Document:

ex_103455.htm

Exhibit 10.2

 

REGISTRATION RIGHTS AGREEMENT

 

REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of January 23, 2018, by and between DPW HOLDINGS, INC., a Delaware corporation (the “Company”), and ________________, a Delaware limited liability company (together with it permitted assigns, the “Buyer”). Capitalized terms used herein and not otherwise defined herein shall have the respective meanings set forth in the Securities Purchase Agreement by and between the parties hereto, dated as of the date hereof (as amended, restated, supplemented or otherwise modified from time to time, the “Purchase Agreement”).

 

WHEREAS:

 

The Company has agreed, upon the terms and subject to the conditions of the Purchase Agreement, to sell to the Buyer that certain senior convertible promissory note in the principal amount of $1,250,000.00 (the “Note”) and a warrant to purchase 625,000 shares of Common Stock (the “Warrant”), and to induce the Buyer to enter into the Purchase Agreement, the Company has agreed to provide certain registration rights under the Securities Act of 1933, as amended, and the rules and regulations thereunder, or any similar successor statute (collectively, the “Securities Act”), and applicable state securities laws.

 

NOW, THEREFORE, in consideration of the promises and the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Buyer hereby agree as follows:

 

1.           DEFINITIONS.

 

As used in this Agreement, the following terms shall have the following meanings:

 

a.     “Investor” means the Buyer, any transferee or assignee thereof to whom a Buyer assigns its rights under this Agreement in accordance with Section 9 and who agrees to become bound by the provisions of this Agreement, and any transferee or assignee thereof to whom a transferee or assignee assigns its rights under this Agreement in accordance with Section 9 and who agrees to become bound by the provisions of this Agreement.

 

b.     “Person” means any individual or entity including but not limited to any corporation, a limited liability company, an association, a partnership, an organization, a business, an individual, a governmental or political subdivision thereof or a governmental agency.

 

c.     “Register,” “registered,” and “registration” refer to a registration effected by preparing and filing one or more registration statements of the Company in compliance with the Securities Act and/or pursuant to Rule 415 under the Securities Act or any successor rule providing for offering securities on a continuous basis (“Rule 415”), and the declaration or ordering of effectiveness of such registration statement(s) by the United States Securities and Exchange Commission (the “SEC”).

 

d.     “Registrable Securities” means all of the shares of Common Stock into which the Note is convertible into (the “Conversion Shares”) and the Warrant is exercisable into (the “Warrant Shares”) as well as the “Shares, as defined in the Purchase Agreement (the Conversion Shares, the Warrant Shares and the Shares shall collectively be referred to herein as the “Total Shares”) which have been, or which may, from time to time be issued, including without limitation all of the shares of common stock which have been issued or will be issued to the Investor under the Purchase Agreement (without regard to any limitation or restriction on purchases), and any and all shares of capital stock issued or issuable with respect to the Total Shares, shares of common stock issued to the Investor as a result of any stock split, stock dividend, recapitalization, exchange or similar event or otherwise, without regard to any limitation on purchases under the Purchase Agreement.

 

e.     “Registration Statement” means one or more registration statements of the Company covering only the sale of the Registrable Securities.

 

 

 

 

2.          REGISTRATION.

 

a.     Mandatory Registration. The Company shall, no later than February 21, 2018 (the “Filing Date”), file with the SEC an initial Registration Statement covering the maximum number of Registrable Securities (beginning first with the Conversion Shares) as shall be permitted to be included thereon in accordance with applicable SEC rules, regulations and interpretations so as to permit the resale of such Registrable Securities by the Investor, including but not limited to under Rule 415 under the Securities Act at then prevailing market prices (and not fixed prices), as mutually determined by both the Company and the Investor in consultation with their respective legal counsel, subject to the aggregate number of authorized shares of the Company’s Common Stock then available for issuance in its Certificate of Incorporation. The initial Registration Statement shall register the Registrable Securities as well as certain other registrable securities owned by third parties that the Company has previously committeed to register on a pari passu basis (the “Aggregate Registrable Securities”). The Investor and its counsel shall have a reasonable opportunity to review and comment upon such Registration Statement and any amendment or supplement to such Registration Statement and any related prospectus prior to its filing with the SEC. The Investor shall furnish all information reasonably requested by the Company for inclusion therein. The Company shall have the Registration Statement and any amendment declared effective by the SEC at the earliest possible date (in any event within one hundred and twenty (120) calendar days from the Filing Date). The Company shall keep the Registration Statement effective, including but not limited to pursuant to Rule 415 promulgated under the Securities Act and available for the resale by the Investor of all of the Registrable Securities covered thereby at all times until the earlier of (i) the date as of which the Investor may sell all of the Registrable Securities without restriction pursuant to Rule 144 promulgated under the Securities and (ii) the date on which the Investor shall have sold all the Registrable Securities covered thereby (the “Registration Period”). The Registration Statement (including any amendments or supplements thereto and prospectuses contained therein) shall not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein, or necessary to make the statements therein, in light of the circumstances in which they were made, not misleading. 

 

If: (i) a Registration Statement is not filed on or prior to its Filing Date or (ii) the Company fails to file with the SEC a request for acceleration in accordance with Rule 461 promulgated under the Securities Act, within five Business Days of the date that the Company is notified (orally or in writing, whichever is earlier) by the Commission that a Registration Statement will not be “reviewed,” or not subject to further review, or (iii) prior to the date that the SEC declares the Registration Statement effective (the “Effectiveness Date”), the Company fails to file a pre-effective amendment and otherwise respond in writing to comments made by the Commission in respect of such Registration Statement within 30 calendar days after the receipt of comments by or notice from the Commission that such amendment is required in order for a Registration Statement to be declared effective, or (iv) after the Effectiveness Date, a Registration Statement ceases for any reason to remain continuously effective as to all Registrable Securities for which it is required to be effective, or the Holders are not permitted to utilize the Prospectus therein to resell such Registrable Securities for 30 consecutive calendar days but no more than an aggregate of 60 calendar days during any 12-month period (which need not be consecutive Business Days) (any such failure or breach being referred to as an “Event”, and for purposes of clause (i) the date on which such Event occurs, or for purposes of clause (ii) the date on which such five Business Day period is exceeded, or for purposes of clause (iii) the date which such 30 calendar day period is exceeded, or for purposes of clause (iv) the date on which such 30 or 60 calendar day period, as applicable, is exceeded being referred to as “Event Date”), then in addition to any other rights the Holders may have hereunder or under applicable law, on each such Event Date and on each monthly anniversary of each such Event Date (if the applicable Event shall not have been cured by such date) until the applicable Event is cured, the Company shall pay to each Holder an amount in cash, as partial liquidated damages and not as a penalty, equal to $15,000.00. If the Company fails to pay any partial liquidated damages pursuant to this Section in full within fifteen (15) days after the date payable, the Company will pay interest thereon at a rate of 12% per annum (or such lesser maximum amount that is permitted to be paid by applicable law) to the Holder, accruing daily from the date such partial liquidated damages are due until such amounts, plus all such interest thereon, are paid in full. The partial liquidated damages pursuant to the terms hereof shall apply on a daily pro-rata basis for any portion of a month prior to the cure of an Event. 

 

b.     Rule 424 Prospectus. The Company shall, as required by applicable securities regulations, from time to time file with the SEC, pursuant to Rule 424 promulgated under the Securities Act, the prospectus and prospectus supplements, if any, to be used in connection with sales of the Registrable Securities under the Registration Statement. The Investor and its counsel shall have a reasonable opportunity to review and comment upon such prospectus prior to its filing with the SEC, and the Company shall give due consideration to all such comments received within one (1) Business Day from the date the Investor receives the final pre-filing version of such prospectus. 

 

 

 

 

c.     Sufficient Number of Shares Registered. In the event the number of shares available under the Registration Statement is insufficient to cover all of the Aggregate Registrable Securities, the Company shall amend the Registration Statement or file a new Registration Statement (a “New Registration Statement”), so as to cover all of such Aggregate Registrable Securities (subject to the limitations set forth in Section 2(a)) as soon as practicable, but in any event not later than thirty (30) days after the necessity therefor arises, subject to any limits that may be imposed by the SEC pursuant to Rule 415 under the Securities Act. The Company shall use its commercially reasonable best efforts to cause such amendment and/or New Registration Statement to become effective as soon as practicable following the filing thereof. In the event that any of the Total Shares are not included in the Registration Statement, or have not been included in any New Registration Statement and the Company files any other registration statement under the Securities Act (other than on Form S-4, Form S-8, or with respect to other employee related plans or rights offerings) (“Other Registration Statement”) then the Company shall include in such Other Registration Statement the Registrable Securities on a pari passu basis with the Aggregate Registrable Securities other than the Registrable Securities. Of the Registrable Securities, the Company shall include, first all of the Conversion Shares and second all of such Total Shares that have not been previously registered.   

 

d. Offering. If the staff of the SEC (the “Staff”) or the SEC seeks to characterize any offering pursuant to a Registration Statement filed pursuant to this Agreement as constituting an offering of securities that does not permit such Registration Statement to become effective and be used for resales by the Investor under Rule 415 at then-prevailing market prices (and not fixed prices), or if after the filing of the initial Registration Statement with the SEC pursuant to Section 2(a), the Company is otherwise required by the Staff or the SEC to reduce the number of Registrable Securities included in such initial Registration Statement, then the Company shall reduce the number of Registrable Securities to be included in such initial Registration Statement until such time as the Staff and the SEC shall so permit such Registration Statement to become effective and be used as aforesaid. In the event of any reduction in Registrable Securities pursuant to this paragraph, the Company shall file one or more New Registration Statements in accordance with Section 2(c) until such time as all Registrable Securities have been included in Registration Statements that have been declared effective and the prospectus contained therein is available for use by the Investor. Notwithstanding any provision herein or in the Purchase Agreement to the contrary, the Company’s obligations to register Registrable Securities (and any related conditions to the Investor’s obligations) shall be qualified as necessary to comport with any requirement of the SEC or the Staff as addressed in this Section 2(d) as well sa the Company’s obligations with respect to the Aggregate Registrable Securities other than the Registrable Securities.

 

3.        RELATED OBLIGATIONS.

 

With respect to the Registration Statement and whenever any Registrable Securities are to be registered pursuant to Section 2 including on any New Registration Statement, the Company shall use its reasonable best efforts to effect the registration of the Registrable Securities in accordance with the intended method of disposition thereof and, pursuant thereto, the Company shall have the following obligations:

 

a.     The Company shall prepare and file with the SEC such amendments (including post-effective amendments) and supplements to any registration statement and the prospectus used in connection with such registration statement, which prospectus is to be filed pursuant to Rule 424 promulgated under the Securities Act, as may be necessary to keep the Registration Statement or any New Registration Statement effective at all times during the Registration Period, and, during such period, comply with the provisions of the Securities Act with respect to the disposition of all Registrable Securities of the Company covered by the Registration Statement or any New Registration Statement until such time as all of such Registrable Securities shall have been disposed of in accordance with the intended methods of disposition by the seller or sellers thereof as set forth in such registration statement.

 

 

 

 

b.     Upon request of the Investor, the Company shall furnish to the Investor, (i) promptly after the same is prepared and filed with the SEC, at least one copy of such registration statement and any amendment(s) thereto, including financial statements and schedules, all documents incorporated therein by reference and all exhibits, (ii) upon the effectiveness of any registration statement, a copy of the prospectus included in such registration statement and all amendments and supplements thereto (or such other number of copies as the Investor may reasonably request) and (iii) such other documents, including copies of any preliminary or final prospectus, as the Investor may reasonably request from time to time in order to facilitate the disposition of the Registrable Securities owned by the Investor. For the avoidance of doubt, any filing available to the Investor via the SEC’s live EDGAR system shall be deemed “furnished to the Investor” hereunder.

 

c.     The Company shall use commercially reasonable best efforts to (i) register and qualify the Registrable Securities covered by a registration statement under such other securities or “blue sky” laws of such jurisdictions in the United States as the Investor reasonably requests, (ii) prepare and file in those jurisdictions, such amendments (including post-effective amendments) and supplements to such registrations and qualifications as may be necessary to maintain the effectiveness thereof during the Registration Period, (iii) take such other actions as may be necessary to maintain such registrations and qualifications in effect at all times during the Registration Period, and (iv) take all other actions reasonably necessary or advisable to qualify the Registrable Securities for sale in such jurisdictions; provided, however, that the Company shall not be required in connection therewith or as a condition thereto to (x) qualify to do business in any jurisdiction where it would not otherwise be required to qualify but for this Section 3(c), (y) subject itself to general taxation in any such jurisdiction, or (z) file a general consent to service of process in any such jurisdiction. The Company shall promptly notify the Investor who holds Registrable Securities of the receipt by the Company of any notification with respect to the suspension of the registration or qualification of any of the Registrable Securities for sale under the securities or “blue sky” laws of any jurisdiction in the United States or its receipt of actual notice of the initiation or threatening of any proceeding for such purpose.

 

d.     As promptly as practicable after becoming aware of such event or facts, the Company shall notify the Investor in writing of the happening of any event or existence of such facts as a result of which the prospectus included in any registration statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, and promptly prepare a supplement or amendment to such registration statement to correct such untrue statement or omission, and deliver a copy of such supplement or amendment to the Investor (or such other number of copies as the Investor may reasonably request). The Company shall also promptly notify the Investor in writing (i) when a prospectus or any prospectus supplement or post-effective amendment has been filed, and when a registration statement or any post-effective amendment has become effective (notification of such effectiveness shall be delivered to the Investor by email or facsimile on the same day of such effectiveness and by overnight mail), (ii) of any request by the SEC for amendments or supplements to any registration statement or related prospectus or related information, and (iii) of the Company's reasonable determination that a post-effective amendment to a registration statement would be appropriate.

 

e.     The Company shall use its reasonable best efforts to prevent the issuance of any stop order or other suspension of effectiveness of any registration statement, or the suspension of the qualification of any Registrable Securities for sale in any jurisdiction and, if such an order or suspension is issued, to obtain the withdrawal of such order or suspension at the earliest possible moment and to notify the Investor of the issuance of such order and the resolution thereof or its receipt of actual notice of the initiation or threat of any proceeding for such purpose.

 

f.     The Company shall (i) cause all the Registrable Securities to be listed on each securities exchange on which securities of the same class or series issued by the Company are then listed, if any, if the listing of such Registrable Securities is then permitted under the rules of such exchange, or (ii) secure designation and quotation of all the Registrable Securities on the Trading Market. The Company shall pay all fees and expenses in connection with satisfying its obligation under this Section.

 

g.     The Company shall cooperate with the Investor to facilitate the timely preparation and delivery of certificates (not bearing any restrictive legend) representing the Registrable Securities to be offered pursuant to any registration statement and enable such certificates to be in such denominations or amounts as the Investor may reasonably request and registered in such names as the Investor may request.

 

h.     The Company shall at all times provide a transfer agent and registrar with respect to its Common Stock.

 

 

 

 

i.     If reasonably requested by the Investor, the Company shall (i) immediately incorporate in a prospectus supplement or post-effective amendment such information as the Investor believes should be included therein relating to the sale and distribution of Registrable Securities, including, without limitation, information with respect to the number of Registrable Securities being sold, the purchase price being paid therefor and any other terms of the offering of the Registrable Securities; (ii) make all required filings of such prospectus supplement or post-effective amendment as soon as practicable upon notification of the matters to be incorporated in such prospectus supplement or post-effective amendment; and (iii) supplement or make amendments to any registration statement.

 

j.     The Company shall use its reasonable best efforts to cause the Registrable Securities covered by any registration statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to consummate the disposition of such Registrable Securities.

 

k.     Within one (1) Business Day after any registration statement which includes the Registrable Securities is ordered effective by the SEC, the Company shall deliver, and shall cause legal counsel for the Company to deliver, to the transfer agent for such Registrable Securities (with copies to the Investor) confirmation that such registration statement has been declared effective by the SEC in the form attached hereto as Exhibit A. 

 

l.     The Company shall take all other reasonable actions necessary to expedite and facilitate disposition by the Investor of Registrable Securities pursuant to any registration statement.

 

4.        OBLIGATIONS OF THE INVESTOR.

 

a.     The Company shall notify the Investor in writing of the information the Company reasonably requires from the Investor in connection with any registration statement hereunder. The Investor shall furnish to the Company such information regarding itself, the Registrable Securities held by it and the intended method of disposition of the Registrable Securities held by it as shall be reasonably required to effect the registration of such Registrable Securities and shall execute such documents in connection with such registration as the Company may reasonably request.

 

b.     The Investor agrees to cooperate with the Company as reasonably requested by the Company in connection with the preparation and filing of any registration statement hereunder.

 

c.     The Investor agrees that, upon receipt of any notice from the Company of the happening of any event or existence of facts of the kind described in Section 3(e) or the first sentence of 3(d), the Investor will immediately discontinue disposition of Registrable Securities pursuant to any registration statement(s) covering such Registrable Securities until the Investor's receipt of the copies of the supplemented or amended prospectus contemplated by Section 3(e) or the first sentence of 3(d). Notwithstanding anything to the contrary, the Company shall cause its transfer agent to promptly deliver shares of Common Stock without any restrictive legend in accordance with the terms of the Purchase Agreement in connection with any sale of Registrable Securities with respect to which an Investor has entered into a contract for sale prior to the Investor's receipt of a notice from the Company of the happening of any event of the kind described in Section 3(e) or the first sentence of Section 3(d) and for which the Investor has not yet settled.

 

5.        EXPENSES OF REGISTRATION.

 

All reasonable expenses, other than sales or brokerage commissions, incurred in connection with registrations, filings or qualifications pursuant to Sections 2 and 3, including, without limitation, all registration, listing and qualifications fees, printers and accounting fees, and fees and disbursements of counsel for the Company, shall be paid by the Company.

 

 

 

 

6.        INDEMNIFICATION.

 

a.     To the fullest extent permitted by law, the Company will, and hereby does, indemnify, hold harmless and defend the Investor, each Person, if any, who controls the Investor, the members, the directors, officers, partners, employees, agents, representatives of the Investor and each Person, if any, who controls the Investor within the meaning of the Securities Act or the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (each, an “Indemnified Person”), against any losses, claims, damages, liabilities, judgments, fines, penalties, charges, costs, attorneys' fees, amounts paid in settlement or expenses, joint or several, (collectively, “Claims”) incurred in investigating, preparing or defending any action, claim, suit, inquiry, proceeding, investigation or appeal taken from the foregoing by or before any court or governmental, administrative or other regulatory agency, body or the SEC, whether pending or threatened, whether or not an indemnified party is or may be a party thereto (“Indemnified Damages”), to which any of them may become subject insofar as such Claims (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon: (i) any untrue statement or alleged untrue statement of a material fact in the Registration Statement, any New Registration Statement or any post-effective amendment thereto or in any filing made in connection with the qualification of the offering under the securities or other “blue sky” laws of any jurisdiction in which Registrable Securities are offered (“Blue Sky Filing”), or the omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading, (ii) any untrue statement or alleged untrue statement of a material fact contained in the final prospectus (as amended or supplemented, if the Company files any amendment thereof or supplement thereto with the SEC) or the omission or alleged omission to state therein any material fact necessary to make the statements made therein, in light of the circumstances under which the statements therein were made, not misleading, (iii) any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any other law, including, without limitation, any state securities law, or any rule or regulation thereunder relating to the offer or sale of the Registrable Securities pursuant to the Registration Statement or any New Registration Statement or (iv) any material violation by the Company of this Agreement (the matters in the foregoing clauses (i) through (iv) being, collectively, “Violations”). The Company shall reimburse each Indemnified Person promptly as such expenses are incurred and are due and payable, for any reasonable legal fees or other reasonable expenses incurred by them in connection with investigating or defending any such Claim. Notwithstanding anything to the contrary contained herein, the indemnification agreement contained in this Section 6(a): (i) shall not apply to a Claim by an Indemnified Person arising out of or based upon a Violation which occurs in reliance upon and in conformity with information about the Investor furnished in writing to the Company by such Indemnified Person expressly for use in connection with the preparation of the Registration Statement, any New Registration Statement or any such amendment thereof or supplement thereto, if such prospectus was timely made available by the Company pursuant to Section 3(c); (ii) with respect to any superseded prospectus, shall not inure to the benefit of any such person from whom the person asserting any such Claim purchased the Registrable Securities that are the subject thereof (or to the benefit of any person controlling such person) if the untrue statement or omission of material fact contained in the superseded prospectus was corrected in the revised prospectus, as then amended or supplemented, if such revised prospectus was timely made available by the Company pursuant to Section 3(c), and the Indemnified Person was promptly advised in writing not to use the incorrect prospectus prior to the use giving rise to a violation and such Indemnified Person, notwithstanding such advice, used it; (iii) shall not be available to the extent such Claim is based on a failure of the Investor to deliver or to cause to be delivered the prospectus made available by the Company, if such prospectus was timely made available by the Company pursuant to Section 3(c); and (iv) shall not apply to amounts paid in settlement of any Claim if such settlement is effected without the prior written consent of the Company, which consent shall not be unreasonably withheld. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of the Indemnified Person and shall survive the transfer of the Registrable Securities by the Investor pursuant to Section 9.

 

 

 

 

b.     Promptly after receipt by an Indemnified Person or Indemnified Party under this Section 6 of notice of the commencement of any action or proceeding (including any governmental action or proceeding) involving a Claim, such Indemnified Person or Indemnified Party shall, if a Claim in respect thereof is to be made against any indemnifying party under this Section 6, deliver to the indemnifying party a written notice of the commencement thereof, and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume control of the defense thereof with counsel mutually satisfactory to the indemnifying party and the Indemnified Person or the Indemnified Party, as the case may be; provided, however, that an Indemnified Person or Indemnified Party shall have the right to retain its own counsel with the fees and expenses to be paid by the indemnifying party, if, in the reasonable opinion of counsel retained by the indemnifying party, the representation by such counsel of the Indemnified Person or Indemnified Party and the indemnifying party would be inappropriate due to actual or potential differing interests between such Indemnified Person or Indemnified Party and any other party represented by such counsel in such proceeding. The Indemnified Party or Indemnified Person shall cooperate fully with the indemnifying party in connection with any negotiation or defense of any such action or claim by the indemnifying party and shall furnish to the indemnifying party all information reasonably available to the Indemnified Party or Indemnified Person which relates to such action or claim. The indemnifying party shall keep the Indemnified Party or Indemnified Person fully apprised at all times as to the status of the defense or any settlement negotiations with respect thereto. No indemnifying party shall be liable for any settlement of any action, claim or proceeding effectuated without its written consent, provided, however, that the indemnifying party shall not unreasonably withhold, delay or condition its consent. No indemnifying party shall, without the consent of the Indemnified Party or Indemnified Person, consent to entry of any judgment or enter into any settlement or other compromise which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party or Indemnified Person of a release from all liability in respect to such claim or litigation. Following indemnification as provided for hereunder, the indemnifying party shall be subrogated to all rights of the Indemnified Party or Indemnified Person with respect to all third parties, firms or corporations relating to the matter for which indemnification has been made. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action shall not relieve such indemnifying party of any liability to the Indemnified Person or Indemnified Party under this Section 6, except to the extent that the indemnifying party is prejudiced in its ability to defend such action.

 

c.     The indemnification required by this Section 6 shall be made by periodic payments of the amount thereof during the course of the investigation or defense, as and when bills are received or Indemnified Damages are incurred.

 

d.     The indemnity agreements contained herein shall be in addition to (i) any cause of action or similar right of the Indemnified Party or Indemnified Person against the indemnifying party or others, and (ii) any liabilities the indemnifying party may be subject to pursuant to the law.

 

7.        CONTRIBUTION.

 

To the extent any indemnification by an indemnifying party is prohibited or limited by law, the indemnifying party agrees to make the maximum contribution with respect to any amounts for which it would otherwise be liable under Section 6 to the fullest extent permitted by law; provided, however, that: (i) no seller of Registrable Securities guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any seller of Registrable Securities who was not guilty of fraudulent misrepresentation; and (ii) contribution by any seller of Registrable Securities shall be limited in amount to the net amount of proceeds received by such seller from the sale of such Registrable Securities.

 

8.        REPORTS AND DISCLOSURE UNDER THE SECURITIES ACTS.

 

With a view to making available to the Investor the benefits of Rule 144 promulgated under the Securities Act or any other similar rule or regulation of the SEC that may at any time permit the Investor to sell securities of the Company to the public without registration (“Rule 144”), the Company agrees, at the Company’s sole expense, to:

 

a.     make and keep public information available, as those terms are understood and defined in Rule 144;

 

b.     file with the SEC in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act so long as the Company remains subject to such requirements and the filing of such reports and other documents is required for the applicable provisions of Rule 144;

 

c.     furnish to the Investor so long as the Investor owns Registrable Securities, promptly upon request, (i) a written statement by the Company that it has complied with the reporting and or disclosure provisions of Rule 144, the Securities Act and the Exchange Act, (ii) a copy of the most recent annual or quarterly report of the Company and such other reports and documents so filed by the Company, and (iii) such other information as may be reasonably requested to permit the Investor to sell such securities pursuant to Rule 144 without registration; and

 

 

 

 

d.     take such additional action as is requested by the Investor to enable the Investor to sell the Registrable Securities pursuant to Rule 144, including, without limitation, delivering all such legal opinions, consents, certificates, resolutions and instructions to the Company’s Transfer Agent as may be requested from time to time by the Investor and otherwise fully cooperate with Investor and Investor’s broker to effect such sale of securities pursuant to Rule 144.

 

The Company agrees that damages may be an inadequate remedy for any breach of the terms and provisions of this Section 8 and that Investor shall, whether or not it is pursuing any remedies at law, be entitled to equitable relief in the form of a preliminary or permanent injunctions, without having to post any bond or other security, upon any breach or threatened breach of any such terms or provisions.

 

9.        ASSIGNMENT OF REGISTRATION RIGHTS.

 

The Company shall not assign this Agreement or any rights or obligations hereunder without the prior written consent of the Investor.

 

10.      AMENDMENT OF REGISTRATION RIGHTS.

 

No provision of this Agreement may be amended or waived by the parties from and after the date that is one Business Day immediately preceding the initial filing of the Registration Statement with the SEC. Subject to the immediately preceding sentence, no provision of this Agreement may be (i) amended other than by a written instrument signed by both parties hereto or (ii) waived other than in a written instrument signed by the party against whom enforcement of such waiver is sought. Failure of any party to exercise any right or remedy under this Agreement or otherwise, or delay by a party in exercising such right or remedy, shall not operate as a waiver thereof.

 

11.      MISCELLANEOUS.

 

a.     A Person is deemed to be a holder of Registrable Securities whenever such Person owns or is deemed to own of record such Registrable Securities. If the Company receives conflicting instructions, notices or elections from two or more Persons with respect to the same Registrable Securities, the Company shall act upon the basis of instructions, notice or election received from the registered owner of such Registrable Securities.

 

b.     Any notices, consents, waivers or other communications required or permitted to be given under the terms of this Agreement must be in writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon receipt, when sent by facsimile or email (provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending party); or (iii) one (1) Business Day after deposit with a nationally recognized overnight delivery service, in each case properly addressed to the party to receive the same. The addresses for such communications shall to the Company as set forth below and to the Buyer as set forth on Buyer’s signature page to the Purchase Agreement:

 

If to the Company, to:

 

DPW HOLDINGS, INC.

48430 Lakeview Blvd.

Fremont, CA 94538

Attention: Milton C. Ault III

e-mail: Todd@DPWHoldings.com

 

With a copy by e-mail only (which copy shall not constitute notice) to:

 

SICHENZIA ROSS FERENCE KESNER LLP

1185 Avenue of the Americas, 37th Floor

New York, NY 10036

Attention: Marc J. Ross, Esq.

Email: mross@srfkllp.com

 

 

 

 

or at such other address and/or facsimile number and/or to the attention of such other person as the recipient party has specified by written notice given to each other party three (3) Business Days prior to the effectiveness of such change. Written confirmation of receipt (A) given by the recipient of such notice, consent, waiver or other communication, (B) mechanically or electronically generated by the sender's facsimile machine or email account containing the time, date, recipient facsimile number or email address, as applicable, and an image of the first page of such transmission or (C) provided by a nationally recognized overnight delivery service, shall be rebuttable evidence of personal service, receipt by facsimile or receipt from a nationally recognized overnight delivery service in accordance with clause (i), (ii) or (iii) above, respectively.

 

c.     The corporate laws of the State of New York shall govern all issues concerning this Agreement. All other questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by the internal laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting the New York, New York, for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof to such party at the address for such notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. If any provision of this Agreement shall be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall not affect the validity or enforceability of the remainder of this Agreement in that jurisdiction or the validity or enforceability of any provision of this Agreement in any other jurisdiction. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.  

 

d.     This Agreement and the Purchase Agreement constitute the entire agreement among the parties hereto with respect to the subject matter hereof and thereof. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein and therein. This Agreement and the Purchase Agreement supersede all prior agreements and understandings among the parties hereto with respect to the subject matter hereof and thereof.

 

e.     Subject to the requirements of Section 9, this Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns of each of the parties hereto.

 

f.     The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

 

g.     This Agreement may be executed in identical counterparts, each of which shall be deemed an original but all of which shall constitute one and the same agreement. This Agreement, once executed by a party, may be delivered to the other party hereto by facsimile transmission or by e-mail in a “.pdf” format data file of a copy of this Agreement bearing the signature of the party so delivering this Agreement.

 

h.     Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

 

 

 

 

i.     The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent and no rules of strict construction will be applied against any party.

 

j.     This Agreement is intended for the benefit of the parties hereto and their respective successors and permitted assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other Person.

 

 

 

* * * * * *

 

 

 

 

IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed as of day and year first above written.

 

 

 

THE COMPANY:

 

DPW HOLDINGS, INC.

 

 

 

	
			By:

				
			MILTON C. AULT III

				
			 

			
	
			 

				
			Name: MILTON C. AULT III

				
			 

			
	
			 

				
			Title: CHIEF EXECUTIVE OFFICER

				
			 

			

 

 

INVESTOR:

 

 

 

	
			By:

				 	
			 

			
	
			 

				
			Name: 

				
			 

			
	
			 

				
			Title: MANAGING MEMBER

				
			 

			

 

 

 

 

EXHIBIT A TO REGISTRATION RIGHTS AGREEMENT

 

FORM OF NOTICE OF EFFECTIVENESS

OF REGISTRATION STATEMENT

 

______, 2018

 

Computershare Investor Services, Inc.

510 Burrard Street, 3rd Floor

Vancouver, BC V6C 3B9

 

 

Re: [__________]

 

Ladies and Gentlemen:

 

We are counsel to DPW HOLDINGS, INC., a Delaware corporation (the “Company”), and have represented the Company in connection with that certain securities purchase agreement, dated as of January 23, 2018 (the “Purchase Agreement”), entered into by and between the Company and _________ (the “Buyer”) pursuant to which the Company has agreed to issue to the Buyer shares of the Company's common stock (the “Common Stock”) upon Buyer’s conversion of that certain senior convertible promissory note in the principal amount of $1,250,000.00 (the “Note”) (the Common Stock into which the Note is convertible into shall be referred to herein as the “Conversion Shares”). In connection with the transactions contemplated by the Purchase Agreement, the Company has registered with the U.S. Securities & Exchange Commission the following shares of Common Stock:

 

	 	
			(1)

				
			__________ shares of Common Stock to be issued to the Buyer upon Buyer’s conversion(s) under the Note in accordance with the terms of the Note.

			

 

Pursuant to the Purchase Agreement, the Company also has entered into a registration rights agreement, of even date with the Purchase Agreement with the Buyer (the “Registration Rights Agreement”) pursuant to which the Company agreed, among other things, to register the Conversion Shares under the Securities Act of 1933, as amended (the “Securities Act”). In connection with the Company's obligations under the Purchase Agreement and the Registration Rights Agreement, on [_____], 2018, the Company filed a Registration Statement (File No. 333-[_________]) (the “Registration Statement”) with the Securities and Exchange Commission (the “SEC”) relating to the resale of the Conversion Shares.

 

In connection with the foregoing, we advise you that a member of the SEC's staff has advised us by telephone that the SEC has entered an order declaring the Registration Statement effective under the Securities Act at [_____] [A.M./P.M.] on [__________], 2017 and we have no knowledge, after telephonic inquiry of a member of the SEC's staff, that any stop order suspending its effectiveness has been issued or that any proceedings for that purpose are pending before, or threatened by, the SEC and the Conversion Shares are available for resale under the Securities Act pursuant to the Registration Statement and may be issued without any restrictive legend. 

 

	 	
			Very truly yours,

			[Company Counsel]

			
	 	 
	 	 
	 	By:_____________________EXHIBIT 10.15

 

FOURTH AMENDMENT TO LEASE

 

THIS FOURTH AMENDMENT
TO LEASE (this “Amendment”) is made this 26th day of January 2017, by and between ICON MIRAMAR OWNER POOL 2
WEST/NORTHEAST/MIDWEST, LLC, a Delaware limited liability company (“Landlord”), and rf
industries, ltd., a Nevada corporation (“Tenant”).

 

WITNESSETH:

 

WHEREAS, Landlord (successor
in interest to CWCA Miramar GL 74, L.L.C., formerly known as Walton CWCA Miramar GL 74, L.L.C.) and Tenant are parties to that
certain Lease, dated as of January 8, 2009 (the “Original Lease”), and amended by that certain Second Amendment
to Lease (sic), dated as of August 25, 2009 (the “Second Amendment”), as further amended by that certain Third
Amendment to Lease, dated April 17, 2014 (the “Third Amendment”, and collectively with the Original Lease and
the Second Amendment, the “Lease”), pursuant to which Landlord leases to Tenant certain premises containing
approximately 19,968 rentable square feet consisting of (i) approximately 3,858 rentable square feet with a common address of 7620
Miramar Road, Suite 4300/4400, San Diego, California (“Suite 4300/4400”), (ii) approximately 2,321 rentable
square feet with a common address of 7616 Miramar Road, Suite 5200, San Diego, California (“Suite 5200”) and
(iii) approximately 13,789 rentable square feet with a common address of 7610 Miramar Road, Suite 6000/6002, San Diego, California
(“Suite 6000/6002”, and collectively with Suite 4300/4400 and Suite 5200, all as more particularly described
in the Lease, the “Current Premises”) in the project commonly known as Miramar Business Park.

 

WHEREAS, Tenant desires
to surrender a portion of the Current Premises to Landlord containing approximately 2,321 rentable square feet, consisting of Suite
5200 as shown on Exhibit A hereto (the “Suite 5200 Reduction Premises") and that the Lease be appropriately
amended, and Landlord is willing to amend the Lease and accept such surrender on the terms and conditions set forth herein.

 

WHEREAS, Tenant has
requested that additional space containing approximately 1,940 rentable square feet described as 7620 Miramar Road, Suite 4200
San Diego, California as shown on Exhibit A hereto (the “Suite 4200 Expansion Premises”) be added to
the Premises and that the Lease be appropriately amended and Landlord is willing to do the same on the terms and conditions set
forth herein.

 

WHEREAS, The Term is
currently scheduled to expire on March 31, 2017, and Tenant desires to extend the Term for an additional sixty-four (64) full calendar
months from such expiration.

 

WHEREAS, Landlord has
agreed to the requested changes set forth in the preceding recitals, subject to the entry into this Amendment and the modification
of the Lease terms and conditions as set forth herein.

  

AGREEMENT:

 

NOW, THEREFORE, in
consideration of the mutual covenants set forth herein, and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged by the parties, the parties hereto agree as follows:

 

1.                  
Extension of Term. The Term is hereby extended for a period of sixty-four (64) full calendar months, commencing
as of April 1, 2017 (the “Second Extension Date”) and expiring on July 31, 2022 (the “Second Extended
Termination Date”) (which period is referred to herein as the “Second Extended Term”), unless sooner
terminated in accordance with the terms of the Lease. From and after the date hereof, the “Term” shall be deemed
to include the Second Extended Term. Tenant’s lease of the Premises during the Second Extended Term shall be subject to all
the terms and conditions of the Lease, except as expressly modified herein, and except that Tenant shall not be entitled to receive
any allowances, abatements, or other financial concession granted in connection with entering into the Lease unless such concessions
are expressly provided for herein with respect to the Second Extended Term.

 

     

     

    

 

2.                  
Suite 4200 Expansion Premises.

 

(a)                
Effective from and after the Suite 4200 Expansion Premises Commencement Date (defined below), the “Premises”
as defined in the Lease shall be deemed to include both (i) the approximately 17,647 rentable square feet consisting of Suite 4300/4400
and Suite 6000/6002, as shown on Exhibit A, (the “Remaining Premises”) and (ii) the Suite 4200 Expansion
Premises, but shall exclude the Suite 5200 Reduction Premises as more particularly described in Section 3 below), and all of the
terms and conditions of the Lease with respect to the Premises, including the Second Extended Termination Date, shall be deemed
to apply to both the Remaining Premises and the Suite 4200 Expansion Premises in all respects, except as otherwise set forth herein
and except that Tenant shall not be entitled to receive with respect to the Suite 4200 Expansion Premises any allowances, abatements,
or other financial concession granted in connection with entering into the Lease unless such concessions are expressly provided
for herein with respect to the Suite 4200 Expansion Premises. Landlord and Tenant hereby agree and stipulate that the Suite 4200
Expansion Premises shall be deemed to contain approximately the rentable square footage set forth in the second recital above for
all purposes under the Lease.

 

(b)               
As used herein the “Suite 4200 Expansion Premises Commencement Date” means the later to occur of (i)
April 1, 2017 (the “Scheduled Suite 4200 Expansion Premises Commencement Date”) and (ii) the date upon
which Landlord delivers the Suite 4200 Expansion Premises to Tenant. Tenant agrees that in the event that Landlord fails to deliver
the Suite 4200 Expansion Premises to Tenant on the Scheduled Suite 4200 Expansion Premises Commencement Date, it shall not be a
default and Landlord shall not be liable for any damages or loss resulting therefrom, but the Suite 4200 Expansion Premises Commencement
Date shall not occur and no rent applicable to the Suite 4200 Expansion Premises shall be payable until such time as Landlord delivers
possession of the Suite 4200 Expansion Premises to Tenant. If the Suite 4200 Expansion Premises Commencement Date is delayed the
Second Extended Termination Date shall not be similarly extended.

 

(c)                
On or prior to the Suite 4200 Expansion Premises Commencement Date, Tenant shall deliver revised insurance certificates
covering the Suite 4200 Expansion Premises as required pursuant to Section 10 of the Original Lease.

 

(d)               
Tenant shall have the right to enter the Suite 4200 Expansion Premises prior to the Suite 4200 Expansion Premises Commencement
Date in accordance with the terms of Addendum 1 attached hereto.

 

3.                  
Remaining Premises and Surrender of the Suite 5200 Reduction Premises.

 

(a)                
Remaining Premises. Effective solely for the period from and after the Suite 4200 Expansion Premises Commencement
Date (estimated to be April 1, 2017) (the “Suite 5200 Reduction Effective Date”), the “Premises”
as defined in the Lease shall be deemed to be only the Remaining Premises and the Suite 4200 Expansion Premises, and all of the
terms and conditions of the Lease with respect to the Premises shall be deemed to apply solely to the Remaining Premises and the
Suite 4200 Expansion Premises in all respects, except as otherwise set forth herein. After giving effect to the expansion described
in Section 2 and the reduction described in this Section 3, the Premises shall be deemed to have approximately 19,587 rentable
square feet, consisting of the Suite 4200 Expansion Premises, Suite 4300/4400 and Suite 6000/6002.

 

(b)               
Surrender of Suite 5200 Reduction Premises.

 

(i)                       
After the day immediately prior to the Suite 4200 Expansion Premises Commencement Date (estimated to be March 31, 2017)
(the “Suite 5200 Reduction Premises Termination Date”), any and all rights and obligations of Tenant, and obligations
of Landlord, with respect to the Suite 5200 Reduction Premises, including, without limitation, Tenant’s right to possession
of the Suite 5200 Reduction Premises, shall be terminated; provided, however, that such termination shall under no circumstances
or in any way constitute a waiver or termination of the obligations of Tenant which exist or have accrued up to and including the
Suite 5200 Reduction Premises Termination Date and which may accrue or continue to accrue after the Suite 5200 Reduction Premises
Termination Date to the extent Tenant has failed to satisfy all of its obligations with respect to the Suite 5200 Reduction Premises.
In the event Tenant fails to surrender the Suite 5200 Reduction Premises to Landlord on or prior to the Suite 5200 Reduction Premises
Termination Date in accordance with the terms hereof, then the terms and conditions of Section 13 (Holding Over) of the Original
Lease shall apply in all respects with respect to the Suite 5200 Reduction Premises without in any way affecting the obligations
of Tenant with respect to the Remaining Premises, including the obligation to pay rent in accordance with the terms herein.

 

     

     

    

 

(ii)                       
Tenant acknowledges and agrees that, on or prior to the Suite 5200 Reduction Premises Termination Date, Tenant shall surrender
the Suite 5200 Reduction Premises to Landlord in accordance with the terms of Section 21 (Surrender of Premises) of the Original
Lease.

 

(iii)                       
In furtherance of the foregoing, Landlord and Tenant shall perform walkthroughs of the Suite 5200 Reduction Premises, as
contemplated by the Lease, for purposes of inspecting the Suite 5200 Reduction Premises for any damages which are Tenant’s
responsibility to repair, at Tenant’s sole cost and expense, in accordance with the terms of the Lease and this Amendment.
Landlord requires that such damage shall be cured by Tenant prior to the Suite 5200 Reduction Premises Termination Date and any
such failure to cure such damage or surrender the Suite 5200 Reduction Premises in accordance with the terms of the Lease shall
be an Event of Default under the Lease not subject to cure and Landlord shall be entitled to exercise any and all rights thereunder
or at law.

 

4.                  
Monthly Installment of Rent Schedule. Notwithstanding anything to the contrary set forth herein, effective
as of the Suite 4200 Expansion Premises Commencement Date, the Monthly Installment of Rent for the Remaining Premises and the Suite
4200 Expansion Premises payable by Tenant to Landlord during the Second Extended Term is as follows:

 

	From:	To:	
         

        Monthly Installment
        of Rent

         

	4/1/2017	3/31/2018	      $22,720.92***
	4/1/2018	3/31/2019	$23,402.55
	4/1/2019	3/31/2020	$24,104.62
	4/1/2020	3/31/2021	$24,827.76
	4/1/2021	3/31/2022	$25,572.60
	4/1/2022	7/31/2022	$26,339.77

 

***Tenant’s obligation
to pay Monthly Installment of Rent shall be conditionally abated during the second (2nd), third (3rd),
fourth (4th) and fifth (5th) full calendar months following the Suite 4200 Expansion Premises Commencement
Date (the “Monthly Installment of Rent Abatement Period”). Such abatement shall apply to Monthly Installment
of Rent only and shall not apply to any other sums payable under the Lease. The abatement of Monthly Installment of Rent described
above is expressly conditioned on Tenant’s performance of its obligations under the Lease throughout the Term. If Tenant
defaults (beyond any applicable notice and cure or grace period) under the Lease, then Tenant shall immediately, on demand, pay
to Landlord, in addition to all other amounts and damages to which Landlord is entitled, the amount of Monthly Installment of Rent
which would otherwise have been due and payable during the Monthly Installment of Rent Abatement Period.

 

Except as otherwise
set forth in this Amendment, all other terms and conditions with respect to the payment of Monthly Installment of Rent shall remain
as set forth in the Lease. Landlord and Tenant acknowledge that the schedule set forth above is based upon the assumption that
the Scheduled Suite 4200 Expansion Premises Commencement Date is the actual Suite 4200 Expansion Premises Commencement Date. If
that is not the case, the schedule set forth above shall be appropriately adjusted on a per diem basis to reflect the actual Suite
4200 Expansion Premises Commencement Date and Landlord shall prepare a memorandum reflecting the same, which Tenant shall execute
within ten (10) days of receipt. In the event that the Suite 4200 Expansion Premises Commencement Date has not occurred by the
Scheduled Suite 4200 Expansion Premises Commencement Date, Tenant shall pay Rent for the Current Premises at the rate(s) in effect
as provided above for the period between Scheduled Suite 4200 Expansion Premises Commencement Date and the actual Suite 4200 Expansion
Premises Commencement Date, prorated on a daily basis. Rent for any period during the Term which is less than a full month shall
be a prorated portion of the Monthly Installment of Rent based upon the number of days in such month.

 

5.                  
Tenant’s Proportionate Share for the Suite 4200 Expansion Premises and Remaining Premises. Tenant’s
Proportionate Share collectively applicable to the Suite 4200 Expansion Premises and the Remaining Premises is 22.53%.

 

     

     

    

 

6.                  
Security Deposit. Upon Tenant’s execution hereof, Tenant shall pay Landlord the sum of $8,854.53, which
is added to and becomes a part of the Security Deposit, if any, held by Landlord as provided under the Lease as security for payment
of rent and the performance of the other terms and conditions of the Lease by Tenant. Accordingly, simultaneously with the execution
hereof, the Security Deposit is increased from $17,485.24 to $26,339.77.

 

 7.                  
 Condition of the Premises.

 

(a)                  AS-IS
Condition. Tenant hereby acknowledges and agrees that it has accepted the Remaining Premises as of the date hereof, and will
accept (a) the Remaining Premises as of the Second Extension Date, and (b) Suite 4200 Expansion Premises as of the Suite 4200
Expansion Premises Commencement Date, in AS-IS, WHERE-IS condition without any representation or warranty of any kind made by Landlord
in favor of Tenant.

 

(b)                  Tenant’s
Work. Notwithstanding the foregoing subsection (a), Tenant may complete the work set forth on Exhibit B attached hereto
in accordance with the terms and conditions set forth on such exhibit.

 

8.                  
Termination of Container Storage Area Limited License. Tenant’s Limited License to use the Container
Storage Area as provided in Section 6 of the Third Amendment is, effective as of the date hereof, hereby terminated with the same
effect as if such date were the scheduled expiration date of the Limited License.

 

9.                  
Assignment and Subletting. The first sentence of Section 8.1 of the Original Lease is hereby deleted in its
entirety and the following substituted therefor:

 

“Tenant
shall not have the right to assign or pledge this Lease or to sublet the whole or any part of the Premises whether voluntarily
or by operation of law, or permit the use or occupancy of the Premises by anyone other than Tenant, and shall not make, suffer
or permit such assignment, subleasing or occupancy without the prior written consent of Landlord, not to be unreasonably withheld,
conditioned or delayed, and said restrictions shall be binding upon any and all assignees of the Lease and subtenants of the Premises.”

 

10.               
Deleted Provision. Addendum 1 to the Third Amendment is hereby deemed null and void and of no further force
and effect.

 

11.               
OFAC. Tenant hereby represents and warrants that, to the best of its knowledge, neither Tenant, nor any persons
or entities holding any legal or beneficial interest whatsoever in Tenant, are (i) the target of any sanctions program that
is established by Executive Order of the President or published by the Office of Foreign Assets Control, U.S. Department of the
Treasury (“OFAC”); (ii) designated by the President or OFAC pursuant to the Trading with the Enemy Act, 50 U.S.C. App.
§ 5, the International Emergency Economic Powers Act, 50 U.S.C. §§ 1701-06, the Patriot Act, Public Law 107-56,
Executive Order 13224 (September 23, 2001) or any Executive Order of the President issued pursuant to such statutes; or (iii) named
on the following list that is published by OFAC: “List of Specially Designated Nationals and Blocked Persons.” If the
foregoing representation is untrue at any time during the Term, an Event of Default will be deemed to have occurred, without the
necessity of notice to the defaulting party.

 

12.               
Tenant’s Broker. Tenant represents and warrants that it has dealt with no broker, agent or other person
in connection with this transaction, other than Hughes Marino, Inc. Tenant agrees to indemnify and hold Landlord and the Landlord
Entities harmless from and against any claims by any other broker, agent or other person claiming a commission or other form of
compensation by virtue of having dealt with Tenant with regard to this leasing transaction.

 

13.               
No Offer. Submission of this Amendment by Landlord is not an offer to enter into this Amendment, but rather
is a solicitation for such an offer by Tenant. Landlord shall not be bound by this Amendment until Landlord and Tenant have fully
executed and delivered this Amendment.

 

     

     

    

 

14.               
Authority. Tenant represents and warrants to Landlord that if Tenant is not a natural person, Tenant has been
and is qualified to do business in the state in which the Premises is located, Tenant has full right and authority to enter into
this Amendment, and that all persons signing on behalf of Tenant were authorized to do so by appropriate actions.

 

15.               
Severability. If any clause or provision of this Amendment is illegal, invalid or unenforceable under present
or future laws, then and in that event, it is the intention of the parties hereto that the remainder of this Amendment shall not
be affected thereby. It is also the intention of the parties to this Amendment that in lieu of each clause or provision of this
Amendment that is illegal, invalid or unenforceable, there be added, as a part of this Amendment, a clause or provision as similar
in terms to such illegal, invalid or unenforceable clause or provision as may be possible and be legal, valid and enforceable.

 

16.               
Counterparts and Delivery.  This Amendment may be executed in any number of counterparts, each of which shall
be deemed to be an original, and all of such counterparts shall constitute one Amendment. Execution copies of this Amendment may
be delivered by facsimile or email, and the parties hereto agree to accept and be bound by facsimile signatures or scanned signatures
transmitted via email hereto, which signatures shall be considered as original signatures with the transmitted Amendment having
the binding effect as an original signature on an original document. Notwithstanding the foregoing, Tenant shall, upon Landlord’s
request, deliver original copies of this Amendment to Landlord at the address set forth in such request. Neither party may raise
the use of a facsimile machine or scanned document or the fact that any signature was transmitted through the use of a facsimile
machine or email as a defense to the enforcement of this Amendment.

 

17.               
Conflict; Ratification; Integration. Insofar as the specific terms and provisions of this Amendment purport
to amend or modify or are in conflict with the specific terms, provisions and exhibits of the Lease, the terms and provisions of
this Amendment shall govern and control. Landlord and Tenant hereby agree that (a) this Amendment is incorporated into and made
a part of the Lease, (b) any and all references to the Lease hereinafter shall include this Amendment, and (c) the Lease, and all
terms, conditions and provisions of the Lease, are in full force and effect as of the date hereof, except as expressly modified
and amended hereinabove. The recitals set forth herein are incorporated by reference. Capitalized terms used in this Amendment
shall have the same definitions as set forth in the Lease to the extent that such capitalized terms are defined therein and not
redefined in this Amendment. This Amendment and any attached exhibits and addenda set forth the entire agreement between the parties
with respect to the matters set forth herein.

 

[Signature Page Follows]

 

     

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Amendment to be duly authorized, executed and delivered as of the day and year first set forth
above. 

 

	LANDLORD:	 	 	TENANT:	 
	 	 	 	 	 	 	 
	ICON MIRAMAR OWNER POOL 2	 	rf industries, ltd., a Nevada corporation
	WEST/NORTHEAST/MIDWEST, LLC,	 	 	 	 
	a Delaware limited liability company	 	 	 	 
	 	 	 	 	 
	By:	GLP US Management LLC,	 	 	By:	/s/ Mark Turfler	 
	 	a Delaware limited liability company	 	 	 	 	 
	 	as agent for Landlord	 	 	Name:	 Mark Turfler	 
	 	 	 	 	 	 	 
	 	 	 	 	Title:	Chief Financial Officer	 
	By:	/s/ Robert Munson	 	 	 	 	 
	 	 	 	 	Dated:	January 18, 2017	 
	Name:	Robert Munson	 	 	 	 	 
	 	 	 	 	 	 	 
	Title:	Senior Vice President	 	 	 	 	 
	 	 	 	 	 	 	 
	Dated:	January 26, 2017	 	 	 	 	 

 

     

     

    

 

ADDENDUM 1

 

EARLY ACCESS TO SUITE 4200 EXPANSION
PREMISES

 

Tenant shall have the
right to enter the Suite 4200 Expansion Premises (“Early Access”) during the period commencing upon the latest
to occur of (i) the date of full execution and delivery of the Amendment, (ii) March 17, 2017, (iii) delivery to Landlord of the
sum, if any, required by Paragraph 7 (Security Deposit) of the Amendment, and (iv) delivery to Landlord of the certificates of
insurance with respect to the Suite 4200 Expansion Premises as required by Section 10 (Insurance) of the Original Lease, and continuing
through the day immediately prior to the Suite 4200 Expansion Premises Commencement Date (“Early Access Period”)
for the purpose of installing racking systems and low-voltage internet technology equipment, storage of inventory and preparation
of the space for the Tenant’s operations, subject to the following terms and conditions:

 

		1.	Tenant’s Early Access shall not constitute occupancy for operation of Tenant’s business
and shall not trigger the Suite 4200 Expansion Premises Commencement Date.

 

		2.	Tenant’s Early Access shall be at Tenant’s sole risk and Landlord shall have no liability
whatsoever in connection with Tenant’s Early Access.

 

		3.	Tenant and its employees, agents and contractors shall comply with Section 5 (Alterations) of the
Original Lease and all governmental laws, ordinances and regulations during the Early Access Period, including obtaining any approvals,
permits, or other authorizations required to perform its work within, and operate at, the Suite 4200 Expansion Premises during
the Early Access Period.

 

		4.	Tenant shall comply with and be bound by all provisions of the Lease during the Early Access Period,
including the obligation to pay all utilities, but excluding the obligation for payment of Monthly Installment of Rent, Expenses
and Taxes.

 

		5.	Tenant shall not interfere with Landlord or Landlord’s contractors completing any work within
the Suite 4200 Expansion Premises, and any such interference shall constitute a tenant delay.

 

		6.	Tenant shall indemnify, protect, defend and save Landlord, the Landlord Entities, and the Suite
4200 Expansion Premises harmless from and against any and all liens, liabilities, losses, damages, costs, expenses, demands, actions,
causes of action and claims (including, without limitation, attorneys' fees and legal costs) arising out of the Early Access, use,
construction, or occupancy of the Suite 4200 Expansion Premises by Tenant or its agents, employees, contractors, customers, guests,
or invitees.

 

[Remainder of Page Intentionally Left
Blank]

 

     

     

    

 

ADDENDUM 2

 

RENEWAL OPTION

 

1.                  
Renewal Option. Notwithstanding anything to the contrary set forth in the Lease, Tenant shall have one (1)
option to extend the Term (the “Renewal Option”) on the following terms and conditions:

 

(a)       Provided
that as of the date of the receipt of the Renewal Notice (as hereinafter defined) by Landlord and the Renewal Commencement Date
(as hereinafter defined), (i) Tenant is the tenant originally named herein, (ii) Tenant actually occupies all of the Remaining
Premises and Suite 4200 Expansion Premises demised under the Amendment and any space added to the Premises, and (iii) no default
exists, or would exist but for the passage of time or the giving of notice, or both, then Tenant shall have the right to extend
the Term for an additional period of sixty (60) full calendar months (the “Renewal Term”) commencing on the day following
the expiration of the Second Extended Term (the “Renewal Commencement Date”). Tenant shall give Landlord written notice
(the “Renewal Notice”) of its election to extend the Term in accordance with the terms hereof at least nine (9) months,
but not more than twelve (12) months, prior to the Second Extended Termination Date.

 

(b)       The
Monthly Installment of Rent payable by Tenant to Landlord during the Renewal Term shall be the greater of (i) one hundred three
percent (103%) of the Monthly Installment of Rent applicable to the last month of the Second Extended Term, and (ii) the then-prevailing
market rate for comparable space in comparable buildings in the vicinity of the Project taking into account the size of the lease,
the length of the renewal term, market escalations, and the credit of Tenant. The Monthly Installment of Rent shall not be reduced
by reason of any costs or expenses saved by Landlord by reason of Landlord's not having to find a new tenant for such premises
(including, without limitation, brokerage commissions, costs of improvements, rent concessions or lost rental income during any
vacancy period).

 

(c)       Landlord
shall notify Tenant of its determination of the Monthly Installment of Rent for the Renewal Term, and Tenant shall advise Landlord
in writing of any objection to such determination of the Monthly Installment of Rent within fifteen (15) days of receipt of Landlord's
notice. Failure to respond within the fifteen (15) day period shall constitute Tenant's rejection of such Monthly Installment of
Rent, Tenant’s exercise of the Renewal Option shall be deemed to be withdrawn, and the Lease shall expire or terminate in
accordance with its terms. If Tenant affirmatively objects in writing, Landlord and Tenant shall commence negotiations to attempt
to agree upon the Monthly Installment of Rent for a period of up to fifteen (15) days after Landlord's receipt of Tenant's objection
notice. If (i) Tenant has rejected such Monthly Installment of Rent in writing and (ii) the parties cannot agree after Tenant objects,
each acting in good faith but without any obligation to agree, on the Monthly Installment of Rent on or before the end of such
fifteen (15) day period, then Tenant's exercise of the Renewal Option shall be deemed withdrawn and the Lease shall expire or terminate
in accordance with its terms unless Tenant or Landlord invokes the arbitration procedure provided below to determine the Monthly
Installment of Rent for the Renewal Term.

 

Either party may elect
to arbitrate the determination of the Monthly Installment of Rent for the Renewal Term by sending written notice to the other party
and the regional office of the American Arbitration Association in which the Premises is located within three (3) business days
after the expiration of the fifteen (15) day negotiation period provided in the preceding paragraph, invoking the binding arbitration
provisions of this subsection. The arbitration to determine the Monthly Installment of Rent for the Renewal Term shall be in accordance
with the Real Estate Industry Arbitration Rules and Mediation Procedures of the American Arbitration Association. Unless otherwise
required by state law, arbitration shall be conducted in the metropolitan area where the Premises is located by a single arbitrator
mutually selected by the parties and unaffiliated with either party. Landlord and Tenant shall each submit to the arbitrator their
respective proposal of the appropriate Monthly Installment of Rent for the Renewal Term. The arbitrator must choose between the
Landlord’s proposal and the Tenant’s proposal and may not compromise between the two or select some other amount. The
cost of the arbitration shall be borne equally between the parties. If the arbitrator has not determined the Monthly Installment
of Rent by the end of the Second Extended Term, Tenant shall pay one hundred five percent (105%) of the Monthly Installment of
Rent in effect under the Lease as of the end of the Second Extended Term for the Renewal Term until the Monthly Installment of
Rent is determined as provided herein. Upon such determination, Landlord and Tenant shall make the appropriate adjustments to the
payments between them, including the reimbursement of any credit that may be due for the Monthly Installment of Rent actually paid
by Tenant which is higher than the final Monthly Installment of Rent for the Renewal Term determined in accordance with the procedures
set forth herein for such period. For the avoidance of doubt, the parties consent to the jurisdiction of any appropriate court
to enforce the arbitration provisions of this subsection and to enter judgment upon the decision of the arbitrator.

 

     

     

    

 

(d)       The
determination of the Monthly Installment of Rent does not reduce the Tenant's obligation to pay or reimburse Landlord for any additional
rent and any other reimbursable or chargeable items as set forth in the Lease, and Tenant shall reimburse and pay Landlord as set
forth in the Lease with respect to such items with respect to the Premises during the Renewal Term.

 

(e)       Except
for the Monthly Installment of Rent for the Renewal Term as determined above, Tenant's occupancy of the Premises during the Renewal
Term shall be on the same terms and conditions as are in effect immediately prior to the expiration of the Term; provided, however,
Tenant shall have no further right to any allowances, credits or abatements or any options to expand, contract, renew, terminate
or extend the Lease.

 

(f)       If
Tenant does not give the Renewal Notice within the period set forth above, the Renewal Option shall automatically terminate. Time
is of the essence as to the giving of the Renewal Notice.

 

(g)       Landlord
shall have no obligation to refurbish or otherwise improve the Premises for the Renewal Term. The Premises shall be tendered on
the Renewal Commencement Date in “as-is” condition.

 

(h)       If
the Lease is extended for the Renewal Term, then, promptly after the determination of Monthly Installment of Rent in accordance
with the terms of this Addendum, Landlord shall prepare and Tenant shall execute, within fifteen (15) days of receipt, an amendment
to the Lease confirming the extension of the Term and the other provisions applicable thereto.

 

(i)       If
Tenant exercises its right to extend the term of the Lease for the Renewal Term pursuant to this Addendum and the parties execute
the amendment, the term “Term” as used in this Lease, shall be construed to include, when practicable, the Renewal
Term except as provided in subsection (e) above.

 

     

     

    

 

EXHIBIT A

 

DEPICTION OF SUITE 5200 REDUCTION PREMISES,

REMAINING PREMISES AND SUITE 4200 EXPANSION
PREMISES

 

 

 

 

     

     

    

 

EXHIBIT B

 

WORK LETTER

 

 

(a)                
AS-IS Condition. Tenant shall lease the Remaining Premises and Suite 4200 Expansion Premises from Landlord on an
“AS-IS” basis, without any representation or warranty of any kind made by Landlord in favor of Tenant and without change
or modification thereto of any kind other than the work described in this exhibit. However, Landlord shall be responsible for causing,
as of the Suite 4200 Expansion Premises Commencement Date, the existing HVAC system, and material electrical, plumbing and other
mechanical systems that exclusively service the Suite 4200 Expansion Premises to be in good working order, provided that the foregoing
shall not imply any representation or warranty as to the useful life of such systems, nor shall the foregoing diminish Tenant’s
responsibility to perform any repairs, modifications or improvements to the same necessitated after the date that the Suite 4200
Expansion Premises is delivered to Tenant, whether by reason of Tenant’s use of the same, Tenant’s alterations, ordinary
wear and tear, or otherwise.

 

(b)               
Tenant’s Work. Notwithstanding the foregoing subsection (a), Landlord shall contribute up to a maximum amount
of $34,277.25 (the “Allowance”) towards Tenant’s real property alterations and real property improvements
to the Remaining Premises and Suite 4200 Expansion Premises that Tenant may elect from those specified below (collectively, the
“Tenant’s Work”):

 

		1.	Remove the existing demising wall located between the
Suite 4200 Expansion Premises and Suite 4300/4400.

		2.	Paint interior walls of the Premises.

		3.	Install new carpet within the Premises.

		4.	Install an additional HVAC unit serving the Suite 4200
Expansion Premises.

		5.	Construct new interior offices in the Remaining Premises.

		6.	Any other real property improvement work to the Suite
4200 Expansion Premises and/or the Remaining Premises that Landlord approves, in its sole and absolute discretion and in writing,
for reimbursement to Tenant from the Allowance in accordance with subparagraph (c) below; provided that, in all events, such real
property improvement work will become permanently affixed to the Premises, directly benefit the Building and be completed in accordance
with final plans and specifications approved by Landlord in accordance with the terms of the Lease.

 

(c)                
Landlord’s Approval; Tenant’s Obligations. The Tenant’s Work shall be deemed Alterations and shall
be subject to the terms of Section 5 of the Original of the Lease, except that Landlord shall not require a surety company performance
bond or funded construction escrow. In addition to obtaining Landlord’s consent as and when required pursuant to Section 5
of the Original Lease, Tenant shall obtain Landlord’s prior written consent for any of the Tenant’s Work for which
Tenant will seek reimbursement from the Allowance. In all cases, Tenant shall deliver plans and specifications for Tenant’s
Work, and any other documentation reasonably requested by Landlord, to Landlord for approval prior to commencing any of Tenant’s
Work. Tenant’s Work shall be constructed in a good and workmanlike manner and in compliance with all laws, ordinances and
regulations, and Tenant shall perform, at its expense, any alteration or modification required by laws, ordinances and regulations
as a result of Tenant’s Work. Landlord may monitor the construction of Tenant’s Work, subject to the obligation to
provide prior notice to Tenant of any entry onto the Remaining Premises and the Suite 4200 Expansion Premises (except in the case
of emergency, in which case no prior notice is required). In the event the scope of work requested by Tenant is such that Landlord
elects to engage a third-party architect, engineer, or other similar consultant or professional to review such proposed work, Tenant
shall reimburse Landlord for its actual, reasonable out-of-pocket costs in reviewing plans and specifications and in monitoring
the construction for compliance with such approved plans and specifications. Landlord’s right to approve Tenant’s Work
and to monitor construction shall be solely for its own benefit, and Landlord shall have no duty to see that Tenant’s Work
complies with laws, ordinances and regulations. In addition, if Landlord manages Tenant’s construction Landlord may collect
a construction management fee in the amount of five percent 5% of the cost of the Tenant’s Work as described herein and any
additional work requested by Tenant and agreed to by Landlord, and such fee shall be paid, in part or in whole, from the Allowance
with any amount not covered by the Allowance to be paid by Tenant directly to Landlord (or, at Landlord’s election, to Landlord’s
property manager).

 

     

     

    

 

(d)               
Allowance. The Allowance may be used only for the hard costs and Eligible Soft Costs (as hereinafter defined) of
construction of Tenant’s Work pursuant to the approved plans and specifications. “Eligible Soft Costs” shall
be deemed to be costs and expenses incurred by Tenant which are directly and primarily related to Tenant’s Work and which
relate solely to the work of any architect, space planner, engineer, or similar construction professional or which are direct payments
made to applicable authorities for permitting and license fees; provided, however, that in no event shall the Eligible Soft Costs
exceed fifteen percent (15%) of the total Allowance or be used for services provided in connection with the negotiation of the
Lease. For the avoidance of doubt, Eligible Soft Costs shall expressly exclude any financing costs, attorneys’ fees, or other
costs and expenses not expressly permitted hereunder. In no event will the Allowance be used to pay for moving or storage expenses
or furniture, racking, equipment, cabling, telephone systems or any other item of personal property which is not intended to be
permanently affixed to the Remaining Premises and Suite 4200 Expansion Premises. Payment of the Allowance shall be made by Landlord
to Tenant within thirty (30) days following the last to occur of: (i) completion of Tenant’s Work, (ii) Landlord’s
receipt of Tenant’s invoice substantiating the costs related thereto, (iii) Landlord’s receipt of final lien waivers
from all contractors and subcontractors who performed Tenant’s Work, and (iv) Landlord’s receipt of a copy of the final
permit approved by the applicable governing authority for any work which requires the same. Landlord shall be under no obligation
to pay for any of Tenant’s Work in excess of the Allowance. Further, the Allowance shall only be available for Tenant’s
use for work performed and submitted to Landlord for reimbursement in accordance with the terms of this subsection (d) on or before
December 31, 2017 at which time Tenant hereby waives any and all rights to any unused portion of the Allowance.

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