Document:

Exhibit 10.4

 

ASSIGNMENT
OF MEMBERSHIP INTEREST

 

FOR
VALUE RECEIVED, Ananda Gunawardena, hereby sells, assigns, transfers and conveys all of his membership interest in Classroom Salon,
LLC, a Pennsylvania limited liability company (the “Company”) to Classroom Salon Holdings LLC, a Delaware limited
liability company, and hereby appoints any manager of the Company as his true and lawful attorney-in- fact, to transfer said membership
interest on the books of the Company, with full power of substitution in the premises.

 

This
Assignment may be executed and delivered by facsimile or electronic transmission, and a facsimile or electronic version of this Agreement
or of a signature of a party will be effective as an original.

 

Effective
as of January 18, 2022

 

		
	 	/s/ Ananda Gunawardena
	 	Ananda
  GunawardenaExhibit 10.5

 

ASSIGNMENT OF MEMBERSHIP INTEREST

 

EFFECTIVE UPON AND
SUBJECT TO THE RECEIPT BY CARNEGIE MELLON UNIVERSITY OF THE SUM OF $65,740.95 WITHIN TEN DAYS OF THE EXECUTION OF THIS ASSIGNMENT,
Carnegie Mellon University, hereby sells, assigns, transfers and conveys all of its membership interest in Classroom Salon, LLC, a Pennsylvania
limited liability company (the “Company”), to Classroom Salon Holdings LLC, a Delaware limited liability company,
and hereby appoints any manager of the Company as its true and lawful attorney-in-fact, to transfer said membership interest on the books
of the Company, with full power of substitution in the premises.

 

This Assignment may be
executed and delivered by facsimile or electronic transmission, and a facsimile or electronic version of this Agreement or of a signature
of a party will be effective as an original.

 

Effective as of January 18th
, 2022

 

	 	Carnegie Mellon University
	 	 	 
	 	By	/s/ Robert
    A. Wooldridge  
	 	 	Robert A. Wooldridge, Associate Vice President,
	 	 	Technology Transfer and Enterprise CreationExhibits 10.6

 

ASSIGNMENT
OF MEMBERSHIP INTEREST

 

FOR
VALUE RECEIVED, Tommy Wang, hereby assigns, transfers and conveys all of his membership interest in Classroom Salon, LLC, a Pennsylvania
limited liability company (the “Company”), to Classroom Salon Holdings LLC, a Delaware limited liability company ,
and hereby appoints any manager of the Company as his true and lawful attorney-in-fact, to transfer said membership interest on the books
of the Company, with full power of substitution in the premises.

 

This
Assignment may be executed and delivered by facsimile or electronic transmission, and a facsimile or electronic version of this Agreement
or of a signature of a party will be effective as an original.

 

Effective
as of January 18, 2022

 

	 	/s/ Tommy
    Wang
	 	Tommy WangExhibit 10.1

 

MANAGEMENT AGREEMENT BETWEEN

 

EVOLVING SYSTEMS, INC.

 

AND CIDM II LLC

 

This management agreement, dated January 21, 2022 (the “Agreement”)
is between CIDM II LLC, a Delaware limited liability company (the “Manager”) and Evolving Systems, Inc, a Delaware corporation
(the “Company”)

 

WHEREAS, the Company’s business currently includes development
of modeling algorithms, new technology research and development, intellectual properties and acquiring fairly- to under- valued businesses
that have growth potential; and

 

WHEREAS, the Company desires to avail itself of the experience, sources
of information, advice and assistance, and certain facilities available to the Manager and to have the Manager undertake the duties and
responsibilities hereafter set forth on behalf of and subject to the supervisions of the Board of Directors of the Company (the “Board”)
in furtherance of the Company businesses; and

 

WHEREAS, the Manager is willing to accept the duties and the responsibilities
with respect to the assets of the Company as provided hereunder.

 

NOW THEREFORE, in consideration of the promises and mutual considerations
provided in the Agreement, and intending to be legally bound, the Company and the Manager agree as follows:

 

		1.	Appointment: Duties of the Manager.

		a.	Appointment. The Company hereby appoints the Manager to serve as its asset manager on the terms and conditions set forth below,
and the Manager hereby accepts such appointment.

		b.	Duties of the Manager. The Manager shall advise the Company with respect to managing and administering, from time to time,
the assets held from time to time by the Company and any assets owned by subsidiaries of the Company (such subsidiaries of the Company,
 “Subsidiaries”) (such assets of the Company and any of the Subsidiaries, collectively, the “Assets”), which Assets
shall include, but not be limited to, operating businesses, real estate (owned and financed), other operating assets, liquid equity, debt,
government and money market securities, tax assets, and such other tangible and intangible resources intended by the Company to produce
value. Subject to the limitations set forth in this Agreement, including Section 4, and the continuing and exclusive authority of
the Board over the management of the Company, the Manager shall perform the following duties:

		i.	serve as the Company’s asset manager and, when reasonably requested, provide the Board with reports in connection with the Assets
and investment policies;

 

    

     

    

 

		ii.	assist the Company in the identification of potential business or entity acquisition candidates for the Company;

		iii.	assist the Company in the performance of due diligence and underwriting duties as reasonably requested by the Board in order to permit
the Board to make reasonable business judgments as to the management, acquisition, and disposition of the Assets;

		iv.	assist the Company in connection with formulating and implementing short-term investment strategies to periodically invest capital
in liquid securities;

		v.	monitor and evaluate the performance of the Assets;

		vi.	from time to time, or at any time reasonably requested by the Board, prepare and deliver reports to the Board of its performance of
services to the Company, as applicable under this Agreement; and

		vii.	do all things reasonably necessary to assure its ability to render the services described in this Agreement.

 

		2.	Assets: Approved Allocation Plans.

		a.	Assets. Subject to the terms and conditions of this Agreement, the appointment of the Manager in Section 1(a) above
shall include (i) discretionary trading authority with respect to equity and debt securities traded on a National Exchange (as defined
below) (individually, a “Publicly Traded Security,” and collectively, the “Trading Portfolio”) and (ii) advising
the asset management committee of the Board or the Board if no such committee is formed (the “Asset Management Committee”)
regarding the asset allocation strategy to be employed by the Company with respect to the Assets, taken as a whole (i.e., the percentage
of Assets to be held in each of the Portfolios (as defined below)).

		b.	Portfolios. In addition to the Trading Portfolio, the Company may, from time to time, establish and maintain (i) one or
more accounts at various financial institutions into which cash and cash equivalents may be deposited and from which they may be withdrawn
(the “Cash Portfolio”) and (ii) one or more accounts to hold any securities (debt, equity, or hybrid) that are not Publicly
Traded Securities (individually, “Illiquid Securities,” and collectively, the “Illiquid Portfolio,” and together
with the Trading Portfolio, the Cash Portfolio, and the Subsidiaries, the “Portfolios”).

		c.	Approved Allocation Plans. The Manager’s initial allocation plan with respect to the allocation of Assets among the Portfolios
shall be delivered by the Manager to the Company not later than three (3) months of the date set forth above, which initial allocation
plan shall be in form and substance satisfactory to the Asset Management Committee (as accepted by the Asset Management Committee, the
 “Initial Approved Allocation Plan”). At least ten (10) Business Days prior to the end of each calendar quarter, the Manager
shall prepare and deliver to the Asset Management Committee for its review and approval a new allocation plan with respect to the Assets,
which shall include (i) a description of the current holdings, NAV (as defined below), and allocation of Assets in each Portfolio
and (ii) a proposal, if any, for a rebalancing of Assets in each Portfolio based on the proposed target NAV of each Portfolio (each,
an “Approved Subsequent Allocation Plan,” and together with the Initial Approved Allocation Plan, the “Approved Allocation
Plans”).

 

    

     

    

 

		d.	For purposes hereof, the “NAV” of the Assets (including any cash contributed) as of any date of determination means the
fair market value of the Assets, less any liabilities of the Company and after reduction for all paid and accrued expenses (other than
the accrued Performance Fee (if any)(as defined in Schedule A), each as calculated by the Manager as of such Business Day, provided that,
for all purposes of this Agreement, until the Company disposes of an Illiquid Security, the NAV of such Illiquid Security shall be its
cost basis, less any write-downs or write-offs, as of such date of determination. A “Business Day” shall mean any day other
than a Saturday, Sunday, or other day on which commercial banks in New York, New York, are required or authorized by law to be closed
for business.

		e.	The Manager shall manage the investment and reinvestment of the Trading Portfolio from time to time in accordance with the investment
limitations and guidelines set forth in Company’s Statement of Investment Policy, as in effect on the date hereof and as amended
by the Board from time to time (the “Investment Policy”) (a copy of which shall be provided to the Manager concurrently with
the execution of this Agreement and promptly following any amendment by the Board). Subject to the terms hereof, the Manager undertakes
to give to the Company the benefit of its best judgment, efforts, and facilities in the execution of its duties hereunder within the investment
objectives, strategies, and restrictions set forth in the Investment Policy. The Company understands and acknowledges that there is no
assurance that investment gains shall be achieved and that investment results may vary substantially over time.

		f.	For purposes hereof, “National Exchange” means any of the NASDAQ Global Select Market, the NASDAQ Global Market, the NASDAQ
Capital Market, the New York Stock Exchange, or the NYSE American, but excluding Pink Sheets. “Pink Sheets” means the daily
publication compiled by the National Quotation Bureau with bid and ask prices of over-the-counter (OTC) stocks, including the market makers
who trade them.

 

		3.	Custody and Counterparties.

		a.	Custodians. The Assets constituting the Trading Portfolio, the Illiquid Portfolio, and the Cash Portfolio shall be held in
one or more accounts established in the name of the Company from time to time with such custodians, prime brokers, clearing agents, or
other financial institutions as may be selected by the Company (the “Custodians”). The Company will notify each Custodian
of the Manager’s authority hereunder and take all steps necessary or advisable to vest in the Manager all applicable authorities
to transact in the Portfolios as contemplated hereby. The Manager shall not cause or permit such Assets to be held by any person other
than a Custodian or to be commingled with the assets of any person other than the Company.

 

    

     

    

 

		b.	Counter Party.

		i.	The Manager may select, in its discretion, any counterparties (including brokers and dealers through whom a transaction is effected
and counterparties from whom and to whom securities are bought and sold, as the case may be) to execute transactions for and with the
Company (the “Counterparties”). On or prior to the date of this Agreement, the Manager shall provide the Company with a list
of the Counterparties and shall promptly notify the Company in the event of any change or proposed change to such list. During the term
of this Agreement, the Company hereby authorizes the Counterparties to execute trades and transactions for the Company in accordance with
the Manager’s instructions; provided, however, at any time by notice to the Manager, the Company may, in its discretion, revoke
such authorization with respect to any individual Counterparty and require the Manager to remove such Counterparty from the list. For
the avoidance of doubt, following any such removal notice from the Company, any pending but unsettled trades may proceed to settlement
unaffected. In selecting a Counterparty to execute a particular transaction, the Manager shall exercise its reasonable discretion and
take into consideration the prompt execution of orders at the most favorable prices obtainable, and in doing so shall consider a number
of factors, including, without limitation, the overall direct net economic result to the Company, the financial strength and stability
of the counterparty, the efficiency with which the transaction is effected, the ability to effect the transaction at all where a large
block is involved, the availability of the counterparty to stand ready to execute possibly difficult transactions in the future, and quality
and reliability of the brokerage and research services made available to the Manager for the direct benefit of the Company. No client
commission (“soft dollar”) arrangement between the Manager and a Counterparty covering omissions generated by the Assets shall
be allowed without the prior written consent of the Company and any such arrangement must comport with the safe harbor included in Section 28(e) of
the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and Release No. 34- 23170 promulgated thereunder.
Each Counterparty, for all purposes of this Agreement, unless otherwise expressly authorized under this Agreement, has no authority to
act for or represent the Company in any way or otherwise be deemed an agent of the Company.

		ii.	Neither the Manager nor any partner, principal, employee, or other affiliate of the Manager shall directly or indirectly act (or receive
fees, commissions, compensation, or other payments for acting, either directly or indirectly, except for the Management Fees) as a broker,
dealer, underwriter, or principal with respect to any transaction relating to the Assets. The prohibitions established in the preceding
sentence shall include actions taken through any affiliate, related company, partnership, joint venture, and/or entity wherein the Manager
or such partner, principal, employee, or other affiliate has an economic interest, and such prohibitions shall be construed in such a
manner as to avoid any possibility of self-dealing or conflict of interest.

 

    

     

    

 

		4.	Authority of the Manager. Subject to the terms of this Agreement and any other investment restrictions or guidelines that may
from time to time be communicated in writing to the Manager by the Company or by the Company’s authorized agent, the Manager shall
have full discretion and authority, without obtaining the Company’s prior approval, to manage the investment and trading of the
Trading Portfolio. The authority granted under this Agreement shall remain in full force and effect until this Agreement is terminated
in accordance with Section 15, but any such revocation shall not affect any transaction consummated prior to receipt of such notice
of revocation.

 

		5.	Investment Limitations and Guidelines.

		a.	Investment Guidelines. Without the prior written consent of the Company (which may be given with respect to specific transactions
or generic classes of transactions), the Manager shall not make any investment that would result in any limitations or investment restrictions
set out in the Investment Guidelines being exceeded or breached. If any of the Investment Guidelines are exceeded or breached, the Manager
shall promptly notify the Company and shall not make any investment that is likely to result in any Investment Guidelines being further
exceeded or breached. The Manager shall consult with the Company as to the action, if any, to be taken by the Manager in light of any
written change to the Investment Guidelines. An investment’s compliance with the Investment Guidelines shall be determined on the
date of purchase only, based on the price and characteristics of the investment on the date of purchase compared to the NAV and the then-existing
portfolio of Assets in the Portfolios as of the most recent valuation date, and the Manager shall not be deemed to have breached the Investment
Guidelines or this Agreement by reason of changes in value of an investment following purchase or other events beyond the Manager’s
control.

		b.	No Cross or Principal Trades. Without the prior written consent of the Company, no Assets shall be sold or otherwise directly
or indirectly transferred to any other account managed or advised by the Manager or by any partner, principal, employee, or other affiliate
of the Manager, or to any client of the Manager or of any partner, principal, employee, or other affiliate of the Manager, and no Assets
shall be purchased or otherwise directly or indirectly acquired from, any account managed by the Manager or by any partner, principal,
employee, or other affiliate of the Manager or any client of the Manager or of any partner, principal, employee, or other affiliate of
the Manager. The prohibitions established in this paragraph shall include purchases or sales or transfers to or from any account or client
managed or advised by any affiliate, related company, partnership, joint venture, or entity wherein the Manager or any partner, principal,
employee, or other affiliate of the Manager has an economic interest.

 

    

     

    

 

		c.	Agreements. Without the prior written consent of the Company, the Manager shall not have the authority to make and execute,
in the name and on behalf of the Company, any documents, including the opening of securities accounts or derivatives accounts (including
ISDA and repurchase agreements). Furthermore, without the prior written consent of the Company, the Manager shall not have the authority
to retain any sub-advisors for the Company or invest the Assets in any collective investment vehicle, other than mutual funds. For the
avoidance of doubt, only the Company is authorized to execute any investment documents relating to the Illiquid Securities.

		d.	Proxies. The Manager shall vote all proxies in accordance with the written instructions of the Company as and when provided
to the Manager; provided, that if the Company does not provide the Manager written instructions with respect to voting, the Manager shall
vote all proxies in accordance with the best interests of the Company as determined by the Manager in its reasonable discretion. The Manager
shall provide voting recommendations when and as reasonably requested by the Company. The Manager’s proxy policy shall be provided
to the Company upon request. The Manager is authorized and directed to instruct the Custodian to (i) forward promptly to the Manager
copies of all proxies and shareholder communications relating to securities held in the Portfolios and (ii) after the date hereof,
provide one copy of all proxies and shareholder communications relating to securities held in the Portfolios to the Company and one copy
of such materials to the Manager. Notwithstanding any provision herein to the contrary, without the Company’s prior written consent,
the Manager shall not make any investment on behalf of the Company hereunder that would result in the Company (together with the Company’s
Affiliates and such other persons or parties acting as a group together with the Company or any of the Company’s Affiliates) beneficially
owning more than 4.9% of the then outstanding common stock of any entity that has a class of securities registered under Section 12
of the Securities Exchange Act or which is subject to Section 15(d) of the Securities Exchange Act. For purposes of this Section 5(d),
beneficial ownership shall be calculated in accordance with Section 13(d) of the Securities Exchange Act and the rules and
regulations promulgated thereunder.

		e.	Illiquid Investments.

 

		i.	The documentation for each Illiquid Investment shall be completed only by the Company, and the Manager shall have no authority to
bind the Company whatsoever in respect of the Illiquid Portfolio.

		ii.	Any instruments and other investment documentation evidencing any investment in Illiquid Securities shall be held by the Custodian,
with a copy provided to the Company.

 

    

     

    

 

		iii.	The Company shall have (A) sole authority to exercise all of the voting, approval, veto, and consent rights associated with the
Illiquid Security (“Voting Rights”) and to sell or otherwise dispose of any Illiquid Securities and (B) the authority
to execute and deliver, or instruct the Custodian to execute and deliver, any resolutions, consents, or other documentation reasonably
necessary to reflect the exercise of any of such Voting Rights, and, in the event of a sale or other disposition, to execute and deliver
any instruments or certificates of ownership to the purchaser thereof.

		iv.	In the event an Illiquid Security becomes a Publicly Traded Security, such investment shall be reclassified under this Agreement as
an Asset in the Trading Portfolio and no longer an Illiquid Security.

 

		6.	Fees and Expenses.

		a.	For the Manager’s services under this Agreement, the Company agrees to pay to the Manager the fees that the Portfolios shall
bear or to reimburse the Manager for the expenses (such expenses to be payable out of the Assets of the Portfolios) stated in Schedule
A. Expenses shall be due and payable from the Portfolios within thirty (30) calendar days after the Company’s receipt of the Manager’s
invoice and documentation for the relevant expenses, subject to (i) the Company’s verification thereof to its reasonable satisfaction
and (ii) the Company’s prompt receipt of documentation evidencing the expenses. In the event that the Company disputes any
expense, it shall notify the Manager, and the two parties shall work together in good faith to determine reasonable expenses mutually
acceptable to them. Notwithstanding any other provision of this Agreement, when the nature or amount of such expense is the subject of
dispute between the parties, any expense that is not disputed shall be payable by the Company in accordance with the terms set forth herein,
and the remainder, if any, shall be payable at the time that such dispute is resolved.

		b.	Except for the Illiquid Portfolio which shall be valued at cost (less write-downs and write-offs) and the Subsidiaries which shall
be marked to market based on third party valuations, the Assets shall be valued by the Manager in accordance with the valuation policies
of the Manager, which such policies shall be provided to the Company from time to time upon request.

		c.	All calculations of fees contemplated by this Agreement shall be performed by the Manager, and promptly following the end of each
quarter in the case of Management Fees (as defined in Schedule A), the Manager will deliver to the Company an invoice setting forth the
Manager’s calculation of the amount of the relevant fee showing the methods and sources for determining such valuations and calculations
and any work-sheets showing how the valuations and calculations were calculated. Fees shall be due and payable from the Portfolios within
thirty (30) calendar days after receipt of the Manager’s invoice for the relevant quarter in the case of Management Fees, subject
to (i) the Company’s verification thereof to its reasonable satisfaction and (ii) retention of reserves for contingencies
related to the Portfolios reasonably determined by the Company to be appropriate until the contingency has been resolved. In the event
that the Company or the Manager disputes any valuation or calculation, it shall notify the other party, and the two parties shall work
together (with the Custodian) in good faith to determine a valuation or fee mutually acceptable to them. Notwithstanding any other provision
of this Agreement, when the nature or amount of such fee is the subject of dispute between the parties, the lower fee calculated by either
the Company or the Manager, as applicable, shall be payable by the Company in accordance with the terms set forth in herein, and the remainder,
if any, shall be payable at the time that such dispute is resolved.

 

    

     

    

 

		7.	Allocation of Opportunities.

		a.	The Manager will act in a fair and reasonable manner in allocating investment and trading opportunities among the Company and any
other account managed by the Manager or any of its affiliates. In furtherance of the foregoing, the Manager will consider participation
by the Company in all appropriate opportunities within the purpose and scope of the Company’s objectives that are under consideration
for the accounts of other clients of the Manager or any of its affiliates, and the Manager will evaluate such factors as it considers
relevant in determining whether a particular situation or strategy is suitable and feasible for the Company.

		b.	When the Manager determines that it would be appropriate for the Company to participate in an investment opportunity, the Manager
will execute orders on a basis that is equitable. In such situations, the Manager will use reasonable efforts to place orders for the
Company and each such other managed account simultaneously and if all such orders are not filled at the same price, the Manager will cause
the Company to pay or receive a price that is no less favorable than the average of the prices at which the orders were filled for the
Company, all managed accounts and its own proprietary capital. If all such orders cannot be fully executed under prevailing market conditions,
the Manager will allocate, in an equitable manner among the Company and such other accounts, the orders that are capable of being executed.
The Manager shall not be prohibited from co-investing in any investment opportunities it presents to the Company.

 

		8.	Access to Information.

		a.	Other Information. The Manager shall furnish information as the Company may reasonably request to monitor compliance with the
requirements of this Agreement.

		b.	Records. The Manager shall retain, for a period of at least seven (7) years, copies (including electronic copies) of any
documents generated or received by the Manager in the ordinary course of business pertaining to the financial condition of the Company
or to the compensation payable to the Manager. At the request of the Company, which request shall be made at least five (5) Business
Days in advance, the Manager shall allow the Company or the Company’s independent auditors reasonable access to such documents during
customary business hours and shall permit the Company or the Company’s auditors to make copies thereof or extracts therefrom at
the expense of the Company.

 

    

     

    

 

		c.	Investment Adviser Assignment. The Manager shall not make an “assignment” of this Agreement, as such term is defined
in Section 202(a)(1) of the Advisers Act, unless such assignment is permitted under the Advisers Act and the Company has consented
thereto in accordance with Section 23.

		d.	Taxes. Upon the request of the Company, the Manager shall provide such information or documentation as is reasonably available
to the Manager and relevant to the Company’s application for a refund or an exemption of any taxes imposed by any taxing authority
with respect to income generated by the Company.

		e.	Performance. Within forty-five (45) days following the end of each quarter, the Manager will provide the Company with a written
report, substantially similar in form and substance to the investor letter the Manager currently delivers to its other advisory clients,
summarizing drivers of portfolio performance for the Company.

		f.	Due Diligence. The Manager agrees that the Company shall have the right to conduct a yearly on-site back-office review of the
Manager’s administration and operations relating to the Company and that the Manager shall cooperate with and fulfill such documentary
and other due diligence and verifications as are made by the Manager during such reviews and on an ongoing basis between such reviews.

 

		9.	Scope of Liabilities: Indemnification.

		a.	The Manager shall indemnify and hold harmless the Company and its affiliates and the respective trustees, affiliates, officers, agents,
and employees of any of them, from and against any and all losses, claims, demands, actions, or liability of any nature, including but
not limited to reasonable attorneys’ fees, expenses, and court costs, directly arising or resulting from any act or omission constituting
bad faith, fraud, willful misconduct, gross negligence, breach of this Agreement, breach of applicable fiduciary duty, or violation of
applicable Law (as defined in Section 11(b)) by any of the Manager, its affiliates, and any of their respective partners, members,
shareholders, directors, officers, employees, or agents of any of them.

		b.	The Company shall indemnify and hold harmless the Manager from all liabilities, obligations, losses, damages, suits, and expenses
which may be incurred by or asserted against the Manager resulting from the Company’s material breach of this Agreement.

		c.	The availability to a party of the indemnification provided in this Section 9 shall not preclude the exercise of any other rights,
at law or in equity, which such party may have against the other party.

 

    

     

    

 

		10.	Independent Contractor. For all purposes of this Agreement, the Manager shall be an independent contractor and not an employee
or dependent agent of the Company, nor shall anything herein be construed as making the Company a partner or co-venturer with the Manager
or any of its affiliates or other clients. Except as provided in this Agreement, the Manager shall not have any authority to bind, obligate,
or represent the Company.

 

		11.	Representations of the Manager. The Manager hereby represents and warrants to the Company as follows, which representations
and warranties shall be deemed repeated at and as of all times during the term of this Agreement including without limitation in connection
with each call for a capital contribution by the Company:

		a.	Organization and Authority. The Manager is a limited liability company duly organized, validly existing, and in good standing
under the laws of Delaware and has full power and authority to carry on its business as it has been and is conducted. The execution and
delivery of this Agreement and the consummation of the transactions contemplated hereby are within the power and authority of the Manager
and have been duly authorized by all necessary corporate and other action, and constitute legal, valid, and binding obligations enforceable
against the Manager in accordance with their respective terms.

		b.	No Breach. Neither the execution and delivery of this Agreement nor the consummation of the transactions contemplated herein
will (i) violate any agreement to which the Manager is a party or by which it is bound, or any law, statute, regulation, rule, vote,
order, injunction, or approval of any government or political subdivision or any agency, central bank or other instrumentality of either,
or any court, tribunal, arbitrator, or self-regulatory organization, in each case whether domestic, foreign, or international (any of
such being defined herein as “Law”) or (ii) any provision of the Manager’s organizational documents, or any indenture,
agreement, or instrument to which the Manager is a party or by which any of its assets or properties is bound, or conflict with, result
in a breach of or constitute (with due notice or lapse of time or both) a default under any such indenture, agreement, or instrument.

		c.	Investigations. None of the Manager or, to the Manager’s actual knowledge, any of its officers, partners, members, managers,
directors, employees, or affiliates are the subject of any formal investigation for violation of any applicable law, rule, or regulation
or subject to a prohibition or suspension of trading privileges or other determination of an arbitrator on any securities exchange, board
of trade, or other organized market, court, or other government authority applicable or binding upon any such entity or person that the
Company has not previously been made aware of.

		d.	No Violation of Law. None of the Manager, any of its principals or, to the Manager’s actual knowledge, any of its employees
is, or has ever been, (i) a party to (A) any proceeding (including an arrest, indictment, or formal investigation) brought by
a governmental agency, regulatory authority, or self-regulatory organization, or (B) any litigation or arbitration brought by any
third person, that (in the case of clause (A) or (B)) alleges the Manager or employee(s) is or was (w) acting in a manner
that constitutes fraud, gross negligence, or a breach of fiduciary duty, (x) failing to act where action would have been required
to avoid discrimination or sexual harassment under applicable law or engaging in any other disreputable conduct, or (ii) to the Manager’s
or Julian Singer’s (the “Key Person”) actual knowledge, the object of any claim alleging any of the foregoing acts set
forth in this subsection (d). fraud, gross negligence, or a breach of fiduciary duty, (y) committing a felony or material securities
or commodities regulation violation, or (z) committing employment.

 

    

     

    

 

		e.	License, Approvals, etc. The Manager has and will maintain all necessary governmental and regulatory licenses, approvals,
and exemptions to provide the services contemplated herein and such memberships in self-regulatory organizations as may be required by
applicable law. None of the Manager or any of its officers, employees, or agents has paid or agreed to pay any referral or solicitation
fees to anyone in connection with this Agreement.

		f.	Accuracy of Documents. Each representation or warranty contained in this Agreement and each certificate or document furnished
or to be furnished to the Company by or on behalf of the Manager pursuant to this Agreement is or will be, as the case may be, true, accurate,
and complete.

		g.	Capacity. The person or persons executing and delivering this Agreement on behalf of the Manager have all requisite power,
authority, and capacity to so execute and deliver them.

		h.	No Material Adverse Change. Since December 31, 2021, there has not been, occurred, or arisen any material adverse change
in the financial condition or in the business of the Manager or any event, condition, or state of facts which materially and adversely
affects, or to its knowledge threatens to materially affect, the business or financial condition of the Manager.

		i.	Compliance. The Manager is in compliance with all applicable laws, rules, and regulations, including, without limitation, the
Advisers Act, applicable state investment advisers statutes, and all other applicable laws, rules, and regulations related to investments
or which seek to prohibit or limit business activities which pose the potential for supporting or advancing terrorist related activities,
particularly business activities in sanctioned or sensitive foreign countries (as identified by the U.S. federal government, the Department
of Treasury, or the Securities and Exchange Commission).

		j.	Anti-Corruption. Each of the Manager and, to the Manager’s actual knowledge, any of its officers, partners, members,
managers, directors, employees, or affiliates of the Manager (i) has used funds for lawful purposes, (ii) has not violated applicable
anticorruption laws, including without limitation the Foreign Corrupt Practices Act (“FCPA”), the United Kingdom Bribery Act
of 2010 (“UK Bribery Act”), and the OECD Convention on Combating Bribery of Foreign Public Officials in International Business
Transactions (“OECD Convention”), (iii) has not, directly or indirectly, given or offered anything of value, including
without limitation cash, contributions, gifts, or entertainment, to foreign or domestic government officials or to any private commercial
person or entity for the purpose of gaining an improper business advantage in violation of any such applicable anticorruption laws, and
(iv) has established sufficient internal controls and procedures to ensure compliance with applicable anticorruption laws, including,
without limitation, the FCPA, the UK Bribery Act, and the OECD Convention.

 

    

     

    

 

		k.	No Litigation. No litigation, proceeding, or formal investigation of or before any court, arbitrator, or government authority,
including without limitation the Financial Conduct Authority of the United Kingdom, the Securities Commission, or any state securities
regulatory authority is, to the Manager’s actual knowledge, pending (i) asserting the invalidity or unenforceability of this
Agreement, (ii) seeking to prevent the consummation of any transactions contemplated by this Agreement, (iii) seeking any determination
or ruling that would reasonably be expected to have an adverse effect on the ability of the Manager to perform its obligations under this
Agreement, or (iv) claiming or alleging the violation of any law, rule, or regulation or the breach of applicable fiduciary duties
(a “Material Action”) by the Manager or any of its officers, partners, members, managers, directors, employees, or affiliates
and none of the Manager nor any of its officers, partners, members, managers, directors, employees, or affiliates has been convicted or
found guilty in connection with any Material Action.

 

The Manager shall promptly notify the Company if any of
the foregoing representations or warranties cease to be true.

 

		12.	Representations and Warranties of the Company. The Company hereby represents and warrants to the Manager as follows, which
representations and warranties shall be deemed repeated at and as of all times during the terms of this Agreement:

		a.	Organization and Authority. The Company is a corporation duly organized, validly existing, and in good standing under the laws
of Delaware and has full power and authority to carry on its business as it has been and is conducted. The execution and delivery of this
Agreement and the consummation of the transactions contemplated hereby are within the power and authority of the Company have been duly
authorized by all necessary corporate and other action and constitute legal, valid, and binding obligations enforceable against the Company
in accordance with their respective terms.

		b.	No Breach. Neither the execution and delivery of this Agreement nor the consummation of the transactions contemplated herein
will (i) violate any agreement to which the Company is a party or by which it is bound, Law, any provision of the Company’s
organizational documents, or any indenture, agreement or instrument to which the Company is a party or by which any of its assets or properties
is bound or (ii) conflict with, result in a breach of, or constitute (with due notice or lapse of time or both) a default under any
such indenture, agreement, or instrument.

 

    

     

    

 

		c.	Capacity. The person or persons executing and delivering this Agreement on behalf of the Company have all requisite power,
authority, and capacity to so execute and deliver them.

		d.	Compliance. Neither the Company nor any affiliate of the Company is included on either of the following lists:

		(x)	the U.S. Office of Foreign Assets Control list of foreign nations, organizations, and individuals subject to economic and trade sanctions,
based on U.S. foreign policy and national security goals (as such list is amended from time to time) (currently found at http://www.treas.gov.ofac);
or

		(y)	the list of individuals and groups with whom U.S. persons are prohibited from doing business because such persons have been identified
as terrorists or persons who support terrorism pursuant to U.S. Executive Order 13224 (as such list is amended from time to time) (currently
found at www.treas.gov/terrorism.html); and

 

the Company represents and warrants that: (i) it is
acting for its own account, risk, and beneficial interest; (ii) in its activities with the Manager, it will not employ the services
of a bank (a) with no physical presence in any country, (b) operating under a license that prohibits it from conducting a banking
business with the citizens of the licensing country or in the currency of that country, or (c) operating under a license issued by
a “Non-Cooperative Country,” as determined by the Financial Action Task Force; (iii) to the best of the Company’s
knowledge and belief, the funds the Company intends to transmit to the Portfolios are not derived from any criminal enterprise or activity;
and (iv) the Company agrees to provide the Manager with such information as it determines to be reasonably necessary and appropriate
to verify compliance with anti-money laundering, anti-terrorism, or similar regulations of any applicable jurisdiction or to respond to
requests for information concerning the Company’s identity from any governmental authority, self-regulatory organization, or financial
institution in connection with its anti-money laundering, anti-terrorism, or similar compliance procedures, and to update such information
as necessary.

 

		13.	Covenants of the Manager. The Manager covenants with the Company as follows:

		a.	Compliance with Laws. The Manager:

		i.	shall comply and cause each of its officers, partners, members, managers, directors, employees, fiduciaries, independent contractors,
representatives, agents, and affiliates to comply, with all governmental, regulatory, and exchange licenses, registrations, and approvals
required by law as may be necessary to perform its obligations under this Agreement and to perform such acts throughout the term of this
Agreement;

		ii.	shall comply with all Laws applicable to it in its performance of this Agreement, including, without limitation, the Advisers Act
and applicable state investment advisers statutes;

 

    

     

    

 

		iii.	shall ensure that it will be in compliance with all applicable United States federal anti-terrorism and anti-terrorist financing laws
and regulations related to investments, including, if applicable, the Uniting and Strengthening of America by Providing the Appropriate
Tools Required to Intercept and Obstruct Terrorist Act of 2001, as amended;

		iv.	shall, and shall cause each of its officers, partners, members, managers, directors, employees, or affiliates to, (A) use funds
for lawful purposes, (B) not violate applicable anticorruption laws, including without limitation the FCPA, the UK Bribery Act, and
the OECD Convention, (C) not, directly or indirectly, give or offer anything of value, including, but not limited to, cash, contributions,
gifts, or entertainment, to foreign or domestic government officials or to any private commercial person or entity for the purpose of
gaining an improper business advantage in violation of any such applicable anticorruption laws, and (D) establish sufficient internal
controls and procedures to ensure compliance with applicable anticorruption laws, including, but not limited to, the FCPA, the UK Bribery
Act, and the OECD Convention;

		v.	shall comply with all applicable federal laws and regulations related to investments, directly or through either a domestic or foreign
affiliate, in countries outside of the United States of America, related to laws and regulations which seek to prohibit or limit business
activities which pose the potential for supporting or advancing terrorist related activities, particularly business activities in sanctioned
or sensitive foreign countries (as identified by the U.S. federal government, the Department of Treasury, or the Securities and Exchange
Commission).

		b.	Duty of Care. The Manager acknowledges that it is a fiduciary with respect to the Company and the management of the Portfolios
under this Agreement and shall act with the care, skill, prudence, and diligence then prevailing that a prudent expert, acting in like
capacity and familiar with such matters, would use in the conduct of investing a portfolio of securities with like objectives.

		c.	Use of Name, etc. Without the prior written consent of the Company, the Manager and its affiliates shall not use the name
of the Company, or any of its affiliates, or any name derivative thereof, in any offering material, press release, brochure, notice, publication,
or marketing presentation, including any written communication made in connection with the offering of interests in any fund, account,
or other investment vehicle, except as may be required by applicable Law or a judicial order.

		d.	Examinations, etc. If the Manager is subject to any non-routine examination or inspection, excluding sweeps and other
general requests for information, which involves or relates to the investment advisory activities of any of the Manager, its affiliates,
principals, partners, or employees, by any regulatory authority, including without limitation the Securities and Exchange Commission,
to the extent not prohibited by applicable law or regulatory instruction, the Manager shall promptly notify the Company and shall provide
to the Company a description of (i) the subject matter of such examination or inspection and (ii) the key legal issues of such
examination or inspection.

 

    

     

    

 

		e.	Notice of Material Action. The Manager shall promptly notify the Company of any Material Action being instituted against it
or any of its officers, partners, members, managers, directors, employees, or affiliates, and will furnish the Company with a reasonably
detailed written explanation of such Material Action.

		f.	Filings and Registrations. The Manager shall maintain during the term of this Agreement, all filings and registrations with
governmental and regulatory authorities necessary or required in order to perform its obligation hereunder.

		g.	Required Reports. The Manager shall cause to be prepared and timely filed, with appropriate federal and state regulatory and
administrative authorities, all securities law reports required to be filed by the Company due to securities positions taken in the Portfolios
with those authorities under then current applicable laws, rules, and regulations.

		h.	Change in Management. The Manager shall promptly notify the Company of any change or proposed change in the identity of any
of the individuals principally responsible for the management of the Portfolios.

		i.	Investment Guidelines. If the Manager invests the Assets in violation of the Investment Guidelines, or the Investment Guidelines
are violated in any other way, the Manager will promptly notify the Company of such deviation or breach.

		j.	Most Favored Nation. Neither the Manager nor any of its affiliates has entered into any side letter, investment management
agreement, or similar written agreement (collectively, “Separate Agreements”) with any other investor or prospective investor
investing an amount less than or equal to the capital commitment of the Company (“Capital Commitment”) in an account managed
by the Manager (a “Manager Account”) on or prior to the date hereof, except as provided to the Company prior to the date of
this Agreement. If the Manager or any of its affiliates shall in the future enter into any Separate Agreement with a proposed or existing
investor investing in a Manager Account an amount less than or equal to the Capital Commitment, the Manager shall promptly furnish the
Company with a summary of such Separate Agreement. The Manager agrees that it shall offer all of such terms and rights in such existing
and future Separate Agreements, to the extent applicable, to the Company, and if the Company elects within sixty (60) days of receipt
of such summary of Separate Agreements to be subject to such terms and rights, the Company shall become subject to the same conditions
to obtain such applicable terms and rights as are required of such other investor. Notwithstanding any of the foregoing provisions of
this clause (j), the Company acknowledges that it shall not (i) receive any rights or benefits established in favor of another investor
by reason of the fact that such other investor is subject to any laws, rules, regulations, or policies to which the Company is not also
subject, or (ii) receive any rights or benefits established in favor of another investor based solely on the place of organization,
or headquarters of, organizational form of, or other particular restriction applicable to such other investor (unless such characteristics
apply equally to the Company). The Manager may in its sole discretion exclude any identifying information, including, without limitation,
the name and address of the other investors, from any summaries of the applicable Separate Agreements provided to the Company pursuant
to this clause (j).

 

    

     

    

 

		k.	Material Adverse Change. The Manager shall give the Company prompt (but no more than two (2) Business Days) written notice
of any adverse change in the Manager’s condition, financial, or otherwise, or in its business, or any other change which the Manager
reasonably believes is likely to have a materially adverse effect on the Manager or the Portfolios.

		l.	Bankruptcy Event. The Manager shall give the Company prompt (but no more than two (2) Business Days) written notice of
any actual Bankruptcy Event. A “Bankruptcy Event” will be deemed to occur with respect to the Manager if: (i) the Manager
or a Key Person, pursuant to or within the meaning of the applicable bankruptcy law (A) commences a voluntary case; (B) consents
to the entry of an order for relief against it in an involuntary case; (C) consents to the appointment of a custodian of it or for
all or substantially all of its property; (D) makes a general assignment for the benefit of its creditors; or (E) is insolvent;
or (ii) if a court of competent jurisdiction enters an order or decree under the applicable bankruptcy law that: (A) is for
relief against the Manager or a Key Person; (B) appoints a custodian of the Manager or a Key Person or for all or substantially all
of the property of the Manager or a Key Person; or (C) orders the liquidation of the Manager; and the order or decree remains unstayed
and in effect for thirty (30) days.

		m.	Failure of Counterparty. The Manager shall give the Company prompt (but no more than two (2) Business Days after the event)
written notice and take whatever actions as are reasonably requested by the Company if any Counterparty fails, within such reasonable
period as the Manager may decide (but in no event more than ten (10) Business Days after the required settlement date), to deliver
any security or necessary documents or, as the case may be, to pay any amount due.

		n.	Joint Defense. The Manager shall, upon written request by the Company, enter in good faith into an agreement on terms reasonably
acceptable to the Company to cooperate in the defense of, and keep confidential all materials and information related to, any dispute,
claim, lawsuit, action, or other proceeding against the Company relating to any transaction, agreement, undertaking, obligation, liability,
or other event or circumstance contemplated by, resulting from, or related to this Agreement or the transactions contemplated hereby.

 

		14.	Time Devotion.

		a.	The Key Person shall devote as much time and attention to the Portfolios as is sufficient to ensure their proper and successful operation
and performance.

 

    

     

    

 

		b.	The Manager shall notify the Company within two (2) Business Days in the event of (i) the reduction by the Key Person of
his ownership interest in the Manager from its level as of the date of this Agreement (including, without limitation, any involuntary
reductions thereof, such as those resulting from divorce or by operation of law) or (ii) the departure, death, or incapacity of the
Key Person or any other circumstances under which the Key Person is no longer devoting his full time to the Manager and as much time and
attention to the Portfolios as is sufficient to ensure their proper and successful operation and performance, or if he ceases to have
a senior management role with respect to the Manager (each such event described in clauses (i) and (ii), a “Key Person Event”).

 

		15.	Termination.

 

		a.	This Agreement shall commence as of the date first set forth above and shall continue in full force and effect until the date this
Agreement is terminated pursuant to one or more of the following provisions of this Section 15.

		b.	Immediately upon delivery of Notice that the Agreement is terminated by the Manager (“Notice of Termination”) or by the
Company for cause, subject to 2.c. below, or at least 30 days following delivery of Notice of Termination by the Company for any other
reason.

		c.	Upon the effectiveness of either party’s Notice of Termination of this Agreement (“Notice of Termination”), the
Manager shall, as and if directed by the Company, (i) solely in respect of a termination by the Company for Cause or a termination
by the Manager, immediately cease to perform any and all of its investment management duties under this Agreement (including refraining
from liquidating the Publicly Traded Securities) and (ii) use its best efforts to liquidate positions in an orderly fashion, including
by such date the Company may set forth in the Notice of Termination, if the Agreement was terminated by the Company for Cause or by the
Manager (the relevant completion date described in clauses (i) and (ii), the “Cessation of Services Date”).

		d.	Upon termination of this Agreement, the Manager shall be entitled to the undisputed amount of any Management Fees accrued through
the Cessation of Services Date. Notwithstanding any provision to the contrary in this Agreement, the Manager shall be entitled to payment
without prejudice of all outstanding or accrued Management Fees in the event of any termination of this Agreement, and the payment of
such Management Fees after termination of this Agreement shall otherwise be made in accordance with Section 6, this Section 15,
and Schedule A in the same manner and based on the same calculations as would have been made in the absence of such termination; provided,
however, that if this Agreement is terminated for Cause or the Company otherwise has initiated a claim based on a breach of this Agreement,
the Company shall be entitled to withhold and offset against the fees otherwise payable hereunder the amount the Company is entitled to
recover from the Manager in accordance with this Agreement as a result of the actions constituting such Cause for termination or such
breach of this Agreement. A termination shall neither nullify obligations already incurred for performance or failure to perform as of
the date of termination nor affect any provision of this Agreement expressly intended to survive termination, including Section 9.

 

    

     

    

 

		e.	Promptly following delivery or receipt, as applicable, of a Notice of Termination, the Manager shall furnish to the Company a copy
of all relevant documentation in the Manager’s possession concerning rights, privileges, and obligations relating to any open Portfolio
positions at the time of such Notice of Termination.

		f.	Notwithstanding termination of this Agreement, (i) except as otherwise expressly provided in this Agreement, the provisions of
this Agreement shall remain in effect for as long as any positions remain in the Portfolios for disposition by the Manager and at the
Company’s request and (ii) the provisions of Sections 6, 9, 10, 13(c), 13(d), 15, 17(a), 22, 23, 25, 26, 27, 28, 30, and 31
hereof shall survive such termination and disposition of all Portfolio positions.

 

		16.	Change in Control of the Manager.

		a.	The Manager shall notify the Company of any change or proposed change in the (i) identity of any of the persons constituting
a partner or principal of the Manager, or any successor thereto (including, without limitation, the departure of any partner or principal
of the Manager or any successor thereto) or (ii) identity of any of the persons principally responsible for the management of the
Portfolios or the amount of time any such person is devoting to the management of the Portfolios promptly upon the Manager’s learning
of such change or proposed change.

		b.	The Manager shall immediately notify the Company in writing of any sale or other disposition (“Sale”) or proposed Sale
of any portion of the ownership interest in the Manager or any successor thereto to a person unaffiliated with the Manager promptly upon
the Manager’s learning of such Sale or proposed Sale.

 

		17.	Confidentiality: Information Barriers.

		a.	Except as disclosure may be required by applicable law, the Manager shall maintain the strictest confidence regarding the Portfolios
and the business affairs of the Company.

 

    

     

    

 

		b.	It is the intention of the parties that the Manager will provide discretionary investment management and non-discretionary advisory
services to the Company, upon the terms and subject to the conditions set forth in this Agreement, and that the Manager will do so without
reliance upon any information from the Company or any other affiliate of the Company as to the desirability of any investment. Specifically,
it is possible that the Company (or any of its affiliates) may from time to time obtain non-public information, including by way of example
information regarding corporate developments, earnings, or prospects regarding the issuers of certain securities or other investments
in the Manager’s universe of possible investments for the Portfolios. In order to enable the Manager to invest without restriction
as a result of the Company’s (or any of the Company’s affiliate’s) obtaining any such information, the Manager agrees
that:

		i.	neither the Manager nor any of the Manager’s employees or agents will at any time discuss with employees or agents of the Company
or any other affiliate of the Company any material non-public information in respect of the issuer of any securities which the Manager
may from time to time consider for investment or disposition on behalf of the Company at any time in accordance with advice or services
provided by the Manager pursuant to this Agreement. In the event that the Company or any other affiliate of the Company should at any
time obtain any such material non-public information directly or indirectly from the Manager, the Company will inform the Manager of such
fact, and shall not take any action in respect of any investment to which it relates without the prior consent of the Manager;

		ii.	neither the Company nor any of its employees or agents will at any time discuss with employees or agents of the Manager any material
non-public information in respect of the issuer of any securities. In the event that the Manager should at any time obtain any such material
non-public information directly or indirectly from the Company (or any of its affiliates) the Manager will inform the Company (or such
person as the Company may from time to time designate for this purpose), and shall not take any action in respect of any investment to
which it relates without the prior consent of the Company; and

		iii.	the Manager will act otherwise in accordance with such specifications as the Company may from time to time provide to the Manager
in this regard.

		c.	Notwithstanding any provision to the contrary herein, the Company shall be permitted to disclose position-level information about
the Portfolios to service providers performing risk analytics and similar services; provided, that any such service providers receiving
position-level information shall be subject to industry standard confidentiality restrictions.

 

		18.	Material Non-Public Information. The Manager acknowledges that it is aware, and agrees to advise its employees, representatives,
and advisors who are informed as to the matters that are the subject of this Agreement, that the United States securities laws prohibit
any person who has received from an issuer material, non-public information concerning the issuer or other matters which may be the subject
of this Agreement from purchasing or selling securities of such issuer or from communicating such information to any other person under
circumstances in which it is reasonably foreseeable that such person is likely to purchase or sell such securities.

 

    

     

    

 

		19.	Standstill. Except as set forth in this Agreement, the Manager further agrees that neither it nor any of its Affiliates (defined
below) nor any other person acting at its or its Affiliates’ direct or indirect instruction will, directly or indirectly, alone,
jointly, or in concert with any other person, for a period of twelve (12) months after the date of this Agreement, without the prior written
consent of the Board:

		a.	(A) make any statement or proposal, whether written or oral, to the Board or to any Company director or officer, or make any
public announcement or proposal whatsoever with respect to, or publicly support, a merger or other business combination, tender, or exchange
offer, sale, or transfer of assets or properties, recapitalization, reorganization, dividend, share repurchase, liquidation, or other
extraordinary corporate transaction with the Company or its subsidiaries or any other transaction which could result in a change of control
of the Company or (B) solicit or encourage any other person to make any such statement or proposal;

		b.	make, or in any way participate, directly or indirectly, in any “solicitation” of “proxies” (as such terms
are defined in Rule 14a-1 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) to vote or deliver
a written consent with respect to any Securities, seek to advise, encourage, or influence any person or entity with respect to the voting
of any Securities or the delivery of a written consent with respect to any Securities, initiate or propose any stockholder proposal or
induce or attempt to induce any other person to initiate any stockholder proposal, or execute any written consent, provided that this
clause (iii) shall not prohibit the execution and delivery by the Manager or any of the Manager’s representatives of a revocable
proxy or consent in response to a public proxy contest or consent solicitation made generally to all holders of Securities pursuant to,
and in accordance with, the applicable rules and regulations under the Exchange Act;

		c.	otherwise act, alone or in concert with others, to seek or propose to control or influence the management, the Board, or policies
or affairs of the Company or any of its subsidiaries;

		d.	form, join, or in any way participate in any “group” (within the meaning of Section 13(d) of the Exchange Act
and the rules and regulations promulgated thereunder) with respect to any Securities in connection with any of the foregoing;

		e.	submit a proposal (including any precatory proposal) to be considered by the stockholders of the Company, or take any action to nominate
any person for membership on the Board, or take any action to remove any director from the Board or to change the size or composition
of the Board;

		f.	take any action that could reasonably be expected to require the Company to make a public announcement regarding the possibility of
a transaction with the Manager or any of the Manager’s Affiliates or any of the other events described in this Section;

		g.	take any action challenging the validity or enforceability of this Section;

		h.	advise, assist, encourage, instruct, or direct any other person to do any of the foregoing;

		i.	make a public request to the Company or its stockholders to take any action in respect of the foregoing matters or request that the
Company amend or waive any provision of this Section 19; or

 

    

     

    

 

		j.	publicly disclose any intention, plan, or arrangement inconsistent with the foregoing.

 

Notwithstanding the foregoing, the Manager shall be permitted
to take any action expressly permitted pursuant to any definitive written agreement with the Company. As used in this Agreement, “Affiliates”
means (1) with respect to the Manager, those persons who are included in any Schedule 13D or Schedule 13G, as applicable, filed with
the SEC and from time to time with respect to the Manager’s beneficial ownership of the Company’s securities and (2) with
respect to the Manager or any other person or entity, any other person or entity that directly or indirectly controls, is controlled by,
or is under common control with, the Manager or the Company (as applicable), where “control” means (A) the possession,
directly or indirectly, of the power to vote fifty percent (50%) or more of the voting equity interests of an entity, (B) the possession,
directly or indirectly, of the power to direct or cause the direction of the management policies of a person or entity, or (C) being
a director, officer, executor, trustee, or fiduciary (or their equivalents) thereof. The Manager shall be permitted to vote any shares
it owns in any manner it deems appropriate.

 

		20.	Information.

		a.	Notwithstanding any other provision in this Agreement, except as may be required by law or to the extent the information becomes generally
available to the public other than as a result of disclosure in breach of this Agreement, the Manager and its Affiliates, employees, agents,
and representatives (the “Manager Parties”) shall maintain the confidentiality of all confidential or proprietary information
of the Company (including the information delivered by the Company to the Manager pursuant to this Agreement) and agrees not to disclose
to any third party (other than its directors, officers, managers, employees, and advisors) any such confidential or proprietary information
without the prior consent of the Company.

		b.	The Manager acknowledges that information disclosed to it under this Agreement may be non-public or inside information and agrees
that it shall, and shall cause the other Manager Parties to, comply with the requirements of any applicable laws, rules, and regulations
in relation to any dealings by any Manager Party in the Company’s securities.

		c.	In the event that the Manager becomes aware that it or another Manager Party may reasonably expect to be required legally to publish
non-public information provided to it or them pursuant to this Agreement, the Manager shall give the Company prompt notice thereof and
shall consult with the Company, which shall engage promptly with the Manager to discuss. If, following such consultation, the Manager
determines, acting reasonably, it is required legally to publish such non-public information, the applicable Manager Party may publish
only such non-public information necessary to comply with such legal requirements and (to the extent legally permitted) shall, upon request
from the Company, delay such publication until after the Company has published such non-public information.

 

    

     

    

 

		21.	MNPI Cleansing. Any time after the expiration or termination of the Agreement, the Company hereby agrees that promptly (and,
in any event, not later than sixty (60) days) upon the reasonable request of the Manager, the Company shall issue a public press release
or file with the Securities and Exchange Commission a Current Report on Form 8-K, an Annual Report on Form 10-K (or an amendment
thereto), or a Quarterly Report on Form 10-Q (or an amendment thereto) containing any material non-public confidential information,
if any, that has been disclosed to Manager. Notwithstanding the foregoing, the Company shall not be obligated to issue any such public
press release or file with the Securities and Exchange Commission a Current Report on Form 8-K, an Annual Report on Form 10-K
(or an amendment thereto), or a Quarterly Report on Form 10-Q (or an amendment thereto), if the Board determines that doing so would
not be in the best interest of the Company.

 

		22.	Tax Giveback. If at any time during the term or following termination of this Agreement, the Company is required to make a
payment to satisfy any tax obligation incurred as a result of trading for the Portfolios, the Company may recall from the Manager (and
if so recalled, the Manager shall pay the Company) an amount equal to the excess of the total Performance Fee actually received by the
Manager over the Performance Fee that would have been received if the tax obligation had been paid during the Performance Period in which
such tax obligation first accrued.

 

		23.	Notices. All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed
effective on the date of receipt. Any communications or notices provided for in this Agreement shall be sent to the Manager, the Company,
or the Custodian, respectively, in writing to the following addresses, or to such other addresses as the parties may direct by written
notice (for the avoidance of doubt, any notices or communications delivered via email shall be considered to be “in writing”):

 

If to the Manager:

CIDM II LLC

2200 Fletcher Avenue

Suite 501

Fort Lee, NJ 07024

Attn:     Manager

Tel:        201-592-3400

 

If to the Company:

Evolving Systems, Inc.

9800 Pyramid Ct., Suite 400

Englewood, CO 80112

303-802-1000

 

    

     

    

 

If to the Custodian:

At such address as may be provided by the Company to the
Manager from time to time.

 

		24.	Assignment. This Agreement may not be assigned, nor may any obligations under this Agreement be transferred or delegated, by
either party without the prior written consent of the other, except that, without the prior written consent of the Manager, the Company
may assign all or a portion of its rights and obligations under this Agreement to any of the Company’s Affiliates.

 

		25.	Titles and Subtitles. The titles and subtitles used in this Agreement are for convenience only and are not to be considered
in construing or interpreting this Agreement.

 

		26.	Amendment: Modification and Waiver. No amendment of this Agreement will be effective unless it is in writing and signed by
the parties. No waiver of satisfaction of a condition or nonperformance of an obligation under this Agreement will be effective unless
it is in writing and signed by the party granting the waiver, and no such waiver will constitute a waiver of satisfaction of any other
condition or nonperformance of any other obligation.

 

		27.	Governing Law. The laws of the State of New Jersey, without giving effect to principles of conflict of laws, govern all matters
arising under this Agreement.

 

		28.	Consent to Jurisdiction. The parties hereto agree that any action or proceeding arising directly or indirectly in connection
with, out of, or related to or from this Agreement, any breach hereof, or any transaction covered in this Agreement shall be resolved,
whether by arbitration or otherwise, within the State of New Jersey. Accordingly, the parties consent and submit to the jurisdiction of
the federal and state courts and any applicable arbitral body located within the State of New Jersey. The parties further agree that any
such action or proceeding brought by either party exclusively in federal or state courts, or if appropriate before any applicable arbitral
body, located within the State of New Jersey.

 

		29.	Severability. If any provision of this Agreement is held to be unenforceable, then in construing this Agreement, such provision
is to be modified to the minimum extent necessary to make it enforceable (if permitted by law) or disregarded (if not). If an unenforceable
provision is modified or disregarded in accordance with this Section 29; the rest of this Agreement is to remain in effect
as written, and the unenforceable provision is to remain as written in any circumstances other than those in which the provision is held
to be unenforceable.

 

		30.	Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including PDF),
or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and
effective for all purposes.

 

    

     

    

 

		31.	Delays or Omissions. No delay or omission to exercise any right, power or remedy accruing to any party under this Agreement
upon any breach or default of any other party under this Agreement shall impair an such right, power or remedy of such non-breaching or
non-defaulting party, nor shall it be construed to be a waiver of or acquiescence to any such breach or default, or to any similar breach
or default thereafter occurring, nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default
theretofore or thereafter occurring. All remedies, whether under this Agreement or by applicable law or otherwise afforded to any party,
shall be cumulative, and not exclusive.

 

		32.	Entire Agreement. This Agreement (including any schedules and exhibits hereto) constitutes the entire agreement of the parties
relating to the subject matter of this Agreement and supersedes all other oral and written agreements thereto.

 

SIGNATURE PAGE FOLLOWS

 

    

     

    

 

The parties are signing this Agreement on the dated stated in the introductory
clause.

 

	EVOLVING SYSTEMS, INC. 	 	CIDM II LLC
	 	 	 
	 	 	 
	By: 	              	 	By:	     
	Name:   	 	Name:
	Title:    	 	Title:

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