Exhibit 10.1

EMPLOYMENT AGREEMENT

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

WHEREAS, the Company desires to employ and retain the Executive during the Employment Period (as defined herein), to advance the business and interests of the Company on the terms and conditions set forth herein; and

WHEREAS, the Executive wishes to be employed by the Company during the Employment Period (as defined herein) and desires to provide his services to the Company in such capacities and subject to the terms and conditions hereof.

NOW, THEREFORE, in consideration of the mutual promises, covenants and agreements contained herein, and intending to be legally bound hereby, the Company and the Executive do hereby agree as follows:

AGREEMENT

1. Adoption of Recitals . The Company and Executive hereto adopt the above recitals as being true and correct.

2. Employment .

(a) The term of employment with the Company shall commence on the Effective Date and shall expire on January 11, 2024 (“ Employment Period ”), unless such term is extended in writing by the Parties or is earlier terminated pursuant to the terms hereof. For the avoidance of doubt, if the Employment Period is not extended. such non-renewal shall not be considered a Termination (as defined herein), and the Executive shall not be entitled to any compensation as set forth in Section 6 hereof.

3. Position and Duties .

(a) During the Employment Period , the Executive shall serve as the Chief Executive Officer of the Company . As Chief Executive Officer, the Executive shall be responsible for establishing. alongside the Company ’s Chief Financial Officer (“ CFO ”) and board of directors (the “ Board of Directors ” or ‘‘ Board ”), the goals and strategies of the Company and presiding over the entire Company . The Executive shall oversee the budgets of the Company and ensure that resources are properly allocated. The specific duties of the Executive are:

i. Meet with Board of Directors and other executives to determine if the Company is operating in accordance Company policies and is achieving the goals set forth by the Executive , the CFO and the Board of Directors ;

ii. Oversee budgets;

iii Alongside the CFO and under the direction of the Board of Directors . direct the organization’s financial goals, objectives, and budgets;

iv. Implement the organization’s guidelines on a day-to-day basis;

v. Hire, train, and terminate employees, according to proper human resources methodologies;

vi. Collaborate with the Board of Directors to develop the policies and direction of the organization

vii. Develop and maintain relationships with other associations, industry, and government officials that are in the best interest of the Company ;

viii. Provide adequate and timely information to the Board to enable it to effectively execute its oversight role;

ix. In his position as Chief Executive Officer of the Company . the Executive will report to the Chairman of the Board of Directors or his designee. The Executive ’s authority is subject to approval by the Board .

x. The Executive agrees to serve the Company faithfully, conscientiously and to the best of his ability, so as to promote the profit, benefit and advantage of the Company and, if applicable, any subsidiaries or affiliates of the Company . The Executive shall fulfill his duties of loyalty, fidelity and allegiance to act at all times in the best interests of the Company and to not act in a manner which knowingly would injure the business, interests or reputation of the Company . The Executive ’s employment is subject to compliance with all the Company ’s policies. all as may be amended from time to time.

4. Obligations of the Company .

(a) In addition to the requirements set forth in this Agreement , the Company shall provide Executive with the tools and utilities for an office, if Executive so requests, as well as supplies and other facilities and services suitable to Executive ’s position, and adequate for the performance of his duties.

5. Compensation and Related Matters .

The Executive shall receive five forms of compensation, described in this Section 5, to include: cash-based base salary; stock-based base salary; annual cash-based bonus; annual grants or restricted common stock; and the opportunity to participate in any of the Company ’s equity option plans, if applicable. In addition. the Executive is entitled to receive fringe benefits as described in this Section 5.

(a) Cash Based Base Salary . During the Employment Period , the Company shall pay to the Executive an annual cash based base salary (“ Base Salary ” ) of Two Hundred Seventy Five Thousand Dollars ( US $275,000 ) payable by the Company in accordance with the Company ’s payroll schedules throughout the Employment Period . subject to the provisions of Section 6 hereof and subject to any applicable tax and payroll deductions; provided, however. that. in the sole discretion of the Company ’s Board of Directors , the Executive may receive an increase in Base Salary based on factors such as the market and the Executive ’s job performance. The Base Salary may only be decreased through a written modification of this Agreement executed and signed by the Parties . All payments to Executive hereunder shall be made in accordance with the Company ’s customary practices and procedures. all of which shall be in conformity with applicable federal. state and local laws and regulations.

(b) Stock Based Base Salary . Executive shall be entitled to receive Stock Based Salary in shares of no par common stock of the Company (the “ Common Stock” ) and Series A Preferred Stock of the Company as set forth in the Transition Agreement dated January 11, 2019 between Executive and the Company .

(c) Annual Cash Based Bonus .

(i) Based upon the Executive ’s performance toward the achievement of agreed upon performance criteria, the Board may, in its sole discretion, award Executive a bonus in an amount up to one hundred percent (100%) of the then Base Salary (“ Annual Cash Based Bonus ”). The Executive ’s bonus target fin his Annual Cash Based Bonus is anticipated to be established by the Board of Directors , in consultation with Executive , and reviewed quarterly. The Annual Cash Based Bonus may be paid at such time and in such amounts as determined by the Board of Directors ; provided, that the actual bonus target for any year shall be determined by the Board in its sole discretion and shall be comparable with the bonus targets established for peer executive officers of the Company . The Board and the Executive of the Company may mutually amend the terms of the Annual Cash Based Bonus . Annual Cash Based Bonuses shall not deemed earned and accrued until approved by the Company’s Board of Directors .

(ii) Except as set forth in this Agreement. Annual Cash Based Bonuses that are not earned and accrued are deemed waived if the Executive ’s employment is terminated for any reason prior to the Board awarding the Annual Cash Basis Bonus.

(d) Annual Grants of Restricted Common Stock . After Executive has earned Common Stock under the Transition Agreement equal to 80% of the Common Stock of the Company, when the Company is financially successful, the Company may, in its sole discretion, award the Executive a stock-based bonus (“ Stock Bonus ” ) that reflects and rewards the contributions of the Executive to the Company ’s business and success. The Stock Bonus may be in the form of Executive’s ability to exercise his warrants pursuant to Section 5(d)(ii).

(e) intentionally Omitted .

(f) Equity Option Plan(s) . Executive shall have the opportunity to participate in the Company ’s equity incentive option plans. at the Board ’s discretion, should the Company adopt and such plans.

(g) Other Benefits . During the Employment Period , the Executive shall be entitled to participate in such employee benefit plans, programs or arrangements implemented by the Company and available to executive officers of the Company including, but not limited to. medical, dental. short term disability, long term disability, and life insurance (collectively the “ Plans ”), The Company shall have the right, from time to time and in its sole discretion, to modify and amend the Plans .

(h) Fringe Benefits .

(i) Vacation . Executive shall be entitled to four (4) weeks (20 business days) of vacation time each year with full pay. The time for such vacation shall be requested by Executive , subject to the Company ’s reasonable approval. If Executive is unable for any reason to take the total amount of authorized vacation during any year, he may accrue the time. The Company will cash-out out the unused vacation leave at the end of each calendar year and pay Executive the value of the unused vacation leave by March 10 of the following calendar year. Each vacation day will be calculated at 1/365 of Executive ’s Base Salary . The accrued, unused and not-cashed out portion of vacation leave will be paid within thirty (30) days following termination of Executive ’s employment.

(ii) Sick Time . Executive shall be entitled to ten (10) days per year as sick leave and/or personal leave with full pay.

(iii) Long-Term Compensation . The Executive shall be eligible to receive additional awards of stock options to purchase shares of the Company’s Common Stock and other stock awards in the sole discretion of and subject to such terms as established by the Company ’s Board, and otherwise in accordance with the provisions of the applicable stock incentive plan(s) of the Company .

(iv) Recovery of Incentive Compensation . Notwithstanding anything herein to the contrary, the Executive agrees that incentive compensation payable to the Executive under this Agreement or otherwise shall be subject to any clawback policy adopted or implemented by the Company with respect to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and such regulations as are promulgated thereunder from time to time, or with respect to any other applicable law, regulation or Company policy.

(v) Benefits are not in Lieu of Base Salary . Nothing paid to the Executive under any of the Plans or fringe benefit arrangements shall be deemed to be in lieu of Base Salary payable to the Executive hereunder.

(i) Reimbursement of Business Expenses . The Company shall pay or reimburse Executive for all reasonable, ordinary and necessary business and travel expenses that may be incurred by him directly and solely for the benefit of the Company in connection with the rendition of the services contemplated hereby. Executive shall submit to the Company such invoices, receipts or other evidences or expenses as Company may require.

6. Termination .

(a) Termination upon Death . The Executive ’s employment hereunder shall terminate upon the death of the Executive; provided, however, that for purposes of this Agreement the Date of Termination (as defined herein) based upon the death of the Executive shall be deemed to have occurred on the last day of the month in which the death of the Executive shall have occurred.

(b) Termination upon Disability . If the Executive is unable to perform the essential functions of his position, with or without reasonable accommodation, for an aggregate period in excess of 360 days (which need not be consecutive) during the previous twenty four (24) months, due to a physical or mental illness, disability or condition, the Company may terminate the Executive ’s employment hereunder at the end of any calendar month by giving written Notice of Termination (as defined herein) to the Executive stating the Date of Termination. Any questions as to the existence, extent or potentiality of illness or incapacity of the Executive upon which the Company and the Executive cannot agree shall be determined by a qualified independent physician selected by the Executive . The determination of such physician certified in writing to the Company and to the Executive shall be final and conclusive for all purposes of this Agreement. Nothing in this Subsection 6(b) of this Agreement shall be construed to waive the Executive ’s rights, if any, under existing law including. without limitation„ the Family and Medical Leave Act of 1993, 29 U.S.C. §2601 et seq. and the Americans with Disabilities Act, 42 U.S.C. §12101 et seq. This Subsection 6(b) of this Agreement is intended to be interpreted and applied consistent with any laws, statutes, regulations and ordinances prohibiting discrimination. harassment and/or retaliation on the basis of a disability or request or use of a medical leave.

(c) Termination by Company for Cause . At any time during the Employment Period, the Company may terminate the Executive ’s employment hereunder for Cause if, at a meeting of the Board called and held for such purpose, the Board unanimously determines in good faith that there is Cause (as defined below) to terminate the employment of the Executive . and the Company gives written Notice of Termination to Executive . The Date of Termination shall be specified in the Notice of Termination. For purposes of this Agreement , “ Cause ” shall mean: (i) conduct by the Executive constituting a material act of willful gross misconduct in connection with the performance of his duties. including, without limitation, misappropriation of funds or property of the Company or any of its subsidiaries or affiliates other than the occasional, customary; (ii) continued, willful and deliberate non-performance by the Executive of his duties hereunder (other than by reason of the Executive ’s physical or mental illness, incapacity or disability) which has continued for more than ninety (90) days following written notice of such non-performance from the Board or authorized executive; (iii) a breach by the Executive of any of the provisions contained in Section 9 of this Agreement ; (iv) a violation by the Executive of the Company ’s employment policies which violation has continued following written notice of such violation from the Board or (v) willful failure to cooperate with a bona fide internal investigation or an investigation by regulatory or law enforcement authorities, after being instructed by the Company to cooperate, or the willful destruction or failure to preserve documents or other materials known to be relevant to such investigation or the willful inducement of others to fail to cooperate or to produce documents or other materials in connection with such investigation. For purposes of clauses (i), (ii) or (v) hereof, no act, or failure to act, on the Executive ’s part shall be deemed “willful” unless done, or omitted to he done, by the Executive without reasonable belief that the Executive ’s act or failure to act, was in the best interest of the Company and its subsidiaries and affiliates.

(d) Termination Without Cause . The Company may not terminate this Agreement without Cause.

(e) Termination by the Executive other than for Good Reason . The Executive may terminate this Agreement by delivering a Notice of Termination to the Company . The Date of Termination shall be specified in the Notice of Termination; provided however, that the Date of Termination shall not be earlier than thirty (30) calendar days after delivery of the Notice of Termination.

f) Termination by the Executive for Good Reason . The Executive may terminate this Agreement with Good Reason (hereinafter defined) by delivering a Notice of Termination to the Company complying with the Good Reason Process (hereinafter defined) and specifying the Date of Termination. For purposes of this Agreement , “Good Reason’’ shall mean that the Executive has complied with the Good Reason Process (as defined below) following the occurrence of any of the following events: (i) a material diminution in the Executive ’s responsibilities, authority or duties; (ii) a material diminution in the Executive ’s Base Salary ; (iii) a material change in the geographic location at which the Executive provides services to the Company ; or (iv) the material breach of this Agreement by the Company . “ Good Reason Process ” shall mean that (i) the Executive reasonably determines in good faith that a “ Good Reason ” condition has occurred; (ii) the Executive notifies the Company in writing of the occurrence of the Good Reason condition within ninety (90) days of the occurrence of such condition; (iii) the Executive cooperates in good faith with the Company ’s efforts, for a period not less than thirty (30) days following such notice (the “ Cure Period” ), to remedy the condition; (iv) notwithstanding such efforts, the Good Reason condition continues to exist; and (v) the Executive terminates his employment within one hundred twenty (120) days after the end of the Cure Period If the Company cures the Good Reason condition during the Cure Period. Good Reason shall be deemed not to have occurred.

(g) Mutual Agreement Termination . If the Company ’s Board of Directors determines to terminate this Agreement pursuant to the terms hereof, each Party hereby agrees to the Mutual Agreement Termination as described in Section 6(h)(iii) below. This Mutual Agreement Termination shall not constitute an admission of any wrong doing or improper behavior on the part of the Company or the Executive .

(h) Obligations Upon Termination .

(i) Termination by the Company for Cause or by the Executive for other than Good Reason . If Executive ’s employment is terminated pursuant to Subsections 6(c) or 6(e), the Company shall pay or provide to the Executive (or to his authorized representative or estate) any earned but unpaid Base Salary , accrued but unpaid Annual Cash Based Bonus , earned but unpaid incentive compensation. unpaid business expense reimbursements, accrued but unused vacation. accrued but unused sick leave and any vested benefits the Executive may have under any Plans (collectively, the “ Accrued Benefits ” ) within thirty (30) days of the Executive ’s termination. Any outstanding stock option or other stock awards held by Executive as of the Date of Termination shall be subject to the terms of the applicable award agreements.

(ii) Termination by the Company for Death Disability or Without Cause or by the Executive with Good Reason . If the Executive ’s employment is terminated by the Company due to Death as provided for in Subsection 6(a), a disability as provided for in Subsection 6(b), the Executive terminates his employment for Good Reason as provided for in Subsection 6(f), or the Company terminates the Executive ’s employment without Cause, then the Company shall continue to pay the Executive his Base Salary and the Executive shall be eligible to participate in the Plans for sixty (60) months following the date of Executive ’s termination, pay any pro-rata share of his Annual Cash Based Bonus that would have or could have been earned prior to the Date of Termination and pay the Executive his other Accrued Benefits. To the extent the Company is unable to provide coverage to the Executive under any of the Plans, Executive shall acquire private coverage for such benefits and Company shall reimburse Executive for the cost of purchasing such benefits throughout the balance of the Employment Period . Any outstanding stock option or other stock awards held by Executive as of the Date of Termination shall be subject to the terms of the applicable award agreements. Notwithstanding anything to the contrary in any applicable option agreement or stock-based award agreement, all stock options and other stock-based awards held by the Executive shall immediately accelerate and become fully exercisable or non-forfeitable as of the Date of Termination.

(iii) Mutual Agreement Termination . If the Company ’s Board of Directors and the Executive determine to terminate the employment pursuant to Section 6(g) hereof, then this pre-negotiated offer will stand as the terms for the termination of this Agreement . Executive will be entitled to his Base Salary paid to him in cash over twenty-four (24) months and Executive will also be entitled to any bonus compensation due to him through the Date of Termination. Executive also agrees to comply with Section 6(iv) hereof.

(iv) If the Executive signs a general release of claims in a form and manner satisfactory to the Company (the “ Release ”) within twenty one (21) days of the Date of Termination. Executive shall receive the following additional compensation:

(A) Executive shall be paid, in addition to the Base Salary an additional twenty four (24) months of his then Base Salary (“ Severance Amount ”), The Severance Amount shall be paid in a lump sum payment on a date that is coincident with or immediately follows the sixtieth (60 ^th day after the Date of Termination. Solely for purposes of Section 409A of the Internal Revenue Code of 1986. as amended (the “ Code ”). the Severance Amount is considered a separate payment. Notwithstanding the foregoing, if the Executive breaches any of the provisions contained in Section 9 hereof relating to restrictive covenants, payment of the Severance Amount shall immediately cease; and

(B) If the Executive elects to receive COBRA benefits. the Company will pay the premium required for such coverage for the Executive for a period of twelve (12) months from the Date of Termination; however_ should the Executive become enrolled in health benefits by a subsequent employer prior to twelve (12) months following the Date of Termination. the Executive must notify the Company and the Company ’s obligation to pay COBRA co-payments shall thereupon cease. Notwithstanding anything to the contrary in this Agreement. if the Company determines in its sole discretion that it cannot provide the COBRA premiums without potentially violating applicable law (including, without limitation. Section 2716 of the Public Health Service Act) or incurring an excise or penalty tax, the Company will in lieu thereof provide to the Executive a taxable monthly payment in an amount equal to the monthly COBRA premium that the Executive would be required to pay to continue his group health coverage in effect on the Date of Termination, which payments will be made regardless of whether the Executive elects COBRA coverage and will commence in the month following the month in the Company determines that it cannot provide the COBRA premiums and will end on the earlier of (i) the date the Executive becomes covered by another health plan, or (ii) twelve (12) months following the Date of Termination.

(i) Notice of Termination . A “Notice of Termination” to effectuate a termination pursuant Section 6 hereof shall he made in accordance with the Notice provision of Section 21. For purposes of this Agreement, a Notice of Termination shall mean a notice, in writing. which shall indicate the specific termination provision of this Agreement relied upon as the basis for the Termination and the Date of Termination. The Date of Termination shall not be earlier than the date such Notice of Termination is delivered (as defined above); provided however, that the Company , at its option. may elect to have the Executive not report to work after the date of the written notice.

(j) Date of Termination . ^“ Date of Termination ” means the date on which this Agreement shall terminate in accordance with the provisions of this Section 6.

7. Change in Control Payment . The provisions of this Section 7 set forth certain terms of an agreement reached between the Executive and the Company regarding the Executive ’s rights and obligations upon the occurrence of a Change in Control (as defined herein) of the Company . These provisions are intended to assure and encourage in advance the Executive ’s continued attention and dedication to his assigned duties and his objectivity during the pendency and after the occurrence of any such event. These provisions shall apply in lieu of, and expressly supersede, the provisions of this Agreement , regarding severance pay and benefits upon a termination of employment, if such termination of employment occurs within one (1) year after the occurrence of the first event constituting a Change in Control, provided that such first event occurs during the Employment Period .

(a) Change in Control .

(i) If within one (1) year after a Change in Control, the Executive ’s employment is terminated by the Company due to death as provided for in Subsection 6(a), a disability as provided for in Subsection 6(b) or without Cause as provided for in Subsection 6(d), or the Executive terminates his employment for Good Reason as provided for in Subsection 6(f), then, subject to the signing of the Release by the Executive within twenty one (21) days of the Date of Termination, the Company shall pay the Executive a lump sum in cash in an amount equal five years of the Executive ’s Base Salary (or the Executive ’s annual Base Salary in effect immediately prior to the Change in Control, if higher) on the sixtieth (60th) day following the Date of Termination;

(ii) Notwithstanding anything to the contrary in any applicable option agreement or stock-based award agreement, all stock options and other stock-based awards held by the Executive shall immediately accelerate and become fully exercisable or non-forfeitable as of the Date of Termination; and

(iii) If the Executive elects to receive COBRA benefits, the Company will pay the premium required for such coverage for the Executive for a period of twenty four (24) months from the Date of Termination; however, should the Executive become enrolled in health benefits by a subsequent employer prior to twenty four (24) months following the Date of Termination, the Executive must notify the Company and the Company ’s obligation to pay COBRA co-payments shall thereupon cease. Notwithstanding anything to the contrary in this Agreement, if the Company determines in its sole discretion that it cannot provide the COBRA premiums without potentially violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act) or incurring an excise or penalty tax, the Company will in lieu thereof provide to the Executive a taxable monthly payment in an amount equal to the monthly COBRA premium that the Executive would be required to pay to continue his group health coverage in effect on the Date of Termination, which payments will be made regardless of whether the Executive elects COBRA coverage and will commence in the month following the month in the Company determines that it cannot provide the COBRA premiums and will end on the earlier of (i) the date the Executive becomes covered by another health plan, or (ii) twenty four (24) months following the Date of Termination.

(b) Definitions . For purposes of this Section 8, the following terms shall have the following meanings:

(1) “ Change in Control ” shall mean any of the following:

(A) any “person,” as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “ Exchange Act ”) (other than the Company , any of its subsidiaries, or any trustee, fiduciary or other person or entity holding securities under any employee benefit plan or trust of the Company or any of its subsidiaries), together with all “affiliates” and “associates” (as such terms are defined in Rule 12b-2 under the Exchange Act ) of such person, shall become the “beneficial owner” (as such term is defined in Rule 13d-3 under the Exchange Act ), directly or indirectly, of securities of the Company representing fifty percent (50%) or more of the combined voting power of the Company ’s then outstanding securities having the right to vote in an election of the Board (“ Voting Securities ”) (in such case other than as a result of an acquisition of securities directly from the Company ); or

(B) the date a majority of the members of the Board is replaced during any twelve (12) month period by directors whose appointment or election is not endorsed by a majority of the members of the Board before the date of the appointment or election; or

(C) the consummation of (A) any consolidation or merger of the Company where the stockholders of the Company , immediately prior to the consolidation or merger, would not, immediately after the consolidation or merger, beneficially own (as such term is defined in Rule 13d-3 under the Exchange Act ), directly or indirectly, shares representing in the aggregate more than fifty percent (50%) of the voting shares of the Company issuing cash or securities in the consolidation or merger (or of its ultimate parent corporation, if any), or (B) any sale or other transfer (in one transaction or a series of transactions contemplated or arranged by any party as a single plan) of all or substantially all of the assets of the Company .

(ii) Notwithstanding the foregoing, a Change in Control shall not be deemed to have occurred for purposes of the foregoing clause (i) solely as the result of an acquisition of securities by the Company which, by reducing the number of shares of Voting Securities outstanding, increases the proportionate number of Voting Securities beneficially owned by any person to fifty percent (50%) or more of the combined voting power of all of the then outstanding Voting Securities ; provided, however, that if any person referred to in this sentence shall thereafter become the beneficial owner of any additional shares of Voting Securities (other than pursuant to a stock split, stock dividend, or similar transaction or as a result of an acquisition of securities directly from the Company ) and immediately thereafter beneficially owns fifty percent (50%) or more of the combined voting power of all of the then outstanding Voting Securities , then a Change in Control shall be deemed to have occurred for purposes of the foregoing clause (i).

8. Section 409A .

(a) Anything in this Agreement to the contrary notwithstanding, if at the time of the Executive’ s separation from service within the meaning of Section 409A of the Code , the Company determines that the Executive is a “specified employee” within the meaning of Section 409A(a)(2)(13)(i) of the Code , then to the extent any payment or benefit that the Executive becomes entitled to under this Agreement would be considered deferred compensation subject to the twenty percent (20%) additional tax imposed pursuant to Section 409A(a) of the Code as a result of the application of Section 409A(a)(2)(B)(i) of the Code , such payment shall not be payable and such benefit shall not be provided until the date that is the earlier of (A) six (6) months and one day after the Executive ’s separation from service, or (B) the Executive ’s death. If any such delayed cash payment is otherwise payable on an installment basis, the first payment shall include a catch-up payment covering amounts that would otherwise have been paid during the six (6) month period but for the application of this provision, and the balance of the installments shall be payable in accordance with their original schedule.

(b) The Parties intend that this Agreement will be administered in accordance with Section 409A of the Code . To the extent that any provision of this Agreement is ambiguous as to its compliance with Section 409A of the Code, the provision shall be read in such a manner so that all payments hereunder comply with Section 409A of the Code . The Parties agree that this Agreement may be amended, as reasonably requested by either Party , and as may be necessary to fully comply with Section 409A of the Code and all related rules and regulations in order to preserve the payments and benefits provided hereunder without additional cost to either Party .

(c) A termination of employment shall not be deemed to have occurred unless it is also a “separation from service” within the meaning of Treasury Regulation Section 1.409A-1(h).

(d) The Company makes no representation or warranty and shall have no liability to the Executive or any other person if any provisions of this Agreement are determined to constitute deferred compensation subject to Section 409A of the Code but do not satisfy an exemption from, or the conditions of, such Section.

9. Confidential Information and Cooperation .

(a) Confidential Information. As used in this Agreement . “ Confidential Information ” means information belonging to the Company which is of value to the Company in the course of conducting its business and the disclosure of which could result in a competitive or other disadvantage to the Company . Confidential Information includes, without limitation, financial information, reports, and forecasts; inventions. improvements and other intellectual property; trade secrets; know-how; designs, processes or formulae; software; market or sales information or plans; customer lists; and business plans, prospects and opportunities (such as possible acquisitions or dispositions of businesses or facilities) which have been discussed or considered by the management of the Company . Confidential Information includes information developed by the Executive in the course of the Executive ’s employment by the Company , as well as other information to which the Executive may have access in connection with the Executive ’s employment. Confidential Information also includes the confidential information of others with which the Company has a business relationship. Notwithstanding the foregoing, Confidential Information does not include information in the public domain, unless due to breach of the Executive ’s duties under Section 8(b).

(b) Confidentiality . The Executive understands and agrees that the Executive ’s employment creates a relationship of confidence and trust between the Executive and the Company with respect to all Confidential Information. At all times, during the Executive ’s employment with the Company , the Executive will keep in confidence and trust all such Confidential Information. and will not use or disclose any such Confidential Information without the written consent of the Company , except as may be necessary in the ordinary course of performing the Executive ’s duties to the Company .

(c) Documents, Records, etc . All documents, records, data, apparatus, equipment and other physical property, whether or not pertaining to Confidential Information, which are furnished to the Executive by the Company or are produced by the Executive in connection with the Executive ’s employment will be and remain the sole property of the Company . The Executive will return to the Company all such materials and property as and when requested by the Company . In any event, the Executive will return all such materials and property immediately upon termination of the Executive ’s employment for any reason. The Executive will not retain with the Executive any such material or property or any copies thereof after such termination.

(d) Intentionally Omitted .

(e) Litigation and Regulatory Cooperation . During and after the Executive ’s employment, the Executive shall cooperate fully with the Company in the defense or prosecution of any claims or actions now in existence or which may be brought in the future against or on behalf of the Company which relate to events or occurrences that transpired while the Executive was employed by the Company . The Executive ’s full cooperation in connection with such claims or actions shall include, but not be limited to, being available to meet with counsel to prepare for discovery or trial and to act as a witness on behalf of the Company at mutually convenient times. During and after the Executive ’s employment, the Executive also shall cooperate fully with the Company in connection with any investigation or review of any federal, state or local regulatory authority as any such investigation or review relates to events or occurrences that transpired while the Executive was employed by the Company . The Company shall reimburse the Executive for any reasonable out-of-pocket expenses incurred in connection with the Executive ’s performance of obligations pursuant to this Subsection 9(e).

(f) Injunction . The Executive agrees that it would be difficult to measure any damages caused to the Company which might result from any breach by the Executive of the covenants set forth in this Subsection 9(f), and that in any event money damages would be an inadequate remedy for any such breach. Accordingly, subject to Section 10 of this Agreement , the Executive agrees that if the Executive breaches, or proposes to breach, any portion of this Agreement , the Company shall be entitled, in addition to all other remedies that it may have, to an injunction or other appropriate equitable relief to restrain any such breach without showing or proving any actual damage to the Company .

10. Indemnification and D&O Insurance . The Company and its subsidiaries’ and affiliates’ Certificate or Articles of Incorporation or Bylaws, including, if applicable, any directors and officer’s insurance policies, shall indemnify, hold harmless, and defend the Executive against any and all claims. Such right shall include the right to be paid by the Company expenses, including attorney’s fees, judgments, fines, losses, claims, damages or liabilities incurred in connection with any claim, action, suit, proceeding or investigation, whether civil, criminal, administrative or investigative, by reason of the fact that Executive is or was a director, officer, employee or agent of the Company or any Subsidiary, whether asserted or claimed prior to, at or after the date of termination of employment, to the fullest extent permitted under applicable law and on a basis no less favorable than in existence under the Company’s B) laws and Certificate of Incorporation in effect as of the Effective Date. During the Employment Period and thereafter, Company shall provide Executive coverage under a policy of directors’ and officers’ liability insurance that provides you with coverage on the same basis as is provided for the Company ’s continuing officers and directors from time to time. This duty to indemnify shall survive the termination, expiration or cancellation of this Agreement .

11. Arbitration of Disputes . Any controversy or claim arising out of or relating to this Agreement or the breach thereof or otherwise arising out of the Executive ’s employment or the termination of that employment (including, without limitation, any claims of unlawful employment discrimination whether based on age or otherwise) shall, to the fullest extent permitted by law, be settled by arbitration in any forum and form agreed upon by ^. the Parties or, in the absence of such an agreement under the auspices of the American Arbitration Association (“ AAA ”) in Bethesda, Maryland in accordance with the Employment Dispute Resolution Rules of the AAA , including. but not limited to, the rules and procedures applicable to the selection of arbitrators. In the event that any person or entity other than the Executive or the Company may be a party with regard to any such controversy or claim, such controversy or claim shall be submitted to arbitration subject to such other person or entity’s agreement. Judgment upon the award rendered by the arbitrator may be entered in any court having jurisdiction thereof. This Section 11 shall be specifically enforceable. Notwithstanding the foregoing, this Section 11 shall not preclude either party from pursuing a court action for the sole purpose of obtaining a temporary restraining order or a preliminary injunction in circumstances in which such relief is appropriate; provided that any other relief shall be pursued through an arbitration proceeding pursuant to this Section 11.

12. Consent to Jurisdiction . To the extent that any court action is permitted consistent with or to enforce Section 11 of this Agreement , the Parties hereby consents to personal jurisdiction and exclusive venue in the United States District Court for Maryland, if such Court can exercise jurisdiction. In the event the foregoing Court lacks jurisdiction, the Executive consents to personal jurisdiction and exclusive venue in the Circuit Court in and for Montgomery County, Maryland. Accordingly, with respect to any such court action, the Executive (a) submits to the personal jurisdiction of such courts; (b) consents to service of process; and (c) waives any other requirement (whether imposed by statute, rule of court, or otherwise) with respect to personal jurisdiction or service of process.

13. Specific Performance . It is agreed that the rights granted to the Parties hereunder are of a special and unique kind and character and that, if there is a breach by any Party of any material provision of this Agreement , the other Party would not have any adequate remedy at law. It is expressly agreed, therefore. that the rights of the Parties hereunder may be enforced by an action for specific performance and other equitable relief without the Parties posting a bond, or, if a bond is required, the Parties agree that the lowest bond permitted shall be adequate.

14. Entire Agreement . This Agreement contains the entire understanding of the Parties and no agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made by either Party , which are not set forth expressly in this Agreement . This Agreement supersedes all negotiations, preliminary agreements, and all prior and contemporaneous discussions and understandings of the Parties and/or their affiliates. The Executive acknowledges that he has not relied on any prior or contemporaneous discussions or understandings in entering into this Agreement. This Agreement also supersedes and voids any employment agreements between Executive and Company .

15. Withholding . All payments made by the Company to the Executive under this Agreement shall be net of any tax or other amounts required to be withheld by the Company under applicable law.

16. Assigns . This Agreement is not assignable by the Company or Executive .

17. Successor to the Executive . This Agreement shall inure to the benefit of and be enforceable by the Executive ’s personal representatives, executors, administrators, heirs, distributees, devisees and legatees. In the event of the Executive ’s death after his termination of employment but prior to the completion by the Company of all payments due him under this Agreement , the Company shall continue such payments to the Executive ’s beneficiary designated in writing to the Company prior to his death (or to his estate, if the Executive fails to make such designation).

18. Successor to Company . The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Company expressly to assume and agree to perform this Agreement to the same extent that the Company would be required to perform it if no succession had taken place. Failure of the Company to obtain an assumption of this Agreement at or prior to the effectiveness of any succession shall be a material breach of this Agreement .

19. Enforceability . If any portion or provision of this Agreement (including, without limitation, any portion or provision of any section of this Agreement ) shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this Agreement, or the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law.

20. Waiver/Amendment . No waiver of any provision hereof shall be effective unless made in writing and signed by the waiving Party . The failure of any Party to require the performance of any term or obligation of this Agreement or the waiver by any Party of any breach of this Agreement , shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach, No provision of this Agreement may be modified waived or discharged unless such waiver, modification or discharge is approved by the Board and agreed to in writing signed by Executive and such officer as may be specifically authorized by the Board .

21. Survival . The provisions of this Agreement shall not survive the termination of the Executive ’s employment hereunder, except that the provisions of (i) Section 6 hereto relating to post-termination payment obligations; (ii) Section 9 hereto relating to the restrictive covenants; and (iii) Sections 11 and 12 relating to arbitration and jurisdiction and venue shall remain binding upon the Parties .

22. Notices . Any notices, requests, demands and other communications provided for by this Agreement shall be sufficient if in writing and delivered in person or sent by a nationally recognized overnight courier service or by registered or certified mail, postage prepaid, return receipt requested, to the Executive at the last address the Executive has filed in writing with the Company or, in the case of the Company . at its main offices, attention of the Board .

23. Governing Law . This is a Maryland contract and shall be construed under and be governed in all respects by the laws of the State of Maryland, without giving effect to the conflict of laws principles of such State.

24. Gender Neutral . Wherever used herein, a pronoun in the masculine gender shall be considered as including the feminine gender unless the context clearly indicates otherwise.

25. Neutral Construction . No Party may rely on any drafts of this Agreement in any interpretation of the Agreement . Each Party to this Agreement has reviewed this Agreement and has participated in its drafting and accordingly, no Party shall attempt to invoke the normal rule of construction to the effect that ambiguities are to be resolved against the drafting Party in any interpretation of this Agreement .

26. Headings and Captions . The titles and captions of paragraphs, sections. subparagraphs and subsections contained in this Agreement are provided for convenience of reference only, and shall not be considered terms or conditions of this Agreement .

27. Further Assurances . Each of the Parties hereto shall execute and deliver any and all additional papers. documents and other assurances, and shall do any and all acts and things reasonably necessary in connection with the performance of their obligations hereunder and to carry out the intent of the Parties hereto.

28. Right to Review and Seek Counsel . The Executive acknowledges that he has had the opportunity to seek independent counsel and tax advice in connection with the execution of this Agreement , and the Executive represents and warrants to the Company (a) that he has sought such independent counsel and advice as he has deemed appropriate in connection with the execution hereof and the transactions contemplated hereby, and (b) that he has not relied on any representation of the Company as to tax matters, or as to the consequences of the execution hereof.

29. Counterparts . This Agreement may be executed in one or more separate counterparts each of which, when so executed, shall be deemed to be an original, Such counterparts shall, together, constitute and shall be one and the same instrument. This Agreement , and the counterparts thereto, may be executed by the Parties using their respective signatures transmitted via facsimile machines or via electronic mail.

[SIGNATURE PAGE FOLLOWS]

IN WITNESS WHEREOF, the Parties have executed this Agreement effective on the date and year first above written.

Exhibit 10.2

Transition Agreement

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

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

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

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

Agreed and Accepted:

Exhibit 10.3

MPHASE TECHNOLOGIES, INC.

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

COMMON STOCK PURCHASE WARRANT

Issuance Date: January 11, 2019

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

1 . Exercisability .

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

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

X = Y(A-B)

    A

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

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

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

B = the Exercise Price, as adjusted hereunder.

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

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

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

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

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

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

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

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

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

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

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

4. Adjustment in Number of Shares.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

FORM OF ELECTION TO PURCHASE

Date: _________________

MPHASE TECHNOLOGIES, INC.

Attn: [________]

Ladies and Gentlemen:

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

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

☐ in lawful money of the United States; or

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

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

_________________________________

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

_________________________________

_________________________________

_________________________________

[SIGNATURE OF HOLDER]

Name of Investing Entity:

____________________________________________________________________________

Signature of Authorized Signatory of Investing Entity :

___________________________________________________

Name of Authorized Signatory:

____________________________________________________________________________

Title of Authorized Signatory:

____________________________________________________________________________

Exhibit 10.4

CERTIFICATE OF DESIGNATIONS, PREFERENCES AND RIGHTS OF

SERIES A PREFERRED STOCK OF
MPHASE TECHNOLOGIES, INC.

mPhase Technologies, Inc. (the “Corporation”), a corporation organized and existing under the laws of New Jersey does hereby certify that, pursuant to authority conferred upon the board of directors of the Corporation (the “Board”) by the Certificate of Incorporation of the Corporation, and the Board of the Corporation, has adopted resolutions (a) authorizing the designation and issuance of one thousand (1,000) shares of Series A Preferred Stock and (b) providing for the designations, preferences and relative participating, options or other rights, and the qualifications, limitations or restrictions thereof, as follows:

a. Upon the liquidation, dissolution or winding up of the business of the Corporation, whether voluntary or involuntary, each holder of Series A Preferred Stock shall be entitled to receive, for each share thereof, out of the assets of the Corporation legally available therefor, a preferential amount in cash equal to the Stated Value (as defined herein). All preferential amounts to be paid to the holders of Series A Preferred Stock in connection with such liquidation, dissolution or winding up shall be paid before the payment or setting apart for, payment of any amount for, or the distribution of any asset of the Corporation to the holders of (i) any other class or series of capital stock whose terms expressly provide that the holders of Series A Preferred Stock should receive preferential payment with respect to such distribution and (ii) the Corporation’s common stock. If, upon any such distribution, assets of the Corporation shall be insufficient to pay the holders of the outstanding shares of Series A Preferred Stock (or the holders of any class or series of capital stock ranking on parity with the Series A Preferred Stock as to distributions in the event of a liquidation, dissolution or winding up of the Corporation) the full amounts to which they shall be entitled, such holders shall share ratably in any distribution of assets in accordance with the sums which would be payable on such distribution if all such sums payable were paid in full. Stated Value means $.001 per share.

b. Any distribution in connection with the liquidation, dissolution or winding up of the Corporation, or any bankruptcy or insolvency proceeding, shall be made in cash to the extent possible. Whenever any such distribution shall be paid in property other than cash, the value of such distribution shall be the fair market value of such property as determined in the good faith by the Board.

a. alter or change adversely the powers, preferences or rights given to the Series A Preferred Stock or alter or amend this Certificate of Designation;

b. amend its Certificate of Incorporation or other charter documents in any manner that adversely affects any rights of the holders of Series A Preferred Stock;

c. consummate a Fundamental Transaction (as defined herein);

d. increase or decrease the authorized number of Series A Preferred Stock;

e. create or authorize (by reclassification or otherwise) any new class or series of shares that has a preference over or is on a parity with the Series A Preferred Stock with respect to the distribution of assets on the liquidation, dissolution or winding-up of the Corporation;

f. purchase, repurchase or redeem any shares of capital stock of the Corporation junior in rank to the Series A Preferred Stock (other than pursuant to equity incentive agreements (that have in good faith been approved by the Board) with employees giving the Corporation the right to repurchase shares upon the termination of services; or

g. enter into any agreement with respect to any of the foregoing.

“Required Holders” means holders of 51% of the Series A Preferred Stock.

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IN WITNESS WHEREOF, the undersigned have executed this Certificate this 2nd day of January, 2019.

Exhibit 10.5

Reserve Agreement

This Agreement effective January 11, 2019 by and between mPhase Technologies, Inc., a New Jersey Corporation (the “ Company’’) and Anshu Bhatnagar (the “Employee”).

Whereas, the Company, in order to induce the Employee to enter an Employment Agreement, a Warrant and a Transition Agreement, all of even date herewith, (the “Documents”) with the Company agreed to set up this Reserve Agreement to escrow shares of the Company’s common stock to satisfy and defease certain liabilities of the Company described below;

Now, Therefore, in consideration of the mutual premises set forth herein the parties hereto agree as follows:

This Agreement shall terminate on December 31, 2019. Any unsold shares in the Reserve Account at such time shall be returned to the Company and cancelled.

IN WITNESSETH WHEREOF, the parties hereto have executed this Reserve Agreement as of the date first-above written.

Exhibit 10.6

Debt/Equity Conversion Agreement

THIS AGREEMENT , dated as of January 9 2019, between mPhase Technologies, Inc. , a New Jersey corporation, having an address at 688 New Dorp Lane, Staten Island, New York 10306-4933 ( “Debtor”) and the following persons (each individually a “Lender” and collectively, the “Lenders”) having the following addresses:

WHEREAS , Debtor owes each of the respective Lenders the following monies (“Indebtedness”) in connection with Loans and Unpaid Compensation as set forth in Schedule A hereto that is convertible into common stock of Debtor at $.00005 per share;

WHEREAS, Lenders desire to convert all or a portion of the Indebtedness set forth in Schedule B into common stock of the Company at $.00005 per share;

NOW, THEREFORE, in consideration of the mutual premises set forth herein, the parties hereto agree as follows:

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first-above written.

Exhibit 10.7

Chief Executive Officer

mPhase Technologies, Inc.

Dear Anshu,

Please accept my resignation as President and Chief Executive Officer of mPhase Technologies Inc. effective midnight January 11, 2019

I have enjoyed being an Officer of the Company. I wish you the best of luck in taking mPhase forward to greater heights.

Regards,

/s/ Ronald Durando

Ronald A. Durando

Chief Executive Officer

mPhase Technologies, Inc.

Dear Anshu,

Please accept my resignation as Chief Operating Officer and as a member of the Board of Directors of mPhase Technologies Inc. effective midnight January 11, 2019.

I have enjoyed being an Officer of the Company and a member of the Board of Directors. I wish you the best of luck in taking mPhase forward to greater heights.

Regards,

s/s Gustave Dotoli

Gustave T. Dotoli

Chief Executive Officer

mPhase Technologies, Inc.

Dear Anshu,

Please accept my resignation from the Board of Directors of mPhase Technologies Inc. effective midnight January 11, 2019. Attached is an E mail confirming this action

I have enjoyed being a member and leading the Board of Directors. I wish you the best of luck in taking mPhase forward to greater heights.

Regards,

S/S Victor Lawrence

Victor Lawrence

Chief Executive Officer

mPhase Technologies, Inc.

Dear Anshu,

Please accept my resignation from the Board of Directors of mPhase Technologies Inc. effective midnight January 11,2019.

I have enjoyed being a member and leading the Board of Directors. I wish you the best of luck in taking mPhase forward to greater heights.

Regards,

s/s Abraham Biderman

Abraham Biderman

Chief Executive Officer

mPhase Technologies, Inc.

Dear Anshu,

Please accept my resignation as a Director and Executive Vice President, Chief Financial Officer and General Counsel of mPhase Technologies Inc. effective midnight January 11, 2019.

I have enjoyed being a Director and Officer of the Company. I wish you the best of luck in taking mPhase forward to greater heights.

Regards,

s/s Martin Smiley

Martin Smiley