Document:

Exhibit 10.2

 

Transition Agreement

 

This Agreement (“Agreement”),
dated as of January 11, 2019 is by and between mPhase Technologies, Inc., a New Jersey corporation (the “Company”)
and Anshu Bhatnagar (the “Executive”) with
an effective date of January 11, 2019 (the “Effective Date”). The Company and the Executive are
referred to each individually as a “Party” and collectively as the “Parties”.

 

WHEREAS, the Company desires to
employ and retain the Executive and the Executive desires to be employed by the Company under the terms outlined below:

 

		1.	Employment.

 

		(a)	The Executive will begin employment with the Company as its Chief Executive Officer as of the Effective
Date and will execute a separate employment agreement with the Company.

 

		(b)	As initial compensation, the Executive
                                         shall receive restricted shares of common stock of the Company equal to 20% or 13,109,494,031
                                         (“Signing Shares”)
                                         on the Effective Date.

 

		(c)	In addition, the Executive shall
                                         be entitled to receive warrants to acquire 4% of the outstanding fully diluted common
                                         stock of the Company (the “Earned Warrants”) each time the Company’s
                                         revenue increases by $1,000,000. The exercise price of the Earned Warrants shall be equal
                                         to .0001/share. The Earned Warrants will vest within five (5) business days of the filing
                                         of the Company’s Quarterly Report on Form 10-Q with the SEC reflecting its revenue for
                                         the prior fiscal quarter. Notwithstanding anything to the contrary contained herein,
                                         Executive may not receive shares whereby Signing Shares and Earned Warrants exceed 80%
                                         of the fully diluted common stock of the Company (“Warrant Cap”).

 

		(d)	In addition to the Earned Warrants, Executive shall immediately receive the remaining amount of
warrants necessary to acquire up to 80% of the outstanding fully diluted common stock of the Company (“Accelerated Warrants”)
when Executive either:

 

		a.	completes a stock or asset purchase of Scepter Commodities LLC or

 

		b.	a stock or asset purchase of any other entity, either of which, in the aggregate, together with
prior revenue increases achieved by the Company, shall result in the consolidated revenues of the Company being not less than $15,000,000
or

 

		c.	growing a similar business organically to include contracts generating revenues in excess of $15,000,000
or

 

		d.	The Company meets the listing requirement of either the NYSE or NASDAQ on the filing of a Form
10Q.

 

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		(e)	Executive shall enter into an Employment Agreement with the Company which, subsequent to the Executive
earning 80% of the common stock of the Company, shall set forth such additional compensation as approved by the Company’s newly
appointed Board of Directors.

 

		(f)	Executive agrees that not later than 90 days from the date hereof under the supervision of Mr.
Ronald Durando, on behalf and at the expense of the Company, will cause the Company to draft and file with the Securities and Exchange
Commission a Registration Statement on Form S-1 registering all of the shares of Common Stock of the Company held by the prior
officers, directors, consultants and Related Parties.

 

		2.	Board &
                                         Managements Transition Period Operational Guidelines.

 

		(a)	As
of the Effective Date, the Company’s directors except Mr. Durando will resign from their positions as Board members of the Company.

 

		(b)	As of the Effective Date, Executive and one other person designated by Executive will be nominated
and approved as Board members by the existing Board of Directors of the Company. Executive will serve as Chairman of the Board.

 

		(c)	Mr. Durando shall resign as Director of the Company on the later of (1) 90 days from January 1,
2019 or (2) the date that Executive has earned the right to acquire 50% of the Common Stock of the Company or (3) any other time
mutually agreed upon.

 

		(d)	Company will issue Executive 1000 Preferred A Shares for voting purposes.

 

		3.	Conditions
                                         Required of the Company Prior to the Effective Date.

 

		(a)	Company
shall execute Executive’s Employment Agreement and Warrant Agreement and appoint the Executive and his designated Director to the
Company’s Board of Directors of the Company.

 

		(b)	Company shall establish the following settlement reserves:

 

		1.	9,839,800,000 shares of Common Stock of the Company as per Section 2 (a) of the Reserve Agreement
dated January 11, 2019 to settle the Fife forbearance agreement, JMJ Financial, Inc., MH Investment Trust, PowerUp Lending Ltd,
as well as other liabilities satisfactory to the Executive and the Company;

 

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		2.	The
Company shall also reserve of 2,660,200,000 shares of Common Stock of the Company as per Section 2 (b) of the Reserve Agreement
dated January 11, 2019 for the conversion of payable to officers, directors, investors and related parties.

 

		3.	2,500,000,000 shares of common stock as per section 2 (c) to be sold at a price, not less than
$.00005 per share in periodic Private Placements, pursuant to Section 4(a)(2) of the Act, to pay ongoing operations of the Company
through December 31, 2019.

 

To the extent Company does not
eliminate the above-mentioned liabilities within six months of the Effective Date, the Warrant Cap shall increase
be increased by an amount of shares at a price of $.00005 equal to the amount of remaining liability.

 

		4.	In addition: Company shall deliver to Executive, certified transfer sheets (or make same available
through the transfer agent) as well as all corporate books and records and supporting documentation with respect to its audits.

 

		5.	All officers and employees shall resign from the Company in all current capacities, with no further
compensation due under their existing employment agreements and release Company of any payroll and employment related liabilities.

 

		6.	Executive agrees that no other financing other than described in this agreement will take place
below .0001/share for a period of three years.

 

		4.	Compliance with the Securities
                                         Laws. The Company acknowledges that it and the Company’s officers, directors,
                                         shareholders and employees and other representatives may, in connection with their consideration
                                         of the proposed transaction, come into possession of material non-public information.
                                         Accordingly, the Company will use its best efforts to ensure that none of its officers,
                                         directors, shareholders and employees or other representatives will trade (or cause or
                                         encourage any third party to trade) in any of the securities which they will receive
                                         as a result of the Transaction contemplated hereby while in possession of any such material,
                                         non-public information.

 

		5.	Mutual Cooperation. The parties
                                         hereto shall cooperate with each other to achieve the purpose of this Agreement and shall
                                         execute such other and further documents and take such other and further actions as may
                                         be necessary or convenient to affect the transaction described herein.

 

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The
terms herein contained are intended to be legally binding on the Parties hereto. The Agreement shall be construed, enforced,
and governed under the internal laws of the State of New York without giving effect to any choice of law provision or rule of
any other jurisdiction. This Agreement may be executed in counterparts, each of which shall be deemed an original but all of
which together will constitute one and the same instrument. Counterpart signature pages to this Agreement transmitted by
facsimile transmission, by electronic mail in portable document format (.pdf), or by any other electronic means intended to
preserve the original graphic and pictorial appearance of a document, will have the same effect as physical delivery of the
paper document bearing an original signature.

 

Agreed and Accepted:

  

	 	Executive
	 	 
	 	By:	/s/ Anshu Bhatnagar
	 	Name: 	Anshu Bhatnagar
	 	 	 
	 	Date: 	1-11-19

 

	 	mPhase Technologies,
    Inc.
	 	 	 
	 	By:	/s/ Ronald Durando
	 	Name: 	Ronald Durando
	 	Title: 	Chief Executive Officer
	 	 	 
	 	Date:	1-11-19

 

    -4-Exhibit 10.3

 

MPHASE TECHNOLOGIES, INC.

 

THIS WARRANT AND THE SECURITIES UNDERLYING
THE WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (“THE ACT”), OR THE SECURITIES LAWS
OF ANY STATE, AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO (i)
AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT AND ANY APPLICABLE STATE LAWS, (ii) TO THE EXTENT APPLICABLE, RULE 144 UNDER
THE ACT (OR ANY SIMILAR RULE UNDER THE ACT RELATING TO THE DISPOSITION OF SECURITIES), OR (iii) AN OPINION OF COUNSEL, IF SUCH
OPINION SHALL BE REASONABLY SATISFACTORY TO COUNSEL TO THE ISSUER, THAT AN EXEMPTION FROM REGISTRATION UNDER THE ACT AND APPLICABLE
STATE LAW IS AVAILABLE.

 

COMMON STOCK PURCHASE WARRANT

 

Issuance Date: January 11, 2019

 

THIS IS TO CERTIFY
that, for value received, Anshu Bhainagar, an individual, or his assigns (the “Holder”) is entitled, subject
to the terms and conditions set forth herein, to purchase from MPhase Technologies, Inc., a New Jersey corporation (the “Company”)
that number of fully paid and nonassessable shares of common stock of the Company with no par value (the “Common Stock”)
as set forth in section 2(A) and section 2(B) herein (the “Warrant Securities”) at an exercise price of $0.0001
per share, but subject to adjustment as provided in Section 4 below (the “Exercise Price”).

 

1. Exercisability.

 

(A) This Warrant may
be exercised upon vesting as set forth in Section 2, by presentation and surrender hereof to the Company of a notice of election
to purchase duly executed and accompanied by payment by check or wire transfer of the Exercise Price or such other method contemplated
hereby. A stock certificate representing the appropriate number of shares of the Common Stock shall be delivered to the Holder
hereof within five (5) business days following the date of exercise.

 

(B) Cashless Exercise
of Warrants. Notwithstanding any provisions herein to the contrary, the Holder may exercise this Warrant on a cashless basis
into that number of shares of the Company’s Common Stock by surrender of this Warrant at the principal office of the Company
together with the properly endorsed form of election to purchase in which event the Company shall issue to the holder hereof a
number of shares of the Company’s Common Stock computed using the following formula:

 

X = Y(A-B)

    A

 

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Where X - the number of shares of the Company’s
Common Stock to be issued to the holder hereof:

 

Y = the number of shares of the Company’s Common
Stock purchasable under the Warrant or, if only a portion of the Warrant is being exercised, the portion of the Warrant being canceled
(at the date of such calculation);

 

A = the Fair Market Value of
one share of the Company’s Common Stock (at the date of such calculation): and

 

B = the Exercise Price, as adjusted hereunder.

 

All references herein
to an “exercise” of the Warrant shall include an exercise of the Warrant pursuant to this Section. For the purposes
of the above calculation. the “Fair Market Value” of one share of the Company’s Common Stock as of a particular
date shall mean:

 

(a) if traded on a securities
exchange such as NASDAQ or NYSE, the Fair Market Value shall be deemed to be the closing price of the Common Stock of the Company
on such exchange or market on the date in question. If there is no closing price for such Common Stock on the date in question,
then the Fair Market Value shall be the closing price on the last preceding date for which such a quotation exists;

 

(b) if actively traded over-the-counter,
the Fair Market Value shall be deemed to be the closing bid price of the Common Stock of the Company on the date in question. If
there is no closing bid price for such Common Stock on the date in question, then the Fair Market Value shall be the closing bid
price on the last preceding date for which such a quotation exists;

 

(c) if the Company’s Common
Stock is traded on multiple platforms, the Board of Directors of the Company shall determine the primary market for such Common
Stock; and

 

(d) If there is no active public
market, the Fair Market Value shall be the value thereof as determined in good faith by the Company’s Board of Directors
after taking into account such factors as the Board of Directors of the Company shall deem appropriate.

 

A stock certificate
representing the appropriate number of shares of the Common Stock shall be delivered to the holder hereof within five (5) business
days following the date of exercise.

 

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2. Vesting Schedule. This
Warrant shall vest as follows:

 

(A) the right to acquire
4% shares of Warrant Securities pursuant to this Warrant which will vest in full upon the date of grant which shall occur each
time the Company’s revenues increase by $1,000,000 provided that such right will only vest up to the number of shares that
would bring the total amount of Holder’s beneficial ownership of the Company’s Common Stock, as calculated on January
11, 2019 pursuant to Rule 13d-3 of the Securities Exchange Act of 1934, up to, but not in excess of, eighty percent (80%) of the
fully diluted Common Stock of the Company; and

 

(B) the right to acquire
the number of Warrant Securities that would increase the Holder’s beneficial ownership of the Company’s common stock,
as calculated on January 11, 2019 pursuant to Rule 13d-3 of the Securities Exchange Act, and after taking into consideration the
shares acquired pursuant to Sections 2(A) above, to eighty (80) percent of the Company’s outstanding shares of common stock,
will vest in full upon the date of grant which shall occur when any of the following events occur:

 

		i.	completes a stock or asset purchase of Scepter Commodities LLC; or

		ii.	a stock or asset purchase of any
                                         other entity, either of which, in the aggregate, together with prior revenue increases
                                         achieved by the Company, shall result in the consolidated revenues of the Company being
                                         not less than $15,000,000; or

		iii.	growing a similar business organically to include contracts generating revenues in excess of $15,000,000; or

		iv.	The Company meets the listing requirement of either the NYSE or NASDAQ on the filing of a Form 10Q.

 

3. Manner of Exercise.
In case of the purchase of less than all the Warrant Securities, the Company shall cancel this Warrant upon the surrender hereof
and shall execute and deliver a new warrant of like tenor for the balance of the Warrant Securities. Upon the exercise of this
Warrant, the issuance of certificates for securities, properties or rights underlying this Warrant shall be made forthwith (and
in any event within three (3) business days thereafter) without charge to the holder including, without limitation, any tax that
may be payable in respect of the issuance thereof: provided, however, that the Company shall not be required to pay any tax in
respect of income or capital gain of the Holder.

 

If and to the extent
this Warrant is exercised, in whole or in part, the Holder shall be entitled to receive a certificate or certificates representing
the Warrant Securities so purchased, upon presentation and surrender to the Company of the form of election to purchase attached
hereto duly executed, and accompanied by payment of the Exercise Price.

 

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4. Adjustment in Number of Shares.

 

(A) Stock Dividends
and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise makes a
distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable in shares
of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon exercise
of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including
by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares, or (iv) issues by reclassification
of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied
by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding
immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately
after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that
the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 4(A) shall become
effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution
and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.

 

(B) Subsequent
Rights Offering. In addition to any adjustments pursuant to Section 4(A) above, if at any time the Company grants, issues
or sells any Common Stock Equivalents or rights to purchase stock, warrants, securities or other property pro rata to the record
holders of any class of shares of Common Stock (the “Purchase Rights”), then the Holder will be entitled to
acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired
if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of the vested portion of this Warrant
immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such
record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the grant, issue or
sale of such Purchase Rights. “Common Stock Equivalents” means any convertible security or warrant, option
or other right to subscribe for or purchase any additional shares of Common Stock or any convertible security.

 

(C) Pro Rata Distributions.
During such time as this Warrant is outstanding, if the Company shall declare or make any dividend or other distribution of its
assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of return of capital or otherwise (including,
without limitation, any distribution of cash, stock or other securities, property or options by way of a dividend, spin off, reclassification,
corporate rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”), at any time
after the Issuance Date, then, in each such case, the Holder shall be entitled to participate in such Distribution to the same
extent that the Holder would have participated therein if the Holder had held the number of shares of Common Stock acquirable upon
complete exercise of the vested portion of this Warrant immediately before the date of which a record is taken for such Distribution,
or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the
participation in such Distribution.

 

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(D) Fundamental
Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related
transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company, directly or indirectly,
effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets
in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether
by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange
their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common
Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization
or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively convened
into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions
consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization,
recapitalization, spin-off or scheme of arrangement) with another Person or group of Persons whereby such other Person or group
acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person
or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock or share
purchase agreement or other business combination) (each a “Fundamental Transaction”), then, upon any subsequent
exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Security that would have been issuable
upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder, the number
of shares of Common Stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and
any additional consideration (the “Alternate Consideration”) receivable as a result of such Fundamental Transaction
by a holder of the number of shares of Common Stock for which this Warrant is exercisable immediately prior to such Fundamental
Transaction. For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply
to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock
in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable
manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common Stock are
given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be
given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental
Transaction. Notwithstanding anything to the contrary, in the event of a Fundamental Transaction, the Company or any Successor
Entity (as defined below) shall, at the Holder’s option, exercisable at any time concurrently with, or within 30 days after,
the consummation of the Fundamental Transaction (or, if later, the date of the public announcement of the applicable Fundamental
Transaction), purchase this Warrant from the Holder by paying to the Holder an amount of cash equal to the Black Scholes Value
of the remaining unexercised portion of this Warrant on the date of the consummation of such Fundamental Transaction; provided,
however, if the Fundamental Transaction is not within the Company’s control, including not approved by the Company’s
Board of Directors or the consideration is not in all stock of the Successor Entity, Holder shall only be entitled to receive
from the Company or any Successor Entity, as of the date of consummation of such Fundamental Transaction, the same type or form
of consideration (and in the same proportion), at the Black Scholes Value (as defined below) of the unexercised portion of this
Warrant, that is being offered and paid to the holders of Common Stock of the Company in connection with the Fundamental Transaction,
whether that consideration be in the form of cash, stock or any combination thereof, or whether the holders of Common Stock are
given the choice to receive from among alternative forms of consideration in connection with the Fundamental Transaction. Any
cash payment will be made by wire transfer of immediately available funds within five (5) business days of the Holder’s
election (or, if later, on the effective date of the Fundamental Transaction). “Black Scholes Value” means
the value of this Warrant based on the Black and Scholes Option Pricing Model obtained from the “OV” function on
Bloomberg, L.P. (“Bloomberg”) determined as of the day of consummation of the applicable Fundamental Transaction
for pricing purposes and reflecting (A) a risk-free interest rate corresponding to the U.S. “Treasury rate for a period
equal to the time between the date of the public announcement of the applicable Fundamental Transaction and the Termination Date.
(B) an expected volatility equal to the greater of 100% and the 100 day volatility obtained from the HVT function on Bloomberg
as of the Trading Day immediately following the public announcement of the applicable Fundamental Transaction, (C) the underlying
price per share used in such calculation shall be the sum of the price per share being offered in cash, if any, plus the value
of any non-cash consideration, if any, being offered in such Fundamental Transaction and (D) a remaining option time equal to
the time between the date of the public announcement of the applicable Fundamental Transaction and the Termination Date. The payment
of the Black Scholes Value will be made by wire transfer of immediately available funds within five (5) business days of the Holder’s
election (or, if later, on the effective date of the Fundamental Transaction). The Company shall cause any successor entity in
a Fundamental Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in writing
all of the obligations of the Company under this Warrant and the other Transaction Documents in accordance with the provisions
of this Section 4(d) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by
the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver
to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially
similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such
Successor Entity (or its parent entity) equivalent to the shares of Common Stock acquirable and receivable upon exercise of this
Warrant prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares
of capita] stock (but taking into account the relative value of the shares of Common Stock pursuant to such Fundamental Transaction
and the value of such shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose
of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction), and which
is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor
Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions
of this Warrant and the other Transaction Documents referring to the “Company`” shall refer instead to the Successor
Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the Company under this
Warrant and the other Transaction Documents with the same effect as if such Successor Entity had been named as the Company herein.

 

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5. No Requirement
to Exercise. Nothing contained in this Warrant shall be construed as requiring the Holder to exercise this Warrant
prior to or in connection with the effectiveness of a registration statement.

 

6. No Stockholder
Rights. Unless and until this Warrant is exercised, this Warrant shall not entitle the Holder hereof to any voting
rights or other rights as a stockholder of the Company, or to any other rights whatsoever except the rights herein expressed, and,
no dividends shall be payable or accrue in respect of this Warrant.

 

7. Exchange. This Warrant
is exchangeable upon the surrender hereof by the Holder to the Company for new warrants of like tenor representing in the aggregate
the right to purchase the number of Warrant Securities purchasable hereunder, each of such new warrants to represent the
right to purchase such number of Warrant Securities as shall be designated by the Holder at the time of such surrender.

 

Upon receipt by the Company of evidence
reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant, and, in case of loss, theft or destruction,
of indemnity or security reasonably satisfactory to it and reimbursement to the company of all reasonable expenses incidental thereto,
and upon surrender and cancellation hereof, if mutilated, the Company will make and deliver a new warrant of like tenor and amount,
in lieu hereof.

 

8. Elimination
of Fractional Interests. The Company shall not be required to issue certificates representing fractions of securities
upon the exercise of this Warrant, nor shall it be required to issue scrip or pay cash in lieu of fractional interests. All fractional
interests shall be eliminated by rounding any fraction up to the nearest whole number of securities, properties or rights receivable
upon exercise of this Warrant.

 

9. Reservation
of Securities. The Company shall at all times reserve and keep available out of its authorized shares of Common
Stock or other securities, solely for the purpose of issuance upon the exercise of this Warrant, such number of shares of Common
Stock or other securities, properties or rights as shall be issuable upon the exercise hereof. The Company covenants and agrees
that, upon exercise of this Warrant and payment of the Exercise Price, all shares of Common Stock and other securities issuable
upon such exercise shall be duly and validly issued, fully paid, non-assessable and not subject to the preemptive rights of any
stockholder.

 

10. Notices
to Holder. If at any time prior to the expiration of this Warrant or its exercise, any of the following events
shall occur:

 

(a) the Company shall lake a
record of the holders of any class of its securities for the purpose of entitling them to receive a dividend or distribution payable
otherwise than in cash, or a cash dividend or distribution payable otherwise than out of current or retained earnings, as indicated
by the accounting treatment of such dividend or distribution on the books of the Company;

 

(b) the Company shall offer
to all the holders of a class of its securities any additional shares of capital stock of the Company or securities convertible
into or exchangeable for shares of capital stock of the Company, or any option or warrant to subscribe therefor; or

 

(c) a dissolution, liquidation
or winding up of the Company (other than in connection with a consolidation or merger) or a sale of all or substantially all of
its property, assets and business as an entirety shall be proposed.

 

then, in any one or more said events, the
Company shall give written notice of such event to the Holder at least fifteen (15) days prior to the date fixed as a record date
or the date of closing the transfer books for the determination of the stockholder entitled to such dividend, distribution, convertible
or exchangeable securities or subscription rights, or entitled to vote on such proposed dissolution, liquidation, winding up or
sale. Such notice shall specify such record date or the date of closing the transfer books, as the case may be.

 

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11. Transferability. This
Warrant may not be transferred or assigned by the Holder without prior written approval by the Company, except for a Permitted
Transfer, A “Permitted Transfer” means a transfer to the Holder’s family members or a trust for their benefit upon
the death of the Holder or for estate planning purposes of the Holder.

 

12. Informational Requirements.
The Company will transmit to the Holder such information, documents and reports as are generally distributed to stockholders of
the Company concurrently with the distribution thereof to such stockholders.

 

13. Notice. Notices to be
given to the Company or the Holder shall be deemed to have been sufficiently given if delivered personally or sent by overnight
courier or messenger, or by facsimile transmission. Notices shall be deemed to have been received on the date of personal delivery
or facsimile transmission. The address of the Company and of the Holder shall be as set forth in the Company’s books and
records.

 

14. Choice of Law and Venue.
This Warrant and the rights of the parties hereunder shall be governed by and construed in accordance with the laws of the State
of Maryland including all matters of construction, validity, performance, and enforcement and without giving effect to the principles
of conflict of laws. Any action brought by any party hereto shall be brought within the State of Maryland, County of Montgomery.

 

15. Successors. All the covenants
and provisions of this Warrant shall be binding upon and inure to the benefit of the Company, the Holder and their respective legal
representatives, successors and assigns.

 

16. Attorneys’ Fees.
Except as otherwise provided herein, if a dispute should arise between the parties including, but not limited to arbitration, the
prevailing party shall be reimbursed by the non-prevailing party for all reasonable expenses incurred in resolving such dispute,
including reasonable attorneys’ fees.

 

[remainder of page intentionally left blank,
signature page to follow]

 

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IN WITNESS WHEREOF,
the Company has caused this Warrant to be executed on the date set forth below.

 

	Dated: January 11, 2019	MPhase Technologies, Inc.,
	 	a New Jersey corporation
	 	 
	 	/s/ Ronald Durando
	 	By: Ronald Durando
	 	Its: Chief Executive Officer

 

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FORM OF ELECTION TO PURCHASE

 

Date: _________________

 

MPHASE TECHNOLOGIES, INC.

 

Attn: [________]

 

Ladies and Gentlemen:

 

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

 

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

 

☐ in lawful money of the United States; or

 

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

 

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

 

_________________________________

 

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

 

_________________________________

 

_________________________________

 

_________________________________

 

[SIGNATURE OF HOLDER]

 

Name of Investing Entity:

____________________________________________________________________________

Signature of Authorized Signatory of Investing Entity:

___________________________________________________

Name of Authorized Signatory:

____________________________________________________________________________

Title of Authorized Signatory:

____________________________________________________________________________

 

    Page 9 of 9

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