Document:

Exhibit 10.2

 

EMPLOYMENT AGREEMENT

 

This Employment Agreement (the “Agreement”)
is made and entered into by and between CUENTAS, INC. a Florida Corporation (the “Company”) and ARIK MAIMON (“Executive”)
as of the date of execution of the Agreement. (the “Effective Date”) .

 

WHEREAS, the EMPLOYER is desirous of employing Executive,
and Executive wishes to be employed by EMPLOYER in accordance with the terms and conditions set forth in this Agreement. The Company
acknowledges that Executive has worked for the Company since the effective date, and the Company wishes to memorialize the agreement
with Executive.

 

NOW, THEREFORE, IN CONSIDERATION
OF THE MUTUAL COVENANTS AND PROMISES AND OTHER GOOD AND VALUABLE CONSIDERATION, THE RECEIPT OF WHICH IS HEREBY ACKNOWLEDGED, IT
IS MUTUALLY AGREED AS FOLLOWS:

 

		1.	Position and Duties: Executive shall be employed
by the Company as its Founder and Chief Executive Officer (“CEO”), reporting only to the Company’s BOD Board of Directors.
As its Chairman & CEO, Executive agrees to devote the necessary business time, energy and skill to his duties at the Company,
and will be permitted to engage in outside consulting and/or employment provided said services do not interfere with Executive’s
obligations to Company under the terms of this Agreement. Executive agrees to advise the Board of any outside Services, and further
agrees that the Company’s Board of Directors shall make the sole determination of whether a proposed consulting or employment
activity would interfere with Executive’s obligations under this Agreement. These duties of Executive under this Agreement
shall include all those duties customarily performed by an Executive as well as providing advice and consultation on general corporate
matters, particularly related to shareholder and investor relations, assisting the Company with respect to raising equity and
other financing for the Company, and other projects as may be assigned by the Company’s Board of Directors on an as needed
basis. During the term of Executive’s employment, Executive shall be permitted to serve on boards of directors of for-profit or
not-for-profit entities provided such service does not adversely affect the performance of Executive’s duties to the Company under
this Agreement, and are not in conflict with the interests of the Company. In the event that the Company requests Executive to
change his position to that of Executive Vice President, Executive will continue to act as Chairman of the Board, and the terms
of the Agreement will remain in effect.

 

In addition to Executive’s
appointment as CEO of the Company, Executive shall be nominated to stand for election to the Board of Directors at the next scheduled
shareholders meeting. Executive currently serves as a member of the Company’s Board. Executive shall continue to be subject to
the provisions of the Company’s bylaws and all applicable general corporation laws relative to his position on the Board. In addition
to the Company’s bylaws, as a member of the Board, Executive shall also be subject to the statement of powers, both specific and
general, set forth in the Company’s Articles of Incorporation. The Company agrees to provide Directors and Officers liability insurance
for Executive in not less than $5,000,000.

 

		1.	Term of Employment: This Agreement shall
remain in effect for a period of five years from the Effective Date. After the initial 5 year term, this Agreement will automatically
renew for successive one year periods unless either party provides ninety days’ prior notice of termination. In the event the
Company elects to terminate the Agreement, such termination shall be considered to be an Involuntary Termination, and Executive
shall be provided benefits as provided in this Agreement. Upon the termination of Executive’s employment for any reason, neither
Executive nor Company shall have any further obligation or liability under this Agreement to the other except as set forth hereto.

 

     

     

    

 

		2.	Compensation:

 

 (a) Executive shall receive a salary of $295,000 per annum which shall increase $15,000 per annum or 5% minimum on the 12-month anniversary from the Effective Date of this Agreement as a cost of living increase guarantee. Payments shall be made in equal installments in accordance with Company’s then prevailing payroll policy. The Compensation Committee may further increase, but under no circumstances decrease, the salary per annum. Executive shall receive a minimum of $10,000 per month as partial annual compensation with remaining balance differed to employee executive to be paid in cash and/or stock and/or shares, at the discretion of Employee Executive.

 

 (b) Executive shall receive restricted stock units (the, “RSU”)

 

 (c) Executive shall receive a minimum grant of 100,000 stock options per annum, with share price valued at date of exercise, pursuant to the Stock Option Incentive Plan the planned ESOP. The Compensation Committee may further increase the grant, but under no circumstances decrease the grant. Furthermore, during the term of this Agreement, in no event shall Executive’s compensation be less than any other officer or employee of the Company or any subsidiary, except for the Company’s CEO.

 

 (d) Executive shall receive a US$10,000 auto expense allowance per annum.

 

 (e) Sale of Company – Executive shall be guaranteed no less than 12.5% of the company selling price in cash or cash equivalent, if company and BOD Board of Directors agree to sell company for more than US$100,000,000.00 the term of this Executives Employment agreement.

 

 (f) Executive shall have the right to (30) thirty days paid vacation, (5) five paid personal days, and (6) six paid sick days. However, the Executive will continue to be paid his salary during any time period where he is incapacitated and required to be hospitalized under the direction of a physician through the term of this agreement. No sick or personal days may be accrued should the Executive choose not to utilize them, however (15) fifteen vacation days may accrued and be applied to only the following year.

 

 (g) Benefits: Executive shall have the right, on the same basis as other senior executives of the Company, to participate in and to receive benefits under any of the Company’s employee benefit plans, as such plans may be modified from time to time, and provided that in no event shall Executive receive less than (6) six weeks paid vacation per annum and (6) six paid sick and (5) five paid personal days per annum. Vacation and sick pay benefits may be accrued by Executive and Executive shall have the election to be paid for the time if Executive chooses not to use the time

 

 (h) Performance Bonus: Executive shall have the opportunity to earn a performance bonus in accordance with the Company’s Performance Bonus Plan if in effect; if the Company does not have a Bonus Plan in effect at any given time during the term of this Agreement, then the Company’s Compensation Committee or Board of Directors shall have discretion as to determining bonus compensation for Executive.

 

(c.1) “Bonus”: a special bonus shall be
paid in cash or accrued to the Executive per qualifying instance event as follows in section (c.1): ): IF THE COMPANY:

 

		•	The Company is uplisted to the NASDAQ from the Pink sheets
or OTC markets, the sum of $250,000.00 USD in cash (if available, without causing undue burden on the company) or stock equivalent
at the executive’s sole discretion.

 

    2

     

    

 

 (i) Stock Options: Provided this Agreement is in force and effect, the Company shall grant Executive stock options (the “Options”) as 110,000 shares that give Executive the right to exercise options the equivalent of a minimum of 5% (five percent) of the Company’s issued and outstanding shares of Common Stock (“Common Stock”) as of 7/1/2019. The Options will be exercisable for three years at the share value at date of execution per share with cashless exercise provision with immediate vesting. The Company will issue the Options to Executive pursuant to this provision within ten (10) days of the end of its current fiscal year.

 

Additionally, the Options are
subject to a cashless exercise provision whereby payment upon exercise of the Options may be made at the option of the Executive
either in (i) cash, wire transfer or by certified or official bank check payable to the order of the Company equal to the applicable
aggregate exercise price, (ii) by delivery of Common Stock issuable upon exercise of the Options in accordance with Section (A)
below (“Cashless Exercise”) or (iii) by a combination of any of the foregoing methods (in accord with Section (A) below),
for the number of shares of Common Stock specified in such form (as such exercise number shall be adjusted to reflect any adjustment
in the total number of shares of Common Stock issuable to the Executive per the terms of the Options) and the Executive shall thereupon
be entitled to receive the number of duly authorized, validly issued , fully paid and nonassessable shares of Common Stock determined
as provided herein.

 

(A) If the Fair Market Value of the Company’s
common stock is greater than the exercise price (at the date of calculation as set forth below) and no Registration Statement relating
to the shares of Common Stock underlying the Options is in effect, in lieu of exercising the Options for cash, the Executive may
elect to receive shares equal to the value (as determined below) of the Option (or the portion thereof being cancelled) by surrender
of the Option at the principal office of the Company together with the properly endorsed notice of cashless exercise in which event
the Company shall issue to the Executive a number of shares of Common Stock computed using the following formula:

 

X=Y (A-B)

A

 

Where X= the number of shares of Common Stock to
be issued to the Executive

 

Y=
the number of shares of Common Stock purchasable under the Option or, if only a portion of the Option is being exercised , the
portion of the Option being exercised (at the date of such calculation) 

 

A= the Fair Market Value of one share of the Company’s Common Stock (at the date of such calculation)

 

B= Exercise Price (as adjusted
to the date of such calculation)

 

    3

     

    

 

The Company grants Executive
cost free piggyback registration rights for the shares underlying the Options and will use its best efforts to first include the
options in an existing approved option benefits plan and register the underlying shares in a Form S-8 Registration statement ,
or thereafter in the next registration statement filed by the Company.

 

 (j) Expenses: Company shall reimburse Executive for reasonable travel, lodging, entertainment and meal expenses incurred in connection the performance of services within this Agreement.

 

 (k) Travel: Executive shall travel as necessary from time to time to satisfy his performance and responsibilities under this Agreement.

 

 (l) Full Medical and Dental coverage to be paid or reimbursed for Executive and Family within the Country State or city they reside in through the term of the Executives contract.

 

 (m) Life Insurance policy Term and Whole life: Company shall be responsible to maintain both a whole life and term insurance policy for no less than the value of Executives full term employment agreement contract. Executives legal spouse and children shall be default benefactors and can be elected and or modified by Executive for new beneficiaries from time to time through the term of this Employment agreement.

 

		3.	Effect
                                         of Termination of Employment:

 

 (a) Voluntary Termination, Death or Disability: In the event of Executive’s voluntary termination from employment with the Company, Executive shall be entitled to compensation and benefits from the Company other than those earned under Section 3 through the date of his termination and, in the case of each stock option, restricted stock award or other Company stock-based award granted to Executive, the extent to which such awards are vested through the date of his termination. In the event that Executive’s employment terminates as a result of his death or disability, Executive shall be entitled to a pro-rata share of the Target Bonus (presuming performance meeting, but not exceeding, target performance goals) in addition to all compensation and benefits earned under Section 3 through the date of employment contract’s 5 year term. This Employment agreement by its nature, termination for cause is intended to address only those serious acts or omissions committed by employee that adversely affect the company’s business in a material respect. Termination by the company for all other reasons, other than by reason of employee’s death or disability, shall be considered Termination without Cause. [Hafeman v. Protein Discovery, Inc., 2011 Tenn. App. LEXIS 92, 4-5 (Tenn. Ct. App. 2011)]

 

 (b) Termination for Cause or Without Cause. A provision of this type will clarify the expectations and relationship between the parties. The employment contract should define “cause”. In instances where there is a without cause termination provision in exchange for severance payments, the terms of the severance payments should be specifically stated.

 

 (c) If Executive’s employment is terminated by the Company for Cause or without Cause, Executive shall be entitled to compensation and benefits from the Company earned under this entire agreement, through the end date of Executive contract term and, in the case of each stock option, restricted stock award or other Company stock-based award granted to Executive, the extent to which such awards are vested through the date of his termination and or end of contract. In the event that the Company terminates Executive’s employment for Cause or without Cause, the Company shall provide written notice to Executive of that fact 90 days prior to, , the termination of employment. Failure to provide written notice that the Company contends that the termination is for Cause shall constitute a waiver of any contention that the termination was for Cause, and the termination shall be irrebuttably presumed to be an Involuntary Termination. Section 4c supercedes any other treatment for Cause or without Cause terms.

 

 (d)

 

 (e) Involuntary Termination During Change in Control Period: If Executive’s employment with the Company terminates as a result of a Change in Control Period Involuntary Termination, then, in addition to any other benefits described in this Agreement, Executive shall receive the following:

 

(i) all compensation and benefits earned under Section
3 through the date of Executive’s term of contract and employment;

 

(ii) a lump sum payment equivalent to the greater
of (a) the bonus paid under the Performance Bonus Plan for the year immediately prior to the year in which the Change in Control
occurred and (b) the Target Bonus under the Performance Bonus Plan in effect immediately prior to the year in which the Change
in Control occurs;

 

(iii)
a lump sum payment equivalent to the remaining Salary (as it was in effect immediately prior to the Change in Control) due Executive
from the date of Involuntary Termination to the end of the term of this Employment Agreement or six (6) months Salary, whichever
is the greater; and

 

(iv) reimbursement
for the cost of medical, life, disability insurance coverage at a level equivalent to that provided by the Company for a period
expiring upon the earlier of: (a) one year; or (b) the time Executive begins alternative employment wherein said insurance coverage
is available and offered to Executive. It shall be the obligation of Executive to inform the Company that new employment has been
obtained.

 

    4

     

    

 

Unless otherwise agreed to
by Executive at the time of Involuntary Termination, the amount payable to Executive under subsections (i) through (iii), above,
shall be paid to Executive in a lump sum within thirty (30) days following Executive’s termination of employment. The amounts payable
under subsection (iv) shall be paid monthly during the reimbursement period.

 

(d) Termination Without Cause in the Absence of Change
in Control: In the event that Executive’s employment terminates as a result of a Non Change in Control Period Involuntary Termination,
then Executive shall receive the following benefits:

 

(i) all compensation and benefits earned under Section
3 through the date of the Executive’s term of executive’s contract and employment;

 

(ii) a lump sum payment equivalent to the greater
of (a) the bonus paid under the Performance Bonus Plan for the year immediately prior to the year in which the Change in Control
occurred and (b) the Target Bonus under the Performance Bonus Plan in effect immediately prior to the year in which the Change
in Control occurs;

 

(iii) a lump sum payment equivalent to the remaining
Salary (as it was in effect immediately prior to the Change in Control) due Executive to the end of the term of this Agreement
or six (6) months Salary, whichever is the greater; and

 

(iv) reimbursement for the cost of medical, life
and disability insurance coverage at a level equivalent to that provided by the Company for a period of the earlier of: (a) one
year; or (b) the time Executive begins alternative employment wherein said insurance coverage is available and offered to Executive.
It shall be the obligation of Executive to inform the Company that new employment has been obtained.

 

Unless otherwise agreed to by
Executive, the amount payable to Executive under subsections (i) through (iii) above shall be paid to Executive in a lump sum within
thirty (30) days following Executive’s termination of employment. The amounts payable under subsection (iv) shall be paid monthly
during the reimbursement period.

 

(e) Resignation with Good Reason During Change in
Control Period: If Executive resigns his employment with the Company as a result of a Change in Control Period Good Reason, then,
in addition to any other benefits described in this Agreement, Executive shall receive the following.

 

(i) all compensation and benefits earned under Section
3 through the date of the Executive’s termination of employment;

 

(ii) a lump sum payment equivalent to the greater
of (a) the bonus paid under the Performance Bonus Plan for the year immediately prior to the year in which the Change in Control
occurred and (b) the Target Bonus under the Performance Bonus Plan in effect immediately prior to the year in which the Change
in Control occurs ;

 

(iii) a lump sum payment equivalent to the remaining
Salary (as it was in effect immediately prior to the Change in Control) due Executive from the date of Involuntary Termination
to the end of the term of this Agreement or six (6) months Salary, whichever is the greater; and

 

    5

     

    

 

(iv)
reimbursement for the cost of medical, life and disability insurance coverage at a level equivalent to that provided by the
Company for a period of the earlier of: (a) one year; or (b) the time Executive begins alternative employment wherein said
insurance coverage is available and offered to Executive. It shall be the obligation of Executive to inform the Company that
new employment has been obtained.

 

Unless otherwise agreed to by Executive, the amount
payable to Executive under subsections (i) through (iii) above shall be paid to Executive
in a lump sum within thirty (30) days following the Executives’s termination of employment. The amounts payable under subsection
(iv) shall be paid monthly during the reimbursement period.

 

(f) Resignation with Good Reason in the Absence
of Change in Control: If Executive resigns his employment with the Company as a result of a Non Change in Control Period Good Reason,
then, in addition to any other benefits described in this Agreement, Executive shall receive the following.

 

(i) all compensation and benefits earned under Section
3 through the date of the Executive’s term of this agreement;

 

(ii) a lump sum payment equivalent to the greater
of (a) the bonus paid under the Performance Bonus Plan for the year immediately prior to the year in which the Change in Control
occurred and (b) the Target Bonus under the Performance Bonus Plan in effect immediately prior to the year in which the Change
in Control occurs;

 

(iii) a lump sum payment equivalent to the remaining
Salary and full term balance of the 5 year contract herein (as it was in effect immediately prior to the Change in Control) due
Executive from the date of Involuntary Termination to the end of the term of this Agreement or six (6) months Salary, whichever
is the greater; and

 

(iv) reimbursement for the cost of all medical, life
and disability insurance coverage at a level equivalent to that provided by the Company for a period of the earlier of: (a) one
year; or (b) the time Executive begins alternative employment wherein said insurance coverage is available and offered to Executive.
It shall be the obligation of Executive to inform the Company that new employment has been obtained.

 

Unless otherwise
agreed to by Executive, the amount payable to Executive under subsections (i) through (iii) above
shall be paid to Executive in a lump sum within thirty (30) days following the Executive’s termination of employment. The
amounts payable under subsection (iv) shall be paid monthly during the reimbursement period.

 

(g) Resignation
from Positions: In the event that Executive’s employment with the Company is terminated or resigns for any reason, on
the effective date of the termination Executive shall simultaneously resign from each position he holds on the Board and/or the
Board of Directors of any of the Company’s affiliated entities and any position Executive holds as an officer of the Company or
any of the Company’s affiliated entities. The entire employment contract shall be paid through the balance of the term of the contract,
as Executive and Founding member of the company.

 

		4.	Certain Definitions: For the purpose of
                                                                                                                               this Agreement, the following capitalized terms shall have the meanings set forth below:

 

(a) “Cause” shall mean any of the following occurring
on or after the date of this Agreement:

 

(i) Executive’s
theft, dishonesty, breach of fiduciary duty for personal profit, or falsification of any employment or Company record;

 

(ii) Executive’s willful violation of any law, rule,
or regulation (other than traffic violations, misdemeanors or similar offenses) or final cease-and-desist order , in each case
that involves moral turpitude;

 

(iii) Executive’s intentional failure to perform
stated duties, provided Executive has not cured such failure following 20 days prior written notice of such failure;

 

(iv) Executive’s improper disclosure of the Company ’s confidential
or proprietary information;

 

(v) any material breach by Executive of the Company’s
Code of Professional Conduct, which breach shall be deemed “material” if it results from an intentional act by Executive
and has a material detrimental effect on the Company’s reputation or business; or

 

(vi) any material breach by Executive of this Agreement,
which breach, if curable, is not cured within thirty (30) days following written notice of such breach from the Company.

 

(b) “Change in Control” shall mean the occurrence
of any of the following events:

 

(i)
(X) any “person” (as such term is used in Section 13 (d) and 14 (d) of the Securities Exchange Act of 1934, as amended)
(other than Executive, Arik Meimoun) becomes the “beneficial owner” (as defined in Rule 13d-3 under said Act) , directly
or in directly, of securities of the Company representing more than fifty percent (50%) of the total combined voting power represented
by the Company’s then outstanding voting securities other than the acquisition of the Company’s Common Stock by a
Company-sponsored employee benefit plan or through the issuance of shares sold directly by the Company to a single acquirer, or
(Y) any “person” (as such term is used in Section 13 (d) and 14 (d) of the Securities Exchange Act of 1934 , as amended)
becomes the “beneficial owner” (as defined in Rule 13d-3 under said Act) directly or indirectly, of securities of
the Company representing less than fifty percent (50%) of the total combined voting power represented by the Company’s then
outstanding voting securities, but in connection with the person’s acquisition of securities the person acquires the right
to terminate the employment of all or a portion of the Company’s management team;

  

    6

     

    

 

(ii) the Company is party to a merger or consolidation
which results in the holders of the voting securities of the Company outstanding immediately prior thereto failing to retain immediately
after such merger or consolidation direct or indirect beneficial ownership of more than fifty percent (50%) of the total combined
voting power of the securities entitled to vote generally in the election of directors of the Company or the surviving entity outstanding
immediately after such merger of consolidation.

 

(iii) a change in the composition of the Board occurring
within a period of twenty-four (24) consecutive months , as a result of which fewer than a majority of the directors are Incumbent
Directors;

 

(iv)
effectiveness of an agreement for the sale, lease or disposition by the Company of all or substantially all of the Company ’s
assets; or

 

(v) a liquidation or dissolution of the Company.

 

(c)
“Change in Control Period” shall mean the period commencing on the date sixty (60) days prior to the date of consummation
of the Change of Control and ending sixty (60) days following of same date of consummation of the Change of Control.

 

(d) “Change in Control Period Good Reason”
shall mean Executive ’s resignation for any of the following conditions, first occurring during a Change in Control Period and
occurring without Executive’s written consent:

 

(i) a decrease in Executive’s Salary and/or a decrease
in Executive ’s Target Bonus (as a multiple of Executive ’s Salary) under the Performance Bonus Plan or employee benefits other
than as part of any across-the-board reduction applying to all senior executives and not resulting in those senior executives receiving
lesser benefits than similarly situated executives of an acquirer;

 

(ii) a material, adverse change in Executive’s title,
authority, responsibilities, as measured against Executive’s title, authority, responsibilities or duties immediately prior to
such change.

 

(iii) a change in the Executive’s ability to maintain
his principal workplace at multiple or satellite offices;

 

(iv) any material breach by the Company of any provision
of this Agreement, which breach is not cured within thirty (30) days following written notice of such breach from Executive;

 

(v) any failure of the Company to obtain the assumption
of this Agreement by any of the Company’s successors or assigns by purchase , merger, consolidation, sale of assets or otherwise.

 

(vi) any purported termination of Executive’s employment
for “material breach of contract” which is purportedly affected without providing the “cure” period, if applicable,
described in Section 6 (a)(iii) or (vi), above.

 

The effective date of any Change
in Control Period Involuntary Termination shall be the date of notification to the Executive of the termination of employment by
the Company or the date of notification to the Company of the resignation from employment by the Executive for Change in Control
Period Good Reas on.

 

(e) “Non Change in Control Period Good Reason”
shall mean the Executive’s resignation within six months of any of the following conditions first occurring outside of a Change
in Control Period and occurring without Executive’s written consent:

 

(i) a decrease in Executive ’s total cash compensation
opportunity (adding Salary and Target Bonus) of greater than ten percent (10%);

 

(ii) a material, adverse change in Executive’s title,
authority, responsibilities or duties, as measured against Executive ’s title, authority, responsibilities or duties immediately
prior to such change ;

 

(iii) any material breach by the Company of a provision
of this Agreement, which breach is not cured within thirty (30) days following written notice of such breach from Executive;

 

(iv) any change in the Executive’s ability to maintain
his principal workplace at multiple or satellite offices;

 

(v)
any purported termination of Executive’s employment for “material breach of contract” which is purportedly affected
without providing the “cure” period, if applicable, described in Section 6

(a) (iii) or (vi), above.

  

    7

     

    

 

The effective date of any Non
Change in Control Period Involuntary Termination shall be the date of notification to the Executive of the termination of employment
by the Company or the date of notification to the Company of the resignation from employment by the Executive for Non Change in
Control Period Good Reason.

 

(f) “Incumbent Directors” shall mean members
of the Board who either (a) are members of the Board as of the date hereof, or (b) are elected, or nominated for election, to the
Board with the affirmative vote of at least a majority of the Incumbent Directors at the time of such election or nomination (but
shall not include an individual whose election or nomination is in connection with an actual or threatened proxy contest relating
to the election of members of the Board).

 

(g) “Change in Control Period Involuntary Termination”
shall mean during a Change in Control Period the termination by the Company of Executive’s employment with the Company for any
reason other than Cause, Executive’s death or Executive’s Disability; or

 

(h) “Non Change in Control Period Involuntary
Termination” shall mean outside a Change in Control Period the termination by the Company of Executive’s employment with the
Company for any reason other than Cause, Executive’s death or Executive’s disability.

 

		5.	Dispute Resolution: In the event of any
                                                                                                                                                       dispute or claim relating to or arising out of this Agreement (including, but not limited to, any claims of breach of
                                                                                                                                                       contract, wrongful termination or age, sex, race or other discrimination), Executive and the Company agree that all such
                                                                                                                                                       disputes shall be fully addressed and finally resolved by (1) binding arbitration conducted by the American
                                                                                                                                                       Arbitration Association in the State of Florida, City of Miami, in accordance with its National Employment Dispute Resolution
                                                                                                                                                       rules or (2) in any federal or state court located in Florida. In connection with any such arbitration, the Company shall
                                                                                                                                                       bear all costs not otherwise born by a plaintiff in a court proceeding. The Company agrees that any decisions of the
                                                                                                                                                       Arbitration Panel will be binding and enforceable in any state that the Company conducts the operation of its business.

 

		6.	Attorneys’
                                         Fees: The prevailing party shall be entitled to recover from the losing party
                                         its attorneys’ fees and costs incurred in any action brought to enforce any right arising
                                         out of this Agreement, and Executive represents that he has had the opportunity to consult
                                         with separate counsel of his own choosing prior to signing the within Agreement.

 

		7.	Restrictive Covenants:

 

(a)
Nondisclosure. During the Term and following termination of the Executive’s employment with the Company, Executive shall not divulge,
communicate, use to the detriment of the Company or for the benefit of any other person or persons, or misuse in any way, any
Confidential Information (as hereinafter defined) pertaining to the business of the Company. Any Confidential Information or data
now or hereafter acquired by the Executive with respect to the business of the Company (which shall include, but not be limited
to, confidential information concerning the Company’s financial condition, prospects, technology, customers, suppliers, methods
of doing business and promotion of the Company’s products and services) shall be deemed a valuable, special and unique asset of
the Company that is received by the Executive in confidence and as a fiducia ry. For purposes of this Agreement “Confidential
Information” means information disclosed to the Executive or known by the Executive as a consequence of or through his employment
by the Company (including information conceived, originated, discovered or developed by the Executive) prior to or after the date
hereof and not generally known or in the public domain, about the Company or its business. Notwithstanding the foregoing, nothing
herein shall be deemed to restrict the Executive from disclosing Confidential Information to the extent required by law or by
any court.

 

    8

     

    

 

(b) Non-Competition. The Executive shall not,
while employed by the Company and for a period of one year following the Date of Termination for Cause, or Resignation without
Good Reason, engage or participate, directly or indirectly (whether as an officer, director, employee, partner, consultant, or
otherwise), in any business that manufactures, markets or sells products that directly competes with any product of the Company
that is significant to the Company’s business based on sales and/or profitability of any such product as of the date of termination
of Executive’s employment with the Company. Nothing herein shall prohibit Executive from being a passive owner of less than 5 %
stock of any entity directly engaged in a competing business. The Non-Compete restrictive covenant consideration comes with
a 2 times annual salary compensation (including bonuses, options, shares) for the Executive, each year Executive is to not compete.
The Non Compete is to be paid in cash within 30 days of termination (with or without cause) and or resignation.

 

(c) Property Rights; Assignment of Inventions. With
respect to information, inventions and discoveries or any interest in any copyright and/or other property right developed, made
or conceived of by Executive, either alone or with others, during his employment by Employer arising out of such employment or
pertinent to any field of business or research in which, during such employment, Employer is engaged or (if such is known to or
ascertainable by Executive) is considering engaging, Executive hereby agrees:

 

(i) that all
such information, inventions and discoveries or any interest in any copyright and/or other property right, whether or not patented
or patentable, shall be and remain the exclusive property of the Employer;

 

(ii) to disclose promptly to an authorized representative
of Employer all such information, inventions and discoveries or any copyright and/or other property right and all information in
Executive’s possession as to possible applications and uses thereof;

 

(iii) not to file any patent application relating
to any such invention or discovery except with the prior written consent of an authorized officer of Employer (other than Executive);

 

(iv)
that Executive hereby waives and releases any and all rights Executive may have in and to such information, inventions and discoveries,
and hereby assigns to Executive and/or its nominees all of Executive’s right, title and interest in them, and all Executive’s
right, title and interest in any patent, patent application, copyright or other property right based thereon. Executive hereby
irrevocably designates and appoints the Company and each of its duly authorized officers and agents as his agent and attorney-in-
fact to act for him and on his behalf and in his stead to execute and file any document and to do all other lawfully permitted
acts to further the prosecution, issuance and enforcement of any such patent , patent application, copyright or other property
right with the same force and effect as if executed and delivered by Executive; and

 

(v) at the request of the Company, and without expense
to Executive, to execute such documents and perform such other acts as Employer deems necessary or appropriate, for Employer to
obtain patents on such inventions in a jurisdiction or jurisdictions designated by Employer, and to assign to Employer or its designee
such inventions and any and all patent applications and patents relating thereto.

 

    9

     

    

 

		8.	General:

 

(a) Successors and Assigns: The provisions of this
Agreement shall inure to the benefit of and be binding upon the Company, Executive and each and all of their respective heirs,
legal representatives, successors and assigns. The duties, responsibilities and obligations of Executive under this Agreement shall
be personal and not assignable or delegable by Executive in any manner whatsoever to any person, corporation, partnership, firm,
company, joint venture or other entity. Executive may assign, transfer, convey, mortgage, pledge or in any other manner encumber
the compensation or other benefits to be received by him or any rights which he may have pursuant to the terms and provisions of
this Agreement. Executive agrees to comply with all rules and regulations of the Securities and Exchange Commission (“SEC”)
and to further comply with respect to all SEC filing requirements as apply to Executive. Further, that both the Company and Executive
agree that while the effective date is as of July. 22, 2019, the reporting requirements apply as of the signing of the within Agreement,
and that the signing date further applies to the issuance of any options as provided for herein. Executive reserves the right to
work from any office of the company, and or from home or virtual office at Executives sole discretion.

 

(b) Amendments;
Waivers: No provision of this Agreement shall be modified, waived or discharged unless the modification, waiver or discharge
is agreed to in writing and signed by Executive and by an authorized officer of the Company. No waiver by either party of any breach
of, or of compliance with, any condition or provision of this Agreement by the other party shall be considered a waiver of any
other condition or provision or of the same condition or provision at another time .

 

(c) Notices: Any
notices to be given pursuant to this Agreement by either party may be effected by personal delivery or by overnight delivery with
receipt requested. Mailed notices shall be addressed to the parties at the addresses stated below, but each party may change its
or his/her address by written notice to the other in accordance with this subsection (c).Mailed notices to Executive shall be addressed
as follows:

 

Arik Maimon

4019 194th Trail

Golden Beach, FL 33160

 

Mailed notices to the Company shall be addressed
as follows:

 

Cuentas , Inc. 

Michael A. De Prado - President

200 S. Biscayne Blvd., Suite 5500

Miami, FL 33131

 

(d) Entire Agreement:
This Agreement replaces the previous Employment Agreement and constitutes the entire employment agreement between Executive
and the Company regarding the terms and conditions of his employment, with the exception of (a) the agreement described in Section
7 and (b) any stock option, restricted stock or other Company stock -based award agreements between Executive and the Company to
the extent not modified by this Agreement. This Agreement (including the documents described in (a) and (b) herein) supersedes
all prior negotiations, representations or agreements between Executive and the Company, whether written or oral, concerning Executive’s
employment by the Company.

 

(e) Withholding Taxes: All payments made under this
Agreement shall be subject to reduction to reflect taxes required to be withheld by law.

 

(f) Counterparts:
This Agreement may be executed by the Company and Executive in counterparts, each of which shall be deemed an original
and which together shall constitute one instrument.

 

    10

     

    

 

(g) Headings: Each
and all of the headings contained in this Agreement are for reference purposes only and shall not in any manner whatsoever affect
the construction or interpretation of this Agreement or be deemed a part of this Agreement for any purpose whatsoever.

 

(h) Savings Provision:
To the extent that any provision of this Agreement or any paragraph, term, provision, sentence, phrase, clause or word
of this Agreement shall be found to be illegal or unenforceable for any reason, such paragraph, term, provision, sentence, phrase
, clause or word shall be modified or deleted in such a manner as to make this Agreement, as so modified, legal and enforceable
under applicable laws. The remainder of this Agreement shall continue in full force and effect.

 

(i) Construction: The language of this Agreement
and of each and every paragraph, term and provision of this Agreement shall, in all cases, for any and all purposes, and in any
and all circumstances whatsoever be construed as a whole, according to its fair meaning, not strictly for or against Executive
or the Company, and with no regard whatsoever to the identity or status of any person or persons who drafted all or any portion
of this Agreement.

 

(j)
Further Assurances: From time to time, at the Company’s request and without further consideration, Executive
shall execute and deliver such additional documents and take all such further action as reasonably requested by the Company to
be necessary or desirable to make effective, in the most expeditious manner possible, the
terms of this Agreement and to provide adequate assurance of Executive’s due performance hereunder.

 

(k) Governing Law:
Executive and the Company agree that this Agreement shall be interpreted in accordance with and governed by the laws
of the State of Florida.

 

(l) Board Approval:
The Company warrants to Executive that the independent Members of the Board of Directors of the Company and or the compensation
committee chairman has ratified and approved the within Agreement, and that the Company will cause the appropriate disclosure filing
to be made with the Securities and Exchange Commission in a timely manner.

 

IN WITNESS WHEREOF, the parties have executed
this Agreement of the date and year written below.

 

	Signed on Nov. 5, 2019	By:	 
	 	 	ARIK MAIMON
	 	 	 
	Signed on Nov. 5, 2019	CUENTAS, INC.
	 	 	 
	 	By:	 
	 	 	MICHAEL DE PRADO - President

 

 

11EX-4.2

 Exhibit 4.2 
  

 
 FIRST SUPPLEMENTAL INDENTURE

 AMONG 
 BofA
FINANCE LLC, 
 as Issuer 

BANK OF AMERICA CORPORATION, 

as Guarantor 
 AND

 THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., 

as Trustee 
 DATED AS OF
DECEMBER 30, 2019 
 Supplementing the Senior Debt Securities Indenture dated as of August 23, 2016 

 
  

 FIRST SUPPLEMENTAL INDENTURE 

THIS FIRST SUPPLEMENTAL INDENTURE, dated as of December 30, 2019 (the “First Supplemental Indenture”), among BofA
FINANCE LLC, a Delaware limited liability company, as Issuer (the “Company”), BANK OF AMERICA CORPORATION, a Delaware corporation, as Guarantor (the “Guarantor”), and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,
a national banking association, as Trustee (the “Trustee”), under the Indenture referred to herein. 
 W I T N E S S E
T H: 
 WHEREAS, the Company, the Guarantor and the Trustee previously entered into a Senior Debt Securities Indenture dated as of
August 23, 2016 (the “Indenture”); 
 WHEREAS, Section 10.01(e) of the Indenture provides that without the
consent of any holders of Securities (as defined in the Indenture), the Company and the Guarantor, each when authorized by or pursuant to a Board Resolution (as defined in the Indenture) of its respective Board (as defined in the Indenture), and the
Trustee may enter into an indenture supplemental to the Indenture for the purpose of adding to, changing or eliminating any of the provisions of the Indenture, provided that any such addition, change or elimination shall not apply to any Securities
issued prior to the execution of such supplemental indenture and entitled to the benefit of such provision; 
 WHEREAS, the Company and the
Guarantor desire to enter into an indenture supplemental to the Indenture for the purpose of modifying certain provisions of the Indenture relating to the permitted consolidation or merger of the Company or the Guarantor and sale, transfer or
conveyance of all or substantially all of the Company’s or the Guarantor’s assets for all Securities to be issued on or after the date of such supplemental indenture; 

WHEREAS, the Company and the Guarantor have requested that the Trustee execute and deliver this First Supplemental Indenture; 

WHEREAS, the conditions set forth in the Indenture for the execution and delivery of this First Supplemental Indenture have been satisfied;
and 
 WHEREAS, all things necessary to make this First Supplemental Indenture a valid agreement of the Company, the Guarantor and the
Trustee, in accordance with its terms, and a valid amendment of, and supplement to, the Indenture have been done. 
 NOW, THEREFORE, in
consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, it is mutually covenanted and agreed that the Indenture is supplemented and amended to the extent and for the purposes
expressed herein, as follows: 
 ARTICLE I 

CAPITALIZED TERMS 
 Section 1.1
Definition of Terms. 
 For purposes of this First Supplemental Indenture, 

(a) terms defined in the Indenture have the same meaning when used in this First Supplemental Indenture unless otherwise specified herein; 

(b) a term defined anywhere in this First Supplemental Indenture has the same meaning throughout; 

 (c) the singular includes the plural and vice versa; and 

(d) headings are for convenience of reference only and do not affect interpretation. 

ARTICLE II 
 AMENDMENTS
TO THE INDENTURE 
 Section 2.1 Section 1.01 of the Indenture is hereby amended by inserting the following new defined term
immediately following the definition of “Guarantor”: 
 “Guarantor Subsidiary: 

The term “Guarantor Subsidiary” shall mean any Person of which more than 50% of the voting power of the outstanding
ownership interests (excluding ownership interests entitled to voting power only by reason of the happening of a contingency) shall at the time be owned, directly or indirectly, by the Guarantor, or one or more Guarantor Subsidiaries, or by the
Guarantor and one or more Guarantor Subsidiaries. For this purpose, “voting power” means power to vote in an ordinary election of directors (or, in the case of a Person that is not a corporation, ordinarily to appoint or approve the
appointment of Persons holding similar positions).” 
 Section 2.2 Section 11.01 of the Indenture is hereby amended by
deleting such Section 11.01 in its entirety and replacing it with the following: 
 “(a) The Company covenants that
it will not merge or consolidate with any other Person or sell, convey or transfer all or substantially all of its assets to any other Person, other than a sale, conveyance or transfer of all or substantially all of its assets to one or more
Guarantor Subsidiaries, unless (1) either the Company shall be the continuing entity, or the successor Person (if other than the Company) shall be organized and existing under the laws of the United States of America or a state thereof or the
District of Columbia and such successor Person shall expressly assume the due and punctual payment of the principal of (and premium, if any, on) and any interest or other amounts due on all the Securities, according to their tenor, and the due and
punctual performance and observance of all of the covenants and conditions of this Indenture to be performed by the Company, by supplemental indenture satisfactory to the Trustee, executed and delivered to the Trustee by such successor Person, and
(2) the Company or such successor Person, as the case may be, shall not, immediately after such merger or consolidation, or such sale, conveyance or transfer, be in default in the performance of any such covenant or condition. For the avoidance
of doubt, the Person referred to in this Section 11.01(a) may be the Guarantor or any Guarantor Subsidiary. 
 (b) The
Guarantor covenants that it will not merge or consolidate with any other Person or sell, convey or transfer all or substantially all of its assets to any other Person, other than a sale, conveyance or transfer of all or substantially all of its
assets to one or more Guarantor Subsidiaries, unless (1) either the Guarantor shall be the continuing entity, or the successor Person (if other than the Guarantor) shall be organized and existing under the laws of the United States of America
or a state thereof or the District of Columbia and such successor Person shall expressly assume the full and unconditional guarantee of the due and punctual payment of the principal of (and premium, if any, on) and any interest or other amounts due
on all the Securities, according to their tenor, and the due and punctual performance and observance of all of 

  
 2 

 
the covenants and conditions of this Indenture to be performed by the Guarantor, by supplemental indenture satisfactory to the Trustee, executed and delivered to the Trustee by such successor
Person, and (2) the Guarantor or such successor Person, as the case may be, shall not, immediately after such merger or consolidation, or such sale, conveyance or transfer, be in default in the performance of any such covenant or condition. For
the avoidance of doubt, the Person referred to in this Section 11.01(b) may be any Guarantor Subsidiary.” 
 ARTICLE III

 MISCELLANEOUS 

Section 3.1 Effectiveness and Applicability. 

This First Supplemental Indenture will become effective upon its execution and delivery. The amendments to the Indenture set forth herein shall
apply to all Securities issued on or after the date of this First Supplemental Indenture. The amendments to the Indenture set forth herein shall not apply to any Securities issued prior to the date of this First Supplemental Indenture, and the
rights of the holders of any Securities issued prior to the date of this First Supplemental Indenture shall not be modified hereby. 

Section 3.2 Successors and Assigns. 

All covenants and agreements in the Indenture, as supplemented and amended by this First Supplemental Indenture, by the Company or the
Guarantor, shall bind their respective successors and assigns, whether so expressed or not. 
 Section 3.3 Further Assurances.

 Each of the Company and the Guarantor will, at its own cost and expense, execute and deliver any documents or agreements, and take any
other actions that the Trustee or its counsel may from time to time request in order to assure the Trustee of the benefits of the rights granted to the Trustee under the Indenture, as supplemented and amended by this First Supplemental Indenture.

 Section 3.4 Certain Duties and Responsibilities of the Trustee; Effect of Recitals. 

 

	 	(a)	 In entering into this First Supplemental Indenture, the Trustee shall be entitled to the benefit of every
provision of the Indenture relating to the conduct or affecting the liability or affording protection to the Trustee, whether or not elsewhere herein so provided. 

 

	 	(b)	 The recitals contained herein shall be taken as the statements of the Company or the Guarantor, as the case may
be, and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this First Supplemental Indenture. 

Section 3.5 Ratification of Indenture. The Indenture, as supplemented and amended by this First Supplemental Indenture, is in all
respects ratified and confirmed, and this First Supplemental Indenture shall be deemed part of the Indenture in the manner and to the extent herein and therein provided. 

Section 3.6 Governing Law. This First Supplemental Indenture and the Securities shall be governed by and construed in accordance
with the laws of the State of New York. 

  
 3 

 Section 3.7 Counterparts. This First Supplemental Indenture may be executed in
any number of counterparts each of which shall be an original; but such counterparts shall together constitute but one and the same instrument. 

[Signature page follows.] 

  
 4 

 IN WITNESS WHEREOF, the parties hereto have caused this First Supplemental Indenture to be duly executed as
of the day and year first above written. 
  

			
	BofA FINANCE LLC, as Issuer
		
	By:	 	/s/ John M. Carpenter
	Name:	 	John M. Carpenter
	Title:	 	President
	
	BANK OF AMERICA CORPORATION, as Guarantor
		
	By:	 	/s/ Karim Kajani
	Name:	 	Karim Kajani
	Title:	 	Director
	
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
		
	By:	 	/s/ Mitchell L. Brumwell
	Name:	 	Mitchell L. Brumwell
	Title:	 	Vice President

 [SIGNATURE PAGE – FIRST SUPPLEMENTAL INDENTURE TO THE 

INDENTURE DATED AS OF AUGUST 23, 2016]

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