Document:

Exhibit 10.93

 

FORBEARANCE AGREEMENT

This
Forbearance Agreement (this "Agreement") is entered into as of February 9, 2015 by and between John M.
Fife, an individual ("Holder"), and mPhase Technologies, Inc., a New Jersey corporation (the "Company").

A.             
The Company previously sold and issued to St. George Investments LLC, a Utah limited liability company (formerly known
as St George Investments LLC, an Illinois limited liability company) (“SGT”) that certain Convertible
Note dated September 13, 2011 in the original principal amount of $357,500.00 (subject to an increase to up to $557,500 upon the
occurrence of certain events) (the "Note") pursuant to that certain Securities Purchase
Agreement dated September 13, 2011 by and between Holder and the Company (the "Purchase Agreement," and
together with the Note and all other documents entered into in conjunction therewith, the "Transaction Documents").

B.             
Effective as of October 17, 2011, SGI assigned the Note and its rights under all other Transaction Documents to Holder
pursuant to a certain Assignment of Convertible Note (the "Assignment").

C.             
Following the Assignment, Holder and the Company entered into a certain Standstill and Restructuring Agreement (the "Standstill
Agreement") pursuant to which Holder agreed to not convert a certain portion of the outstanding balance
of the Note into share's of the Company's Common Stock in exchange for certain payments from the Company.

D.             
The Company did not make such payments and Holder ultimately filed a lawsuit against the Company in the Eastern Division
of the Northern District of Illinois in the United States District Court, Case No. 12-cv-9647 (the "Lawsuit").

E.              
On December 15, 2014, Holder was granted summary judgment (the "Judgment") in the
Lawsuit and on January 28, 2015 a judgment was ordered against the Company in the amount of $777,769.08 plus (i) pre-judgment
interest in the amount of 18% per annum compounding daily from May 31, 2012 ("Pre-Judgment Interest"),
(ii) post-judgment interest on such amount plus the Pre-Judgment Interest at the rate provided by law from the date of the
Judgment, and (iii) attorneys' fees and costs in the amount of $288,031.57 (the "Judgment Amount").

F.              
Holder has agreed, subject to the terms, conditions and understandings expressed in this Agreement, to refrain and forbear
temporarily from exercising and enforcing remedies against the Company with respect to the Judgment as provided in this Agreement.

NOW
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree
as follows:

1.                Recitals and Definitions.
Each of the parties hereto acknowledges and agrees that the recitals set forth above in this Agreement are true and accurate,
are contractual in nature, and are hereby incorporated into and made a part of this Agreement.

 

    	

    	 

    

 

2.               
Forbearance. Subject to the terms, conditions and understandings contained in this Agreement, Holder hereby agrees to refrain
and forbear from exercising and enforcing its remedies pursuant to the Judgment or under applicable laws related thereto for the
period beginning on the date hereof and ending on the date that the Company has paid to Holder (whether in cash or pursuant to
Conversions (as defined below) as set forth herein) an amount equal to $1,003,942.81 plus accrued interest on the unpaid portion
thereof at the rate of 9% per annum (the "Forbearance Amount") accruing from the date hereof until paid
(the "Forbearance"). Any and all issuance or transfer fees paid to the Company's transfer agent by Holder
in connection with this Agreement shall be added to and included as part of the Forbearance Amount and shall accrue interest in
the manner set forth above from the date paid by Holder until paid by the Company.

3.               
Monthly Payments. On February 15, 2015 the Company shall pay $15,000 cash to Holder (the "Initial
Cash Payment"), and thereafter on or before the 15th day of each month thereafter the Company agrees to
pay to Holder the following amounts (the "Monthly Cash Payments"): $30,000.00 per month for the first six
(6) Monthly Cash Payments; $35,000.00 per month for the second six (6) Monthly Cash Payments; and $50,000.00 per month thereafter
until the Forbearance Amount has been paid in full.

4.               
Conversions; Conversion Limitations.

(a)               
Conversions. If the Company fails to make any of the Monthly Cash Payments in cash as set forth in Section 3 above,
Holder shall have the right at any time until the Forbearance Amount has been paid in full, at its election and in its sole discretion,
to convert (each such instance, a "Conversion") all or any part of the Conversion Eligible Amount (as
defined in Section 4(c) below) into shares ("Conversion Shares") of fully paid and non-assessable common
stock, $0.001 par value per share ("Common Stock"), of the Company as per the following conversion formula:
the number of Conversion Shares equals the amount being converted (the "Conversion Amount") divided by
the Conversion Price (as defined below). Holder may initiate a Conversion by delivering a Conversion notice in a form reasonably
acceptable to Holder (a "Conversion Notice") to the Company by any method of Holder's choice (including
without limitation fax or email). The Company shall deliver all Conversion Shares to Holder in accordance with Section 4(b) below
within three (3) Trading Days (as defined below) of Holder's delivery of a Conversion Notice to the Company. For purposes hereof,
the term "Conversion Price" means 80% multiplied by the average of the three (3) lowest intra-day trade
prices of the Common Stock, as reported by Bloomberg, in the twenty (20) Trading Days immediately preceding the applicable date
of measurement. For purposes hereof, the term "Trading Day" means any day on which the Common Stock is
traded or tradable for any period on the Common Stock's principal market, or on the principal securities exchange or other securities
market on which the Common Stock is then being traded.

 

    	2

    	 

    

(b)              
Delivery of Conversion Shares. On or before the close of business on the third (3rd) Trading Day following
the date of delivery of a Conversion Notice (the "Delivery Date"), the Company shall, provided it is DWAC
Eligible (as defined below) at such time, deliver or cause its transfer agent to deliver the applicable Conversion Shares electronically
via DWAC (as defined below) to the account designated by Holder in the applicable Conversion Notice. If the Company is not DWAC
Eligible, it shall deliver to Holder or its broker (as designated in the
Conversion Notice), via reputable overnight courier, a certificate representing the number of shares of Common Stock equal to
the number of Conversion Shares to which Holder shall be entitled, registered in the name of Holder or its designee. For the avoidance
of doubt, the Company has not met its obligation to deliver Conversion Shares by the Delivery Date unless (i) the Conversion Shares
or certificate(s) representing the Conversion Shares have been cleared and approved for public resale by the compliance departments
of Holder's brokerage firm and the clearing firm servicing such brokerage, (ii) the Conversion Shares are held in the name of
the clearing firm servicing Holder's brokerage firm and have been deposited into such clearing firm's account for the benefit
of Holder, and (iii) the Company's Common Stock has not had an intraday or closing bid price of less than $0.0001 at any time
during the thirty (30) Trading Days prior to the Delivery Date. For purposes hereof, “DTC” means the Depository
Trust Company. For purposes hereof, the term “DWAC” means the DTC's Deposit/Withdrawal at Custodian service.
For purposes hereof, the term "DWAC Eligible" means that (i) the Company's Common Stock is eligible at
DTC for full services pursuant to DTC's operational arrangements, including without limitation transfer through DTC's DWAC system,
(ii) the Company has been approved (without revocation) by the DTC's underwriting department, (iii) the Company's transfer agent
is approved as an agent in the DTC/FAST Program, (iv) the Conversion Shares are otherwise eligible for delivery via DWAC; (v)
the Company has previously delivered all Conversion Shares to Lender via DWAC; and (vi) the Company's transfer agent does not
have a policy prohibiting or limiting delivery of the Conversion Shares via DWAC.

(c)              Conversion Eligible
Amount. For purposes hereof, the term "Conversion Eligible Amount" means
(i) the aggregate of all Unpaid Monthly Cash Payments (as defined below), less (ii) the aggregate of all Conversion Amounts
that have been converted and for which Holder has received the applicable Conversion Shares in accordance with Section 4(b)
above. For purposes hereof, the term "Unpaid Monthly Cash Payment" means the amount of any Monthly
Cash Payment the Company fails to pay to Holder on or prior to its applicable due date.

5.               
Failure to Comply. The Company understands that the Forbearance and all other obligations, restrictions, and limitations
of or on Holder hereunder shall terminate immediately upon the occurrence of any breach of this Agreement. In any such case, Holder
may seek all recourse available to him under the terms of the Judgment, this Agreement, or applicable law following any breach,
including without limitation enforcing the Judgment for the full Judgment Amount (less the sum of any payments made to Holder hereunder,
which shall be credited against the Judgment Amount in such event). To avoid any doubt, (a) the Company's failure to make a Monthly
Cash Payment when due shall not be deemed a default hereunder only so long as the Company delivers all Conversion Shares in accordance
with Section 4 above, and (b) the Company's failure to make the Initial Cash Payment when due or the Company's failure to deliver
Conversion Shares in accordance with Section 4 above shall in each case constitute a breach of this Agreement.

    	3

    	 

    

6.                Share
Reserve. As an additional condition to Holder's agreement to enter into this Agreement, the Company agrees to initially
reserve out of its authorized and unissued Common Stock for Conversions under this Agreement 1,000,000,000 shares of Common
Stock for the benefit of Holder (the "Share Reserve") on or before the date that is five (5) Trading
Days from the date hereof. The Company shall file a proxy no later than June 1, 2015. The Company covenants
and agrees to hold the Company's next shareholder meeting (the "Shareholder Meeting") no later than
45 days after the SEC approves a Definitive Proxy allowing the Company to have a Shareholder meeting to increase its current
authorized shares of Common Stock. The Company covenants and agrees, within ten (10) Trading Days following the Shareholder
Meeting, to increase the Share Reserve to an amount equal to the greater of (a) 2,000,000,000 shares of authorized and
unissued Common Stock, or (b) a number of shares of Common Stock equal to the then-current Forbearance Amount divided by the
thirty (30)-day trailing average volume weighted average price of the Common Stock. Finally, prior to the Shareholder
Meeting, any Conversion Shares issued to Holder may be issued from the Share Reserve (provided, however, that notwithstanding
any other provision contained herein, the Company agrees that if the Share Reserve has not been increased as required in the
immediately preceding sentence before the Share Reserve is exhausted or depleted, such will be deemed a breach of this
Agreement). However, following the Shareholder Meeting, the Company shall require its transfer agent to issue shares of
Common Stock pursuant hereto to Holder out of the Company's authorized and unissued shares, and not the Share Reserve, to the
extent shares of Common Stock have been authorized, but not issued, and are not included in the Share Reserve. Following the
Shareholder Meeting, the transfer agent shall only issue shares out of the Share Reserve to the extent there are no other
authorized shares available for issuance and then only with Holder's written consent.

7.                 
Transfer Agent Letter. In furtherance of the Company's obligations set forth in Section 6 above, the Company covenants
and agrees to execute and deliver to its transfer agent on the date hereof a letter (the "TA Letter"), in
a form acceptable to Holder in his sole discretion, instructing its transfer agent to establish the Share Reserve and to deliver
Conversion Shares to Holder as set forth in Section 4 above. Company further acknowledges and agrees that it shall be a condition
precedent to Holder's obligations hereunder that the Company execute such TA Letter and that the Company's transfer agent acknowledges
such TA Letter in writing. The Company further acknowledges and agrees that it will not cause or permit a change in its transfer
agent after the date hereof without first (i) obtaining the prior written consent of the Holder or (ii) executing and causing such
subsequent transfer agent to execute a transfer agent letter in favor of the Holder substantially similar to the TA Letter, which
letter must instruct such subsequent transfer agent to establish the Share Reserve and to deliver Conversion Shares to Holder as
set forth in Section 4 above.

8.                 
Representations, Warranties and Agreements. In order to induce Holder to enter into this Agreement, the Company,
for itself, and for its affiliates, successors and assigns, hereby acknowledges, represents, warrants and agrees as follows:

(a)          The Company has full power and authority to enter into this Agreement and to incur and perform all obligations and covenants
contained herein, all of which have been duly authorized by all proper and necessary action. No consent or approval of the Company,
and no consent, approval, filing or registration with or notice to any governmental authority is required as a condition to the
validity of this Agreement or the performance of any of the obligations of the Company hereunder.

    	4

    	 

    

(b)          Except as expressly set forth in this Agreement, the Company acknowledges and agrees that neither the execution and delivery
of this Agreement nor any of the terms, provisions, covenants, or agreements contained in this Agreement
shall in any manner release, impair, lessen, modify, waive, or otherwise affect the liability and obligations of the Company under
the terms of the Judgment or applicable law related thereto.

9.             
Counterparts. This Agreement may be executed in any number of counterparts with the same effect as if all signing
parties had signed the same document. All counterparts shall be construed together and constitute the same instrument. The exchange
of copies of this Agreement and of signature pages by facsimile transmission or other electronic transmission (including email)
shall constitute effective execution and delivery of this Agreement as to the parties and may be used in lieu of the original Agreement
for all purposes. Signatures of the parties transmitted by facsimile transmission or other electronic transmission (including email)
shall be deemed to be their original signatures for all purposes.

10.           
Attorneys' Fees. In the event of any arbitration or action at law or in equity to enforce or interpret the terms
of this Agreement, the parties agree that the party who is awarded the most money shall be deemed the prevailing party for all
purposes and shall therefore be entitled to an additional award of the full amount of the attorneys' fees and expenses paid by
such prevailing party in connection with the arbitration, litigation and/or dispute without reduction or apportionment based upon
the individual claims or defenses giving rise to the fees and expenses. Nothing herein shall restrict or impair an arbitrator's
or a court's power to award fees and expenses for frivolous or bad faith pleading.

11.           
Entire Agreement. This Agreement and all other documents referred to herein, supersede all other prior oral or written
agreements between the Company, Holder, its affiliates and persons acting on its behalf with respect to the matters discussed herein,
and this Agreement and the instruments referenced herein contain the entire understanding of the parties with respect to the matters
covered herein and therein and, except as specifically set forth herein or therein, neither Holder nor the Company makes any representation,
warranty, covenant or undertaking with respect to such matters. Notwithstanding the foregoing, nothing herein shall alter or modify
the Judgment or Holder's rights thereunder, except that Holder agrees to grant the Forbearance for so long as the Company does
not breach (as determined in Holder's sole discretion) any of its obligations set forth herein and nothing herein shall alter,
modify, waive or terminate any right of Holder under applicable law to execute on any assets of the Company or otherwise seek to
enforce Holder's rights pursuant to the Judgment.

12.           
Amendments. This Agreement may be amended, modified, or supplemented only by written agreement of the parties.

13.           
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their respective
successors and assigns. This Agreement or any of the severable rights and obligations inuring to the benefit of or to be performed
by Holder hereunder may be assigned by Holder to a third party, including its financing sources, in whole or in part. The Company
may not assign this Agreement or any of its obligations herein without the prior written consent of Holder.

14.           
Time of Essence. Time is of the essence of this Agreement.

    	5

    	 

    

 

15.           
Further
Assurances. 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.

[Remainder of page intentionally
left blank]

 

    	6

    	 

    

 

IN
WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first set forth above. 

 

	 	COMPANY:
	 	 
	 	MPHASE TECHNOLOGIES, INC.
	 	 	 
	 	By:	/s/ Martin Smiley
	 	Name:	Martin Smiley

	 	Title:	EVP
	 	 	 
	 	HOLDER:
	 	 	 
	 	/s/ John M. Fife
	 	John M. Fife, an individual

 

7Exhibit
10.94

 

IRREVOCABLE
LETTER OF INSTRUCTIONS TO TRANSFER AGENT Date:

 

February
9, 2015

 

To
the transfer agent of MPhase Technologies, Inc.

 

Re:          Instructions
to Reserve and Issue Shares 

 

Ladies and Gentlemen:

 

Reference
is made to that certain Forbearance Agreement dated as of February 9, 2015 (as the same may be amended from time to time, the
"Forbearance Agreement"), between mPhase Technologies, Inc., a New Jersey corporation ("Company"),
and John M. Fife, an individual ("Holder"). Pursuant to the terms of the Forbearance Agreement, the Forbearance
Amount (as defined in the Forbearance Agreement) may be converted into shares of the common stock, par value $0.001 per share,
of Company (the "Common Stock") (the shares of Common Stock issuable upon any conversion or otherwise under the
Forbearance Agreement, the "Conversion Shares").

 

Pursuant
to the terms of the Forbearance Agreement, until all of Company's obligations under the Forbearance Agreement are paid and performed
in full, Company has agreed to at all times establish a reserve of shares of authorized but unissued Common Stock initially equal
to 1,000,000,000 shares of Common Stock (such amount is referred to herein as the "Share Reserve") until an increase
in authorized shares is approved by the Company's shareholders; provided that within ten (10) Trading Days (as defined below)
of Company's next shareholder meeting (the "Shareholder Meeting"), which is to be held pursuant to the terms
of the Forbearance Agreement, Company has agreed to increase the Share Reserve (such increased amount, the "Increased
Share Reserve Amount") to the greater of (i) 2,000,000,000 shares of Common Stock, or (ii) a number of shares of Common
Stock equal to the then-current Forbearance Amount divided by the thirty (30)-day trailing average volume weighted average price
of the Common Stock.

 

This
irrevocable letter of instructions (this "Letter") shall serve as the authorization and direction of Company
to Jersey Stock Transfer LLC, or its successors, as Company's transfer agent (hereinafter, "you" or "your"),
to reserve shares of Common Stock and to issue (or where relevant, to reissue in the name of Holder) shares of Common Stock
to Holder or its broker, upon conversion of the Forbearance Amount, as follows:

 

1.          From
and after the date hereof and until all of Company's obligations under the Forbearance Agreement are paid and performed in full
(a) you shall establish a reserve of shares of authorized but unissued Common Stock in an amount not less than 1,000,000,000 shares
(the "Transfer Agent Reserve") which prior to the Shareholder Meeting shall be the sole source of shares available
for conversions into Common Stock by the Holder under the Forbearance Agreement, (b) you shall hold the Transfer Agent Reserve
for the exclusive benefit of Holder, (c) you shall issue the shares of Common Stock held in the Transfer Agent Reserve to Holder
or its broker only (subject to the immediately following clause (d)), (d) when you issue shares of Common Stock to Holder or its
broker under the Forbearance Agreement pursuant to the other instructions in this Letter, you shall issue such shares solely from
the Transfer Agent Reserve prior to the Shareholder Meeting; after the Shareholder Meeting you shall issue such Shares from authorized
and unissued shares of Common Stock, and not the Transfer Agent Reserve, to the extent shares of Common Stock have been authorized,
but not issued, and are not included in the Transfer Agent Reserve; and following the Shareholder Meeting, you shall only issue
shares of Common Stock out of the Transfer Agent Reserve to the extent there are no authorized shares of Common Stock available
for issuance other than those held in the Transfer Agent Reserve, at which point, and upon your receipt of written authorization
from Holder, you shall then issue any shares of Common Stock deliverable to Holder under the Forbearance Agreement from the Transfer
Agent Reserve, (e) you shall not otherwise reduce the Transfer Agent Reserve under any circumstances, unless Holder delivers to
you written pre-approval of such reduction, and (f) you shall immediately increase the Transfer Agent Reserve to the Increased
Share Reserve Amount upon your receipt of a written request from either Company or Holder following the Shareholder Meeting and
the filing of Amended Articles of Incorporation for the Company.

 

    	

    	 

    

 

2.          You
shall issue the Conversion Shares to Holder or its broker in accordance with Paragraph 3 upon a conversion of all or any portion
of the Forbearance Amount, upon delivery to you of (a) a duly executed Conversion Notice substantially in the form attached hereto
as Exhibit A (a "Conversion Notice"), and (b) either (i) written confirmation from Holder that the Conversion
Shares are registered pursuant to an effective registration statement under the Securities Act of 1933, as amended (the "1933
Act"), or (ii) a legal opinion from either Holder's or Company's counsel that the issuance of the Conversion Shares to
Holder is exempt from registration under the 1933 Act or otherwise as to the free transferability of the Conversion Shares, dated
within ninety (90) days from the date of conversion; provided, however, that (assuming the Conversion Shares are not registered
for resale under the 1933 Act) unless such opinion of counsel indicates that, pursuant to Rule 144 promulgated under the 1933
Act ("Rule 144") or any other available exemption under the 1933 Act, certificates may be issued or delivered
without restrictive legend in accordance with the applicable securities laws of the United States, then any certificates for such
Conversion Shares shall bear the following restrictive legend:

 

THESE
SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURI flE,S LAWS OF ANY STATE AND MAY
NOT BE SOLD OR OFFERED FOR SALE IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES OR AN OPINION OF COUNSEL
IN FORM, SUBSTANCE AND SCOPE CUSTOMARY FOR OPINIONS OF COUNSEL IN COMPARABLE TRANSACTIONS OR OTHER EVIDENCE ACCEPTABLE TO COMPANY
THAT SUCH REGISTRATION IS NOT REQUIRED, OR UNLESS SOLD PURSUANT TO RULE 144 UNDER SAID ACT.

 

Please
note that a share issuance resolution is not required for each conversion since this Letter and the Forbearance Agreement have
been approved by resolution of Company's board of directors (the "Board Resolution"). Pursuant to the Board Resolution,
all of the Conversion Shares are authorized to be issued to Holder. For the avoidance of doubt, this Letter is your authorization
and instruction by Company to issue the Conversion Shares pursuant to this Letter without any further authorization or direction
from Company. You shall rely exclusively on the instructions in this Letter and shall have no liability for relying on any Conversion
Notice provided by Holder. Any Conversion Notice delivered hereunder shall constitute an irrevocable instruction to you to process
such notice or notices in accordance with the terms thereof, without any further direction or inquiry. Such notice or notices
may be transmitted to you by fax, email, or any commercially reasonable method.

 

3.          Upon
your receipt of a Conversion Notice pursuant to Paragraph 2 above, you shall, within three (3) Trading Days thereafter, (a) if
you are eligible to participate in the Depository Trust Company ("DTC") Fast Automated Securities Transfer program,
and the Common Stock is eligible to be transferred electronically with DTC through the Deposit/Withdrawal at Custodian system
("DWAC Eligible"), credit such aggregate number of DWAC Eligible shares of the Common Stock to Holder's or its
designee's balance account with DTC, provided Holder identifies its bank or broker (by providing its name and DTC participant
number) and causes its bank or broker to initiate such DWAC Eligible transaction, or (b) if the Common Stock is not then DWAC
Eligible, issue and deliver to Holder or its broker (as specified in the applicable Conversion Notice), via reputable overnight
courier, to the address specified in the Conversion Notice, a certificate, registered in the name of Holder or his designee, representing
such aggregate number of shares of Common Stock as have been requested by Holder to be transferred in the Conversion Notice. For
purposes hereof, "Trading Day" shall mean any day on which the New York Stock Exchange is open for trading. Notwithstanding
any other provision hereof, Company and Holder understand that you shall not be required to perform any issuance or transfer of
Conversion Shares if (y) such an issuance or transfer of Conversion Shares is in violation of any state or federal securities
laws or regulations, or (z) the issuance or transfer of Conversion Shares is prohibited or stopped as required or directed by
a court order. Additionally, Company and Holder understand that you shall not be required to perform any issuance or transfer
of Conversion Shares if Company is in default of its payment obligations under its agreement with you; provided, however, that
in such case Holder shall have the right to pay the applicable issuance or transfer fee ($250) on behalf of Company and upon payment
of the issuance or transfer fee by Holder, you shall be obligated to make the requested issuance or transfer.

 

    	2

    	 

    

 

4.               
You understand that a delay in the delivery of Conversion Shares hereunder could result in economic loss to Holder and that time
is of the essence in your processing of each Conversion Notice.

 

5.               
You are hereby authorized and directed to promptly disclose to Holder, after Holder's request from time to time, the total number
of shares of Common Stock issued and outstanding and the total number of shares that are authorized but unissued and unreserved.

 

6.               
Company hereby confirms to you and to Holder that no instruction other than as contemplated herein (including instructions to
increase the Transfer Agent Reserve as necessary pursuant to Paragraph 1(f) above) will be given to you by Company with respect
to the matters referenced herein. Company hereby authorizes you, and you shall be obligated, to disregard any contrary instruction
received by or on behalf of Company or any other person purporting to represent Company.

 

7.               
Company hereby agrees not to change you as its transfer agent without first (i) providing Holder with at least 30-days' written
notice of such proposed change, and (ii) obtaining Holder's written consent to such proposed change. Any such consent is conditioned
upon the new transfer agent executing an irrevocable letter of instructions substantially similar to this Letter so that such
transfer agent is bound by the same terms set forth herein.

 

8.               
Company acknowledges that Holder is relying on the representations and covenants made by Company in this Letter and that the representations
and covenants contained in this Letter constitute a material inducement to Holder to enter into the Forbearance Agreement. Company
further acknowledges that without such representations and covenants of Company, Holder would not have entered into the Forbearance
Agreement.

 

9.               
Company shall indemnify you and your officers, directors, principals, partners, agents and representatives, and hold each of them
harmless from and against any and all loss, liability, damage, claim or expense (including the reasonable fees and disbursements
of its attorneys) incurred by or asserted against you or any of them arising out of or in connection with the instructions set
forth herein, the performance of your duties hereunder and otherwise in respect hereof, including the costs and expenses of defending
yourself or themselves against any claim or liability hereunder, except that Company shall not be liable hereunder as to matters
in respect of which it is determined that you have acted with gross negligence or in bad faith.

 

10.            
Holder is an intended third-party beneficiary of this Letter, The parties hereto specifically acknowledge and agree that in the
event of a breach or threatened breach by a party hereto of any provision hereof, Holder will be irreparably damaged, and that
damages at law would be an inadequate remedy if this Letter were not specifically enforced. Therefore, in the event of a breach
or threatened breach of this Letter, Holder shall be entitled, in addition to all other rights or remedies, to an injunction restraining
such breach, without being required to show any actual damage or to post any bond or other security, and/or to a decree for a
specific performance of the provisions of this Letter.

 

    	3

    	 

    

 

11.          
This Letter shall be fully binding and enforceable against Company even if it is not signed by you. If Company takes (or fails
to take) any action contrary to this Letter, then such action or inaction will constitute a default under the Forbearance Agreement.
Although no additional direction is required by Company, any refusal by Company to immediately confirm this Letter and the instructions
contemplated herein to Company's transfer agent will constitute a default hereunder and under the Forbearance Agreement.

 

12.          
Whenever possible, each provision of this Letter
shall be interpreted in such a manner as to be effective and valid under applicable law, but if any provision of this Letter shall
be invalid or unenforceable in any jurisdiction, such provision shall be modified to achieve the objective of the parties to the
fullest extent permitted and such invalidity or unenforceability shall not affect the validity or enforceability of the remainder
of this Letter or the validity or enforceability of this Letter in any other jurisdiction.

 

13.          
By signing below, each individual executing this Letter on behalf
of an entity represents and warrants that he or she has authority to so execute this Letter on behalf of such entity and thereby
bind such entity to the terms and conditions hereof.

 

14.          
This Letter is governed by New Jersey law. By
signing below, each party to this Letter represents and warrants that such party has received good and valuable consideration
in exchange for executing this Letter.

 

15.          
Each party consents to and expressly agrees that exclusive venue for any dispute arising out of or relating to this Letter or
the relationship of the parties or their affiliates shall be in Salt Lake County, Utah.

 

[Remainder
of page intentionally left blank; signature page follows] 

    	4

    	 

    

 

	 	Very truly yours,
	 	 
	 	MPhase Technologies, Inc.
	 	 	 
	 	By:	/s/ Martin Smiley
	 	Name:	Martin Smiley
	 	Title:	EVP

	ACKNOWLEDGED AND AGREED:	 
	 	 
	HOLDER:	 
	 	 
	/s/
    John M. Fife 	 
	John M. Fife	 
	 	 
	TRANSFER AGENT:	 
	 	 
	Jersey Stock Transfer LLC	 
	 	 
	By:	/s/ Geffrey
    Manger	 
	Name:	Geffrey Manger	 
	Title:	Managing Partner	 

 

Attachments:

 

Exhibit
A         Form of Conversion Notice

 

 

[Signature
Page to Irrevocable Letter of Instructions to Transfer Agent]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00240-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00240-of-00352.parquet"}]]