Exhibit
4.2


 


THIS
WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”) OR QUALIFIED UNDER ANY STATE OR FOREIGN SECURITIES LAW, AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED
OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO SUCH SECURITIES OR AN OPINION OF COUNSEL SATISFACTORY TO
THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED. 


 


SERIES
B WARRANT TO PURCHASE ORDINARY SHARES OF SAFE-T GROUP LTD. 


 


	Warrant Shares:
    344,828	Warrant
    Issue Date: August __, 2022


 


THIS
SERIES B WARRANT (the “Warrant”) certifies that, effective
as of the Warrant Issue Date (as defined above), Mr. Barak Avitbul (the “Holder”) is entitled, on the terms set forth
below, to purchase from Safe-T Group Ltd., a company incorporated under the laws of the State of Israel (the “Company”),
the Warrant Shares (as defined below), in accordance with the terms hereof, at a purchase price per Warrant Share equal to the Series
B Exercise Price (as defined below).


 


This
Warrant is issued pursuant to the terms of that certain agreement between the Company and ORB Spring Ltd., dated August 8, 2022 (the
“Agreement”). In any conflict between the provisions of this Warrant and the provisions of the Agreement, the provisions
of the Agreement shall prevail. Any capitalized term not specifically defined herein shall have such meaning as is ascribed to it in
the Agreement.


 


	1.	Warrant
                                 Shares. Subject to the terms and conditions hereinafter set forth, the Holder is entitled to subscribe
                                 for and purchase from the Company, during the exercise periods and subject to the vesting schedule set
                                 forth in Section ‎4 below, up to 344,828 fully paid and non-assessable Ordinary Shares of the Company
                                 (the “Warrant Shares”). The number of the Warrant Shares issuable hereunder may be
                                 adjusted from time to time in accordance with the provisions of Section ‎8 below.



 


	2.	Exercise
                                 Price. The exercise price for each Warrant Share purchasable under this Warrant shall be US$1.45
                                 (the “Series B Exercise Price”).



 


	3.	Legend.
                                            Each certificate for the Warrant Shares purchased under this
                                            Warrant shall bear a legend as follows unless such Warrant Shares have been registered under
                                            the Securities Act of 1933, as amended:



 


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


 


	4.	Exercise
                                 Period; Vesting.



 


		4.1.	172,414
                                            Series B Warrants to purchase up to 172,414 Warrant Shares (50% of Series B Warrants) shall
                                            be fully vested and immediately exercisable as of the Warrant Issue Date and prior to the
                                            expiration of three (3) years following the Date of Issuance, subject to Section ‎4.3
                                            below;



 






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		4.2.	172,414
                                            Series B Warrants to purchase up to 172,414 Warrant Shares (50% of Series B Warrants) shall
                                            vest on December 1, 2022 (the “First Vesting Date”) and be exercisable
                                            as of the First Vesting Date and prior to the expiration of three (3) years following the
                                            Warrant Issue Dae, subject to Section ‎4.3 below; provided, however, that the Warrants
                                            under this Section ‎4.2 shall expire on the First Vesting Date in the event the Partner
                                            fails to provide the second Tranche in the amount and prior to or upon the date set forth
                                            in Schedule 1.2 to the Agreement;



 


		4.3.	Notwithstanding
                                            the above, if at any time from and after the date of issuance of the Warrants hereof, the
                                            closing price of the Company’s Ordinary Shares on the TASE (or other stock exchange
                                            or market on which the Ordinary Shares are then listed or quoted, including by means of ADSs,
                                            as defined below) equals or exceeds US$2.175 [1.5 (one point five) of Series B Exercise Price
                                            per share], adjusted, if applicable, for the Company’s capital events, such as stock splits,
                                            etc., for three (3) consecutive trading days (the “Mandatory Exercise Measuring
                                            Period”), then the Company shall have the right to require the Holder and/or any
                                            of his Transferees, to exercise all or any portion of Series B Warrants, still unexercised
                                            (and in such event vesting of any such unexercised Series B Warrants required to be exercised
                                            shall be accelerated and all of them shall vest immediately), for a cash exercise, as designated
                                            in the Mandatory Exercise Notice on the Mandatory Exercise Date (each as defined below) into
                                            fully paid, validly issued and nonassessable Ordinary Shares, at the Series B Exercise Price
                                            (the “Mandatory Exercise”). The Company may exercise its right to require
                                            exercise under this Section ‎4.3 by delivering within not more than five (5) trading
                                            days following the end of such Mandatory Exercise Measuring Period a written notice thereof
                                            to the Holder (which notice for the purposes hereof shall also be deemed a notice to his
                                            Transferees (the “Mandatory Exercise Notice” and the date that Holder
                                            received such notice is referred to as the “Mandatory Exercise Notice Date”).
                                            The Mandatory Exercise Notice shall be irrevocable. The Mandatory Exercise Notice shall state
                                            (i) the trading day on which the Mandatory Exercise shall occur, which shall be the second
                                            trading day following the Mandatory Exercise Notice Date (the “Mandatory Exercise Date”)
                                            and (ii) the aggregate number of Warrants which the Company has elected to be subject to
                                            such Mandatory Exercise (the “Mandatory Exercise Warrants”) pursuant to
                                            this Section ‎4.3. If the Holder or any of his Transferees then holding the Warrants,
                                            fails to provide the Company on the Mandatory Exercise Date or within five (5) business days
                                            thereafter, with the aggregate exercise price of the Mandatory Exercise Warrants or any part
                                            thereof, at the end of such period any nonpaid Mandatory Exercise Warrants shall automatically
                                            terminate and become null and void.



 


		4.4.	Notwithstanding
                                            the above, this Warrant may not be exercised on the Record Date (as such term is defined
                                            under the TASE rules and regulations) of: (i) a distribution of bonus shares; (ii) a rights
                                            offer; (iii) any distribution of dividends; (iv) a consolidation of the share capital of
                                            the Company; (v) a share split; or (vi) a reduction of the share capital of the Company (each
                                            of the above: a “Corporate Event”). In addition, if the Ex-Date (as such
                                            term is defined under the TASE rules and regulations) for a Corporate Event occurs before
                                            the Record Date for such Corporate Event, then the Warrant may not be exercised on the said
                                            Ex-Date.



 


	5.	Manner
                                 of Exercise.



 


		5.1.	The
                                            Warrant may be exercised by the delivery of the Warrant to the Company at its principal office,
                                            together with a duly executed copy of the form of Notice of Exercise attached hereto as Exhibit
                                            A, to the chief financial officer of the Company at its principal offices and the
                                            payment to the Company of an amount equal to the aggregate of the Series B Exercise Price
                                            for all of the Warrant Shares being purchased, in immediately available cash funds.



 






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		5.2.	Unless
                                            otherwise agreed in writing by the Parties, the closing of each such Exercise Notice shall
                                            occur no later than three (3) TASE trading days after the date of delivery of such Exercise
                                            Notice (the “Warrant Closing Date”), at which time Holder shall pay its
                                            Exercise Price to the Company by wire transfer and the Company shall issue the Warrant Shares
                                            and transfer to its registration company (the “Registration Company”)
                                            all the documents and information required in order to deposit the Warrant Shares in Holder’s
                                            account (which details shall be provided to the Company in the Exercise Notice) and shall
                                            cause the Registration Company to register such deposit; if and when issued in accordance
                                            with the provisions hereof, the Warrant Shares
                                            shall be listed for trading on the TASE and, subject to the provisions of Section
                                            3.7 of the Agreement, on Nasdaq.



 


		5.3.	No
                                            fractional shares or scrip representing fractional shares shall be issued upon exercise of
                                            this Warrant. As to any fraction of a Warrant Share which the Holder would otherwise be entitled
                                            to purchase upon such exercise, the Company shall, at its election, either pay a cash adjustment
                                            in respect of such final fraction in an amount equal to such fraction multiplied by the Series
                                            B Exercise Price or round up to the next whole share.



 


	6.	Issuance
                                 of Shares on Exercise. Following an exercise as provided in Section ‎‎5 above, the Warrant
                                 Shares so purchased shall be issued and the Holder shall be deemed the record owner of such Warrant
                                 Shares, as of the close of business on the date on which the last of the actions required to exercise
                                 the Warrant as provided in Section ‎5 above has been completed.



 


	7.	Holder’s
                                 Rights as a Shareholder. The Holder shall not be entitled to any right as a shareholder of the Company
                                 with respect to Warrant Shares until such time that it becomes a holder of Warrant Shares in accordance
                                 with Section ‎6 above. Upon becoming a holder of Warrant Shares, such shares shall entitle the Holder
                                 to all rights attached to the shares of the same class under the Company’s articles of association
                                 (the “Articles”) then in effect.



 


	8.	Adjustments



 


The
Series B Exercise Price and the number of Warrant Shares purchasable hereunder are subject to adjustment from time to time, as follows:


 


		8.1.	If
                                            the Company at any time, while any of the Warrants are exercisable and outstanding, subdivides
                                            its Ordinary Shares, the number of Warrant Shares issuable upon exercise of the Warrants
                                            shall be proportionately increased and, for the avoidance of any doubt, the Series B Exercise
                                            Price per Warrant Share shall be proportionally reduced.



 


		8.2.	If
                                            the Company at any time, while any of the Warrants are exercisable and outstanding, combines
                                            its Ordinary Shares, the number of Warrant Shares issuable upon the exercise of the Warrants
                                            shall be proportionately decreased and, for the avoidance of any doubt, the Series B Exercise
                                            Price per Warrant Share shall be proportionally increased.



 


		8.3.	If
                                            the Company at any time, while any of the Warrants are exercisable and outstanding, pays
                                            a dividend with respect to the Ordinary Shares, then the Series B Exercise
                                            Price shall be adjusted, from and after the date of determination of shareholders
                                            entitled to receive such dividend or distribution (the “Record Date”),
                                            to such price that equals the product of the Series B Exercise
                                            Price in effect immediately prior to the Record Date multiplied by a fraction
                                            (X) the numerator of which shall be the opening price of the Ordinary Shares as published
                                            by the TASE on the “Ex-Dividend” date, and (Y) the denominator of which shall
                                            be the closing price of the Ordinary Shares as published by the TASE on the last trading
                                            day immediately prior to the relevant “Ex-Dividend” date. Such adjustment shall
                                            be subject to the receipt of any tax ruling or approval required under applicable law.



 






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		8.4.	In
                                            the event that the Company at any time, while any of the Warrants are exercisable and outstanding,
                                            makes or fixes a record date for the determination of holders of shares entitled to receive
                                            bonus shares, then the number of Warrant Shares exercisable upon exercise of the Warrants
                                            then outstanding shall be increased by a number of Warrant Shares equal to the number of
                                            shares that the Holder would have been entitled to receive in respect of the Warrant Shares
                                            for which the Warrants could have been exercised immediately prior to the ex-bonus shares
                                            date.



 


		8.5.	In
                                            the event that the Company at any time, while any of the Warrants are exercisable and outstanding,
                                            makes or fixes a record date for the determination of holders of shares entitled to receive
                                            rights to purchase shares of the Company upon any rights offering by the Company, then the
                                            number of Warrant Shares exercisable upon the exercise of the Warrants then outstanding shall
                                            be increased to reflect the bonus component in the rights offering, being expressed as a
                                            fraction, the numerator of which shall be the closing price of the Ordinary Shares as published
                                            by TASE on the last trading day immediately prior to the ex-rights date and the denominator
                                            of which shall be the ex-rights price per share as shall be published by TASE.



 


		8.6.	If
                                            the Company, at any time, while any of the Warrants are exercisable and outstanding, distributes
                                            to holders of Ordinary Shares as a dividend any asset other than cash or Company’s securities
                                            (in each case, “Distributed Property”), then provision shall be made so
                                            that upon exercise of the Warrants, the Company will deliver to the Holder with respect to
                                            Holder’s warrants then outstanding the Distributed Property that such holder would have been
                                            entitled to receive in respect of the Warrant Shares for which the Holder’s outstanding warrants
                                            could have been exercised immediately prior to the record date of such distribution. 



 


		8.7.	If
                                            a Merger Event (as defined below) occurs at any time while the Warrants are exercisable and
                                            outstanding, then lawful provision shall be made so that Holder shall thereafter be entitled
                                            to receive, upon exercise of the Warrants, the number of Ordinary Shares or other securities
                                            or property of the successor corporation resulting from such Merger Event that would have
                                            been issuable if Holder had exercised the Warrants immediately prior to the Merger Event.
                                            In any such case, the Company shall take all action, including any adjustment (as determined
                                            in good faith by the Company’s Board of Directors with respect to all outstanding options
                                            and warrants issued by the Company), to protect all the rights and interests of the Holder
                                            after the Merger Event such that all rights and interests of the Holder in this Agreement
                                            (including adjustments of the Exercise Price and/or number of Ordinary Shares purchasable)
                                            shall be applicable in their entirety. For the purposes hereof “Merger Event”
                                            means a merger or consolidation involving the Company in which the Company is not the surviving
                                            entity, or in which the outstanding Ordinary Shares of the Company are otherwise converted
                                            into or exchanged for shares of capital of another entity.



 


	9.	Representations
                                 and Warranties of the Company



 


The
Company represents and warrants to Holder as follows:


 


		9.1.	This
                                            Warrant has been duly authorized and executed by the Company and is a valid and binding obligation
                                            of the Company enforceable in accordance with its terms. The Warrant Shares are duly authorized
                                            and reserved for issuance by the Company and, when issued in accordance with the terms hereof,
                                            will be (i) duly authorized, validly issued, fully paid, non-assessable, (ii) issued in compliance
                                            with all applicable laws, including Israeli Securities Law and the Act, (iii) free of any
                                            rights of first refusal, co-sale rights, preemptive rights or any other applicable subscription
                                            or participation rights and (iv) free and clear of any liens, claims, encumbrances or third
                                            party rights of any kind, subject to any lock-up requirements as prescribed by law and referenced
                                            in Sections 3.5 and 3.6 of the Agreement (of which the Holder is aware). Holder acknowledges
                                            that in making the foregoing representation the Company is relying upon Holder’s representations
                                            in the Agreement, including without limitation in Section 3.8 of the Agreement and the certificate
                                            provided thereunder, and Holder hereby represents and warrants to the Company that such representations
                                            and warranties are accurate as of the date hereof.



 






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		9.2.	The
                                            execution and delivery of this Warrant are not, and the issuance of the Warrant Shares upon
                                            exercise of this Warrant in accordance with the terms hereof will not be, inconsistent with
                                            the Articles and any other Company’s governing documents, do not and will not contravene
                                            any law, regulation or judgment applicable to the Company, and do not and will not conflict
                                            with or contravene any provision of, or constitute a default under, any legal instrument
                                            of which the Company is a party or by which it is bound.



 


	10.	Transferability.
                                  Series B Warrants shall not be transferrable, save to transfer to the Transferees. Any transfer to
                                  a Transferee shall be conducted by using the Form of Transfer, substantially in the form of Exhibit
                                  B hereto.



 


	11.	Saturdays,
                                  Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any
                                  right required or granted herein shall not be a business day, then such action may be taken or such
                                  right may be exercised on the next succeeding business day.



 


	12.	Entire
                                  Agreement, Amendments. This Warrant, the Agreement and any other documents delivered pursuant hereto
                                  or thereto, set forth the entire understanding of the parties with respect to the subject matter hereof.
                                  No modification or amendment of this Warrant will be valid unless executed in writing by the Company
                                  and the Holder.



 


	13.	Notices.
                                  All notices and other communications given or made pursuant to this Warrant shall be in writing and
                                  shall be given and deemed delivered as provided in Section 13 to the Agreement.



 


	14.	Titles
                                  and Subtitles. The titles and subtitles used in this Warrant are used for convenience only and
                                  are not to be considered in construing or interpreting this Warrant. All references in this Warrant
                                  to sections, paragraphs and exhibits shall, unless otherwise provided, refer to sections and paragraphs
                                  hereof and exhibits attached hereto.



 


	15.	Law; Jurisdiction.
                                  Provisions of Section 10 of the Agreement shall apply with regard to the governing law and jurisdiction.



 


	16.	Counterparts.
                                  This Warrant may be executed in any number of counterparts, each of which shall be deemed an original
                                  and enforceable against the parties actually executing such counterpart, and all of which together
                                  shall constitute one and the same instrument.



 


[signature
page follows]


 






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IN
WITNESS WHEREOF, the Company has caused this Warrant to be executed by a duly authorized officer.


 


	SAFE-T GROUP
    LTD.	 
	 	 	 
	 	 	 
	By:	Shachar Daniel,
    Chief Executive Officer	 
	 	Shai Avnit, Chief Financial Officer	 



 


	AGREED AND ACCEPTED:	 
	 	 
	 	 
	Barak Avitbul	 



 






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EXHIBIT A


NOTICE
OF EXERCISE


 


To:
SAFE-T LTD.


 


Attn: Chief
Financial Officer


 


		1.	The
                                            undersigned hereby elects to purchase [FILL IN NUMBER OF SHARES] ____________ shares
                                            of Ordinary Shares of the share capital of Safe-T Ltd. pursuant to the terms of the attached
                                            Series B Warrant (the “Warrant”), and tenders herewith payment in full
                                            for the purchase price of the shares being purchased.



 


		2.	Please
                                            issue a certificate or certificates representing said Warrant Shares in the name of the undersigned,
                                            and record same in the Company’s internal share registry.



 


		3.	The
                                            undersigned hereby represents and warrants that the aforesaid Warrant Shares are being acquired
                                            for the account of the undersigned for investment and not with a view to, or for resale,
                                            in connection with the distribution thereof, and that the undersigned has no present intention
                                            of distributing or reselling such shares. The undersigned further represents and warrants
                                            that the representations of Mr. Barak Avitbul contained in Section 3.8 of the Agreement between
                                            the Company and ORB Spring Ltd. and acknowledged by Mr. Avitbul, dated July __, 2022, remain
                                            accurate in all respects as of the date hereof (it being understood that if the undersigned
                                            is a Transferee of the Warrant from Mr. Avitbul, such representations are being made by the
                                            undersigned as if it were a party to such Agreement).



 


	 	By: 	 
	 	Name: 	 
	 	Title: 	 
	 	Address:  	 
	 	Date: 	 



 






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EXHIBIT
B


FORM
OF TRANSFER


(To
be signed only upon transfer of Warrant)


 


FOR
VALUE RECEIVED, the undersigned (the “Transferor”) hereby sells, assigns and transfers unto ______________________________________________,
being a Transferee (the “Transferee”) the Warrant to purchase _____________ Warrant Shares in an aggregate exercise
price of US$ _________ and appoints ______________, as Attorney-in-Fact to transfer said Warrant on the books of Safe-T Group Ltd., with
full power of substitution in the premises. The Transferor further represents that the transfer is made in accordance with the terms
of the Warrant.


 


	Dated: 	 	 
	 	 	 
	 	 
	By: 	Barak Avitbul	 



 


and
the undersigned Transferee hereby agrees to the transfer and agrees to be bound by the terms and conditions of the Warrant and represents
and warrants that the representations contained in Section 3.8 of the Agreement between the Company and ORB Spring Ltd. (“ORB”),
dated July __, 2022, remain accurate in all respects as of the date hereof (it being understood that such representations are being made
by the undersigned as if it were a party to such Agreement).


 


	Dated: 	 	 
	 	 	 
	By: 	 	 
	Name:	 	 



 


 


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