Document:

Exhibit 10.24
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DOUBLEVERIFY HOLDINGS, INC. DEFERRED COMPENSATION PLAN
October 27, 2021
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TABLE OF CONENTS
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	SECTION 1 DEFINITIONS
	1

	1.1.
	Account
	1

	1.2.
	Administrative Committee
	1

	1.3.
	Affiliate
	1

	1.4.
	Beneficiary
	1

	1.5.
	Board of Directors
	1

	1.6.
	Code
	1

	1.7.
	Code Section 409A
	1

	1.8.
	Company
	1

	1.9.
	Compensation
	1

	1.10.
	Deferral Election Form
	2

	1.11.
	Effective Date
	2

	1.12.
	ERISA
	2

	1.13.
	In-Service Distribution Date
	2

	1.14.
	Non-Employee Director
	2

	1.15.
	Participant
	2

	1.16.
	Participating Company
	2

	1.17.
	Separation from Service
	2

	1.18.
	Separation from Service Payment Date
	3

	SECTION 2 ELIGIBILITY
	3

	2.1.
	Eligibility Requirements
	3

	2.2.
	Termination of Eligibility
	3

	SECTION 3 DEFERRALS
	3

	3.1.
	Deferral Elections
	3

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	3.2.
	Administrative Committee Authority
	4

	3.3.
	Manner of Deferral
	4

	3.4.
	Vesting
	4

	3.5.
	Change in Compensation
	4

	3.6.
	Hardship
	4

	3.7.
	Company Contribution
	4

	SECTION 4 ACCOUNTS AND INVESTMENTS
	5

	4.1.
	Accounts
	5

	4.2.
	Investment Election
	5

	SECTION 5 DISTRIBUTION
	5

	5.1.
	Distribution on Separation from Service
	5

	5.2.
	In-Service Distributions
	6

	5.3.
	Distribution upon Death
	6

	5.4.
	Hardship Distributions Upon an Unforeseeable Emergency
	7

	5.5.
	Delayed Distribution for Payments Subject to Code Section 162(m)
	7

	5.6.
	Reemployment
	8

	5.7.
	Distribution for Domestic Relations Order
	8

	5.8.
	Valuation and Settlement
	8

	SECTION 6 CLAIMS PROCEDURE
	8

	6.1.
	General Rules
	8

	6.2.
	Claims Review
	8

	6.3.
	Right of Appeal
	9

	6.4.
	Review of Appeal
	9

	6.5.
	Legal Actions
	9

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	SECTION 7 ADMINISTRATION
	10

	7.1.
	Function of Administrative Committee
	10

	7.2.
	Plan Expenses
	10

	SECTION 8 AMENDMENT AND TERMINATION
	10

	SECTION 9 MISCELLANEOUS
	11

	9.1.
	Funding
	11

	9.2.
	Taxation
	11

	9.3.
	Nonassignability
	11

	9.4.
	Limitation of Rights; Employment or Service Relationship
	12

	9.5.
	Gender and Number; Captions or Headings
	12

	9.6.
	Applicable Law; Severability
	12

	9.7.
	Indemnification
	12

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PREAMBLE
The DoubleVerify Holdings, Inc. Deferred Compensation Plan (the “Plan”) is established effective October 27, 2021, and shall be administered as an unfunded plan which is maintained primarily for the purpose of allowing a select group of management or highly compensated employees and outside members of the Board of Directors of DoubleVerify Holdings, Inc. and its eligible U.S. affiliates to defer eligible compensation (a “top-hat plan”) under ERISA sections 201(2), 301(a)(3) and 401(a)(1).  The Plan is not intended to meet the qualification requirements of Internal Revenue Code section 401(a).
SECTION 1
DEFINITIONS
Whenever the following words and phrases are used in this Plan with the first letter capitalized, they shall have the meanings specified below:
	1.1.
	Account.  The Account maintained by the Company for each Participant in accordance with Section 4.1 with respect to any deferrals and contributions under the Plan and any adjustments thereto pursuant to Section 4.1.

	1.2.
	Administrative Committee.  The Company’s Compensation Committee of the Board of Directors.

	1.3.
	Affiliate.  The Company and all persons with whom the Company would be considered a single employer under Code sections 414(b) or 414(c).  For purposes of Section 1.17, however, the language of “at least 50 percent” shall be used instead of “at least 80 percent” when applying the applicable standards under Code sections 414(b) or 414(c), in accordance with Treasury Regulation section 1.409A-1(h)(3).

	1.4.
	Beneficiary.  The person, people, estate, trust, or organization entitled to receive death benefits under Section 5.3.

	1.5.
	Board of Directors.  The Board of Directors of the Company as constituted from time to time.

	1.6.
	Code.  The Internal Revenue Code of 1986, as amended.

	1.7.
	Code Section 409A.  Section 409A of the Internal Revenue Code and the regulations thereunder.

	1.8.
	Company.  DoubleVerify Holdings, Inc. a Delaware corporation, which is the Plan sponsor.

	1.9.
	Compensation.  The Participant’s base salary (including vacation pay, sick pay, and holiday pay), cash fees paid to a Non-Employee Director (including the cash retainer), overtime, shift differentials, commissions, and any cash bonus payments made to a Participant by a Participating Company.  For purposes of the Plan, a Participant’s Compensation shall include: (i) any salary or bonus deferrals or reductions pursuant to

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Code sections 401(k) and 125; (ii) any short-term disability pay or similar leave of absence pay (other than workers’ compensation or long-term disability) paid from the Participating Company’s W-2 payroll; and (iii) payment of, prior to a Participant’s Separation from Service, accrued but unused vacation and sick pay.  Compensation shall not include: (i) any amounts paid by an entity that is a foreign Affiliate or by an entity that is not a Participating Company; (ii) severance pay; (iii) income arising from taxable non-cash fringe benefits; and (iv) any compensation attributable to stock incentives such as stock option exercises or restricted stock units. For purposes of clarity, Compensation shall include amounts described in the first and second sentence of this Section 1.09 that are paid with respect to the pay period in which such Participant's Separation from Service occurs, but which shall not include payouts for unused accrued vacation paid as a result of the Separation from Service or any amounts paid as severance.
	1.10.
	Deferral Election Form.  A paper or electronic election form prescribed by the Administrative Committee on which an individual may elect to defer Compensation in accordance with Section 3.1.

	1.11.
	Effective Date.  The date set forth above in this Plan document.

	1.12.
	ERISA.  The Employee Retirement Income Security Act of 1974, as amended.

	1.13.
	In-Service Distribution Date.  The March 1 of the year selected by the Participant for the commencement of payment prior to the Participant’s Separation from Service in accordance with the procedures established by the Administrative Committee.

	1.14.
	Non-Employee Director.  A member of the Board of Directors who is not an employee of the Company or any Affiliate.

	1.15.
	Participant.  An employee or a Non-Employee Director who satisfies the eligibility requirements of Section 2 and has made a deferral election under Section 3.

	1.16.
	Participating Company.  The Company and each U.S. Affiliate, other than a U.S. Affiliate that has been excluded from Plan participation by the Administrative Committee.

	1.17.
	Separation from Service.  A separation from service as defined under Code Section 409A.  In accordance with Code Section 409A, an employee’s employment relationship is treated as continuing intact while the employee is on military leave, sick leave, or other “bona fide leave of absence” if the period of such leave does not exceed six months, or if longer, so long as the employee retains a right to reemployment with the Company or an Affiliate under an applicable statute or by contract.  A leave of absence constitutes a “bona fide leave of absence” only if there is a reasonable expectation that the employee will return to perform services for the Company or an Affiliate.  If the period of leave exceeds six months and the individual does not retain a right to reemployment under an applicable statute or by contract, the employment relationship is deemed to terminate on the first date immediately following such six-month period.  Notwithstanding the foregoing, where a leave of absence is due to any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a

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continuous period of not less than six months, where such impairment causes the employee to be unable to perform the duties of his or her position of employment or any substantially similar position of employment, a period of absence up to 29 months shall be substituted for such six-month period.
	1.18.
	Separation from Service Payment Date.  The first March 1 or September 1 that follows the six-month anniversary of the Participant’s Separation from Service.

SECTION 2
ELIGIBILITY
	2.1.
	Eligibility Requirements.  An individual shall be eligible to elect to defer Compensation under the Plan if the individual is: (i) an employee who is designated by the Board of Directors as an “officer” of a Participating Company for purposes of Section 16 of Securities Exchange Act of 1934, as amended; (ii) a Non-Employee Director; or (iii) other employee of a Participating Company that is a member of select group of management or highly compensated employees as determined by the Administrative Committee. An employee or a Non-Employee Director shall be eligible to participate in the Plan only if the employee or the Non-Employee Director is so notified, in writing, by the Company of the material terms of the Plan.

	2.2.
	Termination of Eligibility.  In the event that a Participant, other than a Non-Employee Director, ceases to be an eligible employee, the Participant’s Deferral Election Form shall remain in effect through the end of the applicable deferral period in which the Participant remains employed but has ceased to be an eligible employee, and thereafter, the Participant shall submit no further Deferral Election Forms unless and until the Participant again becomes an eligible employee. In the event that a Participant performs services outside the United States (i.e., international assignment) but remains employed by, and receives Compensation from, a Participating Company, the Participant’s Deferral Election Form shall remain in effect through the end of the applicable deferral period, and thereafter, the Participant shall submit no further Deferral Election Forms unless and until permitted by the Administrative Committee.

SECTION 3
DEFERRALS
	3.1.
	Deferral Elections.

		(a)
	General Rule.  Except as otherwise provided below and in accordance with the deadlines established by the Administrative Committee under Section 3.2, each eligible employee and Non-Employee Director may elect to defer Compensation for services performed during a calendar year by submitting a Deferral Election Form no later than the end of the calendar year preceding the calendar year to which the election relates.  The Administrative Committee may establish different election periods for certain types of Compensation to the extent permitted under Code Section 409A, including but not limited to, Compensation that qualifies as “performance-based compensation” or “fiscal-year compensation” under Code

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Section 409A.  To the extent permitted by the Administrative Committee, an individual who is newly eligible to participate in the Plan may submit a Deferral Election Form in the time and manner determined by the Administrative Committee in accordance with Code Section 409A.
		(b)
	Distribution Schedule.  A Participant’s Deferral Election Form shall, in accordance with the procedures established by the Administrative Committee, set forth the Participant’s elections regarding the time and form of payment with respect to the Compensation deferred under that Deferral Election Form and any adjustments thereto pursuant to Section 4.1, subject to the requirements described in Section 5 and Code Section 409A.

	3.2.
	Administrative Committee Authority.  The Administrative Committee shall establish from time to time the election periods during which Deferral Election Forms may be submitted, including periods otherwise ending prior to those described in Section 3.1 but otherwise in accordance with Code Section 409A.

	3.3.
	Manner of Deferral.  A Participant’s deferrals of base salary (or with respect to a Non-Employee Director, the cash retainer) may be taken ratably during the applicable calendar year or in any manner determined by the Administrative Committee; provided that such deferrals during the calendar year, in the aggregate, reflect the Participant’s Deferral Election Form with respect to base salary (or with respect to a Non-Employee Director, the cash retainer) in accordance with Code Section 409A.

	3.4.
	Vesting.  A Participant shall have a nonforfeitable right to amounts deferred pursuant to his or her Deferral Election Form and adjustments thereto pursuant to Section 4.1.

	3.5.
	Change in Compensation.  A Deferral Election Form shall continue in effect notwithstanding any change in the Participant’s Compensation (e.g., changes due to demotion, promotion, leaves of absence, etc.)  If, during a deferral period, a Participant is on a bona fide leave of absence with the Participating Company’s consent, or in military service in conformity with the Participating Company’s policies, the Participant’s Deferral Election Form for that period shall continue if Compensation is being continued by the Participating Company.  If Compensation is not being continued, then, upon the Participant’s return to employment, his or her deferrals will be resumed in accordance with the Deferral Election Form then in effect, but no additional deferrals will be required or permitted to make up for amounts not deferred during periods of no Compensation.

	3.6.
	Hardship.  In the event a Participant receives a hardship distribution pursuant to Section 5.4, the Participant’s deferrals pursuant to the Deferral Election Form with respect to the deferral period in which the hardship distribution occurs shall be cancelled in accordance with Code Section 409A.  The Participant may submit a new Deferral Election Form with respect to subsequent deferral periods to the extent permitted under this Section 3.

	3.7.
	Company Contribution.  The Company may, in its discretion, cause a credit of additional amounts to one or more Participant Account(s).  The Administrative Committee may, with respect to such amounts, establish terms and conditions as it deems

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appropriate, including vesting and distribution schedules; provided that, in the absence of the Administrative Committee establishing such distribution schedule, any amount credited under this Section 3.7 shall be paid in a lump sum following Separation from Service as described in Section 5.1.
SECTION 4
ACCOUNTS AND INVESTMENTS
	4.1.
	Accounts.  For record keeping purposes only, a separate Account shall be maintained for each Participant.  Separate sub-accounts shall be maintained to the extent necessary to properly reflect the Participant’s election of investment funds under Section 4.2 and the Participant’s election of different distribution schedules under Section 3.1(b).  A Participant’s Account shall be credited or debited from time to time, as applicable, to reflect a Participant’s deferrals under Section 3.1, any Company contributions under Section 3.7, any earnings, losses, and fees credited or debited pursuant to Section 4.2, and any expenses and distributions.  The specific method of valuing the Accounts shall be in the sole discretion of the Administrative Committee.

	4.2.
	Investment Election.  A Participant may elect, pursuant to procedures established by the Administrative Committee, that his or her Account be credited or debited with gains and losses (and any applicable fees) as if the Account had been invested in one or more of the investment funds offered under the Plan, as may be determined by the Administrative Committee from time to time.  In no event may a Participant direct the notional investment of his or her Account directly into stock, debt, or other securities of the Company.  A Participant may change investment elections pursuant to procedures established by the Administrative Committee.

SECTION 5
DISTRIBUTION
	5.1.
	Distribution on Separation from Service.

		(a)
	Payment of a Participant’s Account shall commence as of the Participant’s Separation from Service Payment Date or any such later date as may be permitted under Code Section 409A.  Except as otherwise required by Sections 5.1(b) or (c), payment of a Participant’s Account shall be made in the form of a lump sum unless the Participant has elected to receive all or part of his or her Account following Separation from Service in the form of installments for between two (2) and ten (10) years, in which case, the first installment shall be paid on the Participant’s Separation from Service Payment Date and each subsequent installment paid as of each following March.  Such installment election must be made at the same time that the Participant submits his or her Deferral Election Form for such deferral period. In no event will any payment under this Section 5.1

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be made within the six-month period following a Participant’s Separation from Service.
		(b)
	If the Participant has elected for amounts to be paid upon an In-Service Distribution Date and the Participant incurs a Separation from Service prior to such In-Service Distribution Date, payment of such amounts shall commence on the Separation from Service Payment Date but in the form (lump sum or installments) applicable to that In-Service Distribution Date. If a Participant incurs a Separation from Service on or after the Participant’s In-Service Distribution Date, such payments designated under the In-Service Distribution Date election shall continue as scheduled without regard to the Participant’s Separation from Service.

		(c)
	Notwithstanding Sections 5.1(a) or (b) above, if any election to receive installment payments has been made and a Participant’s Account, when aggregated with any other amounts that are treated as under a single “plan” with the Plan as described in Treasury Regulation section 1.409A-1(c), is less than the deferral limit under Code section 402(g)(1)(B) as of the Separation from Service Payment Date (i.e., when the initial installment payment would otherwise occur), the Account shall be paid in a lump sum on the applicable Separation from Service Payment Date.

	5.2.
	In-Service Distributions.

		(a)
	A Participant’s Deferral Election Form may designate an In-Service Distribution Date.  Payment will be made in a lump sum unless the Participant has elected to receive payment in installments between two (2) and ten (10) years.   Any election under this Section 5.2(a) must be made at the same time that the Participant submits his or her Deferral Election Form for such deferral period.

		(b)
	A Participant may modify a previously submitted distribution election under this Section 5.2 to receive an in-service distribution provided that: (i) such modification shall not take effect until at least twelve (12) months after the date on which such modification is made, (ii) the scheduled payment date under such modification is deferred at least five (5) years from the previously scheduled payment date, and (iii) that such modification must be made no less than twelve (12) months before the previously scheduled payment date.  Such modification shall be made in the manner prescribed by the Administrative Committee.

	5.3.
	Distribution upon Death.

		(a)
	Timing and Form of Payment.  If a Participant dies prior to receiving a complete distribution of the Participant’s Account (including any remaining installments), the Company will pay to the Participant’s Beneficiary the remaining Account in a single lump sum by December 31 of the first calendar year following the calendar year in which the Participant died.

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		(b)
	Beneficiaries.  In accordance with procedures established by the Administrative Committee, each Participant may designate a Beneficiary to receive his or her Account in the event of his or her death.  A Participant may change or revoke a previous designation of a Beneficiary at any time.  A designation or revocation shall be effective only if it is made in accordance with procedures established by the Administrative Committee and received by the Administrative Committee prior to the Participant’s death.  If a Participant has no valid beneficiary designation on file with the Administrative Committee, or his or her Beneficiary or Beneficiaries have predeceased him, death benefits shall be paid to the Participant’s current lawful spouse, if then living, and if none, to the Participant’s estate.

The Administrative Committee may require and rely upon such proof of death and such evidence of the right of any Beneficiary or other person to receive a deceased Participant’s Account as the Administrative Committee may deem proper, and the Administrative Committee’s determination of death and of the right of the Beneficiary or other person to receive payment shall be conclusive and binding on all persons.  A Beneficiary who has become entitled to death benefits may also designate one or more Beneficiaries to receive benefits upon his or her death in accordance with the foregoing as if the Beneficiary were the Participant.  In the absence of a valid beneficiary designation, any remaining benefits shall be paid in accordance with the last sentence of the preceding paragraph as if the Beneficiary were the Participant.  The payment of benefits under the Plan to a Beneficiary shall fully and completely discharge the Company and the Administrative Committee from all further obligations under the Plan with respect to the Participant and the Beneficiary.
	5.4.
	Hardship Distributions Upon an Unforeseeable Emergency.  Upon a finding that a Participant has suffered an “unforeseeable emergency” within the meaning of Code Section 409A, the Administrative Committee, or its authorized delegatee, may, in its sole discretion, make a hardship distribution from the Participant’s Account.  A Participant requesting a hardship distribution shall do so in the form and manner prescribed by the Administrative Committee (or its delegatee) and shall provide such information as the Administrative Committee (or its delegatee) may require.  The amount of the hardship distribution shall be limited to the amount reasonably necessary to meet the Participant’s needs resulting from the unforeseeable emergency, including any amounts necessary to pay federal, state and/or local income taxes reasonably anticipated to result from the distribution.  If a hardship distribution is made under this Section 5.4, the Participant’s deferrals shall cease in accordance with Section 3.6.

	5.5.
	Delayed Distribution for Payments Subject to Code Section 162(m).  The Administrative Committee may elect to delay a payment in accordance with Treasury Regulation section 1.409A-2(b)(7)(i) to the extent that, if the payment were made as scheduled, the Company’s deduction with respect to the payment would not be permitted due to the application of Code section 162(m).

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	5.6.
	Reemployment.  If, after a Participant’s Separation from Service, the Participant is reemployed by the Company or an Affiliate prior to receiving complete distribution of his or her Account (including any remaining installments), payment of the remaining amounts shall be made as scheduled without regard to the Participant’s reemployment.

	5.7.
	Distribution for Domestic Relations Order.  Subject to any policies and procedures established by the Administrative Committee, benefits may be paid from the balance of a Participant’s Account in accordance with a “domestic relations order” referred to under Treasury Regulation section 1.409A-3(j)(4)(ii).

	5.8.
	Valuation and Settlement.  The amount of the lump sum distribution or the amount of the installment under this Section 5 shall be based on the value of the Participant’s Account as of the first day of the month in which the applicable payment date occurs, and such other dates as the Administrative Committee may determine.  If the first day of the month in which the applicable payment date occurs is a non-business day, the amount of the lump sum distribution or the amount of the installment under this Section 5 shall be based on the value of the Participant’s Account as of the last business day of the month preceding the applicable payment date.

SECTION 6
CLAIMS PROCEDURE
	6.1.
	General Rules.  A Participant or Beneficiary who does not receive a benefit to which he or she believes he or she is entitled may present a claim to the Administrative Committee.  Each Participant or Beneficiary who wishes to file a claim for benefits with the Administrative Committee shall do so in the manner prescribed by the Administrative Committee.  Any claim for benefits shall be filed within the earlier of (a) one hundred eighty (180) days after payment of the benefit has commenced, or (b) one hundred eighty (180) days after the claimant first knew or reasonably should have known the principal facts on which the claim is based.

	6.2.
	Claims Review.  If the claim for benefits is wholly or partially denied, the Administrative Committee shall notify the claimant in writing of such denial of benefits within a reasonable period of time (not to exceed ninety (90) days) after the Administrative Committee initially received the benefit claim.  If additional time is needed to process the claim, the Administrative Committee shall provide the claimant with notice of the extension prior to the termination of the initial ninety (90) day period.  In no event shall such extension exceed a period of ninety (90) days from the end of such initial period.  The extension notice shall indicate the special circumstances requiring an extension of time and the date by which the Administrative Committee expects to make the benefit determination.  Any notice of a denial of benefits shall advise the claimant of: (a) the specific reason or reasons for the denial; (b) reference to the specific provisions of the Plan provisions on which the denial is based; (c) a description of the Plan’s review procedures and the time limits applicable to such procedures; and (d) a description of any

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additional material or information necessary for the claimant to complete his or her claim and an explanation of why such material or information is necessary.
	6.3.
	Right of Appeal.  Each claimant whose claim for benefits has been denied shall have the opportunity to file with the Administrative Committee a written request for a full and fair review of his or her claim, to be provided, upon request, reasonable access to and copies of all documents, records, and other information relevant to his or her claim (without regard to whether such documents, records, or information were considered or relied upon in the initial denial of the claim) and to submit written comments, documents, records, and other information regarding his or her claim.  Such written request for review of his or her claim must be filed by the claimant within sixty (60) days after receipt of written notification of the denial of the claim.

	6.4.
	Review of Appeal.  The Administrative Committee shall issue a decision regarding the claim not later than sixty (60) days (or such additional period required by special circumstances, but not to exceed an additional sixty (60) days, provided written notice of the extension is furnished to the claimant prior to the commencement of the extension) after receipt of such request for review.  Such review shall take into account all comments, documents, records, and other information submitted by the claimant relating to the claim, without regard to whether such information was submitted or considered in the initial benefit determination.  The decision on review shall be written in a manner calculated to be understood by the claimant, shall include specific reasons for any adverse decision with references to the specific Plan provisions on which the decision is based, and shall also include: (a) a statement that upon request and free of charge, the claimant is entitled to receive reasonable access to and copies of all documents and records relevant to his or her claim for benefits; and (b) a statement of the claimant’s right to bring a civil action under ERISA section 502(a) following denial of the claim after review.

	6.5.
	Legal Actions.  Notwithstanding any other provision of this Plan:

		(a)
	No legal action for benefits under the Plan shall be brought unless and until the claimant, in accordance with the foregoing provisions, (i) has submitted a claim for benefits; (ii) has been notified by the Administrative Committee that the claim is denied; (iii) has filed a written request for a review of the claim; and (iv) has been notified in writing that the Administrative Committee has affirmed the denial of the claim.

		(b)
	No legal action may be brought against the Plan (or the Administrative Committee or any of its agents), the Company or any Affiliate (or any members of the Board of Directors, Administrative Committee, employees or agents of the Company or an Affiliate) more than one hundred eighty (180) days after the claimant is first given a written notice of the denial of his or her appeal by the Administrative Committee.  Unless the Administrative Committee specifically determines otherwise, this limitations period shall not be extended even if the Administrative Committee again considers the matter after the initial denial.  This limitations period shall apply to all actions arising out of or relating to a claim for

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benefits, including, but not limited to, any action under ERISA section 502(a)(1)(B) and any action under ERISA section 502(a)(3) to the extent said claim relates to the provision of benefits or rights under the Plan.
		(c)
	Any legal action under ERISA, involving the Plan (or the Administrative Committee or any of its agents), the Company, or any Affiliate (or any members of the Board of Directors, Administrative Committee, employees or agents of the Company or an Affiliate), including, but not limited to, a claim for benefits described in (b) above, shall be brought only in the United States District Court for the Southern District of New York.

SECTION 7
ADMINISTRATION
	7.1.
	Function of Administrative Committee.  The general administration and operation of the Plan shall be vested in the Administrative Committee.  The Administrative Committee shall be responsible for the administration of the Plan in accordance with its terms and any applicable laws and regulations, and shall have all powers reasonably necessary to carry out such responsibilities.  The Administrative Committee shall have the exclusive right and discretionary authority to carry out its responsibilities hereunder, including (but not limited to) the following: determining eligibility for, entitlement to, and amount of benefits payable under the Plan, including the authority to make determination as to the applicability of particular limitations, exclusions or other restrictions; interpreting the terms and provisions of the Plan and determining any and all questions arising under the Plan or in connection with the administration thereof, including the right to remedy or resolve possible ambiguities, inconsistencies or omissions; and making any finding of fact necessary or appropriate for any purpose under the Plan.  In carrying out its responsibilities, the Administrative Committee shall have the utmost discretion permitted by law, and all rules and regulations, findings of fact, determinations, interpretations and decisions of the Administrative Committee shall be conclusive and binding upon all persons having or claiming to have any interest or right under the plan.

The Administrative Committee may (i) allocate among any of its members any of the responsibilities of the Administrative Committee under the Plan or (ii) delegate to any person, firm or corporation that is not the Administrative Committee any of the responsibilities of the Administrative Committee under the Plan.  Any such allocation or delegation shall be made pursuant to a written instrument, and any delegate shall have the same authority as the Administrative Committee with respect to the matter allocated or delegated.
	7.2.
	Plan Expenses.  The Administrative Committee may allocate fees related to the administration of the Plan to individual Participant Accounts and the value of such Accounts shall be reduced accordingly.

SECTION 8
AMENDMENT AND TERMINATION
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The Company reserves the right to amend the Plan at any time and for any reason on behalf of all Participating Companies and to terminate the Plan and distribute any and all Accounts following such termination in accordance with Code Section 409A, by action of its Board of Directors or delegatee.  In addition, the Administrative Committee may amend the Plan to the extent it determines necessary or appropriate to comply with applicable law or to reflect any changes it determines are ministerial or necessary or appropriate to facilitate the Plan’s administration, but in either case only to the extent that such amendment does not have a substantive effect on the benefits provided hereunder.
SECTION 9
MISCELLANEOUS
	9.1.
	Funding.  This Plan is unfunded.  All obligations hereunder shall constitute an unsecured promise of the Company to pay a Participant’s benefit out of the general assets of the Company, subject to all of the terms and conditions of the Plan, as amended from time to time, and applicable law.  A Participant shall have no greater right to benefits provided hereunder than that of any unsecured general creditor of the Company.

	9.2.
	Taxation.

		(a)
	Code Section 409A Compliance.  Notwithstanding any other provision of the Plan to the contrary, the Plan shall be administered in accordance with all applicable requirements of Code Section 409A and the regulations or guidance issued with regard thereto, and any distribution, acceleration or election feature that could result in the early inclusion in gross income shall be deemed restricted or limited to the extent necessary to avoid such result.

		(b)
	Tax Withholding and Reporting.  All deferrals and payments under the Plan shall be subject to such taxes and other withholdings (federal, state, or local) as may be due thereon, and the determination of the Company or any designee thereof as to withholding with respect to deferrals, distributions, and payments shall be binding upon the Participant and each Beneficiary.

		(c)
	Favorable Tax Treatment Not Guaranteed.  The Company does not guarantee any particular tax treatment to Participants under the Plan.

	9.3.
	Nonassignability.  Except as provided below, the benefits provided by this Plan may not be assigned or alienated.  Neither the Administrative Committee nor the Company shall recognize any transfer, mortgage, pledge, hypothecation, order, or assignment by any Participant or Beneficiary of all or part of his or her interest under the Plan, and the interest shall not be subject in any manner to transfer by operation of law and shall be exempt from the claims of creditors or other claimants from all orders, decrees, levies, garnishment, and/or executions, and other legal or equitable process or proceedings against the Participant or Beneficiary to the fullest extent that may be permitted by law.  Notwithstanding the foregoing, the right to benefits payable with respect to a Participant pursuant to a domestic relations order may be created, assigned, or recognized, and paid in accordance with Section 5.7.

​

11

​

	9.4.
	Limitation of Rights; Employment or Service Relationship.  Neither the establishment of the Plan and nor any modifications thereof, nor the creation of any Account, nor the payment of any benefits, shall be construed as modifying or affecting in any way the terms of employment of any employee or of services on the Board of Directors.

	9.5.
	Gender and Number; Captions or Headings.  Wherever appropriate to the meaning or interpretation of this Plan, the masculine gender shall include the feminine, and the singular number shall include the plural and vice versa.  Captions or headings are inserted and intended for organizational format and convenience of reference only; they are not to be given independent substantive meaning for effect.

	9.6.
	Applicable Law; Severability.  This Plan shall be construed, administered, and governed in all respects in accordance with ERISA, Code Section 409A and the laws of the State of Delaware, without regard to conflict of law principles.  If any provision of this instrument shall be held by a court of competent jurisdiction to be invalid or unenforceable, the remaining provisions of the Plan shall continue to be fully effective.

	9.7.
	Indemnification.  To the extent permitted by law, the Company shall indemnify each member of the Board of Directors, Administrative Committee, and any other employee of the Company with duties under the Plan, against expenses (including any amount paid in settlement) reasonably incurred by such individual or damages imposed upon such individual in connection with any claims against him or her by reason of his or her conduct (except for willful misconduct) in the performance of duties under the Plan.

12Exhibit 4.1

    

    

      Execution Version

    

     

    
    
      NEITHER THIS WARRANT NOR THE SECURITIES AS TO WHICH THIS WARRANT MAY BE EXERCISED HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE, AND,
        ACCORDINGLY, MAY NOT BE OFFERED OR SOLD, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED OR ASSIGNED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR PURSUANT TO AN
        AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT,
        THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY.   IN ADDITION, EXERCISE OF THIS WARRANT IS SUBJECT TO LIMITATIONS SPECIFIED IN THIS WARRANT.

       

      

    

    
      COMMON STOCK PURCHASE WARRANT

      KASPIEN HOLDINGS INC.

       

      

    

    
      Warrant Shares: 320,000

      Date of Issuance: March 2, 2022 (the “Issuance Date”)

    

    
       

      

      THIS COMMON STOCK PURCHASE WARRANT (this “Warrant”) certifies that, for value received (in connection with Alimco Re Ltd. providing a $5,000,000.00 loan to KASPIEN INC
        (“Kaspien”), a subsidiary of Kaspien Holdings Inc. (the “Company”)), Alimco Re Ltd. (including its permitted and registered assigns, the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the
        conditions hereinafter set forth, at any time on or after the date of issuance hereof, to purchase from the Company up to 320,000 shares of Common Stock (as defined below) (the “Warrant Shares”) at the Exercise Price per share. The number of
        Warrant Shares for which this Warrant may be exercised is subject to adjustment in accordance with the terms hereof.

      

      

      Capitalized terms used in this Warrant shall have the meanings set forth in the body of this Warrant or in Section 20 below. For purposes of this Warrant, the term “Exercise

          Price” shall mean $0.01 per Warrant Share, and the term “Exercise Period” shall mean the period commencing on the Issuance Date and ending on the earlier of (a) 5:00 p.m. Eastern Standard Time on the five (5)-year anniversary thereof,
        or if such day is not a Business Day on the next succeeding Business Day, or (b) the occurrence of a Fundamental Transaction.

      

      

    

    
      1.          EXERCISE OF WARRANT.

       

    

    
      (a)          Mechanics of Exercise. Subject to the terms and conditions hereof,
          the rights represented by this Warrant may be exercised in whole or in part at any time or times during the Exercise Period by delivery of a written notice on any Business Day, in the form attached hereto as Exhibit A (the “Exercise
            Notice”), of the Holder’s election to exercise this Warrant. The Holder shall not be required to deliver the original Warrant in order to effect an exercise hereunder. Partial exercises of this Warrant resulting in purchases of a portion of
          the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased.  On or before the
          fifth (5th) Business Day (the “Warrant Share Delivery Date”) following the date on which the Company receives the Exercise Notice (which must be received by the Company prior to 5 p.m. Eastern Standard Time to count as received on such
          date) and payment of an amount equal to the applicable Exercise Price multiplied by the number of Warrant Shares as to which all or a portion of this Warrant is being exercised (the “Aggregate Exercise Price”, and together with the
          Exercise Notice, the “Exercise Deliveries”) in cash or by wire transfer of immediately available funds (or by cashless exercise, in which case there shall be no Aggregate Exercise Price provided), the Company may (or may direct its
          transfer agent to) deliver, to the address specified in the Exercise Notice, a notice indicating the number of shares of Common Stock to which the Holder is entitled pursuant to such exercise, or otherwise provide confirmation of such
          entitlement. Upon delivery of the Exercise Deliveries, but subject to Section 1(c), 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 notice in respect of such Warrant Shares. If this Warrant is submitted in connection with any exercise and the number of Warrant Shares represented by this Warrant is greater than the
          number of Warrant Shares being acquired upon an exercise, then the Company shall as soon as practicable and in no event later than five (5) Business Days after any exercise and at its own expense, issue a new Warrant (in accordance with Section

            5) representing the right to purchase the number of Warrant Shares purchasable immediately prior to such exercise under this Warrant, less the number of Warrant Shares with respect to which this Warrant is exercised.

       

    

    
      
        

    

    
    
      (b)          Cashless Exercise. In the event of a Fundamental Transaction, the
          Holder shall, and at any time during the Exercise Period the Holder may at its option, elect to receive, pursuant to a cashless exercise in lieu of a cash exercise, Warrant Shares equal to the value of this Warrant determined in the manner
          described below (or of any portion thereof being exercised) by surrender of this Warrant and an Exercise Notice, in which event the Company shall issue to Holder a number of Warrant Shares computed using the following formula:

       

    

    Y(A – B)

    X          =                A

    Where:

    

    

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

    Y          =          the total number of Warrant Shares for which the Holder has elected to exercise this Warrant pursuant to Section 1(a);

    A          =          the fair market value of one Warrant Share at the time of exercise of this Warrant as herein provided; and

    B          =          the Exercise Price.

    
      

      

       

      (c)          Fair Market Value. For purposes of this Section 1, the fair market value of a Warrant Share means, as of any particular date: (a) the
        volume weighted average of the closing sales prices of the Common Stock for such day on all domestic securities exchanges on which the Common Stock may at the time be listed; (b) if there have been no sales of the Common Stock on any such exchange
        on any such day, the average of the highest bid and lowest asked prices for the Common Stock on all such exchanges at the end of such day; (c) if on any such day the Common Stock is not listed on a domestic securities exchange, the closing sales
        price of the Common Stock as quoted on the Financial Industry Regulatory Authority OTC Bulletin Board electronic interdealer quotation system (the “OTC Bulletin Board”), the OTC Markets Group Inc. electronic inter-dealer quotation system (including OTCQX, OTCQB and OTC Pink) (the “Pink OTC Markets”) or similar quotation system or association for such day; or (d) if there have been no sales of
        the Common Stock on the OTC Bulletin Board, the Pink OTC Markets or similar quotation system or association on such day, the average of the highest bid and lowest asked prices for the Common Stock quoted on the OTC Bulletin Board, the Pink OTC
        Markets or similar quotation system or association at the end of such day; in each case, averaged over twenty (20) consecutive Business Days ending on the Business Day immediately prior to the day as of which "fair market value" is being
        determined; provided that if the Common Stock is listed on any domestic securities exchange, the term "Business Day" as used in this sentence means Business Days on which such exchange is open for trading.  If at any time the Common Stock
        is not listed on any domestic securities exchange or quoted on the OTC Bulletin Board, the Pink OTC Markets or similar quotation system or association, the "fair market value" of a Warrant Share shall be the fair market value per share as
        determined jointly by the board of directors of the Company and the Holder; provided, that if the board of directors of the Company and the Holder are unable to agree on the fair market value of a
        Warrant Share within a reasonable period of time (not to exceed thirty (30) days from the Company's receipt of the Exercise Notice), such fair market value shall be determined by a nationally recognized investment banking, accounting or valuation
        firm jointly selected by the board of directors of the Company and the Holder. The determination of such firm shall be final and conclusive, and the fees and expenses of such valuation firm shall be borne pro rata by the Company and the Holder
        based on the amount by which each party’s calculation of fair market value is different from the fair market value as determined by such valuation firm.  Notwithstanding anything to the contrary herein, this Warrant may not be exercised, and no
        Warrant Shares shall be issued in respect of hereof, until the fair market value of the Warrant Shares has been finally determined in accordance with this Section 1(c).

       

    

    
      2

      
        

    

    
      (d)          Holder’s Exercise Limitations. The Holder shall not have the right to exercise any portion of this Warrant, and the Company shall not effect
        any exercise of this Warrant, to the extent that after giving effect to the issuance of Warrant Shares as set forth in the applicable Exercise Notice, the Warrant Shares so issued, together with any and all Warrant Shares previously issued pursuant
        to a partial exercise of this Warrant, would exceed twelve and 84/100 percent (12.84%) of the issued and outstanding Common Stock (such amount, the “12.84% Exercise Limitation”). The determination of whether the 12.84% Exercise Limitation
        applies, and the extent to which it applies, shall be in the sole discretion of the Holder, and the submission of an Exercise Notice shall be deemed to be the Holder’s determination of the extent to which this Warrant is exercisable. 
        Notwithstanding anything to the contrary herein, the Company shall have no obligation to determine whether the 12.84% Exercise Limitation has been exceeded at any particular time and, unless otherwise notified in writing by the Holder prior to the
        applicable date of determination, the Company shall be permitted to assume that the 12.84% Exercise Limitation has not been exceeded.  Upon the written request of the Holder, the Company shall, within two (2) Business Days, confirm to the Holder
        the number of shares of Common Stock then outstanding.

       

    

    
      (e)        Anti-Dilution. If, at any time after the date hereof while this Warrant is outstanding, the Company sells or issues, any shares of Common
        Stock for less than the fair market value of the Common Stock on the date of such sale or issuance (as determined in good faith by the board of directors of the Company), such that the Warrant Shares (taking into account any such Warrant Shares
        issuable or previously issued) represent less than the 12.84% Exercise Limitation (taking into account such sale or issuance, as applicable, and based on the number of shares of Common Stock actually outstanding), then the number of Warrant Shares
        purchasable under this Warrant shall (at the time of exercise of this Warrant) be adjusted upwards to an amount equal to the 12.84% Exercise Limitation, computed at the time of such issuance; provided, however, that such adjustment
        shall be rounded down to the nearest whole share of Common Stock; provided further that anything herein to the contrary notwithstanding, there shall be no adjustment to the number of Warrant Shares issuable upon exercise of this
        Warrant with respect to any Excluded Issuance.  For purposes of this Section 1(e), the following terms have the following meanings:

       

    

    
      “Convertible Securities” means any securities (directly or indirectly) convertible into or exchangeable for Common Stock, but excluding Options.

       

      “Excluded Issuances” means any issuance or sale (or deemed issuance or sale) by the Company after the date hereof of: (a) shares of Common Stock issued upon the exercise
        of this Warrant; (b) shares of Common Stock issued directly or upon the exercise of Options to directors, officers, employees, or consultants of the Company in connection with their service as directors of the Company, their employment by the
        Company or their retention as consultants by the Company, in each case authorized by the board of directors of the Company and issued pursuant to any of the Company’s equity incentive plans from time to time (including all such shares of Common
        Stock and Options outstanding prior to the date hereof); (c) shares of Common Stock issued upon the conversion or exercise of Options (other than Options covered by clause (b) above) issued prior to the date hereof, provided that such securities are not amended after the date hereof to increase the number of shares of Common Stock issuable thereunder or to lower the exercise or conversion price thereof; (d) shares of Common Stock,
        Options or Convertible Securities issued (i) to persons in connection with a joint venture, strategic alliance or other commercial relationship with such person (including persons that are customers, suppliers and strategic partners of the Company)
        relating to the operation of the Company's business and not for the primary purpose of raising equity capital, (ii) in connection with a transaction in which the Company, directly or indirectly, acquires another business or its tangible or
        intangible assets, or (iii) to lenders as equity kickers in connection with debt financings of the Company, in each case where such transactions have been approved by the board of directors of the Company; (e) shares of Common Stock in an offering
        for cash for the account of the Company that is underwritten on a firm commitment basis and is registered with the Securities and Exchange Commission under the Securities Act of 1933, as amended; or (f) shares of Common Stock, Options or
        Convertible Securities issued to the lessor or vendor in any office lease or equipment lease or similar equipment financing transaction in which the Company obtains the use of such office space or equipment for its business.

       

      “Options” means any warrants or other rights or options to subscribe for or purchase Common Stock or Convertible Securities.

       

    

    
      3

      
        

    

    
      2.         FUNDAMENTAL TRANSACTIONS.  If, at any time while this Warrant is outstanding, (a) the Company effects
          any merger of the Company with or into another entity and the Company is not the surviving entity (such surviving entity, the “Successor Entity”), (b) the Company effects any sale of all or substantially all of its assets in one or a
          series of related transactions, (c) any tender offer or exchange offer (whether by the Company or by another individual or entity, and approved by the Company) is completed pursuant to which holders of Common Stock are permitted to tender or
          exchange their shares of Common Stock for other securities, cash or property and the holders of at least 50% of the Common Stock accept such offer, or (d) the Company effects any reclassification of the Common Stock or any compulsory share
          exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property (other than as a result of a subdivision or combination of shares of Common Stock) (in any such case, a “Fundamental
            Transaction”), then immediately prior to the occurrence of such Fundamental Transaction, this Warrant shall automatically be converted into the right to receive the number of shares of Common Stock of the Company for which this Warrant is
          exercisable at such time (assuming a cashless exercise).

       

      3.         FRACTIONAL SHARES. The Company shall not be required to issue fractions of shares upon exercise of
          this Warrant or to distribute certificates which evidence fractional shares. In lieu of fractional shares, the Company may make payment to the Holder, at the time of exercise of this Warrant as herein provided, in an amount in cash equal to such
          fraction multiplied by the fair market value (as determined in accordance with Section 1(c)) of one Warrant Share at the time of exercise of this Warrant as herein provided.

       

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

      

      

    

    
      5.          REISSUANCE.

       

    

    
      (a)          Lost, Stolen or Mutilated Warrant.  Upon receipt of evidence
          reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and upon delivery of an indemnity reasonably satisfactory to it (it being understood that a written indemnification agreement or affidavit of
          loss of the Holder shall be a sufficient indemnity) and, in case of mutilation, upon surrender of such Warrant for cancellation to the Company, the Company shall execute and deliver to the Holder, in lieu hereof, a new Warrant of like
          denomination and tenor and exercisable for an equivalent number of Warrant Shares as the Warrant so lost, stolen, mutilated or destroyed.

       

    

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

    

    
       

      

    

    
      6.          TRANSFER.

       

    

    
      (a)          Notice of Transfer.  Subject to compliance
          with applicable securities laws and the transfer conditions referred to in the legend endorsed hereon or otherwise set forth herein, this Warrant and all rights hereunder are transferable, in whole or in part, by the Holder, upon surrender of
          this Warrant to the Company at its then principal executive offices with a properly completed and duly executed Assignment of Warrant (in the form attached hereto as Exhibit B) and funds sufficient to pay any transfer taxes payable upon
          the making of such transfer.  By acceptance of this Warrant, the Holder agrees to give written notice to the Company before transferring this Warrant or transferring any Warrant Shares of such Holder’s intention to do so, describing briefly the
          manner of any proposed transfer. As a condition to such transfer, the prospective transferee or purchaser shall execute an Assignment of Warrant attached hereto as Exhibit B and such other documents and make such representations,
          warranties, and agreements as may be reasonably required by the Company solely to comply with the exemptions relied upon by the Company for the transfer or disposition of this Warrant or the Warrant Shares.  Upon such compliance, surrender,
          delivery and, if required, such payment pursuant to this Section 6(a), the Company shall execute and deliver a new Warrant or Warrants in the name of the transferee or transferees and in the denominations specified in such instrument of
          assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant, if any, not so assigned and this Warrant shall promptly be cancelled.  For the avoidance of doubt, any transferee and any subsequent transferee
          shall be subject to the 12.84% Exercise Limitation.

       

    

    
      4

      
        

    

    
      (b)          The Holder, by acceptance of this Warrant, agrees to comply in all respects with the restrictive legend
          requirements set forth on the face of this Warrant and further agrees that it shall not offer, sell or otherwise dispose of this Warrant or any Warrant Shares to be issued upon exercise hereof except under circumstances that will not result in a
          violation of the Securities Act of 1933, as amended (the “Securities Act”).  Notwithstanding anything to the contrary, this Warrant may not be transferred or exercised unless (i) the transferor, transferee, exercising Holder or its
          designated recipient of Common Stock issuable on the exercise of such Warrant and the Company, as applicable, have completed and submitted all filings, registrations or other notifications to any governmental entity that may be required pursuant
          to applicable law in connection with such transfer or exercise, (ii) all necessary approvals or waivers, as the case may be, of any governmental entity that may be required pursuant to applicable law in connection with such transfer or exercise
          have been obtained, and (iii) any waiting periods required by applicable law for the consummation of such transfer or exercise have expired or been terminated.

       

    

    
      7.          COVENANTS OF THE COMPANY.

       

    

    
      (a)        Covenants as to Shares. The Company shall procure that all Warrant
          Shares that may be issued upon the exercise of the rights represented by this Warrant are, upon issuance, validly issued and outstanding, fully paid and nonassessable, and free from all taxes, liens and charges with respect to the issuance
          thereof. The Company shall, at all times during the Exercise Period, have authorized and reserved, free from preemptive rights, a sufficient number of shares of Common Stock to provide for the exercise of the rights represented by this Warrant
          (without regard to any limitations on exercise). If at any time during the Exercise Period the number of authorized but unissued shares of Common Stock are not sufficient to permit the full exercise of this Warrant, the Company shall take such
          corporate action as may, in the opinion of its counsel, be necessary to increase its authorized but unissued shares of Common Stock to such number as is sufficient for such purposes. During the Exercise Period, the Company shall not at any time
          increase the par value of any shares of Common Stock receivable upon the exercise of this Warrant above the Exercise Price then in effect.

    

    

    

    
      (b)         Notices of Record Date. In the event of (i) any taking by the
          Company of a record of the holders of any class of securities for the purpose of determining the holders thereof who are entitled to receive any dividend or other distribution; (ii) the effectiveness of a registration statement on Form S-1 filed
          with the Securities and Exchange Commission and/or (iii) the consummation of a Fundamental Transaction, then the Company shall provide to the Holder, at least five (5) Business Days prior to the date of any such event, a notice pursuant to Section

            11, specifying the date on which any such action is expected to be taken or any such event is expected to occur.

    

    
      

      

    

    
      8.          REPRESENTATIONS AND WARRANTIES.

       

    

    
      (a)          The Company hereby represents and warrants to the Holders as of the Issuance Date as follows:

       

    

    
      	

            	(1)	
              The Company has all necessary power, capacity and authority to execute and deliver this Warrant, to perform its obligations hereunder, and to consummate the transactions contemplated hereby. This Warrant has
                been duly and validly executed and delivered by the Company and, assuming the due execution and delivery by the Holder, constitutes the legal, valid and binding obligation of the Company, enforceable against the Company in accordance with
                its terms, except to the extent that enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting the enforcement of creditors’ rights generally.

            

       

      	

            	(2)	
              All corporate actions on the part of the Company necessary for the issuance of this Warrant have been taken on or prior to the date hereof. The execution and delivery by the Company of this Warrant do not
                require any filing with or approval from any governmental authority, except for filings with the United States Securities and Exchange Commission or otherwise required under Federal or state securities laws and filings made pursuant to the
                rules and regulations of any stock exchange.

            

       

    

    
      5

      
        

    

    
      	

            	(3)	
              The authorized capital of the Company consists, immediately prior to the Issuance Date, of 5,000,0000 shares of preferred stock, $0.01 par value (none of which are outstanding), and 200,000,000 shares
                  of common stock, $0.01 par value (2,492,568 of which are issued and outstanding (excluding, for the avoidance of doubt, treasury stock)).  The number of Warrant Shares for which this Warrant may be exercised is, as of the Issuance Date,
                  equal to twelve and 84/100 percent (12.84%) of the issued and outstanding Common Stock, which number is
                  subject to adjustment in accordance with the terms hereof.

            

       

    

    
      (b)          The Holder hereby represents and warrants to the Company by acceptance of this Warrant as of Issuance Date
          (or such other date on which such Holder becomes a Holder hereunder) as follows:

       

    

    
      	

            	(1)	
              The Holder is an "accredited investor" as defined in Rule 501 of Regulation D promulgated under the Securities Act.  The Holder is acquiring this Warrant and the Warrant Shares to be issued upon exercise
                hereof for investment for its own account and not with a view towards, or for resale in connection with, the public sale or distribution of this Warrant or the Warrant Shares, except pursuant to sales registered o exempted under the
                Securities Act.

            

       

    

    
      	

            	(2)	
              The Holder understands and acknowledges that this Warrant and the Warrant Shares to be issued upon exercise hereof are "restricted securities" under the federal securities laws inasmuch as they are being
                acquired from the Company in a transaction not involving a public offering and that, under such laws and applicable regulations, such securities may be resold without registration under the Securities Act only in certain limited
                circumstances.  In addition, the Holder represents that it is familiar with Rule 144 under the Securities Act, as presently in effect, and understands the resale limitations imposed thereby and by the Securities Act.

            

       

    

    
      	

            	(3)	
              The Holder acknowledges that it can bear the economic and financial risk of its investment for an indefinite period, and has such knowledge and experience in financial or business matters that it is capable
                of evaluating the merits and risks of the investment in the Warrant and the Warrant Shares. The Holder has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the offering of the
                Warrant and the business, properties, prospects and financial condition of the Company.

            

       

    

    
      9.        TERMINATION OF WARRANT. This Warrant shall expire and shall no longer be exercisable upon the earlier
          of (a) the expiration of the Exercise Period and (b) the exercise in full hereof.

       

      10.       RESTRICTIVE LEGEND. The Warrant Shares shall be stamped or otherwise imprinted with a legend in
          substantially the following form:

      

      

    

    THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE, AND, ACCORDINGLY,
      MAY NOT BE OFFERED OR SOLD, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED OR ASSIGNED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR PURSUANT TO AN AVAILABLE EXEMPTION
      FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH
      SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY.    IN ADDITION, EXERCISE OF THE WARRANT IS SUBJECT TO LIMITATIONS SPECIFIED IN THE WARRANT.

     

    
      6

      
        

    

    
      11.        NOTICES.  Any notice or other communication to be given under this Warrant shall be in writing and
          may either be delivered by hand, made by facsimile transmission, sent by electronic mail transmission, disclosed in all material respects and filed on EDGAR pursuant to the Securities Exchange Act of 1934, sent by overnight courier, or sent by
          registered mail, return receipt requested, postage prepaid, as follows: (a) if to the Holder, at the Holder’s address, facsimile number or electronic mail address set forth on the signature page hereof, or at such other address as the Holder
          shall have furnished to the Company in writing; and (b) if to the Company, at the Company’s address, facsimile number or electronic mail address set forth on the signature page hereof, or at such other address as the Company shall have furnished
          to the Holder in writing.

       

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

       

      13.       GOVERNING LAW; JURISDICTION.  This Warrant and all actions arising out of or in connection with this
          Warrant shall be governed by and construed in accordance with the laws of the State of New York without regard to principles of conflicts of law (whether of the State of New York or any other jurisdiction). EACH
            PARTY HERETO HEREBY CONSENTS TO THE JURISDICTION OF ANY STATE OR FEDERAL COURT LOCATED WITHIN THE BOROUGH OF MANHATTAN, CITY OF NEW YORK, STATE OF NEW YORK AND IRREVOCABLY AGREES THAT ALL ACTIONS OR PROCEEDINGS ARISING OUT OF OR RELATING TO
            THIS WARRANT SHALL BE LITIGATED IN SUCH COURTS.  EACH PARTY HERETO EXPRESSLY SUBMITS AND CONSENTS TO THE JURISDICTION OF THE AFORESAID COURTS AND WAIVES ANY DEFENSE OF FORUM NON CONVENIENS.

       

      14.    JURY TRIAL WAIVER.  THE COMPANY AND THE HOLDER HEREBY WAIVE A TRIAL
          BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM BROUGHT BY EITHER OF THE PARTIES HERETO AGAINST THE OTHER IN RESPECT OF ANY MATTER ARISING OUT OF OR IN CONNECTION WITH THIS WARRANT.

       

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

       

      16.        RIGHTS AND OBLIGATIONS SURVIVE EXERCISE OF WARRANT.  Unless otherwise provided in this Warrant, the
          rights and obligations of the Company, of the Holder and of the holder of the Warrant Shares issued upon exercise of this Warrant hereunder shall survive the exercise of this Warrant.

       

      17.       SUCCESSORS AND ASSIGNS.  The terms and provisions of this Warrant shall inure to the benefit of, and
          be binding upon, the Company, the Holder and their respective permitted successors and assigns.

       

      18.       TITLES AND SUBTITLES.  The titles and subtitles used in this Warrant are used for convenience only and
          are not to be considered in construing or interpreting this Warrant.

       

      19.        SEVERABILITY.  In the event any one or more of the provisions of this Warrant shall for any reason be
          held invalid, illegal or unenforceable, the remaining provisions of this Warrant shall be unimpaired, and the invalid, illegal or unenforceable provision shall be replaced by a mutually acceptable valid, legal and enforceable provision, which
          comes closest to the intention of the parties underlying the invalid, illegal or unenforceable provision.

       

    

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

       

    

    
      (a)          “Business Day” means all days other than Saturdays, Sundays and any other days on which commercial
          banks in New York City are authorized or required by law to be closed for business.

       

      (b)           “Common Stock” means the Company’s common stock, par value $0.01 per share, and any other class of
          securities into which such securities may hereafter be reclassified or changed.

       

    

    
      (c)          “Required Consents” means the material filings, registrations, notifications, approvals, waivers or
          expiration or termination of any waiting periods that are necessary or required, as set forth in Section 6(b).

      

      

    

    
      21.      WARRANT REGISTER.  The Company shall keep and properly maintain at its principal executive offices
          books for the registration of the Warrant and any transfers thereof.  The Company may deem and treat the Person in whose name the Warrant is registered on such register as the Holder thereof for all purposes, and the Company shall not be affected
          by any notice to the contrary, except any assignment, division, combination or other transfer of the Warrant effected in accordance with the provisions of this Warrant.

       

    

    
      [Signature page follows]

    

    
      

      

    

    
      7

      
        

    

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

    

    

    	 	
            KASPIEN HOLDINGS INC.

          
	 	 
	 	
            By:

          	
            /s/ Kunal Chopra

          	 

    	 	
            Name: Kunal Chopra

          	 
	 	
            Title: Principal Executive Officer

          	 
	 	 	 
	 	
            Address:

          	
            Kaspien Holdings Inc.2818 N. Sullivan Road, 

            

          	 
	 	

          	Suite #130 Spokane Valley, WA 99216	 
	 	Attention: 

          	Edwin Sapienza	 

    	 	
            Facsimile:

          	 	 
	 	
            Email:

          	
            esapienza@kaspien.com

          	 

    
       

      

    

    
      
        

    

    	 	
            Agreed & Accepted:

          	 
	 	 	 
	 	
            ALIMCO RE LTD.

          	 
	 	 	 
	 	
            By:

          	
            /s/ Jonathan Marcus

          	 
	 	
            Name: Jonathan Marcus

          	 

    	 	
            Title: CEO

          	 
	 	 	 
	 	
            Address:

          	
            Alimco Re Ltd.2336 SE Ocean Blvd., #400 Stuart, FL 34996

          	 

    	 	
            Attention:

          	
            Jonathan Marcus, Chief Executive Officer

          	 
	 	
            Facsimile:

          	 	 
	 	
            Email:

          	
            jon@limadvisory.com

          	 

    
      

      

    

    
      
        

    

    
    
      EXHIBIT A

       

      

      EXERCISE NOTICE

       

      

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

       

      

    

    
      The Undersigned holder

          hereby exercises the right to purchase _________________ of the shares of Common Stock (“Warrant Shares”) of Kaspien Holdings Inc., a Delaware corporation (the “Company”), evidenced by the attached copy of the Warrant (as defined below).
          Capitalized terms used herein and not otherwise defined shall have the respective meanings set forth in the Common Stock Purchase Warrant (the “Warrant”), dated as of March 2, 2022, issued by the Company.

       

      

    

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

          

    
       

      

    

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

                

        

      

    

    
      
        
          	 	☐	
                  by cashless exercise pursuant to Section 1(b) of the Warrant for _________ Warrant Shares.

                

        

      

    

    
       

      

    

    	2.	
            Payment of Exercise Price.  If a cash exercise is selected above, the Aggregate Exercise Price in the sum of $___________________ has been
                wire transferred to the Company in accordance with the terms of the Warrant.

          

    
       

      

    

    	3.	
            Confirmation.  The undersigned hereby represents and warrants that the Required Consents have been made or obtained, as applicable.

          

    

    

    	4.	
            Delivery of Warrant Shares.  The Company shall deliver to the holder __________________ Warrant Shares in accordance with the terms of the
                Warrant.

          

    

    

    	
            Date: 

          	 	 

    	 	 
	
             (Print Name of Registered Holder)

          	 
	 	 
	
             By:

            

          	 	 

    	
             Name:

          	 	 

          
	
             Title: 

            

          	 	 

    
       

      

    

    
       

      

    

    
      
        
          Exhibit A

        

      

      8

      
        

    

    
      EXHIBIT B

       

      

      ASSIGNMENT OF WARRANT

       

      

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

       

      

    

    
      For Value Received,
          the foregoing Common Stock Purchase Warrant and all rights evidenced thereby are hereby assigned to          .  By accepting such transfer, the transferee acknowledges that it has reviewed the within Common Stock Purchase Warrant and has agreed
          to be bound in all respects by its terms and conditions; and such transferee represents and warrants that it is an “accredited investor” as defined in Rule 501(a) of Regulation D promulgated under the Securities Act of 1933, as amended.

       

      

    

    	 	 
	
            Holder

          	 
	 	 
	
            Date: 

          	 	 
	 	 

    	
             

          	 
	
            (Signature) *

          	 
	 	 
	 

          	 
	
            (Name)

          	 
	 	 
	
            

            

          	 
	
            (Address)

          	 
	 	 
	 

          	 
	
            (Social Security or Tax Identification No.)

          	 

    
      

      

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

    

    
       

      

    

    	
            Transferee

          	 
	 	 
	
            Date: 

          	 	 
	 	 
	 	 

    	 

          	 
	
            (Signature)

          	 
	 	 
	 

          	 
	
            (Name)

          	 
	 	 
	 

          	 
	
            (Address)

          	 
	 	 
	 	 

    

    

    

    

    
      Exhibit B

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