Document:

Exhibit 4.3

 

THE
REGISTERED HOLDER OF THIS PURCHASE WARRANT BY ITS ACCEPTANCE HEREOF, AGREES THAT IT WILL NOT SELL, TRANSFER OR ASSIGN THIS PURCHASE
WARRANT EXCEPT AS HEREIN PROVIDED AND THE REGISTERED HOLDER OF THIS PURCHASE WARRANT AGREES THAT IT WILL NOT SELL, TRANSFER, ASSIGN,
PLEDGE OR HYPOTHECATE THIS PURCHASE WARRANT FOR A PERIOD OF ONE HUNDRED EIGHTY DAYS FOLLOWING THE EFFECTIVE DATE (DEFINED BELOW)
TO ANYONE OTHER THAN (I) A.G.P./Alliance Global Partners OR AN UNDERWRITER OR A SELECTED DEALER IN CONNECTION WITH THE OFFERING,
OR (II) A BONA FIDE OFFICER OR PARTNER OF A.G.P./Alliance Global Partners OR OF ANY SUCH UNDERWRITER OR SELECTED DEALER.

 

THIS PURCHASE WARRANT
IS NOT EXERCISABLE PRIOR TO SEPTEMBER 25, 2019. VOID AFTER 5:00 P.M., EASTERN TIME, MARCH 29, 2024.

 

COMMON STOCK PURCHASE WARRANT

 

DPW HOLDINGS, INC.

 

	Warrant Shares: _______	Issuance Date: April 2, 2019

 

THIS WARRANT TO PURCHASE
COMMON STOCK (the “Warrant”) certifies that, for value received, _____________ or its assigns (the “Holder”)
is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on
or after April 2, 2019 (the “Initial Exercise Date”) and, in accordance with FINRA Rule 5110(f)(2)(G)(i), prior
to at 5:00 p.m. (New York time) on the date that is five (5) years following April 2, 2019 (the “Termination Date”)
but not thereafter, to subscribe for and purchase from DPW Holdings, Inc., a Delaware corporation (the “Company”),
up to ______ shares of Common Stock, par value $0.001 per share, of the Company (the “Warrant Shares”), as subject
to adjustment hereunder. The purchase price of one share of Common Stock under this Warrant shall be equal to the Exercise Price,
as defined in Section 1(b).

 

Section 1. Exercise.

 

(a) Exercise of Warrant.
Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or after
the Initial Exercise Date and on or before the Termination Date by delivery to the Company of a duly executed facsimile copy (or .pdf copy
via e-mail attachment) of the Notice of Exercise in the form attached hereto as Exhibit A (the “Notice
of Exercise”). Within the earlier of (i) two Trading Days and (ii) the number of Trading Days comprising the Standard
Settlement Period (as defined in Section 1(d)(i) herein) following the date of exercise as aforesaid, the Holder shall deliver
the aggregate Exercise Price for the Warrant Shares specified in the applicable Notice of Exercise by wire transfer or cashier’s
check drawn on a United States bank unless the cashless exercise procedure specified in Section 1(c) below is specified in
the applicable Notice of Exercise. No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or
other type of guarantee or notarization) of any Notice of Exercise be required. Notwithstanding anything herein to the contrary,
the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the
Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant
to the Company for cancellation within three days on which the principal Trading Market (as defined below) is open for trading
(“Trading Days”) of the date the final Notice of Exercise is delivered to the Company. Partial exercises of
this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect
of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant
Shares purchased. The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and the date
of such purchases. The Company shall deliver any objection to any Notice of Exercise within one business day of receipt of such
notice. The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions
of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available
for purchase hereunder at any given time may be less than the amount stated on the face hereof.

 

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(b) Exercise Price.
The exercise price per share of Common Stock under this Warrant shall be $0.495, subject to adjustment hereunder (the “Exercise
Price”).

 

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

 

	(A)	as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1) both executed and delivered pursuant to Section 1(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 1(a) hereof on a Trading Day prior to the opening of “regular trading hours” (as defined in Rule 600(b)(64) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of the Holder, either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise or (z) the Bid Price of the Common Stock on the principal Trading Market as reported by Bloomberg, L.P. (“Bloomberg”) as of the time of the Holder’s execution of the applicable Notice of Exercise if such Notice of Exercise is executed during “regular trading hours” on a Trading Day and is delivered within two (2) hours thereafter (including until two (2) hours after the close of “regular trading hours” on a Trading Day) pursuant to Section 1(a) hereof or (iii) the VWAP on the date of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant to Section 1(a) hereof after the close of “regular trading hours” on such Trading Day;
	 	 
	(B)	= the Exercise Price of this Warrant, as adjusted hereunder; and
	 	 
	(X)	= the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash exercise rather than a cashless exercise.

 

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

 

“Bid Price” means, for
any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed or quoted
on a Trading Market, the bid price of the Common Stock for the time in question (or the nearest preceding date) on the Trading
Market on which the Common Stock is then listed or quoted as reported by Bloomberg (based on a Trading Day from 9:30 a.m. (New
York City time) to 4:02 p.m. (New York City time)), (b)  if OTCQB or OTCQX is not a Trading Market, the volume weighted average
price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Stock
is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then reported in the “Pink
Sheets” published by OTC Markets Group, Inc. (or a similar organization or agency succeeding to its functions of reporting
prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value
of a share of Common Stock as determined by an independent appraiser selected in good faith by the Holder and reasonably acceptable
to the Company, the fees and expenses of which shall be paid by the Company.

 

“Trading Market” means
any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date in question: the
NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market or the New York Stock Exchange
(or any successors to any of the foregoing).

 

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

 

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(d) Mechanics of Exercise.

 

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

  

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

 

      (iii) Rescission
Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to Section 1(d)(i)
by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise by delivery of written notice
of rescission to the Company; provided, however, that the Holder shall be required to return any Warrant Shares
or Common Stock subject to any such rescinded exercise notice concurrently with the return to Holder of the aggregate Exercise
Price paid to the Company for such Warrant Shares and the restoration of Holder’s right to acquire such Warrant Shares pursuant
to this Warrant (including, issuance of a replacement warrant certificate evidencing such restored right).

 

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

 

      (v) No
Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise
of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the
Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction
multiplied by the Exercise Price or round up to the next whole share.

 

      (vi) Charges,
Taxes and Expenses. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or
other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the
Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however,
that in the event that Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered
for exercise shall be accompanied by the Assignment Form attached hereto as Exhibit B duly executed by the Holder
and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental
thereto. The Company shall pay all Transfer Agent fees required for same-day processing of any Notice of Exercise and all fees
to the Depository Trust Company (or another established clearing corporation performing similar functions) required for same-day
electronic delivery of the Warrant Shares.

 

      (vii) Closing
of Books. The Company will not close its stockholder books or records in any manner which prevents the timely exercise of this
Warrant, pursuant to the terms hereof.

 

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(e) Holder’s Exercise
Limitations. The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise any
portion of this Warrant, pursuant to Section 1 or otherwise, to the extent that after giving effect to such issuance after
exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s affiliates (as defined
in Rule 405 promulgated under the Securities Act, “Affiliates”), and any other Persons acting as a group together
with the Holder or any of the Holder’s Affiliates (such Persons, “Attribution Parties”)), would beneficially
own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence, the number of
shares of Common Stock beneficially owned by the Holder and its Affiliates and Attribution Parties shall include the number of
shares of Common Stock issuable upon exercise of this Warrant with respect to which such determination is being made, but shall
exclude the number of shares of Common Stock which would be issuable upon (i) exercise of the remaining, nonexercised portion of
this Warrant beneficially owned by the Holder or any of its Affiliates or Attribution Parties and (ii) exercise or conversion of
the unexercised or nonconverted portion of any other securities of the Company (including, without limitation, any other Common
Stock Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially
owned by the Holder or any of its Affiliates or Attribution Parties. Except as set forth in the preceding sentence, for purposes
of this Section 1(e), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the
rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder
that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules
required to be filed in accordance therewith. To the extent that the limitation contained in this Section 1(e) applies, the
determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates
and Attribution Parties) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and
the submission of a Notice of Exercise shall be deemed to be the Holder’s determination of whether this Warrant is exercisable
(in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion
of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation
to verify or confirm the accuracy of such determination and shall have no liability for exercises of this Warrant that are not
in compliance with the Beneficial Ownership Limitation (other than to the extent that information on the number of outstanding
shares of Common Stock of the Company is provided by the Company and relied upon by the Holder). In addition, a determination as
to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules
and regulations promulgated thereunder and the Company shall have no obligation to verify or confirm the accuracy of such determination
and shall have no liability for exercises of this Warrant that are not in compliance with the Beneficial Ownership Limitation.
For purposes of this Section 1(e), in determining the number of outstanding shares of Common Stock, a Holder may rely on the
number of outstanding shares of Common Stock as reflected in (A) the Company’s most recent periodic or annual report filed
with the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice
by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding. Upon the written or oral request
of a Holder, the Company shall within one Trading Day confirm orally and in writing to the Holder the number of shares of Common
Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to
the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates or Attribution
Parties since the date as of which such number of outstanding shares of Common Stock was reported. The “Beneficial Ownership
Limitation” shall be 4.99% of the number of shares of Common Stock outstanding immediately after giving effect to the
issuance of shares of Common Stock issuable upon exercise of this Warrant. The Holder, upon notice to the Company, may increase
or decrease the Beneficial Ownership Limitation provisions of this Section 1(e), provided that the Beneficial Ownership Limitation
in no event exceeds 9.99% of the number of shares of Common Stock outstanding immediately after giving effect to the issuance of
the shares of Common Stock upon exercise of this Warrant held by the Holder and the provisions of this Section 1(e) shall
continue to apply. Any such increase in the Beneficial Ownership Limitation will not be effective until the 61st day
after such notice is delivered to the Company. The provisions of this paragraph shall be construed and implemented in a manner
otherwise than in strict conformity with the terms of this Section 1(e) to correct this paragraph (or any portion hereof)
which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or
supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall
apply to a successor holder of this Warrant.

  

Section 2. Certain
Adjustments.

 

(a) Stock Dividends and
Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise makes a distribution
or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable in shares of Common
Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon exercise of this
Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including by way of
reverse stock split) outstanding shares of Common Stock into a smaller number of shares, or (iv) issues by reclassification of
shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied
by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding
immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately
after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the
aggregate Exercise Price of this Warrant shall remain unchanged, subject to the limitation on fractional shares in Section 1(d)(v).
Any adjustment made pursuant to this Section 2(a) shall become effective immediately after the record date for the determination
of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date
in the case of a subdivision, combination or re-classification.

 

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(b) Subsequent Rights
Offerings. In addition to any adjustments pursuant to Section 2(a) above, if at any time the Company grants, issues or
sells any securities of the Company or its subsidiaries which would entitle the holder thereof to acquire at any time shares of
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 the holder thereof to receive, Common Stock (“Common
Stock Equivalents”) or rights to purchase shares, warrants, securities or other property pro rata to the record holders
of any class of shares of Common Stock (the “Purchase Rights”), then the Holder will be entitled to acquire,
upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder
had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations
on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date on which a record
is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record
holders of shares of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights (provided, however,
to the extent that the Holder’s right to participate in any such Purchase Right would result in the Holder exceeding the
Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such extent (or
beneficial ownership of such shares of Common Stock as a result of such Purchase Right to such extent) and such Purchase Right
to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in the
Holder exceeding the Beneficial Ownership Limitation).

 

(c) Pro Rata Distributions.
During such time as this Warrant is outstanding, if the Company shall declare or make any dividend or other distribution of its
assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of return of capital or otherwise (including,
without limitation, any distribution of cash, shares or other securities, property or options by way of a dividend, spin off, reclassification,
corporate rearrangement, scheme of arrangement or other similar transaction) (other than dividends or distributions subject to
Section 2(a)) (a “Distribution”), at any time after the issuance of this Warrant, then, in each such case,
the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated therein
if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to
any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date
of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of shares
of Common Stock are to be determined for the participation in such Distribution (provided, however, to the extent that the Holder’s
right to participate in any such Distribution would result in the Holder exceeding the Beneficial Ownership Limitation, then the
Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership of any shares of
Common Stock as a result of such Distribution to such extent) and the portion of such Distribution shall be held in abeyance for
the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial
Ownership Limitation).

 

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(d) Fundamental Transaction.
If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related transactions
effects any merger or consolidation of the Company with or into another Person, (ii) the Company, directly or indirectly, effects
any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one
or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by
the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange
their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common
Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization
or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted
into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions
consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization,
recapitalization, spin-off or scheme of arrangement) with another Person or group of Persons whereby such other Person or group
acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person
or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock or share
purchase agreement or other business combination) (each a “Fundamental Transaction”), then, upon any subsequent
exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon
such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard
to any limitation in Section 1(e) on the exercise of this Warrant), the number of shares of Common Stock of the successor or acquiring
corporation or of the Company, if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”)
receivable by holders of Common Stock as a result of such Fundamental Transaction for each share of Common Stock for which this
Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 1(e) on the
exercise of this Warrant). For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted
to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common
Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in
a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common
Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder
shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental
Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor
(the “Successor Entity”) to assume in writing all of the obligations of the Company under this Warrant in accordance
with the provisions of this Section 2(d) pursuant to written agreements in form and substance reasonably satisfactory to the Holder
and approved by the Holder (without unreasonable conditions or delay) prior to such Fundamental Transaction and shall, at the option
of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument
substantially similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital
stock of such Successor Entity (or its parent entity) equivalent to the shares of Common Stock acquirable and receivable upon exercise
of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and
with an exercise price which applies the Exercise Price hereunder to such shares of capital stock (but taking into account the
relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital stock,
such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant
immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance
to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted
for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant referring to the “Company”
shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the
obligations of the Company under this Warrant with the same effect as if such Successor Entity had been named as the Company herein..

 

(e) Calculations.
All calculations under this Section 2 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may
be. For purposes of this Section 2, the number of shares of Common Stock deemed to be issued and outstanding as of a given
date shall be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

 

(f) Notice to Holder.

 

      (i) Adjustment
to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 2, the Company shall
promptly deliver to the Holder by facsimile or email a notice setting forth the Exercise Price after such adjustment and any resulting
adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

 

    	 	P-7 	 

    	 

    

 

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

 

Section 3. Registration Rights.

 

(a) Demand Registration.

 

(i) Grant of Right. Unless
a registration statement covering the sale of the Warrant Shares by the Holder is in effect and available, the Company, upon written
demand (a “Demand Notice”) of the Holder, agrees to register, on one (1) occasion, all or any portion of the
Warrant Shares (collectively, the “Registrable Securities”). On such occasion, the Company will file a registration
statement with the Commission covering the Registrable Securities as soon as practicable after receipt of a Demand Notice and use
its reasonable best efforts to have the registration statement declared effective promptly thereafter, subject to compliance with
review by the Commission. Notwithstanding the foregoing, the Company shall not be required to comply with a Demand Notice:

 

A. during the period starting
with the date 60 days prior to the Company’s good faith estimate of the date of the filing of and ending on a date 180 days
following the effective date of a Company-initiated registration subject to Section 3(b) hereof, provided that the Company is actively
employing in good faith all commercially reasonable efforts to cause such registration statement to become effective;

 

B. if the Company shall furnish
to the Holder requesting a registration statement under Section 3(a) a certificate signed by a duly authorized officer of the Company
stating that in the good faith judgment of the Company’s Board of Directors, it would be seriously detrimental to the Company
and its stockholders for such registration statement to be effected at such time, in which event the Company shall have the right
to defer such filing for a period of not more than 120 days after receipt of the request from the Holders, provided that such right
shall be exercised by the Company not more than once in any 12-month period, and provided further that the Company shall not register
any securities for the account of itself or any other stockholder during such 120-day period (other than a registration relating
solely to securities sold in connection with a stock plan, corporate reorganization or transaction, or on any form that does not
include substantially the same information as would be required in a registration statement covering the Registrable Securities);

 

    	 	P-8 	 

    	 

    

 

C. if the Holder does not request
that such offering be firmly underwritten by underwriters selected by the Holder (which underwriters shall be reasonably satisfactory
to the Company as described in Section 3(c)(v): or

 

D. if the Company and the Holder
are unable to obtain the commitment of the underwriters described in subsection (C) above.

 

The demand for registration may
be made at any time during a period of two (2) years beginning on the Exercise Date. The Company covenants and agrees to give written
notice of its receipt of any Demand Notice by any Holder(s) to all other registered Holders of the Registrable Securities within
ten (10) days after the date of the receipt of any such Demand Notice.

 

(ii) Terms. The Company
shall bear all fees and expenses attendant to the registration of the Registrable Securities pursuant to Section 3(a)(i), but the
Holders shall pay any and all underwriting commissions and the expenses of any legal counsel selected by the Holder to represent
it in connection with the sale of the Registrable Securities. The Company agrees to use its reasonable best efforts to cause the
filing required herein to become effective promptly and to qualify or register the Registrable Securities in such states as are
reasonably requested by the Holder; provided, however, that in no event shall the Company be required to register the Registrable
Securities in a state in which such registration would cause: (x) the Company to be obligated to register or license to do business
in such state or submit to general service of process or where it would be subject to taxation as a foreign corporation in such
state, or (y) the principal stockholders of the Company to be obligated to escrow their shares of capital stock of the Company.
The Company shall cause any registration statement filed pursuant to the demand right granted under Section 3(a)(i) to remain effective
for a period of at least twelve (12) consecutive months after the date that the holders of the Registrable Securities covered by
such registration statement are first given the opportunity to sell all of such securities. The Holder shall only use the prospectuses
provided by the Company to sell the shares covered by such registration statement, and will immediately cease to use any prospectus
furnished by the Company if the Company advises the Holder that such prospectus may no longer be used due to a material misstatement
or omission. Notwithstanding the provisions of this 3(a)(ii), the Holder shall be entitled to a demand registration under this
Section 3(a)(i) on only one (1) occasion and such demand registration right shall terminate on the second (2nd) anniversary of
March 29, 2019 in accordance with FINRA Rule 5110(f)(2)(G)(iv).

 

(iii) A registration pursuant to
this Section 3(a) shall be deemed to have been made if (A) all Registrable Securities requested to be registered are registered,
and (B) it is closed or withdrawn at the request of the Required Holders for any reason other than as a result of a material adverse
change to the Company.

 

(b) “Piggy-Back”
Registration.

 

(i) Grant of Right. In addition
to the demand right of registration described in Section 3(a)(i) hereof, unless a registration statement covering the sale of the
Warrant Shares by the Holder is in effect and available, the Holder shall have the right, for a period of no more than two years
from the Exercise Date in accordance with FINRA Rule 5110(f)(2)(G)(v), to include the Registrable Securities as part of any other
registration of securities filed by the Company (other than in connection with a transaction contemplated by Rule 145(a) promulgated
under the Securities Act or pursuant to Form S-4, Form S-8 or any equivalent forms); provided, however, that if, solely in connection
with any primary underwritten public offering for the account of the Company, the managing underwriter(s) thereof shall, in its
reasonable discretion, impose a limitation on the number of shares of Common Stock which may be included in the registration statement
because, in such underwriter(s)’ judgment, marketing or other factors dictate such limitation is necessary to facilitate
public distribution, then the Company shall be obligated to include in such registration statement only such limited portion of
the Registrable Securities with respect to which the Holder requested inclusion hereunder as the underwriter shall reasonably permit.
Any exclusion of Registrable Securities shall be made pro rata among all of the Company’s stockholders seeking to include
securities in the registration statement in proportion to the number of securities sought to be included by such stockholders;
provided, however, that the Company shall not exclude any Registrable Securities unless the Company has first excluded all outstanding
securities, the holders of which are not entitled to inclusion of such securities in such registration statement or are not entitled
to pro rata inclusion with the Registrable Securities.

 

    	 	P-9 	 

    	 

    

 

(ii) Terms. The Company
shall bear all fees and expenses attendant to registering the Registrable Securities pursuant to Section 3(b) hereof, but the Holders
shall pay any and all underwriting commissions and the expenses of any legal counsel selected by the Holders to represent them
in connection with the sale of the Registrable Securities. In the event of such a proposed registration, the Company shall furnish
the then Holders of outstanding Registrable Securities with prompt written notice prior to the proposed date of filing of such
registration statement. Such notice to the Holders shall continue to be given for each registration statement filed by the Company
until such time as all of the Registrable Securities have been sold by the Holder. The holders of the Registrable Securities shall
exercise the “piggyback” rights provided for herein by giving written notice within ten (10) days of the receipt of
the Company’s notice of its intention to file a registration statement. Except as otherwise provided in this Warrant, there
shall be no limit on the number of times the Holder may request registration under this Section 3(b)(ii); provided, however, that,
notwithstanding anything to the contrary herein, such registration rights shall terminate on the second (2nd) anniversary of the
Exercise Date.

 

(b) General Terms.

 

(i) Indemnification. The
Company shall indemnify each Holder of the Registrable Securities to be sold pursuant to any registration statement hereunder,
its partners, members, officers, directors and stockholders, any underwriter for such Holder and each Person, if any, who controls
such Holder or any underwriter for such Holder within the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange
Act (each, an “Indemnified Party”), against all loss, claim, damage, expense or liability (including all reasonable
attorneys’ fees and other expenses reasonably incurred in investigating, preparing or defending against any claim whatsoever)
to which any of them may become subject under the Securities Act, the Exchange Act or otherwise, arising from such registration
statement but only to the extent such losses, claims, damages, expenses or liabilities (or actions in respect thereof) arise out
of or are based upon (i) any untrue statement or alleged untrue statement of a material fact contained in such registration statement,
including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto, incident to
any such registration, qualification, or compliance, (ii) the omission or alleged omission to state in such registration statement
a material fact required to be stated therein, or necessary to make the statements therein not misleading or (iii) any violation
or alleged violation by the Company of the Securities Act, the Exchange Act, any state securities laws or any rule or regulation
promulgated under the Securities Act, the Exchange Act or any state securities laws applicable to the Company and relating to action
or inaction by the Company in connection with any such registration, qualification, or compliance, and the Company will reimburse
such Indemnified Party for any legal or other expenses reasonably incurred by it in connection with investigating or defending
any such loss, claim, damage, liability or action as such expenses are incurred; provided, however, that the indemnity agreement
contained in this Section 3(b)(i) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action
if such settlement is effected without the consent of the Company (which consent shall not be unreasonably withheld), nor shall
the Company be liable in any such case for any such loss, claim, damage, liability or action to the extent that it arises out of
or is based upon a violation or alleged violation that occurs in reliance upon and in conformity with written information furnished
expressly for use in connection with such registration by any such Indemnified Party; provided further, however, that the foregoing
indemnity agreement with respect to any preliminary prospectus shall not inure to the benefit of any Indemnified Party from whom
the Person asserting any such losses, claims, damages or liabilities purchased shares of Common Stock in the offering if a copy
of the most current prospectus was not sent or given by or on behalf of such Indemnified Party, if required by law to have been
so delivered, at or prior to the written confirmation of the sale of the shares of Common Stock to such Person, and if the prospectus
(as so amended or supplemented) would have cured the defect giving rise to such loss, claim, damage or liability.

 

    	 	P-10 	 

    	 

    

 

(ii) The Holder(s) of the Registrable
Securities to be sold pursuant to such registration statement, and their successors and assigns, shall severally, and not jointly,
indemnify the Company, against all loss, claim, damage, expense or liability (including all reasonable attorneys’ fees and
other expenses reasonably incurred in investigating, preparing or defending against any claim whatsoever) to which they may become
subject under the Securities Act, the Exchange Act or otherwise, arising from information furnished by or on behalf of such Holders,
or their successors or assigns, in writing, for specific inclusion in such registration statement to the same extent and with the
same effect as the provisions contained in Section 5 of the Underwriting Agreement by and between the Company and A.G.P./Alliance
Global Partners dated March 29, 2019 (the “Underwriting Agreement”) pursuant to which A.G.P./Alliance Global
Partners has agreed to indemnify the Company.

 

(ii) Exercise of Warrants.
Nothing contained in this Warrant shall be construed as requiring the Holder to exercise their Warrants prior to or after the initial
filing of any registration statement or the effectiveness thereof.

 

(iii) Documents Delivered
to Holders. Unless a registration statement covering the exercise of this Warrant and the sale of the Warrant Shares by the
Holder is in effect and available, the Company shall furnish to each underwriter of any such offering, if any, a signed counterpart,
addressed to such underwriter, of: (i) an opinion of counsel to the Company, dated the effective date of such registration statement
(and, if such registration includes an underwritten public offering, an opinion dated the date of the closing under any underwriting
agreement related thereto), and (ii) if such registration includes an underwritten public offering, a “cold comfort”
letter dated the date of the closing under the underwriting agreement) signed by the independent registered public accounting firm
which has issued a report on the Company’s financial statements included in such registration statement, in each case covering
substantially the same matters with respect to such registration statement (and the prospectus included therein) and, in the case
of such accountants’ letter, with respect to events subsequent to the date of such financial statements, as are customarily
covered in opinions of issuer’s counsel and in accountants’ letters delivered to underwriters in underwritten public
offerings of securities.

 

(iv) Underwriting Agreement
with Respect to Registrable Securities. Unless a registration statement covering the sale of the Warrant Shares by the Holder
is in effect and available, the Company shall enter into an underwriting agreement with the managing underwriter(s), if any, selected
by the Required Holders, which managing underwriter shall be reasonably satisfactory to the Company. Such underwriting agreement
shall be reasonably satisfactory in form and substance to the Company, each Holder and such managing underwriters, and shall contain
such representations, warranties and covenants by the Company and such other terms as are customarily contained in agreements of
that type used by the managing underwriter. The Holders shall be parties to any underwriting agreement relating to an underwritten
sale of their Registrable Securities. Such Holders shall not be required to make any representations or warranties to or agreements
with the Company or the underwriters except as they may relate to such Holders, their Warrant Shares and their intended methods
of distribution.

 

    	 	P-11 	 

    	 

    

 

(v) Documents to be Delivered
by Holder(s). Each of the Holder(s) participating in any of the foregoing offerings shall furnish to the Company a completed
and executed questionnaire provided by the Company requesting information customarily sought of selling security holders.

 

(vi) Damages. Should the
registration or the effectiveness thereof required by Sections 3(a)(i) and 3(b)(i) hereof be delayed by the Company or the Company
otherwise fails to comply with such provisions, the Holder(s) shall, in addition to any other legal or other relief available to
the Holder(s), be entitled to seek specific performance or other equitable (including injunctive) relief against the threatened
breach of such provisions or the continuation of any such breach, without the necessity of proving actual damages and without the
necessity of posting bond or other security.

 

Section 4.   
Transfer of Warrant.

 

(a) Transferability.
Pursuant to FINRA Rule 5110(g)(1), neither this Warrant nor any Warrant Shares issued upon exercise of this Warrant shall be sold,
transferred, assigned, pledged, or hypothecated, or be the subject of any hedging, short sale, derivative, put, or call transaction
that would result in the effective economic disposition of the securities by any person for a period of 180 days immediately following
the date of effectiveness or commencement of sales of the offering pursuant to which this Warrant is being issued, except the transfer
of any security:

 

i.                       
by operation of law or by reason of reorganization of the Company;

 

ii.                       
to any FINRA member firm participating in the offering and the officers or partners thereof, if all securities so transferred remain
subject to the lock-up restriction in this Section 4(a) for the remainder of the time period;

 

iii.                       
if the aggregate amount of securities of the Company held by the Holder or related person do not exceed 1% of the securities being
offered;

 

iv.                       
that is beneficially owned on a pro-rata basis by all equity owners of an investment fund, provided that no participating member
manages or otherwise directs investments by the fund, and participating members in the aggregate do not own more than 10% of the
equity in the fund; or

 

v.                       
the exercise or conversion of any security, if all securities received remain subject to the lock-up restriction in this Section
4(a) for the remainder of the time period.

  

Subject to
the foregoing restriction, any applicable securities laws and the conditions set forth in Section 4(d), this Warrant and all rights
hereunder (including, without limitation, any registration rights) are transferable, in whole or in part, upon surrender of this
Warrant at the principal office of the Company or its designated agent, together with a written assignment of this Warrant substantially
in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes
payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver
a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified
in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned,
and this Warrant shall promptly be cancelled. The Warrant, if properly assigned in accordance herewith, may be exercised by a new
holder for the purchase of Warrant Shares without having a new Warrant issued.

 

    	 	P-12 	 

    	 

    

 

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

 

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

 

d) Representation by the Holder.
The Holder, by the acceptance hereof, represents and warrants that it is acquiring this Warrant and, upon any exercise hereof,
will acquire the Warrant Shares issuable upon such exercise, for its own account and not with a view to or for distributing or
reselling such Warrant Shares or any part thereof in violation of the Securities Act or any applicable state securities law, except
pursuant to sales registered or exempted under the Securities Act.

 

Section 5.    Miscellaneous.

 

(a) No Rights as Stockholder
Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends or other rights as a stockholder of
the Company prior to the exercise hereof as set forth in Section 1(d)(i), except as expressly set forth in Section 2.

 

(b) Loss, Theft, Destruction
or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory to it
of the loss, theft, destruction or mutilation of this Warrant or any certificate relating to the Warrant Shares, and in case of
loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant, shall not
include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company
will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant
or stock certificate.

 

(c) Saturdays, Sundays,
Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or granted
herein shall not be a business day, then, such action may be taken or such right may be exercised on the next succeeding business
day.

 

(d) Authorized Shares.
The Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common
Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights
under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers
who are charged with the duty of issuing the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant.
The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided
herein without violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the Common
Stock may be listed. The Company covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights
represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant
Shares in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens
and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously
with such issue).

 

    	 	P-13 	 

    	 

    

 

Except and to the extent as waived
or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its certificate of
incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities
or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will
at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary
or appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting the generality
of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon
such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary or appropriate in
order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant
and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory
body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.

 

Before taking any action which
would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise Price, the
Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory
body or bodies having jurisdiction thereof.

 

(e) Jurisdiction. All
questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be determined in accordance
with the provisions of the Underwriting Agreement.

 

(f) Restrictions.
The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, and the Holder does
not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities laws.

 

(g) Nonwaiver and Expenses.
No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as a waiver of
such right or otherwise prejudice the Holder’s rights, powers or remedies. Without limiting any other provision of this Warrant,
if the Company willfully and knowingly fails to comply with any provision of this Warrant, which results in any material damages
to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses including,
but not limited to, reasonable attorneys’ fees, including those of appellate proceedings, incurred by the Holder in collecting
any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.

 

(h) Notices. Any
notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered
to the Holder’s address as provided in Warrant Register of the Company.

 

(i) Limitation of Liability.
No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase Warrant Shares,
and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase
price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors
of the Company.

 

(j) Remedies. The
Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to
specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation
for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert
the defense in any action for specific performance that a remedy at law would be adequate.

 

(k) Successors and Assigns.
Subject to applicable securities laws, this Warrant shall be binding upon and inure to the benefit of the parties and their successors
and permitted assigns. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this
Warrant and shall be enforceable by the Holder or holder of Warrant Shares.

 

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

 

    	 	P-14 	 

    	 

    

 

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

 

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

 

(Signature Page Follows)

 

    	 	P-15 	 

    	 

    

 

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

 

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

 

    	 	P-16 	 

    	 

    

 

EXHIBIT A

 

NOTICE OF EXERCISE

 

TO:          DPW
HOLDINGS, INC.

 

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

 

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

 

[ ] in lawful money of the United
States; or

 

[ ] if permitted the cancellation
of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 1(c), to exercise this
Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth
in subsection 1(c).

 

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

 

	 

 

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

 

	 
	 
	 
	 
	 

 

(4)   Accredited
Investor. If the Warrant is being exercised via cash exercise, the undersigned is an “accredited investor” as defined
in Regulation D promulgated under the Securities Act of 1933, as amended.

 

[SIGNATURE OF HOLDER]

 

Name of Investing Entity: __________________________________________________________

 

Signature of Authorized Signatory of Investing Entity:
_____________________________________

 

Name of Authorized Signatory: _____________________________________________________

 

Title of Authorized Signatory: ______________________________________________________

 

Date: _____________________________

 

    	 	P-17 	 

    	 

    

 

EXHIBIT B

 

ASSIGNMENT FORM

 

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

 

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

 

	Name:	 
	 	(Please Print)
	 	 
	Address:	 
	 	(Please Print)
	 	 
	Phone Number:	 
	 	 
	Email Address:	 
	 	 
	Dated:	 
	 	 
	Holder’s Signature:	 
	 	 
	Holder’s Address:Exhibit 10.1 

 

 

 

 

ANDOVER NATIONAL CORPORATION

A Delaware corporation

_________________________________

SUBSCRIPTION AGREEMENT

FOR

CLASS A COMMON STOCK

_________________________________

 

    	 	 	 

    	 

    

INSTRUCTIONS TO SUBSCRIBERS

ANDOVER NATIONAL CORPORATION

a Delaware corporation

Persons wishing
to subscribe for shares of Class A Common Stock, $0.001 par value (“Common Shares”) of ANDOVER NATIONAL CORPORATION,
a Delaware corporation (the “Company”) are required to complete the documents listed below as part of this Subscription
Agreement. PLEASE DO NOT REMOVE ANY OF THE DOCUMENTS.

1.       Subscription
Agreement. Each subscriber must complete the Subscription Agreement in the following manner:

(a)       Please
read Section A carefully; it contains representations and warranties to be made by the subscriber on which the Company will rely.

(b)       Please
read Sections B, C, and D carefully; they contain important terms and conditions concerning your purchase and ownership of the
Common Shares.

(c)       Complete
Sections E and F by inserting the amount of your subscription and/or other information called for in those sections.

(d)       Complete
and sign the attached signature page.

(e)       Please
read carefully the risk factors enumerated in Exhibit C, which contains certain important risk factors concerning your proposed
investment in the Common Shares.

2.       Investor
Questionnaire. Each subscriber must read carefully, complete and sign the Investor Questionnaire attached as Exhibit
A. For purposes of this offering, you must demonstrate that you meet the investor suitability standards set forth below:

Investor Suitability Standards

Investment in the
Company involves certain risks and is suitable only for persons of adequate financial means who have no need for liquidity with
respect to this investment and who can afford the risk of a complete loss of their investment.

Each investor must
be, and must represent and warrant to the Company, that such investor is an Accredited Investor as defined in the Securities Act
of 1933, as amended (the “Securities Act”). “Accredited Investors” as defined in the Securities
Act are those who, at the time of the sale of the Common Shares, fall within certain categories enumerated in Rule 501(a) of Regulation
D promulgated under the Securities Act, including any of the following:

		(a)	Any individual who had an individual
income in excess of $200,000 (or joint income with his or her spouse of $300,000) in the last two years and who reasonably expects
an individual income in excess of $200,000 (or such joint
	

    	 	 	 

    	 

    

	 	 	income in excess of $300,000) in the current year. For purposes of this offering, individual and joint income shall equal adjusted
gross income, as reported in the investor’s federal tax return (less, for individual income only, any income attributed to
a spouse or to property owned by a spouse) and increased by the following amounts (but not, for individual income only, any amounts
attributable to a spouse or to property owned by a spouse): (i) the amount of any tax exempt interest received; (ii) the amount
of losses claimed as a limited partner in a limited partnership; (iii) any deduction claimed for depletion; (iv) amounts contributed
to an IRA or Keogh retirement plan; (v) alimony paid; and (vi) any amount by which income for long-term capital gains has been
reduced in arriving at adjusted gross income pursuant to the provisions of Section 1202 of the Internal Revenue Code of 1986, as
amended (the “Code”);

		(b)	Any individual whose individual net worth, or joint net worth with that individual’s spouse,
exceeds $1,000,000 (excluding the value of their primary residence);

		(c)	Any bank as defined in Section 3(a)(2) of the Securities Act, or any savings and loan association
or other institution as defined in Section 3(a)(5)(A) of the Securities Act whether acting in its individual or fiduciary capacity;
any broker or dealer registered pursuant to Section 15 of the Securities Exchange defined in Section 2(13) of the Securities Act;
any investment company registered under the Investment Company Act of 1940, as amended, or a business development company as defined
in Section 2(a)(48) of the Securities Act; any Small Business Investment Company licensed by the U.S. Small Business Administration
under Section 301(c) or (d) of the Small Business Investment Act of 1958, as amended; any employee benefit plan within the meaning
of Title 1 of the Employee Retirement Income Security fiduciary, as defined in Section 3(21) of ERISA, that is either a bank, savings
and loan association, insurance company, or registered investment adviser, or if the employee benefit plan has total assets in
excess of $5,000,000 or, if a self-directed plan, with investment decisions made solely by persons that are accredited investors;

		(d)	Any private business development company as defined in Section 202(a)(22) of the Investment Advisers
Act of 1940;

		(e)	Any organization described in Section 501(c)(3) of the Code, a business trust, or partnership with
assets in excess of $5,000,000 not specifically formed for the purpose of investing in the Company;

		(f)	Any trust, with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring
the securities offered, whose purchase is directed by a sophisticated person as described in Section 230.506(b)(2)(ii) of the Securities
Act; or

		(g)	Any entity, all of whose equity owners are accredited investors.

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Each investor must
also make certain additional representations to the general effect that such investor:

		(a)	does not have an overall commitment to investments that are not readily marketable that is disproportionate
to his or her net worth, and that his or her investment in the Company will not cause such overall commitment to become excessive;

		(b)	has adequate net worth and means of providing for his or her current needs and personal contingencies
to sustain a complete loss of his or her investment in the Company at the time of investment, and has no need for liquidity in
his or her investment in the Company;

		(c)	is acquiring Common Shares for his or her own account, for investment only, and not with a view
toward resale or distribution;

		(d)	is aware that he, she, or it may not be able to liquidate his, her, or its investment in the event
of emergency or for any other reason because the transferability of Common Shares will be subject to restrictions on resales imposed
by the Securities Act and the securities laws of certain states; and

		(e)	understands that an investment in the Common Shares involves substantial risks and that he, she,
or it is fully cognizant of an understands all of the risk factors relating to a purchase of the Shares, including, without limitation,
those risks set forth in Exhibit C attached hereto.

In addition, an
investment in the Company must not exceed ten percent (10%) of an investor’s net worth.

The Company, in
its sole discretion, reserves the right to reject subscriptions from those who meet the suitability requirements or to accept subscriptions
from subscribers who do not meet all of the above suitability standards but who are otherwise qualified to purchase Common Shares.

Please follow the instructions to
the Investor Questionnaire. If you have questions concerning any of the information called for, you may ask your lawyer, accountant
or the Company for assistance.

3.       “Bad
Actor” Questionnaire. If applicable, subscribers must read carefully, complete and sign the “Bad Actor”
Questionnaire attached as Exhibit B.

Rule 506 of Regulation
D, promulgated by the Securities and Exchange Commission (“SEC”) under the Securities Act, provides an exemption
from the registration requirements of the Securities Act for offerings made to “Accredited Investors.” That exemption,
however, is not available where any person participating in the offering is disqualified due to specified past misconduct. The
“Bad Actor” Questionnaire aims to determine whether any person responsible for the Offering described is so disqualified.
The Company and its counsel will rely on your answers in determining whether an exemption is available for the Offering.

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Please follow
the instructions to the “Bad Actor” Questionnaire. If you have questions concerning any of the information called
for, you may ask your lawyer, accountant, or the Company for assistance.

4.       Wire
Transfer. Please wire transfer the funds to the following account:

	Bank Name	 
	Routing Instructions	 
	SWIFT Code:	 
	Account Information	 
	Reference Information	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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SUBSCRIPTION AGREEMENT

_____________________________

ANDOVER NATIONAL CORPORATION

Andover National Corporation

333 Avenue of Americas, Suite 2000

Miami, Florida 33131-2185

Ladies and Gentlemen:

The undersigned
hereby applies to acquire shares of Class A Common Stock, $0.001 par value (“Common Shares”), of ANDOVER NATIONAL
CORPORATION, a Delaware corporation (the “Company”), in accordance with the terms of this Subscription Agreement,
with respect to the offering by the Company (the “Offering”) of up to 10,000,000 Common Shares at a price of
$10.00 per share, for an aggregate offering of up to $100,000,000.

Subject to the terms
and conditions of this Subscription Agreement, the undersigned (i) hereby subscribes for the Common Shares indicated on the signature
page hereof for the dollar amount indicated thereon; and (ii) hereby tenders an executed Subscription Agreement together with the
undersigned’s completed Investor Questionnaire attached hereto as Exhibit A and, if applicable, the undersigned’s
completed “Bad Actor” Questionnaire attached hereto as Exhibit B.

This subscription is irrevocable
(except as may otherwise be provided herein) but may be rejected by the Company in its sole discretion.

INSTRUCTIONS

Please complete
the Subscription Agreement in the following manner:

1.       Please
read Section A carefully; it contains representations and warranties to be made by the subscriber on which the Company will rely.

2.       Please
read Sections B, C, and D carefully; they contain important terms and conditions concerning your purchase and ownership of the
Common Shares.

3.       Complete
Sections E and F by inserting the amount of your subscription and/or other information called for in those sections.

4.       Complete
and sign the signature page.

5.       Please
read carefully the risk factors enumerated in Exhibit C, which contains certain important risk factors concerning your proposed
investment in the Common Shares.

    	 	 	 

    	 

    

 

A.             
Representations and Warranties of the Investor. The undersigned investor acknowledges, represents, warrants and agrees
as follows:

1.              
The undersigned has received, thoroughly read, and understands this Subscription Agreement. The undersigned has relied only
on the information provided to him, her, or it in the Confidential Offering Memorandum dated January 24, 2019, regarding a purchase
of the Common Shares. The undersigned acknowledges that all documents, records, and books pertaining to this investment have been
made available for inspection by the undersigned, his, her, or its attorney and/or his, her, or its accountant. The undersigned
and/or his, her, or its advisor(s) have had a reasonable opportunity to ask questions of and receive answers from the Company or
a person or persons acting on its behalf, concerning the terms and conditions of the offering, and to obtain additional information,
to the extent possessed or obtainable without unreasonable effort or expense. All such questions have been answered to the full
satisfaction of the undersigned. No oral representations have been made or oral information furnished to the undersigned or his,
her, or its advisor(s) upon which the undersigned has relied in connection with the offering.

2.              
The undersigned (a) is qualified by its knowledge and experience in financial and business matters to evaluate the merits
and risks of an investment in the Common Shares and to make an informed decision relating thereto, (b) has adequate means of providing
for his, her or its current needs and possible personal contingencies, (c) has no need for liquidity in this investment, (d) is
able to bear the substantial economic risks of an investment in the Company for an indefinite period, (e) at the present time,
can afford a complete loss of such investment, and (f) does not have an overall commitment to investments that are not readily
marketable that is disproportionate to the undersigned’s net worth, and the undersigned’s investment in the Company
will not cause such overall commitment to become excessive.

3.              
The undersigned is an “accredited investor” (as set forth in the Investor Questionnaire accompanying this Subscription
Agreement) and the undersigned’s total investment in the Company does not exceed ten percent (10%) of the undersigned’s
net worth or joint net worth with the undersigned’s spouse.

4.              
The undersigned understands that the investment in the Company involves substantial risks and acknowledges that he, she,
or it is fully cognizant of and understands all of the risk factors relating to the purchase of the Common Shares, including, without
limitation, those risk set forth on Exhibit C attached hereto.

5.              
The undersigned understands that the Common Shares are “restricted securities” and have not been registered
under the Securities Act or any applicable state securities law and is acquiring the Common Shares as principal for its own account
and not with a view to or for distributing or reselling such Common Shares or any part thereof in violation of the Securities Act
or any applicable state securities law, has no present intention of distributing any of such Common Shares in violation of the
Securities Act or any applicable state securities law, and has no direct or indirect arrangement or understandings with any other
persons to distribute or regarding the distribution of such Common Shares in violation of the Securities Act or any applicable
state securities law. The undersigned is acquiring the Common Shares hereunder in the ordinary course of its business.

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6.              
The undersigned understands that the Common Shares have not been registered with or reviewed by the United States Securities
and Exchange Commission (“SEC”) and have not been filed with or reviewed by any state securities administrators
because of the private or limited nature of the offering.

7.              
The undersigned understands that neither the offering nor the sale of the Common Shares has been registered under the Securities
Act in reliance upon an exemption therefrom. The undersigned understands that the Common Shares must be held indefinitely unless
the sale or other transfer thereof is subsequently registered under the Securities Act or an exemption from such registration is
available. The undersigned further understands that the Company is under no obligation to register the Common Shares on his or
her behalf or to assist him, her, or it in complying with any exemption from registration.

8.              
All information that the undersigned has provided to the Company in the Investor Questionnaire and “Bad Actor”
Questionnaire or otherwise concerning himself or herself, his, her, or its residency, his, her or its, investor status, financial
position and knowledge and experience in financial, tax, and business matters is correct and complete
as of the date set forth at the end hereof, and if there should be any adverse change in such information prior to acceptance of
his, her, or its subscription, the undersigned will immediately provide the Company with such information.

9.              
The undersigned, if a corporation, partnership, limited liability company, trust, or other entity, is authorized and otherwise
duly qualified to purchase and hold the Common Shares; such entity has its principal place of business as set forth on the signature
page hereof; and, such entity has not been formed for the specific purpose of acquiring Common Shares.

10.           
The execution and performance hereof violates no order, judgment, injunction, agreement, or controlling document to which
the undersigned is bound. If an entity, (i) the undersigned is duly organized, validly existing, and in good standing under the
laws of the jurisdiction in which it has been formed; (ii) the undersigned has the right and power under its organizational documents
to execute, deliver, and perform its obligations hereunder; (iii) this Subscription Agreement has been duly authorized by all necessary
action on the part of all officers, directors, partners, stockholders, and trustees, and will not violate any agreement to which
the undersigned is a party; and (iv) the individual executing and delivering this Subscription Agreement has the requisite right,
power, capacity, and authority to do so on behalf of its organization.

11.           
The undersigned represents and warrants that: (i) the undersigned has a prior substantial pre-existing relationship with
the Company, the undersigned is not investing in the Offering in connection with or as a result of any registration statement on
Form S-1, filed with the SEC by the Company, and (ii) no Securities were offered or sold to it by means of any form of general
solicitation or general advertising, and in connection therewith, the undersigned did not (A) receive or review any advertisement,
article, notice, or other communication published in a newspaper or magazine or similar media or broadcast over television or radio,
whether closed

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circuit, or generally
available; or (B) attend any seminar meeting or industry investor conference whose attendees were invited by any general solicitation
or general advertising; or (C) observe any website or filing of the Company with the SEC in which any offering of securities by
the Company was described and as a result learned of any offering of securities by the Company.

12.           
The undersigned understands and agrees that the Company, in its sole discretion, reserves the right to accept or reject
this or any other subscription for Common Shares, in whole or in part.

B.             
Representations and Warranties of the Company.

1.              
The Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware.
The Company has the requisite corporate power and authority to own and operate its properties and assets, to carry on its business
as presently conducted, to execute and deliver this Subscription Agreement, to issue and sell the Common Shares, and to perform
its obligations pursuant to this Subscription Agreement and the Company’s Certificate of Incorporation. The Company is presently
qualified to do business as a foreign corporation in each jurisdiction where the failure to be so qualified could reasonably be
expected to have a material adverse effect on the Company’s financial condition or business as now conducted (a “Material
Adverse Effect”).

2.              
The Common Shares, when issued and delivered and paid for in compliance with the provisions of this Subscription Agreement,
will be validly issued, fully paid, and nonassessable. The Common Shares will be free of any liens or encumbrances, other than
any liens or encumbrances created by or imposed upon the investors; provided, however, that the Common Shares are
subject to restrictions on transfer under federal and/or state securities laws and as set forth herein.

3.              
All corporate action on the part of the Company and its directors, officers, and stockholders necessary for the authorization,
execution, and delivery of the Subscription Agreement by the Company, the authorization, sale, issuance, and delivery of the Common
Shares, and the performance of all of the Company’s obligations under the Subscription Agreement has been taken or will be
taken prior to the issuance of the Common Shares. This Subscription Agreement, when executed and delivered by the Company, shall
constitute valid and binding obligations of the Company, enforceable in accordance with their terms, except (i) as limited by laws
of general application relating to bankruptcy, insolvency, and the relief of debtors and (ii) as limited by rules of law governing
specific performance, injunctive relief, or other equitable remedies and by general principles of equity.

4.              
The Company has good and marketable title to its properties and assets, and has good title to all its leasehold interests,
in each case subject to no material mortgage, pledge, lien, lease, encumbrance, or charge, other than (i) liens for current taxes
not yet due and payable, (ii) liens imposed by law and incurred in the ordinary course of business for obligations not past due,
(iii) liens in respect of pledges or deposits under workers’ compensation laws or similar legislation, and (iv) liens, encumbrances,
and defects in title which do not in any case materially detract from the value of the property subject thereto or have a Material
Adverse Effect, and which have not arisen otherwise than in the ordinary course of business.

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5.              
The Company is not in violation of any material term of its certificate of incorporation or bylaws, each as amended to date,
or, to the Company’s knowledge, in any material respect of any term or provision of any material indebtedness, contract or
agreement to which it is party which would have a Material Adverse Effect. To the Company’s knowledge, the Company is not
in violation of any federal or state statute, rule, or regulation applicable to the Company the violation of which would have a
Material Adverse Effect. The execution and delivery of this Subscription Agreement by the Company, the performance by the Company
of its obligations pursuant to this Subscription Agreement, and the issuance of the Common Shares, will not result in any material
violation of, or materially conflict with, or constitute a material default under, the Company’s Certificate of Incorporation
or Bylaws, each as may be amended to date.

The foregoing representations and warranties
are true and accurate as of the date hereof and shall be true and accurate as of the date of the Company’s execution of the
signature page hereof. If those representations and warranties shall not be true and accurate in all material respects prior to
the Company’s execution of the signature page hereof, the Company shall immediately give written notice to the undersigned
specifying which representation and warranties are not so true and accurate in all material respects and the reason therefor.

C.             
Restrictions on Transfer and Additional Agreements.

1.              
Securities Laws. The Common Shares have not been registered under the Securities Act nor under any state securities
laws and unless so registered may not be transferred, sold, pledged, hypothecated, or otherwise disposed of unless an exemption
from such registration is available. Such transfer may be made only, if requested by the Company, upon receipt by the Company of
an opinion of counsel to the undersigned, reasonably acceptable to the Company, to the effect that the proposed transfer will not
violate the provisions of the Securities Act, or the rules and regulations promulgated under such act.

2.              
Indemnity. The undersigned acknowledges that the undersigned understands the meaning and legal consequences of this
Section C, and the undersigned hereby agrees to indemnify and hold harmless the Company, its representatives, and each officer
and director thereof from and against any and all loss, damage, or liability (including all attorneys’ fees and costs incurred
in enforcing this indemnity provision) due to or arising out of (a) the inaccuracy of any representation or the breach of any warranty
of the undersigned contained in, or any other breach of, this Subscription Agreement, (b) any transfer of the Common Shares in
violation of the Securities Act or the securities or “blue sky” laws of any state or other jurisdiction, or the rules
and regulations promulgated under such act or laws, (c) any transfer of the Common Shares not in accordance with this Subscription
Agreement, or (d) any untrue statement or omission to state any material fact in connection with the representations and warranties
of the investor or with respect to the facts and representations supplied by the undersigned to counsel to the Company upon which
its opinion as to a proposed transfer shall have been based.

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3.              
Legend and Stop Transfer Orders. Unless the Common Shares have been registered under the Securities Act, upon the
issuance of the Common Shares, the Company shall instruct its transfer agent to enter stop transfer orders with respect to such
Common Shares and all certificates representing the Common Shares shall bear on the face thereof substantially the following legend,
and any other legend deemed appropriate by counsel to the Company:

“The Shares represented by
this certificate have not been registered under the Securities Act of 1933, as amended, or under any state law and, except pursuant
to an effective registration statement under such Act and other laws, may not be offered, sold, transferred, or otherwise disposed
of without an opinion of counsel, satisfactory to the Company, that such disposition may be made without such registration.”

D.             
Miscellaneous.

1.              
The undersigned agrees to indemnify and to hold harmless the Company from any liability for any commission or compensation
in the nature of a finder’s or broker’s fee arising out of this offering (and the costs and expenses of defending against
such liability or asserted liability) for which the undersigned or any of its representatives is responsible.

2.              
The undersigned agrees not to transfer or assign this Subscription Agreement, or any of the undersigned’s interest
herein, and further agrees that the transfer or assignment of the Common Shares acquired pursuant hereto shall be made only in
accordance with the conditions and restrictions contained herein, and in all applicable laws and regulations.

3.              
All statements, representations, warranties, covenants, and agreements in this Subscription Agreement shall be binding on
the parties hereto and shall inure to the benefit of the respective successors and permitted assigns of each party hereto. Nothing
in this Subscription Agreement shall be construed to create any rights or obligations except among the parties hereto, and no person
or entity shall be regarded as a third-party beneficiary of this Subscription Agreement.

4.              
The undersigned agrees that the undersigned may not cancel, terminate, or revoke this Subscription Agreement or any agreement
of the undersigned made hereunder, except as otherwise specifically provided herein, and that this Subscription Agreement shall
survive the death or disability of the undersigned and shall be binding upon the undersigned’s heirs, executors, administrators,
successors, and assigns.

5.              
Any of the representations, warranties, acknowledgments, or agreements made herein by the undersigned notwithstanding, the
undersigned does not hereby or in any other manner waive any rights granted to the undersigned under federal or state securities
laws.

6.              
This Subscription Agreement constitutes the entire agreement between the Company and the undersigned with respect to the
subject matter hereof and may be amended only by a writing executed by the Company and the undersigned.

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7.              
This Subscription Agreement shall be enforced, governed, and construed in all respects in accordance with the laws of the
State of Delaware, without regard to conflict of laws provisions that would require the application of the laws of another jurisdiction,
and the securities laws of the United States of America.

8.              
Within ten (10) business days after receipt of a written request from the Company, the undersigned agrees to provide such
information and to execute and deliver such documents as reasonably may be necessary to comply with any and all laws, rules, and
regulations to which the Company is subject.

9.              
The representations and warranties of the undersigned set forth herein shall survive the sale of the Common Shares pursuant
to this Subscription Agreement.

10.           
Any notice or other communication given hereunder shall be in writing and sent (a) by email (receipt confirmed), (b) by
a recognized overnight delivery service (charges prepaid), or (c) by messenger, addressed to ANDOVER NATIONAL CORPORATION, 333
Avenue of the Americas, Suite 2000, Miami, Florida 33131-2185, Attention: Investor Relations, Email: IR@andovernational.com, with
a copy to Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C., 666 Third Avenue, New York, New York 10017, Attention: Kenneth R.
Koch, Esq and Daniel A. Bagliebter, Esq., Email: krkoch@mintz.com and dabagliebter@mintz.com. Notices shall be deemed given only
when received.

11.           
The terms and provisions of this Subscription Agreement may be waived, or consent
for the departure therefrom granted, only by written document executed by the party entitled to the benefits of such terms or provisions.
No such waiver or consent shall be deemed to be or shall constitute a waiver or consent with
respect to any other terms or provisions of this Subscription Agreement, whether or not similar. Each such waiver or consent shall
be effective only in the specific instance and for the purpose for which it was given, and shall not constitute a continuing waiver
or consent.

12.           
The parties hereto acknowledge and agree that: (i) each party has had the opportunity to have counsel review the terms and
provisions of this Subscription Agreement; (ii) the rule of construction to the effect that any ambiguities are resolved against
the drafting party shall not be employed in the interpretation of this Subscription Agreement; and (iii) the terms and provisions
of this Subscription Agreement shall be construed fairly as to the parties hereto and not in favor of or against any party, regardless
of which party was generally responsible for the preparation of this Subscription Agreement. Whenever used herein, the singular
number shall include the plural, the plural shall include the singular, the use of any gender shall include all persons.

13.           
The headings and captions of the various subdivisions of this Subscription Agreement are for convenience of reference only
and shall in no way modify or affect the meaning or construction of any of the terms or provisions hereof.

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14.           
Each of the parties hereto shall pay its own fees and expenses (including the fees of any attorneys, accountants, appraisers,
or others engaged by such party) in connection with this Subscription Agreement and the transactions contemplated hereby whether
or not the transactions contemplated hereby are consummated.

15.           
This Subscription Agreement may be executed in counterparts. Upon the execution and delivery of this Subscription Agreement
by the undersigned, this Subscription Agreement shall become an irrevocable binding obligation of the undersigned with respect
to the purchase of Common Shares as herein provided, except as may otherwise be provided herein, subject, however, to the right
hereby reserved to the Company to enter into the same agreements with other investors.

[Remainder of page intentionally left
blank]

 

 

 

 

 

 

 

 

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E.              
Subscription.

The undersigned hereby subscribes for
_________________ Common Shares in the Company for an aggregate purchase price of $_________________ ($10.00 per share) in accordance
with the terms of the Subscription Agreement.

F.              
Form of Ownership. Please indicate the form of ownership you desire.

		_______	Individual or entity or trust (one signature required, unless otherwise required by organization
documents)

		_______	Joint Tenants with right of survivorship (both parties must sign) Tenants-in-Common (all parties
must sign)

		_______	Community Property (one signature required if Common Shares held in one name, i.e., ranging spouse;
two signatures required if Common Shares are held in both names)

__________________________________________________

Please PRINT here the exact name(s)
in which you wish the Common Shares registered.

__________________________________________________

 

ACCEPTED

ANDOVER NATIONAL CORPORATION

By: _____________________________

 

Name:  ___________________________

 

Title: _____________________________

 

Dated: ______________________, 2019

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SIGNATURE PAGE TO SUBSCRIPTION AGREEMENT

FOR INDIVIDUALS

If the Common Shares
are to be owned by joint tenants or tenants-in-common, all tenants must sign. If the Common Shares are to be owned as community
property, one signature is required if they are to be held in one name and two signatures are required if they are to be held in
both names.

	Investor #1	Investor #2
	
        _______________________________

        Signature
	
        _______________________________

        Signature

	
        _______________________________

        Social Security Number
	
        _______________________________

        Social Security Number

	
        _______________________________

        Print Name
	
        _______________________________

        Print Name

	
        _______________________________

        E-mail Address
	
        _______________________________

        E-mail Address

	
        Residence Address:

        _______________________________

        _______________________________

        _______________________________
	
        Residence Address:

        _______________________________

        _______________________________

        _______________________________

	
        Executed at:

        _______________________________

        City
	
        Executed at:

        _______________________________

        City

	This ___ day of ______________, 2019	This ___ day of ______________, 2019

 

Mailing Address

(if different from residence address):

_________________________________

_________________________________

_________________________________

 

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SIGNATURE PAGE TO SUBSCRIPTION AGREEMENT

FOR CORPORATE INVESTORS

Note: An officer duly
authorized to bind the corporation must sign and include copies of the corporation’s articles or certificate of organization
or incorporation and bylaws (and any amendments) and corporate resolutions or other documents authorizing the officer to sign on
behalf of the corporation, which copies must be certified by the corporate secretary or clerk as true and correct.

_____________________________________

Exact Name of Corporation (please print
or type)

By: ________________________

Signature of Authorized Officer

________________________________________

Signing Officer’s Name and Title
(please print or type)

Taxpayer Identification No.: _____________________________

E-mail Address: ______________________________________

Address of Principal

Corporate Offices:

__________________________

__________________________

__________________________

__________________________

Mailing Address:

(if different):

__________________________

__________________________

__________________________

__________________________

Attention: __________________

Executed at _______________________, ____________________

		City	State

This ______ day of _____________, 2019.

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SIGNATURE PAGE TO SUBSCRIPTION AGREEMENT

FOR PARTNERSHIP/LIMITED LIABILITY
COMPANY INVESTORS

Note: A partner, manager or member
duly authorized to bind the partnership or limited liability company must sign.

_____________________________________

Exact Name of Corporation (please print
or type)

By: _____________________________________________

Signature of Authorized General
Partner/Manager/Member

______________________________________________________________

Name and Title of Signing General Partner/Manager/Member
(please print or type)

Taxpayer Identification No.: ___________________________

E-mail Address: ____________________________________

Principal Business Offices:

_________________________

_________________________

_________________________

_________________________

Mailing Address:

(if different):

_________________________

_________________________

_________________________

_________________________

Attention: _________________

Executed at _______________________, ____________________

		City	State

This ______ day of _____________, 2019.

 

    	 	12	 

    	 

    

EXHIBIT A

INVESTOR QUESTIONNAIRE

 

 

 

 

 

 

    	 	A-1	 

    	 

    

EXHIBIT B

“BAD ACTOR” QUESTIONNAIRE

 

 

 

 

 

 

 

 

 

    	 	B-1	 

    	 

    

EXHIBIT C

RISK FACTORS

 

 

 

 

 

 

 

 

    	 	C-1

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