Exhibit 10.2


 


July 20, 2020


 


Safe-T Group Ltd.


8 Abba Eban Avenue


Herzliya, 4672526 Israel


Attention:


 


Dear Mr. Daniel:


 


This letter (the
“Agreement”) constitutes the agreement between A.G.P./Alliance Global Partners, as sole placement agent
(“A.G.P.”, also referred to herein as, the “Placement Agent”), and Safe-T Group Ltd., a
company organized under the laws of Israel (the “Company”), that the Placement Agent shall serve as the
Placement Agent for the Company, on a “reasonable best efforts” basis, in connection with the proposed placement
(the “Placement”) of American Depositary Shares (the “ADSs”) Representing the
Company’s Ordinary Shares, no par value (the “Shares”) and/or pre-funded warrants to purchase ADSs
(the “Pre-funded Warrants”). The Shares and/or Pre-funded Warrants actually placed by the Placement Agent
are referred to herein as the “Placement Agent Securities.” The Placement Agent Securities shall be
offered and sold under the Company’s registration statement on Form F-3 (File No. 333-235367), which was
declared effective by the Securities and Exchange Commission (the “Commission”) on December 16, 2019. The
documents executed and delivered by the Company and the Purchasers (as defined below) in connection with the Placement,
including, without limitation, a securities purchase agreement (the “Purchase Agreement”), shall be
collectively referred to herein as the “Transaction Documents.” The purchase price to the Purchasers for
each ADS is $1.40 and for each Pre-funded Warrant is $1.399. The Placement Agent may retain other brokers or dealers to act
as sub-agents or selected-dealers on its behalf in connection with the Placement. 


 


The terms of the Placement
shall be mutually agreed upon by the Company and the purchasers listed in the Purchase Agreement (each, a “Purchaser”
and collectively, the “Purchasers”), and nothing herein constitutes that the Placement Agent would have the
power or authority to bind the Company or any Purchaser, or an obligation for the Company will issue any Securities or complete
the Placement. The Company expressly acknowledges and agrees that the Placement Agent’s obligations hereunder are on a reasonable
best efforts basis only and that the execution of this Agreement does not constitute a commitment by the Placement Agent to purchase
the Securities and does not ensure the successful placement of the Securities or any portion thereof or the success of the Placement
Agent with respect to securing any other financing on behalf of the Company. Certain affiliates of the Placement Agent may participate
in the Placement by purchasing some of the Placement Agent Securities. The sale of Placement Agent Securities to any Purchaser
will be evidenced by the Purchase Agreement between the Company and such Purchaser, in a form reasonably acceptable to the Company
and the Purchaser. Capitalized terms that are not otherwise defined herein have the meanings given to such terms in the Purchase
Agreement. Prior to the signing of any Purchase Agreement, officers of the Company will be available to answer inquiries from prospective
Purchasers.


 






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SECTION 1. REPRESENTATIONS
AND WARRANTIES OF THE COMPANY; COVENANTS OF THE COMPANY.


 


A.  Representations
of the Company. With respect to the Placement Agent Securities, each of the representations and warranties (together with any
related disclosure schedules thereto) and covenants made by the Company to the Purchasers in the Purchase Agreement in connection
with the Placement is hereby incorporated herein by reference into this Agreement (as though fully restated herein) and is, as
of the date of this Agreement and as of the Closing Date, hereby made to, and in favor of, the Placement Agent. In addition to
the foregoing, the Company represents and warrants that there are no affiliations with any FINRA (as defined below) member firm
among the Company’s officers, directors or, to the knowledge of the Company, any five percent (5.0%) or greater stockholder
of the Company, except as set forth in the Purchase Agreement and SEC Reports.


 


B.
Covenants of the Company. The Company covenants and agrees to continue to
retain (i) a firm of Public Company Accounting Oversight Board independent registered public accountants for a period of at least
two (2) years after the Closing Date and (ii) a nationally recognized transfer agent with respect to the Shares for a period of
two (2) years after the Closing Date. Furthermore, (i) for sixty (60) days after the closing date of the Placement, the Company
shall not, without the prior written consent of the Placement Agent, issue, enter into any agreement to issue or announce the issuance
or proposed issuance of any Placement Agent Securities or Ordinary Share Equivalents (as defined in the Purchase Agreement) and
(ii) except for offerings with the Placement Agent, for sixty (60) days after the closing date of the Placement, the Company shall
not effect or enter into an agreement to effect any issuance of Placement Agent Securities or Ordinary Share Equivalents involving
an at-the-market offering or Variable Rate Transaction (as defined in the Purchase Agreement).


 


SECTION 2.  REPRESENTATIONS
OF THE PLACEMENT AGENT. The Placement Agent, represents and warrants that it (i) is a member in good standing of the Financial
Industry Regulatory Authority (“FINRA”), (ii) is registered as a broker/dealer under the Securities Exchange
Act of 1934, as amended (the “Exchange Act”), (iii) is licensed as a broker/dealer under the laws of the United
States of America, applicable to the offers and sales of the Placement Agent Securities by the Placement Agent, (iv) is and will
be a corporate body validly existing under the laws of its place of incorporation, and (v) has full power and authority to enter
into and perform its obligations under this Agreement. The Placement Agent will immediately notify the Company in writing of any
change in its status with respect to subsections (i) through (v) above. The Placement Agent covenants that it will use its reasonable
best efforts to conduct the Placement hereunder in compliance with the provisions of this Agreement and the requirements of applicable
law. 


 


SECTION 3. COMPENSATION.
In consideration of the services to be provided for hereunder, the Company shall pay to the Placement Agent or its respective designees
a total cash fee equal to seven percent (7%) of gross proceeds from the Placement of the total amount of Placement Agent Securities
sold, less reimbursements for Company expenses incurred in connection with the Placement up to two and a half percent (2.5)% of
gross proceeds from the Placement. A.G.P. reserves the right to reduce any item of compensation, including the reimbursement of
expenses described below, or adjust the terms thereof as specified herein in the event that a determination shall be made by FINRA
to the effect that the Placement Agent’s aggregate compensation is in excess of FINRA Rules or that the terms thereof require
adjustment.


 






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SECTION 4. EXPENSES.
The Company agrees to pay all costs, fees and expenses incurred by the Company in connection with the performance of its obligations
hereunder and in connection with the transactions contemplated hereby, including, without limitation: (i) all expenses incident
to the issuance, delivery and qualification of the Securities (including all printing and engraving costs); (ii) all fees and expenses
of the registrar and transfer agent of the Shares; (iii) all necessary issue, transfer and other stamp taxes in connection with
the issuance and sale of the Placement Agent Securities; (iv) all fees and expenses of the Company’s counsel, independent
public or certified public accountants and other advisors; (v) all costs and expenses incurred in connection with the preparation,
printing, filing, shipping and distribution of the Registration Statement (including financial statements, exhibits, schedules,
consents and certificates of experts), the Base Prospectus and each Prospectus Supplement, and all amendments and supplements thereto,
and this Agreement; (vi) all filing fees, reasonable attorneys’ fees and expenses incurred by the Company in connection with
qualifying or registering (or obtaining exemptions from the qualification or registration of) all or any part of the Securities
for offer and sale under the state securities or blue sky laws or the securities laws of any other country; (vii) the fees and
expenses associated with including the Securities on the Trading Market; (ix) up to $20,000 for accountable expenses related to
legal fees of counsel to the Placement Agent. Notwithstanding the foregoing, any advance received by the Placement Agent will be
reimbursed to the Company to the extent not actually incurred in compliance with FINRA Rule 5110(f)(2)(C). The maximum the Company
shall be obligated to pay to the Placement Agent pursuant to this Section 4 shall not exceed $20,000 in the aggregate. In the event
that this Agreement shall not be carried out for any reason whatsoever, within the time specified herein or any extensions thereof
pursuant to the terms herein, the Company shall be obligated to pay to the Placement Agent their actual and accountable out-of-pocket
expenses related to the transactions contemplated herein then due and payable (including the fees and disbursements of Placement
Agent’s counsel) up to $15,000; provided, however, that such expense cap in no way limits or impairs the indemnification
and contribution provisions of this Agreement.


 


SECTION 5. INDEMNIFICATION.


 


A.   To
the extent permitted by law, with respect to the Placement Agent Securities, the Company will indemnify the Placement Agent and
its affiliates, stockholders, directors, officers, employees, members and controlling persons (within the meaning of Section 15
of the Securities Act or Section 20 of the Exchange Act) against all losses, claims, damages, expenses and liabilities, as the
same are incurred (including the reasonable fees and expenses of counsel), relating to or arising out of its activities hereunder
or pursuant to this Agreement, except to the extent that any losses, claims, damages, expenses or liabilities (or actions in respect
thereof) are found in a final judgment (not subject to appeal) by a court of law to have resulted primarily and directly from a
Placement Agent’s willful misconduct or gross negligence in performing the services described herein.


 


B.   Promptly
after receipt by the Placement Agent of notice of any claim or the commencement of any action or proceeding with respect to which
the Placement Agent are entitled to indemnity hereunder, the Placement Agent will notify the Company in writing of such claim or
of the commencement of such action or proceeding, but failure to so notify the Company shall not relieve the Company from any obligation
it may have hereunder, except and only to the extent such failure results in the forfeiture by the Company of substantial rights
and defenses. If the Company so elects or is requested by the Placement Agent, the Company will assume the defense of such action
or proceeding and will employ counsel reasonably satisfactory to the Placement Agent and will pay the fees and expenses of such
counsel. Notwithstanding the preceding sentence, each of Placement Agent will be entitled to employ its own counsel separate from
counsel for the Company and from any other party in such action if counsel for any Placement Agent reasonably determines that it
would be inappropriate under the applicable rules of professional responsibility for the same counsel to represent both the Company
and the Placement Agent. In such event, the reasonable fees and disbursements of no more than one such separate counsel will be
paid by the Company, in addition to fees of local counsel. The Company will have the right to settle the claim or proceeding, provided
that the Company will not settle any such claim, action or proceeding without the prior written consent of the Placement Agent,
which will not be unreasonably withheld.


 


C.   The
Company agrees to notify the Placement Agent promptly of the assertion against it or any other person of any claim or the commencement
of any action or proceeding relating to a transaction contemplated by this Agreement.


 






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D.   If
for any reason the foregoing indemnity is unavailable to the Placement Agent or insufficient to hold the Placement Agent harmless,
then the Company shall contribute to the amount paid or payable by the Placement Agent as a result of such losses, claims, damages
or liabilities in such proportion as is appropriate to reflect not only the relative benefits received by the Company on the one
hand and the Placement Agent on the other, but also the relative fault of the Company on the one hand and the liable Placement
Agent on the other that resulted in such losses, claims, damages or liabilities, as well as any relevant equitable considerations.
The amounts paid or payable by a party in respect of losses, claims, damages and liabilities referred to above shall be deemed
to include any legal or other fees and expenses incurred in defending any litigation, proceeding or other action or claim. Notwithstanding
the provisions hereof, the liable Placement Agent’s share of the liability hereunder shall not be in excess of the amount
of fees actually received, or to be received, by such Placement Agent under this Agreement (excluding any amounts received as reimbursement
of expenses incurred by such Placement Agent).


 


E.   These
indemnification provisions shall remain in full force and effect whether or not the transaction contemplated by this Agreement
is completed and shall survive the termination of this Agreement, and shall be in addition to any liability that the Company might
otherwise have to any indemnified party under this Agreement or otherwise.


 


SECTION 6. ENGAGEMENT
TERM. The Placement Agent’s engagement hereunder will be until the earlier of (i) July 31, 2020 and (ii) the Closing
Date. The date of termination of this Agreement is referred to herein as the “Termination Date.” In the event,
however, in the course of the Placement Agent’s performance of due diligence it deems, it necessary to terminate the engagement,
the Placement Agent may do so prior to the Termination Date. The Company may elect to terminate the engagement hereunder for any
reason prior to the Termination Date but will remain responsible for fees pursuant to Section 3 hereof with respect to the Placement
Agent Securities if sold in the Placement. Notwithstanding anything to the contrary contained herein, the provisions concerning
the Company’s obligation to pay any fees actually earned pursuant to Section 3 hereof and the provisions concerning confidentiality,
indemnification and contribution contained herein will survive any expiration or termination of this Agreement. If this Agreement
is terminated prior to the completion of the Placement, all fees due to the Placement Agent as set forth in Section 3 shall be
paid by the Company to the Placement Agent within seven business days of the Termination Date (in the event such fees are earned
or owed as of the Termination Date). The Placement Agent agree not to use any confidential information concerning the Company provided
to the Placement Agent by the Company for any purposes other than those contemplated under this Agreement.


 


 SECTION 7. PLACEMENT
AGENT INFORMATION. The Company agrees that any information or advice rendered by the Placement Agent in connection with this
engagement is for the confidential use of the Company only in their evaluation of the Placement and, except as otherwise required
by law, the Company will not disclose or otherwise refer to the advice or information in any manner without each of the Placement
Agent’s prior written consent.


 


SECTION 8. NO
FIDUCIARY RELATIONSHIP. This Agreement does not create, and shall not be construed as creating rights enforceable by any person
or entity not a party hereto, except those entitled hereto by virtue of the indemnification provisions hereof. The Company acknowledges
and agrees that the Placement Agent are not and shall not be construed as a fiduciary of the Company and shall have no duties or
liabilities to the equity holders or the creditors of the Company or any other person by virtue of this Agreement or the retention
of the Placement Agent hereunder, all of which are hereby expressly waived.


  






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SECTION 9. CLOSING.
The obligations of the Placement Agent, and the closing of the sale of the Placement Agent Securities hereunder are subject to
the accuracy, when made and on the Closing Date, of the representations and warranties on the part of the Company contained herein
and in the Purchase Agreement, to the performance by the Company of its obligations hereunder, and to each of the following additional
terms and conditions, except as otherwise disclosed to and acknowledged and waived by the Placement Agent:


 


A.   All
corporate proceedings and other legal matters incident to the authorization, form, execution, delivery and validity of each of
this Agreement, the Placement Agent Securities, and all other legal matters relating to this Agreement and the transactions contemplated
hereby with respect to the Placement Agent Securities shall be reasonably satisfactory in all material respects to the Placement
Agent.


 


B.   The
Placement Agent shall have received from outside counsel to the Company such counsel’s written opinion with respect to the
Placement Agent Securities, addressed to the Placement Agent and dated as of the Closing Date, in form and substance reasonably
satisfactory to the Placement Agent.


 


C.   The
Shares shall be registered under the Exchange Act. The Company shall have taken no action designed to, or likely to have the effect
of terminating the registration of the ADSs under the Exchange Act or delisting or suspending from trading the ADSs or the Placement
Securities from the Trading Market or other applicable U.S. national exchange, nor has the Company received any information suggesting
that the Commission or the Trading Market or other U.S. applicable national exchange is contemplating terminating such registration
or listing.


 


D.   No
action shall have been taken and no statute, rule, regulation or order shall have been enacted, adopted or issued by any governmental
agency or body which would, as of the Closing Date, prevent the issuance or sale of the Placement Agent Securities or materially
and adversely affect or potentially and adversely affect the business or operations of the Company; and no injunction, restraining
order or order of any other nature by any federal or state court of competent jurisdiction shall have been issued as of the Closing
Date which would prevent the issuance or sale of the Placement Agent Securities or materially and adversely affect or potentially
and adversely affect the business or operations of the Company.


 


E.   The
Company shall have entered into a Purchase Agreement with each of the Purchasers of the Placement Agent Securities and such agreements
shall be in full force and effect and shall contain representations, warranties and covenants of the Company as agreed upon between
the Company and the Purchasers.


 


F.   FINRA
shall have raised no objection to the fairness and reasonableness of the terms and arrangements of this Agreement. In addition,
the Company shall, if requested by the Placement Agent, make or authorize Placement Agent’s counsel to make on the Company’s
behalf, any filing with the FINRA Corporate Financing Department pursuant to FINRA Rule 2710 with respect to the Placement and
pay all filing fees required in connection therewith.


 


If any of the conditions
specified in this Section 9 shall not have been fulfilled when and as required by this Agreement, all obligations of the Placement
Agent hereunder may be cancelled by the Placement Agent at, or at any time prior to, the Closing Date. Notice of such cancellation
shall be given to the Company in writing or orally. Any such oral notice shall be confirmed promptly thereafter in writing.


 


SECTION 10.
 GOVERNING LAW. This Agreement will be governed by, and construed in accordance with, the laws of the State of
New York applicable to agreements made and to be performed entirely in such State. This Agreement may not be assigned by either
party without the prior written consent of the other party. This Agreement shall be binding upon and inure to the benefit of the
parties hereto, and their respective successors and permitted assigns. Any right to trial by jury with respect to any dispute arising
under this Agreement or any transaction or conduct in connection herewith is waived. Any dispute arising under this Agreement may
be brought into the courts of the State of New York or into the Federal Court located in New York, New York and, by execution and
delivery of this Agreement, the Company hereby accepts for itself and in respect of its property, generally and unconditionally,
the jurisdiction of aforesaid courts. Each party hereto hereby irrevocably waives personal service of process and consents to process
being served in any such suit, action or proceeding by delivering a copy thereof via overnight delivery (with evidence of delivery)
to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good
and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to
serve process in any manner permitted by law. If either party shall commence an action or proceeding to enforce any provisions
of this Agreement, then the prevailing party in such action or proceeding shall be reimbursed by the other party for its attorney's
fees and other costs and expenses incurred with the investigation, preparation and prosecution of such action or proceeding.


 






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SECTION 11.  ENTIRE
AGREEMENT/MISCELLANEOUS. This Agreement embodies the entire agreement and understanding between the parties hereto, and supersedes
all prior agreements and understandings, relating to the subject matter hereof. If any provision of this Agreement is determined
to be invalid or unenforceable in any respect, such determination will not affect such provision in any other respect or any other
provision of this Agreement, which will remain in full force and effect. This Agreement may not be amended or otherwise modified
or waived except by an instrument in writing signed by both the Placement Agent and the Company. The representations, warranties,
agreements and covenants contained herein shall survive the Closing Date of the Placement and delivery of the Placement Agent Securities.
This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same
agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it being
understood that both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission
or a .pdf format file, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such
signature is executed) with the same force and effect as if such facsimile or .pdf signature page were an original thereof.


 


SECTION 12.  NOTICES.
Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and
shall be deemed given and effective on the earliest of (a) the date of transmission, if such notice or communication is sent to
the email address specified on the signature pages attached hereto prior to 6:30 p.m. (New York City time) on a business day, (b)
the next business day after the date of transmission, if such notice or communication is sent to the email address on the signature
pages attached hereto on a day that is not a business day or later than 6:30 p.m. (New York City time) on any business day, (c)
the third business day following the date of mailing, if sent by U.S. internationally recognized air courier service, or (d) upon
actual receipt by the party to whom such notice is required to be given. The address for such notices and communications shall
be as set forth on the signature pages hereto.


 


SECTION 1.  Press
Announcements. The Company agrees that the Placement Agent shall, on and after the Closing Date, have the right to reference
the Placement and the Placement Agent’s role in connection therewith in the Placement Agent’s marketing materials and
on its website and to place advertisements in financial and other newspapers and journals, in each case at its own expense.


 


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Please confirm that
the foregoing correctly sets forth our agreement by signing and returning to the Placement Agent the enclosed copy of this Agreement.


 


	 	Very truly yours,
	 	 
	 	A.G.P./ALLIANCE GLOBAL PARTNERS
	 	 
	 	By: 	/s/ Thomas Higgins

	 	 	Name: Thomas Higgins
	 	 	Title: Managing Director  
	 	 
	 	Address for notice:
	 	
        590 Madison Avenue 36th Floor

        New York, New York 10022

        Attn: Thomas J. Higgins

        Email: thiggins@allianceg.com 



 


Accepted and Agreed to as of


the date first written above:


 


	SAFE-T GROUP LTD.	 
	 	 
	By:	/s/ Shai Avnit	 
	 	Name: Shai Avnit	 
	 	Title: Chief Financial Officer	 
	 	 
	Address for notice:	 
	
        8 Abba Eban Avenue, Herzliya, 4672526 Israel

        Attn:

        Email:
	 


 


[Signature Page to Placement Agency Agreement]