<SEC-DOCUMENT>0001214659-20-010162.txt : 20201203
<SEC-HEADER>0001214659-20-010162.hdr.sgml : 20201203
<ACCEPTANCE-DATETIME>20201203172849
ACCESSION NUMBER:		0001214659-20-010162
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20201203
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20201203
DATE AS OF CHANGE:		20201203

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DPW Holdings, Inc.
		CENTRAL INDEX KEY:			0000896493
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRONIC COMPONENTS, NEC [3679]
		IRS NUMBER:				941721931
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12711
		FILM NUMBER:		201367827

	BUSINESS ADDRESS:	
		STREET 1:		201 SHIPYARD WAY
		STREET 2:		SUITE E
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92663
		BUSINESS PHONE:		(949) 444-5464

	MAIL ADDRESS:	
		STREET 1:		201 SHIPYARD WAY
		STREET 2:		SUITE E
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92663

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DIGITAL POWER CORP
		DATE OF NAME CHANGE:	19960823
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>g1222018k.htm
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<P STYLE="margin: 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0"></P>

<P STYLE="font: 14pt Times New Roman; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center">____________________________________________________________</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center">Pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center">___________________________________________________________________</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center">Date of Report (Date of earliest event reported):&nbsp;&nbsp;December
3, 2020</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 24pt Times New Roman; margin: 0pt 0; text-align: center"><B>DPW HOLDINGS, INC.</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in its charter)</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; width: 34%; text-align: center"><U>Delaware</U></TD>
    <TD STYLE="white-space: nowrap; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 31%; text-align: center"><U>001-12711</U></TD>
    <TD STYLE="white-space: nowrap; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 33%; text-align: center"><U>94-1721931</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">(State or other jurisdiction of <BR>
incorporation or organization)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">(Commission File Number)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">(I.R.S. Employer Identification No.)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"><U>201 Shipyard Way, Suite E, Newport Beach, CA 92663</U></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center">(Address of principal executive offices) (Zip Code)</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"><U>(949) 444-5464</U></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center">(Registrant's telephone number, including area code)</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">Check the appropriate box below if the Form 8-K filing
is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Wingdings">&uml;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Wingdings">&uml;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Wingdings">&uml;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Wingdings">&uml;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">Securities registered pursuant to Section 12(b) of the
Act:</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; width: 34%; text-align: center">Title of each class</TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; width: 15%">
        <P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center">Trading</P>
        <P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center">Symbol(s)</P></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; width: 49%; text-align: center">Name of each exchange on which registered</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center">Common Stock, $0.001 par value</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">DPW</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">NYSE American</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify; color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 (&sect;230.405 of this chapter) or Rule 12b-2 of the Securities
Exchange Act of 1934 (&sect;240.12b-2 of this chapter).</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">Emerging growth company&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">If an emerging growth company, indicate by check mark
if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act.&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>ITEM 1.01</B></TD><TD><B>ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">On November 30, 2020, DPW Holdings, Inc. (the &ldquo;<B>Company</B>&rdquo;)
entered into a letter agreement (the &ldquo;<B>Agreement</B>&rdquo;), pursuant to which the Company agreed to purchase all the
228,967 shares of Universal Security Instruments, Inc. beneficially owned by Activist Investing LLC, Custodian Ventures LLC and
David Elliot Lazar on a date no later than 30 business days from November 30, 2020 (the &ldquo;<B>Closing</B>&rdquo;), subject
to the terms and conditions of the Agreement. The purchase price of the 228,967 Shares will be $709,797.70 upon the Closing.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>ITEM 7.01</B></TD><TD><B>REGULATION FD DISCLOSURE</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">On December 3, 2020, the Company issued a press release
announcing the Agreement, a copy of which press release is furnished herewith as&nbsp;<B><U>Exhibit 99.1</U></B>&nbsp;and is incorporated
by reference herein.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">In accordance with General Instruction B.2 of Form 8-K,
the information under this item,&nbsp;<B><U>Exhibit 99.1</U></B>&nbsp;shall not be deemed filed for purposes of Section 18 of the
Securities Exchange Act of 1934, as amended, nor shall such information be deemed incorporated by reference in any filing under
the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing. This report
will not be deemed an admission as to the materiality of any information required to be disclosed solely to satisfy the requirements
of Regulation FD.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">The Securities and Exchange Commission encourages registrants
to disclose forward-looking information so that investors can better understand the future prospects of a registrant and make informed
investment decisions. This Current Report on Form 8-K and exhibits may contain these types of statements, which are &ldquo;forward-looking
statements&rdquo; within the meaning of the Private Securities Litigation Reform Act of 1995, and which involve risks, uncertainties
and reflect the Registrant&rsquo;s judgment as of the date of this Current Report on Form 8-K. Forward-looking statements may relate
to, among other things, operating results and are indicated by words or phrases such as &ldquo;expects,&rdquo; &ldquo;should,&rdquo;
&ldquo;will,&rdquo; and similar words or phrases. These statements are subject to inherent uncertainties and risks that could cause
actual results to differ materially from those anticipated at the date of this Current Report on Form 8-K. Investors are cautioned
not to rely unduly on forward-looking statements when evaluating the information presented within.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>ITEM 9.01</B></TD><TD STYLE="text-align: justify"><B>EXHIBITS</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Exhibits</U></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

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<TR>
    <TD STYLE="width: 6%; border-bottom: black 1pt solid"><B>Exhibit <BR>
No.</B></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 93%; border-bottom: black 1pt solid"><B>Description</B></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>10.1</TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="ex10_1.htm">Letter Agreement dated November 30, 2020</A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>99.1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="ex99_1.htm">Press Release issued by the registrant on December 3, 2020.</A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities Exchange
Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B>DPW HOLDINGS, INC.</B></P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">Date: December 3, 2020</TD>
    <TD STYLE="width: 4%">By:</TD>
    <TD STYLE="width: 46%"><U>/s/ Henry Nisser</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Henry Nisser</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Executive Vice President and General Counsel</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

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<TYPE>EX-10.1
<SEQUENCE>2
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<DESCRIPTION>EXHIBIT 10.1
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>Activist Investing LLC</B></FONT></TD>
    <TD STYLE="width: 50%; text-align: right"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>Custodian Ventures LLC</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>1185 Avenue of the Americas, 3rd Floor</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>3445 Lawrence Avenue</I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>New York, New York 10036</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Oceanside, New York 11572</I></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DAVID ELLIOT LAZAR</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>1185 Avenue of the Americas, 3rd Floor</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>New York, New York 10036</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">November 30, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">DPW Holdings, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">201 Shipyard Way, Suite E</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Newport Beach, CA 92663</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attn.: Milton C. Ault III, Chief Executive Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Re:</TD><TD><B>Shares of Common Stock of Universal Security Instruments, Inc.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Sir:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This letter is being delivered in connection
with the purchase from Activist Investing LLC, Custodian Ventures LLC, and David Elliot Lazar (collectively, the &ldquo;Seller&rdquo;)
by DPW Holdings, Inc. (the &ldquo;Purchaser&rdquo;) of the Seller&rsquo;s collective 228,967 shares of common stock, par value
$0.01 (the &ldquo;Securities&rdquo;), of <B>Universal Security Instruments, Inc.</B> (the &ldquo;Company&rdquo;) at a purchase
price of $3.10 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the terms and conditions of this letter agreement, at the Closing (as defined below) Seller will sell, assign, transfer and
convey to Purchaser, and Purchaser will purchase, the Securities for an aggregate purchase price of $709,797.70 (the &ldquo;Purchase
Price&rdquo;). The purchase and sale of the Securities shall take place remotely via the exchange of documents and signatures,
as soon as the shares are ready to be DWAC&rsquo;d over to the buyer, but no later than 30 business days from the signing of this
agreement. (which time and place are designated as the &ldquo;Closing&rdquo;). At the Closing, Seller shall initiate the electronic
delivery of the Securities to Purchaser to the account listed on <U>Exhibit A</U> attached hereto and Purchaser will deliver the
Purchase Price to Seller by wire transfer of immediately available funds to the bank account listed on <U>Exhibit A</U> attached
hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seller
hereby represents and warrants to Purchaser as of the date hereof and as of the Closing as follows (it being understood and agreed
that since the term &ldquo;Seller&rdquo; is used to describe three persons, the following representations and warranties are made
jointly and severally as among the persons comprising the &ldquo;Seller&rdquo;): (i)&nbsp;Seller has all requisite power and authority
to execute and deliver this letter agreement and to consummate the transactions described herein, (ii) the execution and delivery
by Seller of this letter agreement and the performance by Seller of its obligations hereunder have been duly authorized by all
requisite action on the part of Seller and no other proceedings on the part of Seller are necessary to authorize the execution
and delivery of this letter agreement and the consummation of the transactions contemplated hereby, (iii) this letter agreement
has been duly executed and delivered by Seller and assuming due authorization, execution and delivery of this letter agreement
by Purchaser constitutes a valid and legally binding obligation of Seller, enforceable against Seller in accordance with its terms
except (x)&nbsp;as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, or other laws
of general application relating to or affecting the enforcement of creditors&rsquo; rights generally, or (y)&nbsp;as limited by
laws relating to the availability of specific performance, injunctive relief, or other equitable remedies, (iv) Seller owns, beneficially
and/or of record, the Securities and has good and marketable title to the Securities, free and clear of any and all covenants,
conditions, restrictions, voting trust arrangements, proxies, liens, charges, encumbrances, options and adverse claims or rights
whatsoever (&ldquo;Liens&rdquo;), except for restrictions on transfer arising under applicable federal and state securities laws,
(v) at the Closing, Seller will deliver to Purchaser good and valid title to the Securities, free and clear of all Liens, except
for restrictions on transfer arising under applicable federal and state securities laws, (vi) no suit, action or other proceeding
is pending or, to the knowledge of the Seller, threatened before any governmental authority seeking to restrain the Seller or
prohibit the Seller&rsquo;s entry into this letter agreement or prohibit the Closing, and (vii) the execution and delivery of
this letter agreement and the performance by Seller of its obligations hereunder will not (x) other than with respect to Mr. Lazar,&nbsp;violate
or breach any provision of Seller&rsquo;s organizational or governing documents, (y)&nbsp;violate or breach any statute, law,
rule, regulation or order by which Seller or any of its properties may be bound or (z)&nbsp;breach, or result in a default under,
any contract to which Seller is a party or by which Seller or any of its properties may be bound.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seller
acknowledges that Purchaser (a) now possesses and may hereafter possess certain non-public information concerning the Company and
its affiliates and/or the Securities (the &ldquo;Non-Public Information&rdquo;) that may or may not be known by Seller which may
constitute material information with respect to the foregoing, and (b) is relying on this letter agreement and would not enter
into a transaction to purchase the Securities from Seller absent this letter agreement.&nbsp;&nbsp;Seller agrees to sell the Seller&rsquo;s
Securities to Purchaser notwithstanding that it is aware that such Non-Public Information exists and that Purchaser may not have
disclosed all Non-Public Information to it.&nbsp;&nbsp;Seller acknowledges that it is a sophisticated seller with respect to the
purchase and sale of securities such as the Securities and that Purchaser has no obligations to Seller to disclose such Non-Public
Information and that if the Non-Public Information were fully disclosed to Seller, the Non-Public Information could foreseeably
affect Seller&rsquo;s willingness to enter into this letter agreement and the price that Seller would be willing to accept to sell
the Securities. Moreover, such Non-Public Information may indicate that the value of the Securities is substantially lower or higher
than the Purchase Price. Additionally, Seller acknowledges that it has adequate information concerning the Securities, and the
business and financial condition of the Company and its affiliates, to make an informed decision regarding the sale of the Securities,
and has independently and without reliance upon Purchaser, and based upon such information as the Seller has deemed appropriate,
made its own analysis and decision to sell the Securities to Purchaser. Seller is experienced, sophisticated and knowledgeable
in the trading of securities and other instruments of private and public companies and understands the disadvantage to which it
may be subject on account of any disparity of the access to, and possession of, such Non-Public Information between Seller and
Purchaser. Seller has conducted an independent evaluation of the Securities to determine whether to enter into this letter agreement
and, notwithstanding the absence of access by Seller to the Non-Public Information known by Purchaser, Seller is desirous of entering
into this letter agreement and consummating the transactions contemplated hereby. Seller, because of, among other things, its business
and financial experience, is capable of evaluating the merits and risks of the transactions contemplated by this letter agreement
and of protecting its own interests in connection with this letter agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchaser
hereby represents and warrants to Seller as of the date hereof and as of the Closing as follows: (i) Purchaser is duly organized,
validly existing and in good standing under the laws of the jurisdiction of its organization, (ii)&nbsp;Purchaser has all requisite
power and authority to execute and deliver this letter agreement and to consummate the transactions described herein, (iii) the
execution and delivery by Purchaser of this letter agreement and the performance by Purchaser of its obligations hereunder have
been duly authorized by all requisite action on the part of Purchaser and no other proceedings on the part of Purchaser are necessary
to authorize the execution and delivery of this letter agreement and the consummation of the transactions contemplated hereby,
(iv) this letter agreement has been duly executed and delivered by Purchaser and assuming due authorization, execution and delivery
of this letter agreement by Seller constitutes a valid and legally binding obligation of Purchaser, enforceable against Purchaser
in accordance with its terms except (x)&nbsp;as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent
conveyance, or other laws of general application relating to or affecting the enforcement of creditors&rsquo; rights generally,
or (y)&nbsp;as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable remedies,
and (v) the execution and delivery of this letter agreement and the performance by Purchaser of its obligations hereunder will
not (x)&nbsp;violate or breach any provision of Purchaser&rsquo;s organizational or governing documents, (y)&nbsp;violate or breach
any statute, law, rule, regulation or order by which Purchaser or any of its properties may be bound or (z)&nbsp;breach, or result
in a default under, any contract to which Purchaser is a party or by which Purchaser or any of its properties may be bound.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchaser
acknowledges that Seller (a) now possesses and may hereafter possess Non-Public Information that may or may not be known by Purchaser
which may constitute material information with respect to the foregoing, and (b) is relying on this letter agreement and would
not enter into a transaction to sell the Securities to Purchaser absent this letter agreement.&nbsp;&nbsp;Purchaser agrees to purchase
the Seller&rsquo;s Securities from Seller notwithstanding that it is aware that such Non-Public Information exists and that Seller
may not have disclosed all Non-Public Information to it.&nbsp;&nbsp;Purchaser acknowledges that it is a sophisticated purchaser
with respect to the purchase and sale of securities such as the Securities and that Seller has no obligations to Purchaser to disclose
such Non-Public Information and that if the Non-Public Information were fully disclosed to Purchaser, the Non-Public Information
could foreseeably affect Purchaser&rsquo;s willingness to enter into this letter agreement and the price that Purchaser would be
willing to pay to purchase the Securities. Moreover, such Non-Public Information may indicate that the value of the Securities
is substantially lower or higher than the Purchase Price. Additionally, Purchaser acknowledges that it has adequate information
concerning the Securities, and the business and financial condition of the Company and its affiliates, to make an informed decision
regarding the purchase of the Securities, and has independently and without reliance upon Seller, and based upon such information
as the Purchaser has deemed appropriate, made its own analysis and decision to purchase the Securities from Seller. Purchaser is
experienced, sophisticated and knowledgeable in the trading of securities and other instruments of private and public companies
and understands the disadvantage to which it may be subject on account of any disparity of the access to, and possession of, such
Non-Public Information between Purchaser and Seller. Purchaser has conducted an independent evaluation of the Securities to determine
whether to enter into this letter agreement and, notwithstanding the absence of access by Purchaser to the Non-Public Information
known by Seller, Purchaser is desirous of entering into this letter agreement and consummating the transactions contemplated hereby.
Purchaser, because of, among other things, its business and financial experience, is capable of evaluating the merits and risks
of the transactions contemplated by this letter agreement and of protecting its own interests in connection with this letter agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seller
does for itself and its successors and/or assigns, hereby irrevocably forever release, discharge and waive any and all claims,
rights, causes of action, suits, obligations, debts, demands, liabilities, controversies, costs, expenses, fees, or damages of
any kind (including, but not limited to, any and all claims alleging violations of federal or state securities laws, common-law
fraud or deceit, breach of fiduciary duty, negligence or otherwise), whether directly, derivatively, representatively or in any
other capacity, against the Purchaser or any of its affiliates, including, without limitation, any and all of its present and/or
past directors, officers, members, partners, employees, fiduciaries, agents or accounts under management, and their respective
successors and assigns (collectively, the &ldquo;Purchaser Released Parties&rdquo;),&nbsp;arising on or prior to the date hereof,
which are based upon, arise from or in any way relate to or involve, directly or indirectly, Purchaser&rsquo;s failure to disclose
all or any portion of the Non-Public Information known by it to Seller in connection with the transfer of the Securities by Seller
to Purchaser. Seller also agrees that it shall not institute or maintain any cause of action, suit, complaint or other proceeding
against any of the Purchaser Released Parties as a result of such Purchaser Released Parties&rsquo; failure to disclose fully such
Non-Public Information to Seller or otherwise in connection with this letter agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchaser
does for itself and its respective successors and/or assigns, hereby irrevocably forever releases, discharges and waives any and
all claims, rights, causes of action, suits, obligations, debts, demands, liabilities, controversies, costs, expenses, fees, or
damages of any kind (including, but not limited to, any and all claims alleging violations of federal or state securities laws,
common-law fraud or deceit, breach of fiduciary duty, negligence or otherwise), whether directly, derivatively, representatively
or in any other capacity, against the Seller or any of its respective affiliates, including, without limitation, any and all of
their present and/or past directors, officers, members, partners, employees, fiduciaries, agents or accounts under management,
and their respective successors and assigns (collectively, the &ldquo;Seller Released Parties&rdquo;),&nbsp;arising on or prior
to the date hereof, which are based upon, arise&nbsp;from&nbsp;or in any way relate to or involve, directly or indirectly, Seller&rsquo;s
failure to disclose all or any portion of the Non-Public Information known by it to Purchaser in connection with the transfer of
the Securities by Seller to Purchaser. &nbsp;Purchaser also agrees that it shall not institute or maintain any cause of action,
suit, complaint or other proceeding against any of the Seller Released Parties as a result of such Seller Released Parties&rsquo;
failure to disclose fully such Non-Public Information to Purchaser or otherwise in connection with this letter agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of Seller and Purchaser agrees that this letter agreement, including, without limitation, the representations, warranties, agreements,
waivers, releases, acceptances and acknowledgments contained herein, shall be binding upon and inure to the benefit of Purchaser
and Seller and their respective successors and assigns, and shall survive the execution and delivery of this letter agreement and
the consummation of the sale of Seller&rsquo;s Securities to Purchaser.&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
letter agreement constitutes the entire agreement between the parties, supersedes any prior agreements and understandings, written
or oral, between the parties with respect to the subject matter of the agreement, and contains the only representations or warranties
on which the parties are entitled to rely.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
letter agreement may be executed in counterparts.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
letter agreement shall be construed in accordance with the laws of the State of New York and the parties agree to and accept the
exclusive jurisdiction of the courts of appropriate jurisdiction sitting in the Borough of Manhattan, City of New York, New York
with respect to any action relating to this letter agreement. The parties hereto agree that irreparable damage would occur if any
provision of this letter agreement were not performed in accordance with the terms hereof and that the parties shall be entitled
to an injunction or injunctions to prevent breaches or threatened breaches of this letter agreement or to enforce specifically
the performance of the terms and provisions hereof in any federal court located in the State of New York or any New York state
court, in addition to any other remedy to which they are entitled at law or in equity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Please indicate your acknowledgment and
agreement to the foregoing by signing below where indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SELLER:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">Activist Investing LLC</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ David Elliot Lazar</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; width: 5%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 5%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 40%"><FONT STYLE="font-size: 10pt">David Elliot Lazar</FONT></TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">Chief Executive Officer</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">Custodian Ventures LLC</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid">/s/ David Elliot Lazar</P></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; width: 5%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 5%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 40%"><FONT STYLE="font-size: 10pt">David Elliot Lazar</FONT></TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">Chief Executive Officer</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; width: 50%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ David Elliot Lazar</FONT></TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">David Elliot Lazar</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ACKNOWLEDGED AND AGREED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>AS OF THE DATE FIRST WRITTEN ABOVE:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PURCHASER:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">DPW Holdings, Inc.</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">/s/ Milton C. Ault III</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; width: 5%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 5%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 40%"><FONT STYLE="font-size: 10pt">Milton C. Ault III</FONT></TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">Chief Executive Officer</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"><B>Exhibit 99.1</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><IMG SRC="dpw_logobig.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman; margin: 0pt 0; text-align: justify"><B>DPW Holdings Enters Into Agreement to Purchase 9.9%
Equity Interest in Universal Security Instruments, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">Newport Beach, CA, December 3, 2020 -- DPW Holdings,
Inc. (NYSE American: DPW) a diversified holding company (&ldquo;<B>DPW</B>,&rdquo; or the &ldquo;<B>Company</B>&rdquo;) announced
that it has agreed to purchase 228,967 shares of Universal Security Instruments, Inc. (NYSE American: UUU), beneficially owned
by existing shareholders for a purchase price of $709,797.70.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">Upon closing of the purchase agreement, DPW would hold
a 9.9% minority, non-controlling interest in Universal Security Instruments, a manufacturer and distributor of safety and security
devices. The agreement to purchase the shares is expected to close by January 11, 2021 and the Company is expected to file a Schedule
13D related to the agreement on December 10, 2020. A copy of the agreement can be found at the following link: <A HREF="https://www.sec.gov/Archives/edgar/data/102109/000092189520003165/0000921895-20-003165-index.htm">https://www.sec.gov/Archives/edgar/data/102109/000092189520003165/0000921895-20-003165-index.htm</A></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">&ldquo;We look forward to closing this transaction and
believe there are opportunities for commercial and strategic alignment to create superior value for the Universal Security Instruments
shareholders,&rdquo; said Milton &ldquo;Todd&rdquo; Ault, III, the Company&rsquo;s CEO and Chairman.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">For more information on DPW and its subsidiaries, the
Company recommends that stockholders, investors and any other interested parties read the Company&rsquo;s public filings and press
releases available under the Investor Relations section at www.DPWHoldings.com or available
at www.sec.gov.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman; margin: 0pt 0; text-align: justify"><B>About DPW Holdings, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">DPW Holdings, Inc. is a diversified holding company pursuing
growth by acquiring undervalued businesses and disruptive technologies with a global impact. Through its wholly and majority-owned
subsidiaries and strategic investments, the Company provides mission-critical products that support a diverse range of industries,
including defense/aerospace, industrial, telecommunications, medical, and textiles. In addition, the Company extends credit to
select entrepreneurial businesses through a licensed lending subsidiary. DPW&rsquo;s headquarters are located at 201 Shipyard Way,
Suite E, Newport Beach, CA 92663; www.DPWHoldings.com.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman; margin: 0pt 0; text-align: justify"><B>Forward-Looking Statements</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">This press release contains &ldquo;forward looking statements&rdquo;
within the meaning of Section&nbsp;27A of the Securities Act of 1933, as amended, and Section&nbsp;21E of the Securities Exchange
Act of 1934, as amended.&nbsp;These forward-looking statements generally include statements that are predictive in nature and depend
upon or refer to future events or conditions, and include words such as &ldquo;believes,&rdquo; &ldquo;plans,&rdquo; &ldquo;anticipates,&rdquo;
&ldquo;projects,&rdquo; &ldquo;estimates,&rdquo; &ldquo;expects,&rdquo; &ldquo;intends,&rdquo; &ldquo;strategy,&rdquo; &ldquo;future,&rdquo;
&ldquo;opportunity,&rdquo; &ldquo;may,&rdquo; &ldquo;will,&rdquo; &ldquo;should,&rdquo; &ldquo;could,&rdquo; &ldquo;potential,&rdquo;
or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are
based on current beliefs and assumptions that are subject to risks and uncertainties. Forward-looking statements speak only as
of the date they are made, and the Company undertakes no obligation to update any of them publicly in light of new information
or future events. Actual results could differ materially from those contained in any forward-looking statement as a result of various
factors.&nbsp;More information, including potential risk factors, that could affect the Company&rsquo;s business and financial
results are included in the Company&rsquo;s filings with the U.S. Securities and Exchange Commission, including, but not limited
to, the Company&rsquo;s Forms 10-K, 10-Q and 8-K. All filings are available at&nbsp;www.sec.gov
and on the Company&rsquo;s website at www.DPWHoldings.com.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify"><B><U>Contacts: </U></B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">IR@DPWHoldings.com
or 1-888-753-2235</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
