Document:

Exhibit 10.1

 

SECOND & FIRST AMENDMENTS
TO BINDING LETTER OF INTENT

 

SECOND AMENDMENT TO BINDING LETTER OF INTENT

 

THIS SECOND AMENDMENT
TO BINDING LETTER OF INTENT (the “Second Amendment”) is entered into April 27, 2022, SDI Black 011, LLC,
a New York limited liability company located at 1091 Yonkers Avenue, Yonkers, New York 10704 (hereinafter collectively “Seller”),
and Sahedabanu Sohel Kapadiai and Sohel Basir Kapadia, the managing members and owners of Seller (hereinafter collectively
“Owners”), and Cuentas, Inc., a Florida corporation located at 235 Lincoln Road, Suite 210, Miami Beach,
Florida 33139 (“Buyer”).

 

WHEREAS on or about
October 29, 2021, Seller, including as of that date, Mango Tel LLC, a Wyoming limited liability company “Mango Tel”),
owned by Fisk Holdings, LLC, a New York limited liability company located at 1091 Yonkers Avenue, Yonkers, New York 10704, and Buyer entered
into that certain Non-binding Letter of Intent (the “NLOI”) whereby the parties conducted their due diligence
regarding the desirability of the proposed purchase of the assets of Seller by Buyer;

 

WHEREAS on or about
January 3, 2022, Seller, including at that time Mango Tel, Owners and Buyer entered into that certain Binding Letter of Intent (the “BLOI”);

 

WHEREAS on or about
February 11, 2022, Seller, including at that time Mango Tel, Owners and Buyer entered into that Amendment to Binding Letter of Intent
(the “First Amendment”) which amended certain terms of the BLOI, including without limitation, excluding the
assets of Mango Tel from the contemplated Purchased Assets, and, accordingly, removing Mango Tel as a party from the contemplated transaction
and reducing the Purchase Price of the Purchase Assets to TWO MILLION NINE HUNDRED SEVENTY-SIX THOUSAND DOLLARS ($2,976,000.00); and

 

WHEREAS as of the
date set forth above, the parties hereto have agreed to enter into this Second Amendment to amend certain of the terms and conditions
of the First Amendment and the BLOI as set forth below.

 

ACCORDINGLY, the parties covenant and agree as follows:

 

1. Recitals: The above recitals
are true and correct and form a part of the parties’ agreement.

 

2. Conflict Between
Agreements: The terms and conditions of the First Amendment and the BLOI, attached hereto as Composite Exhibit A, are
incorporated herein by reference, and shall remain in full force and effect, subject to the terms and conditions set forth in this Second
Amendment. To the extent there is a conflict between the terms and conditions of this Second Amendment and the terms and conditions of
the First Amendment or the BLOI, the terms and conditions of this Amendment shall control. The capitalized terms in the First Amendment
and the BLOI are incorporated herein unless otherwise modified in this Amendment.

 

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3. Definitive Asset
Purchase Agreement:  As contemplated by the parties, the material terms and conditions of the transaction shall be set forth in a
definitive asset purchase agreement (“APA”) that shall have the customary representations and warranties as is standard in
the business including a detailed listing of the Purchased Assets being acquired by the Buyer from the Seller. The parties shall execute
the APA on or before May 8, 2022. The APA is subject to approval by the Board of Directors of Buyer at its absolute and sole discretion;
and, accordingly, if the Board of Directors of Directors elects not to approve the APA for whatever reason on or before May 8, 2022, including
without limitation, insufficiency of the detailed listing of the Purchased Assets, at its sole and absolute discretion, the APA, the Second
Amendment, the BLOI, and/or NLOI and the parties shall be released from any and all obligations arising thereunder including the termination
penalty set forth in paragraph 11 below.

 

4. Closing Date:
 The closing date for the APA shall be as agreed by the parties in writing but not later than five (5) business days following expiration
of the Bulk Sale Notice as defined in paragraph 9 below (the “Closing Date”) or as otherwise defined in the
APA however, under no circumstances shall the Closing Date be after May 20, 2022.

 

5. Purchase Price:
The Purchase Price for the Purchased Assets of TWO MILLION NINE HUNDRED SEVENTY-SIX THOUSAND DOLLARS ($2,976,000.00) shall be funded as
follows:

 

a. On or before
five (5) business days following the execution of this Second Amendment by the parties hereto, Buyer shall pay into the escrow trust account
of the Buyer’s Escrow Agent as defined in paragraph 7 below, ONE MILLION DOLLARS ($1,000,000.00) to be held in trust under the terms
and conditions of the Escrow Agreement as defined below in paragraph 7 below; and

 

b. On
or before five (5) business days before the Closing Date, Buyer shall pay into the escrow trust account of Buyer’s Escrow
Agent, the remaining Purchase Price of ONE MILLION NINE HUNDRED SEVENTY-SIX THOUSAND DOLLARS ($1,976,000.00, the
“Remaining Purchase Price”).

 

c. At
the Closing, Owners shall transfer one hundred percent (100%) of the membership interest in Cuentas SDI, as that term is defined in
paragraph 6 of the BLOI attached as Exhibit A hereto, to Buyer and cause Seller to deliver acceptable bill of sale, assignments of
contracts, and all other title documents as necessary to transfer title in the Purchased Assets free and clear of any liens, claims,
and encumbrances to Buyer or Cuentas SDI at Buyer’s sole discretion.

 

6. Owners’
Escrow Funding Obligation: On or before eight (8) business days following the execution of this Second Amendment by the parties hereto,
Owners shall pay into the escrow trust account of the Seller’s Escrow Agent, as defined in paragraph 7 below, ONE MILLION DOLLARS
($1,000,000.00) to be held in trust under the terms and conditions of the Escrow Agreement as defined below in paragraph 7 below.

 

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7. Escrow Agents
and Escrow Agreements:

 

a. Buyer’s escrow agent shall be Gary M.
Murphree, Esq., AM Law LLC, 10743 SW 104th Street, Miami Florida 33176 (“Buyer’s Escrow Agent”) to hold the
deposits from Buyer as set forth in paragraphs 5 above (the “Buyer’s Escrow Funds”). The Buyer’s
Escrow Agent shall circulate a draft proposed Escrow Agreement subject to revision and approval by the parties hereto and the Escrow
Agent. The Escrow Agreement shall set forth the duties and obligations of the Escrow Agent and the terms and conditions of the
Escrow Agent’s release of the Escrow Funds to satisfy in full of the SBA Loan Obligation owed by Seller by direct wire
transfer of Buyer’s Escrow Funds to the SBA at Closing of the APA defined in paragraph 3 above.

 

b. Owner’s escrow
agent shall be Geist Schwarz & Jellinek, PLLC, who shall serve as Escrow Agent (“Owner’s Escrow Agent”) to
hold the deposit from Owner as set forth in paragraph 6 above (the “Owners’ Escrow Funds”). The Owners’
Escrow Agent shall circulate a draft proposed Escrow Agreement subject to revision and approval by the parties hereto and the Escrow Agent.
The Escrow Agreement shall set forth the duties and obligations of the Escrow Agent and the terms and conditions of the Escrow Agent’s
release of the Escrow Funds to satisfy in full of the SBA Loan Obligation owed by Seller by direct wire transfer of Owners’ Escrow
Funds to the SBA at Closing of the APA defined in paragraph 3 above.

 

c. Collectively the
Buyer’s Escrow Agent and Seller’s Escrow Agent shall be referred to collectively as the “Escrow Agents”.

 

8. Satisfaction
of Seller’s SBA Loan Obligation: On or before five (5) business days following the execution of this Second Amendment by the
parties, the Escrow Agents shall obtain from the SBA a payoff estoppel letter setting forth the outstanding loan balance, including principal,
interest and applicable charges due under the applicable SBA loan documents with a per diem interest amount that will allow the parties
to calculate the payoff amount necessary to satisfy in full the indebtedness owed by Seller to the SBA (the “SBA Indebtedness”)
and obtain a release of the recorded liens and security interest and UCC-1s, and wiring instructions setting forth the financial account
that SBA where it wants the payoff funds transferred to at the Closing (“SBA Wiring Instructions”). At the Closing
on the Closing Date, the parties shall provide written notice signed by all of the parties, including the SBA Wiring Instructions, directing
the Escrow Agents to wire the $2,976,000.00 plus the $1,000,000.00 for a total of $3,976,000.00, including any additional funds provided
by Owners under subparagraph 10(c) below, to the SBA in accordance with the SBA Wiring Instruction as necessary to satisfy in full the
SBA Indebtedness and obtain the release of any and all liens, claims, and encumbrances of the SBA against the Purchased Assets.

 

9. Bulk Sales
Notice Requirements: The Buyer shall on or before April 29, 2022 send a notice as contemplated by UCC Article Six Bulk Sales
Notice provisions as follows. The Buyer has already been provided a complete list of all creditors of Seller who may have a claim
against the Seller or the assets of the Seller. On or before April 29, 2022 the standard form bulk sale notice shall be sent to all
creditors by Buyer setting forth the proposed sale and providing an address for creditors to make an inquiry or claim against the
Seller or the assets of the Seller. It shall be the responsibility of the Seller and Owners to resolve any and all claims filed
within the 20-day notice period (“Bulk Sale Notice”) either through a writing signed by the claimant releasing the
Seller and the assets from any further claims, or through escrow of sufficient funds to cover the amount of the claim as alleged by
the creditor. The parties shall review all claims, and the resolution or escrow by Seller to satisfy all claims filed, no later than
May 18, 2022, and if Buyer, at its sole discretion, is satisfied that each asserted claim has been resolved by a writing signed by
the creditor, or an acceptable escrow amount is deposited by Seller in its attorney’s trust account to cover all unreleased
alleged claims, the parties shall proceed to closing of the asset purchase transaction on or before the Closing Date.

 

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10. Conditions
to Closing:

 

a. As set forth in paragraph
6 above, if any creditors provide timely notice of a claim against Seller or the Purchased Assets, then as a condition precedent to closing
the Seller and Owners shall reduce the Purchase Price or escrow additional funds with the Escrow Agent sufficient to fully satisfy all
such asserted claims as determined by the Buyer at its reasonable discretion.

 

b. The aggregate funds on deposit with the Escrow
Agent aggregating $3,976,000.00 are insufficient to satisfy in full the SBA Loan Obligation as set forth in the estoppel letter to
be provided by the SBA/lender, then Owners shall deposit any additional funds as determined by the Escrow Agent as necessary to
satisfy in full the outstanding SBA Loan Indebtedness then the Owners shall fund the additional deposit by five (5) business days
before the Closing.

 

11. Liquidating
Damages Upon Default:

 

a. If after execution
of the APA as provided in paragraph 3 above, if Seller and Owners fail to satisfy the conditions to closing in subparagraphs (a) or (b),
the Buyer at its sole discretion may terminate this APA with written notice to the Seller and the Owners and the Escrow Agents. Upon receipt
of the written notice of termination as set forth immediately above, Seller’s Escrow Agent shall deposit from the Seller’s
Escrow Funds the $250,000 liquidation damages in the registry of a court of competent jurisdiction in Westchester County, New York and
commence an interpleader action naming the parties and affording them notice to appear to determine their respective rights in the $250,000
liquidation damages and promptly return the remaining Seller’s Escrow Funds, less the $250,000 liquidating damages, to the Seller
and Buyer’s Escrow Agent may promptly return the Buyer’s Escrowed Funds to Buyer.

 

b. If after
execution of the APA as provided in paragraph 3 above, and the Buyer fails to fund the Remaining Purchase Price defined in
subparagraph 5(b) above, the Owners may terminate the APA with written notice to the Buyer and the Escrow Agents. Upon receipt of
the written notice of termination as set forth immediately above, Buyer’s Escrow Agent shall deposit from the Buyer’s
Escrow Funds the $250,000 liquidation damages in the registry of a court of competent jurisdiction in Miami-Dade County, Florida and
commence an interpleader action naming the parties and affording them notice to appear to determine their respective rights in the
$250,000 liquidation damages and promptly return the remaining Buyer’s Escrow Funds to the Buyer and Owners’ Escrow
Agent may promptly return the Owners’ Escrowed Funds to Owners.

 

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c. The parties stipulate
that the $250,000 liquidating damages is an approximate estimate of the costs and expenses incurred by each party in pursuing this transaction
and is intended solely as an estimate of reimbursable costs and expenses and is not intended to be a penalty.

 

d. Venue for any dispute
over whether a party properly terminated the APA as set forth in subparagraphs (a) and (b) above and/or entitlement of a party to
recovery of the $250,000 liquidating damages shall be on the county where the $250,000 liquidation damages are on deposit in the
court registry. In any such interpleader, the parties agree to that their respective Escrow Agent is authorized to accept service of
the interpleader complaint and summons and they waive any right to a jury trial on any and all issues.

 

12. Non-compete
and non-solicitation:  Seller and Owners and their officers and directors and all of its shareholders including Owners, separately
and severally, agree that, for a period of two (2) years after closing, they will not, directly or indirectly, own, manage, operate, join
in, control, or participate in the ownership, management, operation, or control of, or be connected with in any manner, any entity engaged
in the business of Fintec and Telcom anywhere in the world.

 

13. Terms and Conditions:
 All terms and conditions of the First Amendment and the BLOI shall be remain in full force and effect unless other modified herein
or in the APA.

 

By signing below each
party agrees to be bound by this Second Amendment and the terms and conditions of the First Amendment and the BLOI except as modified
by the terms and conditions of this Amendment and the APA.

 

BUYER:

 

By:

 

	/s/ Jeff Johnson	 
	Jeff Johnson
	 
	CEO 	 
	Cuentas, Inc.	 
	235 Lincoln Road, Suite 210	 
	Miami Beach, FL 33139	 
	April 27, 2022	 

 

	SELLER:	 

	 	 
	/s/ Saheda Kapadia 	 
	SDI Black 011, LLC, 	 
	By: Saheda Kapadia 	 
	Managing Member	 
	1091 Yonkers Avenue	 
	Yonkers, New York 10704	 
	April 27, 2022	 

 

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	OWNERS:	 
	 	 
	/s/ Sohel Kapadia	 
	Sohel Kapadia	 
	April 27, 2022	 
	 	 
	/s/ Saheda Kapadia 	 
	Saheda Kapadia	 
	April 27, 2022	 

 

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AMENDMENT
TO BINDING LETTER OF INTENT

 

TillS AMENDMENT TO
BINDING LEITER OF INTENT (the “Amendment”) is entered into February_, 2022, by and among Mango Tel LLC, a Wyoming limited
liability company, owned by Fisk Holdings, LLC, a New York limited liability company located at 1091 Yonkers Avenue, Yonkers, New
York 10704 and SDI Black 011, LLC, a New York limited liability company located at 1091 Yonkers Avenue, Yonkers, New York 10704
(hereinafter collectively “Seller”), and Sahedabanu Sobel Kapadiai and Sobel Basir Kapadia, the managing members and
owners of Seller (hereinafter collectively “Owners”), and Cuentas, Inc., a Florida corporation located at 235
Lincoln Road, Suite

210, Miami Beach, Florida 33139 (“Buyer”).

 

WHEREAS on or
about October 29, 2021, Seller and Buyer entered into that certain Non-binding Letter of Intent (the ’‘NLOI”) whereby the parties
conducted their due diligence regarding the desirability of the proposed purchase of the assets of Seller by Buyer. A copy of the executed
NLOI is attached as Exhibit A to the BLOI defmed immediately below, and the terms and conditions of the executed NLOI are incorporated
herein by reference into this Amendment;

 

WHEREAS on or about January
3, 2022, Seller, Owners and Buyer entered into that certain Binding Letter oflntent (the “BLOI”), a copy of which is
attached hereto as Exhibit A hereto;

 

WHEREAS as of
the date set forth above the parties hereto have agreed to enter into this Amendment to the Binding Letter of Intent amending certain
terms and conditions of the Binding Letter of Intent as set forth below;

 

ACCORDINGLY, the parties covenant and agree as follows:

 

1. Recitals:
The above recitals are true and correct and form a part of the parties’ agreement.

 

2. Conflict Between
Agreements: The terms and conditions of the BLOI executed by the parties and attached hereto as Exhibit A, are incorporated herein by
reference, and shall remain in full force and effect, subject to the terms and conditions set forth in this Amendment. To the extent there
is a conflict between the terms and conditions of this Amendment, and the terms and conditions of the BLOI, the terms and conditions of
this Amendment shall control. The capitalized terms in the BLOI and NLOI are incorporated herein unless otherwise modified in this Amendment.

 

3. Assets To
Be Purchased: Buyer shall acquire all of the assets of Seller which include without limitation the Seller’s blackwireless.com domain and
other assets as set forth on Schedule A attached to the BLOI but as amended herein to specifically exclude the asset of Mango Tel LLC
listed on Schedule A as “rnymangornobile.com” (the “Purchased Assets”). Any asset of Seller not listed
on either Schedule A or Schedule B shall be included in the Purchased Assets.

 

4. Purchase Price:
The Purchase Price for the Purchased Assets of THREE MILLION TWO HUNDRED THOUSAND DOLLARS ($3,200,000.00) shall be reduced by seven percent
(7%) or TWO HUNDRED TWENTY-FOUR THOUSAND DOLLARS ($224,000.00) to TWO MILLION NINE HUNDRED SEVENTY-SIX DOLLARS ($2,976,000.00) in consideration
for the assets of Mango Tel LLC being excluded from the Purchased Assets. The Final Escrow Purchase Price be paid by Buyer shall be reduced
by the $224,000.00.

 

5. As a result
of the assets of Mango Tel LLC being excluded from the Purchased Assets pursuant to this Amendment, Mango Tel LLC shall no longer be a
party to the (i) contemplated asset purchase agreement or (ii) further amendments or modifications, if any, to the BLOI as amended by
this Amendment.

 

6. Paragraph
6 of the NLOJ regarding Buyer entering into satisfactory employee agreements with the employees of the Seller is void and of no further
force and affect. At the sole and absolute discretion of Buyer, Buyer may enter into individual employment agreements with employees of
Seller as it may desire but has no legal obligation whatsoever to do so.

 

7. All terms
and conditions of the BLOI shall be remain in full force and effect unless other modified above.

 

By signing below each
party agrees to be bound by this Amendment and the terms and conditions of the BLOI except as modified by the terms and conditions
of this Amendment.

 

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BUYER:

 

	By:	 
	 	 
	/s/ Jeff Johnson	 
	Jeff Johnson CEO 	 
	Cuentas, Inc.	 
	235 Lincoln Road, Suite 210	 
	Miami  Beach, FL 33139	 
	 	 
	SELLER:	 
	 	 
	By:	 
	 	 
	/s/ Sohel Kapadia	 
	By: Fisk Holdings, LLC

        By: Sohel Kapadia

        Managing Member
	 
	1091 Yonkers  Avenue	 
	Yonkers, New York 10704	 

 

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	/s/ Saheda Kapadia 	 
	SDI Black 011, LLC,

                                   By: Saheda Kapadia

                                   Managing Member
	 
	1091 Yonkers Avenue	 
	Yonkers, New York 10704	 
	 	 
	/s/ Saheda Kapadia 	 
	Saheda Kapadia	 

 

 

9Exhibit 10.2

 

BINDING LETTER OF INTENT

 

THIS BINDING LETTER OF INTENT (the
“ Agreement ”) entered into December , 2021, sets forth certain binding understandings and certain binding
covenants with respect to the purchase of the assets of Mango Tel LLC, a Wyoming limited liability company, owned by Fisk Holdings,
LLC, a New York limited liability company located at 1091 Yonkers Avenue, Yonkers, New York 10704 and SDI Black 011, LLC, a New York
limited liability company located at 1091 Yonkers Avenue, Yonkers, New York 10704 (hereinafter collectively “ Seller
”), and Sahedabanu Sohel Kapadiai and Sohel Basir Kapadia, the managing members and owners of Seller (hereinafter collectively
“ Owners”), by Cuentas, Inc., a Florida corporation located at 235 Lincoln Road, Suite 210, Miami Beach,
Florida 33139 ( “Buyer” ).

 

WHEREAS on or about October 29, 2021,
Seller and Buyer entered into that certain Non-binding Letter of Intent (the “ NLOI ”) whereby the parties
conducted their due diligence regarding the desirability of the proposed purchase of the assets of Seller by Buyer. A copy of the
executed NLOI is Exhibit A  hereto, and the terms and conditions of the executed NLOI are incorporated by reference
into this Agreement;

 

WHEREAS as of the date set forth above
the parties hereto have agreed to enter into this Binding Letter of Intent so they may consummate the contemplated transaction through
entry into a final Asset Purchase Agreement;

 

ACCORDINGLY, the parties covenant and agree as follows:

 

1. Recitals: The above recitals are true and correct
and form a part of the parties’ agreement.

 

2. Conflict Between Agreements:
The terms and conditions of the NLOI executed by the parties and attached hereto as Exhibit A  shall remain in full force
and effect subject to the additional terms and conditions set forth in this Agreement. To the extent there is a conflict between the terms
and conditions of this Agreement and the terms and conditions of the NLOI, the terms and conditions of this Agreement shall control.

 

3. Assets To Be Purchased: Buyer
shall acquire all of the assets of Seller which include without limitation the Seller’s blackwireless.com domain and other
assets as set forth on Schedule A attached hereto (the “ Purchased Assets ”). Seller shall retain
only those assets set forth on Schedule B attached hereto (the “ Retained Assets”). Any asset of
Seller not listed on either Schedule A or Schedule B shall be included in the Purchased Assets.

 

4. Purchase Price: Buyer agrees to
purchase, and Seller agrees to sell, the Purchased Assets for THREE MILLION TWO HUNDRED THOUSAND DOLLARS ($3,200,000.00) (the “
Purchase Price ”) to be paid by Buyer as follows:

 

a. Within three business days of execution
of this Agreement, Buyer shall pay into the Buyer’s counsel’s trust account in cleared funds TWO MILLION DOLLARS ($2,000,000.00)
to be held in escrow (the “ Initial Escrowed Purchase Price ”) pending the closing (the “Closing”)
of the contemplated Purchase and Sale Agreement (the “ PSA ”), and written instructions signed by each party
to the PSA directing Buyer’s counsel, AM Law LLC (the “ Escrow Agent ”), to wire transfer the Initial
Escrowed Purchase Price directly to the Small Business Administration (SBA) as partial satisfaction of the Seller’s approximate
FOUR MILLION TWO HUNDRED THOUSAND DOLLAR ($4,200,000.00) outstanding loan balance owed to the SBA (the “ SBA Loan
”); and

 

b. on or before the Closing, Buyer
shall pay into the trust account of Escrow Agent the remaining Purchase Price of ONE MILLION TWO HUNDRED THOUSAND DOLLARS
($1,200,000.00) to be held in escrow (the “ Final Escrowed Purchase Price ”), pending written instructions
signed by each party to the PSA directing the Escrow Agent to wire transfer the Final Escrowed Purchase Price directly to the Small
Business Administration (SBA) as partial satisfaction of the Seller’s approximate FOUR MILLION TWO HUNDRED THOUSAND DOLLAR
($4,200,000.00) outstanding loan balance owed to the SBA (the “ SBA Loan ” ).

 

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5. Owner Repayment Obligation re
SBA Loan: on or before the Closing, Owner shall pay directly to the SBA in cleared funds the SBA Loan which is estimated to have an
outstanding balance in the approximate amount of ONE MILLION DOLLARS ($1,000,000) after the payments by the Escrow Agent of the Initial
Escrowed Purchase Price and Final Escrowed Purchase Price. Owner shall be solely responsible for satisfying in full the remaining SBA
Loan balance outstanding as of May 17, 2022, after deducting the payments by the Escrow Agent of the Initial Escrowed Purchase Price and
Final Escrowed Purchase Price.

 

6. Transfer of Assets By Seller To
Buyer’s Newco: After execution this Agreement, Buyer shall form a newco titled Cuentas SDI, LLC, a Florida limited
liability company (“ Newco ” ). Once Newco has set up appropriate bank accounts, Seller shall immediately
transfer all revenue transactions from Seller’s existing credit card services and direct deposits from its existing bank
accounts to effectuate all revenue sources of Seller being deposited into the bank account(s) opened in the name of the Newco. As
soon as practicable after execution of this Agreement, Seller shall deliver to Buyer all of the remaining Purchased Assets into the
custody and control of Newco. A condition of the PSA is that at closing Seller shall deliver a bill of sale or assignment of license
or other intellectual property rights as the case maybe, in favor of Newco, in a form acceptable to Buyer, transferring title to the
Purchased Assets to Newco free and clear of any and all liens, claims, or encumbrances. Until the Closing, Seller shall own 100% of
the interest in the Newco and shall assign at Closing the 100% interest in the Newco to Buyer. The managing members of the Newco
until closing shall be Jeff Johnson, Arik Maimon, and Sahedabanu Sohel Kapadiai. After the Closing, Buyer shall appoint at its sole
discretion the managing members of the Newco.

 

7. Indemnification of Buyer by Seller
and Owner: The parties waive compliance with the provisions of any applicable state version of the Uniform Commercial Code relating
to bulk transfers in connection with the transactions contemplated by this Agreement; provided, however, Seller and Owner agree to indemnify
and hold Buyer harmless from and against any liability for any amount owing to Seller’s creditors with respect to the Purchased
Assets or the business operation of Seller being transferred to Buyer pursuant to this Agreement, which liability arose prior to the transfer
of the Purchased Assets and business operations from Seller to Buyer under this Agreement. Buyer agrees to indemnify and hold Seller harmless
from and against any liability for any amount owing with respect to the Purchased Assets and business operations of the Seller transferred
by Seller to Buyer pursuant to this Agreement, which liability arises subsequent to the transfer of the Purchased Assets and business
operations from Seller to Buyer under this Agreement.

 

8. Purchase
and Sale Agreement: Buyer, Owner, and Seller shall negotiate in good faith and enter into the PSA containing the terms and conditions
set forth in this Agreement on or before December 31, 2021. The parties admit that this Agreement is binding on each of them and that
they will use their best efforts and good faith to enter into the PSA with terms and conditions consistent with this Agreement.

 

[continued on following page]

 

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9. Expedited Binding Arbitration:
Buyer, Owner, and Seller agree that any dispute regarding this Agreement or dispute over the final terms and conditions of the PSA will
be settled by binding arbitration according to the rules of the American Arbitration Association (the “ AAA ”)
conducted in Miami, Florida by the AAA. The parties agree to expedite the necessary arbitration as quickly as the rules of the AAA permit.
The parties agree to mutually select the arbitrator or the will promptly notify the AAA they are unable to agree and the AAA will select
an arbitrator with 20 plus years of experience in complex commercial asset purchases or business acquisitions. The parties agree to follow
and implement the fmal ruling of the Arbitrator without recourse to an appeal or the necessity of the prevailing party having to file
the ruling with the circuit court to have the ruling converted into a fmal judgment. This provision is a material consideration in the
parties entering into this agreement.

 

10. Seller represents and warrants that
the gross revenues of the two entities whose assets are the subject matter of this Agreement have combined gross revenues of nine million
dollars ($9,000,000.00) for the year ending 2021 is materially less than said amount, Buyer shall have the option at its sole discretion
to cancel this Agreement by providing written notice to Seller. If the Buyer elects to cancel this Agreement, this Agreement and the NLOI
shall be null and void except for any non-disclosure provisions.

 

II. Time is of the Essence: Time is of the essence in the
performance of the parties to the obligations and conditions of the terms of the NLOI and this Agreement.

 

11. Waiver of Jury Trial: EACH PARTY
IRREVOCABLY AND UNCONDITIONALLY WAlVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN
ANY LEGAL ACTION, PROCEEDING, CAUSE OF ACTION OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT, INCLUDING ANY EXHIBITS AND
SCHEDULES ATTACHED TO THIS AGREEMENT, OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

[signature pages]

 

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By
signing below each party agrees to be bound by this Agreement and the terms and conditions of the NLOI except as modified by the terms
and conditions of this Agreement.

 

	BUYER: 	 
	 	 
	By:	 
	 	 
	/s/
Jeff Johnson 	 
	Jeff Johnson	 
	CEO	 
	Cuentas, Inc.	 
	235 Lincoln Road, Suite 210	 
	Miami Beach, FL 33139	 
	 	 
	SELLER:	 
	 	 
	/s/ Sohel Kapadia	 
	Mango Tel LLC	 
	By: Fisk Holdings, LLC 	 
	By: Sohel Kapadia	 
	Managing Member	 
	1091 Yonkers Avenue	 
	Yonkers, New York 10704	 
	 	 
	/s/ Saheda Kapadia 	 
	SDI Black 011, LLC,	 
	By: Saheda Kapadia	 
	Yonkers, New York 10704	 

 

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	OWNERS:	 
	 	 
	/s/ Sohel Kapadia	 
	Sohel Kapadia	 
	 	 
	/s/ Saheda Kapadia	 
	Saheda Kapadia	 

 

 

5

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