Participation Agreement for Token Holders

THE TOKENS PURCHASED HERE UNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND HAVE BEEN ACQUIRED TO HOLD FOR THE LONG TERM AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF, EXCEPT AS EXPRESSLY

PERMITTED HEREIN. NO TRANSFER MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO UNLESS SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933, AS AMENDED.

Participation Agreement

for Token Holders

in respect of

Ensuro Re Ltd

Registration Number (Bermuda) 2021 00534

Participation Agreement

Parties

1. Ensuro Re Limited (Ensuro) or (the “Issuer”) ; and

2. each and every signatory to this Participation Agreement (“Investor”) or (“TokenHolder”); along with

3. their respective delegated or authorised Agent(s).

Background

1. Ensuro and Agent(s) sets out the terms and conditions on which Tokens1in the digital object2 known as the Ensuro Policy/Liquidity Universal Mechanism ("the Mechanism") will be made available for wholesale investors and qualified members of the public.

2. Ensuro maintains the decentralised ledger protocol ("the Protocol") and financial information therein for the benefit of the TokenHolder

Tokens are designed, issued and delivered under a current license granted from Bermuda’s Digital Asset Issuance Act (2020) pursuant to the Trustee of Establishment operations as Innovative Insurance general business (IIGB) as regulated by the Bermuda Monetary Authority via the Insurance Act (1978). 2Digital object as legally recognised by the UK Jurisdiction Taskforce of LawtechUK (UKJT) in its Legal Statement on the issuance and transfer of digital securities under English private law (2022)

1. Definitions

“Agent” narrows meaning to either the operator of the user interface to the Protocol which displays this document set under separate terms and conditions; or the interface deployed by Ensuro, and excludes 3rd party services.

“CellOperator” means the Arranger and any duly delegated Agent including third parties.

“eToken” is an ERC20-compatible digital token that represents the capital contributed by each liquidity provider (LP) within a specific insurance pool of the Ensuro protocol. The valuation of eTokens is maintained on a one-to-one basis with the underlying stablecoin used for capital deposits.

“Hazard(Protocol_PP) Hazard(Protocol_LP)” expands meaning to an ambiguity, activation (drag/tag-along provisions) or accident from Participant not notifying Ensuro of the preferred opt-in-out choices.

“MAP” expands meaning to Market Accepted Practices and associated adjudication commentary that provides pathways, directions, or guidance to migrating or mitigating Mistake, Error and Hazard in whatever source, shape, or form.

“Mistake(Protocol_LP)” expands meaning to any action under the Protocol resulting from fraudulent, false or fallow (outdated) information provided by Participant.

"Platform" is the portal accessible through our website that allows users to purchase and redeem Etokens, as well as the API version with the same functionality.

"Primary Users" are persons who have registered for an account, are accessing or using the Platform, or are purchasing, holding, or using Etokens and which have direct access to purchase and redeem Etokens from Ensuro. These users have access to the Platform, in the form of web access or API access, to purchase and redeem Etokens.

“Petition” means a document issued for which Ensuro should act to resolve under the Master Form.

“Responsible Person” means either the TokenHolder; or the designated agent for Participant that is the carrier or broker for Notices and other communications from Ensuro, whether written or otherwise, to the beneficiaries.

“Representative” means the current guardian, protector, or enforcer selected through a valid governance instrument as described by Ensuro, for discretionary powers delegable by Ensuro, including amending the MAP, subsequent to any Petition.

"Secondary Users" are holders of Etokens that do not have access to purchase or redeem Etokens directly with Ensuro until they open and are approved for an Ensuro account.

""user" or "you" are Primary Users and/or Secondary Users as the context requires. "U.S. Person" means any of the following:

A U.S. Citizen or U.S. Resident, which includes:

1. U.S. citizens;

2. U.S. lawful permanent residents;

3. Individuals who meet the "substantial presence" test described in section 7701(b)(3) of the U.S. Internal Revenue Code of 1986 (as amended);

4. Protected individuals under section 1324b(a)(3) of the U.S. Immigration and Nationality Act; or

5. Individuals who hold a passport issued by the United States Government; 6. A corporation, partnership, or other entity established or organized in or under the laws of the United States;

7. Any estate of a decedent who was a citizen or a resident of the United States; Any trust if:

1. A court within the United States is able to exercise primary supervision over the administration of the trust, and

2. One or more United States Persons have the authority to control all substantial decisions of the trust;

Any Person organized or incorporated outside the United States and its territories or insular possessions in which any of the foregoing, whether singularly or in the aggregate, directly or indirectly:

1. Holds a 50 percent or greater equity interest by votes or value;

2. Holds a majority of seats or memberships on the board of directors of the entity; or

3. Authorizes, establishes, directs, or otherwise controls the actions, policies, personnel decisions, or day-to-day operations of the Person.

Unauthorised Intermediary expands meaning to any 4th party that purports to be agent for Ensuro and would be a Mistake – if Notices are communicated and there is misrepresentation as to their authenticity (fund source), authority (implied) or actuation (ledger interposition). This excludes universal carriers which merely relay communications in timely fashion without alteration.

2. Interpretations

In this exhibit, unless context indicates a contrary intention:

(headings) clause headings and the table of contents are inserted for convenience only and do not affect interpretation of this Agreement.

(diagrams) infographics and onboarding materials are purely illustrative and may not correctly present the legal nuances of this Agreement or future restatements, the exception being algorithmically derived UML diagrams of the underlying smart contracts currently actuated.

( ***** ) is syntactic sugar such that noun*adj or adj(noun) with optional spaces for human readability have the same typeOf meaning. End dashes may have additional connotation of setOf or isPart.

(singular) the singular includes the plural and vice-versa.

(gender) words importing one gender include all other genders.

(time and date) a reference to a time or date in connection with the performance of an obligation by a party is a reference to the time and date in [UTC] even if the obligation is to be performed elsewhere.

(currency) means a unit of account, whether legal tender or Stablecoin, which is accepted by the Mechanism on its approved set of tamper evident ledgers, whether decentralised or otherwise.

(party) a reference to a party to a document includes that party's personal representatives, heirs or their executors, administrators, successors, substitutes (including persons taking by novation) and permitted assigns.

(including) including and includes (and any other similar expressions) are not words of limitation, and a list of examples is not limited to those items or to items of a similar kind.

(corresponding meanings) a word that is derived from a defined word has a corresponding meaning.

(must, should, may) must or must-not provisions are treated with compulsion, whereas should, should not, or may/might is presumptively substitutable with may/might being optional or indicative (non-binding).

(rules of construction) neither this agreement nor any part of it is to be construed against a party on the basis that the party or its lawyers were responsible for its drafting.

(legislation) a reference to any legislation or provision of legislation includes all amendments, consolidations or replacements and all regulations or instruments issued under it.

(writing) a reference to a notice, consent, request, approval or other communication under this agreement or an agreement between the parties means an electronic notice, request, consent, approval or agreement; authentication of which is pursuant to the Bermuda Electronic Transaction Act (1999) or its equivalent as nominated by Ensuro.

3. Preliminary

3.1 Constructive Knowledge of Protocol

Ensuro Pte Ltd, a Singapore based entity that is a delegated Agent, provides the following information, namely:

1. Information on how to participate in the Policy Pool, of which there are at least one class from each Cell, each a uniquely identifiable Tranche, and collectively known as Tranches of the Policy Pool; and

2. if there are two classes, one shall be known as eToken junior capital and the other known as eToken senior capital with priorities as to Redemption (of each CellHolder); and

3. additional disclosures as mandated by the Bermuda Monetary Authority and Bermuda laws and statutes to safeguard the TokenHolder.

3.2 Actual Knowledge provided by Participant

This Agreement is voidable if information known to be false and/or fraudulent is submitted by the Participant and/or their signatory.

1. All information in Annex A is current and accurate as drafted by the Agent as of the date of electronic presentation of this Agreement.

2. It will remain so until the Participant ratifies it due to significant changes in any disclosures—including impact of public policy from 5.2.

3. All content in Annex A adheres to the laws of England/Wales as adjudicated in Bermuda, an overseas territory of the UK.

4. Additional provisions in the Substitutable Section may augment, expound upon, or qualify this Agreement so long as there is no conflict in the Agreement.

5. Participant has liberty to opt-in/out of significant provisions as may be presented by Ensurofrom time to time.

3.3 Imputed Knowledge generally made available

Ensuro will make available Notices, especially variations to the Policy Pool, for Agent to disseminate to TokenHolder, as well as publish in media channels likely to come to the attention of any future Participant.

1. Certain Notices may have a time Limit beyond which it is deemed that the TokenHolder is aware of material changes that could impact their status and avail themselves of the Duty to Enquire and select a course of action accordingly.

2. It is a Hazard if Participants remain out of contact as Ensuro will only make reasonable commercial efforts to communicate.

3. It is up to each TokenHolder to make arrangements such as designating a heir or granting limited power of attorney to manage this Hazard.

4. Participants grant immunity to Ensuro in respect of any resulting Mistake for failure to communicate including that caused by an Unauthorised Intermediary.

4. Transparency of Participation

Transactional disclosures refers to the specific information relevant to actuating a liquidity pool transaction such as the Liquidity Pool registration process, fees payable, terms and conditions, risks, and any other pertinent information that a prospective TokenHolder should be aware of before entering into a transaction.

4.1 Fitness to Participate

The Participant warrant that they have:

attended the legal rights and responsibilities tutorial or have sought independent legal advice;

attended the accounting and tax reporting tutorial or have consulted taxation professionals; attended the cybersecurity tutorial or have delegated to a 3rd party custodial account; and availed themselves of the Duty to Enquire or have satisfied any queries through other media channels.

4.2 Financial Privacy

The default privacy setting is TokenHolder would not be privy to personal information as per 5.2 of the other participating interests of a tranche.

5. Qualification to Participate

5.1 Investor Representations Regarding Investment Terms

The Investor represents and warrants to the Issuer the following:

1. The Investor has received, carefully read and is familiar with the terms and provisions of this Agreement.

2. THE INVESTOR UNDERSTANDS AND ACKNOWLEDGES THAT ISSUER MAY EXPERIENCE LOSSES IN RESPECT OF THE UNDERLYING INSURANCE RISK POOLS AND THAT SUCH INABILITY TO COLLECT PAYMENT MAY REDUCE THE AMOUNTS THAT INVESTORS WILL RECEIVE IN RESPECT OF THE ETOKENS. INVESTOR FURTHER ACKNOWLEDGES THAT THE ENFORCEMENT BY ISSUER OF ANY RIGHTS AND REMEDIES IT MAY HAVE IN THE EVENT OF ANY DEFAULT OR UNDERPERFORMANCE OF ANY INSURANCE RISK POOL MAY NOT RESULT IN ISSUER RECOVERING THE FULL AMOUNT OF THE EXPECTED RETURNS IN RESPECT OF THE UNDERLYING ASSETS, WHICH IN TURN MAY REDUCE THE AMOUNTS THAT INVESTORS WILL RECEIVE IN RESPECT OF THE ETOKENS.

3. The Investor has received all information that it considers necessary or appropriate for deciding whether to purchase the Etokens. The Investor and/or the Investor's advisors, who are not affiliated with and not compensated directly or indirectly by the Issuer or any affiliate or subsidiary thereof, have such knowledge and experience in business and financial matters as will enable them to utilize the information which they have received in connection with the Issuer and its business to evaluate the merits and risks of an investment, to make an informed investment decision and to protect the Investor's own Etokens in connection with the purchase. The Investor has had an opportunity to ask questions of the Issuer or anyone acting on its behalf and to receive answers concerning the terms of this Agreement and the Etokens, as well as about the Issuer and its business generally, and to obtain any additional information that the Issuer possesses or can acquire without unreasonable effort or expense, that is necessary to verify the accuracy of the information contained in this Agreement. Further, all such questions have been or will be answered to the full satisfaction of the Investor.

4. The Investor understands that the Etokens being purchased are a speculative investment which involves a substantial degree of risk of loss of the Investor's entire investment in the Etokens, and the Investor understands and is fully cognizant of the risk factors related to the purchase of the Etokens. The Investor has read, reviewed and understood the risk factors set forth in Annexes A and B hereto.

5. The Investor understands that any forecasts or predictions as to the Issuer's performance are based on estimates, assumptions and forecasts that the Issuer believes to be reasonable but that may prove to be materially incorrect, and no assurance is given that actual results will correspond with the results contemplated by the various forecasts.

6. The Investor understands that the Etokens may not be resold, transferred, assigned or otherwise disposed of unless they are registered under the US Securities Act of 1933, as amended (the "Securities Act") or an exemption from registration is available, and unless the proposed disposition is in compliance with the restrictions on transferability under federal and state securities laws and under this Agreement.

7. The Investor understands that there are substantial restrictions on the transferability of the Etokens and that there is no official public market for the Etokens, and none is expected to develop in the near future. Consequently, the Investor understands that it must bear the economic risk of this investment for an indefinite period of time, and that it may not be possible for the Investor to liquidate readily any investment in the Etokens, if at all.

8. The Investor understands that the Issuer has not been registered as an investment company under the Investment Company Act of 1940, as amended.

9. The Investor understands that the Issuer has not been registered as an investment adviser under the Investment Advisers Act of 1940, as amended.

10. The Investor acknowledges that it is prepared to bear the risk of loss of its entire investment amount for any purchase of Etokens.

5.2 Investor Representations Regarding Eligibility

The Investor represents and warrants to the Issuer the following:

1. The Investor is able to bear the economic risk of this investment and, without limiting the generality of the foregoing, is able to hold this investment for an indefinite period of time. The Investor has adequate means to provide for the Investor's current needs and personal contingencies and has sufficient capital to sustain the loss of the Investor's entire investment in Etokens.

2. The investor has experience making investments similar to the Etokens.

3. If the Investor is a "U.S. Person" within the meaning of Regulation S under the Securities Act, the Investor represents and warrants to the Issuer the following:

a. The Investor is an "accredited investor" as that term is defined in Rule 501 under Regulation D promulgated under the Securities Act;

b. Investor is not a disqualified "bad actor" as such term is defined in Rule 506(d) under the Securities Act.

4. If the Investor is not a "U.S. Person" within the meaning of Regulation S under the Securities Act, the Investor represents and warrants to the Issuer the following:

a. the Investor has its principal address outside the United States,

b. the Investor was located outside the United States at the time any offer to purchase the Etokens was made to the Investor,

c. the Investor has not subscribed to purchase the Etokens for the account or benefit of any person who is a U.S. Person,

d. the offer and sale of the Etokens to the Investor constitutes an "Offshore Transaction," as defined in Rule 902 under Regulation S promulgated under the Securities Act, and e. the Investor agrees to resell the Etokens, in whole or in part, only in accordance with the

provisions hereof and of any applicable U.S. or foreign securities laws and regulations; 5. The Investor is not a "U.S. Person" as that term is defined in Rule 902 under Regulation S promulgated under the Securities Act. The Investor agrees to provide any additional documentation that the Issuer may reasonably request to verify that Investor is not a "U.S. Person", or as may be required by the securities administrators or regulators of any jurisdict to confirm that the Investor meets any applicable minimum financial suitability standards and has satisfied any applicable maximum investment limits.

6. the Investor understands and acknowledges that it is the Investor's responsibility to satisfy itself as to full observance of laws of any relevant territory outside of the United States in connection with its investment in the Etokens, including obtaining any required governmental or other consents, making any filings or observing any other applicable formalities;

7. Investor represents that no suit, action, claim, investigation or other proceeding is pending or, to the best of the Investor's knowledge, is threatened against the Investor that questions the validity of the Etokens or this Agreement or any action taken or to be taken pursuant to the Etokens or this Agreement.

5.3 Investor Representations Related to Anti-Money Laundering Measures

The Issuer intends to comply with all applicable federal, state and local laws designed to combat money laundering and similar illegal activities. Investor hereby represents, covenants, and agrees that, to the best of Investor's knowledge based on reasonable investigation:

1. None of the Investor's funds tendered for the purchase of Etokens shall be derived from money laundering or similar activities deemed illegal under federal laws and regulations. 2. To the extent within the Investor's control, none of the Investor's funds tendered for the purchase of Etokens will cause the Issuer or any of its personnel or affiliates to be in violation of federal anti-money laundering laws, including (without limitation) the Bank Secrecy Act (31 U.S.C. 5311 et seq.), the United States Money Laundering Control Act of 1986 or the International Money Laundering Abatement and Anti-Terrorist Financing Act of 2001, and/or any regulations promulgated thereunder.

5.4 Investor Covenants

1. The Investor shall immediately notify the Issuer

a. if any representations or warranty provided herein become untrue, or if any change in facts or circumstances renders any representation or warranty materially misleading, b. if any information contained in the Accredited Investor Qualification Materials shall become untrue, or if any change in facts or circumstances renders any representation or warranty materially misleading, or

c. if any other information, in any form, provided by the Investor to the Issuer or an affiliate thereof in connection with the Investor's proposed investment in the Etokens shall become untrue, or if any change in facts or circumstances renders any representation or warranty materially misleading, in each case prior to the Investor's receipt of any issued Etokens.

2. The Investor hereby agrees that the representations and warranties made by the Investor in this Agreement may be fully relied upon by the Issuer and any other investigating party. 3. If the Investor is a "U.S. Person" within the meaning of Regulation S under the Securities Act, the Investor agrees to provide any additional documentation that the Issuer may reasonably request to verify that Investor qualifies as an "accredited investor", or as may be required by the securities administrators or regulators of any jurisdiction, to confirm that the Investor meets any applicable minimum financial suitability standards and has satisfied any applicable maximum investment limits.

4. If the Investor is not a "U.S. Person" within the meaning of Regulation S under the Securities Act, the Investor agrees to provide any additional documentation that the Issuer may reasonably request to verify that Investor is not a "U.S. Person", or as may be required by the securities administrators or regulators of any jurisdiction, to confirm that the Investor meets any applicable minimum financial suitability standards and has satisfied any applicable maximum investment limits.

5. Upon request by the Issuer, the Investor will provide any and all additional information reasonably necessary to ensure compliance with all applicable laws and regulations concerning money laundering and similar activities, including but not limited to any information necessary to verify the identity of the Investor and the source of any funds used to purchase the Etokens.

6. The Investor hereby agrees that, if at any time it is discovered that any of the representations and warranties set forth in Section 8 of this Agreement are incorrect, or if otherwise required by applicable laws or regulations, the Issuer may undertake appropriate actions, including but not limited to

a. releasing confidential information about the Investor and, if applicable, any underlying beneficial owner to Bermuda regulators and law enforcement authorities and

b. segregation and/or redemption of the Investor's interest in the Etokens, and the Investor agrees to cooperate with such actions.

5.5 Representations and Warranties of the Issuer

Issuer hereby represents and warrants to the Investor as of the date of this Agreement that:

1. The Issuer has been duly organized, is validly existing and in good standing as a company limited by shares under the laws of Bermuda and is duly qualified to do business and in good standing as a company in each jurisdiction in which its ownership or lease of property or the conduct of its businesses requires such qualification, except where the failure to be so qualified or in good standing would not, in the aggregate, reasonably be expected to have a material adverse effect on

a. the financial condition, results of operations, properties, business or prospects of the Issuer, taken as a whole, or

b. the ability of the Issuer to close the transactions contemplated by this Agreement or to perform its obligations under this Agreement or any related agreement (a "Material Adverse Effect"). The Issuer has all power and authority necessary to own or hold its properties and to conduct the businesses in which it is now engaged.

2. The Offering Materials does not contain an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made therein, in the light of the circumstances under which they were made, not misleading.

3. the Issuer has all requisite corporate power and authority to issue and sell the Etokens and to execute, deliver and perform its obligations under this Agreement and any other agreements related to the offering of the Etokens (collectively, the "Offering Agreements"),

4. At the Launch Date, the issuance of the Etokens and the execution, delivery and performance of each of the Offering Agreements will have been duly authorized by the Issuer and will constitute valid and binding obligations of the Issuer, enforceable against the Issuer in accordance with their respective terms, except that the enforceability of the Offering Agreements may be subject to bankruptcy, insolvency, reorganization, fraudulent conveyance or transfer, moratorium and similar laws affecting creditors' rights generally and subject to general principles of equity (regardless of whether enforceability is considered in a proceeding in equity or at law).

5. On the Launch Date, the Etokens will conform in all material respects to the description thereof in the Offering Materials.

6. The issuance and sale of the Etokens pursuant to the terms of the Offering Agreements and as described in the Offering Materials, the application of the proceeds from the sale of the Etokens, and the consummation of the transactions contemplated by the Offering Agreements will not

a. conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, any indenture, mortgage, deed of trust, loan agreement, credit agreement, security agreement, license, lease or other agreement or instrument to which the Issuer or any affiliate or subsidiary thereof is a party or by which the Issuer or any affiliate or subsidiary thereof is bound or to which any of the property or assets of the Issuer or any affiliate or subsidiary thereof is subject,

b. conflict with or result in a breach or violation of any of the terms or provisions of, or result in the imposition of any liens upon any property or assets of the Issuer or any affiliate or subsidiary thereof,

c. result in any violation of the provisions of the memorandum of association, bye-laws (or similar organizational documents) of the Issuer or any affiliate or subsidiary thereof, or

d. result in any violation of any statute or any judgment, order, decree, rule or regulation of any court or governmental agency or body having jurisdiction over the Issuer or any affiliate or subsidiary thereof or any property or assets of the Issuer, except where any such matters would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

7. The Issuer has received all consents and approvals required in connection with the execution, delivery and performance of each of the Offering Agreements. Issuer has such permits, licenses, franchises, certificates of need and other approvals or authorizations of governmental or regulatory authorities as are necessary under applicable law to own the Underlying Assets and conduct its business in the manner described in the Offering Agreements and the Offering Materials, except for any of the foregoing that would not, in the aggregate, reasonably be expected to have a Material Adverse Effect.

8. There are no legal or governmental proceedings pending to which the Issuer or any affiliate or subsidiary thereof is a party or of which any property or assets of the Issuer is subject that would, in the aggregate, reasonably be expected to have a Material Adverse Effect. To the Issuer's knowledge, no such proceedings are threatened by governmental authorities or other parties.

9. There are no transfer taxes or other similar fees or charges under Bermuda tax law or the laws of any state, or any political subdivision thereof, required to be paid in connection with the execution and delivery of this Agreement or the issuance or sale by the Issuer of the Etokens. 10. The Issuer:

a. is not in violation of its memorandum of association, bye-laws (or similar organizational documents, as applicable),

b. is not in default, and no event has occurred that, with notice or lapse of time or both, would constitute a default, on the due performance or observance of any term, covenant, condition or other obligation contained in any indenture, mortgage, deed of trust, loan agreement, license or other agreement or instrument to which it is a party or by which it is bound or to which any of its properties or assets is subject, and

c. is not in violation of any statute or any order, rule or regulation of any court or governmental agency or body having jurisdiction over it or its property or assets, nor has it failed to obtain any license, permit, certificate, franchise or other governmental authorization or permit necessary to the ownership of its property or to the conduct of its business, except in each of clauses (ii) and (iii) above, to the extent any such violation, conflict, breach, violation, failure or default would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

11. No forward-looking statement (within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act of 1934, as amended) contained in the Offering Materials has been made without a reasonable basis or has been disclosed other than in good faith.

5.4 Subsequent Sales or Transfers

If an Etoken or any portion thereof is transferred in violation of this Agreement, neither Investor nor the transferee shall be entitled to any of the rights described in this Agreement in respect of such Etokens. In addition, the following provisions shall apply to all sales and transfers of the Etokens:

1. The Etokens have not been registered with the Securities and Exchange Commission under the Securities Act, in reliance upon the exemptions provided for under Section 4(a)(2) thereunder with respect to "accredited investors" or under the exemption provided for under Regulation S thereunder with respect to non-"U.S. Persons", as applicable. Etokens may not be sold or

otherwise transferred without registration under the Securities Act or pursuant to an exemption therefrom.

2. No sale or transfer of any Etoken shall be effective unless the buyer or transferee has executed and delivered to the Issuer all documents required by the Issuer for investing in the Etokens and paid the transfer fee to the Issuer.

3. In the event that all conditions for transfer set forth in this Agreement have been satisfied, then the applicable Etokens will be transferred to the Ethereum address previously identified by or on behalf of the buyer or transferee and approved by the Issuer.

4. The Investor (and each other person that is a beneficial owner of an interest in the Etokens owned by the Investor) acknowledges and agrees that:

a. It is not a member of any group that includes a corporation or other entity that, directly or indirectly (through one or more entities that are treated for tax purposes as

partnerships, disregarded entities, or trusts), owns membership interests of the Issuer; provided that it may acquire Etokens in violation of this restriction if it provides the Issuer with an opinion of nationally recognized tax counsel experienced in such matters reasonably acceptable to the Issuer to the effect that the acquisition or transfer of such Etokens will not cause such Etokens to be treated as equity for tax purposes under applicable laws.

b. If it is classified for tax purposes as a partnership, corporation, or trust then (A) none of the direct or indirect beneficial owners of any interest in such person have or ever will have more than 50% of the value of its interest in such person attributable to the aggregate interest of such person in the combined value of the Etokens (and/or any equity interests in the Issuer for tax purposes), and (B) it is not and will not be a principal purpose of the arrangement involving the investment of such person in any Etokens and/or equity interests of the Issuer to permit the Issuer to satisfy any "private placement" safe harbor under applicable tax laws.

c. It will not take any action that could cause, and will not omit to take any action, which omission would cause the Issuer to become taxable as a corporation for Bermuda or other applicable tax purposes.

d. The Investor acknowledges and agrees that any acquisition or Transfer of any Etoken that would violate subparagraphs (b) – (c) above or would otherwise cause the Issuer to be unable to rely on any applicable "private placement" safe harbor will be void and of no force or effect and shall not bind or be recognized by the Issuer or any other person, and such Investor or other beneficial owner will not Transfer any interest in any Etoken to any person that does not agree to be bound by subparagraphs (b) – (c) above and by this subparagraph (d).

5.4 Registration

To participate in the Mechanism, an eligible Participant must successfully register:

1. As a sovereign individual

2. As a fund, whether syndicate or otherwise, on the Agent's Platform; or

3. through the website address of preferred Agent with separate terms and conditions—such as delegated Agent but not any Unauthorised Intermediary; or

4. through approved procedures as may be nominated and approved by any valid governance instrument.

5.5 KYC Policy to be Satisfied without Exception

1. Agent must not permit entities on the blacklist and should allow named beneficiaries and/or addresses on the whitelist.

2. Enforcement of counter-terrorist financing under legislation following the guidance of Financial Action Task Force is supported by Quadrata, a third-party identity and anti-money laundering compliance service provider for the DeFi sector based in California, USA. a. The Quadrata passport is a privacy-preserving identity solution.

b. Quadrata verifies AML, digital wallet status, Sybil Identity, and country of origin. c. Quadrata's AML measures adhere to global standards.

d. No personal identifiable information (PII) is stored on-chain, ensuring Participant's privacy.

3. Other trusted third-party providers with standards no worse than 5.2(b) may be added (or removed) for consideration by Agent from time to time.

5.6 Extended Due Diligence

1. At absolute discretion of Ensuro, proto-Participants may be placed on the greylist which imposes additional restrictions due to Agent must not permit entities on the blacklist and should allow named beneficiaries and/or addresses on the whitelist.

a. operation of law (sandbox),

b. risk profile (sanctioned countries);

c. anomalies in the provided information; or

d. at request of Ensuro.

2. Proto-Participants may have restricted privileges at Agent's discretion such as viewing the prospective tranches but no consent is given to hold any tokens until the due diligence is completed.

3. Ensuro reserves the right to change its anti-money laundering policy at any time without Notice.

5.7 Periodic Review

1. Participants may be randomly selected for reassessment and be subject to extended due diligence

2. A Notice will be sent if TokenHolders are moved to the greylist or transactions paused subject to this Agreement if relegated to blacklist.

5.8 Optional Criteria

1. Ensuro may nominate additional or stricter criteria for membership subject to 5.4. 2. Petitions may be accepted for consideration to relax criteria which does not contravene public policy such as 5.2;

3. No responsibility is taken for Mistakes due to negligence of the Responsible Person in not complying with pertinent laws in the jurisdiction.

6. Payment Arrangements

Digital asset payment arrangements will correspond to the process of providing liquidity where Agent delivers Currency of TokenHolder into the Mechanism according to default arrangements.

6.1 Sovereign Individual

Individuals typically own and manage funds in their digital wallet—or optionally custodial account, for transactions and payment arrangements must:

1. Be authorized

2. From authenticated wallet or account owner

3. Actuated with sufficient gas, including that from Responsible Person if any before delivering Currency into the Mechanism.

6.2 Syndicates

Definition - Syndicates, structured in collective forms such as Partnerships, Savings Clubs, Investment DAOs, LLCs, Joint Ventures, Trusts, Corporations or Special Purpose Vehicles, are composed of diverse constituent members such as partners, individuals, companies, trustees, beneficiaries or shareholders.

Selection - it is permitted for different members of the same syndicate to hold different tranches of different Supplementary Deeds. Operation - there may be atomic gather-scatter smart contracts to manage these diverse streams which could be attached to the Mechanism.

Governance - For voting purposes, the total contributions from a syndicate to be paid into the Mechanism, are treated as one lump sum wallet which essentially is a SubTrust having its own rules which might include:

1. Whitelist: A predefined list of syndicate members or entities that are authorised to take certain actions or have specific rights to ensure that only approved members can influence decisions or access funds.

2. Limits: These could be caps on financial contributions, restrictions on voting weights, or other controls to ensure no single member can exert undue influence.

3. Distribution: Carry, time-weighted preferences or activity-based contribution can be apportioned as approved by consensus.

6.3 Institutional Funds

Definition: Institutional investors, such as pension funds, discretional mutuals, or insurance companies, might possess multiple digital wallets and various Currencies.

Selection: Institutional investors may wish to diversify their liquidity pool holdings across various stablecoin currencies in their wallets.

Operation: Institutional Investors have the flexibility to modify certain non-mandatory sections. This allows bespoke payment arrangements such as:

1. encompassing and automating aspects like tax withholding,

2. fiat custodial accounts for reporting obligations, or

3. reduced compliance to cater to the unique financial and regulatory landscape they operate within.

Governance: it is usual that Institutional Investor payment arrangements for transactions are channelled through a Responsible Person whose:

1. acts must be based on consensus decisions made by an investment committee or equivalent nominated,

2. all transactions should align with the institution's investment strategy; and 3. should not be in non-compliance with requirements of the domicile.

6.4 Other Forms

1. Nominee structures are not impermissible provided ultimate beneficiaries can be clearly identified by name, class or activity type and sufficient evidence supplied to satisfy 5.3. 2. Petition may be granted to resettle funds in whole or in part at discretion of Ensuro. 3. Qualification for 5.5 in no way restricts, limits, or excludes Participants from membership in other structures.

4. Additional legal structures such as discretionary mutual funds can be implemented with tailored decision process.

7. Operation of Mechanism

7.1 TokenHolders Admission Process

The admission process for TokenHolders is preconditioned on the following:

1. Accepting the terms of this Agreement: The prospective TokenHolder must review and explicitly accept all terms and conditions outlined in this Agreement. This acceptance must be indicated through a clear affirmative action, such as clicking an "I Accept" button or signing a digital or physical copy of the Agreement.

2. Completing the Know Your Customer (KYC) process: The prospective TokenHolder must successfully complete Ensuro's KYC process, which may include but is not limited to: a. Providing accurate and up-to-date personal or institutional information as required by Ensuro.

b. Submitting all necessary identification documents as specified by Ensuro's KYC procedures.

c. Passing any required background checks or screening processes.

d. Confirming the source of funds to be used for purchasing Etokens.

3. Verification and Approval: Ensuro or its designated Agent will verify the information provided and approve the prospective TokenHolder's admission. Ensuro reserves the right to request additional information or clarification during this process.

4. Ratification: The admission process is considered complete and ratified upon Ensuro's approval and the prospective TokenHolder's first interaction with the Protocol, such as purchasing Etokens or participating in the insurance risk pools.

5. Ensuro reserves the right to refuse admission to any prospective TokenHolder who does not satisfactorily complete these requirements or who Ensuro determines, in its sole discretion, does not meet its eligibility criteria.

7.2 Duty of Agent

Subject to clauses 5.2, Agent has duties as follows:

1. must permanently and continuously present the current Agreement, including amendments, restatements, rectifications, and all material changes including status of folio—with up to date financial information;

2. should communicate Notices, Certificates, current Petitions, and other pertinent information made available by Ensuro;

3. make available approved Supplementary Documents along with any accompanying documentation and sources of financial information including Oracles;

4. faithfully deliver Currency into the Mechanism as bare trust upon authorisation and actuation by authorised TokenHolder;

5. request opt-in/out Consents in Selection Section or as required by Notices of Variation, and subsequently recorded against the folio of Supplementary Deeds;

6. at direction of Responsible Person if permitted in the SubDeed, if any;

a. provide interface to Mechanism to revoke, remit, or under circumstances repudiate Tokens.

7.3 Disability of Agent

The Right to Enquire as to the particulars of each Supplementary Deed must not be:

1. abridged – the full risk parameters and business background must be accessible in full, though it can be summarised, depicted in graphical form, or via indirect collections such as database;

2. altered – but this does not preclude language translations, rendering into media format for disability purposes, or additional corrigenda; or

3. fettered – requiring adhesive terms, forced activity not enumerated in 7.2, or surrmounting an unreasonable technical barrier as precondition.

7.4 Hold and Locking of Tokens

Each Supplementary Deed selected by TokenHolder for folio:

1. is the repurchase of PolicyHolders exposures as disclosed in fair and full manner; 2. is arranged by Ensuro into dynamic Stablecoin liquidity pools,

3. that can be contributed to by TokenHolder who provide their Currency to act as a financial safety net

4. for insurance policy risks managed and governed by the Protocol

5. that may be locked as solvency capital required by regulations.

7.5 Tranches in each Cell

6. Each CellHolder—independently of other Cells, fabricates eTokens

7. according to the mandatory terms and conditions —irrevocably selected by each TokenHolder prior to 7.2(d), and recorded in folio

a. and issues eTokens that represent the inalienable promise to repurchase from future Currency that enters the Premia account of the CellHolder.

b. Such eTokens should include additional rewards, liquidity fees, and risk rebates as detailed in the eToken page and ammended from time to time —without discrimination.

i. If permitted, Tranches:

1. may offer Junior eTokens and Senior eTokens; each being associated with different risk levels.

2. This differentiated risk structure ensures that there's a layered approach to covering risks, with Junior eTokens and Senior eTokens acting as buffers at different stages of the loss payout process—discoverable with powers of TokenHolder as per 7.3

3. TokenHolder acknolwedges Junior eToken pools are tied to a specific portfolio and are the first to bear any unexpected losses, meaning they're used up first when the main insurance funds (pure premia) run out.

4. Junior eToken tranches and Senior eToken tranches have maximum amounts of liquidity they can hold with comprehensive list of all available tranches’ respective total supply limits that can be viewed as per 7.2(c)

8.Reward for Participant Interests

8.1 Cost of Capital

TokenHolders are compensated for providing liquidity for which Ensuro calculates a cost of capital based on several factors, including:

1. the amount of solvency capital required to be locked up;

2. the duration of the insurance policy;

3. the Currency denomination and conversion risk; and

4. the specific risk's interest rate, opportunity cost, and inflation.

8.2 Residual Interest

For the avoidance of doubt, there is no legal interest in any CellHolder assets except in the case of Default Event leading to narrow circumstances as in the Trust Deed.

9.Risk Factors

9.1 Redemption

eTokens will be redeemed at liberty of TokenHolder for Currency to be vested back in:

1. the same wallet address; or custodial account from which the Currency was delivered to the Mechanism originally; or;

2. where is the a dispute amongst the tenants-in-common and a Petition not objected by majority, into a special holding cell pending resolution; or

3. where there is a valid freezing order by competent authority, it will be paused and if possible severed

9.2 Priority or Order of Redemption

1. TokenHolder acknowledges that the timing of redemption of Currency depends upon: a. mutual convenants between the tenants in common; and

b. level of funds within the eToken pool.

2. TokenHolder acknolwedges that the value of the redemption depends upon the extent to which, if any, the eToken pool has been drained of funds in paying out insurance losses to beneficial interests.

3. TokenHolders will receive their pro-rata entitlement to what is left after all known costs are deducted.

4. TokenHolders acknolwedge restrictions on redemptions may apply for greylisted addresses.

9.3 Variable Costs

1. TokenHolders will pay:

a. Gas fees - dependent upon the blockchain that the Currency are remitted from and are deducted

i. either from the TokenHolder as per 7.4(a); or

ii. in addition to the LP funds, as a nominal amount to the miners or staking pool operators who maintain the blockchain; and

iii. may indivisibly include cogestion charges outside the control of the Trustee.

b. Commissions - payable to the CellHolder for services provided in operating the Mechanism;

c. optional Insurance – as arranged by Agent for cyber/theft coverage or otherwise specified.

9.4 Finality of Transaction

1. Once a TokenHolder has delivered Currency to a Tranche, this transaction cannot be undone or reversed.

2. All Currency deliveries and redemptions are fully accepted from/to white listed, except where a Hazard occurred without knowledge of the Trustee such as blacklisted, or has been sanctioned by competent authority.

3. A comprehensive description of MAP will be progressively compiled to address: a. Mistakes in unauthorised or interferred transfers or exchanges;

b. Recovery of losses to TokenHolders due to Errors

c. Ability and procedure to halt pre-authorised transfers or revoke authorisation where there is an alter-ego interferring with the Responsible Person;

i. The process for obtaining a receipt or electronic evidence of a transfer or exchange.

ii. The requirement for a minimum prior notice for material changes to service terms.

4. Accounting records are on-chain but Agent may provide additional financial information services as per 7.4 to:

a. The name and contact details of CellHolder.

b. Contact details for inquiries about the account, general business activities, or lodging complaints.

c. Detailed information about the type, value, date, time, and amount of all transactions related to the TokenHolder.

d. Fees charged for transactions, including any conversion charges.

e. Historical compilation of oracles, delphi or sybils in connection with a Tranche.

9.5 Default and Related Risk

1. TokenHolder acknowledge the risk losing a part or all of their funds, as a result of participating in an eToken pool due to Default(Protocol_PPl).

2. In the event of a cybersecurity breach leading to unauthorised access, adverse possession of eToken, or misuse of Participant information, Ensuro will via its delegated agent, or through its third-party service providers, promptly disclose the incident to affected Token Holders.

3. Without exception, Ensuro reserves the power to intercede in diverting the successor nominated in the Memorandum to Wishes to a Cell reserved for dispute resolution with the original successor being a heir of the outcome.

10. Disclaimer of Warranties

THE SERVICES ARE PROVIDED ON AN "AS IS" AND "AS AVAILABLE" BASIS, WITHOUT ANY WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED.

ENSURO EXPRESSLY DISCLAIMS ALL WARRANTIES, WHETHER EXPRESS, IMPLIED, STATUTORY OR OTHERWISE, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY, NON-INFRINGEMENT, AND FITNESS FOR PARTICULAR PURPOSE. ENSURO DOES NOT WARRANT THAT THE SERVICES WILL BE UNINTERRUPTED, TIMELY, SECURE, OR ERROR-FREE.

11. Limitation of Liability

TO THE MAXIMUM EXTENT PERMITTED BY LAW, IN NO EVENT SHALL ENSURO, ITS AFFILIATES, AGENTS, DIRECTORS, EMPLOYEES, SUPPLIERS OR LICENSORS BE LIABLE FOR ANY INDIRECT, PUNITIVE, INCIDENTAL, SPECIAL, CONSEQUENTIAL OR EXEMPLARY DAMAGES, INCLUDING WITHOUT LIMITATION DAMAGES FOR LOSS OF PROFITS, GOODWILL, USE, DATA OR OTHER INTANGIBLE LOSSES, ARISING OUT OF OR RELATING TO THE USE OF, OR INABILITY TO USE, THE SERVICES.

IN NO EVENT SHALL ENSURO'S TOTAL LIABILITY TO YOU FOR ALL CLAIMS EXCEED THE AMOUNT PAID BY YOU TO ENSURO, IF ANY, FOR ACCESSING OR USING THE SERVICES DURING THE TWELVE (12) MONTHS PRECEDING THE CLAIM.

12. Indemnification

You agree to defend, indemnify and hold harmless Ensuro and its licensee and licensors, and their employees, contractors, agents, officers and directors, from and against any and all claims, damages, obligations, losses, liabilities, costs or debt, and expenses (including but not limited to attorney's fees), resulting from or arising out of a) your use and access of the Services, or b) a breach of this Agreement.

13. Dispute Resolution

Governing Law: This Agreement shall be governed and construed in accordance with the laws of Bermuda, without regard to its conflict of law provisions.

Arbitration: Any dispute arising out of or in connection with this Agreement, including any question regarding its existence, validity or termination, shall be referred to and finally resolved by arbitration under the UNCITRAL Arbitration Rules in force at the time of the dispute. The seat of arbitration shall be Bermuda. The language of the arbitration shall be English.

Class Action Waiver: You agree that any arbitration or other dispute resolution proceedings will be conducted only on an individual basis and not in a class, consolidated or representative action.

14. Miscellaneous

Entire Agreement: This Agreement constitutes the entire agreement between you and Ensuro regarding the Services and supersedes all prior agreements and understandings.

Waiver: No failure or delay by Ensuro in exercising any right under this Agreement will constitute a waiver of that right.

Severability: If any provision of this Agreement is held to be invalid or unenforceable, such provision shall be struck and the remaining provisions shall be enforced.

Assignment: You may not assign or transfer this Agreement, by operation of law or otherwise, without Ensuro's prior written consent. Ensuro may assign this Agreement at any time without notice.

No Agency: No agency, partnership, joint venture, or employment is created as a result of this Agreement.

15. No Professional Advice

All information provided by the Interface is for informational purposes only and should not be construed as professional advice. You should not take, or refrain from taking, any action based on any information contained in the Interface.

Before you make any financial, legal, or other decisions involving the Interface, you should seek independent professional advice from an individual who is licensed and qualified in the area for which such advice would be appropriate.

16. Regulation D

Accredited Investor and Sophistication: By accessing and using the Interface, you represent that you are an accredited investor (as defined in Rule 501(a) of Regulation D promulgated under the 1933 Act)

No General Solicitation: By accessing and using the Interface, you represent that at no time were you presented with or solicited by any publicly issued or circulated newspaper, mail, radio, television or other form of general advertising or solicitation in connection with the offer, sale and purchase of any tokens on the Interface.

Compliance with Securities Laws: By accessing and using the Interface, you represent that you understand and acknowledge that, to the extent that any tokens obtained pursuant to your interaction with the Interface are considered securities, in reliance upon the representations and warranties made by you herein, such tokens have not been, and will not be, registered with the Securities and Exchange Commission (“SEC”) under the 1933 Act or any applicable state securities law, but instead are being issued under an exemption or exemptions from the registration and qualification requirements of the 1933 Act and other applicable state securities laws which impose certain restrictions on your ability to transfer any such tokens.

Rule 144: In addition, this Agreement provides you notice that, to the extent applicable, SEC Rule 144 promulgated under the 1933 Act, which permits certain limited sales of unregistered securities, is not presently available with respect to any tokens obtained pursuant to your interaction with the Interface, and, in any event, to the extent applicable, requires that any such tokens generally be held for a minimum of one year after they havebeen purchased and paid for (within the meaning of Rule 144), before they may be resold under Rule 144.

Acknowledgment and Understanding

The undersigned Participant or authorised representative such as Resposnible Person, if any nominated in the SubDeed, acknowledges that they have opportunity to attend specific legal, accounting, and cybersecurity tutorials as presented by the Agent. The Participant understands the risks and implications of not attending these tutorials and has chosen to waive their right to recourse in case of Mistakes due to their actions or lack of precautions. Participant has availed themselves of the Duty to Enquire and holds the Agent harmless unless such duties are expressly stipulated in the SubDeed.

BY CLICKING ON THE "I AGREE" OR SIMILAR BUTTON OR BY ACCESSING THE SERVICES, YOU ACKNOWLEDGE ALL THE PROVISOS AND PROVISIONS OF THIS AGREEMENT. IF YOU ARE A RESPONSIBLE PERSON ENTERING INTO THIS AGREEMENT ON BEHALF OF A COMPANY OR OTHER LEGAL ENTITY, YOU REPRESENT THAT YOU HAVE THE LEGAL AUTHORITY TO BIND THE COMPANY OR OTHER LEGAL ENTITY TO THIS AGREEMENT. ENSURO MAY MODIFY THIS AGREEMENT FROM TIME TO TIME WITH PRIOR NOTICE.