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<P id=PARA1 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>UNITED STATES</B></FONT></P>
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<P id=PARA3 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>SECURITIES AND EXCHANGE COMMISSION</B></FONT></P>
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<P id=PARA5 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Washington, D.C. 20549</B></FONT></P>
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<P id=PARA7 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">____________________________________________________________</FONT></P>
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<P id=PARA9 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>FORM 8-K</B></FONT></P>
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<P id=PARA11 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>CURRENT REPORT</B></FONT></P>
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<P id=PARA13 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</FONT></P>
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<P id=PARA15 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">___________________________________________________________________</FONT></P>
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<P id=PARA17 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Date of Report (Date of earliest event reported):&nbsp;&nbsp;June 8, 2017</FONT></P>
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<P id=PARA19 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, Times, serif"><U><B>Digital Power</B></U><U><B> Corp</B></U><U><B>oration</B></U></FONT></P>
<P id=PARA20 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(Exact Name of Registrant as Specified in Charter)</FONT></P>
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<P id=PARA22 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">California</FONT></P></TD>
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<P id=PARA23 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">001-12711</FONT></P></TD>
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<P id=PARA24 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">94-1721931</FONT></P></TD></TR>
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<P id=PARA25 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(State or other jurisdiction</FONT></P>
<P id=PARA26 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">of incorporation)</FONT></P></TD>
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<P id=PARA27 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(Commission File Number)</FONT></P></TD>
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<P id=PARA28 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(IRS Employer</FONT></P>
<P id=PARA29 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Identification No.)</FONT></P></TD></TR>
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<TD style="WIDTH: 33%; VERTICAL-ALIGN: middle" width=410>&nbsp; </TD>
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<P id=PARA34 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">48430 Lakeview Blvd, Fremont, CA </FONT></P></TD>
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<P id=PARA35 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;&nbsp;</FONT></P></TD>
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<P id=PARA36 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">94538-3158</FONT></P></TD>
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<P id=PARA37 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;&nbsp;</FONT></P></TD></TR>
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<P id=PARA38 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(Address of principal executive offices)</FONT></P></TD>
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<P id=PARA39 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;&nbsp;</FONT></P></TD>
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<P id=PARA40 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(Zip Code)</FONT></P></TD>
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<P id=PARA44 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Registrant&#8217;s telephone number, including area code: (510) 657-2635</FONT></P>
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<P id=PARA46 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;&nbsp;</FONT></P></TD></TR>
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<P id=PARA47 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(Former name or former address, if changed since last report)</FONT></P></TD></TR>
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<P id=PARA48 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;&nbsp;</FONT></P></TD></TR></TABLE>
<P id=PARA50 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA51 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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:</FONT></P>
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<P id=PARA53 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;&#9744;</FONT></P></TD>
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<P id=PARA54 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></P></TD></TR></TABLE>
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<P id=PARA57 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;&#9744;</FONT></P></TD>
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<P id=PARA58 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></P></TD></TR></TABLE>
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<P id=PARA61 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;&#9744;</FONT></P></TD>
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<P id=PARA62 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></P></TD></TR></TABLE>
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<P id=PARA65 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;&#9744;</FONT></P></TD>
<TD style="WIDTH: 94.8%; VERTICAL-ALIGN: top">
<P id=PARA66 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></P></TD></TR></TABLE>
<P id=PARA68 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA69 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR &#167;230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR &#167;240.12b-2). </FONT></P>
<P id=PARA70 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA71 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&#9744; </FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Emerging growth company </FONT></P>
<P id=PARA72 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA73 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">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; &#9744;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
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<DIV id=PGNUM174  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">- 1 -</DIV>
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<P id=PARA74 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Forward-Looking Statements</B></FONT></P>
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<P id=PARA76 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">This Current Report on Form 8-K and other written and oral statements made from time to time by us may contain so-called &#8220;forward-looking statements,&#8221; all of which are subject to risks and uncertainties. Forward-looking statements can be identified by the use of words such as &#8220;expects,&#8221; &#8220;plans,&#8221; &#8220;will,&#8221; &#8220;forecasts,&#8221; &#8220;projects,&#8221; &#8220;intends,&#8221; &#8220;estimates,&#8221; and other words of similar meaning. One can identify them by the fact that they do not relate strictly to historical or current facts. These statements are likely to address our growth strategy, financial results and product and development programs. One must carefully consider any such statement and should understand that many factors could cause actual results to differ from our forward-looking statements. These factors may include inaccurate assumptions and a broad variety of other risks and uncertainties, including some that are known and some that are not. No forward-looking statement can be guaranteed and actual future results may vary materially.</FONT></P>
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<P id=PARA177 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><B>ITEM 1.01</B></P></TD>
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<P id=PARA178 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><B>ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT</B></P></TD></TR></TABLE>
<P id=PARA79 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA81 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><U>Share Exchange </U><U>Agreement</U></FONT></P>
<P id=PARA82 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">As previously reported in a Current Report on Form 8-K filed by Digital Power Corporation, a California corporation (the &#8220;<B>Company</B>&#8221;) on May 3, 2017, the Company entered into a Share Exchange Agreement (the &#8220;<B>Agreement</B>&#8221;) on April 28, 2017, with Microphase Corporation, a Delaware corporation (&#8220;<B>MPC</B>&#8221;); Microphase Holding Company LLC, a limited liability company organized under the laws of Connecticut (&#8220;<B>MHC</B>&#8221;), Ergul Family Limited Partnership, a partnership organized under the laws of Connecticut (&#8220;<B>EFLP</B>&#8221;) RCKJ Trust, a trust organized under the laws of New Jersey (&#8220;<B>RCKJ</B>&#8221; and with MHC and EFLP, the &#8220;<B>Significant Stockholders</B>&#8221;) and those additional persons who executed the Agreement under the heading &#8220;Minority Stockholders&#8221; (collectively, the &#8220;<B>Minority Stockholders</B>&#8221; and with the Significant Stockholders, the &#8220;<B>Stockholders</B>.&#8221;).&nbsp;&nbsp;Upon the terms and subject to the conditions set forth in the Agreement, the Company acquired 1,603,434 shares (the &#8220;<B>Subject Shares</B>&#8221;) of the issued and outstanding common stock of MPC (the &#8220;<B>MPC Common</B><B> Stock</B>&#8221;), including such shares underlying the issued and outstanding preferred stock of MPC (the &#8220;<B>MPC Preferred Stock</B>&#8221; and with the MPC Common Stock, the &#8220;<B>MPC</B> <B>Shares</B>&#8221;) from the Stockholders in exchange (the &#8220;<B>Exchange</B>&#8221;) for the issuance by the Company of: (i) an aggregate of 2,600,000 shares of common stock, no par value (the &#8220;<B>DPW Common Stock</B>&#8221;), of the Company, comprised of 1,842,448 shares of DPW Common Stock and 378,776 shares of DPW Series D Preferred Stock (collectively, the &#8220;<B>Exchange Shares</B>&#8221;), which shares of DPW Series D Preferred Stock are, subject to shareholder approval, convertible into an aggregate of 757,552 shares of DPW Common Stock as further described below and (ii)&nbsp; warrants (the &#8220;<B>Exchange Warrants</B>&#8221;) to purchase an aggregate of 1,000,000 shares of DPW Common Stock (the &#8220;<B>Warrant Shares</B>&#8221;). The Exchange Shares and the Exchange Warrants are at times collectively referred to herein as the &#8220;<B>Exchange Securities</B>.&#8221; At the closing of the Agreement (the &#8220;<B>Closing</B>&#8221;), the Subject Shares at that time constituted approximately 56.4% of the issued and outstanding MPC Shares, or 50.7% on a fully diluted basis. </FONT></P>
<P id=PARA83 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA84 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">At the Closing, pursuant to the Agreement, the Stockholders delivered a promissory note on behalf of MPC in the principal face amount of $220,000 to the Company (the &#8220;<B>MPC Note</B>&#8221;). The Company delivered a promissory note to be issued by MPC (the &#8220;<B>Creditor</B><B> Note</B>&#8221;) in the principal face amount of $450,000 to an unsecured creditor of MPC (the &#8220;<B>Creditor</B>&#8221;). </FONT></P>
<P id=PARA85 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA86 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The foregoing description of the Agreement does not purport to be complete and is qualified in its entirety by reference to the Agreement, which is annexed hereto as <U><B>Exhibit </B></U><U><B>2</B></U><U><B>.1</B></U> to this Current Report on Form 8-K and is incorporated herein by reference.&nbsp;&nbsp;The Agreement has been included to provide investors and stockholders with information regarding its terms.&nbsp;&nbsp;It is not intended to provide any other factual information about the Company, MPC or the Stockholders.&nbsp;&nbsp;The Agreement contains representations and warranties that the parties to the Agreement made to and solely for the benefit of each other, and the assertions embodied in such representations and warranties are qualified by information contained in confidential disclosure schedules that the parties exchanged in connection with signing the Agreement.&nbsp;&nbsp;Accordingly, investors and stockholders should not rely on such representations and warranties as characterizations of the actual state of facts or circumstances, since they were only made as of the date of the Agreement (or such other date as specified therein) and are modified in important part by the underlying disclosure schedules.</FONT></P>
<P id=PARA87 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA88 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><U>Common Stock Purchase Warrant</U><U>&nbsp;</U></FONT></P>
<P id=PARA89 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">At the Closing,</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"> </FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">pursuant to the Agreement, the Company executed and delivered to the Stockholders the Exchange Warrants, which is substantially the form annexed hereto as <U><B>Exhibit </B></U><U><B>4</B></U><U><B>.</B></U><U><B>1</B></U>, to purchase an aggregate of 1,000,000 Warrant Shares. Commencing at Closing and for a period of three (3) years thereafter, the Exchange Warrants may be exercised at $1.10 per share or by means of a &#8220;cashless exercise,&#8221; subject to limitations and adjustments set forth in such warrants. A holder of the Exchange Warrants is not entitled to any voting rights, dividends or other rights as a stockholder of the Company prior to the exercise thereof. The exercise of the Exchange Warrants are subject to shareholder approval to comply with NYSE Mkt listing rules.</FONT></P>
<P id=PARA90 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT></P>
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<P id=PARA91 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><U>Notes</U></FONT></P>
<P id=PARA92 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">At the Closing,</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"> </FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">pursuant to the Agreement, the Stockholders delivered the MPC Note on behalf of MPC to the Company, annexed hereto as <U><B>Exhibit </B></U><U><B>10</B></U><U><B>.</B></U><U><B>1</B></U>, in the principal face amount of $220,000. The MPC Note bears interest at 12% per annum with interest payable in full in lawful money of the United States of America by certified bank check or wire transfer upon maturity. MPC may prepay any portion of the principal amount of the MPC Note upon receiving the prior written consent of the Company. Pursuant to the MPC Note, MPC shall irrevocably appoint the Company as its attorney-in-fact, with full authority in the name, place and stead of MPC, from time to time in the Company&#8217;s discretion upon the occurrence and during the continuance of an Event of Default (as defined in the MPC Note) to take any action and to execute any document which the Company may deem necessary or advisable to accomplish the purposes of the MPC Note.</FONT></P>
<P id=PARA93 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA94 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">At the Closing,</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"> </FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">pursuant to the Agreement, the Company delivered the Creditor Note to the Creditor, annexed hereto as <U><B>Exhibit </B></U><U><B>10</B></U><U><B>.</B></U><U><B>2</B></U>, in the principal face amount of $450,000.00. The Creditor Note bears interest at 8% per annum with interest payable in full in lawful money of the United States of America by certified bank check or wire transfer upon maturity. MPC may prepay any portion of the principal amount of the MPC Note upon receiving the prior written consent of the Company. </FONT></P>
<P id=PARA95 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA96 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><U>Certificate</U><U>s</U><U> of </U><U>Determination</U><U> of </U><U>Series D </U><U>Convertible </U><U>Preferred Stock</U><U> </U><U>and </U><U>Series E Convertible Preferred Stock</U></FONT></P>
<P id=PARA97 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">At the Closing, the Company issued and delivered to the Stockholders 378,776 shares designated as Series D Convertible Preferred Stock (the &#8220;<B>Series D Preferred Stock</B>&#8221;), no par value per share, none of which has been previously issued. In the event the Company shall liquidate, dissolve or wind up, the holders of Series D Preferred Stock shall be entitled to receive, prior and in preference to any distribution of any of the assets of the Company to the holders of the Common Stock, the Company&#8217;s Series A Preferred Stock, or to the holders of any other junior series of preferred stock, by reason of their ownership thereof and subject to the rights of the Company&#8217;s Series B Preferred Stock, Series C Preferred Stock and any other class or series of Company stock subsequently issued that ranks senior to the Series D Preferred Stock, an amount per share in cash or equivalent value in securities or other consideration equal to its Stated Value of $0.01 per share. The holders of Series D Preferred Stock are not entitled to receive dividends and have no voting rights except as otherwise required by law. Upon the shareholders of DPW Common Stock approving the conversion of the Series D Preferred Stock into shares of DPW Common Stock in connection with the acquisition of MPC Common Stock and for purposes of compliance with Rule 712 of the NYSE MKT, then each share of Series D Preferred Stock shall automatically be converted into two shares of DPW Common Stock, for an aggregate of 757,552 shares of DPW Common Stock. The Series D Preferred Stock contains the respective rights, privileges and designations as are set forth in the Form of Certificate of Determination for such Series D Preferred Stock, annexed hereto as <U><B>Exhibit </B></U><U><B>3.1</B></U>. </FONT></P>
<P id=PARA98 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA99 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">At the Closing, the Company issued and delivered to the Creditor, 10,000 shares designated as Series E Convertible Preferred Stock (the &#8220;<B>Series </B><B>E</B><B> Preferred Stock</B>&#8221;), no par value per share, none of which has been previously issued. Each share of Series E Preferred Stock has a stated value equal to forty-five dollars ($45.00) per share and be deemed Series E Parity Stock. In the event the Company shall liquidate, dissolve or wind up, the holders of Series E Preferred Stock shall be entitled to receive, prior and in preference to any distribution of any of the assets of the Company to the holders of the DPW Common Stock, the Company&#8217;s Series A Preferred Stock, or to the holders of any other junior series of preferred stock, by reason of their ownership thereof and subject to the rights of the Company&#8217;s Series B Preferred Stock, Series C Preferred Stock and any other class or series of Company stock subsequently issued that ranks senior to the Series E Preferred Stock an amount per share in cash or equivalent value in securities or other consideration equal to $0.01 per share. The holders of Series E Preferred Stock are not entitled to receive dividends and have no voting rights except as otherwise required by law. Subject to the shareholders of DPW Common Stock of the Company approving the conversion of the Series E Preferred Stock into shares of Common Stock in connection with the acquisition of MPC Common Stock and for purposes of compliance with Rule 712 of the NYSE MKT, then each share of Series E Preferred Stock may be converted into sixty (60) shares of DPW Common Stock, for an aggregate of 600,000 shares of DPW Common Stock. The Series E Preferred Stock contains the respective rights, privileges and designations as are set forth in the Form of Certificate of Determination for such Series E Preferred Stock, annexed hereto as <U><B>Exhibit </B></U><U><B>3</B></U><U><B>.</B></U><U><B>2</B></U>.</FONT></P>
<P id=PARA100 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
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<DIV id=PGNUM176  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">- 3 -</DIV>
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<P id=PARA101 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The foregoing does not purport to be a complete description of the Series D Preferred Stock, the Series E Preferred Stock, Exchange Warrants or the Notes, each of which is qualified in its entirety by reference to the full text of the Series D Convertible Preferred Stock Certificate of Determination, the Series E Convertible Preferred Stock Certificate of Determination, the Common Stock Purchase Warrant, the MPC Note and the Creditor Note, which the Company has filed as <U><B>Exhibit</B></U><U><B>s</B></U><U><B> </B></U><U><B>3</B></U><U><B>.</B></U><U><B>1,</B></U><U><B> </B></U><U><B>3</B></U><U><B>.</B></U><U><B>2, 4.1, 10.1 and 10.2</B></U> hereto, respectively.</FONT></P>
<P id=PARA102 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA103 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The Company intends to hold a shareholder meeting to seek, among other proposals, the approval of the conversion of the Series D Preferred Stock and Series E Preferred Stock into shares of DPW Common Stock in accordance with the Certificate of Determination for the DPW Series D Preferred Stock and Series E Preferred Stock. </FONT></P>
<P id=PARA104 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA105 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Where You Can Find Additional Information</B></FONT></P>
<P id=PARA106 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA107 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;Investors and security holders will be able to obtain documents filed by the Company with the Commission free of charge at the Commission&#8217;s website, <U>www.sec.gov</U>.&nbsp;&nbsp;Investors and security holders may also read and copy any reports, statements and other information filed by the Company with the Commission, at the SEC public reference room at 100 F Street, N.E., Washington D.C. 20549.&nbsp;&nbsp;Please call the Commission at 1-800-SEC-0330 or visit the Commission&#8217;s website for further information on its public reference room.</FONT></P>
<P id=PARA108 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
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<TD style="WIDTH: 8%; VERTICAL-ALIGN: top">
<P id=PARA111 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>ITEM 2.03</B><B></B></FONT></P></TD>
<TD style="WIDTH: 92%; VERTICAL-ALIGN: top">
<P id=PARA112 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B></B><B>CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT.</B></FONT></P></TD></TR></TABLE>
<P id=PARA113 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA114 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The information set forth in Item 1.01 is incorporated by reference herein.</FONT></P>
<P id=PARA115 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>&nbsp;</B></FONT></P>
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<P id=PARA179 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><B>ITEM 3.02</B></P></TD>
<TD style="WIDTH: 92px">
<P id=PARA180 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><B>UNREGISTERED SALES OF EQUITY SECURITIES.</B></P></TD></TR></TABLE>
<P id=PARA116 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA118 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The information set forth in Item 1.01 is incorporated by reference herein.</FONT></P>
<P id=PARA119 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA120 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The issuance of the securities described above was completed in accordance with the exemption provided by Section 4(a)(2) of the Securities Act of 1933, as amended (the &#8220;<B>Securities Act</B>&#8221;). Such offers and sales were made solely to &#8220;accredited investors&#8221; under Rule 506 and were made without any form of general solicitation and with full access to any information requested by the Seller regarding the Company or the securities to be issued in the Exchange. The securities issued in the Exchange have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This disclosure does not constitute an offer to sell or the solicitation of an offer to buy any of the Company&#8217;s securities, nor will there be any sales of these securities by the Company in any state or jurisdiction in which the offer, solicitation or sale would be unlawful. </FONT></P>
<P id=PARA121 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
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<P id=PARA181 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><B>ITEM 9.01</B></P></TD>
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<P id=PARA182 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><B>FINANCIAL STATEMENTS AND EXHIBITS</B></P></TD></TR></TABLE>
<P id=PARA122 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>&nbsp;&nbsp;&nbsp;</B><B>&nbsp;</B></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA124 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Financial statements of business acquired</B></FONT></P>
<P id=PARA125 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The audited financial statements of MPC for its fiscal year ended June 30, 2016 and the unaudited financial statements for the nine months ended March 31, 2017 are incorporated herein by reference to <U><B>Exhibit 99.1</B></U> to this Current Report on Form 8-K.</FONT></P>
<P id=PARA126 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA127 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Pro forma financial information</B></FONT></P>
<P id=PARA128 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Our unaudited pro forma condensed combined financial statements as of and for the year ended December 31, 2016 and the three months ended March 31, 2017 are incorporated herein by reference to <U><B>Exhibit 99.2</B></U> to this Current Report on Form 8-K, and are based on the historical financial statements of the Company and MPC after giving effect to the Exchange.</FONT></P>
<P id=PARA183.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;&nbsp;</FONT></P>
<P id=PARA130 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Exhibits</B></FONT></P>
<P id=PARA131 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
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<TD style="WIDTH: 8.7%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid">
<P id=PARA132 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Exhibit </B><B>N</B><B>o.</B></FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<P id=PARA133 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>&nbsp;</B></FONT></P></TD>
<TD style="WIDTH: 90.2%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid">
<P id=PARA134 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Description</B></FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 8.7%; VERTICAL-ALIGN: middle">
<P id=PARA135 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: middle">
<P id=PARA136 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 90.2%; VERTICAL-ALIGN: middle">
<P id=PARA137 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 8.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA138 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">2.1</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA139 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 90.2%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA140 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Share Exchange Agreement by and among Digital Power Corporation,&nbsp;Microphase Corporation,&nbsp;Microphase Holding Company, RCKJ Trust,&nbsp;Ergul Family Limited Partnership,&nbsp;To Hong Yam,&nbsp;William Coons and&nbsp;Eagle Advisers, LLC, dated as of April 28, 2017*</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 8.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA141 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">3.1</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 90.2%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA142 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Series D Certificate of Determination filed with the Secretary of State of California on May 23, 2017*</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 8.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA143 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">3.2</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 90.2%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA144 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Series E Certificate of Determination filed with the Secretary of State of California on May 23, 2017*</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 8.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA145 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">4.1</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 90.2%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA146 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Common Stock Purchase Warrant issued by Digital Power Corporation**</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 8.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA147 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">10.1</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 90.2%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA148 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Promissory Note issued by Microphase Corporation to Digital Power Corporation**</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 8.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA149 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">10.2</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 90.2%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA150 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Promissory Note issued by Microphase Corporation to Lucosky Brookman LLP**</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 8.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA151 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">99.1</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 90.2%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA152 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The audited financial statements of MPC for its fiscal year ended June 30, 2016 and the unaudited financial statements for the nine months ended March 31, 2017**</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 8.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA153 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">99.2</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 90.2%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA154 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Unaudited pro forma condensed combined financial statements as of and for the year ended December 31, 2016 and the three months ended March 31, 2017**</FONT></P></TD></TR></TABLE>
<P id=PARA156 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>&nbsp;</B></FONT></P>
<P id=PARA157 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">* Incorporated by reference to the Current Report on Form 8-K filed by the registrant on May 3, 2017</FONT></P>
<P id=PARA158 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA159 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">** Filed herewith</FONT></P>
<P id=PARA160.1 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<DIV id=PGBK160  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR160  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM160  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">- 4 -</DIV>
<HR style="HEIGHT: 2px; WIDTH: 100%; PAGE-BREAK-AFTER: always; COLOR: #000000" noShade>

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<P id=PARA161 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>SIGNATURES</B></FONT></P>
<P id=PARA162 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA163 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">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.</FONT></P>
<P id=PARA164 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
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<P id=PARA184.1 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P></TD>
<TD vAlign=top width="38%" colSpan=2>
<P id=PARA184.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><B>DIGITAL POWER CORPORATION</B></FONT></P></TD>
<TD vAlign=top width="12%">
<P id=PARA184.3 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P></TD></TR>
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<TD vAlign=top width="50%">&nbsp;</TD>
<TD vAlign=top width="38%" colSpan=2>&nbsp;</TD>
<TD vAlign=top width="12%">&nbsp;</TD></TR>
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<TD vAlign=top width="50%">
<P id=PARA184.4 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P></TD>
<TD vAlign=top width="3%">
<P id=PARA184.5 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P></TD>
<TD vAlign=top width="35%">
<P id=PARA184.6 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P></TD>
<TD vAlign=top width="12%">
<P id=PARA184.7 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="50%">
<P id=PARA184.8 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P></TD>
<TD vAlign=top width="3%">
<P id=PARA184.9 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P></TD>
<TD vAlign=bottom width="35%" noWrap align=left>
<P id=PARA184.10 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P></TD>
<TD vAlign=top width="12%">
<P id=PARA184.11 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P></TD></TR>
<TR>
<TD style="TEXT-ALIGN: left" vAlign=top width="50%" align=left>
<P id=PARA184.12 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date: June 8, 2017&nbsp;</FONT></P></TD>
<TD style="TEXT-ALIGN: left" vAlign=top width="3%">
<P id=PARA184.13 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By: </FONT></P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width="35%" noWrap align=left>
<P id=PARA184.14 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/&nbsp;</FONT>Amos Kohn</P></TD>
<TD vAlign=top width="12%">
<P id=PARA184.15 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="50%">
<P id=PARA184.16 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P></TD>
<TD vAlign=top width="3%">
<P id=PARA184.17 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P></TD>
<TD vAlign=top width="35%">
<P id=PARA184.18 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Amos Kohn</FONT></P></TD>
<TD vAlign=top width="12%">
<P id=PARA184.19 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="50%">
<P id=PARA184.20 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P></TD>
<TD vAlign=top width="3%">
<P id=PARA184.21 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P></TD>
<TD vAlign=top width="35%">
<P id=PARA184.22 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Chief Executive Officer</FONT></P></TD>
<TD vAlign=top width="12%">
<P id=PARA184.23 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P></TD></TR></TABLE>
<P id=PARA173 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25">- 5 -</P></BODY></HTML>
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dpw20170607_8k.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________________________________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
___________________________________________________________________
Date of Report (Date of earliest event reported):  June 8, 2017
Digital Power
Corp
oration
(Exact Name of Registrant as Specified in Charter)
California
001-12711
94-1721931
(State or other jurisdiction
of incorporation)
(Commission File Number)
(IRS Employer
Identification No.)
48430 Lakeview Blvd, Fremont, CA
94538-3158
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code: (510) 657-2635
(Former name or former address, if changed since last report)
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:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
☐
Emerging growth company
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.  ☐
- 1 -
Forward-Looking Statements
This Current Report on Form 8-K and other written and oral statements made from time to time by us may contain so-called "forward-looking statements," all of which are subject to risks and uncertainties. Forward-looking statements can be identified by the use of words such as "expects," "plans," "will," "forecasts," "projects," "intends," "estimates," and other words of similar meaning. One can identify them by the fact that they do not relate strictly to historical or current facts. These statements are likely to address our growth strategy, financial results and product and development programs. One must carefully consider any such statement and should understand that many factors could cause actual results to differ from our forward-looking statements. These factors may include inaccurate assumptions and a broad variety of other risks and uncertainties, including some that are known and some that are not. No forward-looking statement can be guaranteed and actual future results may vary materially.
ITEM 1.01
ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
Share Exchange
Agreement
As previously reported in a Current Report on Form 8-K filed by Digital Power Corporation, a California corporation (the "
Company
") on May 3, 2017, the Company entered into a Share Exchange Agreement (the "
Agreement
") on April 28, 2017, with Microphase Corporation, a Delaware corporation ("
MPC
"); Microphase Holding Company LLC, a limited liability company organized under the laws of Connecticut ("
MHC
"), Ergul Family Limited Partnership, a partnership organized under the laws of Connecticut ("
EFLP
") RCKJ Trust, a trust organized under the laws of New Jersey ("
RCKJ
" and with MHC and EFLP, the "
Significant Stockholders
") and those additional persons who executed the Agreement under the heading "Minority Stockholders" (collectively, the "
Minority Stockholders
" and with the Significant Stockholders, the "
Stockholders
.").  Upon the terms and subject to the conditions set forth in the Agreement, the Company acquired 1,603,434 shares (the "
Subject Shares
") of the issued and outstanding common stock of MPC (the "
MPC Common
Stock
"), including such shares underlying the issued and outstanding preferred stock of MPC (the "
MPC Preferred Stock
" and with the MPC Common Stock, the "
MPC
Shares
") from the Stockholders in exchange (the "
Exchange
") for the issuance by the Company of: (i) an aggregate of 2,600,000 shares of common stock, no par value (the "
DPW Common Stock
"), of the Company, comprised of 1,842,448 shares of DPW Common Stock and 378,776 shares of DPW Series D Preferred Stock (collectively, the "
Exchange Shares
"), which shares of DPW Series D Preferred Stock are, subject to shareholder approval, convertible into an aggregate of 757,552 shares of DPW Common Stock as further described below and (ii)  warrants (the "
Exchange Warrants
") to purchase an aggregate of 1,000,000 shares of DPW Common Stock (the "
Warrant Shares
"). The Exchange Shares and the Exchange Warrants are at times collectively referred to herein as the "
Exchange Securities
." At the closing of the Agreement (the "
Closing
"), the Subject Shares at that time constituted approximately 56.4% of the issued and outstanding MPC Shares, or 50.7% on a fully diluted basis.
At the Closing, pursuant to the Agreement, the Stockholders delivered a promissory note on behalf of MPC in the principal face amount of $220,000 to the Company (the "
MPC Note
"). The Company delivered a promissory note to be issued by MPC (the "
Creditor
Note
") in the principal face amount of $450,000 to an unsecured creditor of MPC (the "
Creditor
").
The foregoing description of the Agreement does not purport to be complete and is qualified in its entirety by reference to the Agreement, which is annexed hereto as
Exhibit
2
.1
to this Current Report on Form 8-K and is incorporated herein by reference.  The Agreement has been included to provide investors and stockholders with information regarding its terms.  It is not intended to provide any other factual information about the Company, MPC or the Stockholders.  The Agreement contains representations and warranties that the parties to the Agreement made to and solely for the benefit of each other, and the assertions embodied in such representations and warranties are qualified by information contained in confidential disclosure schedules that the parties exchanged in connection with signing the Agreement.  Accordingly, investors and stockholders should not rely on such representations and warranties as characterizations of the actual state of facts or circumstances, since they were only made as of the date of the Agreement (or such other date as specified therein) and are modified in important part by the underlying disclosure schedules.
Common Stock Purchase Warrant
At the Closing,
pursuant to the Agreement, the Company executed and delivered to the Stockholders the Exchange Warrants, which is substantially the form annexed hereto as
Exhibit
4
.
1
, to purchase an aggregate of 1,000,000 Warrant Shares. Commencing at Closing and for a period of three (3) years thereafter, the Exchange Warrants may be exercised at $1.10 per share or by means of a "cashless exercise," subject to limitations and adjustments set forth in such warrants. A holder of the Exchange Warrants is not entitled to any voting rights, dividends or other rights as a stockholder of the Company prior to the exercise thereof. The exercise of the Exchange Warrants are subject to shareholder approval to comply with NYSE Mkt listing rules.
- 2 -
Notes
At the Closing,
pursuant to the Agreement, the Stockholders delivered the MPC Note on behalf of MPC to the Company, annexed hereto as
Exhibit
10
.
1
, in the principal face amount of $220,000. The MPC Note bears interest at 12% per annum with interest payable in full in lawful money of the United States of America by certified bank check or wire transfer upon maturity. MPC may prepay any portion of the principal amount of the MPC Note upon receiving the prior written consent of the Company. Pursuant to the MPC Note, MPC shall irrevocably appoint the Company as its attorney-in-fact, with full authority in the name, place and stead of MPC, from time to time in the Company's discretion upon the occurrence and during the continuance of an Event of Default (as defined in the MPC Note) to take any action and to execute any document which the Company may deem necessary or advisable to accomplish the purposes of the MPC Note.
At the Closing,
pursuant to the Agreement, the Company delivered the Creditor Note to the Creditor, annexed hereto as
Exhibit
10
.
2
, in the principal face amount of $450,000.00. The Creditor Note bears interest at 8% per annum with interest payable in full in lawful money of the United States of America by certified bank check or wire transfer upon maturity. MPC may prepay any portion of the principal amount of the MPC Note upon receiving the prior written consent of the Company.
Certificate
s
of
Determination
of
Series D
Convertible
Preferred Stock
and
Series E Convertible Preferred Stock
At the Closing, the Company issued and delivered to the Stockholders 378,776 shares designated as Series D Convertible Preferred Stock (the "
Series D Preferred Stock
"), no par value per share, none of which has been previously issued. In the event the Company shall liquidate, dissolve or wind up, the holders of Series D Preferred Stock shall be entitled to receive, prior and in preference to any distribution of any of the assets of the Company to the holders of the Common Stock, the Company's Series A Preferred Stock, or to the holders of any other junior series of preferred stock, by reason of their ownership thereof and subject to the rights of the Company's Series B Preferred Stock, Series C Preferred Stock and any other class or series of Company stock subsequently issued that ranks senior to the Series D Preferred Stock, an amount per share in cash or equivalent value in securities or other consideration equal to its Stated Value of $0.01 per share. The holders of Series D Preferred Stock are not entitled to receive dividends and have no voting rights except as otherwise required by law. Upon the shareholders of DPW Common Stock approving the conversion of the Series D Preferred Stock into shares of DPW Common Stock in connection with the acquisition of MPC Common Stock and for purposes of compliance with Rule 712 of the NYSE MKT, then each share of Series D Preferred Stock shall automatically be converted into two shares of DPW Common Stock, for an aggregate of 757,552 shares of DPW Common Stock. The Series D Preferred Stock contains the respective rights, privileges and designations as are set forth in the Form of Certificate of Determination for such Series D Preferred Stock, annexed hereto as
Exhibit
3.1
.
At the Closing, the Company issued and delivered to the Creditor, 10,000 shares designated as Series E Convertible Preferred Stock (the "
Series
E
Preferred Stock
"), no par value per share, none of which has been previously issued. Each share of Series E Preferred Stock has a stated value equal to forty-five dollars ($45.00) per share and be deemed Series E Parity Stock. In the event the Company shall liquidate, dissolve or wind up, the holders of Series E Preferred Stock shall be entitled to receive, prior and in preference to any distribution of any of the assets of the Company to the holders of the DPW Common Stock, the Company's Series A Preferred Stock, or to the holders of any other junior series of preferred stock, by reason of their ownership thereof and subject to the rights of the Company's Series B Preferred Stock, Series C Preferred Stock and any other class or series of Company stock subsequently issued that ranks senior to the Series E Preferred Stock an amount per share in cash or equivalent value in securities or other consideration equal to $0.01 per share. The holders of Series E Preferred Stock are not entitled to receive dividends and have no voting rights except as otherwise required by law. Subject to the shareholders of DPW Common Stock of the Company approving the conversion of the Series E Preferred Stock into shares of Common Stock in connection with the acquisition of MPC Common Stock and for purposes of compliance with Rule 712 of the NYSE MKT, then each share of Series E Preferred Stock may be converted into sixty (60) shares of DPW Common Stock, for an aggregate of 600,000 shares of DPW Common Stock. The Series E Preferred Stock contains the respective rights, privileges and designations as are set forth in the Form of Certificate of Determination for such Series E Preferred Stock, annexed hereto as
Exhibit
3
.
2
.
- 3 -
The foregoing does not purport to be a complete description of the Series D Preferred Stock, the Series E Preferred Stock, Exchange Warrants or the Notes, each of which is qualified in its entirety by reference to the full text of the Series D Convertible Preferred Stock Certificate of Determination, the Series E Convertible Preferred Stock Certificate of Determination, the Common Stock Purchase Warrant, the MPC Note and the Creditor Note, which the Company has filed as
Exhibit
s
3
.
1,
3
.
2, 4.1, 10.1 and 10.2
hereto, respectively.
The Company intends to hold a shareholder meeting to seek, among other proposals, the approval of the conversion of the Series D Preferred Stock and Series E Preferred Stock into shares of DPW Common Stock in accordance with the Certificate of Determination for the DPW Series D Preferred Stock and Series E Preferred Stock.
Where You Can Find Additional Information
Investors and security holders will be able to obtain documents filed by the Company with the Commission free of charge at the Commission's website,
www.sec.gov
.  Investors and security holders may also read and copy any reports, statements and other information filed by the Company with the Commission, at the SEC public reference room at 100 F Street, N.E., Washington D.C. 20549.  Please call the Commission at 1-800-SEC-0330 or visit the Commission's website for further information on its public reference room.
ITEM 2.03
CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT.
The information set forth in Item 1.01 is incorporated by reference herein.
ITEM 3.02
UNREGISTERED SALES OF EQUITY SECURITIES.
The information set forth in Item 1.01 is incorporated by reference herein.
The issuance of the securities described above was completed in accordance with the exemption provided by Section 4(a)(2) of the Securities Act of 1933, as amended (the "
Securities Act
"). Such offers and sales were made solely to "accredited investors" under Rule 506 and were made without any form of general solicitation and with full access to any information requested by the Seller regarding the Company or the securities to be issued in the Exchange. The securities issued in the Exchange have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This disclosure does not constitute an offer to sell or the solicitation of an offer to buy any of the Company's securities, nor will there be any sales of these securities by the Company in any state or jurisdiction in which the offer, solicitation or sale would be unlawful.
ITEM 9.01
FINANCIAL STATEMENTS AND EXHIBITS
(a)
Financial statements of business acquired
The audited financial statements of MPC for its fiscal year ended June 30, 2016 and the unaudited financial statements for the nine months ended March 31, 2017 are incorporated herein by reference to
Exhibit 99.1
to this Current Report on Form 8-K.
(b)
Pro forma financial information
Our unaudited pro forma condensed combined financial statements as of and for the year ended December 31, 2016 and the three months ended March 31, 2017 are incorporated herein by reference to
Exhibit 99.2
to this Current Report on Form 8-K, and are based on the historical financial statements of the Company and MPC after giving effect to the Exchange.
(d)
Exhibits
Exhibit
N
o.
Description
2.1
Share Exchange Agreement by and among Digital Power Corporation, Microphase Corporation, Microphase Holding Company, RCKJ Trust, Ergul Family Limited Partnership, To Hong Yam, William Coons and Eagle Advisers, LLC, dated as of April 28, 2017*
3.1
Series D Certificate of Determination filed with the Secretary of State of California on May 23, 2017*
3.2
Series E Certificate of Determination filed with the Secretary of State of California on May 23, 2017*
4.1
Common Stock Purchase Warrant issued by Digital Power Corporation**
10.1
Promissory Note issued by Microphase Corporation to Digital Power Corporation**
10.2
Promissory Note issued by Microphase Corporation to Lucosky Brookman LLP**
99.1
The audited financial statements of MPC for its fiscal year ended June 30, 2016 and the unaudited financial statements for the nine months ended March 31, 2017**
99.2
Unaudited pro forma condensed combined financial statements as of and for the year ended December 31, 2016 and the three months ended March 31, 2017**
* Incorporated by reference to the Current Report on Form 8-K filed by the registrant on May 3, 2017
** Filed herewith
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SIGNATURES
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.
DIGITAL POWER CORPORATION
Date: June 8, 2017
By:
/s/
Amos Kohn
Amos Kohn
Chief Executive Officer
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