Document:

Exhibit 10.8

 

EXECUTION VERSION

 

ASSET PLEDGE AGREEMENT

 

This Asset Pledge Agreement
is entered into as of December 31, 2019 by and among: on one side (i) CIMA Telecom, Inc., a corporation organized under the laws
of the State of Florida (hereinafter referred to as “Pledgee”), and on the other side (ii) Cuentas Inc., a corporation
organized under the laws of the State of Florida (hereinafter referred to as “Pledgor”)

 

PREAMBLE

 

WHEREAS, the Pledgor
is the Licensee under that certain Platform License Agreement, by and among Auris, LLC and Knetik, Inc., each wholly-owned subsidiaries
of Pledgee, Pledgee and Pledgor entered into as of the date hereof (the “License”);

 

WHEREAS, the Pledgee
and the Pledgor have entered into a series of other transaction documents, including the License, that certain Voting Agreement
and Proxy between Pledgor, the Pledgee and the other parties thereto (the “Voting Agreement”), that certain Note and
Warrant Purchase Agreement by and between Pledgor and the Pledgee (the “Purchase Agreement”) and Promissory Note and
Warrant issued by the Pledgor in favor of the Pledgee, and any other transaction documents related thereto (the “Transaction
Documents”);

 

WHEREAS, Pledgor has
agreed to take certain actions in connection with and as set forth more specifically in the Transaction Documents;

 

WHEREAS it is a condition
of the License and the Note Purchase Agreement that the Pledgor unconditionally and irrevocably pledges all of its rights, title
and interest in and to the License and any rights and assets granted pursuant to the License (the “Assets”) to the
Pledgee as a guarantee for the full and punctual fulfillment of its obligations under Sections 2, 3, and 4 of the Voting Agreement,
the issuance of the securities under the Debenture and Warrant (the “Obligations”).

 

NOW, THEREFORE, in
consideration of the premises and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged,
the Pledgor and the Pledgee hereby agree as follows.

 

     

     

    

 

1. Pledge.
The Pledgor hereby pledges to the Pledgee all of its rights and interests in the Assets (the “Pledged Assets”), and
hereby grants to the Pledgee a first priority security interest in the Pledged Assets, as collateral security for the prompt and
complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of its Obligations.

 

2. Representations
and Warranties. The Pledgor represents and warrants to the Pledgee as follows:

 

2.1. The
Pledgor has lawfully entered into this Agreement and this Agreement constitutes a legal, valid and binding obligation of the Pledgor
enforceable against the relevant Pledgor in accordance with its terms, except as enforceability may be limited by applicable bankruptcy,
insolvency, moratorium or similar laws affecting the rights of creditors generally;

 

2.2. No
governmental approvals or other consents or approvals or notices of or to any person are required in connection with (i) the pledge
by the Pledgor of the Pledged Assets pursuant to this Agreement, or the execution, delivery, performance by the Pledgor of this
Agreement, (ii) the validity or enforceability of this Agreement, (iii) the perfection or the maintenance of the security interests
created hereby (including the first priority nature of such security interests), or (iv) the exercise by the Pledgee of the rights
provided for in this Agreement or the remedies in respect of the Pledged Assets pursuant to this Agreement, except to the extent
the same have been obtained and are in full force and effect .

 

2.3. No
litigation, investigation or proceeding of or before any arbitrator, court or governmental authority with respect to this Agreement,
the Pledged Assets or any of the transactions contemplated hereby is pending or, to the best of its knowledge, threatened against
or affecting the Pledgor or against or affecting any of its properties, rights, revenues or assets, in each case that could reasonably
be expected to have a material adverse effect on the rights and remedies of the Pledgee hereunder;

 

2.4. The
Assets are not subject to any transfer or sale restrictions, except as provided herein or in the License;

 

2.5. The
Pledgor is the legal owner of the Pledged Assets (as set forth in the recitals hereof), free of any and all liens or encumbrances
in favor of, or claims of, any other person, except as provided for by this Agreement or the License; and

 

    2

     

    

 

2.6. The
lien granted pursuant to this Agreement will constitute in favor of the Pledgee a legal, valid and enforceable perfected, first
priority lien on the Pledged Assets under Florida law; and, upon compliance by the Pledgor with its obligations under Section 3
hereof, the lien granted pursuant to this Agreement will constitute in favor of Pledgee a legal, valid and enforceable perfected,
first priority lien on any Assets acquired by the Pledgor after the date hereof under Florida law;

 

2.7. Neither
the Pledgor nor the Pledged Assets have any immunity from jurisdiction of any court or from off-set or any legal process (whether
through service of notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise).

 

3. Covenants.
The Pledgor covenants and agrees with the Pledgee that from and after the date of this Agreement until its Obligations are satisfied
in full:

 

3.1. Without
the prior written consent of the Pledgee, the Pledgor will not (i) create, incur or permit to exist any lien or option in favor
of, or any claim of any person with respect to, any of the Pledged Assets or any interest therein or (ii) sell, assign, transfer,
exchange, or otherwise dispose of the Pledged Assets. The Pledgor will defend the right, title and interest of the Pledgee in and
to the Pledged Assets against the claims and demands of all persons whomsoever.

 

3.2. At
any time and from time to time, upon the written request of the Pledgee and at the sole expense of the Pledgor, the Pledgor will
promptly and duly execute and deliver such further instruments and documents and take such further actions as the Pledgee may reasonably
request for the purposes of obtaining or preserving the full benefits of this Agreement and of the rights and powers herein granted.

 

3.3. The
Pledgor will pay, and save the Pledgee and its successors, assigns, employees and agents harmless from, any and all liabilities,
costs and expenses (including, without limitation, legal fees and expenses) (i) with respect to, or resulting from, any delay in
paying any and all excise, sales or other taxes which may be payable or determined to be payable with respect to any of the Pledged
Assets, (ii) with respect to or resulting from any breach by the Pledgor of its representations contained in Section 2 hereof or
its covenants contained in this Section 3 and the other provisions hereof, or (iii) in connection with the grant and perfection
of the lien contemplated by this Agreement (including, without limitation, those actions described in Section 1 hereof).

 

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4. Termination
and Release. This Agreement shall be terminated and the Pledgor shall consequently be released and discharged from the obligations
established herein upon full and punctual satisfaction of all of its Obligations. The Pledgee shall confirm to the Pledgor in writing
within 30 (thirty) days as of the settlement of the Obligations secured by the pledge hereunder that such Obligations have been
fully and punctually satisfied, after which the parties shall perform all further acts and execute all documents necessary to cancel
the pledge granted by virtue of this Agreement, including, but not limited to, entering into a Termination Asset Pledge Agreement
to evidence the termination of the pledge and release of obligations. It is hereby expressly agreed that each party shall bear
its respective expenses in connection with such termination and registration.

 

5. Events
of Default. If any of the following events (“Events of Default”) shall occur and be continuing, the Pledgee may,
at its option, by notice in writing to the Pledgor, declare all of the obligations to be immediately due together with interest
accrued thereon:

 

(a) if
the Pledgor defaults in its fulfillment of any of its Obligations;

 

(b) if
any representation or warranty made by the Pledgor herein shall be false or misleading in any material respect;

 

(c) if
the Pledgor makes an assignment of the Pledged Assets for the benefit of creditors;

 

(d) if
the Pledgor files a petition or application, or commences any proceedings, under any insolvency or readjustment of debt laws of
any jurisdiction, whether now or hereafter in effect;

 

(e) if any such
petition or application is filed, or any such proceedings are commenced, against the Pledgor, and the Pledgor by any
act indicates its approval thereof, consent there to, or acquiescence therein, or any order is entered adjudicating the
Pledgor bankrupt or insolvent, or approving the petition in any proceedings; or

 

(f) if
the Pledgor defaults on its obligations in the Voting Agreement, in the Warrant or under Article II of the Purchase Agreement.

 

    4

     

    

 

In the event that the
terms of the Pledge Agreement are enforced by the Pledgee upon an event of default pursuant to this Section 6 and the License Agreement
is terminated, Pledgee shall transfer and return to the Pledgor all shares of the Pledgor it has been issued through the conversion
of the Debenture or exercise of the Warrant. For the avoidance of doubt, in the event that the terms of this Agreement are enforced
and the License Agreement is terminated, then the Five Million Dollars ($5,000,000) of liquidated damages called for under this
Section 4.6 of the Purchase Agreement shall no longer be payable and due by the Pledgor.

 

6. Severability.
Any provision of this Agreement which is prohibited or unenforceable shall be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability shall not invalidate
or render unenforceable such provision in any other jurisdiction. Where provisions of any law or regulation resulting in such prohibition
or unenforceability may be waived they are hereby waived by the Pledgor and the Pledgee to the full extent permitted by law so
that this Agreement shall be deemed a valid, binding agreement, and the security interest created hereby shall constitute a continuing
first lien on and first perfected security interest in the Pledged Assets, in each case enforceable in accordance with its terms.

 

7. Headings.
The paragraph, section and caption headings used in this Agreement are for convenience of reference only and are not to affect
the construction hereof or be taken into consideration in the interpretation hereof.

 

8. Waivers
and Amendments; Successors and Assigns. None of the terms or provisions of this Agreement may be waived, amended, supplemented
or otherwise modified except by a written instrument executed by the parties hereto; provided, however, that any
provision of this Agreement may be waived by the Pledgee in a written letter or agreement executed by the Pledgee or by facsimile
transmission from the Pledgee. This Agreement shall be binding upon the successors and permitted assigns of the Pledgor and shall
inure to the benefit of the Pledgee and its respective successors and assigns.

 

9. Notices.
All notices, requests and demands to or upon the respective parties hereto to be effective shall be in writing (including by facsimile
transmission), and, unless otherwise expressly provided herein, shall be deemed to have been duly given or made when delivered
by hand, or five (5) Business Days after being deposited in the Brazilian mail, first class air mail postage prepaid, or, in the
case of telecopy notice, when confirmation of receipt is obtained. Each notice, demand or request shall be made to the intended
recipient at the addresses indicated in the Preamble hereto or at such other address or facsimile number from time to time designated
by such party to the other hereto for such purposes.

 

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10. Governing
Law. This Agreement shall be governed by, and shall be construed and enforced in accordance with the laws of Florida, without
regard to its principles of conflicts of law.

 

IN WITNESS WHEREOF,
the undersigned have caused this Asset Pledge Agreement to be duly executed and delivered as of the date first above written, in
the presence of the two undersigned witnesses.

 

	
        CIMA TELECOM, INC.

        as Pledgee
	 	
        CUENTAS, INC.

        as Pledgor

	 	 	 
	By:	/s/ Juan M. Gomez	 	By:	/s/ Arik Maimon
	Name: 	 Juan M. Gomez	 	Name: 	 Arik Maimon
	Title: 	Chief Executive Officer	 	Title: 	Chief Executive Officer

 

 

6Exhibit 10.9

 

EXECUTION VERSION

 

CONFIDENTIAL

 

December 31, 2019

 

CIMA Telecom, Inc.

(dba CIMA Group)

1728 Coral Way, 6th
Floor

Miami, Florida 33145

 

Re: Investment in Cuentas
Inc. Purchase Agreement & Debenture

 

Ladies and Gentlemen:

 

This letter agreement
(this “Letter Agreement”) is being provided by Cuentas Inc., a Florida corporation (the “Company”
or “Cuentas”) in connection with and in consideration for the investment by CIMA Telecom, Inc., a Florida
corporation doing business as “CIMA Group” (including its successors and assigns, the “Purchaser”
or “CIMA”), in the Company pursuant to that certain Note and Warrant Purchase Agreement (the “Purchase
Agreement”), by and between the Company and CIMA, dated as of the date hereof. This Letter Agreement reflects certain
agreements between CIMA and the Company intended to be in addition to those in the Purchase Agreement and the Debenture. To the
extent of any conflict between the terms of this Letter Agreement and the Purchase Agreement, the terms set forth herein shall
govern. As used herein, an “Affiliate” of CIMA shall refer to the direct or indirect subsidiaries of
CIMA.

 

1. Supermajority
Approvals of New Board Members. The Company agrees that for as long as the Platform License Agreement, dated as of the date
hereof by and among (i) the Company, (ii) CIMA, (iii) Knetik, and (iv) Auris, as may be amended, restated, modified or supplemented
from time to time (the “License Agreement”) is in effect, the 3% Convertible Debenture issued by the
Company to the Purchaser pursuant to the Purchase Agreement (the “Debenture”) is outstanding and unpaid,
and CIMA is a shareholder of Cuentas and owns at least 5% of the Company’s Common Stock, in addition to any other vote or
approval required under Cuentas’ Amended and Restated Articles of Incorporation (the “Articles of Incorporation”),
Bylaws, or any other agreement, each as amended from time to time, Cuentas shall not, either directly, indirectly, or by amendment,
merger, consolidation, or otherwise, take any of the following actions without the approval of the directors on the Board of Directors
of the Company (the “Board”) appointed by at least three of four of (i) CIMA, (ii) Dinar Zuz, LLC (“Dinar”),
(iii) Michael De Prado, and (iv) Arik Maimon:

 

(a) make
any loan or advance outside the ordinary course of business of Cuentas to, or own any stock or other securities of, any subsidiary
or other corporation, partnership, limited liability company, or other entity unless such entity is wholly owned by Cuentas;

 

(b) make
any loan or advance outside the ordinary course of business of Cuentas to any person, including, but not limited to, any employee,
consultant, contractor, director, or shareholder of Cuentas, except loans, advances, and similar expenditures in the ordinary course
of business of Cuentas;

 

(c) guarantee
any indebtedness except for trade accounts of Cuentas or any subsidiary arising in the ordinary course of business;

 

(d) make
any investment inconsistent with any investment policy approved in advance by the Board;

 

(e) incur
any aggregate indebtedness or other liability in excess of $325,000 which is: (i) not already included in a budget approved by
the Board; and (ii) not in the ordinary course of business of Cuentas;

 

     

     

    

 

(f) hire,
engage, retain, terminate, or change the compensation or other terms of the employment or other relationship of any officer, consultant,
or contractor of Cuentas, whose compensation is greater than $120,000 per year, -including, but not limited to, any amendment to
any Employment Agreement or other written agreement between Cuentas and any director, officer, consultant, or contractor;

 

(g) change
the principal business of Cuentas, enter a new line of business, or exit any current line of business;

 

(h) sell,
assign, license, pledge, or encumber any material technology or intellectual property, excluding licenses granted in the ordinary
course of business;

 

(i) enter
into any corporate strategic relationship involving the payment, contribution, or assignment by Cuentas or to Cuentas of assets
greater than $325,000;

 

(j) enter
into any consolidation, combination, or merger of Cuentas with or into any other entity regardless of whether Cuentas is the surviving
entity;

 

(k) enter
into any recapitalization or reorganization of Cuentas;

 

(l) any
filing by Cuentas under the United States Bankruptcy Code or other insolvency law, or any admission in writing of Cuentas’
bankruptcy insolvency, or general inability to pay Cuentas’ debts, or any action that could result in the dissolution or
liquidation of Cuentas or its assets;

 

(m) adopting,
making, amending, or revoking any tax or accounting election, method, or Significant Internal Control relating to Cuentas;

 

(n) any
conversion of Cuentas into any other form of legal entity;

 

(o) any
initiation or settlement of any legal proceeding or mediation or arbitration thereof for which the amount in controversy or settlement
amount exceeds $75,000 except for the current litigations and contingencies with the following parties: (i) J.P. Cary and (ii)
the FCC; provided, however, that if either of such settlement with J.P. Cary or FCC exceeds $150,000, then the vote required by
this Section 1 shall be applicable;

 

(p) liquidate,
dissolve, or wind up the affairs of Cuentas or effect any merger or consolidation of Cuentas or any other sale, lease, transfer,
exclusive license, or other disposition of all or substantially all of the assets of Cuentas;

 

(q) purchase,
redeem, or pay any dividend on any securities issued by Cuentas;

 

(r) increase
or decrease the size of the Board of the Company (except as otherwise expressly contemplated by this Letter Agreement); and

 

(q) enter into or be
a party to any transaction with any shareholder, director, officer, employee, consultant, or contractor of Cuentas or any “associate”
(as defined in Rule 12b-2 promulgated under the Securities Exchange Act of 1934, as amended) of any such person; provided that,
if such transaction pertains to compensation, the vote called for by this Section 1 shall only be required to be obtained if the
contemplated compensation of such affiliated party is greater than $120,000 per year.

 

The Company and the parties agree that
after the completion of up-listing of the Company’s shares in the Nasdaq Capital Markets, instead of the approval of at least
three of four directors, the approval will require 60% or more of the voting shareholders provided that shareholder approval is
necessary.

 

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2. Unanimous
Approvals of New Board Members. The Company agrees that for as long as the License Agreement is in effect, the Debenture is
outstanding and unpaid, or CIMA is a shareholder of Cuentas and owns at least 5% of the Company’s Common Stock, in addition
to any other vote or approval required under Cuentas’ Articles of Incorporation, Bylaws, or any other agreement, each as
amended from time to time, Cuentas shall not, either directly, indirectly, or by amendment, merger, consolidation, or otherwise,
take any of the following actions without the unanimous approval of directors on the Board appointed by (i) CIMA, (ii) Dinar, (iii)
Michael De Prado, and (iv) Arik Maimon (together with the required approvals pursuant to Section 1 herein:

 

(a) create,
authorize the creation of, or issue any additional capital stock of Cuentas (including, but not limited to, any additional Common
Stock of the Company or any new class or series of “Blank Check” Preferred Stock of the Company) or other equity or
debt securities of Cuentas, including, but not limited to, any securities convertible into or exchangeable or exercisable for any
securities of Cuentas; excluding up to 1% of fully diluted total outstanding Common Stock shares in the aggregate over a year period
or underwritten firm commitment public offering of its securities;

 

(b) amend,
alter, or repeal any provision of the Articles of Incorporation or Bylaws of Cuentas (including any Certificate of Designations
or similar document which authorizes and creates an additional class or series of “Blank Check” Preferred Stock and
designates the rights, privileges, and preferences of such new class or series of Preferred Stock of the Company); and

 

(c) create
or hold equity securities in any subsidiary that is not a wholly-owned subsidiary, dispose of any equity securities in any subsidiary,
or cause any subsidiary to dispose of all or substantially all of such subsidiary’s assets.

 

3. Anti-dilution.
CIMA shall not have any anti-dilution rights as a shareholder of Cuentas. All anti-dilution rights currently available to any shareholder,
except for Red Diamond’s warrants, of Cuentas shall be terminated on or before the December 31, 2019 so that, immediately
after closing, no shareholder of Cuentas will have any anti-dilution rights.

 

4. Right
of First Refusal; Co-Sale Right.

 

(a) Upon
conversion of the Debenture, before CIMA sells any or all of CIMA’s Common Stock to any bona fide third party purchaser,
Cuentas shall have the primary right of first refusal to purchase the shares of Common Stock which CIMA intends to sell to the
bona fide third party purchaser on the same terms and conditions as CIMA would have sold such shares of the Company’s Common
Stock to any third party purchaser. Should Cuentas refuse or fail to elect to purchase such shares on such terms and conditions
within fifteen (15) days of being notified of CIMA’s intention to sell such shares of Common Stock to a third party purchaser,
then each of Dinar, Michael De Prado and Arik Maimon (the “Secondary ROFR Parties”) shall have a secondary
right of first refusal to purchase the shares of Common Stock which CIMA intends to sell to the bona fide third party purchaser
on the same terms and conditions. Each Secondary ROFR Party will be entitled to purchase that number of shares of the Company’s
Common Stock being sold by CIMA equal to the product obtained by multiplying (x) the number of such shares of Common Stock being
sold by CIMA by (y) a fraction, (i) the numerator of which shall be the number of shares of capital stock of Cuentas held by such
party on the date of receipt of notice of CIMA’s intention to transfer such shares of Common Stock, and (ii) the denominator
of which shall be the aggregate number of shares of capital stock of Cuentas held by all of the Secondary ROFR Parties. The Secondary
ROFR Parties have ten (10) days after being notified of Cuentas refusal or failure to exercise its right of first refusal to elect
to purchase such shares on the same terms and conditions as the proposed sale to the third party purchaser. If any of the shares
of the Company’s Common Stock contemplated to be sold by CIMA to the bona find third party purchaser remain available after
exercise of the right of first refusal by Cuientas and each of the Secondary ROFR Parties pursuant to the terms of this Section
4(a), then CIMA shall be free to sell and transfer any such remaining shares to the third party purchaser; provided, that, in the
event the terms and conditions of the sale to such third party purchaser changes such right of first refusal shall revert back
to Cuentas.

 

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(b) Before
any of Michael De Prado, Arik Maimon, or any other officer or director of Cuentas holding greater than 1% of the Company’s
Common Stock (calculated on a fully diluted basis) sells any or all of their Common Stock, CIMA shall have the right to participate
in such sale on a basis proportionate to the amount of the company’s Common Stock held by such seller and those held by CIMA.

 

(c) Notwithstanding
the foregoing or anything to the contrary herein, the provisions of this Section 4(c) shall not apply upon a transfer by CIMA to
its stockholders, members, partners, equity holders or any of its Affiliates.

 

5. Information
Rights. For as long as CIMA and/or Dinar is the holder of a Debenture or 5% or more of the Company’s Common Stock, CIMA
and/or Dinar will be granted access to Cuentas’ facilities and personnel during normal business hours and with reasonable
advance notice, and Cuentas will deliver to CIMA:

 

(a) annual,
quarterly, and monthly financial statements and other information as reasonably requested by CIMA and/or Dinar ;

 

(b) thirty
days prior to the end of each fiscal year, a comprehensive operating budget forecasting Cuentas’ revenues, expenses, and
cash position on a month-to-month basis for the upcoming fiscal year approved by the Board (which approval must include the affirmative
vote of all directors appointed by CIMA and Dinar); and

 

(ci) promptly
following the end of each fiscal quarter, an up-to-date capitalization table showing the ownership of Cuentas on a fully diluted
basis.

 

6. Cuentas
Executive Special Bonus. It is further agreed by all of the undersigned parties hereto that Arik Maimon and Michael De Prado
shall each earn an additional special bonus of $500,000 (the “Bonus”) upon a successful up-listing of
the Company’s shares on the NASDAQ Capital Markets and once the market capitalization of Cuentas (on the NASDAQ Capital Markets)
is greater than $50 million for a period of 10 trading days,. Such Bonus may be paid in the Company’s shares, cash- less
options or cash at the discretion of Mr. Maimon and MR. De Prado, as long as the cash composition election should not cause financial
burden on the Company. For the avoidance of doubt, the Bonus set for herein shall be in full replacement and shall supersede any
agreement by the Company to pay Arik Maimon and Michael De Prado any bonus or other extraordinary payment in connection with the
up-listing of the Company’s shares on the NASDAQ and the Bonus shall be the only such payment received by Arik Maimon and
Michael in connection therewith unless otherwise agreed to by the parties in writing.

 

7. Uplisting.
Cuentas shall file an application with NASDAQ to “up-list” from OTCQB to the NASDAQ Capital Market as soon as the “Market
Value of Publicly Held Shares” (as set forth in the NASDAQ Initial Listing Guide) and all other SEC criteria (SEC up-listing
requirements) of Cuentas meets or exceeds the requisite level for the NASDAQ Capital Market listing standard pursuant to which
Cuentas intends to “up-list” to the NASDAQ Capital Market; provided, however, that, in any event, such application
must be filed no later than 120 days after the date on which Cuentas qualifies under the NASDAQ Capital Market listing standard
which Cuentas intends to use, or how many days the entity organizing the up-listing states will be required, if greater than 120
days.

 

8. No
Liquidation Preference. In the event of any liquidation, dissolution, or winding up of Cuentas, the proceeds shall be paid
pro rata to holders of Common Stock and Series B Preferred Stock of the Company. There shall be no liquidation preference for holders
of Series B Preferred Stock or for CIMA, or CIMA’s successors or assigns.

 

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9. Directors’
and Officers’ Insurance. For as long as CIMA is permitted to designate one or more directors on the Board, Cuentas shall
obtain, within ninety (90) days of the date hereof, Directors & Officers liability insurance from a financially sound and reputable
carrier and in an amount and on terms and conditions satisfactory to CIMA. If Cuentas has existing Directors & Officers liability
insurance, Cuentas shall provide copies of such policy or policies to CIMA as part of CIMA’s due diligence review. Any such
Directors & Officers liability insurance policy shall not be cancellable by Cuentas without the prior approval by the Board
(including the CIMA Designee). Cuentas shall enter into a customary Indemnification Agreement with each director appointed by CIMA
in a form acceptable to CIMA. If Cuentas merges with any other entity and is not the surviving corporation, or if Cuentas transfers
all or substantially all of its assets to another entity, proper provisions shall be made so that the successor of Cuentas assumes
Cuentas’ obligations with respect to the indemnification of the members of the Board.

 

10. Reserved.

 

11. Miscellaneous

 

(a)  Governing
Law. This Letter Agreement shall be governed by and construed in accordance with the laws of the State of Florida, without
giving effect to principles of conflicts of laws.

 

(b)  Amendment.
This Letter Agreement may not be amended or modified without the written consent of CIMA and the Company, nor shall any waiver
be effective against any party unless in writing and executed by such party.

 

(c)  Assignment.
This Letter Agreement may be assigned by CIMA to any of its Affiliates to which it transfers the Debenture (or any security issued
or issuable upon conversion or exchange thereof). Any other assignment by CIMA or its Affiliates shall require the prior written
consent of the Company. Any purported assignment without such consent shall be null and void. This Letter Agreement may not be
transferred or assigned by the Company without the prior written consent of CIMA. This Letter Agreement shall be binding on the
parties hereto and their respective successors and assigns.

 

(d) Severability.
If any provision of this Letter Agreement shall be declared void or unenforceable by any judicial or administrative authority,
the validity of any other provision and of the entire Letter Agreement shall not be affected thereby.

 

(e) Enforceability;
Conflicts. In all events, the terms and provisions of this Letter Agreement shall be enforceable notwithstanding any conflicting
term or provision set forth in the Note. In the event of any conflict between any term or provision of this Letter Agreement and
any term or provision set forth in the Purchase Agreement or Debenture, such term or provision of this Letter Agreement shall prevail
over such term or provision set forth in the Purchase Agreement or Debenture. Noting in this Letter Agreement shall affect any
rights that CIMA may have under the Purchase Agreement or Debenture. This Letter Agreement, the Purchase Agreement, the Debenture
and the License Agreement, together with any exhibits and schedules hereto and thereto, constitute the entire agreement among the
parties hereto relating to the subject matter thereof.

 

(f) Counterparts.
This Letter Agreement may be executed in any number of counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument. A signed copy of this Letter Agreement delivered by e-mail or
other means of electronic transmission shall be deemed to have the same legal effect as delivery of an original signed copy
of this Letter Agreement.

 

(g) Termination.
This Letter Agreement shall terminate and be of no further force or effect until such time as CIMA and/or Dinar individually
or together with any of its Affiliates no longer holds any Debenture or 5% or more of outstanding shares of capital stock,
including, for the avoidance of doubt, 5% or more of outstanding shares of Common Stock of the Company.

 

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Please confirm that
the above correctly reflects our understanding and agreement with respect to the foregoing matters by signing the enclosed copy
of this Letter Agreement and returning such copy to the Company.

 

	 	Very truly yours,
	 	 
	 	CUENTAS INC.
	 	 
	 	By:	/s/ Arik Maimon
	 	Name: 	Arik Maimon
	 	Title:	Chief Executive Officer

 

	Agreed and Accepted:	 
	 	 	 
	CIMA TELECOM, INC.	 
	 	 	 
	By:	/s/ Juan M. Gomez	 
	Name:  	Juan M. Gomez	 
	Title:	Chief Executive Officer	 
	 	 	 
	DINAR ZUZ, LLC	 
	 	 	 
	By: 	/s/ Yochanon Bruk	 
	Name: 	Yochanon Bruk	 
	Title:	Manager	 
	 	 	 
	/s/ Michael De Prado	 
	Michael De Prado	 
	 	 	 
	/s/ Arik Maimon	 
	Arik Maimon

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00303-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00303-of-00352.parquet"}]]