Document:

Exhibit 4.5

 

PRE-FUNDED
WARRANT

 

TO
PURCHASE ORDINARY SHARES REPRESENTED BY AMERICAN DEPOSITARY SHARES

 

SAFE-T
GROUP LTD.

 

	Warrant
    No.: __________	Issue
    Date: __________, 2019

 

Number
of American Depositary Shares: ________________

 

THIS
PRE-FUNDED 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”) until this Warrant is exercised in full (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:

 

“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. 

 

“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).

 

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 or, if available, pursuant
to the cashless exercise procedure specified in Section 2(c) below; 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. 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.

 

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 aggregate exercise price of this Warrant, except for a nominal exercise price of $0.001 per Warrant
ADS, was pre-funded to the Company on or prior to the Initial Exercise Date and, consequently, no additional consideration (other
than the nominal exercise price of $0.001 per Warrant ADS) shall be required to be paid by the Holder to any Person to effect
any exercise of this Warrant. The Holder shall not be entitled to the return or refund of all, or any portion, of such pre-paid
aggregate exercise price under any circumstance or for any reason whatsoever, including in the event this Warrant shall not have
been exercised prior to the Termination Date. The remaining unpaid exercise price per ADS under this Warrant shall be $0.001,
subject to adjustment hereunder (the “Exercise Price”).

 

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c)
Cashless Exercise. If at any time after the Initial Exercise Date, there is no effective registration statement registering,
or no current prospectus available for, the issuance of the Warrant ADSs by the Holder, then this Warrant may also be exercised,
in whole or in part, at such time by means of a “cashless exercise” in which the Holder shall be entitled to receive
a number of Warrant ADSs equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

 

(A)
= as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice
of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both
executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours”
(as defined in Rule 600(b)(64) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the
option of the Holder, either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise
or (z) the Bid Price of the ADSs on the principal Trading Market as reported by Bloomberg L.P. as of the time of the Holder’s
execution of the applicable Notice of Exercise if such Notice of Exercise is executed during “regular trading hours”
on a Trading Day and is delivered within two (2) hours thereafter (including until two (2) hours after the close of “regular
trading hours” on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the applicable Notice
of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered
pursuant to Section 2(a) hereof after the close of “regular trading hours” on such Trading Day;

 

(B)
= the Exercise Price of this Warrant, as adjusted hereunder; and

 

(X)
= the number of Warrant ADSs that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant
if such exercise were by means of a cash exercise rather than a cashless exercise.

 

If
Warrant ADSs are issued in such a “cashless exercise”, the parties acknowledge and agree that in accordance with Section
3(a)(9) of the Securities Act, the Warrant ADSs shall take on the registered characteristics of the Warrants being exercised.  The
Company agrees not to take any position contrary to this Section 2(c).

 

“Bid
Price” means, for any date, the price determined by the first of the following clauses that applies: (a) if the ADSs
are then listed or quoted on a Trading Market, the bid price of the
ADSs for the time in question (or the nearest preceding date) on the Trading Market on which
the ADSs are then listed or quoted as reported by Bloomberg L.P. (based on a Trading
Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the
volume weighted average price of the ADSs for such date (or the nearest preceding
date) on OTCQB or OTCQX as applicable, (c) if the ADSs are not then listed or quoted for trading on OTCQB or OTCQX and if prices
for the ADSs are then reported in the “Pink Sheets” published by OTC Markets Group, Inc. (or a similar organization
or agency succeeding to its functions of reporting prices), the most recent bid price per share of the ADSs so
reported, or (d) in all other cases, the fair market value of a share of ADSs as
determined by an independent appraiser selected in good faith by the Holders of a majority in interest of the Securities then
outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

 

“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the ADSs are then listed
or quoted on a Trading Market, the daily volume weighted average price of the ADSs for such date (or the nearest preceding date)
on the Trading Market on which the ADSs are then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30
a.m. (New York City time) to 4:02 p.m. (New York City time)), (b)  if the OTCQB or OTCQX is not a Trading Market, the volume
weighted average price of the ADSs for such date (or the nearest preceding date) on the OTCQB or OTCQX as applicable, (c) if the
ADSs are not then listed or quoted for trading on the OTCQB or OTCQX and if prices for ADSs are then reported in the “Pink
Sheets” published by OTC Markets Group, Inc. (or a similar organization or agency succeeding to its functions of reporting
prices), the most recent bid price per share of the ADSs so reported, or (d) in all other cases, the fair market value of
an ADS as determined by an independent appraiser selected in good faith by the holders of a majority in interest of the Warrants
then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

 

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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 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) this Warrant is being exercised via cashless exercise, and otherwise by
physical delivery 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 4:00 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.

 

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.

 

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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. 

 

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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.

 

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).

 

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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).

  

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.

 

    7

     

    

   

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.

 

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.

 

    8

     

    

 

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 

 

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).

 

    9

     

    

 

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)
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.

 

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

  

g)
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.

 

    10

     

    

 

h)
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:
[____]

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.

 

i)
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.

 

j)
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.

 

k)
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.

  

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

 

m)
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.

 

    11

     

    

 

n)
Expense Reimbursement. The Holder shall reimburse the Company 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.

 

o)
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)

 

    12

     

    

 

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:

 

    13

     

    

 

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.

 

(2)
Payment shall take the form of (check applicable box):

 

☐ in
lawful money of the United States; or

 

☐ if
permitted the cancellation of such number of Warrant ADSs as is necessary, in accordance with the formula set forth in subsection
2(c), to exercise this Warrant with respect to the maximum number of Warrant ADSs purchasable pursuant to the cashless exercise
procedure set forth in subsection 2(c).

 

(3)
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: _____________________Exhibit 10.129

 

Certain information has been excluded from this exhibit because it (i) is not material and (ii) would be competitively harmful if publicly disclosed.

 

China Life Science Advisory Agreement

 

China Life Science Advisory Agreement (this “Agreement”) is entered into and made effective as of October 8, 2019 (the “Effective Date”), by and between Jaguar Health, Inc (“CLIENT”) and Angel Pond Capital LLC (the “SERVICE PROVIDER”).

 

Notice Addresses

 

On behalf of CLIENT:

 

Jaguar Health Inc. 
  201 Mission Street, Suite 2375 
 San Francisco, CA 94105

 

Attn: Lisa Conte

 

On behalf of SERVICE PROVIDER:

 

Angel Pond Capital

950 Third Avenue, 25th Floor

New York, NY 10022

 

Attn: Ted Wang

 

All notices must be in writing and sent to the address for the recipient set forth in this Agreement or at such other address as the recipient may specify in writing under this procedure.  All notices must be given (a) by personal delivery, with receipt acknowledged; or (b) by prepaid certified or registered mail, return receipt requested; or (c) by prepaid recognized express delivery service.  Notices will be effective upon receipt or at such later date stated in the notice.

 

WITNESSETH:

 

WHEREAS, CLIENT desires advisory and other support services from the SERVICE PROVIDER (the “Project”) in China;

 

WHEREAS, Angel Pond Capital, a US registered broker-dealer with expertise related to capital markets and life sciences in China;

 

WHEREAS, the SERVICE PROVIDER is committed to applying its expertise for the economic benefit of CLIENT.

 

NOW, THEREFORE, in consideration of the foregoing, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound, agree as follows:

 

I.       SERVICES

 

A.      Services include:

 

1.              To identify and introduce potential strategic partners in China to CLIENT

2.              To help obtain a licensing deal for CLIENT’s products in China including upfront fee, milestone payments, and royalty

3.              To identify and introduce potential strategic investors to CLIENT

4.              To help facilitate partners in China to be a part of CLIENT’s global trials

 

1

 

II.     COMPENSATION

 

A.      For the services rendered above, CLIENT shall compensate the SERVICE PROVIDER as follows:

 

1.              US$140,000 in shares of unregistered Jaguar Health, Inc. common stock for a term of four months (the “Initial Compensation”).  CLIENT shall have option to extend the term of this Agreement for two extra months (the “Extension Period”) for US$30,000 payable in shares of unregistered Jaguar Health, Inc. common stock or cash.  The number of shares for the Initial Compensation shall be calculated using the closing price as of October 7, 2019 of Jaguar Health, Inc. (to extend the agreement the Parties will agree on market pricing or cash payment).

 

2.              If a definitive commercial agreement is executed by CLIENT with an Engaged Entity prior to the expiration or termination of this Agreement (the “Definitive Commercial Agreement”), SERVICE PROVIDER will be paid compensation equal to 6% (6.5% for those Engaged Entities listed on Exhibit A) of the amounts actually received by CLIENT from such Engaged Entity in the form of upfront licensing fees and regulatory milestone payments pursuant to such Definitive Commercial Agreement.  For the purpose of clarity and to not limit items excluded from compensation, no compensation will be paid by CLIENT to SERVICE PROVIDER for items such as reimbursed expenses, in-kind services, royalty payments and any other non-cash payments or transfers. Such compensation shall be paid by CLIENT to SERVICE PROVIDER within 30 days of CLIENT receiving a cash payment from an Engaged Entity pursuant to the Definitive Commercial Agreement.  An “Engaged Entity” is an entity that does all or substantially all of its business in China and one with whom SERVICE PROVIDER has had substantial contact on CLIENT’s behalf prior to the expiration or termination of this Agreement.  For purposes of clarity and not limitation, “substantial contact” means a contact between SERVICE PROVIDER and Engaged Entity that is substantially more than merely sending outbound emails or marketing materials.  This Section II.A.2 shall survive the expiration or termination of this Agreement.

 

3.              CLIENT will pay to SERVICE PROVIDER sales milestone payments equal to US$300,000 after the first US$50,000,000 of “Net Sales” (as defined in a Definitive Commercial Agreement) has been achieved in China by an Engaged Entity, and US$300,000 after each and every additional US$50,000,000 in cumulative Net Sales in China by such Engaged Entity; provided, however, such milestone payments will be capped at 6% of the cumulative sales royalty payments received by CLIENT from such Engaged Entity.   If any currency conversion shall be required in connection with the calculation of Net Sales, such conversion shall be made using the average of the buying and selling exchange rate for conversion of the Chines Yuan and U.S. Dollars, quoted for current transactions reported in The Wall Street Journal (U.S., Eastern Edition) for the last business day of the reporting period being used to measure the cumulative Net Sales.  This Section II.A.3 shall survive the expiration or termination of this Agreement.

 

4.              If SERVICE PROVIDER is able to raise equity capital for CLIENT from an Engaged Entity prior to the expiration or termination of this Agreement, SERVICE PROVIDER will receive compensation equal to 6% of the total dollar amount raised.

 

5.              If SERVICE PROVIDER is procuring cause and is instrumental in arranging for the sale of CLIENT to an Engaged Entity prior to the expiration or termination of this Agreement the SERVICE PROVIDER will be compensated as follows:

 

i)                                         If there is a Definitive Commercial Agreement in place, CLIENT will require a non-disturbance agreement from the Engaged Entity with regard to the Definitive Commercial Agreement from the buying Engaged Entity.  This Section II.A.5(i) shall survive the expiration or termination of this Agreement; or

 

2

 

ii)                                      If there is no Definitive Commercial Agreement in place, CLIENT shall compensate SERVICE PROVIDER as follows as a percent of the New Sales Price:

 

	
Sale Price
    	
 
    	
Compensation
    
	
At least US$0 but less than US$1,000,000
    	
 
    	
8%
    
	
At least US$1,000,001 but less thanUS5,000,000
    	
 
    	
7% plus US$
    	
80,000
    
	
At least US$5,000,001 but less than US$10,000,000
    	
 
    	
6% plus US$
    	
360,000
    
	
At least US$10,000,001 but less than US$25,000,000
    	
 
    	
5% plus US$
    	
660,000
    
	
At least US$25,000,001 but less than US$50,000,000
    	
 
    	
4% plus US$
    	
1,410,000
    
	
At least US$50,000,001 but less than US$100,000,000
    	
 
    	
3% plus US$
    	
2,410,000
    
	
At least US$100,000,001 but less than US$ 250,000,000 
    	
 
    	
2% plus US$
    	
3,910,000
    
	
Above US$250,000,001
    	
 
    	
1% plus US$
    	
6,910,000
    

 

B.            All travel and meeting related expenses of the SERVICE PROVIDER while accompanying the CLIENT in China are reimbursed at cost by the CLIENT (the “Reimbursable Expenses”).  The Reimbursable Expenses are subject to audit by CLIENT.  SERVICE PROVIDER will not incur any Reimbursable Expenses in excess of US$1,000 without first obtaining CLIENT’s written approval.

 

III.   TERM OF AGREEMENT

 

The initial term of this Agreement shall be four months and shall commence on the Effective Date.  CLIENT may upon written notice to the SERVICE PROVIDER extend the term of this Agreement for an additional two months.  CLIENT may terminate this Agreement without cause upon one-month notice.  If a Definitive Commercial Agreement is executed during the eighteen month period immediately following the expiration or termination of this Agreement, the SERVICE PROVIDER shall be entitled to the same compensation at the rates set forth in Section II.A.2, II.A.3, II.A.4 and II.A.5(ii).  If a Definitive Commercial Agreement is executed after the eighteen month period immediately following the termination or expiration of this Agreement but before the three year period following the expiration or termination of this Agreement, the SERVICE PROVIDER shall be entitled to the same compensation at the rates set forth in Section II.A.2, II.A.3, II.A.4 and II.A.5(ii) multiplied by 50 percent.  Notwithstanding the foregoing, the Engaged Entities listed on Exhibit A (attached hereto and incorporated herein) shall only be subjected to the afore mentioned tail fees for the six-month period immediately following the termination or expiration of this Agreement.  CLIENT shall pay the SERVICE PROVIDER for all travel and meeting related expenses (see Section II.B) incurred up to the date of termination pursuant to this Section, and the Initial Compensation to the SERVICE PROVIDER remains intact.

 

IV.   COMPLIANCE WITH SECURITIES LAWS

 

SERVICE PROVIDER hereby acknowledges and agrees that (i) it is aware (and that its representatives are aware or, upon receipt of any Confidential Information, as defined in the MNDA, defined below, will be so advised) that CLIENT’s equity securities are publicly traded on the NASDAQ Capital Market, SERVICE PROVIDER is aware (and its representatives are aware or, upon receipt of any Confidential Information  related to CLIENT, will be so advised) of the restrictions imposed by the federal securities laws that restrict persons with material, non-public information concerning CLIENT (including matters that may be the subject of this Agreement) from purchasing or selling securities while in possession of such information, or from communicating such information to any other person except in circumstances expressly permitted under applicable securities laws and (iii) SERVICE PROVIDER and its representatives will not to use any Confidential Information in violation of applicable securities laws. SERVICE PROVIDER agrees not to deal in CLIENT’s securities (either directly or on its behalf), or encourage others to deal in CLIENT’s securities or disclose any material, non-public information until the relevant information has been made public by CLIENT or such information no longer constitutes material non-public information. This Article V shall survive the termination of this Agreement.

 

V.      OTHER TERMS

 

A.      Miscellaneous

 

This document contains the entire agreement between the Parties with respect to the subject matter.  Any failure to enforce any provision of this Agreement shall not constitute a waiver thereof or of any other provision hereof.  This

 

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Agreement may not be amended, nor any obligation waived, except by a writing signed by both Parties hereto.  The Parties may execute this Agreement in two or more counterparts, each of which is deemed an original, but all of which together will constitute one and the same instrument.  A facsimile, PDF or any other type of copy of an executed version of this Agreement signed by a Party is binding upon the signing Party to the same extent as the original of the signed Agreement.

 

B.      Payment for Services Rendered

 

CLIENT will deliver the Initial Compensation to SERVICE PROVIDER within ten business days of the Effective Date.  SERVICE PROVIDER will invoice CLIENT once a month for Reimbursable Expenses.  Such invoice amounts are due within thirty (30) days of receipt of the invoice by CLIENT.   In the event any amount is not paid by CLIENT within forty-five (45) days after its due date, the SERVICE PROVIDER may (reserving cumulatively all other remedies and rights under this Agreement and otherwise available at law and equity) at their sole option and discretion, and without prior notice to CLIENT, terminate this Agreement and CLIENT’s access to and use of the SERVICE PROVIDER’S provided information or systems.

 

C.      Assignment

 

This Agreement may not be assigned by any Party hereto without all other Parties’ prior written consent.

 

D.      Agency

 

The Parties shall be independent contractors and are not entering into an employee/employer relationship. The SERVICE PROVIDER shall not bind or obligate CLIENT without CLIENT’s express prior written approval.

 

E.      Consulting Scope

 

CLIENT acknowledges that the SERVICE PROVIDER is performing services as a strategic advisor and is not providing legal advice to CLIENT. The SERVICE PROVIDER agrees, upon request by CLIENT, to recommend counsel and shall efficiently coordinate their work with any legal services provided by a third party.

 

F.      Compliance

 

The SERVICE PROVIDER shall comply with all applicable federal, state, and local laws.

 

G.      Limitation on Liability

 

The SERVICE PROVIDER shall fulfill their obligations to CLIENT hereunder, but the SERVICE PROVIDER shall not be liable to CLIENT under this Agreement except to the extent any losses, claims, damages or liabilities are caused by the gross negligence or willful misconduct of the SERVICE PROVIDER. No Party shall be liable to any other Party for any consequential, special, incidental, multiple, exemplary or punitive damages for performance or non-performance under this Agreement or for any actions undertaken in connection with or related to this Agreement, including, without limitation, damage claims based on causes of action for breach of contract, tort or any other theory of recovery. For the avoidance of doubt, nor shall any Party be liable to any other Party for any claim of lost profits, whether such claim of lost profits is categorized under this Agreement as indirect, direct or consequential damages or under any alternative theory of recovery. Notwithstanding the foregoing, the SERVICE PROVIDER’S aggregate liability hereunder shall not exceed the amount collected by the SERVICE PROVIDER from CLIENT for services rendered under this Agreement.

 

H.     Governing Law

 

This Agreement will be governed in all respects by the laws of the State of New York as such laws are applied to agreements between New York residents entered into and to be performed entirely within New York and without giving effect to conflict of laws principles.  Any dispute arising out of, or concerning, this Agreement shall be resolved exclusively in a federal or state court of competent jurisdiction located in the State of New York.  To the extent necessary, the Parties hereby submit to, and agree not to contest, the jurisdiction of such courts.

 

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L.      No Further Obligation

 

Nothing contained in this Agreement shall obligate the Parties to enter into any other agreement or endeavor related to the Project.

 

M.     Confidentiality

 

The Mutual Nondisclosure Agreement by and between the Parties, dated as of October 3, 2019 (the “MNDA”), is attached hereto and hereby incorporated herein.  The MDNA shall survive the termination of this Agreement.

 

N.      Representations Related to Stock Issuance

 

1.             Investment Entirely for Own Account.  This Agreement is made with the SERVICE PROVIDER in reliance upon the SERVICE PROVIDER’S representation to the CLIENT, which by the SERVICE PROVIDER’S execution of this Agreement, the SERVICE PROVIDER hereby confirms, that the shares of CLIENT’s common stock (the “Shares”) will be acquired for investment for the SERVICE PROVIDER’S own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof, and that the SERVICE PROVIDER has no present intention of selling, granting any participation in, or otherwise distributing the same. By executing this Agreement, the SERVICE PROVIDR further represents that the SERVICE PROVIDER does not presently have any contract, undertaking, agreement or arrangement with any person to sell, transfer or grant participations to such Person or to any third person, with respect to any of the Shares. The SERVICE PROVIDER has not been formed for the specific purpose of acquiring the Shares.

 

2.             Access to Information.  The SERVICE PROVIDER hereby acknowledges that it has had the opportunity to review this Agreement (including all exhibits and schedules thereto) and CLIENT’s reports, schedules, forms statements  and other documents filed by CLIENT under the Securities Act and the Securities Exchange Act of 1934, as amended (the “Exchange Act”), including pursuant to Section 13(a) or 15(d) thereof, and has been afforded (i) the opportunity to ask such questions as it has deemed necessary of, and to receive answers from, representatives of CLIENT concerning the terms and conditions of the offering of the Shares and the merits and risks of investing in the Shares; (ii) access to information about CLIENT and its financial condition, results of operations, business, properties, management and prospects sufficient to enable it to evaluate its investment; and (iii) the opportunity to obtain such additional information that CLIENT possesses or can acquire without unreasonable effort or expense that is necessary to make an informed investment decision with respect to the investment.

 

3.             Restricted Securities.  The SERVICE PROVIDER understands that the Shares have not been registered under the Securities Act. The SERVICE PROVIDER understands that, until such time as the Shares have been registered pursuant to the provisions of the Securities Act, or the Shares are eligible for resale pursuant to Rule 144 promulgated under the Securities Act without any restriction as to the number of securities as of a particular date that can then be immediately sold, the Shares are “restricted securities” under applicable U.S. federal and state securities laws and that, pursuant to these laws, the SERVICE PROVIDER must hold the Shares indefinitely unless they are registered with the Commission and qualified by state authorities, or an exemption from such registration and qualification requirements is available. The SERVICE PROVIDER acknowledges that CLIENT has no obligation to register or qualify any of the Shares except as set forth in this Agreement. The SERVICE PROVIDER further acknowledges that if an exemption from registration or qualification is available, it may be conditioned on various requirements including, but not limited to, the time and manner of sale, the holding period for the Shares, and on requirements relating to CLIENT which are outside of the SERVICE PROVIDER’S control, and which CLIET is under no obligation and may not be able to satisfy.

 

4.             No Public Market.  The SERVICE PROVIDER understands that no public market now exists for the Shares, and that CLIENT has made no assurances that a public market will ever exist for the Shares.

 

5.             Legends.  The SERVICE PROVIDER understands that, until such time as the Shares have been registered pursuant to the provisions of the Securities Act, or such securities are eligible for resale pursuant to Rule 144 promulgated under the Securities Act without any restriction as to the number of securities as

 

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of a particular date that can then be immediately sold, the Shares shall be notated with one or all of the following restrictive legends:

 

“THIS SECURITY HAS NOT BEEN REGISTERED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE LAWS.”

 

Any legend required by the securities laws of any state to the extent such laws are applicable to the Shares represented by the certificate, instrument, or book entry so legended.

 

6.             Accredited Investor.  The SERVICE PROVIDER is an accredited investor as defined in Rule 501(a) of Regulation D promulgated under the Securities Act.

 

7.             Residence.  The office or offices of the SERVICE PROVIDER in which its principal place of business is identified in the address or addresses of the SERVICE PROVIDER set forth herein.

 

8.             Bad Actor.  Neither the SERVICE PROVIDER nor any person or entity with whom the SERVICE PROVIDER will share beneficial ownership of the Securities, is subject to any of the “Bad Actor” disqualifications described in Rule 506(d)(1)(i) to (viii) under the Securities Act.

 

O.  Registration Rights

 

1.             CLIENT hereby agrees that, within thirty (30) days after the Effective Date, CLIENT will file a shelf registration statement (or such other form available to CLIENT, the “Registration Statement”) with the U.S. Securities and Exchange Commission (“Commission”) with respect to the Initial Compensation’s Registrable Securities.  The Company shall use its commercially reasonable efforts to cause the Registration Statement to be declared effective under the Securities Act as promptly as possible after the filing thereof, and shall use its commercially reasonable efforts to keep such Registration Statement continuously effective under the Securities Act during the entire Effectiveness Period (as such term is defined below along with any other terms used in this Section III.O).

 

2.             Notwithstanding anything in this Section to the contrary, CLIENT may, on no more than two occasions during any 12-month period, delay or suspend the effectiveness of the Registration Statement for up to 60 days on each occasion (a “Delay Period”) if the board of directors of CLIENT determines in good faith that (i) effectiveness of the Registration Statement must be suspended in accordance with the rules and regulations under the Securities Act or that (ii) the disclosure of material non-public information (“Pending Developments”) at such time would be detrimental to CLIENT and its subsidiaries, taken as a whole.  Notwithstanding the foregoing, CLIENT shall use its reasonable best efforts to ensure that the Registration Statement is declared effective and its permitted use is resumed following a Delay Period as promptly as practicable.

 

3.             All fees and expenses incident to the performance of or compliance with this Section by CLIENT shall be borne by CLIENT whether or not any Registrable Securities are sold pursuant to a Registration Statement.

 

4.             As used in this Section, the following terms have the respective meanings:

 

“Effectiveness Period” means, the period commencing on the Registration Statement Effective Date and ending on the earlier of (i) the time as all of the Registrable Securities covered by such Registration Statement have been sold (either pursuant to a Registration Statement or otherwise) by the Holder, or (ii) the time as all of the remaining Registrable Securities are eligible to be sold by the Holder without compliance with the volume limitations or public information requirements of Rule 144.

 

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“Holder” means the Service Provider so long as the Service Provider holds Registrable Securities.

 

“Registrable Securities” means: the shares of CLIENT’s common stock issuable under Section II.A.1. of this Agreement.

 

“Registration Statement Effective Date” means the date on which the Registration Statement is first declared effective by the Commission.

 

5.             If CLIENT fails to register the Initial Compensation’s Registerable Securities by the six (6) month anniversary of the Effective Date, the SERVICE PROVIDER will have the right to put the Initial Compensation Registrable Securities back to CLIENT in exchange for a cash value equal to the Initial Compensation’s Registerable Securities

 

[Signatures follow on next page.]

 

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IN WITNESS WHEREOF, the Parties have expressed their mutual agreement to the foregoing, evidenced by the following duly authorized signatures.

 

	
Jaguar   Health Inc
    	
Angel   Pond Capital LLC
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
By:
    	
/s/ Lisa Conte
    	
 
    	
By:
    	
/s/ Ted Wang
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Name:
    	
Lisa Conte
    	
 
    	
Name:
    	
Ted Wang
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Title:
    	
CEO
    	
 
    	
Title:
    	
Managing Partner
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Date:
    	
 
    	
 
    	
Date:
    	
 
    

 

Angel Pond Capital LLC Wire Instruction:

 

Bank:

ABA Routing #:

Account Name:

Account #:

Client Account Name:

Client Account Number:

 

Proprietary & Confidential

 

8

 

EXHIBIT A

 

[Redacted]

 

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