Document:

Exhibit 10.4

  

QUANTUM COMPUTING INC.

215 Depot Court, SE

Leesburg, VA 20175

 

EMPLOYMENT AGREEMENT

 

THIS EMPLOYMENT AGREEMENT (the “Agreement”)
is made as of this 23rd day of July 2018 (the “Effective Date”), between Richard E. Malinowski (“Executive”)
and Quantum Computing Inc. (the “Company”), a Delaware corporation.

 

WHEREAS, on February 15, 2018, the Company
and the Executive entered into an oral agreement (the “Oral Agreement”) whereby the Executive was to be employed to serve
as the Company’s Chief Technology and Operations Officer (“CTOO”);

 

WHEREAS, the Company and Executive are
entering into this Agreement to memorialize the terms and conditions of the Oral Agreement and the Executive is willing to continue
to serve in the foregoing position on the terms and conditions set forth herein;

 

NOW, THEREFORE in consideration of the
mutual covenants and promises contained herein and other good and valuable considerations, the sufficiency of which is hereby acknowledged,
the Company and the Executive hereby agree as follows:

 

1. Effective
Date and Term of Employment. Since March 1, 2018 the Executive has served as the Company’s CTOO and the effective
date of this Agreement is the first date listed above (the “Effective Date”). The Company will continue to employ
Executive as CTOO, and Executive agrees to work for the Company, at such facility as the Company deems appropriate, to
perform the duties and responsibilities inherent in such position, and such other duties and responsibilities as the Company
shall from time to time as assigned to Executive. The term of this Agreement shall commence on the date hereof and shall
continue for a period of two (2) years. Thereafter, this Agreement shall be automatically renewed for one year periods,
unless otherwise terminated by the Company or Executive upon written notice to the other given not less than ninety (90) days
prior to the next anniversary of the Agreement. ‘The initial two (2) year term may terminate as provided for in Section 4
below. The initial term and any renewals thereof shall be referred to herein as the “Term.”

 

2. Duties and
Responsibilities. The Executive agrees to work for the Company as its CTOO performing all of the duties and
responsibilities inherent in such position. As the CTOO the Executive shall report to the Company’s Board of Directors
(the “Board”) and/or President and shall be subject to the supervision thereof, and Executive shall have such
authority as is delegated by the Board and/or the President, which authority shall be sufficient for Executive to perform all
of the duties of the office referenced herein. The Executive shall devote the Executive’s full time, attention and
skills to the operations of the Business (as defined below) of the Company and that he will perform such duties, functions,
responsibilities and authority in connection with the foregoing as are from time to time delegated to Executive by the Board,
which duties shall include but shall not be limited to the responsibility of managing the design, development, delivery and
support of the Company’s software and hardware products, management of the R&D staff and intellectual property
assets, and the overall operations of the Company and put forth reasonable best efforts in the performance of the foregoing
services. Subject to the restrictions set forth in Section 6.4, Executive may accept other board memberships or service with
other charitable organizations that are not in conflict with Executive’s primary responsibilities and obligations to
the Company.

 

     

     

    

 

3. Compensation and Benefits.

 

3.1 Salary.
The Company will pay Executive a base salary of $15,000.00 twice per calendar month (i.e., at an annualized rate of $360,000
per year), payable in accordance with the Company’s customary payroll practices (the “Base Salary”). The
Base Salary thereafter shall be subject to annual review and adjustment, as determined by the Board (or the Compensation
Committee of the Board) in its sole discretion, provided, however, that the Base Salary may not be decreased without the
Executive’s consent unless the compensation payable to all executives of the Company is also similarly reduced.

 

3.2 Annual
Incentive. For the fiscal year ending December 31, 2019 and in subsequent fiscal years during the Term, Executive will be
eligible to receive an annual cash bonus in an amount up to $200,000, subject to Executive achieving the
performance milestones that are established and approved by the Board within 60 days following the beginning of such fiscal
year. The bonus, if payable, shall be calculated and paid within 30 days after the end of the fiscal year in which such bonus
was earned; provided, however, that the Company may delay the calculation and payment of any portion of such bonus which is
based on the attainment of a revenue, earnings or similar milestone until the completion of the audit of the Company’s
financial statements for the fiscal year in question.

 

3.3 Initial
Stock Grant; Recoupment; Lock-up Agreement. As an inducement to join the Company and to recruit the necessary
key technical staff, the Company agrees to grant the Executive 3,800,000 shares (the “Shares”) of
Quantum Computing’s restricted common stock, to be issued upon the execution and delivery hereof. The Shares will
vest immediately, but will be subject to recoupment by the Company in the event that Executive’s employment is
terminated (i) by the Company for Cause, (ii) by Executive breaching this Agreement for any reason whatsoever, or (iii) by
Executive without Good Reason, effective immediately as of the date of such termination, in accordance with the following
schedule:

 

	Termination Date	 	Percentage of Shares Subject to Recoupment
	From Effective Date through February 29, 2020	 	66.66%
	March 1, 2020 through February 28, 2021	 	33.34%

 

For the avoidance of doubt, if Executive
is employed under this Agreement on March 1, 2021, this Section 3.3 shall no longer be in effect and Executive’s Shares
shall not be subject to recoupment by the Company. In addition, this Section 3.3 shall not subject any other compensation given
to the Executive under Section 3 hereof to recoupment by the Company.

 

The Shares are subject
to the terms and conditions of the lock-up agreement delivered by the Executive to the Company, entered into as the date hereof,
in the form attached hereto as Exhibit A.

 

3.4 Long-Term
Incentives. The Company may from time to time establish other incentive programs, including but not limited to stock grants,
stock options, and the Executive will be eligible to participate in such incentive programs under terms to be set when such programs
are approved by the Board and Shareholders.

 

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3.5 Fringe
Benefits. Executive shall be entitled to participate in all bonus and benefit programs that the Company establishes and
makes available to its executive employees, if any, to the extent that Executive’s position, tenure, salary, age, health and other
qualifications make Executive eligible to participate, including, but not limited to health care plans, short and long term disabilities
plans, life insurance plans, retirement plans, and all other benefit plans from time to time in effect. Executive shall also be
entitled to take four (4) weeks of fully paid vacation in accordance with Company policy.

 

3.6 Reimbursement
of Certain Expenses. Executive shall be reimbursed for such reasonable and necessary business expenses incurred by Executive
while Executive is employed by the Company, which are directly related to the furtherance of the Company’s business, including
compensation under the Company’s standard policies if Executive uses his personal vehicle for Company business where such business
is more than one hundred fifty (150) miles from the Company’s main offices or Executive’s home, wherever such trip commences. The
Executive must submit any request for reimbursement no later than fifteen (15) days following the date that such business expense
is incurred in accordance with the Company’s reimbursement policy regarding same and business expenses must be substantiated by
appropriate receipts and documentation. The Company may request additional documentation or a further explanation to substantiate
any business expenses submitted for reimbursement, and retains the discretion to approve or deny a request for reimbursement. If
a business expense reimbursement is not exempt from Section 409A of the Code, any reimbursement in one calendar year shall not
affect the amount that may be reimbursed any other calendar year and a reimbursement (or right thereto) may not be exchanged or
liquidated for another benefit or payment. Any business expense reimbursements subject to Section 409A of the Code shall be made
no later than the end of the calendar year following the calendar year in which such business expense is incurred by the Executive.

 

3.7 Indemnification. The Company
shall indemnify Executive to the fullest extent permitted under applicable law, the Company’s Articles of Organization and the
Company’s By-laws, each as they may be amended from time to time. The Executive shall be insured under the Company’s Directors’
and Officers’ liability policy in the same manner as other senior executives of the Company for as long as Executive is an officer
of the Company and as long as the Company maintains such policy in force. Such indemnity and insurance shall survive the termination
of Executive’s employment by the company.

 

4. Termination of
Employment Period. Executive’s employment under the terms of this Agreement may terminate upon the occurrence of any of the
following:

 

4.1 Termination
for Cause. At the election of the Company, for “Cause,” upon written notice by the Company to Executive. For the
purposes of this Section, “Cause” for termination shall be deemed to exist upon the occurrence of any of the following:

 

(a) Executive’s conviction
or entry of nolo contendere to any felony or a crime involving moral turpitude, fraud or embezzlement of Company property; or

 

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(b) Executive’s
dishonesty, gross negligence or gross misconduct that is materially injurious to the Company or material failure to perform her/his
duties under this Agreement which has not been cured by Executive within 10 days after he/she shall have received written notice
from the Company stating with reasonable specificity the nature of such failure to perform; or

 

(c) Executive’s illegal
use or abuse of drugs, alcohol, or other related substances that is materially injurious to the Company.

 

4.2 Voluntary
Termination by the Company. At the election of the Company, without Cause upon 30 days prior written notice.

 

4.3 Death or Disability.
Upon the death or disability of Executive. As used in this Agreement, “disability” shall occur when Executive, due to
a physical or mental disability, for a period of 90 days in the aggregate whether or not consecutive, during any 360-day period,
is unable to perform the services contemplated under this Agreement.

 

4.4 Termination
for Good Reason. Subject to the notice and cure periods set forth in Section 5.5, at the election of Executive for “Good
Reason” (as defined below), upon written notice by the Executive to the Company.

 

4.5 Voluntary Termination
by Executive. At the election of Executive, without Good Reason, upon not less than 30 days prior written notice by him/her
to the Company.

 

5. Effect of Termination.

 

5.1 Termination
for Cause, at the Election of Executive, or at Death or Disability. In the event that Executive’s employment is terminated
for Cause, the Company shall have no further obligations under this Agreement other than to pay to Executive’s Base Salary
and accrued vacation through the last day of Executive’s actual employment by the Company. In the event that Executive’s
employment is terminated upon Executive’s death or disability, or at the election of Executive, the Company shall have
no further obligations under this Agreement other than (i) to pay to Executive, in a single lump sum upon such termination, Base
Salary and accrued vacation through the last day of Executive’s actual employment by the Company and (ii) to pay to Executive,
in a single lump sum, a pro rata portion of any bonus (to the extent earned prior to such termination) for the fiscal year in
which termination occurs, pursuant to Section 3.2.

 

5.2 Voluntary
Termination by the Company, or for Good Reason. In the event that Executive’s employment is terminated during the
term of this Agreement without Cause, or by Executive’s resignation or Good Reason, and Executive executes a release of
claims in favor of the Company, not later than 30 days after Executive’s employment terminates, and the period in
which Executive is entitled to revoke such release has expired without any such revocation, then the Company shall continue
to pay to Executive the annual Base Salary in effect immediately prior to such termination for the twelve-month period
following Executive’s last day of employment. In addition, the Company shall continue Executive’s coverage under
and its contributions towards Executive’s health care, dental, and life insurance benefits on the same basis as
immediately prior to the date of termination, except as provided below, for the six-month period following Executive’s
last day of employment. In addition to the foregoing amounts, the Company shall pay Executive in a single lump sum, a pro
rata portion of any bonus (to the extent earned prior to such termination) for the year in which termination occurs, pursuant
to Section 3.2. Notwithstanding the foregoing, subject to any overriding laws, the Company shall not be required to provide
any health care, dental, or life insurance benefit otherwise receivable by Executive if Executive is actually covered or
becomes covered by an equivalent benefit (at the same cost to Executive, if any) from another source. Any such benefit made
available to Executive shall be reported to the Company.

 

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5.3 Notwithstanding
any other provision of this Amended Agreement with respect to the timing of payments under Section 5, if, at the time of the Executive’s
termination, the Executive is deemed to be “specified employee” of the Company within the meaning of Section 409A(a)(2)(B)(i)
of the Code, then only to the extent necessary to comply with the requirements of Section 409A of the Code, any payments to which
the Executive may become entitled under Section 5 which are subject to Section 409A of the Code (and not otherwise exempt from
its application) will be withheld until the first business day of the seventh month following the date of termination, at which
time the Executive shall be paid an aggregate amount equal to six months of payments otherwise due to the Executive under the terms
of Section 5, as applicable. After the first business day of the seventh month following the date of termination and continuing
each month thereafter, the Executive shall be paid the regular payments otherwise due to the Executive in accordance with the terms
of Section 5, as thereafter applicable.

 

5.4 Upon
Executive’s termination without Cause during the term of this Agreement, or as a result of Executive’s resignation for Good Reason
during the term of this Agreement, all stock options granted by the Company and then held by Executive shall be accelerated and
become fully vested and exercisable as of the date of Executive’s termination.

 

5.5 As
used in this Agreement, “Good Reason” means, without Executive’s written consent, (a) a “material diminution”
(as such term is used in Section 409A of the Code) of the duties assigned to Executive (provided, however, that no termination
of Executive’s service as a member of the Board, if appointed thereto, regardless of the reason therefore, shall constitute a “material
diminution” of Executive’s duties for purposes of this Section 5.5); or (b) a material reduction in Base Salary or other benefits
(other than a reduction or change in benefits generally applicable to all executive employees of the Company); or (c) a “Change
of Control” of the Company, as that term is defined in the Control Plan; or (d), the acquisition (other than an acquisition
directly from the Company) by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”)), of beneficial ownership (within the meaning of Rule 13d-3 promulgated
under the Exchange Act) of 50% or more of the then outstanding shares of voting stock of the Company (the “Voting Stock”); provided, however, that any acquisition by the Company or its subsidiaries, or any employee benefit plan (or related trust)
of the Company or its subsidiaries of (i) 50% or more of the then outstanding Voting Stock, or (ii) Voting Stock which has the
effect of increasing the percentage of Voting Stock owned by any such individual, entity or group to 50% or more of the then outstanding
Voting Stock, shall not constitute a Change of Control.

 

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5.6 The
provisions of this Section 5 and the payments provided hereunder are intended to be exempt from or to comply with the requirements
of Section 409A of the Code, and shall be interpreted and administered consistent with such intent. To the extent required for
compliance with Section 409A, references in this Agreement to a “termination of employment” shall mean a “separation
of service” as defined by Section 409A. It is further intended that each installment of the payments provided hereunder shall
be treated as a separate “payment” for purposes of Section 409A. Neither the Company nor Executive shall have the right
to accelerate or defer the delivery of any such payments or benefits except to the extent specifically permitted or required by
Section 409A.

 

6. Nondisclosure
and Noncompetition.

 

6.1 Proprietary
Information.

 

(a) Executive
agrees that all information, products, specifications, designs, plans, drawings, data, know-how, prototypes, discoveries, research,
developments, methods, processes, procedures, improvements, ‘know-how’, compilations, market research, marketing techniques and
plans, business plans and strategies, customer names and other information related to customers, price lists, pricing policies
and financial information or other business and/or technical information and materials, in oral, demonstrative, written, graphic
or machine-readable form, which is unpublished, not available to the general public, whether or not in writing, of a private, secret
or confidential nature concerning the Company’s business or financial affairs (collectively, “Proprietary Information”)
is and shall be the exclusive property of the Company. By way of illustration, but not limitation, Proprietary Information may
include inventions, products, processes, methods, techniques, formulas, designs, drawings, slogans, tests, logos, ideas, practices,
projects, developments, plans, research data, financial data, personnel data, computer programs and codes, and customer and supplier
lists. Executive will not disclose any Proprietary Information to others outside the Company except in the performance of his/her
duties or use the same for any unauthorized purposes without written approval by an officer of the Company, either during or after
his employment, unless and until such Proprietary Information has become public knowledge or generally known within the industry
without fault by Executive, or unless otherwise required by law.

 

(b) Executive
agrees that all files, letters, memoranda, reports, records, data, sketches, drawings, laboratory notebooks, program listings,
or other written, photographic, electronic or other material containing Propriety Information, whether created by Executive or
others, which shall come into his custody or possession, shall be and are the exclusive property of the Company to be used by
Executive only in the performance of her/ his duties for the Company.

 

(c) Executive
agrees that his/her obligation not to disclose or use information, know-how and records of the types set forth in paragraphs (a)
and (b) above, also extends to such types of information, know-how, records and tangible property of subsidiaries and joint ventures
of the Company, customers of the Company or suppliers to the Company or other third parties who may have disclosed or entrusted
the same to the Company or to Executive in the course of the Company’s business.

 

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6.2 Inventions.

 

(a) Disclosure.
Executive shall disclose promptly to an officer or to attorneys of the Company in writing any idea, invention, work of authorship,
whether patentable or un-patentable, copyrightable or un-copyrightable, including, but not limited to, any computer program, software,
command structure, code, documentation, compound, genetic or biological material, formula, manual, device, improvement, method,
process, discovery, concept, algorithm, development, secret process, machine or contribution (any of the foregoing items hereinafter
referred to as an “Invention”) Executive may conceive, make, develop or work on, in whole or in part, solely or jointly
with others. The disclosure required by this Section applies (a) to any invention related to the general line of business engaged
in by the Company or to which the Company planned to enter during the period of Executive’s employment with the Company; (b) with
respect to all Inventions whether or not they are conceived, made, developed or worked on by Executive during Executive’s regular
hours of employment with the Company; (c) whether or not the Invention was made at the suggestion of the Company; and (d) whether
or not the Invention was reduced to drawings, written description, documentation, models or other tangible form. Executive hereby
assigns to the Company all his right, title, and interest in and to any and all inventions, discoveries, developments, improvements,
techniques, designs and data related to quantum simulators, quantum annealers, quantum computing algorithms and quantum application
software which Executive conceives of, reduces to practice, or otherwise creates, either alone or jointly with others, in the course
of his employment hereunder and in which the law recognizes any protectable interest. This paragraph excludes the following Inventions:
all current patents held by Richard E. Malinowski and/or REMTCS Inc, and 228 trading and security algorithms developed by Richard
E. Malinowski and/or RBMTCS over the last 20 years.

 

(b) Assignment of
inventions to Company; Exemption of Certain Inventions. Executive hereby assigns to the Company without royalty or any other
further consideration Executive’s entire right, title and interest in and to all Inventions which Executive conceives, conceived
of, reduces to practice, makes, develops, creates or works on, either alone or jointly with other, during or in the course of
employment, except as limited by 6.2(a) above and those Inventions that Executive, develops entirely on Executive’s own
time after the date of this Agreement without using the Company’s equipment, supplies, facilities or trade secret information
unless those Inventions either (a) relate at the time of conception or reduction to practice of the Invention to the Company’s
business, or actual or demonstrably anticipated research or development of the Company; or (b) result from any work performed
by Executive for the Company.

 

(c) Records.
Executive will make and maintain adequate and current written records of all Inventions. These records shall be and remain the
property of the Company.

 

(d) Patents.
Executive will assist the Company in obtaining, maintaining and enforcing patents and other proprietary rights in connection with
any Invention covered by Section 6.2. Executive further agrees that his obligations under this Section shall continue beyond the
termination of his employment with the Company, but if he is called upon to render such assistance after the termination of such
employment, he shall be entitled to a fair and reasonable rate of compensation for such assistance. Executive shall, in addition,
be entitled to reimbursement of any expenses incurred at the request of the Company relating to such assistance.

  

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6.3 Prior Contracts and Inventions;
Information Belonging to Third Parties. Executive represents that there are no contracts to assign Inventions between any other
person or entity and Executive. Executive further represents that (a) Executive is not obligated under any consulting, employment
or other agreement which would affect the Company’s rights or my duties under this Agreement, (b) there is no action, investigation,
or proceeding pending or threatened, or any basis therefor known to me involving Executive’s prior employment or any consultancy
or the use of any information or techniques alleged to be proprietary to any former employer, and (c) the performance of Executive’s
duties as an employee of the Company will not breach, or constitute a default under any agreement to which Executive is bound,
including, without limitation, any agreement limiting the use or disclosure of proprietary information acquired in confidence prior
to engagement by the Company. Executive will not, in connection with Executive’s employment by the Company, use or disclose to the
Company any confidential, trade secret or other proprietary information of any previous employer or other person to which Executive
is not lawfully entitled.

 

6.4 Noncompetition and Non-solicitation.

 

(a) During Executive’s employment with
the Company and for a period of 12 months after the termination of Executive’s employment with the Company for any reason or for
no reason, Executive will not directly or indirectly, absent the Company’s prior written approval, render services of a business,
professional or commercial nature to any other person or entity in the area of quantum computing or such other services or products
provided by the Company at the time employment terminates in any geographical area where the Company does business at the time this
covenant is in effect, whether such services are for compensation or otherwise, whether alone or in conjunction with others, as
an employee, as a partner, or as a shareholder (other than as the holder of not more than 1% of the combined voting power of the
outstanding stock of a public company), officer or director of any corporation or other business entity, or as a trustee, fiduciary
or in any other similar representative capacity.

 

(b) During the Executive’s employment with
the Company and for a period of 12 months after the termination of Executive’s employment for any reason or for no reason, Executive
will not, directly or indirectly, recruit, solicit or induce, or attempt to recruit, solicit or induce any employee or employees
of the Company to terminate their employment with, or otherwise cease their relationship with, the Company.

 

(c) During the
Executive’s employment with the Company and for a period of 24 months after termination of Executive’s employment
for any reason or for no reason, Executive will not, directly or indirectly, contact, solicit, divert or take away, or
attempt to solicit, contact, divert or take away, the business or patronage of any of the clients, customers or accounts, or
prospective clients, customers or accounts, of the Company.

 

6.5 Interpretation of Agreement.
If any restriction set forth in this Section is found by any court of competent jurisdiction to be unenforceable because it extends
for too long a period of time or over too great a range of activities or in too broad a geographic area, it shall be interpreted
to extend only over the maximum period of time, range of activities or geographic area as to which it may be enforceable.

 

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6.6 Restrictions Necessary. The
restrictions contained in this Section are necessary for the protection of the business, proprietary information, and goodwill
of the Company and are considered by Executive to be reasonable for such purpose. Executive agrees that any breach of this Section
will cause the Company substantial and irrevocable damage and therefore, in the event of any such breach, in addition to such other
remedies which may be available, the Company shall have the right to seek specific performance and injunctive relief. The prevailing
party shall be entitled to recover its reasonable attorneys’ fees in such an action. In addition, the Company’s obligation to pay
Executive the amount set forth in Section 5.2 or 5.3 shall terminate in the event Executive materially breaches any terms and conditions
in Section 6.

 

7. Entire Agreement. This Agreement
constitutes the entire agreement between the parties and supersedes all prior agreements and understandings, whether written or
oral relating to the subject matter of this Agreement between the Company and the Executive. For the avoidance of doubt, however,
this Agreement is in addition to, and shall not supersede any stock option agreement between the Company and Executive.

 

8. Amendment. No modification, alteration,
amendment or revision of or supplement to this Agreement shall be valid or effective unless the same is in writing and signed by
both parties hereto.

 

9. Arbitration. Except for the right
of either party to apply to a court of competent jurisdiction for a temporary restraining order, a preliminary injunction, or other
equitable relief to preserve the status quo or prevent irreparable harm, any and all claims, disputes or controversies arising
under, out of, or in connection with the parties shall be unable to resolve within sixty (60) days shall be mediated in good faith.
The party raising such dispute shall promptly advise the other party of such claim, dispute or controversy in a writing, which
describes in reasonable detail the nature of such dispute. By not later than five (5) business days after the recipient has received
such notice of dispute, each party shall have selected for itself a representative who shall have the authority to bind such party
and shall additionally have advised the other party in writing of the name and title of such representative. By not later than
ten (10) business days after the date of such notice of dispute, the party against whom the dispute shall be raised shall select
a mediation firm in Virginia and such representatives shall schedule a date with such firm for a mediation firm for a mediation
hearing. The parties shall enter into good faith mediation and shall share the costs equally. All disputes concerning compliance
with or the interpretation of this Agreement, or any other aspect of Executive’s employment with the Company or the termination
of that employment, shall be resolved by a single arbitrator under the Employment Dispute Rules then obtaining of the American
Arbitration Association. The decision of the arbitrator shall be final and binding. Notwithstanding the foregoing, any claims by
the Company concerning Executive’s compliance with the Nondisclosure and Noncompetition provisions of this Agreement are
excluded from the scope of this Arbitration provision and may be brought in any court of competent jurisdiction. This Agreement
shall be construed, interpreted and enforced in accordance with the laws of the Commonwealth of Virginia without regard to principles
of conflicts of laws thereunder.

 

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10. Notices.
Any notice or other communication required or permitted by this Agreement to be given to a part shall be in writing and shall
be deemed given if delivered by: (a) certified mail, return receipt requested, (b) hand delivered, (c) by e-mail in so-called
“portable document format (.pdf)” with electronic confirmation of receipt thereof, or (d) delivered by a national
overnight express service (in the case of delivery by .pdf, the notice must be followed by a copy of the notice being delivered
by a means provided in (a), (b), or (d)). If by mail, delivery shall be deemed effective three business days after mailing in
accordance with this Section. Notices must be delivered to the following addresses or at such other addresses as may be later
designated by notice:

 

To Quantum Computing Inc.:

 

Quantum Computing Inc.

 

215 Depot Court SE

Leesburg, VA 20175

Attn: Robert Liscouski, CEO

 

To: Richard E. Malinowski

 

Richard E. Malinowski

2 Warrenton Lane

Colts Neck, New Jersey 07722

 

11. Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of both parties and their respective
successors and assigns, including any corporation into which the Company may be merged or which may succeed to its assets or
business, provided, however, that the obligations of Executive are personal and shall not be assigned by her/him.

 

12. Miscellaneous.

 

12.1 No Waiver. No delay or omission
by the Company in exercising any right under this Agreement shall operate as a waiver of that or any other right. A waiver or consent
given by the Company on any one occasion shall be effective only in that instance and shall not be construed as a bar or waiver
of any right on any other occasion.

 

12.2 Severability. In case any provision
of this Agreement shall be invalid, illegal or otherwise unenforceable, the validity, legality and enforceability of the remaining
provisions shall in no way be affected or impaired thereby. The intention of the parties, as expressed in any provision held to
be void or ineffective, shall be given such full force and effect as may be permitted by law.

 

12.3 Counterparts. This Agreement
may be executed in two or more counterparts, each of which shall be deemed an original but all of which together shall constitute
one and the same instrument and facsimile signatures delivered by fax or e-mail transmission shall be treated as originals.

 

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IN WITNESS WHEREOF,
each of the Company and Executive has executed this Amendment as of the date first above written.

 

	 	QUANTUM COMPUTING INC.
	 	 	 	 
	 	By:	/s/
    Robert Liscouski
	 	 	Name:	Robert Liscouski
	 	 	Title:	Chief Executive Officer
	 	 	 	 
	 	Date Executed: July 24, 2018
	 	 
	 	By:	/s/
    Richard E. Malinowski
	 	 	Richard E. Malinowski
	 	 	 
	 	Date Executed: July 24, 2018

 

    11Exhibit 10.6

 

QUANTUM
COMPUTING INC.

 

SUBSCRIPTION
AGREEMENT

DATED:
AUGUST __, 2018

 

 

 

THIS
SUBSCRIPTION AND INVESTOR’S REPRESENTATION AGREEMENT (THE “SUBSCRIPTION AGREEMENT”) RELATES TO AN OFFERING AND
SALE (THE “OFFERING”) BY QUANTUM COMPUTING, INC., A DELAWARE CORPORATION (THE “COMPANY”) OF 8% CONVERTIBLE
PROMISSORY NOTES IN THE AGGREGATE PRINCIPAL AMOUNT OF UP TO $15,000,000 (THE “NOTES”). THE NOTES CONVERT INTO SHARES
OF THE COMPANY’S COMMON STOCK, PAR VALUE $0.0001 (THE “SHARES”).

 

THE
OFFERING BY THE COMPANY OF THE NOTES IS BEING MADE: (i) PURSUANT TO SECTION 4(a)(2) OF THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”) AND RULE 506(B) PROMULGATED UNDER REGULATION D (“REGULATION D”) OF THE SECURITIES
ACT; (ii) TO ONE OR MORE “ACCREDITED INVESTORS” AS SUCH TERM IS DEFINED IN RULE 501 OF REGULATION D. 

 

THE
NOTES AND THE SHARES UNDERLYING THE NOTES THAT ARE SUBJECT TO THIS SUBSCRIPTION AGREEMENT (COLLECTIVELY, THE “SECURITIES”)
HAVE NOT BEEN REGISTERED UNDER THE ACT, OR ANY U.S. STATE SECURITIES LAWS, AND, UNLESS SO REGISTERED, NONE MAY BE OFFERED OR SOLD,
DIRECTLY OR INDIRECTLY, EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION D UNDER THE ACT, PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS
OF THE ACT AND IN EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. IN ADDITION, HEDGING TRANSACTIONS INVOLVING
THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN ACCORDANCE WITH THE ACT.

 

THE
SECURITIES THAT ARE SUBJECT TO THIS OFFERING HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SEC, ANY STATE SECURITIES COMMISSION
OR ANY OTHER REGULATORY AUTHORITY, NOR HAVE ANY OF THE FOREGOING AUTHORITIES PASSED UPON OR ENDORSED THE MERITS OF THIS OFFERING,
OR THE ACCURACY OR ADEQUACY OF THE DISCLOSURE IN THIS SUBSCRIPTION AGREEMENT. ANY SUCH REPRESENTATION TO THE CONTRARY IS UNLAWFUL.

 

     

     

    

 

QUANTUM
COMPUTING INC.

 

SUBSCRIPTION
AND INVESTOR’S REPRESENTATION AGREEMENT

OFFERING
OF 8% CONVERTIBLE PROMISSORY NOTE

PURSUANT
TO REGULATION D

 

DATED:
AUGUST __, 2018

 

THIS
SUBSCRIPTION AGREEMENT (this “Agreement”), dated as of August___, 2018, by and between Quantum Computing Inc.,
a Delaware corporation (f/k/a Innovative Beverage Group Holdings, Inc.) (the “Company”) with offices located at 215
Depot Court, Suite 215, Leesburg, VA 20175 (the “Company”), and the investor identified on the signature page hereto
(the “Purchaser”).

 

WHEREAS,
the Company deems it in the best interests of the Company and its stockholders to conduct a private placement offering consisting
of convertible notes up to the principal aggregate amount of up to $15,000,000 pursuant to the terms and conditions herein (the
“Offering”);

 

WHEREAS,
the Company and Purchasers are executing and delivering this Agreement in reliance upon an exemption from securities registration
afforded by the provisions of Section 4(a)(2) and/or Regulation D (“Regulation D”) promulgated by the United States
Securities and Exchange Commission (the “Commission”) under the Securities Act of 1933, as amended (the “Securities
Act”); and

 

WHEREAS,
the parties hereto desire that, upon the terms and subject to the conditions contained herein, the Company shall issue and sell
to Purchasers, and Purchasers shall purchase a 8% Convertible Promissory Note in the form of Exhibit A hereto (the “Note”)
in the principal amount set forth on the signature page hereto.

 

NOW,
THEREFORE, in consideration of the mutual covenants and other agreements contained in this Agreement, the Company and Purchasers
hereby agree as follows:

 

1.
Purchase and Sale. Upon the terms and subject to the conditions set forth in this Agreement, the Company hereby agrees to
sell, assign, transfer and deliver to Purchasers, and Purchasers hereby agree to purchase and accept delivery from the Company,
the Notes free of all liens, pledges, mortgages, security interests, charges, restrictions, adverse claims or other encumbrances
of any kind or nature whatsoever (“Encumbrances”), for the consideration specified herein.

 

2.
Investor’s Representations and Warranties. The undersigned Investor hereby acknowledges, represents and warrants to, and agrees
with, the Company as follows:

 

2.1 The
undersigned is acquiring the Note, and/or Shares underlying the Note, for his/her/its own account as principal, not as a nominee
or agent, for investment purposes only, and not with a view to, or for, resale, distribution or fractionalization thereof in whole
or in part and no other person has a direct or indirect beneficial interest in such the Note, or Shares underlying the Note, or
any portion thereof. Further, the undersigned does not have any contract, undertaking, agreement or arrangement with any person
to sell, transfer or grant participations to such person or to any third person, with respect to the Notes for which the undersigned
is subscribing or any part thereof.

 

2.2 The
undersigned has all requisite and full power and authority (and in the case of an individual, the capacity) to enter into this
Subscription Agreement, to execute and deliver this Subscription Agreement, to perform all the obligations required to be performed
by the undersigned hereunder, such purchase will not contravene any law, rule or regulation binding on the undersigned or any
investment guideline or restriction applicable to the undersigned, and has been duly authorized and constitutes a valid and legally
binding obligation of the undersigned Investor.

 

    2

     

    

 

2.3 The
undersigned Investor affirms that he/she/it is not subscribing for the Notes as a result of or subsequent to any advertisement,
article, notice or other communication published in any newspaper, magazine or similar media or broadcast over television or radio,
or presented at any seminar or meeting, or any solicitation of a subscription by person previously not known to the undersigned
in connection with investments generally.

 

2.4 The
undersigned Investor understands that, except as otherwise expressly provided herein, the Investor does not have registration
rights nor is the Company under any obligation to register the Notes or the Shares underlying the Notes (collectively, the “Securities”)
under the Act upon the written or other demand of the Investor or otherwise.

 

2.5 The
undersigned is: (i) an “accredited investor” as defined in Rule 501 of Reg D; (ii) is experienced in making investments
of the kind described in this Subscription Agreement; (iii) is able, by reason of his/her/its business and financial experience,
to protect his/her/its own interests in connection with the transactions described in this Subscription Agreement, and the related
documents; and (iv) able to afford the entire loss of his/her/its investment in the Notes.

 

2.6 The
undersigned Investor acknowledges his/her/its understanding that the Offering is intended to be exempt from registration under
the Securities Act, based upon the exemption provided under Regulation D promulgated by the Securities and Exchange Commission
(SEC) under the Securities Act. The undersigned represents that he is familiar with Rule 144, as presently in effect, and understands
the resale limitations imposed thereby and by the Securities Act.

 

2.7 In
furtherance thereof, in addition to the other representations and warranties of the undersigned Investor made herein, the undersigned
further represents and warrants to and agrees with the Company as follows: (i) the undersigned realizes that the basis for the
exemption may not be present if, notwithstanding such representations, the undersigned is subscribing for and acquiring the Notes
for a fixed or determinable period in the future, or for a market rise, or for sale if the market does not rise; (ii) the undersigned
has the financial ability to bear the economic risk of his/her/its investment in the Securities, has adequate means for providing
for his/her/its current needs and contingencies and has no need for liquidity with respect to its investment in the Securities
offered by the Company; (iii) the undersigned, either individually or by its officers and principals, has such knowledge and experience
in financial and business matters as to be capable of evaluating the merits and risks of the prospective investment in the Securities;
(iv) the undersigned, if an entity and not a “natural person,” represents it has not been organized for the purpose
of acquiring the Securities; (v) the undersigned has been provided an opportunity for a reasonable period of time prior to the
date hereof to obtain additional information concerning the Offering, the Company and all other information the undersigned deems
relevant, to the extent the Company possesses such information or can acquire it without unreasonable effort or expense; and (vi)
the undersigned understands that as of the date of this Offering and perhaps for the foreseeable future, the Company is not a
reporting company under nor has it filed any reports with the SEC under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”). Notwithstanding the foregoing, the undersigned acknowledges that the Company has filed reports with the OTC Markets
under its former name, Innovative Beverage Group Holdings, Inc. (OTC: IBGH), and its current name, Quantum Computing, Inc. (OTC:
QUBT) and that as of the date of this Subscription Agreement, the Company is not current in its reporting obligations with OTC
Markets. The Investor understands that Quantum Computing, Inc. may be considered a “shell company” as defined in Rule
405 of the Exchange Act and may be a shell company for the foreseeable future, even if it becomes a reporting company under the
Exchange Act.

 

2.8 The
undersigned is not relying on the Company, or its affiliates or agents, with respect to economic considerations involved in his/her/its
investment in the Securities and the undersigned has relied solely on his/her/its own financial expertise and/or that of his/her/its
legal, financial and investment advisors..

 

2.9 No
representations or warranties have been made to the undersigned by the Company, or any officer, director, employee, agent, affiliate
or representative of the Company, other than the representations made by the Company in writing as contained herein and, in subscribing
for purchase of the Securities, the undersigned is not relying upon any representations other than those contained herein.

 

2.10 Any
resale of the Notes or the Shares underlying conversion of the Notes shall only be made in compliance with exemptions from registration
afforded by Reg D promulgated by the SEC under the Securities Act. Further, any such sale of such Securities will be made in full
compliance with the federal securities laws of the United States.

 

    3

     

    

 

2.11 The
undersigned understands that the Notes are being offered and sold in reliance on an exemption from the registration requirements
of United States federal securities laws under Reg D promulgated by the SEC under the Securities Act and that the Company is relying
upon the truth and accuracy of the representations, warranties, agreements, acknowledgments and understandings of the undersigned
set forth herein in order to determine the availability of such exemptions and the suitability of the undersigned to acquire the
Securities.

 

2.12 The
undersigned understands that an investment in the Securities is a speculative investment which involves a high degree of risk
and the potential loss of his/her/its entire investment.

 

2.13 The
undersigned’s overall commitment to investments which are not readily marketable is not disproportionate to the undersigned’s
net worth, and an investment in the Securities will not cause such overall commitment to become excessive.

 

2.14 The
undersigned represents and warrants to the Company that all information that the undersigned has provided to the Company, including,
without limitation, the representations and warranties provided herein or previously provided to the Company are true, correct
and complete in all material respects as of the date hereof and will be as of the Closing.

 

2.15 The
undersigned is aware that no federal or state agency has: (i) made any finding or determination as to the fairness of this investment;
(ii) made any recommendation or endorsement of the Notes subject to this Offering or the Company; or (iii) guaranteed or insured
any investment in the Securities or any investment made in or by the Company.

 

2.16 The
undersigned understands that the Notes and the conversion price of $1.00 per Share applicable to the principal amount and accrued
interest does not necessarily bear any relation to the assets, book value or net worth of the Company and was determined arbitrarily
by the Company and its management after taking into consideration, among other things, the Company’s new business direction, name
change and (1 for 200) reverse stock split (the “Reverse Stock Split”).

 

2.17 The
undersigned further understands that there is a substantial risk of further dilution on his/her/its investment in the Company
because of the issuance and sale of additional Notes, Shares or other securities by the Company.

 

2.18
The undersigned will comply with all applicable laws and regulations in effect in any jurisdiction in which the undersigned
purchases or sells Securities and obtain any consent, approval or permission required for such purchases or sales under the
laws and regulations of any jurisdiction to which the undersigned is subject or in which the undersigned makes such purchases
or sales, and the Company shall have no responsibility therefore.

 

2.19
Neither the execution or delivery by the undersigned of this Subscription Agreement to which the undersigned is a party, nor
the consummation or performance by the undersigned of the transactions contemplated hereby or thereby will, directly or
indirectly, (a) contravene, conflict with, or result in a violation of any provision of the organizational documents of the
undersigned (if the undersigned is not a natural person); (b) contravene, conflict with, constitute a default (or an event or
condition which, with notice or lapse of time or both, would constitute a default) under, or result in the termination or
acceleration of, any agreement or instrument to which the undersigned is a party or by which the properties or assets of
the undersigned are bound; or (c) contravene, conflict with, result in any breach of, or constitute a default (or an event
that with notice or lapse of time or both would become a default) under, impair the rights of the undersigned under, or alter
the obligations of any person under, or create in any person the right to terminate, amend, accelerate or cancel, or require
any notice, report or other filing (whether with a governmental authority or any other person) pursuant to, or result in the
creation of a lien on any of the assets or properties of the undersigned under, any note, bond, mortgage, indenture,
contract, lease, license, permit, franchise or other instrument or obligation to which the undersigned is a party or any of
the undersigned’s assets and properties are bound or affected.

 

    4

     

    

 

2.20
There is no action pending against, or to the knowledge of the undersigned, threatened against or affecting, the undersigned
by any governmental authority or other person with respect to the undersigned that challenges, or may have the effect of
preventing, delaying, making illegal, or otherwise interfering with, any of the transactions contemplated by this
Subscription Agreement.

 

2.21
No person has, or as a result of the transactions contemplated herein will have, any right or valid claim against the
undersigned for any commission, fee or other compensation as a finder or broker, or in any similar capacity, based upon
arrangements made by or on behalf of the undersigned and the undersigned will indemnify and hold the Company and its
affiliates harmless against any liability or expense arising out of, or in connection with, any such claim.

 

2.22
The undersigned will not transfer any or all of the undersigned’s Securities absent an effective registration statement
under the Securities Act and applicable state securities law covering the disposition of the undersigned’s Securities,
without first providing the Company with an opinion of counsel (which counsel and opinion are reasonably satisfactory to the
Company) to the effect that such transfer will be exempt from the registration and the prospectus delivery requirements of
the Securities Act and the registration or qualification requirements of any applicable U.S. state
securities laws.

 

2.23
The undersigned understands and acknowledges that the Company may refuse to transfer the Securities, unless the undersigned
complies with this Subscription Agreement and any other restrictions on transferability set forth herein. The undersigned
consents to the Company making a notation on its records or giving instructions to any transfer agent of the Company’s
common stock in order to implement the restrictions on transfer of the Securities.

 

2.24
The undersigned hereby agrees with the Company as follows: The certificates evidencing the Securities issued to the
undersigned who is Accredited Investors, and each certificate issued in transfer thereof, will bear the following or similar
legend:

 

“NEITHER
THIS CONVERTIBLE PROMISSORY NOTE NOR THE SECURITIES UNDERLYING THIS CONVERTIBLE PROMISSORY NOTE, NOR ANY SECURITIES ISSUABLE UPON
ITS CONVERSION, IF ANY, HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT’), OR QUALIFIED
UNDER APPLICABLE STATE SECURITIES LAWS AND MAY ONLY BE ACQUIRED FOR INVESTMENT PURPOSES ONLY AND NOT WITH A VIEW TO, OR IN CONNECTION
WITH, THE SALE OR DISTRIBUTION THEREOF. THIS CONVERTIBLE PROMISSORY NOTE AND THE SECURITIES UNDERLYING THIS CONVERTIBLE PROMISSORY
NOTE, OR THE SECURITIES ISSUABLE UPON ITS CONVERSION, IF ANY, MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE
ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO SUCH SECURITIES UNDER THE ACT AND QUALIFICATION UNDER APPLICABLE STATE LAW
WITHOUT AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION AND QUALIFICATION ARE NOT REQUIRED UNDER THE
ACT OR RECEIPT OF A NO-ACTION LETTER FROM THE SECURITIES AND EXCHANGE COMMISSION.”

 

2.25
Purchasers and Purchaser’s affiliates have not taken, and will not take, directly or indirectly, any action designed
to, or that might reasonably be expected to, cause or result in stabilization or manipulation of the price of the Common
Stock, to facilitate the sale or resale of the Securities or affect the price at which the Securities may be issued or
resold.

 

2.26
Purchaser has a preexisting personal or business relationship with the Company or one or more of its directors, officers or
control persons, and the offer to sell the Securities was directly communicated to Purchaser by the Company. At no time was
Purchaser presented with or solicited by any leaflet, newspaper or magazine article, radio or television advertisement, or
any other form of general advertising or solicited or invited to attend a promotional meeting otherwise than in connection
and concurrently with such communicated offer.

 

    5

     

    

 

3:Representations
and Warranties of the Company.The Company represents and warrants to the undersigned Investor as follows:

 

3.1
The Company is a corporation duly organized and validly existing and in good standing under the laws of the State of
Delaware, and has all requisite power and authority to own, lease and operate its properties and to carry on its business as
now being conducted.

 

3.2 The
Company has all requisite authority and power, authorizations, consents and approvals to enter into and deliver this Subscription
Agreement and any other certificate, agreement, document or instrument to be executed and delivered by the Company in connection
with the transactions contemplated hereby and thereby and to perform its obligations hereunder and thereunder and to consummate
the transactions contemplated hereby and thereby. The execution and delivery of this Subscription Agreement by the Company and
the performance by the Company of its obligations hereunder and thereunder and the consummation by the Company of the transactions
contemplated hereby and thereby have been duly authorized by all necessary action on the part of the Company. This Subscription
Agreement has been duly and validly authorized and approved, executed and delivered by the Company.

 

3.3 The
execution and delivery of this Subscription Agreement by the Company and the consummation by it of the transactions contemplated
hereby and thereby have been duly authorized by all necessary corporate action and no further consent or authorization of the
Company or its Board of Directors is required.

 

3.4 This
Subscription Agreement has been duly prepared and delivered by the Company and, upon acceptance, will constitute a valid and binding
obligation of the Company enforceable against the Company in accordance with its terms, except as such enforceability may be limited
by applicable bankruptcy, insolvency, or similar laws relating to, or affecting generally the enforcement of, creditors’ rights
and remedies or by other equitable principles of general application.

 

3.5 To
the best of Company’s knowledge, the Company has not provided to the undersigned any information that, according to applicable
law, rule or regulation, should have been disclosed publicly prior to the date hereof by the Company, but which has not been so
disclosed.

 

3.6 The
Offering, issuance and sale by the Company of the Notes in accordance with the terms and on the bases of the representations and
warranties of the undersigned set forth herein, shall be properly issued by the Company to the undersigned pursuant to Section
4(a)(2) and Reg D and any Shares issued upon conversion of the Notes, when issued, shall be duly and validly issued, fully-paid
and nonassessable.

 

3.7 Neither
the sale of the Notes pursuant to, nor the Company’s performance of its obligations under, this Subscription Agreement shall:
(i) result in the creation or imposition of any liens, charges, claims or other encumbrances upon the Securities or any of the
assets of the Company; or (ii) entitle the other holders of the Company’s securities to preemptive or other rights to subscribe
to or acquire the capital stock or other securities of the Company.

 

3.8 Neither
the Company nor any of its affiliates nor any person acting on its or their behalf: (i) has conducted or will conduct any general
solicitation (as that term is used in Rule 502(c) of Regulation D) or general advertising with respect to any of the Notes; or
(ii) made any offers or sales of any security or solicited any offers to buy any security under any circumstances that would require
registration of the Securities offered hereby under the Securities Act.

 

3.11 The
Company is not required under the federal or state securities laws, rule or regulations to obtain any consent, authorization or
order of, or make any filing or registration with, any court or governmental agency in order for it to execute, deliver or perform
any of its obligations under this Subscription Agreement or issue and sell the Notes in accordance with the terms hereof.).

 

3.12 The
Company, any person representing the Company, and, to the knowledge of the Company, any other person selling or offering to sell
the Notes in connection with the transactions contemplated by this Subscription Agreement, have not made, at any time, any written
or oral communication in connection with the offer or sale of the same which contained any untrue statement of a material fact
or omitted to state any material fact necessary in order to make the statements, in the light of the circumstances under which
they were made, not misleading.

 

    6

     

    

 

4 Miscellaneous.

 

4.1 The
undersigned agrees to indemnify and hold harmless the Company, its officers, directors, employees, agents, representatives and
its affiliates and their respective successors and assigns and each other person, if any, who controls any thereof, against any
loss, liability, claim, damage and expense whatsoever (including, but not limited to, any and all expenses whatsoever reasonably
incurred in investigating, preparing or defending against any litigation commenced or threatened or any claim whatsoever) arising
out of or based upon any false representation or warranty or breach or failure by the undersigned to comply with any covenant
or agreement made by the undersigned herein or in any other document furnished by the undersigned to any of the foregoing in connection
with this transaction.

 

4.2
Neither this Subscription Agreement nor any provisions hereof shall be modified, discharged or terminated except by an instrument
in writing signed by the Party against whom any waiver, change, discharge or termination is sought.

 

4.3Any
notice, demand or other communication which any Party hereto may be required, or may elect, to give to anyone interested hereunder
shall be sufficiently given if sent to each Party’s address first set forth above, with respect to the Company and set forth
below with respect to the Investor, and if: (i) deposited, postage prepaid, in a government mail letter box, registered or certified
mail, return receipt requested, or the equivalent, addressed to such address as first set forth above; (ii) delivered personally
at such address; (iii) sent by overnight courier such as Federal Express, DHL, UPS or the equivalent; or (iv) via email, provided
that confirmation of receipt of such email communication can be verified by the sender.

 

4.4This
Subscription Agreement may be executed through the use of separate signature pages or in any number of counterparts and by facsimile,
and each of such counterparts shall, for all purposes, constitute one agreement binding on the Parties hereto, notwithstanding
that all Parties are not signatories to the same counterpart.

 

4.5
Except as otherwise provided herein, this Subscription Agreement shall be binding upon and inure to the benefit of the
Parties and their heirs, executors, administrators, successors, legal representatives and assigns. If the undersigned is more
than one person, the obligation of the undersigned shall be joint and several and the agreements, representations, warranties
and acknowledgments herein contained shall be deemed to be made by and be binding upon each such person and his heirs,
executors, administrators and successors.

 

4.6 This
Subscription Agreement and the documents referenced herein contain the entire agreement of the Parties and there are no representations,
covenants or other agreements except as stated or referred to herein and therein.

 

4.7 This
Subscription Agreement is not transferable or assignable by the undersigned without the prior written consent of the Company,
which consent may be withheld for any reason whatsoever.

 

4.8
This Subscription Agreement shall be governed by and construed in accordance with the laws of the State of Virginia, where the
Company maintains its: (i) offices; and (ii) banking relationships, among other United States relationships, without giving effect
to conflicts of law principles and any dispute under this Subscription Agreement or the transactions contemplated hereby shall
be before a court of competent jurisdiction in Fairfax County, State of Virginia.

 

4.9 The
Purchaser covenants and agrees that it will keep confidential and will not disclose or divulge any confidential or proprietary
information that such Purchaser may obtain from the Company pursuant to financial statements, reports, and other materials submitted
by the Company to such Purchaser in connection with this Offering or as a result of discussions with or inquiry made to the Company,
unless such information is known, or until such information becomes known, to the public through no action by the Purchaser; provided,
however, that a Subscriber may disclose such information to its attorneys, accountants, consultants, and other professionals to
the extent necessary in connection with his or her investment in the Company so long as any such professional to whom such information
is disclosed is made aware of the Subscriber’s obligations hereunder and such professional agrees to be likewise bound as
though such professional were a party hereto

 

(Signatures
on Following Page)

 

    7

     

    

 

IN
WITNESS WHEREOF, the undersigned has executed this Subscription Agreement on the __ day of _______ 2018.

 

	DOLLAR
    AMOUNT INVESTED:	$	 

 

AMOUNT
INVESTED TO BE SENT VIA: ☐ Check (enclosed) ☐ Wire

 

	 	Bank:	Bank of America
	 	ABA:	026009593
	 	Address:	505 East Market St., Leesburg, VA 20176
	 	for credit to:	Quantum Computing, Inc.
	 	Account#:	4350-4394-1694

 

	 	Name
    of Subscriber:	 
	 	 	 
	 	Taxpayer
    ID Number:	 
	 	 	 
	 	   OR	 
	 	 	 
	 	Social
    Security Number:	 

 

Address
Information:

 

For
individual subscribers this address should be the Purchaser’s primary legal residence. For entities other than individual
subscribers, please provide address information for the entities primary place of business. Information regarding a joint subscriber
should be included in the column at right.

 

	 	 	 
	Legal Address	 	Legal Address
	 	 	 
	 	 	 
	City, State, and Zip Code	 	City, State, and Zip Code

 

	AGREED AND SUBSCRIBED	 	ACCEPTED 
	 	 	 	 	 
	This ___ day of _________, 2018	 	This ___ day of _______, 2018
	 	 	 	 	 
	By:	 	 	By:	 
	 	Name: 	 	 	Name: 
	 	Title (if any): 	 	 	Title: Chief Executive Officer

 

    8

     

    

 

CERTIFICATE
OF SIGNATORY

(To
be completed if the Securities are

being
subscribed for by an entity)

 

I______________________
am the ___________________________ of ___________________________ (the “Entity”).

 

I
certify that I am empowered and duly authorized by the Entity to execute and carry out the terms of the Subscription Agreement
and to purchase and hold the Notes and Shares, and certify further that the Subscription Agreement has been duly and validly executed
on behalf of the Entity and constitutes a legal and binding obligation of the Entity.

 

IN
WITNESS WHEREOF, I have set my hand this ____ day of _______________, 2018.

 

	 	 
	(Signature)	 

 

    9

     

    

 

Exhibit
A

 

“NEITHER
THIS CONVERTIBLE PROMISSORY NOTE NOR THE SECURITIES UNDERLYING THIS CONVERTIBLE PROMISSORY NOTE, NOR ANY SECURITIES ISSUABLE UPON
ITS CONVERSION, IF ANY, HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT’), OR QUALIFIED
UNDER APPLICABLE STATE SECURITIES LAWS AND MAY ONLY BE ACQUIRED FOR INVESTMENT PURPOSES ONLY AND NOT WITH A VIEW TO, OR IN CONNECTION
WITH, THE SALE OR DISTRIBUTION THEREOF. THIS CONVERTIBLE PROMISSORY NOTE AND THE SECURITIES UNDERLYING THIS CONVERTIBLE PROMISSORY
NOTE, OR THE SECURITIES ISSUABLE UPON ITS CONVERSION, IF ANY, MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE
ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO SUCH SECURITIES UNDER THE ACT AND QUALIFICATION UNDER APPLICABLE STATE LAW
WITHOUT AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION AND QUALIFICATION ARE NOT REQUIRED UNDER THE
ACT OR RECEIPT OF A NO-ACTION LETTER FROM THE SECURITIES AND EXCHANGE COMMISSION.”

 

QUANTUM
COMPUTING INC.

 

8%
CONVERTIBLE PROMISSORY NOTE

 

	Principal Amount:	________________
	Original Issuance Date:	________________

 

FOR
VALUE RECEIVED Quantum Computing Inc., a company organized under the laws of Delaware (the “Company”), hereby
promises to pay to______________________________________ (the “Holder”), or its registered assigns, the
principal amount of ___________________________ ($_____________.00 USD) together with interest thereon calculated from the
Issuance Date (“Interest Commencement Date”) in accordance with the provisions of this Convertible Promissory
Note (as amended, modified and supplemented from time to time, this “Note” and together with any other Notes
issued in the Note Issuance (as defined below) or upon transfer or exchange, the “Notes”). “Note Issuance”
or “Offering” shall mean the Convertible Promissory Notes issued by the Company to the Holder and other Noteholders
(each in substantially the form of this Note) in the original principal amount not to exceed $15,000,000 in the aggregate. Capitalized
terms not defined in this Note shall have the meaning ascribed to them in the Subscription Agreement dated as of the date hereof.

 

NOW
THEREFORE, for good and valuable consideration, the receipt of which is hereby acknowledged, the Parties agree as follows:

 

Section
1.The Note:

 

1.1 This
Note in the principal amount of $____________ (the “Principal”) is being issued to the Holder pursuant to the Subscription
Agreement between the Company and the Holder dated ___________, 2018.

 

1.2 This
Note is being issued in a transaction exempt from registration under the Securities Act of 1933,
as amended (the “Act”), pursuant to section 4(a)(2) of the Securities Act and Rule 506(b) promulgated under Regulation
D thereunder. 

 

    10

     

    

 

1.3 The
Holder hereby represents to the Company that the Holder is an “accredited investor” as that term is defined in Rule
501 of Regulation D.

 

1.4 The
Holder acknowledges and agrees that pursuant to the terms of the above-referenced Subscription Agreement that this Note:
(i) bears interest at the rate of 8% per annum (the
“Interest”); (ii) is due and payable on a date twelve (12) months from the Issuance Date (the “Maturity Date”);
and (iii) the Interest and principal amount of this Note payable to Holder is convertible into shares of the Company’s common
stock (the “Shares”) at a conversion price of $1.00 per Share (the “Conversion Price”).

 

Section
2.Interest, Maturity Date, Prepayment and Default:

 

2.1 Interest
shall accrue from the Issuance Date on the unpaid Principal amount at a rate equal to eight (8%) percent per annum, simple interest.

 

2.2 Subject
to Section 2, Principal and any accrued but unpaid Interest under this Note shall be due and payable upon demand by the Holder
at the Maturity Date, unless the Note has been converted pursuant to the terms herein.

 

2.3 The
Company may prepay the Principal and Interest due on this Note provided that the Company delivers twenty (20) days advance written
notice of the Holder (the “Prepayment Notice”).

 

2.4 Notwithstanding
the provisions of Section 2.2 above, the entire unpaid Principal sum of this Note, together with accrued and unpaid Interest thereon,
unless the same shall be converted into Shares, shall become immediately due and payable upon: (i) the execution by the Company
of a general assignment for the benefit of creditors; (ii) the filing by or against the Company of a petition in bankruptcy or
any petition for relief under the federal bankruptcy act or the continuation of such petition without dismissal for a period of
90 days or more; or (iii) the appointment of a receiver or trustee to take possession of the property or assets of the Company.

 

2.5 Notwithstanding
the provisions of Sections 2.2 through 2.4 above, the Holder, at any time after the Issuance Date or prior to the expiration of
the twenty (20) day period following which the Company has given Holder the Prepayment Notice, may, at Holder’s sole discretion,
elect to convert the entire unpaid Principal together with accrued and unpaid Interest thereon, into Shares at the Conversion
Price set forth in Section 1.4 above, in accordance with the procedures of Section 3 below.

 

Section
3.Conversion: 

 

3.1 
The Holder shall have the option to (i) convert this Note and any accrued but unpaid interest into shares of the Company’s
common stock at any time during the term of the Note or (ii) upon the Maturity Date. The number of shares that shall be issuable
upon conversion of the Note shall equal the number derived by dividing (x) the principal amount of the Note plus any accrued and
unpaid interest thereon by (y) US $1.00. No fractional shares shall be issued upon a conversion. In lieu of any fractional
shares to which Holder would otherwise be entitled, the Company shall round up to the nearest whole share. In order to convert
this Note in to Common Stock, the Holder must deliver a dated and signed notice of conversion (the “Notice of Conversion”),
a copy of which is attached to this Note as Exhibit A, stating its intention to convert the full principal amount of this
Note into Common Stock, Notices of Conversion shall be deemed delivered on the date sent, if personally delivered, to the Company’s
Chief Executive Officer at the Company’s principal place of business, or when actually received if sent by another method.
The Notice of Conversion shall be accompanied by the original Note.

 

(i)  As
soon as possible after the conversion has been effected (but in any event within five (5) Business Days), the Company or acquirer
shall deliver to the converting holder a certificate or certificates representing the Common Stock issuable by reason of such
conversion in such name or names and such denomination or denominations as the converting holder has specified.

 

    11

     

    

 

(ii)  The
issuance of Common Stock upon conversion of this Note shall be made without charge to the holder hereof in respect thereof or
other cost incurred by the Company or acquirer in connection with such conversion. Upon conversion of this Note, the Company shall
take all such actions as are necessary in order to ensure that the Company’s common stock issuable upon conversion of the
Note shall be validly issued, fully paid and nonassessable.

 

(iii)  Neither
the Company nor acquirer shall close its books against the transfer of this Note in any manner which interferes with the timely
conversion of this Note. The Company shall assist and cooperate with any holder of this Note required to make any governmental
filings or obtain any governmental approval prior to or in connection with the conversion of this Note (including, without limitation,
making any filings required to be made by the Company).

 

Section
4.Transfer; Successors and Assigns: 

 

The
terms and conditions of this Note shall inure to the benefit of and be binding upon the respective successors and assigns of the
Parties. Notwithstanding the foregoing, except for a pledge of this Note to a bank or other financial institution that creates
a mere security interest in this Note in connection with a bona fide loan transaction, the Holder may not assign, pledge, or otherwise
transfer this Note without the prior written consent of the Company. Subject to the preceding sentence, this Note may be transferred
only upon surrender of the original Note to the Company for registration of transfer, duly endorsed, or accompanied by a duly
executed written instrument of transfer in form satisfactory to the Company, and, thereupon, a new note for the same principal
amount and interest will be issued to, and registered in the name of, the transferee. Interest and principal are payable only
to the registered holder of this Note.

 

Section
5.Governing Law; Jurisdiction: 

 

This
Note shall be governed by and construed under the laws of the State of Virginia, where the Company maintains its offices and banking
relationships, among other relevant contacts, without giving effect to principles of conflicts of law. The Parties irrevocably
consent to the jurisdiction and venue of the state and federal courts located in Fairfax County, State of Virginia, in connection
with any action relating to this Note.

 

Section
6.Notices:

 

Any
notice required or permitted by this Note shall be given in writing and shall be deemed effectively given (a) upon personal delivery
to the Party to be notified, (b) upon confirmation of receipt by fax by the Party to be notified, (c) one business day after deposit
with a reputable overnight courier, prepaid for overnight delivery and addressed as set forth in (d), or (d) three days after
deposit with the United States Post Office, postage prepaid, registered or certified with return receipt requested and addressed
to the Party to be notified at the address of such Party indicated on the signature page hereof, or at such other address as such
Party may designate by 10 days’ advance written notice to the other Party given in the foregoing manner.

 

 Section
7.Amendments and Waivers:

 

Any
term of this Note may be amended only with the written consent of the Company and the holders of a majority in interest of the
Notes. Any amendment or waiver effected in accordance with this Section 7 shall be binding upon the Company, each Holder and each
transferee of the Note.

 

Section
8.Shareholders, Officers and Directors Not Liable: 

 

In
no event shall any shareholder, officer or director of the Company be liable for any amounts due or payable pursuant to this Note.

 

    12

     

    

 

Section
9.Action to Collect on Note:

 

If
action at law or equity is necessary to enforce or interpret the terms of this Note, the prevailing Party shall be entitled to
reasonable attorney’s fees, costs and necessary disbursements in addition to any other relief to which such Party may be
entitled.

 

Section
10.Waiver of Jury Trial:

  

The
Holder and the Company each hereby waives any right it may have to a trial by jury in respect of any litigation directly or indirectly
arising out of, under or in connection with this Note and/or the transactions contemplated hereunder.

 

Section
11.Waiver of Notice of Presentment:

 

The
Company hereby waives presentment, protest and demand, notice of protest, demand and dishonor and non-payment of this Note in
connection with the delivery, acceptance, performance, default or enforcement of the payment of this Note.

 

IN
WITNESS WHEREOF, the Company has executed and delivered this Convertible Promissory Note on the date first written above.

 

	QUANTUM COMPUTING INC.	 
	 	 	 
	By:	 	 
	Name:	Robert Liscouski	 
	Title:	Chief Executive Officer	 

 

    13

     

    

 

EXHIBIT
A TO CONVERTIBLE PROMISSORY NOTE

CONVERSION
NOTICE

 

The
undersigned Holder hereby elects to convert the Principal Amount of $________, together with all accrued but unpaid interest hereon
under this Note payable by Quantum Computing Inc., a Delaware corporation (the “Company”), into shares of the Company’s
common stock, par value $0.0001 (the “Shares”) according to the conditions hereof, as of the date written below. If
the Shares are to be issued in the name of a person other than the undersigned Holder, the undersigned Holder will pay all transfer
taxes, payable with respect thereto and is delivering herewith such certificates and opinions as reasonably requested by the Company
in accordance therewith. No fee will be charged to the holder for any conversion, except for such transfer taxes, if any.

  

The
undersigned agrees to comply with the prospectus delivery requirements under the applicable securities laws in connection with
any transfer of the aforesaid Shares.

 

Conversion
Calculations:

 

	Date
    to Effect Conversion: ____________________________
	 
	Principal
    Amount of Note to be Converted: $__________________
	 
	Additional
    Interest to be Converted: $_______________
	 
	Number
    of shares of Common Stock to be issued: ______________
	 
	Signature:
    _________________________________________
	 
	Name:
    ____________________________________________
	 
	Address
    for Delivery of Common Stock Certificates: __________
	_____________________________________________________ 
	_____________________________________________________
	 
	Or
	 
	DWAC
    Instructions: _________________________________
	 
	Broker
    No: _____________
	Account
    No: _______________

 

    14

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