Document:

Exhibit 10.4

 

Enigma
MPC, Inc.

 

2016
Stock Plan

 

Adopted
on June 15, 2016

 

    

    	 

    

 

TABLE OF CONTENTS

 

		 	Page
	SECTION 1.	ESTABLISHMENT AND PURPOSE	1
	 	 	 
	SECTION 2.	ADMINISTRATION	1
	(a)	Committees of the Board of Directors	1
	(b)	Authority of the Board of Directors	1
	 	 	 
	SECTION 3.	ELIGIBILITY	1
	(a)	General Rule	1
	(b)	Ten-Percent Stockholders	1
	 	 	 
	SECTION 4.	STOCK SUBJECT TO PLAN	2
	(a)	Basic Limitation	2
	(b)	Additional Shares	2
	 	 	 
	SECTION 5.	TERMS AND CONDITIONS OF AWARDS OR SALES	2
	(a)	Stock Grant or Purchase Agreement	2
	(b)	Duration of Offers and Nontransferability of Rights	2
	(c)	Purchase Price	2
	 	 	 
	SECTION 6.	TERMS AND CONDITIONS OF OPTIONS	3
	(a)	Stock Option Agreement	3
	(b)	Number of Shares	3
	(c)	Exercise Price	3
	(d)	Exercisability	3
	(e)	Basic Term	3
	(f)	Termination of Service (Except by Death)	3
	(g)	Leaves of Absence	4
	(h)	Death of Optionee	4
	(i)	Restrictions on Transfer of Options	4
	(j)	No Rights as a Stockholder	5
	(k)	Modification, Extension and Assumption of Options	5
	(l)	Company’s Right to Cancel Certain Options	5
	 	 	 
	SECTION 7.	PAYMENT FOR SHARES	5
	(a)	General Rule	5
	(b)	Services Rendered	5
	(c)	Promissory Note	5
	(d)	Surrender of Stock	6
	(e)	Exercise/Sale	6
	(f)	Net Exercise	6
	(g)	Other Forms of Payment	6

 

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	SECTION 8.  	ADJUSTMENT OF SHARES	6
	(a)	General	6
	(b)	Corporate Transactions	7
	(c)	Reservation of Rights	8
	 	 	 
	SECTION 9.	MISCELLANEOUS PROVISIONS	8
	(a)	Securities Law Requirements	8
	(b)	No Retention Rights	8
	(c)	Treatment as Compensation	8
	(d)	Governing Law	9
	(e)	Conditions and Restrictions on Shares	9
	(f)	Tax Matters	9
	 	 	 
	SECTION 10.	DURATION AND AMENDMENTS; STOCKHOLDER APPROVAL	10
	(a)	Term of the Plan	10
	(b)	Right to Amend or Terminate the Plan	10
	(c)	Effect of Amendment or Termination	10
	(d)	Stockholder Approval	10
	 	 	 
	SECTION 11.  	DEFINITIONS	10

 

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Enigma
MPC, Inc. 2016 Stock Plan

 

SECTION
1.ESTABLISHMENT AND PURPOSE.

 

The purpose of this Plan
is to offer persons selected by the Company an opportunity to acquire a proprietary interest in the success of the Company, or
to increase such interest, by acquiring Shares of the Company’s Stock. The Plan provides both for the direct award or sale
of Shares and for the grant of Options to purchase Shares. Options granted under the Plan may be ISOs intended to qualify under
Code Section 422 or NSOs which are not intended to so qualify.

 

Capitalized terms are
defined in Section 11.

 

SECTION
2.ADMINISTRATION.

 

(a) Committees
of the Board of Directors. The Plan may be administered by one or more Committees.
Each Committee shall consist, as required by applicable law, of one or more members of the Board of Directors who have been appointed
by the Board of Directors. Each Committee shall have such authority and be responsible for such functions as the Board of Directors
has assigned to it. If no Committee has been appointed, the entire Board of Directors shall administer the Plan. Any reference
to the Board of Directors in the Plan shall be construed as a reference to the Committee (if any) to whom the Board of Directors
has assigned a particular function.

 

(b) Authority
of the Board of Directors. Subject to the provisions of the Plan, the Board of Directors shall have full authority and discretion
to take any actions it deems necessary or advisable for the administration of the Plan. Notwithstanding anything to the contrary
in the Plan, with respect to the terms and conditions of awards granted to Participants outside the United States, the Board of
Directors may vary from the provisions of the Plan to the extent it determines it necessary and appropriate to do so; provided
that it may not vary from those Plan terms requiring stockholder approval pursuant to Section 10(d) below. All decisions, interpretations
and other actions of the Board of Directors shall be final and binding on all Purchasers, all Optionees and all persons deriving
their rights from a Purchaser or Optionee.

 

SECTION
3.ELIGIBILITY.

 

(a)
General Rule. Only Employees, Outside Directors and Consultants shall be eligible for the grant of NSOs or the direct
award or sale of Shares. Only Employees shall be eligible for the grant of ISOs.

 

(b)
Ten-Percent Stockholders. A person who owns more than 10% of the total combined voting power of all classes
of outstanding stock of the Company, its Parent or any of its Subsidiaries shall not be eligible for the grant of an ISO unless
(i) the Exercise Price is at least 110% of the Fair Market Value of a Share on the Date of Grant and (ii) such ISO by
its terms is not exercisable after the expiration of five years from the Date of Grant. For purposes of this Subsection (b),
in determining stock ownership, the attribution rules of Code Section 424(d) shall be applied.

 

    

    	 

    

 

SECTION
4.STOCK SUBJECT TO PLAN.

 

(a)
Basic Limitation. Not more than 776,503 Shares may be issued under the Plan, subject to Subsection (b) below
and Section 8(a). All of these Shares may be issued upon the exercise of ISOs. The number of Shares that are subject to Options
or other rights outstanding at any time under the Plan may not exceed the number of Shares that then remain available for issuance
under the Plan. The Company, during the term of the Plan, shall at all times reserve and keep available sufficient Shares to satisfy
the requirements of the Plan. Shares offered under the Plan may be authorized but unissued Shares or treasury Shares.

 

(b)
Additional Shares. In the event that Shares previously issued under the Plan are reacquired by the Company, such
Shares shall be added to the number of Shares then available for issuance under the Plan. In the event that Shares that otherwise
would have been issuable under the Plan are withheld by the Company in payment of the Purchase Price, Exercise Price or withholding
taxes, such Shares shall remain available for issuance under the Plan. In the event that an outstanding Option or other right
for any reason expires or is canceled, the Shares allocable to the unexercised portion of such Option or other right shall be
added to the number of Shares then available for issuance under the Plan.

 

SECTION
5.TERMS AND CONDITIONS OF AWARDS OR SALES.

 

(a) Stock
Grant or Purchase Agreement. Each award of Shares under the Plan shall be evidenced by a Stock Grant Agreement between
the Grantee and the Company. Each sale of Shares under the Plan (other than upon exercise of an Option) shall be evidenced by
a Stock Purchase Agreement between the Purchaser and the Company. Such award or sale shall be subject to all applicable terms
and conditions of the Plan and may be subject to any other terms and conditions which are not inconsistent with the Plan and
which the Board of Directors deems appropriate for inclusion in a Stock Grant Agreement or Stock Purchase Agreement. The
provisions of the various Stock Grant Agreements and Stock Purchase Agreements entered into under the Plan need not be
identical.

 

(b)
Duration of Offers and Nontransferability of Rights. Any right to purchase Shares under the Plan (other than an
Option) shall automatically expire if not exercised by the Purchaser within 30 days (or such other period as may be specified
in the Award Agreement) after the grant of such right was communicated to the Purchaser by the Company. Such right is not transferable
and may be exercised only by the Purchaser to whom such right was granted.

 

(c)
Purchase Price. The Board of Directors shall determine the Purchase Price of Shares to be offered under the Plan
at its sole discretion. The Purchase Price shall be payable in a form described in Section 7.

 

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SECTION
6.TERMS AND CONDITIONS OF OPTIONS.

 

(a)
Stock Option Agreement. Each grant of an Option under the Plan shall be evidenced by a Stock Option Agreement between
the Optionee and the Company. The Option shall be subject to all applicable terms and conditions of the Plan and may be subject
to any other terms and conditions that are not inconsistent with the Plan and that the Board of Directors deems appropriate for
inclusion in a Stock Option Agreement. The provisions of the various Stock Option Agreements entered into under the Plan need
not be identical.

 

(b)
Number of Shares. Each Stock Option Agreement shall specify the number of Shares that are subject to the Option
and shall provide for the adjustment of such number in accordance with Section 8. The Stock Option Agreement shall also specify
whether the Option is an ISO or an NSO.

 

(c) Exercise
Price. Each Stock Option Agreement shall specify the Exercise Price. The Exercise Price of an Option shall not be less
than 100% of the Fair Market Value of a Share on the Date of Grant, and in the case of an ISO a higher percentage may be
required by Section 3(b). Subject to the preceding sentence, the Exercise Price shall be determined by the Board of
Directors at its sole discretion. The Exercise Price shall be payable in a form described in Section 7. This
Subsection (c) shall not apply to an Option granted pursuant to an assumption of, or substitution for, another option in
a manner that complies with Code Section 424(a) (whether or not the Option is an ISO).

 

(d)
Exercisability. Each Stock Option Agreement shall specify the date when all or any installment of the Option is
to become exercisable. No Option shall be exercisable unless the Optionee (i) has delivered an executed copy of the Stock
Option Agreement to the Company or (ii) otherwise agrees to be bound by the terms of the Stock Option Agreement. The Board
of Directors shall determine the exercisability provisions of the Stock Option Agreement at its sole discretion.

 

(e)
Basic Term. The Stock Option Agreement shall specify the term of the Option. The term shall not exceed 10 years
from the Date of Grant, and in the case of an ISO, a shorter term may be required by Section 3(b). Subject to the preceding
sentence, the Board of Directors at its sole discretion shall determine when an Option is to expire.

 

(f)
Termination of Service (Except by Death). If an Optionee’s Service terminates for any reason other than the
Optionee’s death, then the Optionee’s Options shall expire on the earliest of the following dates:

 

(i) The
expiration date determined pursuant to Subsection (e) above;

 

(ii) The
date three months after the termination of the Optionee’s Service for any reason other than Disability, or such earlier or
later date as the Board of Directors may determine (but in no event earlier than 30 days after the termination of the Optionee’s
Service); or

 

(iii) The
date six months after the termination of the Optionee’s Service by reason of Disability, or such later date as the Board
of Directors may determine.

 

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The Optionee may exercise all or part of
the Optionee’s Options at any time before the expiration of such Options under the preceding sentence, but only to the extent
that such Options had become exercisable before the Optionee’s Service terminated (or became exercisable as a result of the
termination) and the underlying Shares had vested before the Optionee’s Service terminated (or vested as a result of the
termination). The balance of such Options shall lapse when the Optionee’s Service terminates. In the event that the Optionee
dies after the termination of the Optionee’s Service but before the expiration of the Optionee’s Options, all or part
of such Options may be exercised (prior to expiration) by the executors or administrators of the Optionee’s estate or by
any person who has acquired such Options directly from the Optionee by beneficiary designation, bequest or inheritance, but only
to the extent that such Options had become exercisable before the Optionee’s Service terminated (or became exercisable as
a result of the termination) and the underlying Shares had vested before the Optionee’s Service terminated (or vested as
a result of the termination).

 

(g)
Leaves of Absence. For purposes of Subsection (f) above, Service shall be deemed to continue while the Optionee
is on a bona fide leave of absence, if such leave was approved by the Company in writing and if continued crediting of Service
for this purpose is expressly required by the terms of such leave or by applicable law (as determined by the Company).

 

(h)
Death of Optionee. If an Optionee dies while the Optionee is in Service, then the Optionee’s Options shall
expire on the earlier of the following dates:

 

(i) The
expiration date determined pursuant to Subsection (e) above; or

 

(ii) The
date 12 months after the Optionee’s death, or such earlier or later date as the Board of Directors may determine (but in
no event earlier than six months after the Optionee’s death).

 

All or part of the Optionee’s Options
may be exercised at any time before the expiration of such Options under the preceding sentence by the executors or administrators
of the Optionee’s estate or by any person who has acquired such Options directly from the Optionee by beneficiary designation,
bequest or inheritance, but only to the extent that such Options had become exercisable before the Optionee’s death (or became
exercisable as a result of the death) and the underlying Shares had vested before the Optionee’s death (or vested as a result
of the Optionee’s death). The balance of such Options shall lapse when the Optionee dies.

 

(i)
Restrictions on Transfer of Options. An Option shall be transferable by the Optionee only by (i) a beneficiary
designation, (ii) a will or (iii) the laws of descent and distribution, except as provided in the next sentence. If
the applicable Stock Option Agreement so provides, an NSO shall also be transferable by gift or domestic relations order to a
Family Member of the Optionee. An ISO may be exercised during the lifetime of the Optionee only by the Optionee or by the Optionee’s
guardian or legal representative.

 

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(j)
No Rights as a Stockholder. An Optionee, or a transferee of an Optionee, shall have no rights as a stockholder with
respect to any Shares covered by the Optionee’s Option until such person files a notice of exercise, pays the Exercise Price
and satisfies all applicable withholding taxes pursuant to the terms of such Option.

 

(k) Modification,
Extension and Assumption of Options. Within the limitations of the Plan, the Board of Directors may modify, extend or
assume outstanding Options or may accept the cancellation of outstanding Options (whether granted by the Company or another
issuer) in return for the grant of new Options or a different type of award for the same or a different number of Shares and
at the same or a different Exercise Price (if applicable). The foregoing notwithstanding, no modification of an Option shall,
without the consent of the Optionee, impair the Optionee’s rights or increase the Optionee’s obligations under
such Option.

 

(l)
Company’s Right to Cancel Certain Options. Any other provision
of the Plan or a Stock Option Agreement notwithstanding, the Company shall have the right at any time to cancel an Option that
was not granted in compliance with Rule 701 under the Securities Act. Prior to canceling such Option, the Company shall give
the Optionee not less than 30 days’ notice in writing. If the Company elects to cancel such Option, it shall deliver to
the Optionee consideration with an aggregate Fair Market Value equal to the excess of (i) the Fair Market Value of the Shares
subject to such Option as of the time of the cancellation over (ii) the Exercise Price of such Option. The consideration
may be delivered in the form of cash or cash equivalents, in the form of Shares, or a combination of both. If the consideration
would be a negative amount, such Option may be cancelled without the delivery of any consideration.

 

SECTION
7.PAYMENT FOR SHARES.

 

(a)
General Rule. The entire Purchase Price or Exercise Price of Shares issued under the Plan shall be payable in cash
or cash equivalents at the time when such Shares are purchased, except as otherwise provided in this Section 7. In addition,
the Board of Directors in its sole discretion may also permit payment through any of the methods described in (b) through (g)
below.

 

(b)
Services Rendered. Shares may be awarded under the Plan in consideration of services rendered to the Company, a
Parent or a Subsidiary prior to the award.

 

(c)
Promissory Note. All or a portion of the Purchase Price or Exercise Price (as the case may be) of Shares issued
under the Plan may be paid with a full-recourse promissory note. The Shares shall be pledged as security for payment of the principal
amount of the promissory note and interest thereon. The interest rate payable under the terms of the promissory note shall not
be less than the minimum rate (if any) required to avoid the imputation of additional interest under the Code. Subject to the
foregoing, the Board of Directors (at its sole discretion) shall specify the term, interest rate, amortization requirements (if
any) and other provisions of such note.

 

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(d) Surrender
of Stock. All or any part of the Exercise Price may be paid by surrendering, or attesting to the ownership of, Shares
that are already owned by the Optionee. Such Shares shall be surrendered to the Company in good form for transfer and shall
be valued at their Fair Market Value as of the date when the Option is exercised.

 

(e)
Exercise/Sale. If the Stock is publicly traded, all or part of the Exercise Price and any withholding taxes may
be paid by the delivery (on a form prescribed by the Company) of an irrevocable direction to a securities broker approved by the
Company to sell Shares and to deliver all or part of the sales proceeds to the Company.

 

(f)
Net Exercise.  An Option may permit exercise through a “net
exercise” arrangement pursuant to which the Company will reduce the number of Shares issued upon exercise by the largest
whole number of Shares having an aggregate Fair Market Value (determined by the Board of Directors as of the exercise date) that
does not exceed the aggregate Exercise Price or the sum of the aggregate Exercise Price plus all or a portion of the minimum amount
required to be withheld under applicable tax law (with the Company accepting from the Optionee payment of cash or cash equivalents
to satisfy any remaining balance of the aggregate Exercise Price and, if applicable, any additional withholding obligation not
satisfied through such reduction in Shares); provided that to the extent Shares subject to an Option are withheld in this manner,
the number of Shares subject to the Option following the net exercise will be reduced by the sum of the number of Shares withheld
and the number of Shares delivered to the Optionee as a result of the exercise.

 

(g)
Other Forms of Payment. To the extent that an Award Agreement so provides, the Purchase Price or Exercise Price
of Shares issued under the Plan may be paid in any other form permitted by the Delaware General Corporation Law, as amended.

 

SECTION
8.ADJUSTMENT OF SHARES.

 

(a) General.
In the event of a subdivision of the outstanding Stock, a declaration of a dividend payable in Shares, a combination or
consolidation of the outstanding Stock into a lesser number of Shares, a reclassification, or any other increase or decrease
in the number of issued shares of Stock effected without receipt of consideration by the Company, proportionate adjustments
shall automatically be made in each of (i) the number and kind of Shares available for future grants under
Section 4, (ii) the number and kind of Shares covered by each outstanding Option and any outstanding and
unexercised right to purchase Shares that has not yet expired pursuant to Section 5(b), (iii) the Exercise Price under
each outstanding Option and the Purchase Price applicable to any unexercised stock purchase right described in clause (ii)
above, and (iv) any repurchase price that applies to Shares granted under the Plan pursuant to the terms of a Company
repurchase right under the applicable Award Agreement. In the event of a declaration of an extraordinary dividend payable in
a form other than Shares in an amount that has a material effect on the Fair Market Value of the Stock, a recapitalization, a
spin-off, or a similar occurrence, the Board of Directors at its sole discretion may make appropriate adjustments in one or
more of the items listed in clauses (i) through (iv) above; provided, however, that the Board of Directors shall in any event
make such adjustments as may be required by Section 25102(o) of the California Corporations Code. No fractional Shares
shall be issued under the Plan as a result of an adjustment under this Section 8(a), although the Board of Directors in its
sole discretion may make a cash payment in lieu of fractional Shares.

 

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(b)
Corporate Transactions. In the event that the Company is a party to a merger or consolidation, or in the event of
a sale of all or substantially all of the Company’s stock or assets, all Shares acquired under the Plan and all Options
and other Plan awards outstanding on the effective date of the transaction shall be treated in the manner described in the definitive
transaction agreement (or, in the event the transaction does not entail a definitive agreement to which the Company is party,
in the manner determined by the Board of Directors in its capacity as administrator of the Plan, with such determination having
final and binding effect on all parties), which agreement or determination need not treat all Options and awards (or all portions
of an Option or an award) in an identical manner. The treatment specified in the transaction agreement or as determined by the
Board of Directors may include (without limitation) one or more of the following with respect to each outstanding Option or award:

 

(i) Continuation
of the Option or award by the Company (if the Company is the surviving corporation).

 

(ii) Assumption
of the Option by the surviving corporation or its parent in a manner that complies with Code Section 424(a) (whether or not
the Option is an ISO).

 

(iii) Substitution
by the surviving corporation or its parent of a new option for the Option in a manner that complies with Code Section 424(a)
(whether or not the Option is an ISO).

 

(iv) Cancellation
of the Option and a payment to the Optionee with respect to each Share subject to the portion of the Option that is vested as of
the transaction date equal to the excess of (A) the value, as determined by the Board of Directors in its absolute discretion,
of the property (including cash) received by the holder of a share of Stock as a result of the transaction, over (B) the per-Share
Exercise Price of the Option (such excess, the “Spread”).  Such payment shall be made in the form of cash,
cash equivalents, or securities of the surviving corporation or its parent having a value equal to the Spread.  In addition,
any escrow, holdback, earn-out or similar provisions in the transaction agreement may apply to such payment to the same extent
and in the same manner as such provisions apply to the holders of Stock. If the Spread applicable to an Option is zero or
a negative number, then the Option may be cancelled without making a payment to the Optionee.

 

(v) Cancellation
of the Option without the payment of any consideration; provided that the Optionee shall be notified of such treatment and given
an opportunity to exercise the Option (to the extent the Option is vested or becomes vested as of the effective date of the transaction)
during a period of not less than five (5) business days preceding the effective date of the transaction, unless (A) a shorter period
is required to permit a timely closing of the transaction and (B) such shorter period still offers the Optionee a reasonable opportunity
to exercise the Option. Any exercise of the Option during such period may be contingent upon the closing of the transaction.

 

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(vi) Suspension
of the Optionee’s right to exercise the Option during a limited period of time preceding the closing of the transaction if
such suspension is administratively necessary to permit the closing of the transaction.

 

(vii) Termination
of any right the Optionee has to exercise the Option prior to vesting in the Shares subject to the Option (i.e., “early exercise”),
such that following the closing of the transaction the Option may only be exercised to the extent it is vested.

 

For the avoidance of doubt, the Board of
Directors has discretion to accelerate, in whole or part, the vesting and exercisability of an Option or other Plan award in connection
with a corporate transaction covered by this Section 8(b).

 

(c)
Reservation of Rights. Except as provided in this Section 8,
a Participant shall have no rights by reason of (i) any subdivision or consolidation of shares of stock of any class, (ii) the
payment of any dividend or (iii) any other increase or decrease in the number of shares of stock of any class. Any issuance
by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, shall not affect,
and no adjustment by reason thereof shall be made with respect to, the number or Exercise Price of Shares subject to an Option.
The grant of an Option pursuant to the Plan shall not affect in any way the right or power of the Company to make adjustments,
reclassifications, reorganizations or changes of its capital or business structure, to merge or consolidate or to dissolve, liquidate,
sell or transfer all or any part of its business or assets.

 

SECTION
9.MISCELLANEOUS PROVISIONS.

 

(a)
Securities Law Requirements. Shares shall not be issued under the
Plan unless, in the opinion of counsel acceptable to the Board of Directors, the issuance and delivery of such Shares comply with
(or are exempt from) all applicable requirements of law, including (without limitation) the Securities Act, the rules and regulations
promulgated thereunder, state securities laws and regulations, and the regulations of any stock exchange or other securities market
on which the Company’s securities may then be traded. The Company shall not be liable for a failure to issue Shares as a
result of such requirements.

 

(b)
No Retention Rights. Nothing in the Plan or in any right or Option
granted under the Plan shall confer upon the Participant any right to continue in Service for any period of specific duration
or interfere with or otherwise restrict in any way the rights of the Company (or any Parent or Subsidiary employing or retaining
the Participant) or of the Participant, which rights are hereby expressly reserved by each, to terminate his or her Service at
any time and for any reason, with or without cause.

 

(c)
Treatment as Compensation. Any compensation that an individual earns
or is deemed to earn under this Plan shall not be considered a part of his or her compensation for purposes of calculating contributions,
accruals or benefits under any other plan or program that is maintained or funded by the Company, a Parent or a Subsidiary.

 

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(d)
Governing Law. The Plan and all awards, sales and grants under the Plan shall be governed by, and construed in accordance
with, the laws of the State of Delaware, as such laws are applied to contracts entered into and performed in such State.

 

(e)
Conditions and Restrictions on Shares. Shares issued under the Plan shall be subject to such forfeiture conditions,
rights of repurchase, rights of first refusal, other transfer restrictions and such other terms and conditions as the Board of
Directors may determine. Such conditions and restrictions shall be set forth in the applicable Award Agreement and shall apply
in addition to any restrictions that may apply to holders of Shares generally. In addition, Shares issued under the Plan shall
be subject to conditions and restrictions imposed either by applicable law or by Company policy, as adopted from time to time,
designed to ensure compliance with applicable law or laws with which the Company determines in its sole discretion to comply including
in order to maintain any statutory, regulatory or tax advantage.

 

(f)
Tax Matters.

 

(i) As
a condition to the award, grant, issuance, vesting, purchase, exercise or transfer of any award, or Shares issued pursuant to any
award, granted under this Plan, the Participant shall make such arrangements as the Board of Directors may require or permit for
the satisfaction of any federal, state, local or foreign withholding tax obligations that may arise in connection with such event.

 

(ii)
Unless otherwise expressly set forth in an Award Agreement, it is intended that awards granted under the Plan shall be exempt
from Code Section 409A, and any ambiguity in the terms of an Award Agreement and the Plan shall be interpreted consistently
with this intent. To the extent an award is not exempt from Code Section 409A (any such award, a “409A
Award”), any ambiguity in the terms of such award and the Plan shall be interpreted in a manner that to the maximum
extent permissible supports the award’s compliance with the requirements of that statute. Notwithstanding anything to
the contrary permitted under the Plan, in no event shall a modification of an Award not already subject to Code Section 409A
be given effect if such modification would cause the Award to become subject to Code Section 409A unless the parties
explicitly acknowledge and consent to the modification as one having that effect. A 409A Award shall be subject to such
additional rules and requirements as specified by the Board of Directors from time to time in order for it to comply with the
requirements of Code Section 409A. In this regard, if any amount under a 409A Award is payable upon a “separation from
service” to an individual who is considered a “specified employee” (as each term is defined under Code
Section 409A), then no such payment shall be made prior to the date that is the earlier of (i) six months and one day after
the Participant’s separation from service or (ii) the Participant’s death, but only to the extent such delay is
necessary to prevent such payment from being subject to Section 409A(a)(1). In addition, if a transaction subject to Section
8(b) constitutes a payment event with respect to any 409A Award, then the transaction with respect to such award must also
constitute a “change in control event” as defined in Treasury Regulation Section 1.409A-3(i)(5) to the extent
required by Code Section 409A.

 

(iii) Neither
the Company nor any member of the Board of Directors shall have any liability to a Participant in the event an award held by the
Participant fails to achieve its intended characterization under applicable tax law.

 

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SECTION
10.DURATION AND AMENDMENTS; STOCKHOLDER APPROVAL.

 

(a)
Term of the Plan. The Plan, as set forth herein, shall become effective on the date of its adoption by the Board
of Directors, subject to approval of the Company’s stockholders under Subsection (d) below. The Plan shall terminate automatically
10 years after the later of (i) the date when the Board of Directors adopted the Plan or (ii) the date when the Board
of Directors approved the most recent increase in the number of Shares reserved under Section 4 that was also approved by
the Company’s stockholders. The Plan may be terminated on any earlier date pursuant to Subsection (b) below.

 

(b)
Right to Amend or Terminate the Plan. Subject to Subsection (d) below, the Board of Directors may amend, suspend
or terminate the Plan at any time and for any reason.

 

(c)
Effect of Amendment or Termination. No Shares shall be issued or sold and no Option granted under the Plan after
the termination thereof, except upon exercise of an Option (or any other right to purchase Shares) granted under the Plan prior
to such termination. The termination of the Plan, or any amendment thereof, shall not affect any Share previously issued or any
Option previously granted under the Plan.

 

(d)
Stockholder Approval. To the extent required by applicable law, the
Plan will be subject to approval of the Company’s stockholders within 12 months of its adoption date. To the extent required
by applicable law, any amendment of the Plan will be subject to the approval of the Company’s stockholders within 12 months
of the amendment date if it (i) increases the number of Shares available for issuance under the Plan (except as provided
in Section 8), or (ii) materially changes the class of persons who are eligible for the grant of ISOs. In addition,
an amendment effecting any other material change to the Plan terms will be subject to approval of the Company’s stockholder
only if required by applicable law. Stockholder approval shall not be required for any other amendment of the Plan.

 

SECTION
11.DEFINITIONS.

 

(a) “Award
Agreement” means a Stock Grant Agreement, Stock Option Agreement or Stock Purchase Agreement.

 

(b) “Board
of Directors” means the Board of Directors of the Company, as constituted from time to time.

 

    10

    	 

    

 

(c) “Code”
means the Internal Revenue Code of 1986, as amended.

 

(d) “Committee”
means a committee of the Board of Directors, as described in Section 2(a).

 

(e) “Company”
means Enigma MPC, Inc., a Delaware corporation.

 

(f) “Consultant”
means a person, excluding Employees and Outside Directors, who performs bona fide services for the Company, a Parent or a Subsidiary
as a consultant or advisor and who qualifies as a consultant or advisor under Rule 701(c)(1) of the Securities Act or under Instruction
A.1.(a)(1) of Form S-8 under the Securities Act.

 

(g) “Date
of Grant” means the date of grant specified in the applicable Stock Option Agreement, which date shall be the later of
(i) the date on which the Board of Directors resolved to grant the Option or (ii) the first day of the Optionee’s
Service.

 

(h) “Disability”
means that the Optionee is unable to engage in any substantial gainful activity by reason of any medically determinable physical
or mental impairment.

 

(i) “Employee”
means any individual who is a common-law employee of the Company, a Parent or a Subsidiary.

 

(j) “Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

(k) “Exercise
Price” means the amount for which one Share may be purchased upon exercise of an Option, as specified by the Board of
Directors in the applicable Stock Option Agreement.

 

(l) “Fair
Market Value” means the fair market value of a Share, as determined by the Board of Directors in good faith. Such determination
shall be conclusive and binding on all persons.

 

(m) “Family
Member” means (i) any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling,
niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law, including adoptive relationships,
(ii) any person sharing the Optionee’s household (other than a tenant or employee), (iii) a trust in which persons
described in Clause (i) or (ii) have more than 50% of the beneficial interest, (iv) a foundation in which persons
described in Clause (i) or (ii) or the Optionee control the management of assets and (v) any other entity in which
persons described in Clause (i) or (ii) or the Optionee own more than 50% of the voting interests.

 

(n) “Grantee”
means a person to whom the Board of Directors has awarded Shares under the Plan.

 

(o) “ISO”
means an Option that qualifies as an incentive stock option as described in Code Section 422(b). Notwithstanding its designation
as an ISO, an Option that does not qualify as an ISO under applicable law shall be treated for all purposes as an NSO.

 

    11

    	 

    

 

(p) “NSO”
means an Option that does not qualify as an incentive stock option as described in Code Section 422(b) or 423(b).

 

(q) “Option”
means an ISO or NSO granted under the Plan and entitling the holder to purchase Shares.

 

(r) “Optionee”
means a person who holds an Option.

 

(s) “Outside
Director” means a member of the Board of Directors who is not an Employee.

 

(t) “Parent”
means any corporation (other than the Company) in an unbroken chain of corporations ending with the Company, if each of the corporations
other than the Company owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the
other corporations in such chain. A corporation that attains the status of a Parent on a date after the adoption of the Plan shall
be considered a Parent commencing as of such date.

 

(u) “Participant”
means a Grantee, Optionee or Purchaser.

 

(v) “Plan”
means this Enigma MPC, Inc. 2016 Stock Plan.

 

(w) “Purchase
Price” means the consideration for which one Share may be acquired under the Plan (other than upon exercise of an Option),
as specified by the Board of Directors.

 

(x) “Purchaser”
means a person to whom the Board of Directors has offered the right to purchase Shares under the Plan (other than upon exercise
of an Option).

 

(y) “Securities
Act” means the Securities Act of 1933, as amended.

 

(z) “Service”
means service as an Employee, Outside Director or Consultant.

 

(aa)“Share”
means one share of Stock, as adjusted in accordance with Section 8 (if applicable).

 

(bb)“Stock”
means the Common Stock of the Company.

 

(cc)“Stock
Grant Agreement” means the agreement between the Company and a Grantee who is awarded Shares under the Plan that contains
the terms, conditions and restrictions pertaining to the award of such Shares.

 

(dd)“Stock
Option Agreement” means the agreement between the Company and an Optionee that contains the terms, conditions and restrictions
pertaining to the Optionee’s Option. 

 

(ee)“Stock
Purchase Agreement” means the agreement between the Company and a Purchaser who purchases Shares under the Plan that
contains the terms, conditions and restrictions pertaining to the purchase of such Shares.

 

(ff)“Subsidiary”
means any corporation (other than the Company) in an unbroken chain of corporations beginning with the Company, if each of the
corporations other than the last corporation in the unbroken chain owns stock possessing 50% or more of the total combined voting
power of all classes of stock in one of the other corporations in such chain. A corporation that attains the status of a Subsidiary
on a date after the adoption of the Plan shall be considered a Subsidiary commencing as of such date.

 

    12

    	 

    

 

Exhibit A

 

Schedule
of Shares Reserved for Issuance under the Plan

 

	

        Date
of Board

Approval

	 	
        Date
        of Stockholder

Approval
	 	
        Number
        of

Shares Added
	 	
        Cumulative
        Number

of Shares

	 	 	 	 	 	 	 
	June 15, 2016	 	June 15, 2016	 	Not Applicable	 	776,503

 

 

A-1Exhibit 10.5

 

NRE FUNDING AGREEMENT

 

This NRE
Funding Agreement (the “Agreement”) is made on September 1st, 2020 and effective as of January 1st,
2020 (“Effective Date”), by and between and Gamma Research and Development LTD., a company incorporated
under the laws of the State of Israel, with its principal offices at 94 Yigal Alon St. Tel Aviv (hereinafter: “GAMMA”)
and Enigma MPC Inc., registered under the laws of the State of Delaware USA (hereinafter: “Funding
Partner”).

 

WHEREAS GAMMA is engaged in research
and development activities to develop and advance the software and technologies described in the development plan attached hereto
as Appendix 1 (such Appendix, the “Development Plan” and such research and development activities,
the “Project”);

 

WHEREAS Funding Partner desires
that GAMMA invests sufficiently in the Project, and desires to assist GAMMA with the Project by funding GAMMA’s expenses
with respect to the Project; and

 

WHEREAS Funding Partner’s
interest in entering this Agreement is to support the creation of the technology infrastructure which would assist in enabling
the continuity of Funding Partner’s digital assets and more broadly to add value to the whole blockchain industry.

 

NOW, THEREFORE, in consideration
of the mutual promises and covenants set forth herein and for other good and valuable consideration, the receipt and adequacy of
which are hereby acknowledged, and intending to be legally bound, it is therefore agreed as follows:

 

		1.	Project Assignment

 

		1.1.	Funding Partner agrees to fund GAMMA’s research and development
expenses, dedicated capital expenditures, non-recurring engineering costs, and third party costs (collectively, “Project
Expenditures”) targeted at developing the Project described in the Development Plan. GAMMA’s good faith estimate,
as of the Effective Date, of the total Project Expenditures during the period starting on January 1st, 2020, and ending
on July 31st, 2022, (the “Funding Period”) is attached hereto as Appendix 2 (such Appendix,
the “Project Expenditure Estimate”).

 

		1.2.	During the Funding Period, GAMMA will in good faith use its commercially reasonable efforts to
execute the Project in a manner that will lead to the achievement of the Development Plan under the most recent Project Expenditure
Estimate. Funding Partner acknowledges and agrees that (a) GAMMA shall have sole control of the Project, (b) GAMMA is
not committing to or guaranteeing the results of the Project or the suitability of the technologies described in the Development
Plan for Funding Partner’s purposes.

 

		1.3.	GAMMA may change the Project Expenditure Estimate at any time, in its sole discretion. GAMMA will
provide Funding Partner with an updated Project Expenditure Estimate, based on GAMMA’s then-current good faith evaluation
of the state of the Project (a) within thirty (30) days prior to the start of each calendar year during the Funding Period
and (b) promptly after GAMMA makes a significant change to the then-current Project Expenditure Estimate.

 

		2.	Project Funding

 

		2.1.	During the Funding Period, Funding Partner will pay to GAMMA a total of NIS 38,650,000 (the “Project
Funding”). Unless otherwise agreed in writing by the Parties, GAMMA shall apply the Project Funding to the Project.

 

		2.2.	Subject to the payment of the advance payment as provided
                                                                                                  herein, the parties hereby agree that the Project Funding shall be paid by Funding Partner to GAMMA in equal quarterly
                                                                                                  payments over the Funding Period (“Quarterly Payment”). Each Quarterly Payment shall be paid at the start
                                                                                                  of each calendar quarter. The Parties hereby acknowledge that on February 29, 2020, Funding Partner paid Gamma an
                                                                                                  advance payment on account of the Project Funding in the amount of NIS 9,844,373.65. Notwithstanding this section Gamma
                                                                                                  may be entitled to request advancement of payment in case of early completion of a development phase.

 

    1

     

    

 

		2.3.	Funding Partner shall pay each Quarterly Payment to GAMMA on the first day of the applicable calendar
quarter. Each Quarterly Payment shall be paid in USD based on the USD/NIS representative exchange rate as published by the Bank
of Israel on the date of payment.

 

		2.4.	The Quarterly Payments are exclusive of any applicable VAT. To the extent the Quarterly Payment
are subject to applicable VAT, then Funding Partner shall add to each Quarterly Payment the applicable VAT amount, as will be invoiced
by GAMMA.

 

		2.5.	Within thirty (30) days after the end of each calendar year during the Funding Period, GAMMA
will provide Funding Partner with high-level report specifying in reasonable detail the actual Project Expenditures during the
current calendar year.

 

		2.6.	Funding Partner acknowledges and agrees that GAMMA’s actual Project Expenditures for a given
calendar year may be less than the last Project Expenditure Estimate issued prior to such calendar year, and that such situation
shall not have any consequences, as the total Funding for the Funding Period will remain unchanged. It is agreed by the parties
that GAMMA shall have discretion to shift Project Expenditures from one calendar year to another.

 

If GAMMA, in its reasonable
discretion, decides to abandon the Project as a result of technological infeasibility or lack of sufficient industry demand to
GAMMA’s technology and cease research and development activities with respect to the technologies described in the Development
Plan, then GAMMA and Funding Partner will in good faith seek to agree to apply the remaining Project Funding to a different, mutually
agreed GAMMA development project. If the Parties so agree on a replacement project, such replacement project shall be considered
the “Project” for all purposes under this Agreement. If the Parties cannot agree on a replacement project, then GAMMA
may invoice Funding Partner for additional 2 Quarterly Payments and this Agreement shall terminate.

 

		3.	Supply of SCRT Tokens by GAMMA to Funding Partner

 

		3.1.	For the purpose of this Section “SCRT Tokens” means the tokens of GAMMA, being
the crypto-asset developed, created or minted by GAMMA.

 

		3.2.	In consideration of funding the Project Expenditures, the parties hereby acknowledge that GAMMA
has transferred to Funding Partner 10,000,000 SCRT Tokens to the token wallet of Funding Partner, details of which have been provided
by Funding Partner.

 

		3.3.	As additional consideration, during the term that commences on the date of this agreement and ends
on December 31st, 2022, Funding Partner shall be entitled to purchase from GAMMA up to 15,000,000 SCRT Tokens for a purchase price
which is equal to 80% of the Fair Market Value of the SCRT Tokens on the date of purchase (i.e. 20% discount on Fair Market Value).
For purposes of this Section “Fair Market Value” means the closing price of SCRT Tokens as published on the last
business day prior to the date of purchase on the website www.coinmarketcap.com.

 

		4.	Term and Termination

 

		4.1.	The term of this Agreement (the “Term”) shall commence on the Effective
Date and continue in full force and effect until the completion of the Development Plan (which is estimated to be on June 30st,
2022) unless earlier terminated in accordance with the terms of this Agreement.

 

    2

     

    

 

		4.2.	Funding Partner may terminate this Agreement upon ninety (90) days’ prior written notice
to GAMMA and by paying to GAMMA an amount equal to two (2) Quarterly Payments. The Parties acknowledge and agree that this Section ‎4.2
sets forth the sole and exclusive right to terminate this Agreement, and that there are no other termination rights, express or
implied, under this Agreement.

 

		4.3.	In the event of any expiration or termination of this Agreement, each Party shall promptly return
to the other Party all Confidential Information and copies thereof belonging to the other Party which are related to the Agreement
and are then in the possession, power, or control of such Party or any of its personnel; provided, that such Party shall
nevertheless be entitled to retain copies of any of the foregoing (and related documentation) in accordance with its general records
retention policy and to satisfy its obligations under applicable law or regulation.

 

		4.4.	Expiration or termination of this Agreement for any reason shall not affect any liabilities or
obligations of either Party arising before such expiration or termination or out of the events causing such termination, or any
damages or other remedies to which a Party may be entitled under this Agreement, at law or in equity, arising from any breaches
of such liabilities or obligations.

 

		4.5.	Sections 6,7,8,9, and 10 and any other rights or obligations which by their nature and content
are expressly or impliedly intended to survive, shall survive and continue following expiration or termination of this Agreement.

 

		5.	Audit

 

		5.1.	GAMMA shall maintain records in sufficient detail to permit Funding Partner to confirm the actual
Project Expenditures for each calendar quarter during the Funding Period. Upon written notice to GAMMA, Funding Partner shall have
the right, no more than one (1) time per calendar year and at its own expense, using an independent auditor selected by Funding
Partner and reasonably acceptable to GAMMA, to review such records (to the extent generated since the last audit conducted by Funding
Partner pursuant to this Section 5.1) during normal business hours, solely to verify the applicable actual Project Expenditures.
GAMMA shall reasonably cooperate with such audit, and Funding Partner shall provide GAMMA with a copy of all reports and other
findings prepared in connection with such audit.

 

		5.2.	If Funding Partner’s exercise of its rights under Section 5.1 results in audit findings that
the actual Project Expenditures reported by GAMMA for a given calendar year are less than thirty percent (30%) of the last Project
Expenditure Estimate prior to the start of such calendar year, then the Parties will meet to discuss such findings and, if the
findings are confirmed by GAMMA, GAMMA will reimburse the extra funding paid by Funding partner above what should have been paid
on actual costs and will restate accordingly the Funding due for the remainder of the Funding Period, which will in any event ensure
that the total funding committed will be paid.

 

		6.	Confidentiality

 

		6.1.	During the Term of the Agreement, either Party may have or may be provided access to the other
Party’s confidential information and material. For purposes of this Agreement, “Confidential Information”
means all non-public and/or proprietary information of one of the Parties (the “Disclosing Party that is disclosed
to the other Party (the “Receiving Party”) in the course of the activity pursuant to this Agreement, whether
disclosed in oral, written, graphic, machine recognizable (including computer programs or data bases), model or sample form, or
any derivation thereof, and includes product specifications, designs, production plans, bills of materials, development schedules,
processes, method. Such information shall be Confidential Information if it would ordinarily be treated as confidential by the
Disclosing Party or would ordinarily be considered information of a confidential nature in the industry, whether or not specifically
marked as such. The Receiving Party shall hold the Disclosing Party’s Confidential Information in strictest confidence, using
such measures as the Receiving Party uses to protect the confidentiality of its own Confidential Information of like importance,
but in no event using less than reasonable care.

 

		6.2.	The Receiving Party shall not make any disclosure of such Confidential Information other than to
its employees or agents on a need to know basis. The Receiving Party shall inform each such employee or agent of the Receiving
Party’s confidentiality obligations under this Agreement, and shall be jointly and severally liable for any breach of this
Agreement by any such employee.

 

    3

     

    

 

		6.3.	The provisions of this Article 6 shall not apply to any information that is: (a) in or subsequently
enters the public domain, other than by fault, act or omission of the Receiving Party, (b) obtained lawfully from a third
person who was under no obligation of confidentiality, (c) independently developed by the Receiving Party without reference
to any Confidential Material, or (d) required to be disclosed by law or regulation or in response to a valid court order;
provided, however, that the Receiving Party shall, if legally permitted, give the Disclosing Party prior notice as
soon as possible of such required disclosure so as to enable the Disclosing Party to seek relief from such disclosure requirement
or undertake measures to protect the confidentiality of the disclosure

 

		6.4.	Any and all written reports prepared by and any information provided by GAMMA in connection herewith
shall be maintained in strict confidence and may not be disclosed, in whole or in part, by Funding Partner to any third party without
the prior written consent of GAMMA.

 

		6.5.	The Receiving Party shall immediately inform the Disclosing Party if it becomes aware of the possession,
use, or knowledge of any of the Confidential Information by any person not authorized to possess, use, or have knowledge of the
Confidential Information and shall, at the request of the Disclosing Party, provide such reasonable assistance as is required by
the Disclosing Party to mitigate any damage caused thereby.

 

		7.	Intellectual Property

 

		7.1.	GAMMA will own any and all Intellectual Property (whether arising under the laws of the state of
Israel, the United States or any other state, country or jurisdiction, now or hereinafter existing) created by GAMMA, and any and
all work product developed or created by or on behalf of GAMMA in connection with this Agreement or the Project. For purposes of
this Agreement, “Intellectual Property” means, in any jurisdiction throughout the world: (a) inventions
(whether patentable or unpatentable, and whether or not reduced to practice), all improvements thereto, and all patents, patent
applications, and patent disclosures, together with all provisionals, reissuances, continuations, continuations-in-part divisions,
revisions, extensions, and reexaminations thereof; (b) marks; (c) copyrightable works, all copyrights, and all website
content, and all applications, registrations, and renewals in connection therewith; (d) mask works and protectable designs,
and all applications, registrations, and renewals in connection therewith; (e) trade secrets and confidential business information
(including processes, procedures, research and development, know-how, formulas, algorithms, compositions, manufacturing and production
processes and techniques, technical data, designs, drawings, specifications, research records, records of inventions, test information,
customer and supplier lists, customer data, pricing and cost information, and business and marketing plans and proposals); (f) software,
and all electronic data, databases, and data collections; (g) business processes; (h) all other proprietary and intellectual
property rights; and (i) copies and tangible embodiments of any of the foregoing (in whatever form or medium).

 

		7.2.	Each Party will solely and exclusively own all right, title and interest in and to all Intellectual
Property that was owned by or licensed to such Party prior to the Effective Date, or independently of this Agreement.

 

		8.	No Representations and Warranties

 

EACH PARTY HEREBY DISCLAIMS
ALL REPRESENTATIONS AND WARRANTIES WITH RESPECT TO THIS AGREEMENT AND THE PROJECT, WHETHER EXPRESS OR IMPLIED (INCLUDING, BUT NOT
LIMITED TO, ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE AND/OR NON-INFRINGEMENT). EACH PARTY ACKNOWLEDGES
THAT IT HAS NOT RELIED ON ANY STATEMENTS, REPRESENTATIONS OR WARRANTIES OF THE OTHER PARTY.

 

    4

     

    

 

		9.	Limitations of Liability

 

		9.1.	NEITHER PARTY WILL BE LIABLE TO THE OTHER PARTY OR TO ANY PERSON CLAIMING THROUGH THE OTHER PARTY
FOR ANY SPECIAL, PUNITIVE, CONSEQUENTIAL, INCIDENTAL, EXEMPLARY OR OTHER INDIRECT DAMAGES, ARISING OUT OF OR IN ANY MANNER CONNECTED
WITH THIS AGREEMENT OR THE SUBJECT MATTER HEREOF, REGARDLESS OF THE FORM OF ACTION AND WHETHER OR NOT SUCH PARTY HAS BEEN ADVISED
OF OR OTHERWISE MIGHT HAVE ANTICIPATED THE POSSIBILITY OF SUCH DAMAGES.

 

		9.2.	THE LIMITATIONS OF LIABILITY IN THIS SECTION 9 SHALL NOT APPLY TO DAMAGES ARISING FROM, RELATING
TO, OR BASED ON (i) THE GROSS NEGLIGENCE, WILLFUL OR INTENTIONAL MISCONDUCT OF A PARTY OR ITS PERSONNEL, (ii) PERSONAL
INJURY, DEATH OR DAMAGE TO TANGIBLE PROPERTY CAUSED BY A PARTY OR ITS PERSONNEL, (iii) FRAUDULENT OR CRIMINAL ACTS BY A PARTY
OR ITS PERSONNEL OR (iv) EITHER PARTY’S BREACH OF ARTICLE 6 HEREUNDER.

 

		10.	General Provisions

 

		10.1.	Construction; Absence of Presumption

 

		10.1.1.	For the purposes of this Agreement, (a) words (including capitalized terms defined herein)
in the singular shall be held to include the plural and vice versa and words (including capitalized terms defined herein) of one
gender shall be held to include the other gender as the context requires, (b) the terms “hereof,” “herein”
and “herewith” and words of similar import shall, unless otherwise stated, be construed to refer to this Agreement
as a whole (including all Appendices) and not to any particular provision of this Agreement, and Article, Section, paragraph, and
Appendix references are to the Articles, Sections, paragraphs, and Appendices to this Agreement, unless otherwise provided, (c) the
words “including” and “such as” and words of similar import when used in this Agreement shall mean “including,
without limitation”, and (d) all references to any period of days shall be deemed to be to the relevant number of calendar
days unless otherwise provided.

 

		10.1.2.	The Parties hereby acknowledge that each Party and its counsel have reviewed and revised this Agreement
in good faith and that no rule of construction to the effect that any ambiguities are to be resolved against the drafting party
shall be employed in the interpretation of this Agreement (including all Appendices) or any amendments hereto or thereto.

 

		10.2.	Amendments and Waivers. No amendment to or modification of this Agreement will be binding
unless in writing and signed by a duly authorized representative of each Party. No waiver of any obligation or condition under
this Agreement will be effective unless contained in a written document duly executed by the Party granting such waiver. Any such
waiver shall not operate as a waiver of, or estoppel with respect to, any subsequent or other failure of compliance.

 

		10.3.	Amendments and Waivers. No amendment to or modification of this Agreement will be binding
unless in writing and signed by a duly authorized representative of each Party. No waiver of any obligation or condition under
this Agreement will be effective unless contained in a written document duly executed by the Party granting such waiver. Any such
waiver shall not operate as a waiver of, or estoppel with respect to, any subsequent or other failure of compliance.

 

		10.4.	Severability. If any provision of this Agreement or the application thereof to any person
or circumstance is determined by a court of competent jurisdiction to be invalid, void, or unenforceable, the remaining provisions
hereof or the application of such provision to persons or circumstances or in jurisdictions other than those as to which it has
been held invalid or unenforceable, shall remain in full force and effect and shall in no way be affected, impaired, or invalidated
thereby, so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner adverse
to any Party. Upon such determination, the Parties shall negotiate in good faith in an effort to agree upon such a suitable and
equitable provision to effect the original intent of the Parties.

 

		10.5.	Relationship of the Parties. Nothing contained in this Agreement shall be deemed to constitute
a partnership, joint venture, or legal entity of any type between Funding Partner and GAMMA, or to constitute one Party as the
agent of the other. Moreover, each Party agrees not to construe this Agreement, or any of the transactions contemplated hereby,
as a partnership for any tax purposes. Each Party shall act solely as an independent contractor, and nothing in this Agreement
shall be construed to give any Party the power or authority to act for, bind, or commit the other Party.

 

    5

     

    

 

		10.6.	Cumulative Remedies. No remedy referred to in this Agreement is intended to be exclusive,
but each shall be cumulative and without prejudice to any other remedy referred to in this Agreement or otherwise available under
law, equity or otherwise.

 

		10.7.	Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of
the Parties and their respective successors and assigns.

 

		10.8.	Assignment. This Agreement may not be assigned, in whole or in part, by either Party without
the other Party’s prior written consent; provided, that either Party may assign the Agreement without such consent
to an affiliate or a successor to all or substantially all of the assets of the business, whether by sale, merger, operation of
law or otherwise. A Party who assigns this Agreement to an Affiliate will remain responsible for and ensure the performance of
any and all obligations of the Affiliate under this Agreement.

 

		10.9.	Notices. All notices or other communications under this Agreement shall be in writing and
shall be deemed to be duly given when (a) delivered in person or (b) deposited in the registered mail or private express
mail, postage prepaid, addressed as follows:

 

If to Funding Partner, to:

 

[-]

 

If to GAMMA to:

 

[-]

 

Any Party may, by notice to
the other Party, change the address to which such notices are to be given.

 

		10.10. 	Dispute Resolution. In the event of any dispute under this Agreement, the senior management
of each Party will meet to resolve the dispute. If the dispute is not resolved by senior management within thirty (30) days
after escalation, either Party may make a written request for formal dispute resolution and specify therein the scope of the dispute.
Within thirty (30) days after such written notification, the Parties will meet for one day with an impartial mediator and
consider dispute resolution alternatives other than litigation. If an alternative method of dispute resolution is not agreed upon
within thirty (30) days after the one day mediation, either Party may pursue any right or remedies available under law, in
equity or under this Agreement. Notwithstanding the foregoing, neither Party shall be precluded at any time from seeking injunction
relief against the other Party.

 

		10.11. 	Force Majeure. No Party shall be deemed in default of this Agreement to the extent that
any delay or failure in the performance of its obligations under this Agreement results from any cause beyond its reasonable control
and without its fault or negligence, such as acts of God, acts of civil or military authority, embargoes, epidemics, war, riots,
insurrections, fires, explosions, earthquakes, floods, unusually severe weather conditions, labor problems or unavailability of
parts, or, in the case of computer systems, any failure in electrical or air conditioning equipment. In the event of any such excused
delay, the time for performance shall be extended for a period equal to the time lost by reason of the delay.

 

		10.12. 	Counterparts. This Agreement may be executed in one or more counterparts, each of which
shall be deemed an original, but all of which together shall constitute a single instrument.

 

		10.13. 	Headings. Any section headings contained in this Agreement are for reference purposes only
and shall not affect in any way the meaning or interpretation of this Agreement.

 

		10.14. 	Applicable Law and Forum. This Agreement shall be construed and interpreted in accordance
with the laws of the State of Israel, excluding Israel’s conflicts of law provisions. All disputes and litigation arising
out of or relating to this Agreement, including without limitation matters connected with its performance, shall be subject to
the exclusive jurisdiction of the courts of the State of Israel. The parties hereby irrevocably submit to the personal jurisdiction
of such courts and irrevocably waive all objections to such venue.

 

[Signature page follows]

 

    6

     

    

 

[SIGNATURE PAGE TO NRE FUNDING AGREEMENT]

 

IN WITNESS WHEREOF, this Agreement has
been signed on behalf of the Parties hereto by persons duly authorized in that behalf:

 

	/s/ Guy Zyskind	 	/s/ Guy Zyskind
	Gamma Research and

Development LTD.	 	Enigma MPC Inc.
	 	 	 	 	 
	Name: 	Guy Zyskind	 	Name:	Guy Zyskind
	Title:	CEO/CTO	 	Title:	CEO/President
	Date:	September 1, 2020	 	Date:	September 1, 2020

 

    7

     

    

 

Appendix 1

 

Development Plan 

 

The below Development Plans are indicative
and can be changed in GAMMA’s discretion.

 

Secret Network v1 (SNv1)

(Due by June 30, 2020)

 

In version 1.0, a production-ready, fully
functional, blockchain network that is resilient against arbitrary byzantine faults would be developed (Secret Network v1 or
SNv1). SNv1 would be a fully permissionless network, without any gate-keepers who need to white-list specific trusted nodes.
For that reason, a secure sybil-resistant mechanism has to be included, and a native coin (SCRT or “Secret”) needs
to be built to help secure the network and serve as the incentivization layer for nodes (also known as validators).

 

The main features and requirements for SNv1
are listed below

 

		-	Tendermint or equivalent PBFT consensus engine that provides strong consistency (i.e., finality within
one block)

		-	Sybil resistance in the form of a proof-of-stake mechanism

		-	A native coin (SCRT) that is used in conjunction with the proof-of-stake mechanism

		-	Payments and account support – the ability to send SCRT from one account to another, and storing
that information on a distributed ledger. Support for ECDSA standard and multi-sig accounts.

		-	Staking and delegation support:

		-	Support up to 50 validators staking concurrently

		-	Allow any user to delegate their coins to validators of their choice, including re-delegation

		-	Governance – allow users to initiate new governance proposals on which all coin holders can
vote on with their SCRT coins (1 SCRT = 1 vote)

		-	The network should aim to support at least 99.999% uptime, unless in extreme cases such as network
upgrades, unforeseen issues, or breaking of any of the base underlying security assumptions.

 

    8

     

    

 

To support the features above, several components
should be developed. These are described in detail below.

 

 

Secret Daemon (node server-side deployable)

 

The main servlet application deployed by validators
and full nodes. Daemon should act as interchangeable agents – i.e., the network does not rely or distinguish between one
node or another. Collectively, these daemons comprise the network, facilitate and validate transactions, mint new SCRT coins, and
reach consensus over the historical state of the network (its database and/or distributed ledger).

 

Secret CLI (client)

 

A command-line interface (CLI) that allows
users to interact with the network. Specifically, users should be able to:

 

		1.	Create a new wallet or connect at least one secure hardware wallet (e.g., Ledger Hardware Wallet).

		2.	Send payment transactions.

		3.	Propose and vote on governance proposals.

		4.	Query the ledger for historical transactions and account balances.

		5.	Create a validator and stake.

		6.	Delegate/re-delegate stake to lower the barrier of entry and increase participation and decentralization

 

Block explorer (Ledger UI)

 

A block explorer showing all transactions,
blocks, validators and other important metrics should be built.

 

Testnet (Staging environment)

 

A testing environment should be built and
maintained to test network functionality and ensure it performs according to the specification.

 

    9

     

    

 

Secret Network v2 (SNv2)

(Due by December 31, 2020)

 

In Secret Network v2 (SNv2), the plan is to
develop privacy-preserving smart-contracts functionality, called Secret Contracts, on top of Secret Network. Secret Contracts elevate
the network from a payments-only blockchain, to a secure, privacy-preserving decentralized cloud, solving the long-standing problem
of achieving privacy in the context of blockchains specifically, and of applications in general. The solution involves the usage
of specific secure hardware called Trusted Execution Environments (or TEEs). Specifically for SNv2 – we will develop support
for Intel’s Software Guard Extensions or SGX, which are available on all Intel processors since Skylake microprocessor architecture
was introduced several years ago. While the current implementation works for SGX, the concepts and technology developed could be
extended to other TEEs.

 

A secret contract is a unit of code that can
be executed through nodes in a network who remain oblivious to the data they are computing over (i.e., they are essentially computing
over encrypted data). Each Secret Contract (or a collection of these) act as the backend of a single decentralized application,
known as a secret app.

 

Cryptographic protocols

 

To enable privacy-preserving computations,
we will need to research, design and develop the following cryptographic protocols that will be used in conjunction with TEEs.

 

		-	One-shot attestation protocol: Before a new node can join the network, their enclave needs
to be provisioned with the secrets necessary to encrypt/decrypt ledger information. For that reason, each node must first register
its enclave to the network, while proving, using the enclave’s remote attestation mechanism that it is running a genuine
TEE. This registration process would also include generating fresh keys to allow for a streamlined remote attestation procedure
in the future, that do not require interacting with Intel server’s, in particular – the IAS.

		-	Secret (seed) sharing protocol: We will design a network-wide secret-sharing protocol that
allows the network to agree on shared true randomness. This protocol needs to ensure that the determinism invariant across the
network is maintained, that the randomness is uniformly and independently distributed and that no one but the enclaves themselves
have access to that randomness.

		-	Key derivation protocol: With the seeds shared, we will develop a key-derivation protocol that
ensures unique keys are deterministically (and yet securely) generated for all aspects of the network: input keys, output keys,
state keys, pseudo-randomness, etc.

		-	Encryption/decryption protocol: Authenticated encryption/decryption protocols should be built
and optimized to fit a system with potentially millions of users, thousands of nodes, and large long-lived data-sets. Most importantly,
the protocols need to ensure the determinism invariant holds in the network, and that no information can be leaked by a malicious
host locally interacting with their enclave. Finally, the protocols should be optimized and be built on software implementations
that utilize AES-NI instruction set. There are three family of encryption/decryption protocols that need to be supported:

		-	Input encryption/decryption – inputs are arguments user share with each computation request.
They need to be client-side encrypted and must only be decrypted inside of the enclave.

		-	Outputs encryption/decryption – outputs are results users should privately receive from a computation.
They should be decrypted with keys only the requesting user has.

		-	State encryption/decryption – state is the internal database of each contract. It is long-lived
storage that needs to remain encrypted, sealed and replicated on each node in the network, such that even the untrusted hosts themselves
can’t read it.

 

    10

     

    

 

Contract Deployment and Development

 

For SNv2, we will develop a platform that
allows deploying Secret Contracts written in Rust. Secret Contracts can use general-purpose Rust libraries, assuming these fit
within the gas limitations and are enclave-friendly.

 

Writing a contract will be simplified similar
to how smart contracts in Ethereum work. Specifically, users will be able to interact with the contract by sending compute transactions
that manipulate the state (and therefore cost gas), or queries that only require read-access to a contract’s state. A contract
state is its internal database that gets persisted by the network, and which the network reaches consensus on.

 

Code Execution

 

With the cryptographic protocols in place
and contract development and deployment mechanism, we will develop the architecture necessary to bring Secret Contract functionality
to life.

 

At a high level, the following execution stack
needs to be developed:

 

 

		1.	Compute Module: This is the piece that connects the blockchain itself (users sending transactions,
network reaching consensus over blocks, eventual reading/writed from the replicated storage, etc..) and the computation layer.
It’s the first layer in the stack which takes in a user transaction, unfolds it, and dispatches it to the next layer.

		2.	Virtual Machine: The main layer which commands a function execution in a given contract. This
occurs outside of the enclave and is considered untrusted code.

		3.	Web Assembly (WASM) Runtime (trusted): This layer takes in the pre-processed computation data,
ensures that it can be trusted, and does additional pre and post processing after execution – mainly key generation, derivation,
encryption and decryption.

		4.	WASM Interpreter (WASMI): The final layer which actually executes the WASM bytecode. The interpreter
is selected and modified to specifically fit the requirements of a TEE.

 

    11

     

    

 

 

Upgrading existing components

 

Secret Daemon, Secret CLI, Block explorer
and Testnet would all need to be significantly modified to support all new functionality. This includes, among others:

 

		-	Cryptography libraries and protocol support

		-	Supporting a node registration procedure that includes one-off remote attestation, secret sharing
and and key derivation protocols

		-	Supporting smart contract deployment, execution, and querying, with encryption pre and post processing

		-	Supporting visuals in the UI and CLI to convey this data

 

Additional components

 

To make it easier for developers, a client-side
SDK called SecretJS would be developed. SecretJS would mirror the functionality of the CLI, but would make it programmable in Javascript.
This would make developing secret web-based applications possible.

 

Secret Network v3 (SNv3)

(Due by September 30, 2021)

 

Secret Network v3 (SNv3) would focus on interoperability
and creating additional services to complement the Secret Network ecosystem. In addition, features and improvements that benefit
the security and scalability of the network will be added.

 

Bi-directional Ethereum/ERC-20 ←→
SCRT bridge

 

In order to expand the Secret Network ecosystem
(and its privacy benefits) to other chains, a bi-directional bridge would be developed, allowing converting native ETH or ERC-20
tokens into pegged synthetic Secret Tokens (see below) on Secret Network.

 

 

    12

     

    

 

The bridge will include the following components:

 

		1.	A smart contract on Ethereum to deposit/withdraw ETH or ERC-20 tokens (separate contract for each
asset).

		2.	A module on Secret Network to handle incoming requests to mint/burn synthetic Ethereum-based assets.

		3.	A Secret Token contract issued for each synthetic Ethereum-based asset.

		4.	A small off-chain small network of operators (e.g., up to 5 operators) that listen to events occurring
on both networks, and facilitate the counter-operation on the other chain through a robust t-of-n multi-signature mechanism.

 

DeFi Services

 

We will develop a list of bare-bone Decentralized
(or Open) Finance building blocks. These can then be used and composed with other services that developers on Secret Network build.
The following services will be developed

 

		1.	Secret Token Standard: an ERC-20 equivalent token standard that allows the issuance and ability
to transfer tokens from one party to another. The uniqueness of Secret Token Standard as opposed to other standards like ERC-20
is rooted in its privacy guarantees. Secret Tokens ensure that all information about senders, receivers, and amounts being transmitted
are completely encrypted. Each user can only observe their own balance and historical transaction history, or give that permission
to parties of its choice (e.g., government authorities).

		2.	Automated Market Maker (AMM): an automated market maker is an on-chain exchange that requires
no counter-party, and instead relies on pricing according to a fixed curve, and liquidity pools. The idea would be to create a
privacy-preserving variant of an AMM-based exchange.

		3.	Staking Derivatives and Staking Pools: Staked tokens are used to secure the network in Proof-of-Stake
networks (like Secret Network). However, as a side effect, these tokens are locked and become illiquid. Staking Derivatives essentially
propose treating staked tokens as collateral, and issuing a liquid derivative token to compensate for that. In practice, the idea
is to develop a pooling contract that allows different participants to delegate their tokens to the contract itself. The contract,
through on-chain governance, will be able to decide how to delegate the aggregated stake to different validators. In return to
this, participants will be issued staking derivative tokens, that are liquid and could be used in other financial applications.

		4.	Fair, Decentralized Poker: We will develop a decentralized poker application that is unique
in that it requires no trusted dealer (and is therefore provably fair). Using the privacy-preserving features of Secret
Contracts, we can ensure that the game is playable since each party can keep its cards a secret until the appropriate time.

 

    13

     

    

 

Pre-compiled contracts

 

Pre-compiled contracts are functionalities
that are natively compiled to machine-code and treated as a single-line external opcode in the WASM code. This, in turns, means
that executing these functionalities happen natively inside of the enclave, without running them through the interpreter. Adding
this functionality would add significant performance gains and lower gas costs associated with executing recurrent computationally-expensive
tasks.

 

Multi-signature upgradability and reproducible
builds

 

Secret Network upgrade policy is tightly related
to the sealing signing policy, which uses MRSIGNER. In order to improve this and significantly weaken the trust requirements, we
will develop a multi-signature alternative to MRSIGNER, as well as a provable reproducible build mechanism to ensure that signed
code updates are verifiable.

 

Upgrading existing components

 

Similar to previous releases, the daemon application,
clients, UI and testing environments would be upgraded to reflect and accommodate these changes.

 

Secret Network v4 (SNv4)

(Due by June 30, 2022)

 

Secret Network v4 (SNv4) will further expand
the types of functionalities and integrations that the network will support. Specifically, we will add Inter-Blockchain Communication
protocol support, allowing bridging to other chains, predominantly in the Cosmos ecosystem. We will further expand our bridge support,
to include other chains such as BTC and others, and we will add Secret Oracles support – the ability to fetch authenticated
data using TLS directly on-chain – a problem currently plaguing all blockchains, and process that data in a privacy-preserving
manner.

 

Inter-Blockchain Communication (IBC) Protocol
Integration

 

Inter-Blockchain Communication Protocol sets
a combined standard that allows moving data, assets and RPC-like executions across different chains. We will research, implement
and optimize the IBC specification to fit Secret Network, and connect it with at least the predominant Hub chain at the time, to
allow inter-connecting to all other chains in the ecosystem.

 

Through this, we will aim to support both
moving tokens between one chain to the other, and specifically, supporting bridging assets from other chains so that they are represented
as Secret Tokens on the Secret Network. In addition, we will add support to bringing Secret Contract functionality to other chains
as well.

 

Additional Bridges

 

We will add support to bridging other major
chains with Secret Network, by expanding the previously built ETH bridge. As this process is manual and custom-made for each chain,
we will at least support BTC (Bitcoin), and potentially up to two additional chains.

 

    14

     

    

 

Secret Oracles

 

Smart (and Secret) Contracts in the context
of blockchains are highly resilient and trusted, but they require deterministic and terminating execution. For that reason, fetching
data from regular web services is prohibited. Most systems proposed today require trusting an intermediary to bridge data coming
from off-chain web-services and sending them as inputs to the contracts.

 

Instead, we will develop an embedded Secret
Oracle functionality, that supports TLS connections from within a secret contract execution, allowing fetching data from outside
sources. In addition, we will offer solutions to potential non-determinism and non-terminating executions (e.g., timeouts) that
may arise as a result.

 

As an alternative to this solution, we may
develop an off-chain solution that acts as a trusted intermediary, by leveraging the correctness properties of TEEs. In this solution,
we will maintain an on-chain registry of trusted oracle operators who have proved their authenticity using a remote attestation-based
registration process. These operators will serve as intermediaries who can provide authenticated data from web services to the
contracts themselves, without the risk of them tampering with the data. Through incentives and competition, this mechanism should
also provide the required liveness property.

 

Security and Infrastructure Improvements

 

We will add the following security and infrastructure
improvements:

 

		●	More granular attestation inspections: ensuring proper group policies are followed, as well
as allowing the network to require nodes to re-register. Also, attestation would have expiry dates and will need to be renewed.

		●	Enclave block header validation: allow enclaves to validate the chain-headers to ensure they
are following the correct chain.

		●	Enclave light-client state validation: enable enclaves to validate the validator set and probe
existence of specific items stored in the state of a given block.

		●	Tamper detection: allow enclaves to detect if someone is trying to take them offline.

 

Upgrading existing components

 

Similar to previous releases, the daemon application,
clients, UI and testing environments would be upgraded to reflect and accommodate these changes.

 

Privacy Preserving Contact Tracing (PPCT)

(Due by December 31, 2020)

 

Separately from Secret Network (but leveraging
some or all of its infrastructure), we will develop a privacy-preserving contract-tracing application (PPCT). PPCT is essentially
an API which connects to a privacy-preserving storage and private computation service, so the contact-tracing application could
be extended to other use cases as well.

 

In its essence, PPCT will store encrypted
data from users, particularly location-data relevant for contact-tracing, will performs analysis on that data, and will allow for
two types of outputs: an individual analysis, which is custom-generated and accessible only for each user, and a global analysis,
which all users can access. Users opt-in to share data with each analysis.

 

    15

     

    

 

Appendix 2

 

Project Expenditure Estimate

 

This Appendix 2 stipulates the process
related to the estimation of the Project Expenditures and it supersedes and has precedent over the terms set out in the NRE Funding
Agreement (“Agreement”). Project Expenditures due from Funding Partner are to be used only to fund the projects outlined
below for Secret Network (v1 – v4), with use of Funding Partner funds and identified in the Schedule 1 below.

 

Estimation:

 

GAMMA will update every year of the funding
period and communicate before the end of each year, the updated estimate covering until the end of the funding period and an explanation
of the changes. GAMMA’s preliminary estimate is as follows in Schedule 1 below.

 

SCHEDULE 1

 

	Milestone	 	Estimated due date	 	Amount	 
	Secret Network v1	 	June 30, 2020	 	NIS 	7,600,000	 
	PPCT	 	December 31, 2020	 	NIS 	650,000	 
	Secret Network v2	 	December 31, 2020	 	NIS 	7,600,000	 
	Secret Network v3	 	September 30, 2021	 	NIS 	11,400,000	 
	Secret Network v4	 	June 30, 2022	 	NIS 	11,400,000	 
	Total Project Funding	 	 	 	NIS 	38,650,000	 

 

The Parties acknowledge that the numbers
in the table in Schedule 1 are illustrative and that Funding Partner agreed to a total of NIS 38,650,000 as set out in article
2.1 of this Agreement.

 

The Project Expenditure estimate and the
Development Plan will be updated yearly in good faith through mutual discussions with Funding Partner.

 

GAMMA and Funding Partner will create a
Technological Review Board (TRB) including only software personnel designated by each Party and responsible for creating and monitoring
the Development Plan.

 

Notwithstanding any delays by GAMMA, Funding
Partner will abide by its commitment as stipulated in the Development Plan as determined by the TRB, including but not limited
to the stipulated technical support, specification agreement, etc,.

 

 

16

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