10). The Company covenants that all Warrant Shares
so issuable and deliverable shall, upon issuance and the payment of the applicable Exercise Price in accordance with the terms
hereof, be duly and validly authorized, issued and fully paid and nonassessable.

 

10.             
Certain Adjustments. The Exercise Price and number of Warrant Shares issuable upon exercise of this Warrant are subject
to adjustment from time to time as set forth in this Section 10.

 

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(a)               
Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding, (i) pays a stock dividend
on its Common Stock or otherwise makes a distribution on any class of capital stock that is payable in shares of Common Stock,
(ii) subdivides outstanding shares of Common Stock into a larger number of shares, or (iii) combines outstanding shares
of Common Stock into a smaller number of shares, then in each such case the Exercise Price shall be multiplied by a fraction of
which the numerator shall be the number of shares of Common Stock outstanding immediately before such event and of which the denominator
shall be the number of shares of Common Stock outstanding immediately after such event. Any adjustment made pursuant to clause
(i) of this paragraph shall become effective immediately after the record date for the determination of stockholders entitled to
receive such dividend or distribution, and any adjustment pursuant to clause (ii) or (iii) of this paragraph shall become effective
immediately after the effective date of such subdivision or combination.

 

(b)              
Fundamental Transactions. If, at any time while this Warrant is outstanding there is a Fundamental Transaction, then
the Holder shall have the right thereafter to receive, upon exercise of this Warrant, the same amount and kind of securities, cash
or property as it would have been entitled to receive upon the occurrence of such Fundamental Transaction if it had been, immediately
prior to such Fundamental Transaction, the holder of the number of Warrant Shares then issuable upon exercise in full of this Warrant
(the “Alternate Consideration”). For purposes of any such exercise, the determination of the Exercise Price
shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable
in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among
the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration.
If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction,
then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant
following such Fundamental Transaction. The Company shall use its reasonable best efforts to ensure that at the Holder’s
option and request, any successor to the Company or surviving entity in such Fundamental Transaction shall issue to the Holder
a new warrant substantially in the form of this Warrant and consistent with the foregoing provisions and evidencing the Holder’s
right to purchase the Alternate Consideration for the aggregate Exercise Price upon exercise thereof. The Company shall use its
reasonable best efforts to ensure that the terms of any agreement pursuant to which a Fundamental Transaction is effected shall
include terms requiring any such successor or surviving entity to comply with the provisions of this paragraph (b) and ensuring
that the Warrant (or any such replacement security) will be similarly adjusted upon any subsequent transaction analogous to a Fundamental
Transaction.

 

(c)               
Number of Warrant Shares. Simultaneously with any adjustment to the Exercise Price pursuant to this Section 10, the
number of Warrant Shares that may be purchased upon exercise of this Warrant shall be increased or decreased proportionately, so
that after such adjustment the aggregate Exercise Price payable hereunder for the adjusted number of Warrant Shares shall be the
same as the aggregate Exercise Price in effect immediately prior to such adjustment.

 

(d)              
Calculations. All calculations under this Section 10 shall be made to the nearest cent or the nearest 1/100th
of a share, as applicable. The number of shares of Common Stock outstanding at any given time shall not include shares owned or
held by or for the account of the Company, and the disposition of any such shares shall be considered an issue or sale of Common
Stock.

 

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(e)               
Notice of Adjustments. Upon the occurrence of each adjustment pursuant to this Section 10, the Company at its expense
will promptly compute such adjustment in accordance with the terms of this Warrant and prepare a certificate setting forth such
adjustment, including a statement of the adjusted Exercise Price and adjusted number or type of Warrant Shares or other securities
issuable upon exercise of this Warrant (as applicable), describing the transactions giving rise to such adjustments and showing
in detail the facts upon which such adjustment is based. Upon written request, the Company will promptly deliver a copy of each
such certificate to the Holder and to the Company’s Transfer Agent.

 

(f)               
Notice of Corporate Events. If the Company (i) declares a dividend or any other distribution of cash, securities
or other property in respect of its Common Stock, including without limitation any granting of rights or warrants to subscribe
for or purchase any capital stock of the Company or any Subsidiary, (ii) authorizes or approves, enters into any agreement contemplating
or solicits stockholder approval for any Fundamental Transaction or (iii) authorizes the voluntary dissolution, liquidation
or winding up of the affairs of the Company, then the Company shall deliver to the Holder a notice describing the material terms
and conditions of such transaction (but only to the extent such disclosure would not result in the dissemination of material, non-public
information to the Holder) at least 10 calendar days prior to the applicable record or effective date on which a Person would need
to hold Common Stock in order to participate in or vote with respect to such transaction, and the Company will take all steps reasonably
necessary in order to ensure that the Holder is given the practical opportunity to exercise this Warrant prior to such time so
as to participate in or vote with respect to such transaction; provided, however, that the failure to deliver such notice or any
defect therein shall not affect the validity of the corporate action required to be described in such notice.

 

11.             
Payment of Exercise Price. The Holder may
pay the Exercise Price in one of the following manners:

 

(a)               
Cash Exercise. The Holder may deliver immediately available funds; or

 

(b)              
Cashless Exercise. The Holder, the Holder may notify the Company in an Exercise Notice of its election to utilize
cashless exercise, in which event the Company shall issue to the Holder the number of Warrant Shares determined as follows:

 

X = Y [(A-B)/A]

 

where:

 

X = the number of Warrant Shares
to be issued to the Holder.

 

Y = the number of Warrant Shares
with respect to which this Warrant is being exercised.

 

A = the average of the daily volume
weighted average price for the five Trading Days immediately prior to (but not including) the Exercise Date.

 

B = the Exercise Price.

 

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For purposes of Rule 144 promulgated under
the Securities Act, it is intended, understood and acknowledged that the Warrant Shares issued in a cashless exercise transaction
shall be deemed to have been acquired by the Holder, and the holding period for the Warrant Shares shall be deemed to have commenced,
on the date this Warrant was originally issued.

 

12.             
Limitations on Exercise. Notwithstanding anything to the contrary contained herein, the number of Warrant Shares
that may be acquired by the Holder upon any exercise of this Warrant (or otherwise in respect hereof) shall be limited to the extent
necessary to ensure that, following such exercise (or other issuance), the total number of shares of Common Stock then beneficially
owned by such Holder and its Affiliates and any other Persons whose beneficial ownership of Common Stock would be aggregated with
the Holder’s for purposes of Section 13(d) of the Exchange Act, does not exceed 9.99% of the total number of issued and outstanding
shares of Common Stock (including for such purpose the shares of Common Stock issuable upon such exercise). For such purposes,
beneficial ownership shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated
thereunder. To the extent that the limitation contained in this Section 12 applies, the determination of whether this Warrant is
exercisable (in relation to other securities owned by the Holder together with any Affiliates) and of which portion of this Warrant
is exercisable shall be in the sole discretion of the Holder, and the submission of an Exercise Notice shall be deemed to be the
Holder’s determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together
with any Affiliates) and of which portion of this Warrant is exercisable, in each case subject the limitation contained in this
Section 12, and the Company shall have no obligation to verify or confirm the accuracy of such determination. This provision shall
not restrict the number of shares of Common Stock which a Holder may receive or beneficially own in order to determine the amount
of securities or other consideration that such Holder may receive in the event of a Fundamental Transaction as contemplated in
Section 10 of this Warrant. This restriction may not be waived. Notwithstanding anything to the contrary contained in this Warrant,
(a) no term of this Section may be waived by any party, nor amended such that the threshold percentage of ownership would be directly
or indirectly increased, (b) this restriction runs with the Warrant and may not be modified or waived by any subsequent holder
hereof and (c) any attempted waiver, modification or amendment of this Section will be void ab initio.

 

13.             
No Fractional Shares. No fractional shares of Warrant Shares will be issued in connection with any exercise of this
Warrant. In lieu of any fractional shares which would, otherwise be issuable, the Company shall pay cash equal to the product of
such fraction multiplied by the closing price of one Warrant Share as reported by the applicable Trading Market on the date of
exercise.

 

14.             
Notices. Any and all notices or other communications or deliveries hereunder (including, without limitation, any
Exercise Notice) shall be in writing and shall be deemed given and effective on the earliest of (i) the date of transmission, if
such notice or communication is delivered via facsimile at the facsimile number specified in this Section prior to 5:30 p.m. (New
York City time) on a Trading Day, (ii) the next Trading Day after the date of transmission, if such notice or communication is
delivered via facsimile at the facsimile number specified in this Section on a day that is not a Trading Day or later than 5:30
p.m. (New York City time) on any Trading Day, (iii) the Trading Day following the date of mailing, if sent by nationally recognized
overnight courier service, or (iv) upon actual receipt by the party to whom such notice is required to be given. The addresses
for such communications shall be: (i) if to the Company, Pioneer Power Solutions, Inc., One Parker Plaza, 400 Kelby Street, 9th
Floor, Fort Lee, New Jersey 07024, telecopy number: (212) 867-1325 (or such other address as the Company shall indicate in writing
in accordance with this Section), or (ii) if to the Holder, to the address or facsimile number appearing on the Warrant Register
or such other address or facsimile number as the Holder may provide to the Company in accordance with this Section.

 

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15.             
Warrant Agent. The Company shall serve as warrant agent under this Warrant. Upon 10 days’ notice to the Holder,
the Company may appoint a new warrant agent. Any corporation into which the Company or any new warrant agent may be merged or any
corporation resulting from any consolidation to which the Company or any new warrant agent shall be a party or any corporation
to which the Company or any new warrant agent transfers substantially all of its corporate trust or shareholders services business
shall be a successor warrant agent under this Warrant without any further act. Any such successor warrant agent shall promptly
cause notice of its succession as warrant agent to be mailed (by first class mail, postage prepaid) to the Holder at the Holder’s
last address as shown on the Warrant Register.

 

16.             
Miscellaneous.

 

(a)               
This Warrant shall be binding on and inure to the benefit of the parties hereto and their respective successors and assigns.
Subject to the preceding sentence, nothing in this Warrant shall be construed to give to any Person other than the Company and
the Holder any legal or equitable right, remedy or cause of action under this Warrant. This Warrant may be amended only in writing
signed by the Company and the Holder and their successors and assigns. The foregoing sentence shall be subject to the restrictions
on waivers and amendments set forth in Section 12 of this Warrant.

 

(b)              
All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be governed by
and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts
of law thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense of this Warrant
and the transactions herein contemplated (“Proceedings”) (whether brought against a party hereto or its respective
Affiliates, employees or agents) shall be commenced exclusively in the New York Courts. Each party hereto hereby irrevocably submits
to the exclusive jurisdiction of the New York Courts 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 Proceeding,
any claim that it is not personally subject to the jurisdiction of any New York Court, or that such Proceeding has been commenced
in an improper or inconvenient forum. Each party hereto hereby irrevocably waives personal service of process and consents to process
being served in any such Proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence
of delivery) to such party at the address in effect for notices to it under this Warrant 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 hereto hereby irrevocably waives, to the fullest extent permitted by
applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Warrant or the transactions
contemplated hereby. If either party shall commence a Proceeding to enforce any provisions of this Warrant, then the prevailing
party in such Proceeding shall be reimbursed by the other party for its attorney’s fees and other costs and expenses incurred
with the investigation, preparation and prosecution of such Proceeding.

 

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

 

(d)              
In case any one or more of the provisions of this Warrant shall be invalid or unenforceable in any respect, the validity
and enforceability of the remaining terms and provisions of this Warrant shall not in any way be affected or impaired thereby and
the parties will attempt in good faith to agree upon a valid and enforceable provision which shall be a commercially reasonable
substitute therefor, and upon so agreeing, shall incorporate such substitute provision in this Warrant.

 

(e)               
Prior to exercise of this Warrant, the Holder hereof shall not, by reason of being a Holder, be entitled to any rights of
a stockholder with respect to the Warrant Shares.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK,

SIGNATURE PAGE FOLLOWS]

 

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

 

	 	PIONEER POWER SOLUTIONS, INC.
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

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EXERCISE
NOTICE

PIONEER POWER SOLUTIONS, INC.

WARRANT DATED SEPTEMBER [ ], 2013

 

 

 

The undersigned Holder hereby irrevocably
elects to purchase _____________ shares of Common Stock pursuant to the above referenced Warrant. Capitalized terms used herein
and not otherwise defined have the respective meanings set forth in the Warrant.

 

		(1)	The undersigned Holder hereby exercises its right to purchase _________________ Warrant Shares
pursuant to the Warrant.

 

		(2)	The holder shall pay the sum of $____________ to the Company in accordance with the terms of the
Warrant.

 

		(3)	Pursuant to this Exercise Notice, the Company shall deliver to the holder _______________ Warrant
Shares in accordance with the terms of the Warrant.

 

		(4)	By its delivery of this Exercise Notice, the undersigned represents and warrants to the Company
that in giving effect to the exercise evidenced hereby the Holder will not beneficially own in excess of the number of shares of
Common Stock (determined in accordance with Section 13(d) of the Securities Exchange Act of 1934) permitted to be owned under Section
12 of this Warrant to which this notice relates.

 

	 	 	 
	 	 	 
	Dated: , 	 	Name of Holder:
	 	 	 
	 	 	(Print) _________________________
	 	 	 
	 	 	By:____________________________
	 	 	Name:__________________________
	 	 	Title:___________________________
	 	 	 
	 	 	(Signature must conform in all respects to name of holder as specified on the face of the Warrant)

 

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Warrant Shares Exercise Log

 

	Date	Number of Warrant Shares Available to be Exercised	Number of Warrant Shares Exercised	Number of Warrant Shares Remaining to be Exercised
	
         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         
	 	 	 

 

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PIONEER
POWER SOLUTIONS, INC. 

WARRANT DATED SEPTEMBER [ ], 2013

WARRANT NO. [ ]

 

FORM
OF ASSIGNMENT

 

[To be completed and
signed only upon transfer of Warrant]

 

FOR VALUE RECEIVED,
the undersigned hereby sells, assigns and transfers unto ________________________________ the right represented by the above-captioned
Warrant to purchase ____________ shares of Common Stock to which such Warrant relates and appoints ________________ attorney to
transfer said right on the books of the Company with full power of substitution in the premises.

 

Dated:_______________, ____

 

	 	 
	 	(Signature must conform in all respects to name of holder as specified on the face of the Warrant)
	 	 
	 	 
	 	 
	 	Address of Transferee
	 	 
	 	 
	 	 
	 	 

 

 

In the presence of:

 

__________________________

 

    	14FORM OF
TENDER AND SUPPORT AGREEMENT

 

TENDER AND SUPPORT
AGREEMENT (this “Agreement”), dated as of September 9, 2013 (this “Agreement”) by and
among TAMCO Holdings, LLC, a Delaware limited liability company (“Parent”), TAMCO Acquisition, LLC, a Delaware
corporation and wholly-owned subsidiary of Parent (“Merger Sub”), and ________________ (“Shareholder”)
and an owner of the Subject Shares (as defined below) of Titanium Asset Management Corp., a Delaware corporation (the “Company”).

 

WHEREAS, concurrently
with the execution and delivery of this Agreement, Parent, Merger Sub and the Company are entering into an Agreement and Plan of
Merger (as amended, restated, supplemented or otherwise modified, the “Merger Agreement”), pursuant to which
Merger Sub will be merged with and into the Company, upon the terms and subject to the conditions set forth therein;

 

WHEREAS, as of the
date hereof, Shareholder is the beneficial owner (as defined in Rule 13d-3 under the Exchange Act) of the number of Shares set
forth on Annex I (all such beneficially owned Shares which are outstanding as of the date hereof and which may hereafter
be acquired pursuant to acquisition by purchase, stock dividend, distribution, stock split, split-up, combination, merger, consolidation,
reorganization, recapitalization, combination or similar transaction, being referred to herein as the “Subject Shares”);

 

WHEREAS, as a condition
to their willingness to enter into the Merger Agreement, Parent and Merger Sub have required that Shareholder, and in order to
induce Parent and Merger Sub to enter into the Merger Agreement, Shareholder has agreed to, enter into this Agreement; and

 

WHEREAS, capitalized
terms used but not otherwise defined herein shall have the respective meanings ascribed to such terms in the Merger Agreement.

 

NOW, THEREFORE, in
consideration of the premises and for other good and valuable consideration given to each party hereto, the receipt of which is
hereby acknowledged, the parties agree as follows:

 

ARTICLE
1

AGREEMENT TO TENDER

 

Section 1.01      Agreement
to Tender. Shareholder shall exercise all of its rights with respect to the Subject Shares to, and use its best efforts to,
duly tender, in the Offer, all of the Subject Shares pursuant to and in accordance with the terms of the Offer, provided the Per
Share Amount does not decrease. Promptly, but in any event no later than ten (10) Business Days after the commencement of the Offer,
Shareholder shall exercise all of its rights with respect to the Subject Shares to, and use its best efforts to, (a) deliver to
the depositary designated in the Offer (the “Depositary”) (i) a letter of transmittal with respect to its Subject
Shares complying with the terms of the Offer, (ii) a certificate or certificates representing the Subject Shares and (iii) all
other documents or instruments required to be delivered pursuant to the terms of the Offer, and/or (b) instruct Shareholder’s
broker or such other person that is the holder of record of the Subject Shares beneficially owned by Shareholder to tender such
Subject Shares pursuant to and in accordance with the terms of the Offer. Shareholder shall duly tender to Merger Sub during any
subsequent offering period provided by Merger Sub in accordance with the terms of the Offer all of the Subject Shares, if any,
which shall have been issued during the Offer or any subsequent extension period. Shareholder agrees that once its Subject Shares
are tendered pursuant to the terms hereof, Shareholder will not withdraw any tender of such Subject Shares, unless and until (x)
the Offer shall have been terminated or shall have expired, in each case, in accordance with the terms of the Merger Agreement,
or (y) this Agreement shall have been terminated in accordance with Section 3.03 hereof.

 

    	 

    	 

    

  

Section 1.02      Voting
of Subject Shares. (a) At every meeting of the shareholders of the Company called for such purpose, and at every adjournment
or postponement thereof, Shareholder shall, or shall cause the holder of record on any applicable record date to, vote its Subject
Shares (to the extent that any of Shareholder’s Subject Shares are not purchased in the Offer) (i) in favor of the adoption
of the Merger Agreement and the transactions contemplated thereby, (ii) against (A) any agreement or arrangement related to any
Acquisition Proposal, other than the Merger, (B) any liquidation, dissolution, recapitalization, extraordinary dividend or other
significant corporate reorganization of the Company or any of the Company subsidiaries and (C) any action that would materially
impede, interfere with, delay, postpone or adversely affect in any material respect the Merger and the transactions contemplated
by the Merger Agreement and (iii) in favor of any other matter necessary for consummation of the transactions contemplated by the
Merger Agreement which is considered at any such meeting of shareholders, and in connection therewith, Shareholder shall execute
any documents which are necessary or appropriate in order to effectuate the foregoing. Shareholder shall retain at all times the
right to vote its Subject Shares in its sole discretion and without any other limitation on those matters other than those set
forth in this Section 1.02 that are at any time or from time to time presented for consideration to the Company’s
shareholders generally. In the event that any meeting of the shareholders of the Company is held, Shareholder shall, or shall cause
the holder of record on any applicable record date to, appear at such meeting or otherwise cause its Subject Shares (to the extent
that any of Shareholder’s Subject Shares are not purchased in the Offer) to be counted as present thereat for purposes of
establishing a quorum.

 

Section 1.03      Irrevocable
Proxy. Shareholder hereby irrevocably appoints Merger Sub as its attorney and proxy, with full power of substitution, to vote,
and otherwise act (by written consent or otherwise) with respect to all Subject Shares that Shareholder is entitled to vote at
any meeting of shareholders of the Company (whether annual, special or other meeting and whether or not an adjourned or postponed
meeting) or written consent in lieu of any such meeting or otherwise, to vote such Subject Shares as set forth in Section 1.02
hereof; provided that in any such vote or other action pursuant to such proxy, Merger Sub shall not have the right (and
such proxy shall not confer the right) to vote to reduce the Per Share Amount or to otherwise modify or amend the Merger Agreement
to reduce the rights or benefits of the Company or any shareholders of the Company (including Shareholder) under the Merger Agreement
or to reduce the obligations of Parent or Merger Sub thereunder; and provided further that this proxy shall irrevocably
cease to be in effect upon the termination of the Merger Agreement in accordance with its terms. SUBJECT TO THE FOREGOING, THIS
PROXY AND POWER OF ATTORNEY IS IRREVOCABLE AND COUPLED WITH AN INTEREST. Shareholder hereby revokes, effective upon the execution
and delivery of this Agreement by the parties hereto, all other proxies and powers of attorney with respect to the Subject Shares
that it may have heretofore appointed or granted, and no subsequent proxy or power of attorney (except in furtherance of its obligations
under Section 1.02 hereof) shall be given or written consent executed (and if given or executed, shall not be effective)
by it with respect thereto so long as this Agreement remains in effect. Shareholder shall forward to Parent and Merger Sub any
proxy cards, if any, that Shareholder receives with respect to the Merger Agreement.

 

    	2

    	 

    

  

Section 1.04      No
Transfers; No Inconsistent Arrangements. Except as provided hereunder or under the Merger Agreement, Shareholder shall not,
directly or indirectly, (a) transfer (which term shall include any sale, assignment, gift, pledge, hypothecation or other disposition),
or consent to or permit any such transfer of, any or all of Shareholder’s Subject Shares or any interest therein (except
where the transferee or third party agrees in writing to be bound by the terms hereof), or create or permit to exist any lien that
would prevent Shareholder from tendering its Subject Shares in accordance with this Agreement or from complying with its other
obligations under this Agreement, (b) enter into any contracts inconsistent with the terms hereof with respect to any transfer
of such Subject Shares or any interest therein, (c) grant or permit the grant of any proxy, power of attorney or other authorization
in or with respect to such Subject Shares relating to the subject matter hereof, (d) deposit or permit the deposit of such Subject
Shares into a voting trust or enter into a voting agreement or arrangement with respect to such Subject Shares or (e) take or permit
any other action that would in any way restrict, limit or interfere with the performance of its obligations hereunder or the transactions
contemplated hereby.

 

Section 1.05      Documentation
and Information. Shareholder (a) consents to and authorizes the publication and disclosure by Parent and Merger Sub of its
identity and holding of Subject Shares, and the nature of its commitments, arrangements and understandings under this Agreement,
in any press release, the Offer Documents, or any other disclosure document required in connection with the Offer, the Merger and
any transactions contemplated by the Merger Agreement, and (b) agrees to give to Parent and Merger Sub as promptly as practicable
any information reasonably related to the foregoing that it may reasonably require for the preparation of any such disclosure documents.
Shareholder agrees to notify Parent as promptly as practicable of any required corrections with respect to any written information
supplied by Shareholder specifically for use in any such disclosure document, if and to the extent Shareholder becomes aware that
any such information shall have become false or misleading in any material respect.

 

Section 1.06      Changes
to Shares. In the event of any stock dividend or distribution, or any change to the Shares by reason of any stock dividend
or distribution, split-up, recapitalization, combination, exchange of shares or any other similar transaction, the term “Shares”
as used in this Agreement shall be deemed to refer to and include the Shares and all such stock dividends and distributions and
any securities into which or for which any or all of the Shares may be changed or exchanged or which are received in the relevant
transaction.

 

Section 1.07      Representations
and Warranties. Shareholder represents and warrants to Parent and Merger Sub as follows:

 

    	3

    	 

    

 

This Agreement has
been duly and validly executed and delivered by Shareholder and, assuming this Agreement constitutes a valid and binding obligation
of each of Parent and Merger Sub, constitutes a legal, valid and binding agreement of Shareholder enforceable against Shareholder
in accordance with its terms. Shareholder has the legal capacity, power and authority to enter into and perform all of Shareholder’s
obligations under this Agreement. The execution, delivery and performance by Shareholder of this Agreement and the consummation
of the transactions contemplated hereby do not and will not conflict with, or result in the breach or termination of or constitute
a default (with or without the giving of notice or the lapse of time or both) under, any provision of any contract binding upon
Shareholder or any of its affiliates, except for any such conflicts, breaches, terminations and defaults which would not, individually
or in the aggregate, be reasonably expected to prevent, delay or impair the consummation by Shareholder of the transactions contemplated
by this Agreement. Shareholder has, and on the date Merger Sub becomes obligated to accept for payment, purchase and pay for the
Subject Shares Shareholder will have, good and valid title to the Subject Shares, free and clear of any liens, proxies, voting
trusts or agreements, understandings or arrangements. There are no options or rights to acquire, or any agreements to which Shareholder
is a party relating to, the Subject Shares, other than this Agreement and as set forth on Annex I. As of the date hereof,
the Shares listed on Annex I represent all of the securities of the Company beneficially owned (within the meaning of Rule
13d-3 under the Exchange Act) by Shareholder.

 

ARTICLE
2

REPRESENTATIONS AND WARRANTIES OF PARENT AND MERGER SUB

 

Section 2.01      Representations
and Warranties of Parent and Merger Sub. Each of Parent and Merger Sub represents and warrants to Shareholder as follows:

 

(a) Each of Parent
and Merger Sub is a limited liability company duly organized, validly existing and in good standing under the laws of Delaware.
This Agreement has been duly and validly executed and delivered by Parent and Merger Sub and, assuming this Agreement constitutes
the valid and binding obligation of each of Shareholder and the Company, constitutes the legal, valid and binding agreement
of each of Parent and Merger Sub, enforceable against each of them in accordance with its terms.

 

ARTICLE
3

MISCELLANEOUS

 

Section 3.01      Notices.
All notices, consents and other communications hereunder shall be in writing and shall be given (and shall be deemed to have been
duly given upon receipt) by hand delivery, by prepaid overnight courier (providing written proof of delivery), by confirmed facsimile
transmission or by certified or registered mail (return receipt requested and first class postage prepaid), addressed as follows:

 

		(a)	if to Parent or Merger Sub:

 

TAMCO Holdings, LLC

TAMCO Acquisition, LLC

777 E. Wisconsin Avenue, Suite 2350

Milwaukee, WI 53202-5306

Attention: Robert Brooks

Fax: 414-765-1998

 

    	4

    	 

    

 

 

		(b)	with a copy to:

 

Winston & Strawn LLP

35 West Wacker Drive

Chicago, IL 60611

Attention: Gregory J. Bynan

Fax: 312-558-5700

 

		(c)	if to Shareholder:

 

	 	 
	 	 
	 	 

	Attention:	 	 

	Fax:	 	 

 

or to such other address
or facsimile number for a party as shall be specified in a notice given in accordance with this section; provided that any
notice received by facsimile transmission or otherwise at the addressee’s location on any business day after 5:00 P.M. (addressee’s
local time) shall be deemed to have been received at 9:00 A.M. (addressee’s local time) on the next Business Day; provided
further that notice of any change to the address or any of the other details specified in or pursuant to this section shall
not be deemed to have been received until, and shall be deemed to have been received upon, the later of the date specified in such
notice or the date that is five (5) Business Days after such notice would otherwise be deemed to have been received pursuant to
this section. A party’s rejection or other refusal to accept notice hereunder or the inability of another party to deliver
notice to such party because of such party’s changed address or facsimile number of which no notice was given by such party
shall be deemed to be receipt of the notice by such party as of the date of such rejection, refusal or inability to deliver. Nothing
in this section shall be deemed to constitute consent to the manner or address for service of process in connection with any legal
proceeding, including litigation arising out of or in connection with this Agreement.

 

Section 3.02      Further
Assurances. Shareholder will, from time to time, execute and deliver, or cause to be executed and delivered, such additional
documents as Parent or Merger Sub may reasonably request for the purpose of effectively carrying out the transactions contemplated
by this Agreement.

 

Section 3.03      Termination.
This Agreement shall terminate upon the earlier of (i) the termination of the Merger Agreement in accordance with its terms, (ii)
the Effective Time or (iii) the reduction of the Per Share Amount.

 

    	5

    	 

    

  

Section 3.04      Amendments
and Waivers.

 

(a)      The
parties hereto may modify or amend this Agreement by written agreement executed and delivered by duly authorized officers of the
respective parties.

 

(b)      Any
failure of any of the parties to comply with any obligation, covenant, agreement or condition herein may be waived by the party
or parties entitled to the benefits thereof only by a written instrument signed by the party expressly granting such waiver, but
such waiver or failure to insist upon strict compliance with such obligation, covenant, agreement or condition shall not operate
as a waiver of, or estoppel with respect to, any subsequent or other failure.

 

Section 3.05      Expenses.
All costs and expenses incurred in connection with this Agreement shall be paid by the party incurring such costs and expenses,
whether or not the transactions contemplated by this Agreement or the Merger Agreement are consummated.

 

Section 3.06      Counsel.
Shareholder was provided the opportunity to consult with independent legal counsel prior to executing this Agreement. Neither Parent,
Merger Sub nor the Company, nor their respective counsels, have provided advice to Shareholder with respect to this Agreement or
the validity or effect of this Agreement.

 

Section 3.07      Binding
Effect; Benefit; Assignment. Neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned
by any of the parties hereto (whether by operation of law or otherwise) without the prior written consent of the other parties.
Subject to the preceding sentence, this Agreement will be binding upon, inure to the benefit of and be enforceable by the parties
and their respective permitted successors and assigns.

 

Section 3.08      Governing
Law. This Agreement, and all claims or causes of action (whether at law, in contract or in tort) that may be based upon, arise
out of or relate to this Agreement, the negotiation, execution or performance hereof or thereof, and the Transactions shall be
governed by and construed in accordance with the laws of the State of Delaware, without giving effect to any choice or conflict
of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws
of any jurisdiction other than the State of Delaware.

 

Section 3.09      Counterparts.
This Agreement may be executed in multiple counterparts, all of which shall together be considered one and the same agreement.

 

Section 3.10      Jurisdiction.
Each of the parties irrevocably submits to the exclusive jurisdiction of the Chancery Court of the State of Delaware and any state
appellate court therefrom within the State of Delaware (or, if the Chancery Court of the State of Delaware declines to accept jurisdiction
over a particular matter, any state or federal court within the State of Delaware) for the purpose of any action or proceeding
arising out of or relating to this Agreement. Each of the parties agrees that a final judgment in any action or proceeding shall
be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.

 

Section 3.11      Service
of Process. Each party irrevocably consents to the service of process outside the territorial jurisdiction of the courts referred
to in Section 3.10 hereof in any such action or proceeding by mailing copies thereof by registered or certified United States
mail, postage prepaid, return receipt requested, to such party’s address as specified in or pursuant to Section 3.01
hereof. However, the foregoing shall not limit the right of a party to effect service of process on the other party by any other
legally available method.

 

    	6

    	 

    

 

Section 3.12      Entire
Agreement; Third Party Beneficiaries. This Agreement (a) constitutes the entire agreement and supersedes all prior agreements
and understandings, both written and oral, among the parties with respect to the subject matter hereof and (b) is not intended
to confer upon any person other than the parties hereto any rights or remedies hereunder.

 

Section 3.13      Severability.
If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction or other authority
to be invalid, void, unenforceable or against its regulatory policy, the remainder of the terms, provisions, covenants and restrictions
of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated.

 

Section 3.14      Specific
Performance. Each of the parties hereto acknowledges and agrees that, in the event of any breach of this Agreement, each non-breaching
party would be irreparably and immediately harmed and could not be made whole by monetary damages. It is accordingly agreed that
the parties hereto (a) will waive, in any action for specific performance, the defense of adequacy of a remedy at law and (b) shall
be entitled, in addition to any other remedy to which they may be entitled at law or in equity, to compel specific performance
of this Agreement in any action instituted in accordance with Section 3.10.

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]

 

    	7

    	 

    

  

IN WITNESS WHEREOF,
the parties hereto have caused this Tender and Support Agreement to be duly executed by their respective authorized officers as
of the day and year first above written.

 

	 	TITANIUM ASSET MANAGEMENT CORP.
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 
	 	TAMCO HOLDINGS, LLC
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 
	 	TAMCO ACQUISITION, LLC
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 
	 	SHAREHOLDER
	 	 
	 	By:	 

 

    	 

    	 

    

 

ANNEX I

 

	Shareholder	 	Shares of Common Stock
	 	 	0

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