Document:

Exhibit
10.1

 

SECURITIES
EXCHANGE AND SETTLEMENT AGREEMENT

 

This
Securities Exchange and Settlement Agreement, dated as of April 16, 2020 (this “Agreement”), is by and between
Migom Global Corp., a Nevada corporation, (“Issuer”), and Heritage Equity Fund LP (“Investor”)
(Issuer and Investor may hereinafter be referred to individually as a “Party” or jointly as the “Parties”).

 

WHEREAS,
Issuer issued 8% Convertible Debentures to Investor, dated October 9, 2019, October 9, 2019, and April 14, 2020, all due July
1, 2020, with an aggregate principle and interest of $80,242.81 (collectively the “Debt Securities Instruments”),
copies of each are annexed hereto as Exhibit A and made a part hereof;

 

WHEREAS,
notwithstanding that, in accordance with its stated terms, the Debt Securities Instruments have certain terms of convertibility
into shares of the common stock, $.001 par value per share, of Issuer (the “Issuer Common Stock”), and without
regard to such terms of “conversion” in the Debt Securities Instruments, Investor desires to exchange the Debt Securities
Instruments for 650,000 shares of the Issuer’s Series A preferred stock, $.001 par value per share (the “Issuer
Preferred Stock”); and

 

WHEREAS,
subject to certain conditions, and pursuant to Section 3(a)(9) of the Securities Act, the exchange of the Debt Securities Instruments
for shares of the Issuer Preferred Stock (“3(a)(9) Exchange”) while beneficially held by Investor is/are eligible
to be effected without registration as more specifically and fully provided herein;

 

NOW,
THEREFORE, the Parties hereby acknowledge, represent, warrant, covenant and agree, in each case as applicable, as follows for
the benefit of each other as well as the benefit of the securities legal counsel and securities transfer agent professionals involved
in the 3(a)(9) Exchange hereunder (the “Transactions”):

 

1. Recitals.
The foregoing recitals are hereby incorporated by reference into this Agreement and made a part hereof.

 

2. Definitions.
For purposes of this Agreement, the following terms, when appearing in their capitalized forms as follows, shall have the corresponding
assigned meanings:

 

“3(a)(9)
Exchange” – shall have the meaning specified in the fifth paragraph of the recitals to this Agreement.

 

“Affiliate”
– with respect to any specified Person, any other Person who, directly or indirectly, through one or more intermediaries,
Controls, is Controlled By, or is Under Common Control With, such specified Person.

 

“Agreement”
– shall have the meaning specified in the preamble above.

 

“Authorization”
– any authorization, approval, consent, certificate, license, permit or franchise of or from any Governmental Authority
or pursuant to any Law.

 

    1

     

    

 

“Beneficial
Owner” – with respect to any shares means a Person who shall be deemed to be the beneficial owner of such shares
(i) which such Person or any of its Affiliates or associates (as such term is defined in Rule 12b-2 promulgated under the Exchange
Act) beneficially owns, directly or indirectly, (ii) which such Person or any of its Affiliates or associates has, directly or
indirectly, (A) the right to acquire (whether such right is exercisable immediately or subject only to the passage of time), pursuant
to any agreement, arrangement or understanding or upon the exercise of consideration rights, exchange rights, warrants or options,
or otherwise, or (B) the right to vote pursuant to any agreement, arrangement or understanding, (iii) which are beneficially owned,
directly or indirectly, by any other Persons with whom such Person or any of its Affiliates or associates or any Person with whom
such Person or any of its Affiliates or associates has any agreement, arrangement or understanding for the purpose of acquiring,
holding, voting or disposing of any such shares, or (iv) pursuant to Section 13(d) of the Exchange Act and any rules or regulations
promulgated thereunder.

 

“Current
Public Information” – in an appropriate format the information concerning a given issuer specified in paragraphs
(a)(5)(i) to (xiv) inclusive, and paragraph (a)(5)(xvi), of Rule 15c2-11 of the Rules and Regulations promulgated under the Exchange
Act.

 

“Debt
Securities Instruments” – shall have the meaning specified in the first paragraph of the recitals to this Agreement.

 

“DTC”
– The Depository Trust Company, a subsidiary of DTCC.

 

“DTCC”
– The Depository Trust & Clearing Corporation.

 

“DTC
Eligibility” / “DTC Eligible” – in respect of a given security, its eligibility to be traded
electronically in book-entry form through DTC.

 

“DWAC”
– DTC’s Deposit Withdrawal Agent Commission system.

 

“Exchange
Act” – the Securities and Exchange Act of 1934, as amended.

 

“FINRA”
– shall mean the Financial Industry Regulatory Authority.

 

“Governmental
Authority” means any entity or body exercising executive, legislative, judicial, regulatory or administrative functions
of or pertaining to United States federal, state, local, or municipal government, foreign, international, multinational or other
government, including any department, commission, board, agency, bureau, subdivision, instrumentality, official or other regulatory,
administrative or judicial authority thereof, and any non-governmental regulatory body to the extent that the rules and regulations
or orders of such body have the force of Law.

 

“Gypsy
Swap” – any series of transactions in which, by arrangement or otherwise, the resale of an outstanding unrestricted
security by the then holder thereof results, directly or indirectly, and no matter the sequence of such transactions, in a capital
infusion into the issuing company.

 

“Investor”
– shall have the meaning specified in the preamble to this Agreement.

 

“Investor
Holding Period” – shall have the meaning specified in Section 2.1 of this Agreement.

 

“Issuer”
– shall have the meaning specified in the preamble to this Agreement.

 

“Knowledge”
– of a given Person, and with respect to any fact or matter, the actual knowledge of the directors and executive officers
of such Person and each of its Subsidiaries, together with such knowledge that such directors, executive officers and other employees
could be expected to discover after due investigation concerning the existence of the fact or matter in question.

 

    2

     

    

 

“Law”
means any statute, law (including common law), constitution, treaty, ordinance, code, order, decree, judgment, rule, regulation
and any other binding requirement or determination of any Governmental Authority.

 

“Liens”
means any liens, claims, charges, security interests, mortgages, pledges, easements, conditional sale or other title retention
agreements, defects in title, covenants or other restrictions of any kind, including, any restrictions on the use, voting, transfer
or other attributes of ownership.

 

“Material
Adverse Effect” – with respect to any Person, any state of facts, development, event, circumstance, condition,
occurrence or effect that, individually or taken collectively with all other preceding facts, developments, events, circumstances,
conditions, occurrences or effects (a) is materially adverse to the condition (financial or otherwise), business, operations or
results of operations of such Person, or (b) impairs the ability of such Person to perform its obligations under this Agreement.

 

Order”
– any award, injunction, judgment, decree, stay, order, ruling, subpoena or verdict, or other decision entered, issued or
rendered by any Governmental Authority.

 

“OTC”
– over-the-counter.

 

“OTCPink”
– the base level OTCMarkets tier for SEC Reporting Companies.

 

“Parties”
– shall have the meaning specified in the preamble to this Agreement.

 

“Person”
– an individual, a corporation, a partnership, a limited liability company, a trust, an unincorporated association, Governmental
Authority, a person (including, without limitation, a “person” as defined in Section 13(d)(3) of the Exchange Act),
or any political subdivision, agency or instrumentality of a Governmental Authority, or any other entity or body.

 

“Proceeding”
or “Proceedings” – any actions, suits, claims, hearings, arbitrations, mediations, Proceedings (public
or private) or governmental investigations that have been brought by any Governmental Authority or any other Person.

 

“Rule
144” – Rule 144 promulgated under the Securities Act.

 

“Rule
405” – Rule 405 of Regulation S-T.

 

“SEC”
– shall mean the U.S. Securities and Exchange Commission.

 

“SEC
Reporting Company” – any company with a class of common stock registered under Section 12 of the Exchange Act
and that, as of the date hereof is, and for at least the ninety (90) day period immediately preceding the date hereof has been,
subject to the periodic and other reporting requirements of either Section 13 or 15(d) of the Exchange Act.

 

“Securities
Act” – the Securities Act of 1933, as amended.

 

“Shell
Company” – a company having no or nominal operations and either (a) no or nominal assets, (b) assets consisting
solely of cash and cash equivalents, or (c) assets consisting of any amount of cash and cash equivalents and nominal other assets.

 

“Transaction”
– shall have the meaning specified in the fourth paragraph of the recitals this
Agreement.

 

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2. The
3(a)(9) Exchange(s).

 

2.1 Generally.
Subject to the terms, conditions and limitations of this Agreement, for so long as any amounts payable under the Debt Securities
Instruments remain (i) unexchanged or (ii) unpaid and outstanding (such period being deemed the “Investor Holding Period”),
the Investor shall have a continuing right in its sole and exclusive discretion, through the delivery by Investor to Issuer of
the Debt Securities Instruments for the Issuer Preferred Stock, but only insofar as not in conflict at any given time with any
superseding provisions of this Agreement.

 

2.2 Certain
Acknowledgments and Covenants. Each of Issuer and Investor hereby acknowledge that they are aware and understand that,
in order to be eligible for exemption from registration under the Securities Act, any 3(a)(9) Exchange(s) hereunder may not
involve (i) any additional consideration beyond the Debt Securities being surrendered/exchanged by the Investor, or (ii) any
payment by the Issuer of any commission or other remuneration either directly or indirectly for the solicitation of such
exchange(s), and (b) covenant that any 3(a)(9) Exchange(s) hereunder shall not involve (i) any additional consideration
beyond the Debt Securities being surrendered/exchanged by the Investor, or (ii) any payment by the Issuer of any commission
or other remuneration either directly or indirectly for the solicitation of such exchange(s).

 

3.Representations
and Warranties of Issuer.Issuer hereby represents and warrants to Investor, which representations and warranties, excepting
(c) below, shall be deemed to be repeated by Issuer on each day on which any amounts payable under the Debt Securities, including
interest, remain (i) unexchanged for shares of Issuer Preferred Stock hereunder, or (ii) unpaid and outstanding, that:

 

(a) it
is a corporation duly organized, validly existing, and in good standing under the Laws of the State of Nevada;

 

(b) it
has taken all requisite corporate and other action to authorize, and it has full corporate power and authority without any required
further action, to (i) carry on its present business as currently conducted, (ii) own its properties and assets, (iii) execute,
deliver, and perform all of its obligations under this Agreement, (iv) have borrowed and to repay with interest the indebtedness
evidenced by the Debt Securities, and (v) issue and deliver to Investor or its designee any and all Exchange Shares potentially
deliverable pursuant to this Agreement;

 

(c) its
capitalization as of the date of this Agreement includes (i) 75,000,000 shares of Issuer Common Stock authorized, of which 7,315,000
shares are issued and outstanding, and (ii) 650,000 shares of Issuer Preferred Stock, par value $.001 per share authorized of
Series A of which 0 are issued and outstanding;

 

(d) the
Debt Securities Instruments constitute a legal, valid and binding, and past due obligation of Issuer, enforceable against Issuer
in accordance with the terms thereof, subject to applicable bankruptcy, reorganization, insolvency, moratorium or similar Laws
affecting creditors’ rights generally and subject, as to enforceability, to equitable principles of general application
(regardless of whether enforcement is sought in a proceeding in equity or at law), there is no dispute relating to the validity
of such obligation, and any defenses to its validity have been waived in their entirety;

 

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(e) the
execution, delivery and performance of this Agreement, the payment of all amounts due under the Debt Securities Instruments by
Issuer, and the consummation of the Transactions, do not and will not (i) violate any provision of its articles of incorporation
or bylaws, (ii) conflict with or result in the breach of any material provision of, or give rise to a default under, any agreement
with respect to indebtedness or of any other material agreement to which Issuer is a party or by which it or any of its properties
or assets are bound, (iii) conflict with any Law, statute, rule or regulation or any Order, judgment or ruling of any court or
other agency of government to which it is subject or any of its properties or assets may be bound or affected, in each case except
where such conflict would not have a Material Adverse Effect on Issuer, or (iv) result in the creation or imposition of any Lien,
charge, mortgage, encumbrance or other security interest or any segregation of assets or revenues or other preferential arrangement
preferential arrangement (whether or not constituting a security interest) with respect to any present or future assets, revenues
or rights to the receipt of income of Issuer;

 

(f) it
is currently an OTCPink Company.

 

(g) Intentionally
Omitted;

 

(h) the
Issuer Common Stock currently trades publicly on the OTCPink under the symbol “MGOM” and is not currently subject
to any trading halts, suspensions, delistings or similar actions imposed by the SEC, FINRA, or any other regulatory or similar
authorities and no members of its management or board of directors is aware or has any reason to be aware of any such threatened
halts, suspensions, delistings or similar actions;

 

(i) the
Issuer Common Stock is currently DTC Eligible, Transfer Agent is participating in the DTC FAST Program, and no DTC “chill”
has been imposed upon the Issuer Common Stock;

 

(j) its
management understands what a Gypsy Swap is and that such arrangements are deemed to constitute unlawful schemes to evade the
registration requirements of the Securities Act, and has no knowledge of any such arrangements in connection with the Transactions;

 

(k) there
are no legal actions, suits, arbitration proceedings, investigations or other Proceedings pending or, to the reasonable knowledge
of Issuer’s officers or directors, threatened against Issuer which, if resolved unfavorably would have a Material Adverse
Effect on the financial condition of Issuer or the validity or enforceability of, or Issuer’s ability to perform its obligations
under, the Debt Securities and/or this Agreement; and

 

(l) all
governmental and other consents, authorizations, approvals, licenses and orders that were required to have been obtained by Issuer
with respect to the Debt Securities and/or its issuance were duly obtained and remain in full force and effect and all conditions
of any such consents, Authorizations, approvals, licenses and orders have been complied with.

 

4. Covenants
of Issuer. In addition to the other obligations hereunder and under the Debt Securities, and for so long as any amounts payable
under the Debt Securities Instruments, including interest, remain (i) unexchanged for shares of Issuer Preferred Stock hereunder,
or (ii) unpaid and outstanding, Issuer hereby covenants to the Investor as follows:

 

(a)
upon issuance, any Exchange Shares shall be duly authorized, fully paid and nonassessable;

 

(b) it
shall refrain from disclosing, and shall cause its officers, directors, employees and agents to refrain from disclosing, any
material non-public information to Investor without also disseminating such information to the public in accordance with
applicable Law, unless prior to disclosure of such information Issuer identifies such information as being material
non-public information and provides Investor with the opportunity to accept or refuse to accept such material
non-public information for review;

 

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(c) it
shall timely file all reports required by it to be filed, in each case in full compliance with the content requirements thereof,
and shall meet all other of its obligations under the Exchange Act;

 

(d) it
shall take any and all steps as may be necessary to insure that the Issuer Common Stock continues to trade publicly and does not
become the subject of any trading halts, suspensions, delistings or similar actions imposed by the SEC, FINRA, or any other regulatory
or similar authorities;

 

(e) it
shall take any and all steps as may be necessary to insure that the Issuer Common Stock continues to be DTC Eligible, that Transfer
Agent continue to participate in the DTC FAST Program, and that no DTC “chill” is imposed upon the Issuer Common Stock;

 

(f) it
shall take any and all steps as may be necessary to cease being or otherwise being deemed by the SEC a Shell Company;

 

(g) if
the Common Stock is listed or quoted on The Nasdaq Stock Market or any other U.S. national securities exchange during the Investor
Holding Period, it shall not issue any shares of Issuer Common Stock pursuant to this Agreement to the extent that after giving
effect thereto, the aggregate number of all shares of Issuer Common Stock that would be issued pursuant to this Agreement, together
with all shares of Issuer Common Stock issued pursuant to any transactions that may be aggregated with the transactions contemplated
by this Agreement under applicable rules of The Nasdaq Stock Market or any other Principal Market on which the Issuer Common Stock
may be listed or quoted, would exceed such Principal Market’s limitations, unless and until Issuer elects to solicit stockholder
approval of the transactions contemplated by this Agreement and the stockholders of Issuer have in fact so approved the transactions
contemplated by this Agreement in accordance with the applicable rules and regulations of The Nasdaq Stock Market, any other Principal
Market on which the Issuer Common Stock may be listed or quoted, and the Issuer’s articles of incorporation and bylaws;

 

(h) it
shall not knowingly be a participant in any Gypsy Swap in connection with the Transactions or otherwise;

 

5. Notices.
Except as otherwise expressly set forth herein, any notice, demand or request relating to any matter set forth herein shall
be made in writing and shall be deemed effective when hand delivered or when mailed, postage pre-paid by registered or
certified mail return receipt requested, when picked-up by or delivered to a recognized overnight courier service, or when
sent by email to either Issuer at its address below, or to Investor at its address below, or such other address as either
Party shall have notified the other in writing as provided herein from and after the date hereof.

 

If
to Issuer:

 

Migom
Global Corp.

1185
Avenue of the Americas, 3rd Floor

New
York, NY 10036

Attn:
Georgi Parrik

 

If
to Investor:

Heritage
Equity Fund LP

2
Clifton Pl.

Irvington,
NY 10533

Attn:
Tatjana Gutschmidt El Chbeir

 

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6. Governing
Law. This Agreement and the Exhibits hereto shall be governed by and interpreted and enforced in accordance with the Laws
of the State of Nevada, without giving effect to any choice of Law or conflict of Laws rules or provisions (whether of the State
of Nevada or any other jurisdiction) that would cause the application of the Laws of any jurisdiction other than the State of
Nevada.

 

7. Headings.
The descriptive headings contained in this Agreement are included for convenience of reference only and shall not affect in any
way the meaning or interpretation of this Agreement.

 

8. Counterparts.
This Agreement may be executed and delivered (including by facsimile or email .pdf file format attachment transmission) in one
or more counterparts, and by the different Parties hereto in separate counterparts, each of which when executed and delivered
shall be deemed to be an original but all of which taken together shall constitute one and the same agreement.

 

9. Integration;
Modification. This Agreement, including the Exhibits hereto, constitutes the entirety of the rights and obligations of each
of the Investor and Issuer with respect to the subject matter hereof. No provision of this Agreement may be modified except by
an instrument in writing signed by the Party against whom the enforcement of any such modification is or may be sought.

 

[SIGNATURES
APPEAR ON THE FOLLOWING PAGE]

 

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IN
WITNESS WHEREOF, the Parties have caused this Agreement to be executed by the respective officers thereunto duly authorized, in
each case as of the date first written above.

 

	Migom Global Corp.	 
	 	 
	By:	/s/ Georgi Parrik	 
	Name:	Georgi Parrik	 
	Title:	President	 
	 	 
	Heritage Equity Fund LP	 
	 	 
	By:	 /s/ Tatjana Gutschmidt El Chbeir	 
	Name:	Tatjana Gutschmidt El Chbeir	 
	Title:	 General Partner	 

 

 

 

8Exhibit 4.11

 

WARRANT

 

TO PURCHASE ORDINARY SHARES REPRESENTED
BY AMERICAN DEPOSITARY SHARES

 

SAFE-T GROUP LTD.

 

	Warrant No.: __________	Issue Date: __________, 2020

 

Number of American Depositary Shares:
________________

 

THIS WARRANT TO PURCHASE
ORDINARY SHARES REPRESENTED BY AMERICAN DEPOSITARY SHARES (the “Warrant”) certifies that, for value received,
_____________ or its assigns (the “Holder”) is entitled, upon the terms and subject to the limitations on exercise
and the conditions hereinafter set forth, at any time on or after the date hereof (the “Initial Exercise Date”)
and on or prior to 5:00 p.m. New York City time on [________________] (the “Termination Date”), to subscribe
for and purchase from Safe-T Group Ltd., an Israeli limited company (the “Company”), up to ______ Ordinary
Shares, no par value (the “Ordinary Share(s)”) (as subject to adjustment hereunder, the “Warrant Shares”)),
represented by _____________ American Depositary Share (“ADSs”), each 40 Ordinary Shares representing one ADS,
as subject to adjustment hereunder (the “Warrant ADSs”). The purchase price of one Warrant ADS shall be equal
to the Exercise Price, as defined in Section 2(b).

 

Section 1.
Definitions. In addition to the terms defined elsewhere in this Warrant, the following terms have the meanings indicated
in this Section 1:

 

“Accredited Investor”
has the meaning set forth in Rule 501 of Regulation D promulgated under the Securities Act.

 

“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common
control with a Person, as such terms are used in and construed under Rule 405 under the Securities Act.

 

“Business
Day” means any day except any Friday, Saturday, any Sunday, any day which is a federal legal holiday in the United States,
a legal holiday in the State of Israel or any day on which banking institutions in the State of New York or in the State of Israel
are authorized or required by law or other governmental action to close.

 

“Commission”
means the United States Securities and Exchange Commission.

 

“Deposit
Agreement” means the Deposit Agreement dated ____________________, among the Company, The Bank of New York Mellon as
Depositary and the owners and holders of ADSs from time to time, as such agreement may be amended or supplemented.

 

“Depositary”
means The Bank of New York Mellon, as Depositary under the Deposit Agreement.

  

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Ordinary
Share Equivalents” means any securities of the Company or the Subsidiaries (as defined below) which would entitle the
holder thereof to acquire at any time Ordinary Shares or ADSs, including, without limitation, any debt, preferred shares, right,
option, warrant or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles
the holder thereof to receive, Ordinary Shares or ADSs.

 

“Person”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind. 

 

     

     

    

 

“Pre-funded
Units” means a fixed combination of units issued in the Underwritten Offering, each consisting of (i) one ADS, and (ii)
one Pre-funded Warrant to purchase one whole ADS.

 

“Pre-funded
Warrant” means those certain pre-funded warrants issued as part of the Pre-funded Units in the Underwritten Offering.

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Subsidiary”
means any subsidiary of the Company.

 

“Trading
Day” means a day on which the Trading Market is open for Trading.

 

“Trading
Market” means any of the following markets or exchanges on which the ADSs are listed or quoted for trading on the date
in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, or the New
York Stock Exchange (or any successors to any of the foregoing). 

 

“Underwritten
Offering” means that certain offering of Units and Pre-funded Units pursuant to that certain Underwriting Agreement
between the Company and A.G.P./Alliance Global Partners, as representative of the several underwriters named on Schedule I attached
thereto, dated _________, 2020.

 

“Unit”
means a fixed combination of units issued in the Underwritten Offering, each consisting of (i) one ADS, and (ii) one Warrant to
purchase one whole ADS.

 

“Unit Price”
means the price per Unit to the public in the Underwritten Offering, subject to adjustment for reverse and forward share splits,
share dividends, share combinations, ratio changes and other similar transactions of the ADSs that occur after the date of this
Agreement.

 

Section 2.
Exercise.

 

a) Exercise of
Warrant. Subject to the provisions of Section 2(e) herein, exercise of the purchase rights represented by this Warrant may
be made, in whole or in part, at any time or times on or after the Initial Exercise Date and on or before the Termination Date
by delivery to the Company, of a duly executed facsimile copy (or .pdf copy via e-mail attachment) of the Notice of Exercise
in the form annexed hereto (the “Notice of Exercise”). Within the earlier of (i) two (2) Trading Days and (ii)
the number of Trading Days comprising the Standard Settlement Period (as defined in Section 2(d)(i) herein) following the date
of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price of the Warrant ADSs specified in the applicable
Notice of Exercise by wire transfer or cashier’s check drawn on a United States bank; provided, however that a Notice of
Exercise shall only be deemed to have been delivered to the Company upon the delivery of the aggregate Exercise Price of the Warrant
ADSs specified in the applicable Notice of Exercise as specified in this Section 2(a). No ink-original Notice of Exercise shall
be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise be required.

 

Notwithstanding anything
herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder
has purchased all of the Warrant ADSs available hereunder and the Warrant has been exercised in full, in which case, the Holder
shall surrender this Warrant to the Company for cancellation within two (2) Trading Days of the date on which the final Notice
of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number
of Warrant ADSs available hereunder shall have the effect of lowering the outstanding number of Warrant ADSs purchasable hereunder
in an amount equal to the applicable number of Warrant ADSs purchased. The Holder and the Company shall maintain records showing
the number of Warrant ADSs purchased and the date of such purchases. The Company shall deliver any objection to any Notice of
Exercise within one (1) Business Day of receipt of such notice. If there is no effective registration statement under the Securities
Act permitting the issuance of Warrant ADSs upon exercise of this Warrant, a Holder may not exercise the purchase rights represented
by this Warrant unless such Holder, at the time of such exercise, is an Accredited Investor and such Holder, at the Company’s
request, represents the same to the Company in writing. The Holder and any assignee, by acceptance of this Warrant, acknowledge
and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant ADSs hereunder,
the number of Warrant ADSs available for purchase hereunder at any given time may be less than the amount stated on the face hereof.

 

    2

     

    

 

In addition, and notwithstanding
the foregoing in this Section 2(a), this Warrant may not be exercised on the Record Date (as such term is defined under the Tel-Aviv
Stock Exchange Ltd. (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 aforementioned events shall be called: “Corporate Event”).
In addition, if the Ex-Date (as such term is defined under the TASE rules and regulations) of a Corporate Event occurs before
the Record Date of a Corporate Event, then the Warrant shall not be exercised on the Ex-Date.

 

b) Exercise Price.
The exercise price per ADS under this Warrant shall be $[__], subject to adjustment hereunder (the “Exercise Price”).

  

c) [RESERVED]

 

d) Mechanics of
Exercise.

 

i. Delivery
of Warrant ADSs Upon Exercise. The Company shall cause its registrar to deposit the Warrant Shares subject to such Notice
of Exercise with the Depositary and instruct the Depositary to credit the account of the Holder’s prime broker with the
Depositary Trust Company or its nominees (“DTC”) through its Deposit/Withdrawal At Custodian system (“DWAC”)
if the Depositary is then a participant in such system and either (A) there is an effective registration statement permitting
the issuance of the Warrant ADSs to the Holder or (B) or resale of the Warrant ADSs by the Holder or (B) the Warrant ADSs are
eligible for resale by the Holder without volume or manner-of-sale limitations pursuant to Rule 144, and otherwise by physical
delivery of a certificate, registered in the name of the Holder or its designee, for the number of Warrant ADSs to which the Holder
is entitled pursuant to such exercise to the address specified by the Holder in the Notice of Exercise, by the date that is the
earlier of (i) two (2) Trading Days after the delivery to the Company of the Notice of Exercise and (ii) the number of Trading
Days comprising the Standard Settlement Period (as defined below) after the delivery to the Company of the Notice of Exercise
(such date, the “Warrant ADS Delivery Date”). Upon delivery of the Notice of Exercise, the Holder shall be
deemed for all corporate purposes to have become the holder of record of the Warrant ADSs with respect to which this Warrant has
been exercised, irrespective of the date of delivery of the Warrant ADSs. If the Company fails for any reason to deliver to the
Holder the Warrant ADSs subject to a Notice of Exercise by the Warrant ADS Delivery Date, the Company shall pay to the Holder,
in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant ADSs subject to such exercise (based on the VWAP
on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading Day on the fifth Trading
Day after such liquidated damages begin to accrue) for each Trading Day after such Warrant ADS Delivery Date until such Warrant
ADSs are delivered or Holder rescinds such exercise. The Company agrees to maintain a depositary that is a participant in the
FAST program so long as this Warrant remains outstanding and exercisable. As used herein, “Standard Settlement Period”
means the standard settlement period, expressed in a number of Trading Days, on the Company’s primary Trading Market with
respect to the ADSs as in effect on the date of delivery of the Notice of Exercise. Notwithstanding the foregoing, with respect
to any Notice(s) of Exercise delivered on or prior to 12:00 p.m. (New York City time) on the Trading Day immediately prior to
the Initial Exercise Date, which may be delivered at any time after the time of execution of the Underwriting Agreement, the Company
agrees to deliver the Warrant Shares subject to such notice(s) by 12:00 p.m. (New York City time) on the Initial Exercise Date.

 

ii. Delivery
of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder
and upon surrender of this Warrant certificate, at the time of delivery of the Warrant ADSs, deliver to the Holder a new Warrant
evidencing the rights of the Holder to purchase the unpurchased Warrant ADSs called for by this Warrant, which new Warrant shall
in all other respects be identical with this Warrant.

 

    3

     

    

 

iii. Rescission
Rights. If the Company fails to cause the Depositary to transmit to the Holder the Warrant ADSs pursuant to Section 2(d)(i)
by the Warrant ADS Delivery Date, then the Holder will have the right to rescind such exercise; provided, however, that the Holder
shall be required to return any Warrant ADSs or Ordinary Shares subject to any such rescinded exercise notice concurrently with
the return to Holder of the aggregate Exercise Price paid to the Company for such Warrant ADSs and the restoration of Holder’s
right to acquire such Warrant ADSs pursuant to this Warrant (including, issuance of a replacement warrant certificate evidencing
such restored right).

  

iv. Compensation
for Buy-In on Failure to Timely Deliver Warrant ADSs Upon Exercise. In addition to any other rights available to the Holder,
if the Company fails to deliver or cause the Depositary to deliver to the Holder the Warrant ADSs in accordance with the provisions
of Section 2(d)(i) above pursuant to an exercise on or before the Warrant ADS Delivery Date, and if after such date the Holder
is required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise
purchases, ADSs to deliver in satisfaction of a sale by the Holder of the Warrant ADSs which the Holder anticipated receiving
upon such exercise (a “Buy-In”), then the Company shall (A) pay in cash to the Holder the amount, if any, by
which (x) the Holder’s total purchase price (including brokerage commissions, if any) for the ADSs so purchased exceeds
(y) the amount obtained by multiplying (1) the number of Warrant ADSs that the Company was required to deliver to the Holder in
connection with the exercise at issue times (2) the price at which the sell order giving rise to such purchase obligation was
executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant ADSs
for which such exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver to the Holder the number
of ADSs that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder. For
example, if the Holder purchases ADSs having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted
exercise of ADSs with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately
preceding sentence the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice
indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount
of such loss. Nothing herein shall limit a Holder’s right to pursue any other remedies available to it hereunder, at law
or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s
failure to timely deliver ADSs upon exercise of the Warrant as required pursuant to the terms hereof.

  

v. No
Fractional Warrant Shares, Warrant ADSs or Scrip. No fractional Warrant Shares or Warrant ADSs shall be issued upon the
exercise of this Warrant. As to any fraction of an ADS 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 Exercise Price or round up to the next whole ADS.

 

vi. Charges,
Taxes and Expenses. Issuance of Warrant ADSs shall be made without charge to the Holder for any issue or transfer tax or other
incidental expense in respect of the issuance of such Warrant ADSs, all of which taxes and expenses shall be paid by the Company,
and such Warrant ADSs shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided,
however, that in the event that Warrant ADSs are to be issued in a name other than the name of the Holder, this Warrant when surrendered
for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company may require,
as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto.

 

vii. Same-Day
Processing. The Company shall pay all Depositary fees required for same-day processing of any Notice of Exercise and all fees
to DTC (or another established clearing corporation performing similar functions) required for same-day electronic delivery of
the Warrant ADSs, if any.

 

viii. Closing
of Books. The Company will not close its shareholder books or records in any manner which prevents the timely exercise of
this Warrant, pursuant to the terms hereof. 

 

    4

     

    

 

e) Holder’s
Exercise Limitations. The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to
exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance
after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates, and
any other Persons acting as a group together with the Holder or any of the Holder’s Affiliates (such Persons, “Attribution
Parties”)), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below).  For purposes
of the foregoing sentence, the number of Ordinary Shares beneficially owned by the Holder and its Affiliates and Attribution Parties
shall include the number of Ordinary Shares issuable upon exercise of this Warrant with respect to which such determination is
being made, but shall exclude the number of Ordinary Shares which would be issuable upon (i) exercise of the remaining, nonexercised
portion of this Warrant beneficially owned by the Holder or any of its Affiliates or Attribution Parties and (ii) exercise or
conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation, any
other Ordinary Share Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained herein
beneficially owned by the Holder or any of its Affiliates or Attribution Parties.  Except as set forth in the preceding sentence,
for purposes of this Section 2(e), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act
and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing
to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible
for any schedules required to be filed in accordance therewith. To the extent that the limitation contained in this Section 2(e)
applies, the determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together
with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable shall be in the sole discretion
of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s determination of whether this
Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties)
and of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company
shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any group
status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations
promulgated thereunder. For purposes of this Section 2(e), in determining the number of outstanding Ordinary Shares, a Holder
may rely on the number of Ordinary Shares as reflected in (A) the Company’s most recent periodic or annual report filed
with the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice
by the Company or the Depositary setting forth the number of Ordinary Shares outstanding.  Upon the written or oral request
of a Holder, the Company shall within one Trading Day confirm orally and in writing to the Holder the number of Ordinary Shares
then outstanding.  In any case, the number of Ordinary Shares shall be determined after giving effect to the conversion or
exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates or Attribution Parties since the
date as of which such number of outstanding Ordinary Shares was reported. The “Beneficial Ownership Limitation” shall
be [9.99/4.99% of the number of Ordinary Shares outstanding immediately after giving effect to the issuance of the Ordinary Shares
issuable upon exercise of this Warrant. The Holder, upon notice to the Company, may increase or decrease the Beneficial Ownership
Limitation provisions of this Section 2(e), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the
number of Ordinary Shares outstanding immediately after giving effect to the issuance of Ordinary Shares upon exercise of this
Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply. Any increase in the Beneficial Ownership
Limitation will not be effective until the 61st day after such notice is delivered to the Company. The provisions of
this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section
2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership
Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such limitation.
The limitations contained in this paragraph shall apply to a successor holder of this Warrant.

 

Section 3.
  Certain Adjustments.

 

a) Share Dividends
and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a share dividend or otherwise makes a
distribution or distributions on its Ordinary Shares or ADSs or any other equity or equity equivalent securities payable in Ordinary
Shares or ADSs (which, for avoidance of doubt, shall not include any ADSs issued by the Company upon exercise of this Warrant),
as applicable, (ii) subdivides outstanding Ordinary Shares or ADSs into a larger number of shares or ADSs, as applicable, (iii)
combines (including by way of reverse share split) outstanding Ordinary Shares or ADSs into a smaller number of shares or ADSs,
as applicable, or (iv) issues by reclassification of Ordinary Shares, ADSs or any shares of share capital of the Company, as applicable,
then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of ADSs (excluding
treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number of ADSs outstanding
immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted
such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a)
shall become effective immediately after the record date for the determination of shareholders entitled to receive such dividend
or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.

 

    5

     

    

 

b) [RESERVED] 

 

c) Subsequent Rights
Offerings. In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company grants, issues or sells
any Ordinary Share Equivalents or rights to purchase shares, warrants, securities or other property pro rata to the record holders
of any class of Ordinary Shares or ADSs (the “Purchase Rights”), then the Holder will be entitled to acquire,
upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder
had held the number of Ordinary Shares or ADSs acquirable upon complete exercise of this Warrant (without regard to any limitations
on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date on which a
record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which
the record holders of Ordinary Shares or ADSs are to be determined for the grant, issue or sale of such Purchase Rights (provided,
however, to the extent that the Holder’s right to participate in any such Purchase Right would result in the Holder exceeding
the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such extent
(or beneficial ownership of such ADSs as a result of such Purchase Right to such extent) and such Purchase Right to such extent
shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding
the Beneficial Ownership Limitation).

 

d) Pro Rata Distributions.
During such time as this Warrant is outstanding, if the Company shall declare or make any dividend or other distribution of its
assets (or rights to acquire its assets) to holders of Ordinary Shares or ADSs, by way of return of capital or otherwise (including,
without limitation, any distribution of cash, shares or other securities, property or options by way of a dividend, spin off,
reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”),
at any time after the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution
to the same extent that the Holder would have participated therein if the Holder had held the number of Ordinary Shares or ADSs
acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation,
the Beneficial Ownership Limitation) immediately before the date of which a record is taken for such Distribution, or, if no such
record is taken, the date as of which the record holders of Ordinary Shares or ADSs are to be determined for the participation
in such Distribution (provided, however, to the extent that the Holder’s right to participate in any such
Distribution would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to
participate in such Distribution to such extent (or in the beneficial ownership of any Ordinary Shares or ADSs as a result of
such Distribution to such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder
until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

 

    6

     

    

 

e) Fundamental
Transactions. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related
transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company, directly or indirectly,
effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets
in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether
by the Company or another Person) is completed pursuant to which holders of Ordinary Shares (including any Ordinary Shares underlying
ADSs) are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the
holders of 50% or more of the outstanding Ordinary Shares (including any Ordinary Shares underlying ADSs), (iv) the Company, directly
or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Ordinary
Shares or any compulsory share exchange pursuant to which the Ordinary Shares are effectively converted into or exchanged for
other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates
a stock or share purchase agreement or other business combination (including, without limitation, a reorganization or recapitalization
that requires the approval of the shareholders of the Company, spin-off or scheme of arrangement) with another Person or group
of Persons whereby such other Person or group acquires more than 50% of the outstanding Ordinary Shares (including any Ordinary
Shares underlying ADSs, but not including any Ordinary Shares or ADSs held by the other Person or other Persons making or party
to, or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement or other business
combination) (each a “Fundamental Transaction”), then, upon any subsequent exercise of this Warrant, the Holder
shall have the right to receive, for each Ordinary Share represented by each Warrant ADS that would have been issuable upon such
exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any
limitation in Section 2(e) on the exercise of this Warrant), the number of shares of capital stock of the successor or acquiring
corporation or of the Company, if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”)
receivable as a result of such Fundamental Transaction by a holder of the number of Ordinary Shares represented by each Warrant
ADS for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation
in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the determination of the Exercise Price shall
be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in
respect of one Ordinary Share or ADS, as applicable, in such Fundamental Transaction, and the Company shall apportion the Exercise
Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the
Alternate Consideration. If holders of Ordinary Shares or ADSs are given any choice as to the securities, cash or property to
be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it
receives upon any exercise of this Warrant following such Fundamental Transaction. The Company shall cause any successor entity
in a Fundamental Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in
writing all of the obligations of the Company under this Warrant in accordance with the provisions of this Section 3(e) pursuant
to written agreements in form and substance reasonably satisfactory to the Holder (without unreasonable delay) prior to such Fundamental
Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor
Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which is exercisable for
a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the Ordinary Shares
represented by each Warrant ADS acquirable and receivable upon exercise of this Warrant (without regard to any limitations on
the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price
hereunder to such shares of capital stock (but taking into account the relative value of the Ordinary Shares or ADSs pursuant
to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such
exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of
such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of
any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the date
of such Fundamental Transaction, the provisions of this Warrant referring to the “Company” shall refer instead to
the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the Company
under this Warrant with the same effect as if such Successor Entity had been named as the Company herein.

 

f) Calculations.
All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of an ADS, as the case may be.
For purposes of this Section 3, the number of Ordinary Shares deemed to be issued and outstanding as of a given date shall be
the sum of the number of Ordinary Shares (excluding treasury shares, if any) issued and outstanding.

 

g) Notice to Holder.

 

i) Adjustment
to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall
promptly deliver to the Holder by facsimile or email a notice setting forth the Exercise Price after such adjustment and any resulting
adjustment to the number of Warrant ADSs and setting forth a brief statement of the facts requiring such adjustment.

 

    7

     

    

 

ii) Notice
to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the
Ordinary Shares, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Ordinary Shares
or ADSs, (C) the Company shall authorize the granting to all holders of the Ordinary Shares or ADSs rights or warrants to subscribe
for or purchase any shares of share capital of any class or of any rights, (D) the approval of any shareholders of the Company
shall be required in connection with any reclassification of the Ordinary Shares or ADSs, any consolidation or merger to which
the Company is a party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory share
exchange whereby the Ordinary Shares are converted into other securities, cash or property, or (E) the Company shall authorize
the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company
shall cause to be delivered by facsimile or email to the Holder at its last facsimile number or email address as it shall appear
upon the Warrant Register of the Company, at least 20 calendar days prior to the applicable record or effective date hereinafter
specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption,
rights or warrants, or if a record is not to be taken, the date as of which the holders of the Ordinary Shares or ADSs of record
to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such
reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date
as of which it is expected that holders of the Ordinary Shares of record shall be entitled to exchange their Ordinary Shares for
securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange;
provided that the failure to mail such notice or any defect therein or in the mailing thereof shall not affect the validity of
the corporate action required to be specified in such notice and provided, further that no notice shall be required if the information
is disseminated in a press release or document submitted to or filed with the Commission. To the extent that any notice provided
in this Warrant constitutes, or contains, material, non-public information regarding the Company or any of the Subsidiaries, the
Company shall simultaneously file such notice with the Commission pursuant to a Report on Form 6-K. The Holder shall remain entitled
to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering
such notice except as may otherwise be expressly set forth herein.

  

Section 4.
Transfer of Warrant.

 

a) Transferability.
This Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in
part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment
of this Warrant substantially in the form attached hereto properly completed and duly executed by the Holder or its agent or attorney
and funds sufficient to pay any transfer taxes payable upon the making of such transfer, accompanied by reasonable evidence of
authority of the party making such request that may be required by the Company including but not limited to, the signature guarantee
of a guarantor institution which is a participant in a signature guarantee program approved by the Securities Transfer Association.
Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name
of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment,
and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly
be cancelled. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant
to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant to
the Company within three (3) Trading Days of the date on which the Holder delivers an assignment form to the Company assigning
this Warrant in full. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase
of Warrant ADSs without having a new Warrant issued.

  

b) New Warrants.
This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together
with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its
agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such division or combination,
the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined
in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the initial issuance date of this
Warrant and shall be identical with this Warrant except as to the number of Warrant ADSs issuable pursuant thereto.

 

c) Warrant Register.
The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant
Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered
Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder,
and for all other purposes, absent actual notice to the contrary.

 

    8

     

    

 

Section 5.
Miscellaneous.

 

a) No Rights as
Shareholder Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends or other rights as a
shareholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in Section
3.

 

b) Loss, Theft,
Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory
to it of the loss, theft, destruction or mutilation of this Warrant or any share certificate relating to the Warrant ADSs, and
in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it, and upon surrender and cancellation
of such Warrant or share certificate, if mutilated, the Company will make and deliver a new Warrant or share certificate of like
tenor and dated as of such cancellation, in lieu of such Warrant or share certificate.

  

c) Saturdays, Sundays,
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.

  

d) Authorized Shares.
The Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Ordinary
Shares a sufficient number of shares to provide for the issuance of the Warrant ADSs and underlying Ordinary Shares upon the exercise
of any purchase rights under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full
authority to its officers who are charged with the duty of issuing the necessary Warrant Shares upon the exercise of the purchase
rights under this Warrant. The Company will take all such reasonable action as may be necessary to assure that such Warrant ADSs
may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of the applicable
Trading Market upon which the Ordinary Shares and ADSs may be listed. The Company covenants that all Warrant ADSs which may be
issued upon the exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented
by this Warrant and payment for such Warrant ADSs in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable
and free from all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes in respect
of any transfer occurring contemporaneously with such issue).

 

Except and to the
extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its
articles of association or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of
securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant,
but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may
be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting
the generality of the foregoing, the Company will (i) not increase the par value of any Warrant ADSs above the amount payable
therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary or
appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant ADSs upon the exercise
of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any
public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under
this Warrant.

 

Before taking any
action which would result in an adjustment in the number of Warrant ADSs for which this Warrant is exercisable or in the Exercise
Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any
public regulatory body or bodies having jurisdiction thereof.

 

e) [RESERVED]

 

f) Registration. The
Company covenants that it will use its reasonable best efforts to maintain the effectiveness of the registration statement under
the Securities Act permitting the issuance of Warrant ADSs upon exercise of this Warrant.

 

    9

     

    

 

g) Jurisdiction.
All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be governed by and construed
and enforced in accordance with the laws of the State of New York, without giving effect to conflict of laws principles thereof.
Each party hereby agrees that any action, proceeding or claim against it arising out of, or relating in any way to this Warrant
shall be brought and enforced in the New York Supreme Court, County of New York, or in the United States District Court for the
Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. Each party
hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Any such process
or summons to be served upon each party may be served by transmitting a copy thereof by registered or certified mail, return receipt
requested, postage prepaid, addressed to it at the address set forth in Section 5(i) hereof. Such mailing shall be deemed personal
service and shall be legal and binding upon the receiving party in any action, proceeding or claim. Each of the Company and the
Holder agrees that the prevailing party(ies) in any such action shall be entitled to recover from the other party(ies) all of
its reasonable attorneys’ fees and expenses relating to such action or proceeding and/or incurred in connection with the
preparation therefor. Each party (on its behalf and, to the extent permitted by applicable law, on behalf of its stockholders
and affiliates) hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury
in any legal proceeding arising out of or relating to this Warrant or the transactions contemplated here by respective affiliates,
directors, officers, shareholders, partners, members, employees or agents.

  

h) Restrictions.
The Holder acknowledges that the Warrant ADSs acquired upon the exercise of this Warrant, if not registered, will have restrictions
upon resale imposed by state and federal securities laws.

  

i) Nonwaiver and
Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate
as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies. Without limiting any other provision
of this Warrant, if the Company willfully and knowingly fails to comply with any provision of this Warrant, which results in any
material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and
expenses including, but not limited to, reasonable attorneys’ fees, including those of appellate proceedings, incurred by
the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.

 

j) Notices.
Any notices, consents, waivers or other document or communications required or permitted to be given or delivered under the terms
of this Warrant, including, without limitation, a Notice of Exercise, must be in writing and will be deemed to have been delivered:
(i) upon receipt, if delivered personally; (ii) when sent, if sent by facsimile (provided confirmation of transmission is mechanically
or electronically generated and kept on file by the sending party); (iii) when sent, if sent by e-mail (provided that such sent
e-mail is kept on file (whether electronically or otherwise) by the sending party and the sending party does not receive an automatically
generated message from the recipient’s e-mail server that such e-mail could not be delivered to such recipient) and (iv)
if sent by overnight courier service, one (1) Trading Day after deposit with an overnight courier service with next day delivery
specified, in each case, properly addressed to the party to receive the same. The addresses, facsimile numbers and e-mail addresses
for such communications shall be:

 

If to the Company:

 

Safe-T Group Ltd.

8 Abba Eban Ave.

Herzliya, 4672526
Israel

Tel: (+972) (9) 866-6110

Facsimile: +972-737694952

Attention: Chief Executive
Officer

 

With a copy (for informational
purposes only) to:

 

Zysman, Aharoni, Gayer
and Sullivan & Worcester LLP

1633 Broadway

New York, NY 10019

Tel: (212) 660-3000

Attention: Oded Har-Even,
Esq.

 

If to a Holder, to
its address, facsimile number or e-mail address set forth herein or on the books and records of the Company.

 

    10

     

    

 

k) Limitation of
Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase
Warrant ADSs, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder
for the purchase price of any Ordinary Shares or ADSs or as a shareholder of the Company, whether such liability is asserted by
the Company or by creditors of the Company.

 

l) Remedies.
The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled
to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation
for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert
the defense in any action for specific performance that a remedy at law would be adequate.

  

m) Successors and
Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to
the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns
of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and
shall be enforceable by the Holder or holder of Warrant ADSs.

  

n) Amendment.
This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and the Holder.

 

o) Severability.
Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective
to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions
of this Warrant.

 

p) Expense Reimbursement.
The Company shall reimburse the Holder for any fees charged to the Holder by the Depositary in connection with the issuance or
holding or sale of the ADSs, Warrant ADSs and/or Ordinary Shares.

 

q) Headings.
The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of
this Warrant.

 

 

********************

 

(Signature Page Follows)

 

    11

     

    

 

IN WITNESS WHEREOF,
the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.

 

	 	SAFE-T GROUP LTD.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

     

     

    

 

NOTICE OF EXERCISE

 

	 	To:	SAFE-T GROUP LTD.

 

(1) The undersigned
hereby elects to purchase ________ Warrant ADSs of the Company pursuant to the terms of the attached Warrant (only if exercised
in full), and tenders herewith payment of the Exercise Price in full, together with all applicable transfer taxes, if any, in
lawful money of the United States.

 

(2) Please register
and issue said Warrant ADSs in the name of the undersigned or in such other name as is specified below:

 

	 	DTC Participant name and number:           
    _______________________
	 	 
	 	Contact of DTC Participant:                        _______________________
	 	 
	 	Telephone Number of Participant Contact: _______________________

 

[SIGNATURE OF HOLDER]

 

Name of Investing Entity: __________________________________________________________

 

Signature of Authorized Signatory of
Investing Entity:______________________________________

 

Name of Authorized Signatory: _______________________________________________________

 

Title of Authorized Signatory: ________________________________________________________

 

Date: ________________

 

     

     

    

 

ASSIGNMENT FORM

 

(To assign the
foregoing Warrant, execute this form and supply required information. Do not use this form to purchase Warrant ADSs.)

 

FOR VALUE RECEIVED,
the foregoing Warrant and all rights evidenced thereby are hereby assigned to

 

	Name:	 	 
	 	 	(Please Print)
	 	 	 
	Address:	 	 
	 	 	(Please Print)
	 	 	 
	Phone Number: _________________	 	 
	 	 	 
	Email Address: _________________	 	 
	 	 	 
	Dated: _______________ __, ______	 	 
	 	 	 
	Holder’s Signature: ____________________	 	 
	 	 	 
	Holder’s Address: _____________________

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