Document:

Exhibit 10.6

 

THE REGISTERED HOLDER OF THIS
PURCHASE WARRANT BY ITS ACCEPTANCE HEREOF, AGREES THAT IT WILL NOT SELL, TRANSFER OR ASSIGN THIS PURCHASE WARRANT EXCEPT AS HEREIN PROVIDED
AND THE REGISTERED HOLDER OF THIS PURCHASE WARRANT AGREES THAT IT WILL NOT SELL, TRANSFER, ASSIGN, PLEDGE OR HYPOTHECATE THIS PURCHASE
WARRANT UNTIL MARCH 23, 2023 TO ANYONE OTHER THAN (I) A.G.P./ALLIANCE GLOBAL PARTNERS OR AN UNDERWRITER OR A SELECTED DEALER IN CONNECTION
WITH THE OFFERING, OR (II) A BONA FIDE OFFICER OR PARTNER OF A.G.P./ALLIANCE GLOBAL PARTNERS OR OF ANY SUCH UNDERWRITER OR SELECTED DEALER.

 

THIS PURCHASE WARRANT IS NOT
EXERCISABLE PRIOR TO MARCH 23, 2023.

 

 

COMMON STOCK PURCHASE WARRANT

 

For the Purchase of [______] Shares of Common Stock

 

of

 

SHIFTPIXY, INC.

 

1.       Purchase
Warrant. THIS CERTIFIES THAT, in consideration of funds duly paid by or on behalf of [A.G.P./ ALLIANCE GLOBAL PARTNERS] (“Holder”),
as registered owner of this Purchase Warrant, to ShiftPixy, Inc., a Wyoming corporation (the “Company”), Holder is
entitled, at any time or from time to time from March [__], 2023 (the “Commencement Date”), and at or before 5:00 p.m.,
Eastern time, and expiring four (4) years from date that the registration statement registering the shares underlying the warrants sold
in the private placement offering (pursuant to the terms of the securities purchase agreement dated September 20, 2022) is declared effective
by the Securities and Exchange Commission (the ”Expiration Date”), but not thereafter, to subscribe for,
purchase and receive, in whole or in part, up to [______] shares of common stock of the Company (the “Shares”), subject
to adjustment as provided in Section 6 hereof. If the Expiration Date is a day on which banking institutions are authorized by law to
close, then this Purchase Warrant may be exercised on the next succeeding day which is not such a day in accordance with the terms herein.
During the period ending on the Expiration Date, the Company agrees not to take any action that would terminate this Purchase Warrant.
This Purchase Warrant is initially exercisable at $13.20 per Share; provided, however, that upon the occurrence of any of
the events specified in Section 6 hereof, the rights granted by this Purchase Warrant, including the exercise price per Share and the
number of Shares to be received upon such exercise, shall be adjusted as therein specified. The term “Exercise Price”
shall mean the initial exercise price or the adjusted exercise price, depending on the context.

 

     

     

    

 

2.       Exercise.

 

2.1       Exercise
Form. In order to exercise this Purchase Warrant, the exercise form attached hereto must be duly executed and completed and delivered
to the Company, together with this Purchase Warrant and payment of the Exercise Price for the Shares being purchased payable in cash by
wire transfer of immediately available funds to an account designated by the Company or by certified check or official bank check. If
the subscription rights represented hereby shall not be exercised at or before 5:00 p.m., Eastern time, on the Expiration Date, this Purchase
Warrant shall become and be void without further force or effect, and all rights represented hereby shall cease and expire.

 

2.2       Cashless
Exercise.  If at any time after the Commencement Date there is no effective registration statement registering, or no current
prospectus available for, the resale of the Shares by the Holder, then in lieu of exercising this Purchase Warrant by payment of cash
or check payable to the order of the Company pursuant to Section 2.1 above, Holder may elect to receive the number of Shares equal to
the value of this Purchase Warrant (or the portion thereof being exercised), by surrender of this Purchase Warrant to the Company, together
with the exercise form attached hereto, in which event the issue to Holder, Shares in accordance with the following formula:

 

	X	=	Y(A-B)	 
	A	 
	Where,	 	 	 
	 	X	=	The number of Shares to be issued to Holder;
	 	Y	=	The number of Shares for which the Purchase Warrant is being exercised;
	 	A	=	The fair market value of one Share; and
	 	B	=	The Exercise Price.
	 	 	 	 	 	 	 	 	 

For purposes of this Section
2.2, the fair market value of a Share is defined as follows:

 

		(i)	if the Company’s common stock is traded on a securities exchange, the value shall be deemed to be
the closing price on such exchange on the trading day immediately prior to the exercise form being submitted in connection with the exercise
of the Purchase Warrant; or

		(ii)	if the Company’s common stock is actively traded over-the-counter, the value shall be deemed to
be the closing bid on the trading day immediately prior to the exercise form being submitted in connection with the exercise of the Purchase
Warrant; if there is no active public market, the value shall be the fair market value thereof, as determined in good faith by the Company’s
Board of Directors.

 

If Warrant Shares are issued
in such a “cashless exercise,” the parties acknowledge and agree that in accordance with Section 3(a)(9) of the Securities
Act, the Warrant Shares shall take on the registered characteristics of the Warrants being exercised, and the holding period of the Warrants
being exercised may be tacked on to the holding period of the Warrant Shares. The Company agrees not to take any position contrary to
this Section 2.2.

 

2.3        Legend.
Each certificate for the securities purchased under this Purchase Warrant shall bear a legend as follows unless such securities have been
registered under the Securities Act of 1933, as amended (the “Act”):

 

     

     

    

 

“The securities represented
by this certificate have not been registered under the Securities Act of 1933, as amended (the “Act”), or applicable
state law. Neither the securities nor any interest therein may be offered for sale, sold or otherwise transferred except pursuant to an
effective registration statement under the Securities Act, or pursuant to an exemption from registration under the Securities Act and
applicable state law which, in the opinion of counsel to the Company, is available.”

 

3.       Transfer.

 

3.1       General
Restrictions. The registered Holder of this Purchase Warrant agrees by his, her or its acceptance hereof, that such Holder will not:
(a) sell, transfer, assign, pledge or hypothecate this Purchase Warrant until March 23, 2023 to anyone other than: (i) A.G.P./Alliance
Global Partners (“A.G.P.”) or an underwriter or a selected dealer participating in the Offering, or (ii) a bona fide
officer or partner of A.G.P. or of any such underwriter or selected dealer, in each case in accordance with FINRA Conduct Rule 5110(g)(1),
or (b) cause this Purchase Warrant or the securities issuable hereunder to be the subject of any hedging, short sale, derivative, put
or call transaction that would result in the effective economic disposition of this Purchase Warrant or the securities hereunder, except
as provided for in FINRA Rule 5110(g)(2). On and after March 23, 2023, transfers to others may be made subject to compliance with or exemptions
from applicable securities laws. In order to make any permitted assignment, the Holder must deliver to the Company the assignment form
attached hereto duly executed and completed, together with the Purchase Warrant and payment of all transfer taxes, if any, payable in
connection therewith. The Company shall within five (5) Business Days transfer this Purchase Warrant on the books of the Company and shall
execute and deliver a new Purchase Warrant or Purchase Warrants of like tenor to the appropriate assignee(s) expressly evidencing the
right to purchase the aggregate number of Shares purchasable hereunder or such portion of such number as shall be contemplated by any
such assignment. For purposes of this Purchase Warrant, “Business Day” means any day except any Saturday, any Sunday,
any day which is a federal legal holiday in the United States or any day on which banking institutions in the State of New York are authorized
or required by law or other governmental action to close.

 

3.2        Restrictions
Imposed by the Securities Act. The securities evidenced by this Purchase Warrant shall not be transferred unless and until: (i) the
Company has received the opinion of counsel for the Holder that the securities may be transferred pursuant to an exemption from registration
under the Securities Act and applicable state securities laws, the availability of which is established to the reasonable satisfaction
of the Company (the Company hereby agreeing that the opinion of Sullivan & Worcester LLP shall be deemed satisfactory evidence of
the availability of an exemption), or (ii) a registration statement or a post-effective amendment to the Registration Statement relating
to the offer and sale of such securities has been filed by the Company and declared effective by the U.S. Securities and Exchange Commission
(the ”Commission”) and compliance with applicable state securities law has been established.

 

4.       Registration
Rights.

 

4.1       Demand
Registration.

 

4.1.1       Grant
of Right. The Company, upon written demand (a “Demand Notice”) of the Holder(s) of at least 51% of the Purchase
Warrants and/or the underlying Shares (“Majority Holders”), agrees to register, on one occasion, all or any portion
of the Shares underlying the Purchase Warrants (collectively, the “Registrable Securities”). On such occasion, the
Company will file a registration statement with the Commission covering the Registrable Securities within thirty (30) days after receipt
of a Demand Notice and use its reasonable best efforts to have the registration statement declared effective promptly thereafter, subject
to compliance with review by the Commission; provided, however, that if the Demand Notice is issued within 50 days prior
to the beginning of the Company’s fiscal year, the 30 day period shall be extended until 80 days after the last day of the prior
fiscal year; and provided further that the Company shall not be required to comply with a Demand Notice if the Company has filed
a registration statement with respect to which the Holder is entitled to piggyback registration rights pursuant to Section 4.2 hereof
and the Holder has elected to participate in the offering covered by such registration statement. The demand for registration may be made
at any time during a period of four (4) years beginning on the Commencement Date. The Company covenants and agrees to give written notice
of its receipt of any Demand Notice by any Holder(s) to all other registered Holders of the Purchase Warrants and/or the Registrable Securities
within ten (10) Business Days after the date of the receipt of any such Demand Notice.

 

     

     

    

 

4.1.2        Terms.
The Company shall bear all fees and expenses attendant to the registration of the Registrable Securities pursuant to Section 4.1.1, but
the Holders shall pay any and all underwriting commissions and the expenses of any legal counsel selected by the Holders to represent
them in connection with the sale of the Registrable Securities. The Company agrees to use its reasonable best efforts to cause the filing
required herein to become effective promptly and to qualify or register the Registrable Securities in such States as are reasonably requested
by the Holder(s); provided, however, that in no event shall the Company be required to register the Registrable Securities
in a State in which such registration would cause: (i) the Company to be obligated to register or license to do business in such State
or submit to general service of process in such State, or (ii) the principal shareholders of the Company to be obligated to escrow their
shares of capital stock of the Company. The Company shall cause any registration statement filed pursuant to the demand right granted
under Section 4.1.1 to remain effective for a period of at least twelve (12) consecutive months after the date that the Holders of the
Registrable Securities covered by such registration statement are first given the opportunity to sell all of such securities. The Holders
shall only use the prospectuses provided by the Company to sell the shares covered by such registration statement, and will immediately
cease to use any prospectus furnished by the Company if the Company advises the Holder that such prospectus may no longer be used due
to a material misstatement or omission. Notwithstanding the provisions of this Section 4.1.2, the Holder shall be entitled to a demand
registration under this Section 4.1.2 on only one (1) occasion and such demand registration right shall terminate on the fifth anniversary
of the commencement of sales of the public offering in accordance with FINRA Rule 5110(f)(2)(G)(iv).

4.2       “Piggy-Back”
Registration.

 

4.2.1       Grant
of Right. In addition to the demand right of registration described in Section 4.1 hereof, the Holder shall have the right, for a
period of no more than four (4) years from the date of effectiveness of the registration statement to include the shares underlying the
Purchase Warrant, to include the Registrable Securities as part of any other registration of securities filed by the Company (other than
in connection with a transaction contemplated by Rule 145(a) promulgated under the Securities Act or pursuant to Form S-8 or any equivalent
form); provided, however, that if, solely in connection with any primary underwritten public offering for the account of
the Company, the managing underwriter(s) thereof shall, in its reasonable discretion, impose a limitation on the number of shares of Common
Stock which may be included in the Registration Statement because, in such underwriter(s)’ judgment, marketing or other factors
dictate such limitation is necessary to facilitate public distribution, then the Company shall be obligated to include in such Registration
Statement only such limited portion of the Registrable Securities with respect to which the Holder requested inclusion hereunder as the
underwriter shall reasonably permit. Any exclusion of Registrable Securities shall be made pro rata among the Holders seeking to include
Registrable Securities in proportion to the number of Registrable Securities sought to be included by such Holders; provided, however,
that the Company shall not exclude any Registrable Securities unless the Company has first excluded all outstanding securities, the holders
of which are not entitled to inclusion of such securities in such Registration Statement or are not entitled to pro rata inclusion with
the Registrable Securities.

 

     

     

    

 

4.2.2        Terms.
The Company shall bear all fees and expenses attendant to registering the Registrable Securities pursuant to Section 4.2.1 hereof, but
the Holders shall pay any and all underwriting commissions and the expenses of any legal counsel selected by the Holders to represent
them in connection with the sale of the Registrable Securities. In the event of such a proposed registration, the Company shall furnish
the then Holders of outstanding Registrable Securities with not less than thirty (30) days written notice prior to the proposed date of
filing of such registration statement. Such notice to the Holders shall continue to be given for each registration statement filed by
the Company until such time as all of the Registrable Securities have been sold by the Holder. The holders of the Registrable Securities
shall exercise the “piggy-back” rights provided for herein by giving written notice within ten (10) days of the receipt of
the Company’s notice of its intention to file a registration statement. Except as otherwise provided in this Purchase Warrant, there
shall be no limit on the number of times the Holder may request registration under this Section 4.2.2; provided, however,
that such registration rights shall terminate on the sixth anniversary of the Commencement Date.

 

4.3       General
Terms.

 

4.3.1       Indemnification.
The Company shall indemnify the Holder(s) of the Registrable Securities to be sold pursuant to any registration statement hereunder and
each person, if any, who controls such Holders within the meaning of Section 15 of the Securities Act or Section 20 (a) of the Securities
Exchange Act of 1934, as amended (“Exchange Act”), against all loss, claim, damage, expense or liability (including
all reasonable attorneys’ fees and other expenses reasonably incurred in investigating, preparing or defending against any claim
whatsoever) to which any of them may become subject under the Securities Act, the Exchange Act or otherwise, arising from such registration
statement but only to the same extent and with the same effect as the provisions pursuant to which the Company has agreed to indemnify
the placement agent contained in the Placement Agent Agreement between A.G.P. and the Company, dated as of September 20, 2022. The Holder(s)
of the Registrable Securities to be sold pursuant to such registration statement, and their successors and assigns, shall severally, and
not jointly, indemnify the Company, against all loss, claim, damage, expense or liability (including all reasonable attorneys’ fees
and other expenses reasonably incurred in investigating, preparing or defending against any claim whatsoever) to which they may become
subject under the Securities Act, the Exchange Act or otherwise, arising from information furnished by or on behalf of such Holders, or
their successors or assigns, in writing, for specific inclusion in such registration statement to the same extent and with the same effect
as the provisions contained in the Placement Agent Agreement whereby A.G.P. has agreed to indemnify the Company.

 

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

 

4.3.3        Documents
Delivered to Holders. The Company shall furnish to each Holder participating in any of the foregoing offerings and to each underwriter
of any such offering, if any, a signed counterpart, addressed to such Holder or underwriter, of: (i) an opinion of counsel to the Company,
dated the effective date of such registration statement (and, if such registration includes an underwritten public offering, an opinion
dated the date of the closing under any underwriting agreement related thereto), and (ii) a “cold comfort” letter dated the
effective date of such registration statement (and, if such registration includes an underwritten public offering, a letter dated the
date of the closing under the underwriting agreement) signed by the independent registered public accounting firm which has issued a report
on the Company’s financial statements included in such registration statement, in each case covering substantially the same matters
with respect to such registration statement (and the prospectus included therein) and, in the case of such accountants’ letter,
with respect to events subsequent to the date of such financial statements, as are customarily covered in opinions of issuer’s counsel
and in accountants’ letters delivered to underwriters in underwritten public offerings of securities. The Company shall also deliver
promptly to each Holder participating in the offering requesting the correspondence and memoranda described below and to the managing
underwriter, if any, copies of all correspondence between the Commission and the Company, its counsel or auditors and all memoranda relating
to discussions with the Commission or its staff with respect to the registration statement and permit each Holder and underwriter to do
such investigation, upon reasonable advance notice, with respect to information contained in or omitted from the registration statement
as it deems reasonably necessary to comply with applicable securities laws or rules of FINRA. Such investigation shall include access
to books, records and properties and opportunities to discuss the business of the Company with its officers and independent auditors,
all to such reasonable extent and at such reasonable times as any such Holder shall reasonably request.

 

     

     

    

 

4.3.4        Underwriting
Agreement. The Company shall enter into an underwriting agreement with the managing underwriter(s), if any, selected by any Holders
whose Registrable Securities are being registered pursuant to this Section 4, which managing underwriter shall be reasonably satisfactory
to the Company. Such agreement shall be reasonably satisfactory in form and substance to the Company, each Holder and such managing underwriters,
and shall contain such representations, warranties and covenants by the Company and such other terms as are customarily contained in agreements
of that type used by the managing underwriter. The Holders shall be parties to any underwriting agreement relating to an underwritten
sale of their Registrable Securities and may, at their option, require that any or all the representations, warranties and covenants of
the Company to or for the benefit of such underwriters shall also be made to and for the benefit of such Holders. Such Holders shall not
be required to make any representations or warranties to or agreements with the Company or the underwriters except as they may relate
to such Holders, their Shares and their intended methods of distribution.

 

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

 

4.3.6        Damages.
Should the registration statement or the effectiveness thereof required by Sections 4.1 and 4.2 hereof be delayed by the Company or the
Company otherwise fails to comply with such provisions, the Holder(s) shall, in addition to any other legal or other relief available
to the Holder(s), be entitled to obtain specific performance or other equitable (including injunctive) relief against the threatened breach
of such provisions or the continuation of any such breach, without the necessity of proving actual damages and without the necessity of
posting bond or other security.

 

5.       New
Purchase Warrants to be Issued.

 

5.1       Partial
Exercise or Transfer. Subject to the restrictions in Section 3 hereof, this Purchase Warrant may be exercised or assigned in whole
or in part. In the event of the exercise or assignment hereof in part only, upon surrender of this Purchase Warrant for cancellation,
together with the duly executed exercise or assignment form and funds sufficient to pay any Exercise Price and/or transfer tax if exercised
pursuant to Section 2.1 hereto, the Company shall cause to be delivered to the Holder without charge a new Purchase Warrant of like tenor
to this Purchase Warrant in the name of the Holder evidencing the right of the Holder to purchase the number of Shares purchasable hereunder
as to which this Purchase Warrant has not been exercised or assigned.

 

5.2        Lost
Certificate. Upon receipt by the Company of evidence satisfactory to it of the loss, theft, destruction or mutilation of this Purchase
Warrant and of reasonably satisfactory indemnification or the posting of a bond, the Company shall execute and deliver a new Purchase
Warrant of like tenor and date. Any such new Purchase Warrant executed and delivered as a result of such loss, theft, mutilation or destruction
shall constitute a substitute contractual obligation on the part of the Company.

 

     

     

    

 

6.       Adjustments.

 

6.1       Adjustments
to Exercise Price and Number of Securities. The Exercise Price and the number of Shares underlying the Purchase Warrant shall be subject
to adjustment from time to time as hereinafter set forth:

 

6.1.1       Share
Dividends; Split Ups. If, after the date hereof, and subject to the provisions of Section 6.3 below, the number of outstanding Shares
is increased by a stock dividend payable in Shares or by a split up of Shares or other similar event, then, on the effective day thereof,
the number of Shares purchasable hereunder shall be increased in proportion to such increase in outstanding Shares, and the Exercise Price
shall be proportionately decreased.

 

6.1.2        Aggregation
of Shares. If, after the date hereof, and subject to the provisions of Section 6.3 below, the number of outstanding Shares is decreased
by a consolidation, combination or reclassification of Shares or other similar event, then, on the effective date thereof, the number
of Shares purchasable hereunder shall be decreased in proportion to such decrease in outstanding Shares, and the Exercise Price shall
be proportionately increased.

 

6.1.3        Replacement
of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding Shares other than a change
covered by Section 6.1.1 or 6.1.2 hereof or that solely affects the par value of such Shares, or in the case of any share reconstruction
or amalgamation or consolidation of the Company with or into another corporation (other than a consolidation or share reconstruction or
amalgamation in which the Company is the continuing corporation and that does not result in any reclassification or reorganization of
the outstanding Shares), or in the case of any sale or conveyance to another corporation or entity of the property of the Company in its
entirety or substantially in its entirety in connection with which the Company is dissolved, the Holder of this Purchase Warrant shall
have the right thereafter (until the expiration of the right of exercise of this Purchase Warrant) to receive upon the exercise hereof,
for the same aggregate Exercise Price payable hereunder immediately prior to such event, the kind and amount of shares of stock or other
securities or property (including cash) receivable upon such reclassification, reorganization, share reconstruction or amalgamation, or
consolidation, or upon a dissolution following any such sale or transfer, by a Holder of the number of Shares of the Company obtainable
upon exercise of this Purchase Warrant immediately prior to such event; and if any reclassification also results in a change in Shares
covered by Section 6.1.1 or 6.1.2, then such adjustment shall be made pursuant to Sections 6.1.1, 6.1.2 and this Section 6.1.3. The provisions
of this Section 6.1.3 shall similarly apply to successive reclassifications, reorganizations, share reconstructions or amalgamations,
or consolidations, sales or other transfers.

 

6.1.4        Changes
in Form of Purchase Warrant. This form of Purchase Warrant need not be changed because of any change pursuant to this Section 6.1,
and Purchase Warrants issued after such change may state the same Exercise Price and the same number of Shares as are stated in the Purchase
Warrants initially issued pursuant to this Agreement. The acceptance by any Holder of the issuance of new Purchase Warrants reflecting
a required or permissive change shall not be deemed to waive any rights to an adjustment occurring after the Commencement Date or the
computation thereof.

 

     

     

    

 

6.2        Substitute
Purchase Warrant. In case of any consolidation of the Company with, or share reconstruction or amalgamation of the Company with or
into, another corporation (other than a consolidation or share reconstruction or amalgamation which does not result in any reclassification
or change of the outstanding Shares), the corporation formed by such consolidation or share reconstruction or amalgamation shall execute
and deliver to the Holder a supplemental Purchase Warrant providing that the holder of each Purchase Warrant then outstanding or to be
outstanding shall have the right thereafter (until the stated expiration of such Purchase Warrant) to receive, upon exercise of such Purchase
Warrant, the kind and amount of shares of stock and other securities and property receivable upon such consolidation or share reconstruction
or amalgamation, by a holder of the number of Shares of the Company for which such Purchase Warrant might have been exercised immediately
prior to such consolidation, share reconstruction or amalgamation, sale or transfer. Such supplemental Purchase Warrant shall provide
for adjustments which shall be identical to the adjustments provided for in this Section 6. The above provision of this Section shall
similarly apply to successive consolidations or share reconstructions or amalgamations.

 

6.3        Elimination
of Fractional Interests. The Company shall not be required to issue certificates representing fractions of Shares upon the exercise
of the Purchase Warrant, nor shall it be required to issue scrip or pay cash in lieu of any fractional interests, it being the intent
of the parties that all fractional interests shall be eliminated by rounding any fraction up or down, as the case may be, to the nearest
whole number of Shares or other securities, properties or rights.

 

7.        Reservation
and Listing. The Company shall at all times reserve and keep available out of its authorized Shares, solely for the purpose of issuance
upon exercise of the Purchase Warrants, such number of Shares or other securities, properties or rights as shall be issuable upon the
exercise thereof. The Company covenants and agrees that, upon exercise of the Purchase Warrants and payment of the Exercise Price therefor,
in accordance with the terms hereby, all Shares and other securities issuable upon such exercise shall be duly and validly issued, fully
paid and non-assessable and not subject to preemptive rights of any shareholder. The Company further covenants and agrees that upon exercise
of the Purchase Warrants and payment of the exercise price therefor, all Shares and other securities issuable upon such exercise shall
be duly and validly issued, fully paid and non-assessable and not subject to preemptive rights of any shareholder. As long as the Purchase
Warrants shall be outstanding, the Company shall use its commercially reasonable efforts to cause all Shares issuable upon exercise of
the Purchase Warrants to be listed (subject to official notice of issuance) on all national securities exchanges (or, if applicable, on
the OTCQB, OTCQX, OTC PINK or any successor trading market) on which the Shares issued to the public in the Offering may then be listed
and/or quoted.

 

8.       Certain
Notice Requirements.

 

8.1       Holder’s
Right to Receive Notice. Nothing herein shall be construed as conferring upon the Holders the right to vote or consent or to receive
notice as a shareholder for the election of directors or any other matter, or as having any rights whatsoever as a shareholder of the
Company. If, however, at any time prior to the expiration of the Purchase Warrants and their exercise, any of the events described in
Section 8.2 shall occur, then, in one or more of said events, the Company shall give written notice of such event at least fifteen days
prior to the date fixed as a record date or the date of closing the transfer books for the determination of the shareholders entitled
to such dividend, distribution, conversion or exchange of 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 the closing of the transfer books, as the case
may be. Notwithstanding the foregoing, the Company shall deliver to each Holder a copy of each notice given to the other shareholders
of the Company at the same time and in the same manner that such notice is given to the shareholders.

 

     

     

    

 

8.2        Events
Requiring Notice. The Company shall be required to give the notice described in this Section 8 upon one or more of the following events:
(i) if the Company shall take a record of the holders of its Shares 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 retained earnings, as indicated by the
accounting treatment of such dividend or distribution on the books of the Company, (ii) the Company shall offer to all the holders of
its Shares 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, right or warrant to subscribe therefor, or (iii) a dissolution, liquidation or winding up of the
Company (other than in connection with a consolidation or share reconstruction or amalgamation) or a sale of all or substantially all
of its property, assets and business shall be proposed.

 

8.3        Notice
of Change in Exercise Price. The Company shall, promptly after an event requiring a change in the Exercise Price pursuant to Section
6 hereof, send notice to the Holders of such event and change (“Price Notice”). The Price Notice shall describe the
event causing the change and the method of calculating same and shall be certified as being true and accurate by the Company’s Chief
Financial Officer.

 

8.4        Transmittal
of Notices. All notices, requests, consents and other communications under this Purchase Warrant shall be in writing and shall be
deemed to have been duly made when hand delivered, or mailed by express mail or private courier service: (i) if to the registered Holder
of the Purchase Warrant, to the address of such Holder as shown on the books of the Company, or (ii) if to the Company, to following address
or to such other address as the Company may designate by notice to the Holders:

If to the Holder:

 

A.G.P./Alliance Global Partners

590 Madison Avenue, 28th Floor

New York, New York 10022

Attn: Mr. Thomas Higgins, Managing Director, Investment Banking

with a copy (which shall not constitute notice) to:

 

Sullivan & Worcester LLP

1633 Broadway

New York, NY 10019

Attn: Oded Har-Even, Esq.

 

If to the Company:

 

ShiftPixy, Inc.

501 Brickell Key Drive, Suite
300

Miami, FL 33131

Attn: Scott W. Absher

 

9.       Miscellaneous.

 

9.1       Amendments.
The Company and A.G.P. may from time to time supplement or amend this Purchase Warrant without the approval of any of the Holders in order
to cure any ambiguity, to correct or supplement any provision contained herein that may be defective or inconsistent with any other provisions
herein, or to make any other provisions in regard to matters or questions arising hereunder that the Company and A.G.P. may deem necessary
or desirable and that the Company and A.G.P. deem shall not adversely affect the interest of the Holders. All other modifications or amendments
shall require the written consent of and be signed by the party against whom enforcement of the modification or amendment is sought.

 

     

     

    

 

9.2        Headings.
The headings contained herein are for the sole purpose of convenience of reference, and shall not in any way limit or affect the meaning
or interpretation of any of the terms or provisions of this Purchase Warrant.

 

9.3.        Entire
Agreement. This Purchase Warrant (together with the other agreements and documents being delivered pursuant to or in connection with
this Purchase Warrant) constitutes the entire agreement of the parties hereto with respect to the subject matter hereof, and supersedes
all prior agreements and understandings of the parties, oral and written, with respect to the subject matter hereof.

 

9.4        Binding
Effect. This Purchase Warrant shall inure solely to the benefit of and shall be binding upon, the Holder and the Company and their
permitted assignees, respective successors, legal representative and assigns, and no other person shall have or be construed to have any
legal or equitable right, remedy or claim under or in respect of or by virtue of this Purchase Warrant or any provisions herein contained.

 

9.5        Governing
Law; Submission to Jurisdiction; Trial by Jury. This Purchase Warrant shall be governed by and construed and enforced in accordance
with the laws of the State of New York, without giving effect to conflict of laws principles thereof. The Company hereby agrees that any
action, proceeding or claim against it arising out of, or relating in any way to this Purchase Warrant shall be brought and enforced in
the New York Supreme Court, County of New York, or in the United States District Court for the Southern District of New York, and irrevocably
submits to such jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives any objection to such exclusive jurisdiction
and that such courts represent an inconvenient forum. Any process or summons to be served upon the Company may be served by transmitting
a copy thereof by registered or certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in
Section 8 hereof. Such mailing shall be deemed personal service and shall be legal and binding upon the Company in any action, proceeding
or claim. The Company and the Holder agree that the prevailing party(ies) in any such action shall be entitled to recover from the other
party(ies) all of its reasonable attorneys’ fees and expenses relating to such action or proceeding and/or incurred in connection
with the preparation therefor. The Company (on its behalf and, to the extent permitted by applicable law, on behalf of its stockholders
and affiliates) and the Holder hereby irrevocably waive, to the fullest extent permitted by applicable law, any and all right to trial
by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.

 

9.6        Waiver,
etc. The failure of the Company or the Holder to at any time enforce any of the provisions of this Purchase Warrant shall not be deemed
or construed to be a waiver of any such provision, nor to in any way affect the validity of this Purchase Warrant or any provision hereof
or the right of the Company or any Holder to thereafter enforce each and every provision of this Purchase Warrant. No waiver of any breach,
non-compliance or non-fulfillment of any of the provisions of this Purchase Warrant shall be effective unless set forth in a written instrument
executed by the party or parties against whom or which enforcement of such waiver is sought; and no waiver of any such breach, non-compliance
or non-fulfillment shall be construed or deemed to be a waiver of any other or subsequent breach, non-compliance or non-fulfillment.

 

9.7        Execution
in Counterparts. This Purchase Warrant may be executed in one or more counterparts, and by the different parties hereto in separate
counterparts, each of which shall be deemed to be an original, but all of which taken together shall constitute one and the same agreement,
and shall become effective when one or more counterparts has been signed by each of the parties hereto and delivered to each of the other
parties hereto. Such counterparts may be delivered by facsimile transmission or other electronic transmission.

 

9.8        Exchange
Agreement. As a condition of the Holder’s receipt and acceptance of this Purchase Warrant, Holder agrees that, at any time prior
to the complete exercise of this Purchase Warrant by Holder, if the Company and A.G.P. enter into an agreement (“Exchange Agreement”)
pursuant to which they agree that all outstanding Purchase Warrants will be exchanged for securities or cash or a combination of both,
then Holder shall agree to such exchange and become a party to the Exchange Agreement.

 

[Signature Page Follows]

 

     

     

    

 

IN WITNESS WHEREOF, the Company has caused this
Purchase Warrant to be signed by its duly authorized officer as of the ____ day of September, 2022.

 

 

SHIFTPIXY,
INC.

 

By:_________________________________

      Name:

      Title:

 

     

     

    

 

[Form to be used to exercise Purchase Warrant]

 

Date: __________, 20___

 

The undersigned
hereby elects irrevocably to exercise the Purchase Warrant for ______ shares of common stock (the “Shares”), of ShiftPixy,
Inc., a Wyoming corporation (the “Company”), and hereby makes payment of $____ (at the rate of $____ per Share) in
payment of the Exercise Price pursuant thereto. Please issue the Shares as to which this Purchase Warrant is exercised in accordance with
the instructions given below and, if applicable, a new Purchase Warrant representing the number of Shares for which this Purchase Warrant
has not been exercised.

 

or

 

The undersigned
hereby elects irrevocably to convert its right to purchase ___ Shares of the Company under the Purchase Warrant for ______ Shares, as
determined in accordance with the following formula:

 

	 	X	=	Y(A-B)	 
	A	 
	Where,	 	 	 
	 	X	=	The number of Shares to be issued to Holder;
	 	Y	=	The number of Shares for which the Purchase Warrant is being exercised;
	 	A	=	The fair market value of one Share which is equal to $_____; and
	 	B	=	The Exercise Price which is equal to $______ per share
	 	 	 	 	 	 	 

The undersigned
agrees and acknowledges that the calculation set forth above is subject to confirmation by the Company and any disagreement with respect
to the calculation shall be resolved by the Company in its sole discretion.

 

Please issue the
Shares as to which this Purchase Warrant is exercised in accordance with the instructions given below and, if applicable, a new Purchase
Warrant representing the number of Shares for which this Purchase Warrant has not been converted.

 

 

	Signature	 	 

 

 

	Signature Guaranteed 	 	 

 

     

     

    

 

INSTRUCTIONS FOR REGISTRATION OF SECURITIES

 

Name: ALLIANCE GLOBAL PARTNERS

(Print in Block Letters)

 

Address: 590 Madison Avenue, 28th Floor

New York, New York 10022

 

 

NOTICE: The signature to this
form must correspond with the name as written upon the face of the Purchase Warrant without alteration or enlargement or any change whatsoever,
and must be guaranteed by a bank, other than a savings bank, or by a trust company or by a firm having membership on a registered national
securities exchange.

 

     

     

    

 

[Form to be used to assign Purchase Warrant]

ASSIGNMENT

 

(To be executed by the registered Holder to effect
a transfer of the within Purchase Warrant):

 

 

FOR VALUE RECEIVED, __________________ does hereby
sell, assign and transfer unto the right to purchase shares of common stock of ShiftPixy, Inc., a Wyoming corporation (the “Company”),
evidenced by the Purchase Warrant and does hereby authorize the Company to transfer such right on the books of the Company.

 

 

Dated: __________, 20__

 

 

	Signature 	 	 

 

 

	Signature Guaranteed	 	 

 

 

NOTICE: The signature to this form must correspond with the name as
written upon the face of the within Purchase Warrant without alteration or enlargement or any change whatsoever, and must be guaranteed
by a bank, other than a savings bank, or by a trust company or by a firm having membership on a registered national securities exchange.Exhibit 10.1

 

EMPLOYMENT AGREEMENT

 

THIS AGREEMENT (this “Agreement”)
is made as of the 21st day of September, 2022 and be effective as July 1, 2022 (the “Effective Date”) by
and between William H. Craig (the “Employee”) and IEH Corporation, a New York corporation (the “Company”).

 

W I T N E S S E T H:

 

WHEREAS, the Company are engaged
in the business of designing, developing and manufacturing printed circuit and plastic circular connectors for high performance applications
utilizing the HYPERBOLOID contact design; and

 

WHEREAS, the Employee is currently
employed by the Company as the Chief Financial Officer and Treasurer of the Company, and the Company desires to continue the employment
of the Employee and secure for the Company the experience, ability and services of the Employee;

 

WHEREAS, the Employee desires
to continue to be employed by the Company, pursuant to the terms and conditions herein set forth, superseding all prior oral and written
employment agreements, and term sheets and letters between the Company, its subsidiaries and/or predecessors and Employee; and

 

WHEREAS, this Agreement supersedes
any and all prior oral and written agreements and writings between the Employee and the Company.

 

NOW, THEREFORE, it is mutually
agreed by and between the parties hereto as follows:

 

ARTICLE
I 

DEFINITIONS

 

1.1    
        Accrued Compensation. “Accrued Compensation” shall mean an amount which shall include all amounts
earned or accrued through the Termination Date (as defined below) but not paid as of the Termination Date, including: (a) Base Salary;
(b) reimbursement for business expenses incurred by the Employee on behalf of the Company, pursuant to the Company’s expense reimbursement
policy in effect at such time; (c) vacation pay; and (d) unpaid bonuses and incentive compensation earned and awarded prior to the Termination
Date.

 

1.2    
        Cause. “Cause” shall mean: (a) willful disobedience by the Employee of a material and lawful instruction
of the Chief Executive Officer or Board of Directors of the Company (the “Board”); (b) formal charge, indictment or
conviction of the Employee of any misdemeanor involving fraud or embezzlement or similar crime, or any felony; (c) conduct amounting to
fraud, dishonesty, gross negligence, willful misconduct or recurring insubordination; or (d) excessive absences from work, other than
for illness or Disability; provided that the Company shall not have the right to terminate the employment of Employee pursuant to the
foregoing clauses (a), (c), and (d) above unless written notice specifying such breach shall have been given to the Employee and, in the
case of breach which is capable of being cured, the Employee shall have failed to cure such breach within 30 days after his receipt of
such notice.

    4 

     

    

 

1.3    
        Change in Control. A “Change in Control” shall mean any of the following events:

 

       (a)        (i) An acquisition
(other than directly from the Company) of any voting securities of the Company (the “Voting Securities”) by any “Person”
(as the term person is used for purposes of Section 13(d) or 14(d) of the Securities Exchange Act of 1934, as amended (the “1934
Act”)) immediately after which such Person has “Beneficial Ownership” (within the meaning of Rule 13d-3 promulgated
under the 1934 Act) of twenty percent (20%) or more of the combined voting power of the Company’s then outstanding Voting Securities;
provided, however, that in determining whether a Change in Control has occurred, Voting Securities which are acquired in a “Non-Control
Acquisition” (as defined below) shall not constitute an acquisition which would cause a Change in Control. A “Non-Control
Acquisition” shall mean an acquisition by: (1) an employee benefit plan (or a trust forming a part thereof) maintained by (x)
the Company or (y) any corporation or other Person of which a majority of its voting power or its equity securities or equity interest
is owned directly or indirectly by the Company (a “Subsidiary”); or (2) the Company or any Subsidiary; and

       

       (ii) Notwithstanding the foregoing,
a Change in Control shall not be deemed to occur solely because a Person (the “Subject Person”) gained Beneficial Ownership
of more than the permitted amount of the outstanding Voting Securities as a result of the acquisition of Voting Securities by the Company
which, by reducing the number of Voting Securities outstanding, increases the proportional number of shares Beneficially Owned by the
Subject Person, provided that if a Change in Control would occur (but for the operation of this sentence) as a result of the acquisition
of Voting Securities by the Company, and after such share acquisition by the Company, the Subject Person becomes the Beneficial Owner
of any additional Voting Securities which increases the percentage of the then outstanding Voting Securities Beneficially Owned by the
Subject Person, then a Change in Control shall occur.

 

       (b)       The individuals who,
as of the date this Agreement is approved by the Board, are members of the Board (the “Incumbent Board”), cease for
any reason to constitute at least two-thirds (2⁄3) of the Board;
provided, however, that if the election, or nomination for election by the Company’s stockholders, of any new director was approved
by a vote of at least two-thirds (2⁄3) of the Incumbent Board, such new director shall, for purposes of this Agreement, be considered
and defined as a member of the Incumbent Board; and provided, further, that no individual shall be considered a member of the Incumbent
Board if such individual initially assumed office as a result of either an actual “Election Contest” (as described
in Rule 14a-11 promulgated under the 1934 Act) or other solicitation of proxies or consents by or on behalf of a Person other than the
Board (a “Proxy Contest”); or

 

		(c)	Approval by stockholders of the Company of:

 

              (i)       A merger, consolidation
or reorganization involving the Company, unless: (1) the stockholders of the Company, immediately before such merger, consolidation or
reorganization, own, directly or indirectly immediately following such merger, consolidation or reorganization, at least sixty percent
(60%) of the combined voting power of the outstanding voting securities of the corporation resulting from such merger or consolidation
or reorganization (the “Surviving Corporation”) in substantially the same proportion as their ownership of the Voting
Securities immediately before such merger, consolidation or reorganization; (2) the individuals who were members of the Incumbent Board
immediately prior to the execution of the agreement providing for such merger, consolidation or reorganization constitute at least two-thirds
(2⁄3) of the members of the board of directors of the Surviving Corporation;
and (3) no Person (other than the Company, any Subsidiary, any employee benefit plan (or any trust forming a part thereof) maintained
by the Company, the Surviving Corporation or any Subsidiary) becomes Beneficial Owner of twenty percent (20%) or more of the combined
voting power of the Surviving Corporation’s then outstanding voting securities as a result of such merger, consolidation or reorganization,
a transaction described in clauses (1) through (3) shall herein be referred to as a “Non-Control Transaction”; or

    5 

     

    

 

              (ii)        An agreement
for the sale or other disposition of all or substantially all of the assets of the Company, to any Person, other than a transfer to a
Subsidiary, in one transaction or a series of related transactions;

 

              (iii)       The shareholders
of the Company approve any plan or proposal for the liquidation or dissolution of the Company.

 

       (d)       Notwithstanding anything
contained in this Agreement to the contrary, if the Employee’s employment is terminated prior to a Change in Control and the Employee
reasonably demonstrates that such termination: (i) was at the request of a third party who has indicated an intention or taken steps reasonably
calculated to effect a Change in Control (a “Third Party”); or (ii) otherwise occurred in connection with, or in anticipation
of, a Change in Control, then for all purposes of this Agreement, the date of a Change in Control with respect to the Employee shall mean
the date immediately prior to the date of such termination of the Employee’s employment.

 

1.4    
        Continuation Benefits. “Continuation Benefits” shall be the continuation of the Benefits, as defined
in Section 5.1, for the period commencing on the Termination Date and terminating 24 months thereafter, or such other period as
specifically stated by this agreement (the “Continuation Period”) at the Company’s expense on behalf of the Employee
and his dependents; provided, however, that: (a) in no event shall the Continuation Period exceed 24 months from the Termination Date;
and (b) the level and availability of benefits provided during the Continuation Period shall at all times be subject to the post-employment
conversion or portability provisions of the benefit plans. The Company’s obligation hereunder with respect to the foregoing benefits
shall also be limited to the extent that if the Employee obtains any such benefits pursuant to a subsequent employer's benefit plans,
the Company may reduce the coverage of any benefits it is required to provide the Employee hereunder as long as the aggregate coverage
and benefits of the combined benefit plans is no less favorable to the Employee than the coverage and benefits required to be provided
hereunder. This definition of Continuation Benefits shall not be interpreted so as to limit any benefits to which the Employee, his dependents
or beneficiaries may be entitled under any of the Company’s employee benefit plans, programs or practices following the Employee’s
termination of employment, including, without limitation, retiree medical and life insurance benefits.

 

1.5    
       Disability. “Disability” shall mean a physical or mental infirmity which impairs the Employee’s
ability to substantially perform his duties with the Company for a period of sixty (60) consecutive days and the Employee has not returned
to his full time employment prior to the Termination Date as stated in the “Notice of Termination” (as defined below).

 

    6 

     

    

1.6    
        Good Reason. “Good Reason” shall mean without the written
consent of the Employee: (a) a material breach of any provision of this Agreement by the Company; (b) failure by the Company to pay when
due any compensation to the Employee; (c) a reduction in the Employee’s Base Salary; (d) failure by the Company to maintain the
Employee in the positions referred to in Section 2.1 of this Agreement; (e) assignment to the Employee of any duties materially
and adversely inconsistent with the Employee’s positions, authority, duties, responsibilities, powers, functions, reporting relationship
or title or any other action by the Company that results in a material diminution of such positions, authority, duties, responsibilities,
powers, functions, reporting relationship or title; or (f) a Change in Control, provided the event on which the Change of Control is
predicated occurs within 90 days of the service of the Notice of Termination by the Employee, it being understood that Employee shall
have the right to terminate his employment under this Section 1.6(f) for any reason or no reason within such 90-day period; and
provided further, however, that the Employee agrees not to terminate his employment for Good Reason pursuant to clauses (a) through
(e) unless: (i) the Employee has given the Company at least 30 days’ prior written notice of his intent to terminate his employment
for Good Reason, which notice shall specify the facts and circumstances constituting Good Reason; and (ii) the Company has not remedied
such facts and circumstances constituting Good Reason to the reasonable and good faith satisfaction of the Employee within a 30-day period
after receipt of such notice.

 

1.7    
        Notice of Termination. A “Notice of Termination” shall mean a written notice from the Company, or
the Employee, of termination of the Employee’s employment which indicates the provision in this Agreement relied upon, if any and
which sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Employee’s employment
under the provision so indicated. A Notice of Termination served by the Company shall specify the effective date of termination.

 

1.8    
        Pro Rata Bonus. “Pro Rata Bonus” shall mean an amount equal to the maximum bonus Employee had an
opportunity to earn pursuant to Section 4.2 multiplied by a fraction, the numerator of which shall be the number of days from the
commencement of the fiscal year to the Termination Date, and the denominator of which shall be the number of days in the fiscal year in
which Employee was terminated.

 

1.9    
        Severance Payment. “Severance Payment” shall mean an amount equal to the sum of 24 months of Employee’s
Base Salary in effect on the Termination Date. The Severance Payment shall be payable in equal installments on each of the Company’s
regular pay dates for executives during the 24 months commencing on the first regular executive pay date following the Termination Date.
The Severance Payment is conditioned on the Employee executing a termination agreement and release in a form reasonably acceptable to
the Employee and the Company.

 

1.10        Termination
Date. “Termination Date” shall mean: (a) in the case of the Employee’s death, his date of death; (b) in the
case of Good Reason, 30 days from the date the Notice of Termination is given to the Company, provided the Company has not remedied such
facts and circumstances constituting Good Reason to the reasonable and good faith satisfaction of the Employee; (c) in the case of termination
of employment on or after the Expiration Date, the last day of employment; and (d) in all other cases, the date specified in the Notice
of Termination; provided, however, if the Employee’s employment is terminated by the Company for any reason except Cause,
the date specified in the Notice of Termination shall be at least 30 days from the date the Notice of Termination is given to the Employee,
and provided further that in the case of Disability, the Employee shall not have returned to the full-time performance of his duties during
such period of at least 30 days.

 

    7 

     

    

ARTICLE
II 

EMPLOYMENT

 

2.1             
Upon the terms and subject to the conditions of this Agreement, the Company hereby agrees to continue the employment of the Employee,
and the Employee hereby agrees to continue such employment, as Chief Financial Officer and Treasurer of the Company.

 

ARTICLE
III 

DUTIES

 

3.1             
The Employee shall, during the term of his employment with the Company, and subject to the direction and control of the Company’s
Chief Executive Officer, the Board of Directors, and the Audit Committee of the Board of Directors exercise such authority, perform such
executive duties and functions and discharge such responsibilities as are reasonably associated with his executive position or as may
be reasonably assigned or delegated to him from time to time by the Company’s Chief Executive Officer, the Board of Directors and
the Audit Committee of the Board of Directors, consistent with his position as Chief Financial Officer and Treasurer.

 

3.2             
The Employee shall perform, in conjunction with the Company’s executive management, to the best of his ability the following
services and duties for the Company and its subsidiary corporations (by way of example, and not by way of limitation):

 

(a)              
Those duties attendant to the position of Chief Financial Officer and Treasurer;

 

(b)              
Establish and implement current and long range objectives, plans, and policies, subject to the approval of the Company’s
Chief Executive Officer and the Board of Directors;

 

(c)              
Financial planning including the development of, liaison with, financing sources and investment bankers;

 

(d)              
Managerial oversight of the Company’s accounting department;

 

(e)              
Primary responsibility for the preparation and filing of all financial activity reports with federal and state regulatory authorities;

 

(f)               
Acquiring appropriate insurance coverage to safeguard Company’s assets (excluding workers’ compensation coverage and
medical benefits);

 

(g)              
Evaluation and integration of acquisitions, joint ventures, and other opportunities;

 

    8 

     

    

(h)              
Promotion of the relationships of the Company with its respective employees, customers, suppliers and others in the business community;

 

(i)                
Shareholder relations; and

 

(j)                
Compliance with local, state and federal regulations and laws governing business operations.

 

3.3             
The Employee agrees to devote full business time and his best efforts in the performance of his duties for the Company.

 

3.4             
Employee shall undertake regular travel to the Company’s executive and operational offices, and such other occasional travel
within or outside the United States as is or may be reasonably necessary in the interests of the Company. All such travel shall be at
the sole cost and expense of the Company and shall include reasonable lodging and food costs incurred by Employee while traveling.

 

ARTICLE
IV 

COMPENSATION

 

4.1             
During the term of this Agreement, Employee shall be compensated initially at the rate of $247,200 per annum, subject to such increases,
if any, as determined by the Chief Executive Officer and approved by the Board of Directors or if the Board so designates, the Compensation
Committee (the “Committee”), in its discretion, at the commencement of each of the Company’s fiscal years during
the term of this Agreement (the “Base Salary”). The Base Salary shall be paid to the Employee in accordance with the
Company’s regular executive payroll periods.

 

4.2             
Employee may receive a bonus (the “Bonus”) in the sole discretion of the Committee in accordance with the following
parameters:

 

(a)              
Employee will have an opportunity to earn a cash Bonus for each fiscal year of employment. The Bonus will be based on performance
targets and other key objectives established by the Committee, at the commencement of each fiscal year, and the determination of whether
the performance criteria shall have been attained shall be solely in the discretion of the Committee.

 

4.3             
The Company shall deduct from Employee’s compensation all federal, state, and local taxes which it may now or hereafter be
required to deduct.

 

 

4.4             
Employee may receive such other additional compensation as may be determined from time to time by the Board of Directors of the
Committee, including bonuses and other long term compensation plans. Nothing herein shall be deemed or construed to require the Board
of Directors or the Committee, to award any bonus or additional compensation.

 

    9 

     

    

4.5             
Notwithstanding any other provisions in this Agreement to the contrary, the Employee agrees and acknowledges that any incentive-based
compensation, or any other compensation, paid or payable to Employee pursuant to this Agreement or any other agreement or arrangement
with the Company which is subject to recoupment or clawback under any applicable law, government regulation, or stock exchange listing
requirement, including without limitation, the Dodd-Frank Wall Street Reform and Consumer Protection Act and such regulations as may
be promulgated thereunder by the Securities and Exchange Commission, will be subject to such deductions and clawback (recovery) as may
be required to be made pursuant to applicable law, government regulation, stock exchange listing requirement or any policy of the Company
adopted pursuant to any such law, government regulation, or stock exchange listing requirement. This section shall survive the termination
of this Agreement for a period of three (3) years.

 

ARTICLE
V 

BENEFITS

 

5.1             
During the term hereof, the Company shall provide Employee with the following benefits (the “Benefits”): (a)
group health care and insurance benefits as generally made available to the Company’s senior management; (b) travel expenses, including
a gas allowance and payment of an EZ Pass during the term of this Agreement and (c) such other insurance benefits obtained by the Company
and made generally available to the Company’s senior management. The Company shall reimburse Employee, upon presentation of appropriate
vouchers, for all reasonable business expenses incurred by Employee on behalf of the Company upon presentation of suitable documentation.

 

5.2             
In the event the Company wishes to obtain “key person” life insurance on the life of the employee, Employee agrees
to cooperate with the Company in completing any applications necessary to obtain such insurance and promptly submit such physical examinations
and furnish such information as any proposed insurance carrier may request.

 

5.3             
For the term of this Agreement, Employee shall be entitled to paid vacation at the rate of three (3) weeks per annum plus five
(5) sick days in accordance with the laws of the State of New York.

 

ARTICLE
VI 

NON-DISCLOSURE

 

6.1             
The Employee shall not, at any time during or after the termination of his employment hereunder, except when acting on behalf of
and with the authorization of the Company, make use of or disclose to any person, corporation, or other entity, for any purpose whatsoever,
any trade secret or other confidential information concerning the Company’s business, finances, marketing, accounting, personnel
and/or staffing business of the Company , including information relating to any customer of the Company or pool of temporary or permanent
employees, governmental customer or any other nonpublic business information of the Company and/or its subsidiaries learned as a consequence
of Employee’s employment with the Company (collectively referred to as the “Proprietary Information”). For the
purposes of this Agreement, trade secrets and confidential information shall mean information disclosed to the Employee or known by him
as a consequence of her employment by the Company, whether or not pursuant to this Agreement, and not generally known in the industry.
The Employee acknowledges that Proprietary Information, trade secrets and other items of confidential information, as they may exist from
time to time, are valuable and unique assets of the Company, and that disclosure of any such information would cause substantial injury
to the Company. Trade secrets and confidential information shall cease to be trade secrets or confidential information, as applicable,
at such time as such information becomes public other than through disclosure, directly or indirectly, by Employee in violation of this
Agreement.

 

    10 

     

    

6.2             
If Employee is requested or required (by oral questions, interrogatories, requests for information or document subpoenas, civil
investigative demands, or similar process) to disclose any Proprietary Information, Employee shall, unless prohibited by law, promptly
notify the Company of such request(s) so that the Company may seek an appropriate protective order. Notwithstanding the foregoing, Employee
understands that nothing contained in this Agreement limits Employee’s ability from reporting possible violations of federal law
or regulation to any federal, state or local governmental agency or entity, including but not limited to the Department of Justice, the
Securities and Exchange Commission, or any agency Inspector General (“Government Agencies”), or making other disclosures
that are protected under the whistleblower provisions of federal law or regulation. Employee further understands that this Agreement does
not limit Employee’s ability to communicate with any Government Agencies or otherwise participate in any investigation or proceeding
that may be conducted by any Government Agency, including providing documents or other information, without notice to the Company. This
Agreement does not limit Employee’s right to receive an award for information provided to any Government Agencies.

 

6.3             
Except as otherwise may be agreed by the Company in writing, in consideration of the employment of Employee by the Company, and
free of any additional obligations of the Company to make additional payment to Employee, Employee hereby agrees to irrevocably assign
to the Company any and all of Employee’s rights (including patent rights, copyrights, trade secret rights and other rights, throughout
the world), title and interest in and to all inventions, software, manuscripts, documentation, improvements or other intellectual property
whether or not protectable by any state or federal laws relating to the protection of intellectual property, relating to the present or
future business of the Company that are developed by Employee during the term of his/her employment with the Company, either alone or
jointly with others, and whether or not developed during normal business hours or arising within the scope of his/her duties of employment.
Employee agrees that all such inventions, software, manuscripts, documentation, improvement or other intellectual property shall be and
remain the sole and exclusive property of the Company and shall be deemed the product of work for hire. Employee hereby agrees to execute
such assignments and other documents as the Company may consider appropriate to vest all right, title and interest therein to the Company
and hereby appoints the Company as Employee’s attorney-in-fact with full powers to execute such document itself in the event employee
fails or is unable to provide the Company with such signed documents. Employee shall also assign to, or as directed by, the Company, all
of his right, title and interest in and to any and all inventions and other intellectual property, the full title to which is required
to be in the United States government of any of its agencies. The Company shall have all right, title and interest in all research and
work product produced by Employee as an employee of the Company, including, but not limited to, all research materials. Notwithstanding
the foregoing, this provision does not apply to an invention for which no equipment, supplies, facility, or trade secret information of
the Company was used and which was developed entirely on Employee’s own time unless: (a) the invention relates: (i) to the business
of the Company; or (ii) to the Company’s actual or demonstrably anticipated research or development; or (b) the invention results
from any work performed by Employee for the Company.

 

    11 

     

    

ARTICLE
VII 

RESTRICTIVE COVENANT

 

7.1             
During the term of Employment with the Company, and for a period of two (2) years following termination of employment for any reason,
Employee agrees that he will not, directly or indirectly, enter into or become associated with or engage in any other business (whether
as a partner, officer, director, shareholder, employee, consultant, or otherwise), which is involved in the business of: (a) designing,
developing and manufacturing printed circuit connectors and plastic circular connectors for high performance applications utilizing the
HYPERBOLOID contact design; or (b) is otherwise engaged in the same or similar business as the Company in direct competition with the
Company, or which the Company was in the process of developing, during the tenure of Employee’s employment by the Company (collectively,
a “Competitive Business”). Notwithstanding the foregoing, the ownership by Employee of less than five (5%) percent
of the shares of any publicly held corporation shall not violate the provisions of this Article VII.

 

7.2             
In furtherance of, and in addition to, Section 7.1, during the period of non-competition specified in Section 7.1
(the “Restricted Period”), Employee shall not during the Restricted Period, directly or indirectly, whether as
a principal, agent, employee, independent contractor, employer, partner or shareholder, in connection with or related to any Competitive
Business, solicit: (a) any actual customers, partners or contracts addressed by the Company during the tenure of Employee’s employment;
or (b) any customers, partners or contracts that were within the Company’s business development pipeline within the 24-month period
ending on the effective date of the termination of employment. In addition, Employee will not during the Restricted Period, either directly
or indirectly, whether as a principal, agent, employee, independent contractor, employer, partner or shareholder, solicit, hire,
attempt to solicit or hire, or participate in any attempt to solicit or hire, any person who is employed by the Company or retained as
a consultant by the Company (or who was employed or retained by the Company within 24 months of the Termination Date or who was being
actively recruited by the Company) to: (A) terminate his employment or engagement with the Company; (B) accept employment or engagement
with anyone other than the Company; or (C) in any manner interfere with the business of the Company.

 

7.3             
Employee hereby acknowledges that the covenants and agreements contained in Article VI and Article VII of this Agreement
(the “Restrictive Covenants”) are reasonable and valid in all respects and that the Company is entering into this Agreement,
inter alia, on such acknowledgement. If Employee breaches, or threatens to commit a breach, of any of the Restrictive Covenants,
the Company shall have the following rights and remedies, each of which rights and remedies shall be independent of the other and severally
enforceable, and all of which rights and remedies shall be in addition to, and not in lieu of, any other rights and remedies available
to the Company under law or in equity: (a) the right and remedy to have the Restrictive Covenants specifically enforced by any court having
equity jurisdiction, it being acknowledged and agreed that any such breach or threatened breach will cause irreparable injury to the Company
and that money damages will not provide an adequate remedy to the Company; (b) the right and remedy to require Employee to account for
and pay over to the Company such damages as are recoverable at law as the result of any transactions constituting a breach of any of the
Restrictive Covenants; (c) if any court determines that any of the Restrictive Covenants, or any part thereof, is invalid or unenforceable,
the remainder of the Restrictive Covenants shall not thereby be affected and shall be given full effect, without regard to the invalid
portions; and (d) if any court construes any of the Restrictive Covenants, or any part thereof, to be unenforceable because of the duration
of such provision or the area covered thereby, such court shall have the power to reduce the duration or area of such provision and, in
its reduced form, such provision shall then be enforceable and shall be enforced. The parties intend to and hereby confer jurisdiction
to enforce the Restrictive Covenants upon the courts of any jurisdiction within the geographical scope of such Restrictive Covenants.
If the courts of any one or more such jurisdictions hold the Restrictive Covenants wholly unenforceable by reason of the breadth of such
scope or otherwise, it is the intention of the parties that such determination not bar or in any way affect the Company’s right
to the relief provided above in the courts of any other jurisdiction, within the geographical scope of such Restrictive Covenants, as
to breaches of such Restrictive Covenants in such other respective jurisdiction such Restrictive Covenants as they relate to each jurisdiction
being, for this purpose, severable into diverse and independent covenants.

 

    12 

     

    

ARTICLE
VIII 

TERM

 

8.1             
This Agreement shall be for a term of five (5) years (the “Initial Term”) commencing on the Effective Date as
set forth above (the “Commencement Date”) and terminating on June 30, 2027 (the “Expiration Date”),
unless sooner terminated upon the death of the Employee, or as otherwise provided herein.

 

8.2             
Unless this Agreement is earlier terminated pursuant to the terms hereof, the Company agrees to use its best efforts to notify
Employee in writing of the Company’s intention to continue Employee’s employment after the Expiration Date no less than ninety
(90) days prior to the Expiration Date. In the event the Company either: (a) fails to notify the Employee in accordance with this Section
8.2; (b) notifies Employee that it does not intend to continue the Employee’s employment after the Expiration Date; or (c) after
notifying the Employee pursuant to Section 8.2, fails to reach an agreement on a new employment agreement prior to the Expiration
Date, then upon termination of the Employee’s employment on or after the Expiration Date for any reason except Cause, the Company
shall pay Employee the Severance Payment, Accrued Compensation and the Continuation Benefits.

 

ARTICLE
IX 

TERMINATION

 

9.1             
The Company may terminate this Agreement by giving a Notice of Termination to the Employee in accordance with this Agreement:

 

(a)              
for Cause;

(b)              
without Cause; and

(c)              
for Disability.

 

9.2             
Employee may terminate this Agreement by giving a Notice of Termination to the Company in accordance with this Agreement, at any
time, with or without Good Reason.

 

9.3             
If the Employee’s employment with the Company shall be terminated, the Company shall pay and/or provide to the Employee (or
in the case of his death, to his heirs and beneficiaries) the following compensation and benefits in lieu of any other compensation or
benefits arising under this Agreement or otherwise:

 

    13 

     

    

(a)              
if the Employee was terminated by the Company for Cause, or the Employee terminates without Good Reason: the Accrued Compensation;

 

(b)              
if the Employee was terminated by the Company for Disability: (i) the Continuation Benefits; (ii) the Accrued Compensation; and
(iii) the Severance Payment;

 

(c)              
if termination was due to the Employee’s death: (i) the Accrued Compensation; (ii) the Continuation Benefits; (iii) the Pro
Rata Bonus; and (iv) the Severance Payment; or

 

(d)              
if the Employee was terminated by the Company without Cause, or the Employee terminates this Agreement for Good Reason: (i) the
Accrued Compensation; (ii) the Severance Payment; and (iii) the Continuation Benefits.

 

9.4             
The amounts payable under this Section 9, shall be paid as follows:

 

(a)              
Accrued Compensation shall be paid to the Employee (or in the case of his death, to his heirs and beneficiaries) within five (5)
business days after the Employee’s Termination Date (or earlier, if required by applicable law);

 

(b)              
If the Continuation Benefits are paid in cash, the payments shall be made to the Employee (or in the case of his death, to his
heirs and beneficiaries) on the first day of each month during the Continuation Period (or earlier, if required by applicable law); and

 

(c)              
The Severance Payment shall be payable to the Employee (or in the case of his death, to his heirs and beneficiaries) in equal installments
on each of the Company’s regular pay dates for executives (or earlier, if required by applicable law) during the 24-month period
for which Employee is entitled to the Severance Payment, commencing on the first regular executive pay date following the Termination
Date.

 

9.5             
Notwithstanding the foregoing, in the event Employee is a member of the Board of Directors on the Termination Date, the payment
of any and all compensation due hereunder, except Accrued Compensation and Employee’s right to exercise any options to purchase
shares of the Company’s Common Shares (“Employee Stock Options”) after the Termination Date, is expressly conditioned
on: (i) Employee’s resignation from the Board of Directors of the Company within five (5) business days of notice by the Company
requesting such resignation; (ii) Employee’s execution (and not revoking) a general release and waiver of claims against the Company
in a form reasonably acceptable to the Employee and the Company; and (iii) full and continued compliance by Employee with the covenants
and obligations described in Article VI and Article VII of this Agreement.

 

9.6             
The Employee shall not be required to mitigate the amount of any payment provided for in this Agreement by seeking other employment
or otherwise and no such payment shall be offset or reduced by the amount of any compensation or benefits provided to the Employee in
any subsequent employment except as provided in Section 1.4.

 

    14 

     

    

ARTICLE
X 

STOCK OPTION AWARDS AND OTHER EQUITY INCENTIVE COMPENSATION

 

10.1         
During the term of this Agreement, Employee shall be eligible to receive Employee Stock Options pursuant to grants by the Committee
under the Company’s 2020 Equity Incentive Plan or such other equity compensation plan as may be adopted by the Company in the discretion
of the Committee or the Board. The actual grant date value of any such awards shall be determined in the discretion of the Committee or
the Board and any such awards shall include such vesting conditions and other terms and conditions as determined by the Committee or the
Board.

 

ARTICLE
XI 

EXTRAORDINARY TRANSACTIONS

 

11.1         
The Company’s Board of Directors has determined that it is appropriate to reinforce and encourage the continued attention
and dedication of members of the Company's management, including the Employee, to their assigned duties without distraction in potentially
disturbing circumstances arising from the possibility of a change in control of the Company.

 

11.2         
In the event that within the ninety (90) days following a Change of Control, Employee is terminated, or Employee’s status,
title, position or responsibilities are materially reduced and Employee terminates his Employment, then subject to Section 9.5 above,
the Company shall pay and/or provide to the Employee, the following compensation and benefits, in lieu of any other payments due hereunder:
(i) the Accrued Compensation; (ii) the Continuation Benefits; and (iii) a lump sum payment within ten (10) days of the Termination Date
equal to 100% of the sum of (a) Employee’s Base Salary in effect on the effective date of the Change of Control, and (b) Employee’s
Bonus amount for the prior fiscal year of employment.

 

11.3         
Notwithstanding the foregoing, if the payment under this Article XI, either alone or together with other payments which
the Employee has the right to receive from the Company, would constitute an “excess parachute payment” as defined in Section
280G of the Internal Revenue Code of 1986, as amended (the “Code”), the aggregate of such credits or payments under
this Agreement and other agreements shall be reduced to the largest amount as will result in no portion of such aggregate payments being
subject to the excise tax imposed by Section 4999 of the Code. The priority of the reduction of excess parachute payments shall be in
the discretion of the Employee. The Company shall give notice to the Employee as soon as practicable after its determination that Change
of Control payments and benefits are subject to the excise tax, but no later than ten (10) days in advance of the due date of such Change
of Control payments and benefits, specifying the proposed date of payment and the Change of Control benefits and payments subject to the
excise tax. Employee shall exercise his option under this Section 11.3 by written notice to the Company within five (5) days in
advance of the due date of the Change of Control payments and benefits specifying the priority of reduction of the excess parachute payments.

 

11.4       Option
awards granted to Employee under any of the Company’s plans, which are vested as of the effective date of the termination of Employee’s
employment pursuant to Section 11.2 shall remain exercisable in accordance with the Plan, but in no event after the Expiration
Time under any such Plan (it being agreed and acknowledged that unvested options shall be void immediately upon the occurrence of such
a termination event).

 

    15 

     

    

11.5       In
the event that upon a Change of Control Employee is terminated, or Employee’s status, title, position or responsibilities are materially
reduced and Employee terminates his Employment, any and all unvested option awards granted to Employee shall be immediately vested and
exercisable.

 

ARTICLE
XII 

SECTION 409A COMPLIANCE

 

12.1       To
the extent applicable, it is intended that any amounts payable under this Agreement shall either be exempt from Section 409A of the
Code or shall comply with Section 409A (including Treasury regulations and other published guidance related thereto) so as not to
subject Employee to payment of any additional tax, penalty or interest imposed under Section 409A of the Code. The provisions of
this Agreement shall be construed and interpreted to the maximum extent permitted to avoid the imputation of any such additional tax,
penalty or interest under Section 409A of the Code yet preserve (to the nearest extent reasonably possible) the intended benefit
payable to Employee. Notwithstanding the foregoing, the Company makes no representations regarding the tax treatment of any payments hereunder,
and the Employee shall be responsible for any and all applicable taxes, other than the Company’s share of employment taxes on the
severance payments provided by the Agreement. Employee acknowledges that Employee has been advised to obtain independent legal, tax or
other counsel in connection with Section 409A of the Code.

 

12.2 Notwithstanding any
provisions of this Agreement to the contrary, if Employee is a “specified employee” (within the meaning of Section 409A of
the Code and the regulations adopted thereunder) at the time of Employee’s separation from service and if any portion of the payments
or benefits to be received by Employee upon separation from service would be considered deferred compensation under Section 409A of the
Code and the regulations adopted thereunder (“Nonqualified Deferred Compensation”), amounts that would otherwise be
payable pursuant to this Agreement during the six (6)-month period immediately following Employee’s separation from service that
constitute Nonqualified Deferred Compensation and benefits that would otherwise be provided pursuant to this Agreement during the six
(6)-month period immediately following Employee’s separation from service that constitute Nonqualified Deferred Compensation will
instead be paid or made available on the earlier of (i) the first business day of the seventh (7th) month following the date
of Employee’s separation from service and (ii) Employee’s death. Notwithstanding anything in this Agreement to the contrary,
distributions upon termination of Employee’s employment shall be interpreted to mean Employee’s “separation from service”
with the Company (as determined in accordance with Section 409A of the Code and the regulations adopted thereunder).  Each payment
under this Agreement shall be regarded as a “separate payment” and not of a series of payments for purposes of Section 409A
of the Code.

 

12.3 Except as otherwise
specifically provided in this Agreement, if any reimbursement to which the Employee is entitled under this Agreement would constitute
deferred compensation subject to Section 409A of the Code, the following additional rules shall apply: (i) the reimbursable
expense must have been incurred, except as otherwise expressly provided in this Agreement, during the term of this Agreement; (ii) the
amount of expenses eligible for reimbursement during any taxable year will not affect the amount of expenses eligible for reimbursement
in any other taxable year; (iii) the reimbursement shall be made as soon as practicable after Employee’s submission of such
expenses in accordance with the Company’s policy, but in no event later than the last day of Employee’s taxable year following
the taxable year in which the expense was incurred; and (iv) the Employee’s entitlement to reimbursement shall not be subject
to liquidation or exchange for another benefit.

 

    16 

     

    

ARTICLE
XIII 

ARBITRATION AND INDEMNIFICATION

 

13.1         
Any controversy, dispute or claim arising out of or relating to this Agreement or breach thereof, with the sole exception of any
claim, breach, or violation arising under Articles VI or VII hereof, shall be shall first be settled through good faith negotiation.
If the dispute cannot be settled through negotiation, the parties agree to attempt in good faith to settle the dispute by mediation administered
by JAMS. If the parties are unsuccessful at resolving the dispute through mediation, the parties agree to final and binding arbitration
before a three- member arbitration panel in the State of New York, Kings County, in accordance with the Rules of the American Arbitration
Association then in effect. The arbitrators shall be selected by the Association and each shall be an attorney-at-law experienced in the
field of corporate and/or employment law. However, the parties explicitly agree to appellate review of any such award by a court of competent
jurisdiction. Thus, any arbitration award may be entered in any court of competent jurisdiction in the State of New York, Kings County,
provided that in the event that a party moves to confirm or vacate the arbitration award, the parties agree that the applicable standard
of review shall be de novo.

 

13.2         
The Company hereby agrees to indemnify, defend, and hold harmless the Employee for any and all claims arising from or related to
his employment by the Company at any time asserted, at any place asserted, to the fullest extent permitted by law, except for claims based
on Employee’s fraud, deceit or willfulness. The Company shall maintain such insurance as is necessary and reasonable to protect
the Employee from any and all claims arising from or in connection with his employment by the Company during the term of Employee’s
employment with the Company and for a period of six (6) years after the date of termination of employment for any reason. The provisions
of this Section 13.2 are in addition to and not in lieu of any indemnification, defense or other benefit to which Employee may
be entitled by statute, regulation, common law or otherwise.

 

ARTICLE
XIV 

SEVERABILITY

 

14.1         
If any provision of this Agreement shall be held invalid and unenforceable, the remainder of this Agreement shall remain in full
force and effect. If any provision is held invalid or unenforceable with respect to particular circumstances, it shall remain in full
force and effect in all other circumstances.

 

ARTICLE
XV 

NOTICE

 

15.1       For
the purposes of this Agreement, notices and all other communications provided for in the Agreement shall be in writing and shall be deemed
to have been duly given when: (a) personally delivered; or (b) sent by: (i) a nationally recognized overnight courier service; or (ii)
certified mail, return receipt requested, postage prepaid and in each case addressed to the respective addresses as set forth below or
to any such other address as the party to receive the notice shall advise by due notice given in accordance with this paragraph. All notices
and communications shall be deemed to have been received on: (A) if delivered by personal service, the date of delivery thereof; (B) if
delivered by a nationally recognized overnight courier service, on the first (1st) business day following deposit with such
courier service; or (C) on the third business day after the mailing thereof via certified mail. Notwithstanding the foregoing, any notice
of change of address shall be effective only upon receipt.

 

    17 

     

    

The current addresses of the parties
are as follows:

 

	IF TO THE COMPANY:	IEH Corporation  
	 	140 58th Street
	 	Suite 8E  
	 	Brooklyn, New York 11220
	 	Attention: Chief Executive Officer
	 	 
	WITH A COPY TO:	Steven L. Glauberman, Esq.
	 	Becker & Poliakoff, LLP
	 	45 Broadway, 17th Floor
	 	New York, New York 10006
	 	 
	IF TO THE EMPLOYEE:	William H. Craig
	 	25 Lenape Trail
	 	Chatham, NJ 07928

 

ARTICLE
XVI 

BENEFIT

 

16.1          
This Agreement shall inure to, and shall be binding upon, the parties hereto, the successors and assigns of the Company,
and the heirs and personal representatives of the Employee. The respective rights and obligations of the
parties hereunder shall survive any termination of this Agreement to the extent necessary to the intended preservation of such rights
and obligations.

 

ARTICLE
XVII 

AMENDMENTS AND WAIVERS

 

17.1         
No supplement, modification, amendment or waiver of the terms of this Agreement shall be binding on the parties hereto unless executed
in writing by the parties to this Agreement. No waiver of any of the provisions of this Agreement shall be deemed to or shall constitute
a waiver of any other provisions hereof (whether or not similar), nor shall such waiver constitute a continuing waiver unless otherwise
expressly provided. Any failure to insist upon strict compliance with any of the terms and conditions of this Agreement shall not be deemed
a waiver of any such terms or conditions and the waiver by either party of any breach or violation of any provision of this Agreement
shall not operate or be construed as a waiver of any subsequent breach of construction and validity.

 

    18 

     

    

 

ARTICLE
XVIII 

GOVERNING LAW

 

18.1       This
Agreement has been negotiated and executed in the State of New York which shall govern its construction, validity and enforceability.

 

ARTICLE
XIX 

JURISDICTION

 

19.1         
Any or all actions or proceedings which may be brought by the Company or Employee under this Agreement shall be brought in courts
having a situs within the State of New York, and Employee and the Company each hereby consent to the jurisdiction of any local, state,
or federal court located within the State of New York.

 

ARTICLE
XX 

ENTIRE AGREEMENT

 

20.1         
This Agreement sets forth the entire agreement between the parties and supersedes all prior agreements, letters and understandings
between the parties, whether oral or written prior to the Effective Date of this Agreement, except for the terms of employee stock option
plans, restricted stock grants and option certificates (unless otherwise expressly stated herein).

 

ARTICLE
XXI 

INTERPRETATION AND INDEPENDENT REPRESENTATION

 

21.1       The
parties agree that they have both had the opportunity to review and negotiate this Agreement, and that any inconsistency or dispute related
to the interpretation of any of the provisions of this Agreement shall not be construed against either party. The headings used in this
Agreement are for convenience only and are not to be considered in construing or interpreting this Agreement. The Employee has been advised
and had the opportunity to consult with an attorney or other advisor prior to executing this agreement. The Employee understands, confirms
and agrees that counsel to the Company (Becker & Poliakoff, LLP) has not acted and is not acting as counsel to the Employee and that
Employee has not relied upon any legal advice except as provided by its own counsel.

 

ARTICLE XXII

EXECUTION

 

22.1       This
Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same
agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it being
understood that both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile
transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding
obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such
facsimile or “.pdf” signature page was an original thereof.

 

Remainder of page intentionally
left blank; signature page follows.

    19 

     

    

 

 

IN WITNESS WHEREOF, the
parties hereto have executed this Agreement and affixed their hands and seals the day and year first above written.

 

	 	IEH CORPORATION
	 	 	 
	 	 	 
	 	By:	Dave Offerman
	 	 	Dave Offerman
	 	 	Chief Executive Officer
	 	 	 
	 	 	 
	 	EMPLOYEE
	 	 	 
	 	By:	William H. Craig
	 	 	William H. Craig
	 	 	Employee

 

 

    20

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